Hansaflon Plasto Chem Ltd. कंपली की लेखा नीति

Mar 31, 2011

A.SYSTEM OF ACCOUNTING

The company adopts the accrual basis in the preparation of the accounts.

B. INCOME FROM OPERATION

Sales are recognized on passing of property in goods, i.e., deliver y as per terms of sale, Interest income and job work charged are all accounted for on accrual basis.

C. FIXED ASSETS & DEPRECIATION

Fixed assts are capitalized at cost, inclusive of expenses identical thereto, Depreciation on fixed assets has been provided as per written down value method in terms of section 350 of the Companies Act,1956, at the rate prescribed under section XIV (as amended) to the said Act. Leased assets are depreciated over the life of the lease.

D. FOREIGN CURRENCY TRANSACTION

Income and Expenditure in foreign currency is converted into Indian rupees at the rate of exchange prevailing on the date of transaction.

E. INVENTORIES

a) Consumable stores & spares are valued at cost

b) Raw material, W.I.P. Finished goods are valued at Cost or Market Price whichever is lower. In respect of manufactured Inventories i.e., process stocks and finished goods, appropriate shares o f manufacturing expenses are included on absorption costing basis

F. RETIREMENT BENEFITS

Provisions for gratuity has not been made during the year in accordance with The Payment of Gratuity Act,1972.

G. TAXATION

The tax expenses comprising of current tax & deferred tax is charged or credited to the profit & loss account of the year. Current tax is calculated according to the tax law applicable for the current financial year. The deferred tax charge or credit is recognized using tax rates and the tax laws that have been enacted by the balance sheet date.

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Mar 31, 2009

A. SYSTEM OF ACCOUNTING :

The company adopts the accrual basis in the preparation of the accounts.

B. INCOME FROM OPERATION :

Sales are recognized on passing of property in goods, i.e., delivery as per terms of sale, Interest income and job work charged are all accounted for on accrual basis.

C. FIXED ASSETS & DEPRECIATION :

Fixed assets are capitalised at cost, inclusive of expenses identical thereto, Depreciation on fixed assets has been provided as per written down value method in terms of section 350 of The Companies Act, 1956, at the rates prescribed under Section XIV (as amended) to the said Act. Leased Assets are depreciated over the life of the lease.

D. FOREIGN CURRENCY TRANSACTION :

Income and Expenditure in foreign currency is converted into Indian rupees at the rate of exchange prevailing on the date of transaction.

E. INVENTORIES :

a) Consumable stores & spares are valued at cost

b) Raw material, W.I.P, Finished goods are valued at cost. Cost of Inventory is generally ascertained on "weighted avg. value". In respect of manufactured Inventories i.e., process stocks & finished goods, appropriate shares of manufacturing expenses are included on absorption costing basis.

F. RETIREMENT BENEFITS

Provision for Gratuity has not been made in accordance with The Payment of Gratuity Act, 1972.

G. TAXATION

The tax expense comprising of current tax & deferred tax is charged or credited to the profit & loss account of the year. Current tax is calculated according to the tax law applicable for the current ' financial year. The deferred tax charge or credit is recognised using tax rates and tax laws that have been enacted by the balance sheet date. .

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Mar 31, 2008

A. SYSTEM OF ACCOUNTING :

The company adopts the accrual basis in the preparation of the accounts.

B. INCOME FROM OPERATION :

Sales are recognized on passing of property in goods, i.e., delivery as per terms of sale, Interest income and job work charged are all accounted for on accrual basis.

C. FIXED ASSETS & DEPRECIATION :

Fixed assets are capitalised at cost, inclusive of expenses identical thereto, Depreciation on fixed assets has been provided as per written down value method in terms of section 350 of The Companies Act, 1956, at the rates prescribed under Section XIV (as amended) to the said Act. Leased Assets are depreciated over the life of the lease.

D. FOREIGN CURRENCY TRANSACTION :

Income and Expenditure in foreign currency is converted into Indian rupees at the rate of exchange prevailing on the date of transaction.

E. INVENTORIES :

a) Consumable stores & spares are valued at cost '

b) Raw material, W.I.P, Finished goods are valued at cost. Cost of Inventory is generally ascertained on "weighted avg. value". In respect of manufactured Inventories i.e., process stocks & finished goods, appropriate shares*©f manufacturing expenses are included on absorption costing basis.

F. RETIREMENT BENEFITS

Provision for Gratuity has not been made in accordance with The Payment of Gratuity Act, 1972.

G. TAXATION

The tax expense comprising of current tax & deferred tax is charged or credited to the profit & loss account of the year. Current tax is calculated according to the tax law applicable for the current financial year. The deferred tax charge or credit is recognised using tax rates and tax laws that have been enacted by the balance sheet date.