Sen Pet (India) Ltd. कंपली की लेखा नीति

Mar 31, 2014

1. Basis of Preparation of Financial Statements

The financial statements of the Company are prepared under the historical cost convention in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India and on an accrual basis, except in case of Interest on Term Loans and Working Capital Loans due to Banks and financial institutions.

2. Use of Estimates

The preparation of financial statements requires estimates and assumptions to be made that affect the reportedamount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised.

3. Fixed Assets and Depreciation

a) Fixed Assets are stated at costless accumulated depreciation.

b) All costs, including financing cost till the date of commencement of commercial production, net charges on foreign exchange contracts and adjustments arising from exchange rate variations relating to borrowings attributable to fixed assets are capitalized.

c) Fixed assets, whose actual costs cannot be accurately ascertained, are initially capitalized on the basis of estimated costs and final adjustments for costs and depreciation, if any, are made retrospectively on ascertainment of actual costs.

d) Grants - in - aid received from Government against purchase of fixed assets are apportioned to the respective assets on the basis of landed cost.

e) Machinery spares including insurance spares the use of which is expected to be irregular is charged off to the Profit & Loss Account as and when consumed.

f) Depreciation is provided on straight-line method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956, except for vehicles for which written down value method has been adopted. For the purpose of determining the appropriate depreciation rates plant & machinery fallingin the category of continuous process plant are identified on the basis of technical opinion obtained by the company.

4. Foreign Currency Transaction

a) Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of transaction.

b) All monetary items denominated in foreign currency are restated at the exchange rates prevailing as on the date of Balance Sheet and exchange differences arising thereon are adjusted to Profit & Loss Account, except those relating to acquisition of fixed assets - which are adjusted to the cost of the asset.

5. Revenue Recognition

Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection.

6. Inventories

a) Raw materials, Packing materials, Stores and spare parts are valued at cost, generally determined on FIFO basis. Work - in - process is valued at cost and finished goods are valued at lower of cost and net realizable value.

b) The closing stock of finished goods includes Excise Duty to the extent of sales effected in India till the date of finalization of accounts.

7. Deferred Revenue Expenditure

a) Deferred revenue expenditure is being written off over a period of five years.

b) Catalytic materials having longer useful life are treated as deferred revenue expenditure and are written off infive years from the date of charging.

c) Advertisement expenditure incurred at the time of commencement of the commercialproduction is written off in five years.

8. Pre - Operative Expenditure

Expenses in respect of formation of the Company and Public Issue expenses are written off in ten years from the financial year 1997- 98 onwards.

9. Sales

Gross Sales are inclusive of Excise Duty, Freight and transportation charges, wherever applicable.

Goods sold in domestic market are treated as sales on delivery to the carriers. Export sales are treated as sales on endorsement of shipping bills by Customs Authorities.

10. Purchase

Purchases of imported materials are accounted for on the basis of landed costs and other expenses incurred for bringing the inventories to their present location and condition. Purchases affected within India are net of Central Sales Tax since the same is recoverable.

11. Taxation

a) Provision for income- tax is made on the basis of the estimated taxable income for the current accounting period in accordance with the Income Tax Act, 1961

b) Deferred Tax Assets/Liabilities resulting from timing difference is accounted for in pursuance to the provision of the Accounting Standard 22 (AS - 22) " Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India at the rates prevailing at the year end and to the extent the timing difference are expected to crystallize.

12. Retirement Benefits

a) Year-end accrued liabilities on account of gratuity payable to employees are recognized on the basis of actuarial valuation.

b) Leave encashment benefit are recognized on the basis of actuarial valuation.

13. Contingent Liabilities

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

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Mar 31, 2013

1. Basis of Preparation of Financial Statements

Tne financial statements of the Company are prepared under the historical cost convention in accordance with the applicable accounting standards issued by the institute of Chartered Accountants of India and on an accrual basis, except in case of Interest on Term Loans and Working Capital Loans due to Banks and financial institutions.

2. Use of Estimates

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised.

3. Fixed Assets and Depreciation

a) Fixed Assets are stated at cost less accumulated depreciation.

b) All costs, including financing cost till the date of commencement of commercial production, net charges on foreign exchange contracts and adjustments arising from exchange rate variations relating to borrowings attributable to fixed assets are capitalized.

c) Fixed assets, whose actual costs cannot be accurately ascertained, are initially capitalized on the basis of estimated costs and final adjustments for costs and depreciation, if any, are made retrospectively on ascertainment of actual costs.

d) Grants - in - aid received from Government against purchase of fixed assets are apportioned to the respective assets on the basis of landed cost.

e) Machinery spares including insurance spares the use of which is expected to be irregular is charged off to the Profit & Loss Account as and when consumed.

f) Depreciation is provided on straight-line method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956, except for vehicles for which written down value method has been adopted. For the purpose of determining the appropriate depreciation rates plant & machinery falling in the category of continuous process plant are identified on the basis of technical opinion obtained by the company.

