Pitambar Coated Papers Ltd. कंपली की लेखा नीति

Mar 31, 2014

1. Accounting Convention:

The financial statements are prepared under the historical cost convention on accrual basis of accounting in accordance with applicable mandatory accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act,1956.

2. Use of Estimates:

The preparation of financial statements in conformity with Generally accepted Accounting Principles requires making of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets & liability at the date of financial statements and the reported amounts of revenues and expenses during the year. Difference between the actual results and estimates are recognizes in the year in which the results are known/materialized.

3. Fixed Assets:

Fixed Assets are stated at cost less depreciation. Cost is inclusive of freight, duties, cost of borrowing and other cost directly attributable of brining the assets to their present working condition for intended use. CENVAT credit availed in acquisition of fixed assets reduced from the Cost of respective assets.

4. Depreciation:

a) Depreciation on the fixed assets is provided at the rates and in the manner as specified in Schedule XIV of the Companies Act, 1956 by using the straight line method except the leasehold land is amortized over the period of lease.

b) Depreciation on assets costing Rs. 5000/- or less have been charged fully in the year of purchase.

5. Sales:

Sales are recognized at the time of dispatch of goods from the Factory. Sales are shown inclusive of excise duty and exclusive of sales tax and trade discount.

6. Investments:

Long term investments are stated at cost, unless there is a permanent diminution, if any.

7. Inventories:

Inventories are valued at lower of cost or net realizable value. Scrap is valued at net realizable value. The material cost is computed on FIFO basis. Finished goods and process stock include cost of conversation and other costs incurred in bringing the inventories to their Present location and conditions. Finished goods excluding excise duty payable on such goods.

8. Foreign Exchanges Transactions:

a) Transactions denominated in Foreign Currencies are recorded at the exchange rate prevailing at the time of the transaction.

b) Items denominated in foreign currencies at the Balance Sheet date and not covered by forward exchange contracts are reported at the exchange rate prevailing at the Balance Sheet date.

c) Foreign currencies transactions covered by forward exchange contracts are translated at the rate ruling on the date of transaction as increased or decreased by the proportionate difference between the forward rate and exchange rate on the date of transaction, such different having been recognized over the life of the contract.

d) Any income or expenses on account of exchange difference either on settlement or on translation is recognized in the profit and loss account except in cases where they relate to acquisition of fixed assets acquired outside India in such cases they are adjusted to the carrying cost of such assets.

9. Tax on Income:

Tax on income for the current period is determined on the basis of taxable Income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961 are based on expected outcome of assessment/appeals.

Deferred tax is recognized on timing differences between the accounting income and the taxable income that originate in one period and are capable of reversal in one or more subsequent period. Deferred tax assets are recognized if there is a virtual certainty that there will be a sufficient future taxable income available to set off such losses.

10. Retirement Benefits:

a) Gratuity and leave encashment benefits on retirement are accounted for pro-rata on the basis of valuation made by the company at the end of the year.

b) The Company''s contributions to provident fund are changed to revenue account.

11. Borrowing Costs:

Borrowing costs, which is directly attributable to the acquisition /construction of fixed assets, till the time such assets are ready for intended use, are capitalized as part of the cost of the assets. Other borrowing costs are recognized as an expense in the year in which they are incurred.

12. Cash Flow Statement:

Cash Flow Statement has been prepared as per indirect method prescribed in the Accounting Standard- 3 issued by the" The Institute of Chartered Accountants of India".

13. Miscellaneous Expenditure:

Public/Right issue expenses and preliminary expenses have been amortized over a period of 10 years.

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Mar 31, 2013

1. Accounting Convention:

The financial statements are prepared under the historical cost convention on accrual basis of accounting in accordance with applicable mandatory accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

2. Use of Estimates:

The preparation of financial statements in conformity with Generally accepted Accounting Principles requires making of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets & liability at the date of financial statements and the reported amounts of revenues and expenses during the year. Difference between the actual results and estimates are recognizes in the year in the which the results are known/materialized.

3. Fixed Assets:

Fixed Assets are stated at cost less depreciation. Cost is inclusive of freight, duties, cost of borrowing and other cost directly attributable of brining the assets to their present working condition for intended use. Cenvat credit availed in acquisition of fixed assets reduced from the Cost of respective assets.

4. Depreciation:

a) Depreciation on the fixed assets is provided at the rates and in the manner as specified in Schedule XIV of the Companies Act, 1956 by using the straight line method except the leasehold land is amortized over the period of lease.

b) Depreciation on assets costing Rs. 5000/- or less have been charged fully in the year of purchase.

