Orind Exports Ltd. कंपली की लेखा नीति

Mar 31, 2011

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Accounting Standards specified by the Institute of Chartered Accountants of India.

ACCOUNTING CONVENTION REVENUE RECOGNITION

The financial statements have been prepared in accordance with historical cost convention. Both for income and expenditure having material bearing on the financial Statements are recognized on accrual basis.

FIXED ASSETS

Fixed Assets are stated at cost or acquisition inclusive of taxes, duties, freight and other incidental expenses related to acquisition/installation.

DEPRECIATION

Depreciation on fixed assets is provided on "Written Down Value Method" at the rates, which are in conformity with the requirements of Schedule XIV of the Companies Act, 1956.

INVESTMENTS

Long-term Investments are stated at cost unless there is any permanent diminution in value.

RETIREMENT BENEFIT

(i) Provision for Gratuity is accounted for on accrual basis based on management estimation and not on actuarial valuation.

(ii) The monetary value of unutilized leave for employees in each year is recognized as liability and accordingly credited to their accounts.

(iii) Contribution to Provident Fund is accounted for on accrual basis and payments there against are made to concerned authority.

TAXES ON INCOME

Current tax is determined on the amount of tax payable in respect of taxable income for the year.

The deferred tax charge or credit is recognized using current tax rates. Where there are unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Other deferred tax assets are recognized only to the extent there is reasonable certainty of realization in future. Deferred tax assets/liabilities are reviewed as at each balance sheet date based on developments during the year and available case laws, to reassess realization/liabilities. FOREIGN CURRENCY TRANSACTION

Sales made in foreign currency are converted at the prevailing applicable exchange rate. Gain/Loss arising out of fluctuation in exchange rate is accounted for on cash basis. Payments made in foreign currency are converted at the applicable rate prevailing on the date of remittance. Liability/ Receivables on account of foreign currency are converted at the exchange rate prevailing at the end of the year.

PRIOR PERIOD ADJUSTMENTS, EXTRA ORDINARY ITEMS AND CHANGES INACCOUTING POLICIES.

Prior period adjustments, extra ordinary items and changes in accounting policies having material impact on the financial affairs of the Company are disclosed.

CONTINGENT LIABILITY

Full disclosure is made in the accounts in connection with any contingent liability but the provision for the same is made when such liability crystallizes.

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Mar 31, 2010

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Accounting Standards specified by the institute of Chartered Accountants of India.

ACCOUNTING CONVENTION REVENUE RECOGNITION

The financial statements have been prepared in accordance with historical cost convention. Both for income and expenditure having material bearing on the financial Statements are recognized on accrual basis.

FIXED ASSETS

Fixed Assets are stated at cost or acquisition inclusive of taxes, duties, freight and other incidental expenses related to acquisition/ installation.

DEPRECIATION

Depreciation on fixed assets is provided on "Written Down Value Method" at the rates, which are in conformity with the requirements of Schedule XIV of the Companies Act, 1956.

INVESTMENTS

Long-term Investments are stated at cost unless there is any permanent diminution in value.

RETIREMENT BENEFIT

(i) Provision for Gratuity is accounted for on accrual basis based on management estimation and not on actuarial valuation.

(ii) The monetary value of unutilized leave for employees in each year is recognized as liability and accordingly credited to their accounts.

(iii) Contribution to Provident Fund is accounted for on accrual basis and payments there against are made to concerned authority.

TAXES ON INCOME

Current tax is determined on the amount of tax payable in respect of taxable income for the year.

The deferred tax charge or credit is recognized using current tax rates. Where there are unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Other deferred tax assets are recognized only to the extent there is reasonable certainty of realization in future. Deferred tax assets/liabilities are reviewed as at each balance sheet date based on developments during the year and available case laws, to reassess realization/liabilities.

FOREIGN CURRENCY TRANSACTION

Sales made in foreign currency are converted at the prevailing applicable exchange rate. Gain/Loss arising out of fluctuation in exchange rate is accounted for on cash basis.

Payments made in foreign currency are converted at the applicable rate prevailing on the date of remittance. Liability/ Receivables on account of foreign currency are converted at the exchange rate prevailing at the end of the year.

PRIOR PERIOD ADJUSTMENTS, EXTRA ORDINARY ITEMS AND CHANGES IN ACCOUTING POLICIES.

Prior period adjustments, extra ordinary items and changes in accounting policies having material impact on the financial affairs of the Company are disclosed.

CONTINGENT LIABILITY

Full disclosure is made in the accounts in connection with any contingent liability but the provision for the same is made when such liability crystallizes.