4. Foreign Currency Transaction

a) Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of transaction.

b) All monetary items denominated in foreign currency are restated at the exchange rates prevailing as on the date of Balance Sheet and exchange differences arising thereon are adjusted to Profit & Loss Account, except those relating to acquisition of fixed assets - which are adjusted to the cost of the asset.

5. Revenue Recognition

Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection.

6. Inventories

a) Raw materials. Packing materials, Stores and spare parts are valued at cost, generally determined on FIFO basis. Work - in - process is valued at cost and finished goods are valued at lower of cost and net realizable value.

b) The closing stock of finished goods includes Excise Duty to the extent of sales effected in India till the date of finalization of accounts.

7. Deferred Revenue Expenditure

a) Deferred revenue expenditure is being written off over a period of five years.

b) Catalytic materials having longer useful life are treated as deferred revenue expenditure and are written off in five years from the date of charging.

c) Advertisement expenditure incurred at the time of commencement of the commercial production is written off in five years.

8. Pre - Operative Expenditure

Expenses in respect of formation of the Company and Public Issue expenses are written off in ten years from the financial year 1997- 98 onwards.

9. Sales

Gross Sales are inclusive of Excise Duty, Freight and transportation charges, wherever applicable.

Goods sold in domestic market are treated as sales on delivery to the carriers. Export sales are treated as sales on endorsement of shipping bills by Customs Authorities.

10. Purchase

Purchases of imported materials are accounted for on the basis of landed costs and other expenses incurred for bringing the inventories to their present location and condition. Purchases affected within India are net of Central Sales Tax since the same is recoverable.

11. Taxation

a) Provision for income- tax is made on the basis of the estimated taxable income for the current accounting period in accordance with the Income Tax Act, 1961

b) Deferred Tax Assets/Liabilities resulting from timing difference is accounted for in pursuance to the provision of the Accounting Standard 22 (AS - 22) " Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India at the rates prevailing at the year end and to the extent the timing difference are expected to crystallize.

12. Retirement Benefits

a) Year-end accrued liabilities on account of gratuity payable to employees are recognized on the basis of actuarial valuation.

b) Leave encashment benefit are recognized on the basis of actuarial valuation.

13. Contingent Liabilities

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

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Mar 31, 2012

1. Basis of Preparation of Financial Statements

The financial statements of the Company are prepared under the historical cost convention in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India and on an accrual basis, except in case of Interest on Term Loans and Working Capital Loans due to Banks and financial institutions.

2. Use of Estimates

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known/ materialised.

3. Fixed Assets and Depreciation

a) Fixed Assets are stated at cost less accumulated depreciation.

b) All costs, including financing cost till the date of commencement of commercial production, net charges on foreign exchange contracts and adjustments arising from exchange rate variations relating to borrowings attributable to fixed assets are capitalized.

c) Fixed assets, whose actual costs cannot be accurately ascertained, are initially capitalized on the basis of estimated costs and final adjustments for costs and depreciation, if any, are made retrospectively on ascertainment of actual costs.

d) Grants – in – aid received from Government against purchase of fixed assets are apportioned to the respective assets on the basis of landed cost.

e) Machinery spares including insurance spares the use of which is expected to be irregular is charged off to the Profit & Loss Account as and when consumed.

f) Depreciation is provided on straight-line method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956, except for vehicles for which written down value method has been adopted. For the purpose of determining the appropriate depreciation rates plant & machinery falling in the category of continuous process plant are identified on the basis of technical opinion obtained by the company.

4. Foreign Currency Transaction

a) Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of transaction.

b) All monetary items denominated in foreign currency are restated at the exchange rates prevailing as on the date of Balance Sheet and exchange differences arising thereon are adjusted to Profit & Loss Account, except those relating to acquisition of fixed assets – which are adjusted to the cost of the asset.

5. Revenue Recognition

Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection.

6. Inventories

a) Raw materials, Packing materials, Stores and spare parts are valued at cost, generally determined on FIFO basis. Work – in – process is valued at cost and finished goods are valued at lower of cost and net realizable value.

b) The closing stock of finished goods includes Excise Duty to the extent of sales effected in India till the date of finalization of accounts.

7. Deferred Revenue Expenditure

a) Deferred revenue expenditure is being written off over a period of five years.

b) Catalytic materials having longer useful life are treated as deferred revenue expenditure and are written off in five years from the date of charging.

c) Advertisement expenditure incurred at the time of commencement of the commercial production is written off in five years.

