Accounting Policies of Genus Prime Infra Ltd. Company

Mar 31, 2015

1. Basis of Preparation

(i) The financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under section 133 of the Companies Act, 2013, read together with paragraph 7 of the Companies (accounts) Rules,2014.

(ii) The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

2. Fixed Assets

In the extraordinary general meeting held on Feb 4, 2008 and shareholders passed the special resolution under section 293 (1) (a) of the companies act 1956 for disposal of whole business undertaking. Based on the shareholders approval the business undertaking is sold and due to procedural time leg and change in the management in between the accounting treatment for disposal of land is done in the current financial year. This sale is duly approved by shareholders through special resolution.

3. Revenue Recognition

The Company follows mercantile system of accounting where all the Income and Expenditure items having material bearing on the financial statements are recognized on accrual basis.

4. Retirement Benefits

The retirement benefits such as Contribution to Provident Fund, Leave encasements etc. are accounted for on accrual basis. However no provision for Gratuity is made.

5. Excise Duty

Excise Duty is not applicable to the company.

6. Provision for Current & Deferred Tax

In view of the losses suffered by the company, no provision has been made for Income Tax for the year. The deferred Tax liability resulting from "timing difference" between book and taxable profit is accounted for based on the tax rates and laws enacted as on the date of the Balance Sheet. The deferred tax Asset/credit is recognized and carried forward only to the extent that there is a reasonable certainty that the asset will be realized in future.

7. Borrowing Costs

Borrowing costs that are attributable to the acquisition or construction of qualifying asset is capitalized as part of the cost of such asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

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Mar 31, 2014

1.Basis of Preparation

(i) The Financial Statements have been prepared in accordance with the applicable Accounting Standards issued by the Institute of Chartered Accountantsof India and the relevant disclosure requirements of the Companies Act, 1956 under historical cost convention and an the basis of going concern.

(ii) Accounting policies no: specifically referred lo otherwise, are consistent and are in consonance with generally accepted accounting principles followed by the company.

2. Fixed Assets

Fixed Assets are stated at acquisition cost (net of tax/duty credit availed, if any) Including directly attributable cost of bringing them to their respective working conditions for the intended use less accumulated depreciation. Fixed Asset as at April 1, 2000 were acquired under a scheme of Arrangement/ Demerger approved by Hon''ble High Court, Allahabad, from the asset of Demerged Company, (Gulshan Sugars &. Chemicals Ltd). The cost of acquisition is the amount at which such assets were standing in the books of the demerged company as on that date. The additions in the assets after 1.4.2000 are stated at acquisition cost including directly attributable cost of bringing them to their respective working condition for the intended use but are exclusive of Excise Duty Components, Cost of acquisition of Fixed Assets acquired underthe scheme of amalgamation/merger approved by the Hon''ble High court of judicature at ILmachal Pradesh from the assets of Amalgamating Company (M/s Gulshan Chcmcarb Limited) is the amount at which such assets were standing in the books of Amalgamating Company.

3. Revenue Recognition

The Company follows mercantile system of accounting where all the Income and Expenditure items having material bearing on the financial statements are recognized on accrual basis.

4. Retirement Benefits

The retirement benefits such as Contribution to Provident Fund, Leave encasements etc, are accounted for on accrual basis, However no provision for Gratuity is made.

5. Excise Duty

Excise Duty is not applicable lo the company,

6. Provision for Current & Deferred Tax

In view of the losses suffered by the company, no provision has been made for Income Tax for the year. The deferred Tax liability resulting from "timing difference" between book and taxable profit is accounted for based on the tax rates and laws enacted as on the daLe of Lhe Balance Sheet. The deferred tax Asset/credit is recognised and carried forward only to the extent thatthere is a reasonable certainty that the asset will be realized in future.

7. Borrowing Costs

Borrowing costs that arc attributable to the acquisition or construction of qualifying asset is capitalized as part of the cost of such asseL. A qualifying asset is one thaL necessarily takes substantial period of Lime to geL ready for intended use. All other borrowing costs are charged to revenue.

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Mar 31, 2013

1. Basis of Preparation

(i).The Financial Statements have been prepared in accordance with the applicable Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant disclosure requirements of the Companies Act, 1956 under historical cost convention and on the basis of going concern.

(ii).Accounting policies not specifically referred to otherwise, are consistent and are in consonance with generally accepted accounting principles followed by the Company.

2. Fixed Assets

Fixed Assets are stated at acquisition cost (net of tax/duty credit availed, if any) including directly attributable cost of bringing them to their respective working conditions for the intended use less accumulated depreciation. Fixed Asset as at April 1, 2000 were acquired under a scheme of Arrangement/ Demerger approved by Hon''ble High Court, Allahabad, from the asset of Demerged Company, (Gulshan Sugars & Chemicals Ltd). The cost of acquisition is the amount at which such assets were standing in the books of the demerged company as on that date. The additions in the assets after 1.4.2000 are stated at acquisition cost including directly attributable cost of bringing them to their respective working condition for the intended use but are exclusive of Excise Duty Components. Cost of acquisition of Fixed Assets acquired under the scheme of amalgamation/merger approved by the Hon''ble High court of judicature at Himachal Pradesh from the assets of Amalgamating Company (M/s Gulshan Chemcarb Limited) is the amount at which such assets were standing in the books of Amalgamating Company.

