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Accounting Policies of BK Duplex Board Ltd. Company

Mar 31, 2011

A) Convention

The Accounts are prepared on the accrual basis under the historical cost convention in accordance with the provisions of the companies Act.1956 and with the Accounting Standard issued by the Institute of Chartered Accountants of India.

b) Sales

The company has not made any sales during the year under review.

c) Basic of Accounting

All the income and expenditure items are accounted for on accrual basis except stated otherwise.

d) Fixed Assets

Fixed Assets are stated at Cost of acquisition inclusive of inward freight, duties & taxes and incidental expenses related to acquisition less excise duty and accumulated depreciation (other than 'land' where no depreciation is charged).

e) Depreciation

Depreciation on fixed assets has been provided at the SLM method at rates prescribed in Schedule XIV of the Companies Act.1956.

Since the company is not in operations during the year under review, no depreciation has been claimed by the company in the books of account.

f) Investments

Investments are classified as Long term Investments sub classified as quoted and unquoted investments and valued at cost.

g) Inventories

Inventories are valued as under: i) Raw Material—At cost. ii) Work in Process- At estimated basis

iii) Finished Goods—At realizable value exclusive of excise duty(wherever applicable). iv) Store & Spares, Rags etc. - (At estimated basis).

However closing stock of manufactured goods has been valued at realizable value excluding excise duty. The opening stock does not include the excise duty on manufactured goods since excise duty is not paid on such goods during the beginning of the year.