Accounting Policies of Jeet Machine Tools Ltd. Company

Mar 31, 2014

The Company adopts the accrual concept of accounting based on historical cost concept except in respect of Gratuity & Leave Liabilities which are accounted for on cash basis.

1.1 REVENUE RECOGNITION :

a) Sales are recognised on the date of despatches made.

b) Interest is recognised on time proportionate basis taking into account the amount outstanding and the rate applicable.

c) Dividend income is recognised when the right to receive is established.

d) Other Incomes are recorded on the basis of certainty.

1.2 FIXED ASSETS: -

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

1.3 DEPRECIATION :-

Depreciation on fixed assets is provided on Written Down method at the rates and in the manner specified in the schedule XIV of the Companies Act, 1956.

1.4 INVESTMENTS :-

Long Term Investment are stated at cost. No provision for dimunition in the value of investments have been provided as such dimunition is viewed as temporary in nature.

1.5 TRANSLATION OF FOREIGN CURRENCY ITEMS :-

Transactions denominated in foreign currency are recorded at the rate exchange in force at the date of transactions. Any difference arising due to subsequent realization is carried to Profit & Loss Account. All monetary assets held in foreign currency are carried to balance sheet at closing rate.

1.6 INVENTORIES

Inventories are valued at lower of cost or realisable value. The cost includes cost of purchase specifically identified to individual items of stock.

1.7 TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the period. Defferred tax is recognised subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originates in one period and is capable of reversal in one or more subsequent periods. Defferred Tax Assets on carry forward long term capital losses are recognised as there is reasonable certainty that sufficient long term capital gain will be available in future against which such Defferred Tax Assets can be realised.

1.8 RETIREMENT BENEFIT :-

The company contributes to recognised Provident Fund which is charged to revenue. The gratuity is provided on cash basis as the amount involved therein may not be significant.

1.9 PAYMENT TO AUDITORS :-

As On 31.03.14 As On 31.03.13

a) As Audit Fees 10,000/- 10,000/-

b) Other matters 15,000/- 15,000/-

c) Service Tax 3,090/- 3,090/-

28,090/- 28,090/-

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Mar 31, 2013

1.1 REVENUE RECOGNITION :

a) Sales are recognised on the date of despatches made.

b) Interest is recognised on time proportionate basis taking into account the amount outstanding and the rate applicable.

c) Dividend income is recognised when the right to receive is established.

d) Other Incomes are recorded on the basis of certainty.

1.2 FIXED ASSETS: -

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

1.3 DEPRECIATION :-

Depreciation on fixed assets is provided on Written Down method at the rates and in the manner specified in the schedule XIV of the Companies Act, 1956.

1.4 INVESTMENTS :-

Long Term Investment are stated at cost. No provision for dimunition in the value of investments have been provided as such dimunition is viewed as temporary in nature.

1.5 TRANSLATION OF FOREIGN CURRENCY ITEMS :-

Transactions denominated in foreign currency are recorded at the rate exchange in force at the date of transactions. Any difference arising due to subsequent realization is carried to Profit & Loss Account. All monetary assets held in foreign currency are carried to balance sheet at closing rate.

1.6 INVENTORIES :-

Inventories are valued at lower of cost or realisable value. The cost includes cost of purchase specifically identified to individual items of stock

1.7 TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the period Defferred tax is recognised subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originates in one period and is capable of reversal in one or more subsequent periods Defferred Tax Assets on carry forward long term capital losses are recognised as there is reasonable certainty that sufficient long term capital gain will be available in future against which such Defferred Tax Assets can be realised.

1.8 RETIREMENT BENEFIT :-

The company contributes to recognised Provident Fund which is charged to revenue. The gratuity is provided on cash basis as the amount involved therein may not be significant.

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Mar 31, 2012

The Company adopts the accrual concept of accounting based on historical cost historical Cost concept except in respect of Gratuity & Leave Liabilities which are accounted for on cash basis.

1.1 REVENUE RECOGNITION:

a) Sales are recognised on the date of despatches made.

b) Interest is recognised on time proportionate basis taking into account the amount outstanding and the rate applicable.

c) Dividend income is recognised when the right to receive is established.

d) Other Incomes are recorded on the basis of certainty.

1.2 FIXED ASSETS: -

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

1.3 DEPRECIATION:-

Depreciation on fixed assets is provided on Written Down method at the rates and in the manner specified in the schedule XIV of the Companies Act, 1956.

