Accounting Policies of Kuwer Industries Ltd. Company

Mar 31, 2015

1 Corporate information

Kuwer Industries Ltd. is engaged in Metalizing & Embossing of Polyester and BOPP films. The company has been incorporated in the year 1993. The company's registered office is in Delhi.

2 Significant accounting policies.

The accounts of the company are prepared under the historical cost convention and in accordance with applicable accounting standards and relevant disclosure requirement of the companies Act 2013, as adopted consistently by the company.

2.1 Revenue Recognition:

Mercantile system of accountings is followed.

2.2 Foreign Currency Transaction

Transaction in Foreign Currency is recorded at the rates prevailing at the time of the transaction. (ii) Any income and expenses on account of exchange difference either on settlement or transaction is recognized in the profit or loss account except in cases where they are adjusted to the carrying cost of such assets.

2.3 Inventory Valuation

The valuation of inventory has been done as per method of valuation prescribed under section 145A of the income Tax Act 1961.Stock of Raw material is stated at cost. Finished goods and Scrap are valued at cost or realizable value whichever is lower.

2.4 Fixed Assets & Depreciation

(i)'Fixed Assets are stated at cost, net of modvat, less accumulated depreciation. All cost including financing cost till commencement of commercial production, net charges on foreign exchange contracts and adjustment arising from exchange rate variations relating to borrowings attributable to the fixed assets are capitalized.

(ii) Depreciation on Fixed Assets is provided in accordance with the rates as specified in Part C of Schedule II of the companies Act, 2013, on straight line method (SLM) on pro rata basis

2.5 Insurance/Claims

The Company covers all the risk on the basis of cost for the fixed assets and inventories. The premium pertaining to the year is charged against the revenue of the year. The insurance claims lodged by the company will be adjusted as and when the final amount will be received by the company from the insurance companies.

2.6 Sales

Sales are stated net of returns, sales tax and excise duty.

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Mar 31, 2014

The accounts of the company are prepared under the historical cost convention and in accordance with applicable accounting standards and relevant disclosure requirement of the companies Act 1956, as adopted consistently by the company.

1.1 Revenue Recognition:

Mercantile system of accountings is followed.

1.2 Foreign Currency Transaction

Transaction in Foreign Currency is recorded at the rates prevailing at the time of the transaction. (ii) Any income and expenses on account of exchange difference either on settlement or transaction is recognized in the profit or loss account except in cases where they are adjusted to the carrying cost of such assets.

1.3 Inventory Valuation

The valuation of inventory has been done as per method of valuation prescribed under section 145A of the income Tax Act 1961.Stockof Raw material is stated at cost. Finished goods and Scrap are valued at cost or realizable value whichever is lower.

1.4 Fixed Assets & Depreciation

(i)''Fixed Assets are stated at cost, net of mod vat, less accumulated depreciation. All cost including financing cost till commencement of commercial production, net charges on foreign exchange contracts and adjustment arising from exchange rate variations relating to borrowings attributable to the fixed assets are capitalized.

(ii) Depreciation has been calculated on straight line method at the rates given in schedule XIV of the companies act 1956.

1.5 Insurance/Claims

The Company covers all the risk on the basis of cost for the fixed assets and inventories. The premium pertaining to the year is charged against the revenue of the year. The insurance claims lodged by the company will be adjusted as and when the final amount will be received by the company from the insurance companies.

1.6 Sales

Sales are stated net of returns, sales tax and excise duty.

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Mar 31, 2013

The accounts of the company are prepared under the historical cost convention and in accordance with applicable accounting standards and relevant disclosure requirement of the companies Act 1956,as adopted consistently by the company.

1.1 Revenue Recognition:

Mercantile system of accountings is followed.

1.2 Foreign Currency Transaction

(i) Transaction in Foreign Currency are recorded at the rates prevailing at the time of the transaction. (ii) Any income and expenses on acount of exchange difference either on settelment or transaction is recognized in the profit or loss account except in cases where they are adjusted to the carrying cost of such assets.

1.3 Inventory Valution

The valution of inventory has been done as per method of valution prescribed under saction 145A of the income Tax Act 1961.Stock of Raw materials are stated at cost.Finished goods and Scrap are valued at cost or realizable value wichever is lower.

1.4 Fixed Assets & Depreciation

(i)''Fixed Assets are stated at cost,net of modvat,less accoumulated depreciation.All cost including financing cost till commencement of commercial production,net charges on foreign exchange contracts and adjustment arising from exchange rate variations relating to borrowings attributable to the fixed assets are capitalized.

ii) Depreciation has been calculated on staight line method at the rates given in schadule XIV of the companies act 1956..

1.5 Insurance/Claims

The Company covers all the risk on the basis of cost for the fixed assets and inventories.The premium pertaining to the year is charged against the revenue of the year.The insurence claims lodged by the company will be adjusted as and when the final amount will be received by the company from the insurance companies.

1.6 Sales

Sales are stated net of returns ,sales tax and excise duty.

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Mar 31, 2012

The accounts of the company are prepared under the historical cost convention and in accordance with applicable accounting standards and relevant disclosure requirement of the companies Act 1956, as adopted consistently by the company.

1.1 Revenue Recognition:

Mercantile system of accountings is followed.

1.2 Foreign Currency Transaction

(i) Transaction in Foreign Currency are recorded at the rates prevailing at the time of the transaction.

(ii) Any income and expenses on account of exchange difference either on settlement or transaction is recognized in the profit or loss account except in cases where they are adjusted to the carrying cost of such assets.

1.3 Inventory Valuation

The valuation of inventory has been done as per method of valuation prescribed under section 145A of the income Tax Act 1961.

Stock of Raw materials are stated at cost. Finished goods and Scrap are valued at cost or realizable value whichever is lower.

