Eddy Current Control (India) Ltd. कंपली की लेखा नीति

Mar 31, 2015

(a) Basis of accounting and revenue recognition: The financial statements are prepared under historical cost convention on a going concern basis with Revenues recognized and expenses accounted on accrual concept.(including provisions and adjustments).

( b) Fixed Assets are stated at cost less depreciation.

(c ) Depreciation of Fixed Assets has been provided on writtendown value method at the Ratescomputed based

on useful livesspecified in Part C and residual value specified in Part A of Schedule II of Companies Act, 2013.

(d) Inventories are valued lower of cost or estimated net realizable value. Cost is computed as stated below:

(i) Finished Goods: Cost of finished goods includes cost of Conversion and other costs incurred in bringing the inventories to their present location and condition and includes excise duty wherever applicable.

(ii) Work in Progress : Work in progress is taken at cost of materials and other manufacture up to the various stages of completion.

(iii) Raw Materials: Cost of bought out materials are computed on FIRST IN FIRST OUT basis.

(e ) Retirement benefits:

(i) Accruing liability for gratuity to employees is not provided in the accounts.

(ii) Liability in respect of encashment of leave due to employees at the time of retirement or otherwise has not been provided

(f) Long term investment is stated at cost. Diminution in value, is considered to be temporary nature is not provided for.

(g) income and expenditure recognition:

Revenue on sales transactions are recognized as and when the title of goods gets ntransferred for a definite consideration. Revenue from other sources and expenses are recognized on accrual basis.

(h) Excise Duty

Excise duty in respect of goods manufactured is accounted at the time of removal of goods from the factory for sales or otherwise. Cenvat credit if any in respect of raw materials and stores are deducted from cost of purchase.

(I ) Taxation:

Provision for taxation is made as per estimated total income after considering the various reliefs admissible under the provisions of Income tax act 1961.

In accordance with the accounting standard 22, the deferred tax for the timing difference Between the book and tax profit for the year is accounted for using the rates and laws in force as on the balance sheet date.

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Mar 31, 2014

(a) Basis of accounting and revenue recognition: The financial statements are prepared under historical cost convention on a going concern basis with Revenues recognized and expenses accounted on accrual concept.(including provisions and adjustments) and in accordance with applicable accounting standards referred to in sub-section 3 (c) of sec 211 of Companies Act 1956.

(b) Fixed Assets are stated at cost less depreciation.

(c) Depreciation has been provided as per Schedule XIV on WDV method for all assets.

(d) Inventories are valued lower of cost or estimated net realizable value. Cost is computed as stated below:

(i) Finished Goods: Cost of finished goods includes cost of Conversion and other costs incurred in bringing the inventories to their present location and condition and includes excise duty wherever applicable.

(ii) Work in Progress : Work in progress is taken at cost of materials and other manufacture up to the various stages of completion.

(iii) Raw Materials: Cost of bought out materials are computed on FIRST IN FIRST OUT basis.

(e) Retirement benefits:

(i) ccruing liability for gratuity to employees is not provided in the accounts.

(ii) Liability in respect of encashment of leave due to employees at the time of retirement or otherwise has not been provided.

(f) Long term investment is stated at cost. Diminution in value, is considered to be temporary nature is not provided for.

(g) Income and expenditure recognition:

Revenue on sales transactions are recognized as and when the title of goods gets transferred for a definite consideration. Revenue from other sources and expenses are recognized on accrual basis.

(h) Excise Duty

Excise duty in respect of goods manufactured is accounted at the time of removal of goods from the factory for sales or otherwise.

Cenvat credit if any in respect of raw materials and stores are deducted from cost of purchase.

(I) Taxation :

Provision for taxation is made as per estimated total income after considering the various reliefs admissible under the provisions of Income tax act 1961.

In accordance with the accounting standard 22, the deferred tax for the timing difference Between the book and tax profit for the year is accounted for using the rates and laws in force as on the balance sheet date.

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Mar 31, 2013

(a) Basis of accounting and revenue recognition: The financial statements are prepared under historical cost convention on a going concern basis with Revenues recognized and expenses accounted on accrual concept(inchiding provisions and adjustments) and in accordance with applicable accounting standards referred to in sub-section 3(c) of sec 211 of Companies Act 1956.

(b) Fixed Assets are stated at cost less depreciation.

(c) Depreciation has been provided as per Schedule XIV on WDV method for all assets.

(d) Inventories are valued lower of cost or estimated net realizable value. Cost is computed as stated below:

(i) Finished Goods: Cost of finished goods includes cost of Conversion and other costs incurred in bringing the inventories to their present location and condition and includes excise duty wherever applicable.

(ii) Work in Progress: Work in progress is taken at cost of materials and other manufacture up to the various stages of completion. -..",*,''

(iii) Raw Materials: Cost of bought out materials are computed on FIRST IN FIRSTOUT basis.

(e) Retirement benefits:

(i) Accruing liability for gratuity to employees is not provided in the accounts.

(ii) Liability in respect of encashment of leave due to employees at the time of retirement or otherwise has not been provided.

(f) Long term investment is stated at cost. Diminution in value, is considered to be temporary nature is not provided for.

(g) income and expenditure recognition:

Revenue on sales transactions are recognized as and when the title of goods gets transferred for a definite consideration. Revenue from other sources and expenses are recognized on accrual basis.

