Form No 3CD-Clause 13(f)
ICDSI – Accounting Policies
There is no change in accounting policies regularly employed by the Assesse. The accounts are prepared on mercantile system of accountancy under historical cost convention in accordance with the accounting standards issued by the Institute of Chartered Accountants of India.
ICDSII – Valuation of Inventories
Inventories are valued at cost or net realizable value (NRV) whichever is lower, while considering the cost of the purchase in inventory; it does not include the amount of taxes, duties which are subsequently recoverable from taxing authorities. Similarly the amounts of purchase are also stated net of such taxes/duties. This treatment has no impact on current year’s income.
ICDSIV – Revenue Recognition
(i)Revenue from Sale of Goods is recognized when all the significant risk and rewards of ownership are transferred to the buyer and seller retains no effective control of the goods transferred to degree usually associated with ownership
(ii) No Significant uncertainty exists regarding the amount of the consideration that will be derived from the sale of goods
(iii) Interest on refund of any tax, duty or cess is deemed to be the income of the previous year in which such interest is received.
ICDSV – Tangible Fixed Assets
(i)Fixed Assets are stated at historical cost less accumulated depreciation
(ii)Cost of fixed Assets comprises its purchase price and any attributable expenditure (both direct and indirect) for bringing an asset to its working condition for its intended use.
(iii)Depreciation on tangible fixed assets has been computed in accordance with the provisions of The Income Tax Act 1961.
ICDSIX- Borrowing Costs
Borrowing Costs that are directly attributable to the acquisition or construction of a qualifying asset is capitalized as part of the cost of assets. Other borrowing costs are recognized as an expense in the Period in which they are incurred. However an amount of Rs Nil. Pertaining to the borrowing cost was capitalized during the previous year.
ICDSX – Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognized (for liabilities that can be measured by using a substantial degree of estimation) when:
a) The company has a present obligation as a result of a past event.
b) A probable outflow of resources embodying economic benefits is expected to settle the obligation; and c) the amount of the obligation can be reliably estimated.
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