1.4 Fixed Assets & Depreciation

(i) 'Fixed Assets are stated at cost, net of modvat, less accoumulated depreciation. All cost including financing cost till commencement of commercial production, net charges on foreign exchange contracts and adjustment arising from exchange rate variations relating to borrowings attributable to the fixed assets are capitalized.

ii) Depreciation has been calculated on straight line method at the rates given in schedule XIV of the companies act 1956.

1.5 Insurance/Claims

The Company covers all the risk on the basis of cost for the fixed assets and inventories. The premium pertaining to the year is charged against the revenue of the year. The insurance claims lodged by the company will be adjusted as and when the final amount will be received by the company from the insurance companies.

1.6 Sales

Sales are stated net of returns, sales tax and excise duty.

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Mar 31, 2010

A) The accounts of the company are prepared under the historical cost convention and in accordance with applicable accounting standards and relevant disclosure requirements of the Companies Act 1956, as adopted consistently by the company.

b) Foreign Currency Transactions

i) Transactions in Foreign Currency are recorded at the rates prevailing at the time of the transaction.

ii) Any income or expenses on account of exchange difference either on the settlement or transaction is recognized in the profit or loss account except in cases where they are adjusted to the carrying cost of such assets.

c) Inventory Valuation

The valuation of inventory has been done as per method of valuation prescribed under section 145A of the Income Tax Act 1961.

Stock of raw materials are stated at cost. Finished goods and Scrap are valued at cost or realizable value which ever is lower.

d) Fixed Assets & Depreciation

i) Fixed Assets are stated at cost, net of modvat, less accumulated depreciation. All costs including financing cost till commencement of commercial production, net charges on foreign exchange contracts and adjustment arising from exchange rate variations relating to borrowings attributable to the fixed assets are capitalized.

ii) Depreciation has been calculated on straight line method at the rates given in schedule XIV of the companies act 1956, except on additions arising on account of translation of foreign currency liabilities for acquisition of fixed assets, on which depreciation has been provided as aforesaid over the residual life of respective plant & machinery.

e) Insurance/Claims

The company covers all the normal risk on the basis of cost for the fixed assets and inventories. The premium pertaining to the year is charged against the revenue of the year. The insurance claims lodged by the company will be adjusted as and when the final amount will be received by the company from the insurance companies.

f) Sales

Sales are stated net of returns and sales tax but inclusive of excise duty.

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Mar 31, 2009

A) The accounts of the company are prepared under the historical cost convention and in accordance with applicable accounting standards and relevant disclosure requirements of the Companies Act 1956, as adopted consistently by the company.

b) Foreign Currency Transactions

i) Transactions in Foreign Currency are recorded at the rates prevailing at the time of the transaction.

ii) Any income or expenses on account of exchange difference either on the settlement or transaction is recognized in the profit or loss account except in cases where they are adjusted to the carrying cost of such assets.

c) Inventory Valuation

The valuation of inventory has been done as per method of valuation prescribed under section 145A of the Income Tax Act 1961.

Stock of raw materials are stated at cost. Finished goods and Scrap are valued at cost or realizable value which ever is lower.

d) Fixed Assets & Depreciation

i) Fixed Assets are stated at cost, net of modvat, less accumulated depreciation. All costs including financing cost till commencement of commercial production, net charges on foreign exchange contracts and adjustment arising from exchange rate variations relating to borrowings attributable to the fixed assets are capitalized.

ii) Depreciation has been calculated on straight line method at the rates given in schedule XIV of the companies act 1956, except on additions arising on account of translation of foreign currency liabilities for acquisition of fixed assets, on which depreciation has been provided as aforesaid over the residual life of respective plant & machinery.

e) Insurance/Claims

The company covers all the normal risk on the basis of cost for the fixed assets and inventories. The premium pertaining to the year is charged against the revenue of the year. The insurance claims lodged by the company will be adjusted as and when the final amount will be received by the company from the insurance companies.

f) Investments

Investments are stated at cost.

g) Sales

Sales are stated net of returns and sales tax but inclusive of excise duty.

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Mar 31, 2008

A) The accounts of the company are prepared under the historical cost convention and in accordance with applicable accounting standards and relevant disclosure requirements of the Companies Act 1956, as adopted consistently by the company.

b) Foreign Currency Transactions

(v) Transactions in Foreign Currency are recorded at the rates prevailing at the time of the transaction.

(vi) Any income or expenses on account of exchange difference either on the settlement or transaction is recognized in the profit or loss account except in cases where they are adjusted to the carrying cost of such assets.

c) Inventory Valuation

The valuation of inventory has been done as per method of valuation prescribed under section 145A of the Income Tax Act 1961.

Stock of raw materials are stated at cost. Finished goods and Scrap are valued at cost or realizable value which ever is lower.

d) Fixed Assets & Depreciation

(iv) Fixed Assets are stated at cost, net of modvat, less accumulated depreciation. All costs including financing cost till commencement of commercial production, net charges on foreign exchange contracts and adjustment arising from exchange rate variations relating to borrowings attributable to the fixed assets are capitalized.

(v) Depreciation has been calculated on straight line method at the rates given in schedule XIV of the companies act 1956, except on additions arising on account of translation of foreign currency liabilities for acquisition of fixed assets, on which depreciation has been provided as aforesaid over the residual life of respective plant & machinery.

e) Insurance/Claims

The company covers all the normal risk on the basis of cost for the fixed assets and inventories. The premium pertaining to the year is charged against the revenue of the year. The insurance claims lodged by the company will be adjusted as and when the final amount will be received by the company from the insurance companies.

f) Investments

Investments are stated at cost.

g) Sales

Sales are stated net of returns and sales tax but inclusive of excise duty.