Lloyd Rockfibres Ltd. कंपली की लेखा नीति

Mar 31, 2014

1. METHOD OF ACCOUNTING

Financial Statements have been prepared to comply in all material aspects with applicable principles in India and the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act.

2. INVENTORIES

The raw materials, stores and spars parts are valued at cost, which is arrived on FIFO basis. Finished goods are valued at cost or at the net realizable value, whichever is lower.

3. DEPRECIATION

Depreciation is provided from the date of the assets have been installed and put to use on written down value method at the rates and in the manner prescribed by schedule XIV to the Companies Act,1856.

4. FIXED ASSETS

Fixed Assets are valued at cost of acquisition, inclusive of direct incidental expenditure less accumulated depreciation.

5. SALES

Sales are net of discounts.

6. EXCISE DUTY

As more than 25% by weight of blast furnace slag have been used for manufacturing the Rockwool products by the company, therefore, Excise duty is exempted under chapter heading 68061000 vide Excise Notification No.12/2012 CE dt.17th March, 2012.

7. EMPLOYEE RETIREMENT BENEFITS

a) Contributions to defined contribution schemes such as Provident Fund & Family Pension Fund all charged to the Profit & Loss Account as incurred.

b) The company''s liability in respect of payment of gratuity under the Payment of Gratuity Act and leave encashment has been provided on the basis of an actuarial valuation made at the end of the financial year.

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Mar 31, 2013

1. METHOD OF ACCOUNTING

Financial Statements have been prepared to comply in all material aspects with applicable principles in India and the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act.

2. INVENTORIES

The raw materials, stores and spars parts are valued at cost, which is arrived on FIFO basis. Finished goods are valued at cost or at the net realizable value, whichever is lower.

3. DEPRECIATION

Depreciation is provided from the date of the assets have been installed and put to use on written down value method at the rates and in the manner prescribed by schedule XIV to the Companies Act, 1856.

4. FIXED ASSETS

Fixed Assets are valued at cost of acquisition, inclusive of direct incidental expenditure less accumulated depreciation.

5. SALES

Sales are net of discounts.

6. EXCISE DUTY

As more than 25% by weight of blast furnace slag have been used for manufacturing the Rockwool products by the company, therefore, Excise duty is exempted under chapter heading 68061000 vide Excise Notification No. 12/2012 CE dt. 17,h March, 2012.

7. EMPLOYEE RETIREMENT BENEFITS

a) Contributions to defined contribution schemes such as Provident Fund & Family Pension Fund all charged to the Profit & Loss Account as incurred.

b) The company''s liability in respect of payment of gratuity under the Payment of Gratuity Act and leave encashment has been provided on the basis of an actuarial valuation made at the end of the financial year.

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Mar 31, 2012

Not Available

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Mar 31, 2011

1. METHOD OF ACCOUNTING

Financial Statements have been prepared to comply in all material aspects with applicable principles in India and the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act.

2. INVENTORIES

The raw materials, stores and spars parts are valued at cost, which is arrived on FIFO basis. Finished goods are valued at cost or at the net realizable value, whichever is lower.

3. DEPRECIATION

Depreciation is provided from the date of the assets have been installed and put to use on written down value method at the rates and in the manner prescribed by schedule XIV to the Companies Act,1856.

4. FIXED ASSETS

Fixed Assets are valued at cost of acquisition, inclusive of direct incidental expenditure less accumulated depreciation.

5. SALES

Sales are net of discounts.

6. EXCISE DUTY

As more than 25% by weight of blast furnace slag have been used for manufacturing the Rockwool products by the company, therefore, Excise duty is exempted under chapter heading 68 Sl. No.58 vide Excise Notification No.3/2005 CE dt.24th February 2005.

7. EMPLOYEE RETIREMENT BENEFITS

a) Contributions to defined contribution schemes such as Provident Fund & Family Pension Fund all charged to the Profit & Loss Account as incurred.

b) The company's liability in respect of payment of gratuity under the Payment of Gratuity Act and leave encashment has been provided on the basis of an actuarial valuation made at the end of the financial year.

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Mar 31, 2010

1. METHOD OF ACCOUNTING

Financial Statements have been prepared to comply in all material aspects with applicable principles in India and the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act.

2. INVENTORIES

The raw materials, stores and spars parts are valued at cost, which is arrived on FIFO basis. Finished goods are valued at cost or at the net realizable value, whichever is lower.

3. DEPRECIATION

Depreciation is provided from the date of the assets have-been installed and put to use on written down value method at the rates and in the manner prescribed by schedule XIV to the Companies Act, 1856.

4. FIXED ASSETS

Fixed Assets are valued at cost of acquisition, inclusive of direct incidental expenditure less accumulated depreciation.

5. SALES

Sales are net of discounts.

6. EXCISE DUTY

As more than 25% by weight of blast furnace slag have been used for manufacturing the Rockwool products by the company, therefore, Excise duty is exempted under chapter heading 68 SI. No.58 vide Excise Notification No.3/2005 CE dt.24th February 2005.

7. EMPLOYEE RETIREMENT BENEFITS

a) Contributions to defined contribution schemes such as Provident Fund & Family Pension Fund all charged to the Profit & Loss Account as incurred.

b) The companys liability in respect of payment of gratuity under the Payment of Gratuity Act and leave encashment has been provided on the basis of an actuarial valuation made at the end of the financial year.