Kandhari Rubbers Ltd. कंपली की लेखा नीति

Mar 31, 2013

1. ACCOUNTING POLICIES

I. Historical Cost

These financial statements have been drawn up using the historical cost convention adopting the accrual basis.

II. Fixed Assets

Fixed assets are stated at their original cost less depreciation up to 31.03.1998. Cost includes inward freight, duties, taxes and expenses incidental to acquisition and installation.

Movable and Immovable assets of the company was possessed and illegally sold by FI''s on 02-01-2008 and 30-01-2008 through private treaty for Rs 5 Crore. To M/S Bala Ji Kripa Marble and Granites P Ltd .Company has challenged the sale by FI''s hence no accounting entry made in the books of accounts. At present there is no fixed assets in possession of the company.

III. Depreciation

Owing to low capacity utilization depreciation on fixed assets has not been charged during the year as required under schedule XIV to the Companies Act, 1956 as amended by notification GSR No. 756 (E) / dated 16.12. 1993 issued by the Ministry of Law, Department of Company Affairs.

IV. Inventories

Inventory have been valued at lower of cost or market value except scrap which is taken at net realizable value..

V. Sale

Sale comprises of sale of goods inclusive of excise and trade discount.

VI. Retirement Benefits

There is no leave encashment during the year. No provision on such liability .has been made by the Company as required by AS 15 on Accounting for Retirement Benefits in the Financial Statements of Employers issued by the ICAI. It is accounted for as and when paid as it is not ascertainable for the time being.

VII. Branch Accounts

No separate financial statement have been prepared for branches.

2. GRATUITY PROVISIONS

Provision for gratuity is made on the basis of self valuation by the Company based on provisions under Payment of Gratuity Act, 1972. The Directors of the Company have-not been considered employees for this purpose.

3. INVESTEMTS

Investments are stated at cost.

4. ACCOUNTING CONCEPTS

I. The company follows mercantile system of accounting, following the amendment in Income Tax Act, 1961. ''

II. Financial Statements are based on historical cost. These costs are not adjusted to reflect the impact of changes in purchasing power of money.

5. CONTINGENT LIABILITIES

Contingent Liabilities are determined on the basis of available information and are disclosed by way of Notes on Accounts.

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Mar 31, 2012

1.I. Historical Cost

These financial statements have been drawn up using the historical cost convention adopting the accrual basis.

II. Fixed Assets

Fixed assets are stated at their original cost less depreciation up to 31.03.1998. Cost includes inward freight, duties, taxes and expenses incidental to acquisition and installation.

Movable and Immovable assets of the company was possessed and illegally sold by FI''s on 02-01-2008 and 30-01-2008 through private treaty for Rs 5 Crore. To M/S Bala Ji Kripa Marble and Granites P Ltd .Company has challenged the sale be FI''s hence no accounting entry made in the books of accounts. At present there is no fixed assets in possession of the company.

III. Depreciation

Owing to low capacity utilization depreciation on fixed assets has not been charged during the year as required under schedule XIV to the Companies Act, 1956 as amended by notification GSR No. 756 (E) / dated 16.12. 1993 issued by the Ministry of Law, Department of Company Affairs.

IV. Inventories

" Inventory have been valued at lower of cost or market value except scrap which is taken at net realizable value.

V. Sale

Sale comprises of sale of goods inclusive of excise and trade discount.

VI. Retirement Benefits

There is no leave encashment during the year. No provision on such liability has been made by the Company as required by AS 15 on Accounting for Retirement Benefits in the Financial Statements of Employers issued by the ICAI. It is accounted for as and when paid as it is not ascertainable for the time being.

VII. Branch Accounts

No separate financial statement have been prepared for branches.

2. GRATUITY PROVISIONS

Provision for gratuity is made on the basis of self valuation by the Company based on provisions under Payment of Gratuity Act, 1972. The Directors of the Company have not been considered employees for this purpose.

3. INVESTEMTS

Investments are stated at cost.

4. ACCOUNTING CONCEPTS

I. The company follows mercantile system of accounting, following the amendment in Income Tax Act, 1961.

II. Financial Statements are based on historical cost. These costs are not adjusted to reflect the impact of changes in purchasing power of money.

5. CONTINGENT LIABILITIES

Contingent Liabilities are determined on the basis of available information and are disclosed by way of Notes on Accounts.

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Mar 31, 2009

I. Historical Cost

These financial statements have been drawn up using the historical cost convention adopting the accrual basis.

II. Fixed Assets

Fixed assets are stated at their original cost less depreciation up to 31.03.1998. Cost includes inward freight, duties, taxes and expenses incidental to acquisition and installation.

Movable and Immovable assets of the company was possessed and illegally sold by FTs on 02-01-2008 and 30-01-2008 through private treaty for Rs 5 Crore. To Ivl/S Bala Ji Kripa Marble and Granites P Ltd .Company has challenged the sale by FPs hence no accounting entry made in the books of accounts. At present there is no fixed assets in possession of the company.

III. Depreciation

Owing to low capacity utilization depreciation on fixed assets has not been charged during the year as required under schedule XIV to the Companies Act, 1956 as amended by notification GSR No. 756 (E) / dated 16.12. 1993 issued by the Ministry of Law, Department of Company Affairs.

IV. Inventories

Inventory have been valued at lower of cost or market value except scrap which is taken at net realizable value..

V. Sale

Sale comprises of sale of goods inclusive of excise and trade discount.

VI. Retirement Benefits

There is no leave encashment during the«year. No provision on such liability has been made by the Company as required by AS 15 on Accounting for Retirement Benefits in the Financial Statements of Employers issued by the ICA1. It is accounted for as and when paid as it is not ascertainable for the time being.

VII. Branch Accounts

No separate financial statement have been prepared for branches.