1.4 INVESTMENTS:-

Long Term Investment are stated at cost. No provision for dimunition in the value of investments have been provided as such dimunition is viewed as temporary in nature.

1.5 TRANSLATION OF FOREIGN CURRENCY ITEMS:-

Transactions denominated in foreign currency are recorded at the rate exchange in force at the date of transactions. Any difference arising due to subsequent realization is carried to Profit & Loss Account. All monetary assets held in foreign currency are carried to balance sheet at closing rate.

1.6 INVENTORIES:-

Inventories are valued at lower of cost or realisable value. The cost includes cost of purchase specifically identified to individual items of stock.

1.7 TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the period. Deferred tax is recognised subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originates in one period and is capable of reversal in one or more subsequent periods. Deferred Tax Assets on carry forward long term capital losses are recognised as there is reasonable certainty that sufficient long term capital gain will be available in future against which such Deferred Tax Assets can be realised.

1.8 RETIREMENT BENEFIT:-

The company contributes to recognised Provident Fund which is charged to revenue. The gratuity is provided on cash basis as the amount involved therein may not be significant.

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Mar 31, 2011

1. ACCOUNTING POLICIES:

The Company adopts the accrual concept of accounting based on historical cost historical Cost concept except in respect of Gratuity & Leave Liabilities which are accounted for on cash basis.

1.1 REVENUE RECOGNITION :

a) Sales are recognised on the date of despatches made.

b) Interest is recognised on time proportionate basis taking into account the amount outstanding and the rate applicable.

c) Dividend income is recognised when the right to receive is established.

d) Other Incomes are recorded on the basis of certainty.

1.2 FIXED ASSETS: -

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

1.3 DEPRECIATION :-

Depreciation on fixed assets is provided on Written Down method at the rates and in the manner specified in the schedule XIV of the Companies Act, 1956.

1.4 INVESTMENTS:-

Long Term Investment are stated at cost. No provision for diminution in the value of investments have been provided as such diminution is viewed as temporary in nature.

1.5 TRANSLATION OF FOREIGN CURRENCY ITEMS :-

Transactions denominated in foreign currency are recorded at the rate exchange in force at the date of transactions. Any difference arising due to subsequent realization is carried to Profit & Loss Account. AH monetary assets held in foreign currency are carried to balance sheet at closing rate.

1.6 INVENTORIES:-

Inventories are valued at lower of cost or realisable value. The cost includes cost of purchase specifically identified to individual items of stock.

1.7 TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the period. Deferred tax is recognised subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originates in one period and is capable of reversal in one or more subsequent periods. Deferred Tax Assets on carry forward long term capital losses are recognised as there is reasonable certainty that sufficient long term capital gain will be available in future against which such Deferred Tax Assets can be realised.

1.8 RETIREMENT BENEFIT :-

The company contributes to recognised Provident Fund which is charged to revenue. The gratuity is provided on cash basis as the amount involved therein may not be significant.

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Mar 31, 2010

The Company adopts the accrual concept of accounting based on historical cost historical Cost concept except in respect of Gratuity & Leave Liabilities which are accounted for on cash basis.

1.1 REVENUE RECOGNITION :

a) Sales are recognised on the date of despatches made.

b) Interest is recognised on time proportionate basis taking into account the amount outstanding and the rate applicable.

c) Dividend income is recognised when the right to receive is established.

d) Other Incomes are recorded on the basis of certainly.

1.2 FIXED ASSETS: -

Fixed Assets are-statedat cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

1.3 DEPRECIATION:-

Depreciation on fixed assets is provided on Written Down method at the rates and in the manner specified in the schedule XIV of the Companies Act, 1956.

1.4 INVESTMENTS :-

Long Term Investment are stated at cost. No provision for dimunition in the value of investments have been provided as such dimunition is viewed as temporary in nature.

1.5 TRANSLATION OF FOREIGN CURRENCY ITEMS :-

Transactions denominated in foreign currency are recorded at the rate exchange in force at the date of transactions. Any difference arising due to subsequent realization is carried to Profit & Loss Account. All monetary assets held in foreign currency are carried to balance sheet at closing rate.

1.6 INVENTORIES:-

Inventories are valued at lower of cost or realisable value. The cost includes cost of purchase specifically identified to individual items of slock.

1.7 TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the period. Defferred lax is recognised subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originates in one period and is capable of reversal in one or more subsequent periods. Defferred Tax Assets on carry forward long term capital losses are recognised as there is reasonable certainty that sufficient long term capital gain will be available in future against which such Defferred Tax Assets can be realised.

