Accounting Policies of Superior Industrial Enterprises Ltd. Company

Mar 31, 2014

A) Cost of Inventory of Raw Material, stores, Chemicals & packing Material is inclusive of Purchase Price & Net of Excise Duty.

b) Sales are net of Excise Duty &Trade Discount.

c) Stock of Raw Material & Packing Material is valued at cost price. Purchase Cost is inclusive of cost of Raw Material, Insurance, and Entry Tax with cess. Finished Goods Stock has been valued at selling rate subject to adjustment of selling expenses & excise duty.

d) As per the practice of the company the liability on account of Gratuity and Leaves Encashment would be on the payment basis. However the company is proposing to take up effective steps for insurance cover.

e) Fixed assets are stated at cost. All cost relating to acquisition and installation of Fixed Assets are capitalized.

f) P.F./E.S.I charges are inclusive of administrative charges.

g) Raw Material consumption for the year is inclusive of Raw Material Stores consumed during the year.

h) Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and Provision for all known liabilities have been made.

i) Advances recoverable in cash or kind include advances made to Machinery suppliers which would be, adjusted on rendition of the accounts receipts of the material/render of services.

j) No Provision made for deferred tax liability and steps are yet to be taken for creation of deferred tax assets as on 31.03.2014.

k) Previous year figures have been rearranged/regrouped to make them comparable.

l) Foreign currency transactions are accounted for at the exchange rates from prevailing on the date of transaction. All foreign currency liabilities at the year end are accounted for at exchange rates prevailing on the date and any resulting foreign exchange gain or losses are recognized as period cost.

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Mar 31, 2011

1. ACCOUNTING POLICIES

a) Cost of Inventory of Raw Material, stores, Chemicals & packing Material is inclusive of Purchase Price & Net of Excise Duty

b) Depreciation on Fixed Assets is being provided at the rates specified in Income Tax Act. 1961 as per practice of The company consistency being followed No Depression has been charged on Fixed Assets not put use during the year ending 31.03.2011

c) Sales are inclusive of Excise Duty but net of Trade Discount,

d) Stock Of Finished Goods, Packing Material are valued at cost price, Purchase Cost is inclusive of cost of Raw Material Insurance, and Entry Tax with Cess & Excise Duty.

e) As per the practice of the company the liability on account of Gratuity and Leaves encashment would be on the payment basis However the company is proposing to take up effective steps for insurance cover

f) fixed assets are stated at cost, All cost relating to acquisition and installation of Fixed Assets are capitalized,

g) P.F /E.S.I charges are Inclusive of administrative charges

h) Company has not provider for Bad Debt out of for Debtors outstanding for more than 6 month as in the opinion of Management recovery efforts are being made and same are recoverable

i) Raw Material consumption for the yeans inclusive of Raw Material, Stores consumed during the year.

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Mar 31, 2010

A) Cost of inventory of Raw Material, Stores, Chemicals & Packing materials is inclusive of purchase price and duties levied.

b) Depreciation on Fixed Assets is being provided at the rates specified in Income Tax Act, 1961 as per practice of the Company consistency being followed. No Depreciation has been charged on fixed Assets not put to use during the year ending 31.03.2010.

c) Sales are Net of Excise Duty.

d) Stock of Raw Material, Finished Goods, Packing Material, Electrical Parts, Spares & Stores are valued at cost price.

e) As per the Company practice the liability on account of Gratuity and Leaves Encashment would be on payment basis. However the company is proposing to take up effective Steps for insurance cover.

f) Fixed Assets are stated at cost. All cost relating to acquisition and installation of Fixed Assets are capitalized.

g) PF/ESI Charges are inclusive of administrative charges.