3. Revenue Recognition

The Company follows mercantile system of accounting where all the Income and Expenditure items having material bearing on the financial statements are recognized on accrual basis.

4. Retirement Benefits

The retirement benefits such as Contribution to Provident Fund, Leave encashments etc. are accounted for on accrual basis. However no provision for Gratuity is made.

5. Excise Duty

Excise Duty is not applicable to the Company.

6. Provision for Current & Deferred Tax

In view of the losses suffered by the Company, no provision has been made for Income Tax for the year. The deferred Tax liability resulting from 1"timing difference1" between book and taxable profit is accounted for based on the tax rates and laws enacted as on the date of the Balance Sheet. The deferred tax Asset/credit is recognized and carried forward only to the extent that there is a reasonable certainty that the asset will be realized in future.

7. Borrowing Costs

Borrowing costs that are attributable to the acquisition or construction of qualifying asset is capitalized as part of the cost of such asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

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Mar 31, 2011

1. Basis of Preparation

(i) The Financial Statements have been prepared in accordance with the applicable Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant disclosure requirements of the Companies Act, 1956 under historical cost convention and on the basis of going concern.

(ii) Accounting policies not specifically referred to otherwise, are consistent and are in consonance with generally accepted accounting principles followed by the Company.

2. Fixed Assets

Fixed Assets are stated at acquisition cost (net of tax/duty credit availed, if any) including directly attributable cost of bringing them to their respective working conditions for the intended use less accumulated depreciation. Fixed Asset as at April 1, 2000 were acquired under a scheme of Arrangement/ Demerger approved by Hon'ble High Court, Allahabad, from the asset of Demerged Company, (Gulshan Sugars & Chemicals Ltd). The cost of acquisition is the amount at which such assets were standing in the books of the demerged company as on that date. The additions in the assets after 1.4.2000 are stated at acquisition cost including directly attributable cost of bringing them to their respective working condition for the intended use but are exclusive of Excise Duty Components. Cost of acquisition of Fixed Assets acquired under the scheme of amalgamation/merger approved by the Hon'ble High court of judicature at Himachal Pradesh from the assets of Amalgamating Company (M/s Gulshan Chemcarb Limited) is the amount at which such assets were standing in the books of Amalgamating Company.

3. Depreciation

Depreciation on Fixed Assets has been provided as per the Straight Line Method in accordance with the rates provided under the Companies Act, 1956.

4. Revenue Recognition

The Company follows mercantile system of accounting where all the Income and Expenditure items having material bearing on the financial statements are recognized on accrual basis.

5. Retirement Benefits

The retirement benefits such as Contribution to Provident Fund, Leave encasements etc. are accounted for on accrual basis. However no provision for Gratuity is made.

6. Excise Duty

Excise Duty is not applicable to the Company.

7. Provision for Current & Deferred Tax

In view of the losses suffered by the Company, no provision has been made for Income Tax for the year. The deferred Tax liability resulting from "timing difference” between book and taxable profit is accounted for based on the tax rates and laws enacted as on the date of the Balance Sheet. The deferred tax Asset/credit is recognized and carried forward only to the extent that there is a reasonable certainty that the asset will be realized in future.

8. Miscellaneous Expenditure

Expenditure on formation of company being in the nature of preliminary expenses are amortized over the period as prescribed U/s 35-D of the Income Tax Act, 1961.

9. Borrowing Costs

Borrowing costs that are attributable to the acquisition or construction of qualifying asset is capitalized as part of the cost of such asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

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Mar 31, 2010

1. Basis of Preparation

i) The Financial Statements have been prepared in accordance with the applicable Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant disclosure requirements of the Companies Act, 1956 under historical cost convention and on the basis of going concern.

ii) Accounting policies not specifically referred to otherwise, are consistent and are in consonance with generally accepted accounting principles followed by the Company.

2. Fixed Assets

Fixed Assets are stated at acquisition cost (net of tax/duty credit availed, if any) including directly attributable cost of bringing them to their respective working conditions for the intended use less accumulated depreciation. Fixed Assets as at April 1, 2000 were acquired under a scheme of Arrangement Demerger approved by Honble High Court, Allahabad, from the asset of Demerged Company, (Gulshan Sugars & Chemicals Ltd). The cost of acquisition is the amount at which such assets were standing in the books of the demerged company as on that date. The additions in the assets after 1.4.2000 are stated at acquisition cost including directly attributable cost of bringing them to their respective working condition for the intended use but are exclusive of Excise Duty Components. Cost of acquisition of Fixed Assets acquired under the scheme of amalgamation/ merger approved by the Honble High court of judicature at Himachal Pradesh from the assets of Amalgamating Company (M/s Gulshan Chemcarb Limited) is the amount at which such assets were standing in the books of Amalgamating Company.