1.8 RETIREMENT BENEFIT:-

The company contributes to recognised Provident Fund which is charged to revenue. The gratuity is provided on cash basis as the amount involved therein may not be significant.

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Mar 31, 2009

1. ACCOUNTING POLICIES:

The Company adopts the accrual concept of accounting based on historical cost historical Cost concept except in respect of Gratuity & Leave Liabilities which are accounted for on cash basis.

1.1 REVENUE RECOGNITION:

a) Sales are recognised on the date of despatches made.

b) Interest is recognised on time proportionate basis taking into account the amount outstanding and the rate applicable.

c) Dividend income is recognised when the right to receive is established.

d) Other Incomes are recorded on the basis of certainty.

1.2 FIXED ASSETS: -

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

1.3 DEPRECIATION:-

Depreciation on fixed assets is provided on Written Down method at the rates and in the manner specified in the schedule XTV of the Companies Act, 1956.

1.4 INVESTMENTS:-

Long Term Investment are stated at cost. No provision for dimunition in the value of investments have been provided as such dimunition is viewed as temporary in nature.

1.5 TRANSLATION OF FOREIGN CURRENCY ITEMS:-

Transactions denominated in foreign currency are recorded at the rate exchange in force at the date of transactions. Any difference arising due to subsequent realization is carried to Profit & Loss Account. All monetary assets held in foreign currency are carried to balance sheet at closing rate.

1-6 INVENTORIES:-

Inventories are valued at lower of cost or realisable value. The cost includes cost of purchase specifically identified to individual items of stock.

1.7 TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the period. Defferred tax is recognised subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originates in one period and is capable of reversal in one or more subsequent periods. Defferred Tax Assets on carry forward long term capital losses are recognised as there is reasonable certainty that sufficient long term capital gain will be available in future against which such Defferred Tax Assets can be realised.

1.8 RETIREMENT BENEFIT:-

The company contributes to recognised Provident Fund which is charged to revenue. The gratuity is provided on cash basis as the amount involved therein may not be significant.

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Mar 31, 2008

1. ACCOUNTING POLICIES:

The Company adopts the accrual concept of accounting based on historical cost historical Cost concept except in respect of Gratuity & Leave Liabilities which are accounted for on cash basis.

1.1 REVENUE RECOGNITION :

a) Sales are recognised on the date of despatches made.

b) Interest is recognised on time proportionate basis taking into account the amount outstanding and the rate applicable.

c) Dividend income is recognised when the right to receive is established.

d) Other Incomes are recorded on the basis of certainty.

1.2 FIXED ASSETS: -

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

1.3 DEPRECIATION :-

Depreciation on fixed assets is provided on Written Down method at the rates and in the manner specified in the schedule XIV of the Companies Act 1956.

1.4 INVESTMENTS:-

Long Term Investment are stated at cost. No provision for dimunition in the value of investments have been provided as such dimunition is viewed as temporary in nature.

1.5 TRANSLATION OF FOREIGN CURRENCY ITEMS :-

Transactions denominated in foreign currency are recorded at the rate exchange in force at the date of transactions. Any difference arising due to subsequent realization is carried to Profit & Loss Account. All monetary assets held in foreign currency are carried to balance sheet at closing rate.

1.6 INVENTORIES:-

Inventories are valued at lower of cost or realisable value. The cost includes cost of purchase specifically identified to individual items of stock.

1.7 TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the period. Defferred tax is recognised subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originates in one period and is capable of reversal in one or more subsequent periods. Defferred Tax Assets on carry forward long term capital losses are recognised as there is reasonable certainty that sufficient long term capital gain will be available in future against which such Defferred Tax Assets can be realised.

1.8 RETIREMENT BENEFIT:-

The company contributes to recognised Provident Fund which is charged to revenue. The gratuity is provided on cash basis as the amount involved therein may not be significant.

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Mar 31, 2006

1 ACCOUNTING POLICIES:

The Company adopts the accrual concept of accounting based on historical cost historical Cost concept except in respect of Gratuity & Leave Liabilities which are accounted for on cash basis.

1.1 REVENUE RECOGNITION :

a) Sales are recognised on the date of despatches made.

b) interest is recognised on time proportionate basis taking into account the amount outstanding and the rate applicable.

c) Dividend income is recognised when the right to receive is established.

d) Other incomes are recorded on the basis of certainty.