5. Sales:

Sales are recognized at the time of dispatch of goods from the Factory. Sales are shown inclusive of excise duty and exclusive of sales tax and trade discount.

6. Investments:

Long term investments are stated at cost, unless there is a permanent diminution, if any.

7. Inventories:

Inventories are valued at lower of cost or net realizable value. Scrap is valued at net realizable value. The material cost is computed on FIFO basis. Finished goods and process stock include cost of conversation and other costs incurred in bringing the inventories to their present location and conditions. Finished Goods excluding excise duty payable on such goods.

8. Foreign Exchanges Transactions:

a) Transactions denominated in Foreign Currencies are recorded at the exchange rate prevailing at the time of the transaction.

b) Items denominated in foreign currencies at the Balance Sheet date and not covered by forward exchange contracts are reported at the exchange rate prevailing at the Balance Sheet date.

c) Foreign currencies transactions covered by forward exchange contracts are translated at the rate ruling on the date of transaction as increased or decreased by the proportionate difference between the forward rate and exchange rate on the date of transaction, such different having been recongnized over the life of the contract.

d) Any income or expenses on account of exchange difference either on settlement or on translation is recognized in the profit and loss account except in cases where they relate to acquisition of fixed assets acquired outside India in such cases they are adjusted to the carrying cost of such assets.

9. Tax on Income:

Tax on income for the current period is determined on the basis of taxable Income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961 are based on expected outcome of assessment/appeals.

Deferred tax is recognized on timing differences between the accounting income and the taxable income that originate in one period and are capable of reversal in one or more subsequent period. Deferred tax assets are recognized if there is a virtual certainty that there will be a sufficient future taxable income available to set off such losses.

10. Retirement Benefits:

a) Gratuity and leave encashment benefits on retirement are accounted for pro-rata on the basis of valuation made by the company at the end of the year.

b) The Company''s contributions to provident fund are changed to revenue account.

11. Borrowing Costs:

Borrowing costs, which is directly attributable to the acquisition /construction of fixed assets, till the time such assets are ready for intended use, are capitalized as part of the cost of the assets. Other borrowing costs are recognized as an expenses in the year in which they are incurred.

12. Cash Flow Statement:

Cash Flow Statement has been prepared as per indirect method prescribed in the the Accounting Standard- 3 issued by the" The Institute of Chartered Accountants of India".

13. Miscellaneous Expenditure:

Public/Right issue expenses and preliminary expenses have been amortized over a period of 10 years.

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Mar 31, 2011

1. Accounting Convention:

The financial statements are prepared under the historical cost convention on accrual basis of accounting in accordance with applicable mandatory accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

2. Use of Estimates:

The preparation of financial statements in conformity with Generally accepted Accounting Principles requires making of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets & liability at the date of financial statements and the reported amounts of revenues and expenses during the year. Difference between the actual results and estimates are recognizes in the year in the which the results are known/materialized.

3. Fixed Assets:

Fixed Assets are stated at cost less depreciation. Cost is inclusive of freight, duties, cost of borrowing and other cost directly attributable of brining the assets to their present working condition for intended use. Canvas credit availed in acquisition of fixed assets reduced from the Cost of respective assets.

4. Depreciation:

a) Depreciation on the fixed assets is provided at the rates and in the manner as specified in Schedule XIV of the Companies Act, 1956 by using the straight line method except the leasehold land is amortized over the period of lease.

b) Depreciation on assets costing Rs. 5000/- or less have been charged fully in the year of purchase. .

5. Sales:

Sales are recognized at the time of dispatch of goods from the Factory. Sales are shown inclusive of excise duty and exclusive of sales tax and trade discount.

6. Investments:

Long term investments are stated at cost, unless there is a permanent diminution, if any.

7. Inventories:

Inventories are valued at lower of cost or net realizable value. Scrap is valued at net realizable value. The material cost is computed on FIFO basis. Finished goods and process

- stock include cost of conversation and other costs incurred in brining the inventories to

their present location and conditions. Finished Goods include excise duty payable on such goods.

8. Foreign Exchanges Transactions:

a) Transactions denominated in Foreign Currencies are recorded at the exchange rate prevailing at the time of the transaction.

b) Items denominated in foreign currencies at the Balance Sheet date and not covered by forward exchange contracts are reported at the exchange rate prevailing at the Balance Sheet date.

c) Foreign currencies transactions covered by forward exchange contracts are translated at the rate ruling on the date of transaction as increased or decreased by the proportionate difference between the forward rate and exchange rate on the date of transaction, such different having been recognized over the life of the contract.

d) Any income or expenses on account of exchange difference either on settlement or on translation is recognized in the profit and loss account except in cases where they relate to acquisition of fixed assets acquired outside India in such cases they are adjusted to the carrying cost of such assets.