8. Pre - Operative Expenditure

Expenses in respect of formation of the Company and Public Issue expenses are written off in ten years from the financial year 1997- 98 onwards.

9. Sales

Gross Sales are inclusive of Excise Duty, Freight and transportation charges, wherever applicable.

Goods sold in domestic market are treated as sales on delivery to the carriers. Export sales are treated as sales on endorsement of shipping bills by Customs Authorities.

10. Purchase

Purchases of imported materials are accounted for on the basis of landed costs and other expenses incurred for bringing the inventories to their present location and condition. Purchases affected within India are net of Central Sales Tax since the same is recoverable.

11. Taxation

a) Provision for income- tax is made on the basis of the estimated taxable income for the current accounting period in accordance with the Income Tax Act, 1961

b) Deferred Tax Assets/Liabilities resulting from timing difference is accounted for in pursuance to the provision of the Accounting Standard 22 (AS – 22) “Accounting for Taxes on Income” issued by The Institute of Chartered Accountants of India at the rates prevailing at the year end and to the extent the timing difference are expected to crystallize.

12. Retirement Benefits

a) Year-end accrued liabilities on account of gratuity payable to employees are recognized on the basis of actuarial valuation.

b) Leave encashment benefit are recognized on the basis of actuarial valuation.

13. Contingent Liabilities

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

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Mar 31, 2010

1. The financial statements of the Company are prepared under the historical cost convention in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India and on an accrual basis, except in case of Interest on Term Loans and Working Capital Loans due to Banks and financial institutions.

2. Fixed Assets and Depreciation

a) Fixed Assets are stated at cost less accumulated depreciation.

b) All costs, including financing cost till the date of commencement of commercial production, net charges on foreign exchange contracts and adjustments arising from exchange rate variations relating to borrowings attributable to fixed assets are capitalized.

c) Fixed assets, whose actual costs cannot be accurately ascertained, are initially capitalized on the basis of estimated costs and final adjustments for costs and depreciation, if any, are made retrospectively on ascertainment of actual costs.

d) Grants - in - aid received from Government against purchase of fixed assets are apportioned to the respective assets on the basis of landed cost.

e) Machinery spares including insurance spares the use of which is expected to be irregular is charged off to the Profit & Loss Account as and when consumed.

f) Depreciation is provided on straight-line method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956, except for vehicles for which written down value method has been adopted. For the purpose of determining the appropriate depreciation rates plant & machinery falling in the category of continuous process plant are identified on the basis of technical opinion obtained by the company.

3. Foreign Currency Transaction

a) Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of transaction.

b) All monetary items denominated in foreign currency are restated at the exchange rates prevailing as on the date of Balance Sheet and exchange differences arising thereon are adjusted to Profit & Loss Account, except those relating to acquisition of fixed assets - which are adjusted to the cost of the asset.

4. inventories

a) Raw materials, Packing materials, Stores and spare parts are valued at cost, generally determined on FIFO basis. Work - in - process is valued at cost and finished goods are valued at lower of cost and net realizable value.

b) TThe closing stock of finished goods includes Excise Duty to the extent of sales effected in India till the date of finalization of accounts.

5. Deferred Revenue Expenditure

a) Deferred revenue expenditure is being written off over a period of five years.

b) Catalytic materials having longer useful life are treated as deferred revenue expenditure and are written off in five years from the date of charging.

c) Advertisement expenditure incurred at the time of commencement of the commercial production is written off in five years.

6. Pre-Operative Expenditure

Expenses in respect of formation of the Company and Public Issue expenses are written off in ten years from the financial year 1997-98 onwards.

7. Sales

Sales are inclusive of Excise Duty, Freight and transportation charges, wherever applicable. Goods sold in domestic market are treated as sales on delivery to the carriers. Export sales are treated as sales on endorsement of shipping bills by Customs Authorities.

8. Purchase

Purchases of imported materials are accounted for on the basis of landed costs and other expenses incurred for bringing the inventories to their present location and condition. Purchases effected within India are net of Central Sales Tax since the same is recoverable.

9. Taxation

a) Provision for income- tax is made on the basis of the estimated taxable income for the current accounting period in accordance with the Income Tax Act, 1961

b) Deferred Tax Assets/Liabilities resulting from timing difference is accounted for in pursuance to the provision of the Accounting Standard 22 (AS - 22) " Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India at the rates prevailing at the year end and to the extent the timing difference are expected to crystallize.

10. Retirement Benefits

a) Year-end accrued liabilities on account of gratuity payable to employees are recognized on the basis of actuarial valuation.

b) Leave encashment benefit are recognized on the basis of actuarial valuation.

11. Contingent Liabilities

Contingent liabilities if any are disclosed in the form of Notes under Notes on Accounts.