1.2 FIXED ASSETS:-

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use

1.3 DEPRECIATION :-

Depreciation on fixed assets is provided on Written Down method at the rates and in the manner specified in the schedule XIV of the Companies Act, 1955.

1.4 INVESTMENTS :-

Long Term investment are stated at cost. No provision for dimunition in the value of investments have been provided as such dimunition is viewed as temporary in nature.

1.5 TRANSLATION OF FOREIGN CURRENCY ITEMS :-

Transactions denominated in foreign currency are recorded at the rate exchange in force at the date of transactions. Any difference arising due to subsequent realization is carried to Profit & Loss Account. All monetary assets held in foreign currency are carried to balance sheet at closing rate.

1.6 INVENTORIES :-

Inventories are valued at lower of cost or realisable value. The cost includes cost of purchase specifically identified to individual items of stock.

1.7 TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the period. Defferred tax is recognised subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originates in one period and is capable of reversal in one or more subsequent periods Defferred Tax Assets on carry/forward long term capital losses are recognised as there is reasonable certainty that sufficient long term capital gain will be available in future against which such Defferred Tax Assets can be realised.

1.8 RETIREMENT BENEFIT :-

The company contributes to recognised Provident Fund which is charged to revenue. The gratuity is provided on cash basis as the amount involved therein may not be significant.

1.9 PAYMENT TO AUDITORS :-

As 0n 31.03.06 As On 31.03.05

a) As Audit Fees 7500 7500

b) Other matters 12500 12500

c) Service Tax 2448 765

22448 20765

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Mar 31, 2003

A) ACCOUNTING POLICIES:

The Company adopts the accrual concept of accounting based on historical Cost concept except in respect of Gratuity & Leave Liabilities which arc accounted for on cash basis.

1. REVENUE RECOGNITION :

Soles ore recognised on the date of despatches mode. Interest is recognised on time propotionate basis taking into account the amount outstanding and the rate applicable. Dividend income is recognised when &e right to receive is established.

2. FIXED ASSETS:- Fixed Assets are stated at cost.

3. DEPRECIATION :- Depreciation k provided on rrilieu down value method at the rates prescribed under the Companies Act, 1056. Depreciation oil Assets added/disposed during die year is provided with reference to (he date of addition/disposal.

4. INVESTMENTS :- Long Term Investment are stated at cost

5. TRANSLATION OF FOREIGN CURRENCY ITEMS: Translation of Foreign currency an recorded at the rate exchange in force at the date of transactions. "Foreign currency assets and liabilities other than for financing fixed assets are stated at the rate of exchange prevailing at the year end and resultant gain/losses are recognised in the profit & loss account. Balance in Loans and advances, sundry debtors accounts and sundry creditors accounts arc subject to confirmations and their cftcct if any, on Assets, Liabilities and Profit cannot do asecrtainable.

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Mar 31, 2002

A) ACCOUNTING POLICIES:

The Company adopts the accrual concept of accounting based on historical Cost concept except in respect of Gratuity & Leave Liabilities which are accounted for on cash basis.

2. FIXED ASSETS:-

Fixed Assets are stated at cost.

3. DEPRECIATION:-

Depreciation is provided on written down value method at the rates prescribed under the Companies Act, 1956.

Depreciation on Assets added/disposed during the year is provided with reference to the date of addition/disposal.

4. INVESTMENTS:-

Long Term Investment are stated at cost.

5. TRANSLATION OF FOREIGN CURRENCY ITEMS:-

Transactions in foreign currency are recorded at the rate exchange in force at the date of transactions. Foreign currency assets and liabilities other than for financing fixed assets are stated at the rate of exchange prevailing at the year end and resultant gains/losses are recognised in the profit & loss account.

6. INVENORIES:-

Inventories are valued at lower of cost realisable value.

7. CONTIGENT LIABILITIES:-

Contingent Liabilities not provided for are disclosed by way of notes.

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Mar 31, 2000

A) ACCOUNTING POLICIES :

The Company adopts the accrual concept of accounting based on historical Cost concept except in respect of Gratuity & Leave Liabilities which are accounted for on cash basis.

2. FIXED ASSETS :-

Fixed Assets are stated at cost.

3. DEPRECIATION :-

Depreciation is provided on written down value method at the rates prescribed under the Companies Act, 1956.

Depreciation on Assets added/disposed during me year is provided with reference to the date of addition/disposal.

