PB Global Ltd. कंपली की लेखा नीति

Mar 31, 2012

Basis of preparation of Financial Statements

The financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India ("GAAP”) under the historical cost convention on an accrual basis to comply in all material aspects with the mandatory. Accounting Standards prescribed by the Central Government, in consultation with the National Advisory Committee, Accounting Standards, under the Companies (Accounting Standards) Rules, 2006 referred to in sub-section (3C) of section 21 lof the Companies Act, 1956 and the relevant provisions of the Companies ' Act, 1956.

Use of Estimates

The basis of preparation of financial statements is in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during die reporting period. Difference between the actual results and estimates are recognized in the year in which the results are known / materialized.

Revenue Recognition:

Sales, Warehousing Charges and other income being recognized on "accrual basis" upon transfer of property in goods and upon rendering of services.

Fixed Assets

Fixed Assets in the Accounts are stated at the cost of their acquisition inclusive of direct and indirect costs in respect thereof.

Depreciation and Amortization

Depreciation has been provided on Written down value at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

Inventories

Trading goods are valued at cost (on FIFO basis) or Market Value, whichever is lower.

Investments:

Long ijerm investments are stated in the accounts at cost Retirement Benefits

The Company does not contribute for provident fund. Gratuity payable under the Payment of Gratuity Act, 1972 is being charged on payment basis. The Company does not provide for leave salaries, but charges in the year of payment as being not material.

Taxes on income

The provision for current tax is based on the assessable profits of the company computed in accordance with the applicable provisions of the Income Tax Act, 1961.

"Deferred tax liability” is recognized arising on account of timing difference between the taxable income and the accounting income, which originate in one period and are subject to reversal in one or more subsequent period

Foreign Currency Transactions

Foreign Currency transaction are stated at the actual rate at which, being transacted. The exchange rate difference in respect of creditors & debtors are adjusted at the rates prevailing at the year-end.

Contingent Liabilities

Contingent Liabilities are not provided in the accounts but are mentioned by way of Notes to Accounts.

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Mar 31, 2011

1 GENERAL:

1.1 The Accounts have been prepared on the basis of historical cost convention in accordance with the generally accepted accounting policies.

1.2 Company follows Accrual Method of accounting, except where otherwise stated.

2. REVENUE RECOGNITION:

Sales, Warehousing Charges and other income being recognized on 'accrual basis' upon transfer of Property in goods and upon rendering of services.

3 FIXED ASSETS:

3.1 Fixed Assets in the Accounts are stated at the cost of their acquisition inclusive of direct and indirect costs in respect thereof.

3.2 Certain Fixed Assets i.e. Plant & Machinery, Electrical Installation, Lab Equipments having an aggregate book value of Rs. 12,539/- which have been retired from active use have been shown separately as "Retired Fixed Assets" in accordance with AS-10 "Accounting for Fixed Assets". *

4. DEPRECIATION AND AMORTISATION:

4.1 Depreciation has been provided on written down value at the rates and in the manner prescribed in schedule XTV to the companies Act, 1956, except for assets stated in note no.3.2 above,

4.2 No depreciation has been provided in respect of Plant and Machinery, Electrical Installation Furniture and Fixtures and Fire Fighting Equipments as they have been depreciated upto their " minimum residuary dues". (See note No.3.2 above).

4.3 No amount is being written off by way of amortization of Patents as only nominal value thereof remains balance in accounts.

5. INVENTORIES:

Trading goods are valued at cost (on FIFO basis) or Market Value, whichever is lower.

6. INVESTMENTS:

Long Term investments are stated in die accounts at cost

7. RETIREMENT BENEFITS:

The Company does not contribute for provident fund. Gratuity payable under die Payment of Gratuity Act, 1972 is being charged on payment basis. The Company does not provide for leave salaries, but charges in the year of payment as being not material.

8. TAXES ON INCOME:

8.1 The provision for current tax is based on the assessable profits of the company computed in accordance with the applicable provision of the Income Tax Act, 1961.

8.2 "Deferred tax Liability" is recognised arising on account of timing difference between taxable income and accounting income, which originate in one period and are subject to reversal in one or more subsequent period.

8.3 "Fringe Benefit Tax" is provided on the total value of benefits provided by the company to the employee during the year.

9. FOREIGN CURRENCY TRANSACTION:

Foreign Currency transaction are stated at the actual rate at which, being transacted. The exchange rate difference in respect of creditors & debtors are adjusted at the rates prevailing at the year - end.

10. CONTINGENT LIABILITIES:

Contingent Liabilities are not being provided in the accounts but are mentioned by way of Notes to Accounts.

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Mar 31, 2010

1. GENERAL:

1.1 The Accounts have been prepared on the basis of historical cost convention in accordance with the generally accepted accounting policies.

1.2 Company follows Accrual Method of accounting, except where otherwise stated.

2. REVENUE RECOGNITION:

Sales, Warehousing Charges and other income being recognized on accrual basis upon transfer of Property in goods and upon rendering of services.

3. FIXED ASSETS:

3.1 Fixed Assets in the Accounts are stated at the cost of their acquisition inclusive of direct and indirect costs in respect thereof.

3.2 Certain Fixed Assets i.e. Plant & Machinery, Electrical Installation, Lab Equipments having an aggregate book value of Rs. 12,539/- which have been retired from active use have been shown separately as "Retired Fixed Assets" in accordance with AS-10 "Accounting for Fixed Assets".

4. DEPRECIATION AND AMORTISATION:

4.1 Depreciation has been provided on written down value at the rates and in the manner prescribed in schedule XIV to the companies Act, 1956, except for assets stated in note no.3.2 above,

4.2 No depreciation has been provided in respect of plant and machinery, Electrical Installation Furniture and fixture. Fire Fighting Equipments as their More than Minimum Statutory required "residuary Values" have been written off (See note No 3.2 above).

4.3 No amount is being written off by way of amortization of Patents as only nominal value thereof remains balance in accounts.

5. INVENTORIES:

Trading goods are valued at cost (on FIFO basis) or Market Value, whichever is lower.

6. INVESTMENTS:

Long Term investments are stated in the accounts at cost.

7. RETIREMENT BENEFITS:

The Company does not contribute for provident fund. Gratuity payable under the Payment of Gratuity Act, 1972 is being charged on payment basis. The Company does not provide for leave salaries, but charges in the year of payment as being not material.

8. TAXES ON INCOME:

8.1 The provision for current tax is based on the assessable profits of the company computed in accordance with the applicable provision of the Income Tax Act, 1961.

8.2 "Deferred tax Liability" is recognized, arising on account of timing difference between taxable income and accounting income, which originate in one period and are subject to reversal in one or more subsequent period.

8.3 "Fringe Benefit Tax" is provided on the total value of benefits provided by the company to the employee during the year.

9. FOREIGN CURRENCY TRANSACTION:

Foreign Currency transaction are stated at the actual rate at which, being transacted. The exchange rate difference in respect of creditors & debtors are adjusted at the rates prevailing at the year - end.

10. CONTINGENT LIABILITIES:

Contingent Liabilities are not being provided in the accounts but are mentioned by way of Notes to Accounts.