9. Tax on Income:

Tax on income for the current period is determined on the basis of taxable Income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961 are based on expected outcome of assessment/appeals.

Deferred tax is recognized on timing differences between the accounting income and the taxable income that originate in one period and are capable of several in one or more subsequent period. Deferred tax assets are recognized if there is a virtual certainty that there will be a sufficient future taxable income available to set off such losses.

10. Retirement Benefits:

a) Gratuity and leave encashment benefits on retirement are accounted for pro-rata on the basis of valuation made by the company at the end of the year.

b) The Company's contributions to provident fund are changed to revenue account.

11. Borrowing Costs:

Borrowing costs, which is directly attributable to the acquisition /construction of fixed assets, till the time such assets are ready for intended use, are capitalized as part of the cost of the assets. Other borrowing costs are recognized as an expenses in the year in which they are incurred.

12. Cash Flow Statement:

Cash Flow Statement has been prepared as per indirect method prescribed in the Accounting Standard- 3 issued by the' The Institute of Chartered Accountants of India'.

13. Miscellaneous Expenditure:

Public/Right issue expenses and preliminary expenses have been amortized over a period of 10 years. .

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Mar 31, 2010

1. Accounting Convention:

The financial statements are prepared under the historical cost convention on accrual basis of accounting in accordance with applicable mandatory accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

2. Use of Estimates :

The preparation of financial statements in conformity with Generally Accepted Accounting Principles, requires making of estimates and assumptions that affect the reported amount of assets and liability and disclosure of contingent assets and liabilities at the date of financial statements and the reported amount of revenues and expenses during the year. Difference between the actual results and estimates are recognizes in the year in which the results are known/materialised.

3. Fixed Assets :

Fixed Assets are stated at cost less depreciation. Cost is inclusive of freight, duties, cost of borrowing and other cost directly attributable of bringing the assets to their present working condition for intended use. Cenvat credit availed in acquisition of fixed assets reduced from the cost of respective assets.

4. Depreciation:

a) Depreciation on fixed assets is provided at the rates and in the manner as specified in Schedule XIV of the Companies Act, 1956 by using the straight line method except the leasehold land is amortized over the period of lease.

b) Depreciation on assets costing Rs. 5000/- or less have been charged fully in the year of purchase.

5. Sales:

Sales are recognized at the time of despatch of goods from the factory. Sales are shown inclusive of excise duty and exclusive of sales tax and trade discount.

6. Investments:

Long term Investments are stated at cost, unless there is a permanent diminuation, if any.

7. Inventories:

Inventories are valued at lower of cost or net realizable value. Scrap is valued at net realizable value. The material cost is computed on FIFO basis. Finished goods and process stock include cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Finished goods include excise duty payable on such goods.

8. Foreign Exchange Transactions :

a) Transactions denominated in Foreign Currencies are recorded at the exchange rate prevailing at the time of the transaction.

b) Items denominated in foreign currencies at the Balance Sheet date and not covered by forward exchange contracts are reported at the exchange rate prevailing at the Balance Sheet date.

c) Foreign currencies transactions covered by forward exchange contracts are translated at the rate ruling on the date of transaction as increased or decreased by the proportionate difference between the forward rate and exchange rate on the date of transaction, such difference having been recognized over the life of the contract.

d) Any income or expense on account of exchange difference either on settlement or on translation is recognised in the profit and loss account except in cases where they relate to acquisition of fixed asset acquired outside India in such cases they are adjusted to the carrying cost of such assets.

9. Tax on Income :

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961, are based on expected outcome of assessments/appeals.

Deferred tax is recognized on timing differences between the accounting income and the taxable income that originate in one period and are capable of several in one or more subsequent period. Deferred tax assets are recognized if there is a virtual certainty that there will be a sufficient future taxable income available to set off such losses.

10. Retirement Benefits :

a) Gratuity and leave encashment benefits on retirement are accounted for prorata on the basis of valuation made by the company at the end of the year.

b) The Companys contributions to provident fund are charged to revenue account.

11. Borrowing Costs

Borrowing costs, which is directly attributable to the acquisition/construction of fixed assets, till the time such assets are ready for intended use, are capitalized as part of the cost of the assets. Other borrowing costs are recognized as an expenses in the year in which they are incurred.

12. Cash Flow Statement

Cash Flow Statement has been prepared as per indirect method prescribed in the Accounting Standard -3 issued by the " The Institute of Chartered Accountants of India"

13. Miscellaneous Expenditure:

Public/Right issue expenses and preliminary expenses have been amortized over a period of 10 years.