(h) Excise Duty

Excise duty in respect of goods manufactured is accounted at the time of removal of goods from the factory for sales or otherwise.

Cenvat credit if any in respect of raw materials and stores are deducted from cost of purchase.

(I ) Taxation :

Provision for taxation is made as per estimated total income after considering the various reliefs admissible under the provisions of Income tax act 1961.

In accordance with the accounting standard 22, the deferred tax for the timing difference Between the book and tax profit for the year is accounted for using the rates and laws in force as on the balance sheet date.

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Mar 31, 2011

(a) Basis of accounting and revenue recognition: The financial statements are prepared under historical cost convention on a going concern basis with Revenues recognized and expenses accounted on accrual concept.( including provisions and adjustments) and in accordance with applicable accounting standards referred to in sub-section 3(c) of Sec 211 of Companies Act 1956.

(b) Fixed. Assets are stated at cost less depreciation.

(c) Depreciation has been provided on straight line method (in accordance with Circular No, 1/1/86 dated 21.5.1996 of the Company Law Board) in respect of Plant & Machinery and on written down value method in respect of other fixed assets at the rates prescribed under Schedule XIV of the Companies Act, 1956.

(d) Inventories are valued lower of cost or estimated net realizable value. Cost is computed as stated below:

(i) Finished Goods: Cost of finished goods includes cost of Conversion and other costs incurred in bringing the inventories to their present location and condition and includes excise duty wherever applicable.

(ii) Work in Progress: Work in progress is taken at cost of materials and other manufacture up to the various stages of completion.

(iii) Raw Materials: Cost of bought out materials are computed on FIRST IN FIRSTOUT basis.

(e) Retirement benefits:

(i) Accruing liability for gratuity to employees is provided in the accounts as actuarially ascertained, as per Revised AS-15

(ii) Liability in respect of encashment of leave due to employees at the time of retirement or otherwise has been provided on actuarial basis.

(f) Long term investment is stated at cost. Diminution in value, is considered to be of temporary nature is not provided for.

(g) Income and expenditure recognition:

Revenue on sales transactions are recognized as and when the title of goods gets transferred for a definite consideration. Revenue from other sources and expenses are recognized on accrual basis.

(h) Excise Duty

Excise duty in respect of goods manufactured is accounted at the time of removal of goods from the factory for sales or otherwise.

Cenvat credit if any in respect of raw materials and stores are deducted from cost of purchase.

(i) Taxation:

Provision for taxation is made as per estimated total income after considering the various reliefs admissible under the provisions of Income tax act 1961.

In accordance with the accounting standard 22, the deferred tax for the timing difference between the book and tax profit for the year is accounted for using the rates and laws in force as on the balance sheet date.

(j) Impairment of Assets:

In compliance with AS-28, impairment to assets if any found as a result or reassessment exercise by the management during the course of the year are accordingly provided in the accounts. For the current year, impairment provided amount to Rs. 1,059,731/-

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Mar 31, 2010

(a) Basis of accounting and revenue recognition: The financial statements are prepared under historical cost convention on a going concern basis with Revenues recognized and expenses accounted on accrual concept.( including provisions and adjustments) and in accordance with applicable accounting standards referred to in sub-section 3(c) of Sec 211 of Companies Act 1956.

(b) Fixed Assets are stated at cost less depreciation.

(c) Depreciation has been provided on straight line method (in accordance with Circular No, 1/1/86 dated 21.5.1996 of the Company Law Board) in respect of Plant & Machinery and on written down value method in respect of other fixed assets at the rates prescribed under Schedule XIV of the Companies Act, 1956.

(d) Inventories are valued lower of cost or estimated net realizable value. Cost is computed as stated below:

(i) Finished Goods : Cost of finished goods includes cost of Conversion and other costs incurred in bringing the inventories to their present location and condition and includes excise duty wherever applicable.

(ii) Work in Progress: Work in progress is taken at cost of materials and other manufacture up to the various stages of completion.

(iii) Raw Materials: Cost of bought out materials are computed on FIRST IN FIRSTOUT basis.

(e) Retirement benefits:

(i) Accruing liability for gratuity to employees is provided in the accounts as actuarially ascertained, as per Revised AS-15

(ii) Liability in respect of encashment of leave due to employees at the time of retirement or otherwise has been provided on actuarial basis.

(f) Long term investment is stated at cost. Diminution in value, is considered to be of temporary nature is not provided for.

(g) Income and expenditure recognition:

Revenue on sales transactions are recognized as and when the title of goods gets transferred for a definite consideration. Revenue from other sources and expenses are recognized on accrual basis.

(h) Excise Duty

Excise duty in respect of goods manufactured is accounted at the time of removal of goods from the factory for sales or otherwise.

Cenvat credit if any in respect of raw materials and stores are deducted from cost of purchase.

(i) Taxation:

Provision for taxation is made as per estimated total income after considering the various reliefs admissible under the provisions of Income tax act 1961.

In accordance with the accounting standard 22, the deferred tax for the timing difference between the book and tax profit for the year is accounted for using the rates and laws in force as on the balance sheet date.

(j) Impairment of Assets:

In compliance with AS-28, impairment to assets if any found as a result or reassessment exercise by the management during the course of the year are accordingly provided in the accounts. For the current year, such impairment were not found during such a review