4. INVESTMENTS :-

Long Term Investment are stated at cost

5. TRANSLATION OF FOREIGN CURRENCY ITEMS :-

Transactions in foreign currency are recorded at the rate exchange in force at the date of transactions.

Foreign currency assets and liabilities other man for financing fixed assets are stated at the rate of exchange prevailing at the year end and resultant gains/losses are recognised in the profit & loss account.

6. INVENTORIES :-

Inventories are valued at lower of cost or realisable value.

7. CONTIGENT LIABILITIES :-

Contigent Liabilities not provided for are disclosed by way of notes.

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Mar 31, 1999

1. METHOD OF ACCOUNTING :-

The company adopts the accrual concept of accounting based on historical cost concept except in respect of Gratuity & Leave Liabilities which are accounted for on cash basis.

2. FIXED ASSETS :-

Fixed Assets are stated at cost.

3. DEPRECIATION :-

Depreciation is provided on written down value method at the rates prescribed under the Companies Act, 1956.

Depreciation on Assets added/disposed during the year is provided with reference to the date of addition/disposal.

4. INVESTMENTS :-

Long term Investment are stated at cost

5. TRANSLATION OF FOREIGN CURRENCY ITEMS :-

Transactions in foreign currency are recorded at the rate of exchange in force at the date of transactions.

Foreign currency assets and liabilities other than for financing fixed assets are stated at the rate of exchange prevailing at the year end and resultant gains/losses are recognised in the profit & loss account.

6. INVENTORIES :-

Inventories are valued at lower of cost or realisable value.

7. CONTINGENT LIABILITIES :-

Contingent Liabilities not provided for are disclosed by way of notes.

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Mar 31, 1998

A. ACCOUNTING POLICIES

1. METHOD OF ACCOUNTING

The company adopts the accrual concept of accounting based on historical cost concept except in respect of Gratuity & Leave Liabilities which are accounted for on cash basis.

2. FIXED ASSETS :

Fixed Assets are stated at cost.

3. DEPRECATION :

Depreciation is provided on written down value method at the rates prescribed under the Companies Act, 1956.

Depreciation on Assets added/disposed during the year is provided with reference to the date of addition/disposal.

4. INVESTMENTS :-

Long term Investment are stated at cost.

5. TRANSLATION OF FOREIGN CURRENCY ITEMS :

Transactions in foreign currency are recorded at the rate of exchange in force at the date of transactions.

Foreign currency assets and liabilities other than for financing fixed assets are stated at the rate of exchange prevailing at the year end and resultant gains/losses are recognised in the profit & loss account.

5. INVENTORIES :

Inventories are valued at lower of cost or realisable value.

6. CONTINGENT LIABILITIES :

Contingent Liabilities not provided for are disclosed by way of notes.

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Mar 31, 1997

Information will not be available in the annual report.

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Mar 31, 1993

1. ACCOUNTING CONCEPTS

The Company follows the Mercantile System of Accounting and recognises Income and Expenditure on Accrual basis.

The Accounts are prepared on historical cost basis and as a going concern. Accounting Policies not referred to otherwise are consistent with generally accepted accounting principles.

2. FIXED ASSETS

a) Fixed Assets are stated at cost less depreciation.

b) Depreciation on fixed assets is provided on reducing balance method at rates specified in Schedule XIV of the Companies Act, 1956.

3. TRANSLATION OF FOREIGN CURRENCY ITEMS

Foreign Currency assets are restated at the exchange rates ruling at the year end.

4. INVESTMENTS

a) Investments are stated at cost.

b) In case of securities purchased/sold cum interest, the entire payment/receipt of consideration is treated as cost/sale proceeds, as the case may be.

5. PROVISION FOR RETIREMENT BENEFITS

a) Liability in respect of Gratuity to employees is accounted for as and when paid.

b) Leave liabilities is accounted for when the employees proceed on leave or at the time of encashment.

6. INVENTORIES

Inventories are stated at cost or realisable value whichever is less.

7. PROVISION FOR BAD AND DOUBTFUL DEBTS/ADVANCES

Provision is made in the accounts for Bad and Doubtful Debts/advances which in the opinion of the Management are considered irrecoverable.

8. INSURANCE CLAIMS

Insurance claims shall be accounted for on receipt basis.

9. REVENUE RECOGNITION

Revenue in respect of Interest/Lease Rent is recognised only when it is reasonably certain that the ultimate collection will be made.

10. INFLATION

Assets and Liabilities are recorded at historical cost to the company. These costs are not adjusted to reflect the change in the purchasing power of money.