Harsh Polymers (India) Ltd. कंपली की लेखा नीति

Mar 31, 2014

1. Recognition of Income & Cost /Expenditurearegenerally accounted on accrual basis as they are earned or incurred. However, no provision has been made for the bonus liability for the current Year in view of the past practice to charge bonus in the year of actual payment.

2. Excise Duty

Liability on account of Excise Duty in respect of gbods manufactured & liable for payment of Excise duties is consistently accounted for at the time of removal of goods from the place of manufactures.

3. MODVAT Benefits

MODVAT benefits is consistently accounted on accrual basis at the time of purchase of materials.

4. Fixed Assets

Fixed Assets are stated at cost of acquisition or construction less accumulated depreciation /amortization. All cost relating to acquisition and installation of fixed Assets are capitalized.

5. Depreciation

Depreciation on assets is provided on Straight Line method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

6. Valuation of Inventories.

Inventories of Raw Material & Financial good are stated at cost or net realizable value whichever is lower. Stores and spares are stated at cost less diminished value , cost is arrived at by the direct cost method, exclusive of Excise Duty payable at the final stage.

7. Investments.

Investments are valued at their acquisition cost.

8. Foreign Currency Transaction

The Company is not engaged in any foreign currency transaction.

9. Deferred Revenue Expenditure.

The Company was consistently following the method of writing off of Public Issues expenses and Preliminary & Preoperative Expenses to the extent of 1/10 of the total amount every year. However during the year 1999-2000 the Company has changed the method of writing off of expenses. The Board has reconsidered the matter and has decided to adopt the new method of writing off of preliminary & preoperative and Public Issues

10. Contingent Liabilities: Nil

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Mar 31, 2013

1. Recognition of Income & Cost /Expenditure are generally accounted on accrual basis as they are earned or incurred.

However, no provision has been made for the bonus liability for the current Year in view of the past practice to charge bonus in the year of actual payment.

2. Excise Duty

Liability on account of Excise Duty in respect of goods manufactured & liable for payment of Excise duties is consistently accounted for at*the time of removal of goods from the place of manufactures.

3. MODVAT Benefits

MODVAT benefits is consistently accounted on accrual basis at the time of purchase of materials.

4. Fixed Assets

Fixed Assets are stated at cost of acquisition or construction less accumulated depreciation /amortization. All cost relating to acquisition and installation of fixed Assets are capitalized.

5. Depreciation

Depreciation on assets is provided on Straight Line method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

6. Valuation of Inventories.

Inventories of Raw Material & Financial good are stated at cost or net realizable value whichever is lower. Stores and spares are stated at cost less diminished value , cost is arrived at by the direct cost method, exclusive of Excise Duty payable at the final stage.

7. Investments.

Investments are valued at their acquisition cost.

8. Foreign Currency Transaction

The Company is not engaged in any foreign currency transaction.

9. Deferred Revenue Expenditure.

The Company was consistently following the method of writing off of Public Issues expenses and Preliminary & Preoperative Expenses to the extent of 1/10 of the total amount every year. However during the year 1999 2000 the Company has changed the method of writing off of expenses. The Board has reconsidered the matter and has decided to adopt the new method of writing off of preliminary & preoperative and Public Issues

10. Contingent Liabilities: Nil

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Mar 31, 2010

1. Recognition of Income & Expenditure.

Revenue / Income & Cost / Expenditure are generally accounted on accrual Basis as they are earned or incurred.

However, no provision has been made for the Bonus liability for the current year in view of the past practice to charge bonus in the year of actual payment.

2. Excise Duty

Liability on account of excise duty in respect of goods manufactured & liable for payment of excise duty is consistently accounted for at the time of removal of goods from the place of manufacture.

3. Modvat benefit

Modvat benefit is consistently accounted on accrual basis at the time of purchase of materials.

4. Fixed Assets.

Fixed Assets are stated at cost of acquisition or construction less accumulated depreciation/amortization. All cost relating to the acquisition and installation of Fixed Assets are capitalized.

5. Depreciation

Depreciation on assets is provided on Straight Line Method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

6. Valuation of Inventories.

Inventories of Raw Material & Finished good are stated at cost or net realizable value whichever is lower. Stores and spares are stated at cost less diminished value, cost is arrived at by the direct cost method, exclusive of excise duty payable at the final stage.

7. Investments.

Investments are valued at their acquisition cost.

8. Foreign Currency Transaction

The Company is not engaged in any foreign currency transaction.

9. Deferred Revenue Expenditure.

The Company was consistently following the method of writing off of Public Issue expenses and Preliminary & Preoperative Expenses to the extent of 1 / 10 of the total amount every year. However during the year 1999-2000 the Company has changed the method of writing off of expenses. The Board has reconsidered the matter and has decided to adopt the new method of writing off of preliminary & preoperative expenses and Public Issue Expenses. Based on the said Board Resolution the company has written off Rs. 5.00 lac to profit and loss account as lump sum deduction.

10. Contingent liabilities: Nil