3. Depreciation

Depreciation on Fixed Assets has been provided as per the Straight Line Method in accordance with the rates provided under the Companies Act, 1956.

4. inventory Valuation

The Company values As inventory on "cost or net realizable value whichever is lower" basis and is in the compliance with the Accounting Standard -2 issued by the ICAi. However, stock -in- process valued on lower of estimated cost and net realizable value.

Consumption of Raw Materials, Stores, Fuels, Chemicals, Consumables & Packing are accounted for after reckoning the Closing Stock of respective items as ascertained by the Companys experts at the end of the year from the total of the Opening Stock and Purchases.

5. Revenue Recognition

The Company follows mercantile system of accounting where all the Income and Expenditure items having materia! bearing on the financial statements are recognized on accrual basis.

6. Retirement Benefits

The retirement benefits such as Contribution to provident Fund, Leave encasements etc. are accounted for on accrual basis. However no provision for Gratuity is made.

7. Excise Duty

Excise Duty is not applicable to the company 3. Turnover

Turnover includes saie of goods, excise duty,, trade/ sales tax and other recoverable expenses

9. Provision for Current & Deferred Tax

In view of the losses suffered by the company, no provision has been made for Income Tax for the year. The deferred Tax liability resulting from "timing difference" between book and taxable profit is accounted for based on the tax rates and laws enacted as on the date of the Balance Sheet." The deferred tax Asset/credit is recognized and carried forward only to the extent that there is a reasonable certainty that the asset will be realized in future.

10. Investments

Investment being Long Term Investments are valued at cost, after providing for any diminution in value, if such diminution is of permanent nature.

11. Miscellaneous Expenditure

Expenditure on formation of company being in the nature of preliminary expenses are amortized over the period as prescribed U/s 35-D of the Income Tax Act, 1961.

12. Borrowing Costs

Borrowing costs that are attributable to the acquisition or construction of qualifying asset is capitalized as part of the cost of such asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

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Mar 31, 2009

1. Basis of Preparation

(i) The Financial Statements have been prepared in accordance with the applicable Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant disclosure requirements of the Companies Act, 1956 under historical cost convention and on the basis of going concern.

(ii) Accounting policies not specifically referred to otherwise, are consistent and are in consonance with generally accepted accounting principles followed by the Company.

2. Fixed Assets

Fixed Assets are stated at acquisition cost (net of tax/duty credit availed, if any) including directly attributable cost of bringing them to their respective working conditions for the intended use less accumulated depreciation. Fixed Assets as at April 1, 2000 were acquired under a scheme of Arrangement/ Demerger approved by Honble High Court, Allahabad, from the asset of Demerged Company, (Gulshan Sugars & Chemicals Ltd). The cost of acquisition is the amount at which such assets were standing in the books of the demerged company as on that date. The additions in the assets after 1.4.2000 are stated at acquisition cost including directly attributable cost of bringing them to their respective working condition for the intended use but are exclusive of Excise Duty Components. Cost of acquisition of Fixed Assets acquired under the scheme of amalgamation/merger approved by the Honble High court of judicature at Himachal Pradesh from the assets of Amalgamating Company (M/s Gulshan Chemcarb Limited) is the amount at which such assets were standing in the books of Amalgamating Company.

3. Depreciation

Depreciation on Fixed Assets has been provided as per the Straight Line Method in accordance with the rates provided under the Companies Act, 1956.

4. Inventory Valuation

The Company values its inventory on "cost or net realizable value whichever is lower" basis and is in the compliance with the Accounting Standard -2 issued by the ICAI. However, stock -in- process valued on lower of estimated cost and net realizable value.

Consumption of Raw Materials, Stores, Fuels, Chemicals, Consumables & Packing are accounted for after reckoning the Closing Stock of respective items as ascertained by the Companys experts at the end of the year from the total of the Opening Stock and Purchases.

5. Revenue Recognition

The Company follows mercantile system of accounting where all the Income and Expenditure items having material bearing on the financial statements are recognized on accrual basis.

6. Retirement Benefits

The retirement benefits such as Contribution to Provident Fund, Leave encasements etc. are accounted for on accrual basis. However no provision for Gratuity is made.

7. Excise Duty

Excise Duty is not applicable to the company.

8. Turnover

Turnover includes sale of goods, excise duty, trade/ sales tax and other recoverable expenses.

9. Provision for Current & Deferred Tax

In view of the losses suffered by the company, no provision has been made for Income Tax for the year. The deferred Tax liability resulting from "timing difference" between book and taxable profit is accounted for based on the tax rates and laws enacted as on the date of the Balance Sheet." The deferred tax Asset/credit is recognized and carried forward only to the extent that there is a reasonable certainty that the asset will be realized in future.

10. Investments

Investment being Long Term Investments are valued at cost, after providing for any diminution in value, if such diminution is of permanent nature.

11. Miscellaneous Expenditure

Expenditure on formation of company being in the nature of preliminary expenses are amortized over the period as prescribed U/s 35-D of the Income Tax Act, 1961.

12. Borrowing Costs

Borrowing costs that are attributable to the acquisition or construction of qualifying asset is capitalized as part of the cost of such asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.