Koluthara Exports Ltd. कंपली की लेखा नीति

Mar 31, 2010

The Company follows the Mercantile System of Accounting and recognizes Income and Expenditure on Accrual basis.

The Accounts are prepared on historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with generally accepted accounting principles.

B. FIXED ASSETS

Fixed assets have been stated at cost less depreciation. All expenditure including interest on loans during the period of acquisition / construction are added to the cost of assets. The amount paid as customs duty and excise duty on import of assets are added to the cost of respective assets.

C. DEPRECIATION

Depreciation has been provided for in the accounts on the following basis. On acquisition /addition to buildings, plant and machinery and vehicles on or after 1st April 1991, on Straight Line Method and on rest of the Fixed Assets at Written Down Value Method at the rates prescribed in the Schedule XIV to the Companies Act, 1956

D .INVENTORIES

Inventories are valued at lower of cost or net realizable value. The cost is determined by taking material, labour and related over heads including depreciation.

E. RETIREMENT BENEFITS

Provision for gratuity is made as per the provisions of the Payment of Gratuity Act,1972 and on the assumption of going concern but not on actuarial valuation and is not separately funded. Leave encashment benefit is accounted as and when paid.

F. INVESTMENTS

Investments are carried at cost.

G. CONTINGENT LIABILITIES

Contingent liabilities are not provided for and are disclosed by way of Notes.

H. GRANT - IN - AID

Grant – in – aid received for specific capital assets is adjusted against the cost of such assets.

I. DEFERRED REVENUE EXPENDITURE:

Deferred revenue expenses are being amortized over a period of ten years.

J. BORROWING COST

Borrowing Costs are capitalized as part of qualifying assets when it is possible that they will result in future economic benefits. Other borrowing costs are recognized as expenses in the period in which they are incurred.

K. LEASES

There are no leases as mentioned in Accounting Standard (AS –19) issued by the Institute of Chartered Accountants of India during the accounting period.

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Mar 31, 2009

A. ACCOUNTING CONCEPTS

The Company follows the Mercantile System of Accountingand recognizes Income and Expenditureon Accrual basis.

The Accounts are prepared on historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with generally accepted accounting principles.

B. FIXED ASSETS

Fixed assets have been stated at cost less depreciation. All expenditure including interest on loans during the period of acquisition/ construction are added to the cost of assets. The amount paid as customs duty and excise duty on import of assets are added to the cost of respective assets.

C. DEPRECIATION

Depreciation has been provided for inthe accounts on thefollowing basis. On acquisition /addition to buildings, plant and machinery and vehicles on or after Is1 April 1991, on Straight Line Method and on rest of the Fixed Assets at Written Down Value Method at the rates prescribed in theSchedule XIV to the Companies Act, 1956

D. INVENTORIES

Inventories are valued at lower of cost or net realizable value. The cost is determined by taking material, labour and related over heads including depreciation.

E. RETIREMENT BENEFITS

Provision for gratuity is made as per the provisions of the Payment of Gratuity Act, 1972 and on the assumption of going concern but not on actuarial valuation and is not separately funded. Leave encashment benefit is accounted as and when paid.

F. INVESTMENTS

Investments are carried at cost.

G. CONTINGENT LIABILITIES

Contingent liabilities are not provided for and are disclosed by way of Notes.

H.GRANT -IN-AID

Grant- in- aid received for specific capital assets is adjusted against the cost of such assets.

I. DEFERRED REVENUE EXPENDITURE :

Deferred revenue expenses are being amortized over a period often years.

1. BORROWING COST

Borrowing Costs are capitalized as part of qualifying assets when it is possible that they will result in future economic benefits. Other borrowing costs are recognized as expenses in the period in which they are incurred.

K. LEASES

There are no leases as mentioned in Accounting Standard (AS - 19) issued by the Institute of Chartered Accountants of India during the accountingperiod.