India Polyspin Ltd. कंपली की लेखा नीति

Mar 31, 2013

1 BASTS OF PREPARATION OF FINANCIAL STATEMENTS :

The Financial Statements are prepared on accrual basis of accounting under historical cost convention in accordance with generally accepted accounting principles in India and the relevant provisions of the Companies Act, 1956 including accounting standards notified thereunder.

Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting Policies.

2 USE OF ESTIMATES

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of financial statements and the actual results and estimates are recognized in the period in which they materialize.

3 REVENUE RECOGNITION

All material known revenue and expenditure items are accounted on accrual basis.

4 FIXED ASSETS

There is no Fixed Asset.

5 BORROWING COST

a) Borrowing Costs in ordinary course of business are recognized as an expense in the period in which these are incurred.

b) Borrowing costs that are attributable to the manufacture, acquisition or construction of qualifying assets, are

6 TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the year as per Income tax Act, 1961.

DEFERRED TAXES

The provision for Deferred Tax Liability(Assets) have not been made as the company had discontinued its business and now there is no possibility of such future profits on which the tax liability may arise in excess of carried forward losses.

7 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

A provision is recognized when the company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are not recognized in the financial statements. A contingent asset is neither recognized nor disclosed in the financial statements.

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Mar 31, 2012

1 BASTS OF PREPARATTON OF FTNANCTAL STATEMENTS :

The Financial Statements are prepared on accrual basis of accounting under historical cost convention in accordance with generally accepted accounting principles in India and the relevant provisions of the Companies Act, 1956 including accounting standards notified there under.

Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting Policies.

2 USE OF ESTTMATES

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of financial statements and the the actual results and estimates are recognized in the period in which they materialize.

3 REVENUE RECOGNTTTON

All material known revenue and expenditure items are accounted on accrual basis.

4 FTXED ASSETS

There is no Fixed Asset.

5 BORROWING COST

a) Borrowing Costs in ordinary course of business are recognized as an expense in the period in which these are incurred.

b) Borrowing costs that are attributable to the manufacture, acquisition or construction of qualifying assets, are

6 TAXES ON TNCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the year as per Income tax Act, 1961.

DEFERRED TAXES

The provision for Deferred Tax Liability(Assets) have not been made as the company had discontinued its business and now there is no possibility of such future profits on which the tax liability may arise in excess of carried forward losses.

7 PROVTSTONS. CONTTNGENT LTABTLTTTES AND CONTTNGENT ASSETS

A provision is recognized when the company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are not recognized in the financial statements. A contingent asset is neither recognized nor disclosed in the financial statements.

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Mar 31, 2011

(a) General

Accounting policies not specifically referred to otherwise are consistent and inconsonance with generally accepted accounting principals. The financial statements have generally been prepared on the historical cost basis and as a going concern.

(b) Fixed Assets

Fixed Assets are stated at its cost of acquisition (Net of CENVAT Credit availed If any). Cost of acquisition comprises purchase price and other attributable cost,

(c) Depreciation

Depreciation on Fixed Assets have not been charges as the assets was not used during the year.

(d) Recognition of Income & Expenditure

All Incomes & Expenditures are accounted on accrual basis.

(e) Retirement Benefits

Liability for Gratuity, Leave encashment are accounted as and when paid.

(f) Accounting for taxes

Provisions for Tax liability comprises of current tax and deferred tax. The deferred tax for timing difference between the book profit and the taxable income for the year is accounted using tax rates and tax laws existing on the balance sheet date.

(g) Segment Accounting

The requirement of segment reporting is not applicable to the both in respect of geographical segment and product wise segment.

(h) Contingent liability

Contingent Liabilities not provided for are disclosed by way of notes.

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Mar 31, 2010

(A) General

Accounting policies not specifically referred to otherwise are consistent and inconsonance with generally accepted accounting principals. The financial statement have generally been prepared on the historical cost basis and as a going concern.

(B) Fixed Assets

During the year 2008 IIBI acquired the whole of the undertaking (assets) except office building of the company in terms of order of DRT and auctioned the same as a result there are no fixed assets except office building.

(C) Depreciation

Depreciation on Fixed Assets have not been charges as the company does not own any fixed assets except office building which was also not in use.

(D) Inventories

Closing stock was also acquired by IIBI and now there is no stock of what so nature or kind.

(E) Recognition of Income & Expenditure

All Incomes & Expenditures are accounted on accrual basis.

(F) Retirement Benefits

Since company has discontinued business and have no employees. Hence provision for liability for gratuity and leave encashment are neither required r accounted for.

(G) Accounting for taxes :-

During the year company has not done any business activities and had no income. No provision for tax liability comprising of current or differed tax and fringe benefit tax is neither required nor accounted for.

(H) Segment Accounting

The requirement of segment reporting is not applicable to the both in respect of geographical segment and product wise segment.

(I) Contingent liability

Contingent Liabilities not provided for are disclosed by way of notes.