Accounting Policies of Anup Malleables Ltd. Company

Mar 31, 2015

(A) Basis of preparation of financial statements :

(i) The financial statements have been prepared under the historical cost convention and accrual basis in accordance with the generally accepted accounting principles and provisions of the Companies Act, 1956 as adopted consistently by the Company.

(ii) Accounting policies not specifically referred to otherwise be consistent with generally accepted accounting principles followed by the Company.

(B) i) Tangible Assets are stated at cost of acquisition less accumulated depreciation and impairment loss (if any). Cost of acquisition includes the purchase price, duties (net of Cenvat), taxes, incidental expenses and erection / commissioning expenses which are directly attributable in bringing the asset to its working condition for the intended use.

ii) Intangible Assets are stated at cost of acquisition.

Depreciation

Depreciation on tangible assets is provided on Straight line method on the basis of useful life of the assets and in the manner prescribed in Schedule II to the Companies Act, 2013.

(D) Impairment of Assets

An asset is treated as impaired when carrying cost of the asset exceeds its recoverable amount. An impairment loss, if any, is charged To the Profit and Loss Account in the year in which an asset is identified us impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of the recoverable amount.

(E) Investments:

(i) Long Term Investments are carried at cost after deducting provisions, where the fall in market value has been considered as other than temporary in nature.

(ii) Current Investments are valued at lower of cost or market value.

(F) Valuation of inventories:

Raw materials, stores & spares, W1P and finished goods are valued at cost or net realizable value, whichever is lower. Cost is determined on FIFO Basis.

(F) Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

(G) Sales

Sales are net off sales tax. Revenue from sales is recognized at the point of receipt by the customers when the risk and reward stands transferred to the customers,

(H) Provisions. Contingent Liabilities & Contingent Assets

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 recognized but are disclosed in the notes to the accounts. Contingent Asset is neither recognized nor disclosed in the financial statements.

(I) Taxes on Income

Current Tax is determined as the tax payable in respect of taxable income for the year.

Provision is made for Deferred tax for all timing differences arising between taxable incomes and accounting income at currently enacted or substantively enacted lax sale.

Deferred Tax assets are recognized, only if there is reasonable certainty that they will be realized and are reviewed for the appropriateness of their respective carrying values at each balance sheet dale.

(J) Employee Benefits

Effective from financial year 2007-08, the company adopted Accounting Standard (AS) 15 (Revised 2005) dealing with Employee Benefits, issued by the Institute of Chartered Accountants of India. The Company has defined benefit plans for gratuity to eligible employees. The Company dose not have policy of carry forward of the compensated absence to the employees,

(K) Foreign Currency Translations

All transactions in foreign currency, are recorded at the rates of exchange prevailing on the dates when the relevant transactions take place. Monetary assets and liabilities in foreign currency, outstanding at the close of the year, are converted in Indian currency at the appropriate rates of exchange prevailing on the date of the Balance Sheet, Resultant gain or loss, except to the expend it relates to Long Term monetary items, is recognized in the Statement of Profit and Loss for the year Gain or loss relating to Long Term foreign currency monetary items for financing acquisition of depreciable capital assets, is adjusted to the acquisition cost of such asset and depreciated over its remaining useful life.

(L) Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for the events, such as bonus share, other than conversion of potential equity share, that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating, diluted earnings per share, the net profile or Joss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of ail dilutive potential equity shares.

---

Mar 31, 2014

(A) Basis of preparation of financial statements :

(i) The fiancial Statement have been prepared And the historical cost convention and accrual basis in accordance with the generally accepted accounting principles and provisions of the Companies Act, 1956 as adopted consistently by the Company.

(ii) Accounting policies not specifically referred to otherwise be consistent with generally accepted accounting principles followed by the Company.

(B) Fixed Assets and Depreciation:

(i) Fixed Assets are stated at cost less depreciation.

(ii) Depreciation is provided on Straight-Line method at the rates specified in Schedule -XIV of the Companies Act, 1956

(C) Impairment of Assets -

An asset is treated as impaired when carrying cost of the asset exceeds its recoverable amount. An impairment loss, if any, is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of the recoverable amount

(D) Investments:

(i) Long Term Investments are carried at cost after deducting provisions, where the fall in market value has been considered as other than temporary in nature. investments ate vaiucU at iowci ui cosioj . uiuiivci va.iuw

(E) Valuation of Inventories:

Raw materials, stores & spares and finished goods are valued at cost or net realizable value, whichever is lower.

Cost is determined on FIFO Basis.

(F) Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

(G) Sales

Sales are net off sales tax. Revenue from sales is recognized at the point of dispatch to the customers when the risk and reward stands transferred to the customers.

(H) Provisions, Contingent Liabilities & Contingent Assets

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 recognized but are disclosed in the notes to the accounts. Contingent Asset is neither recognized nor disclosed in the financial statements.

(I) Taxes on Income

Current Tax is determined as the tax payable in respect of taxable income for the year.

Provision is made for Deferred tax for all timing differences arising between taxable incomes and accounting income at currently enacted or substantively enacted tax rate.

Deferred Tax assets are recognized, only if there is reasonable certainty that they will be realized and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

(J) Emplovee Benefits

- Effective from financial year 2007-08, the company adopted Accounting Standard (AS) 15 (Revised 2005) dealing with Employee Benefits, issued by the Institute of Chartered Accountants of India. The Company has defined benefit plans for gratuity to eligible employees. The Company dose not have policy of cany forward of the compensated absence to the employees.

---

Mar 31, 2013

(A) Basis of preparation of financial statements :

(i) The financial statements have been prepared under the historical cost convention and accrual basis in accor- dance with the generally accepted accounting principles and provisions of the Companies Act, 1956 as adopted consistently by the Company.

(ii) Accounting policies not specifically referred to otherwise be consistent with generally accepted accounting principles followed by the Company.

(B) Fixed Assets and Depreciation ;

(i) *Fixed Assets are stated at cost less depreciation.

(ii) Depreciation is provided on Straight-Line method at the rates specified in Schedule -XIV of the Companies Act, 1956

(C) Impairment of Assets

An asset is treated as impaired when carrying cost of the asset exceeds its recoverable amount. An impairment loss, if any, is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of the recov- erable amount.

(D) Investments: _

(i) Long Term Investments are carried at cost after deducting provisions, where the fall in market value has been considered as other than temporary in nature.

(ii) Current Investments are valued at lower of cost or market value. .

(E) Valuation of Inventories:

Raw materials, stores & spares and finished goods are valued at cost or net realizable value, whichever is lower.

Cost is determined on FIFO Basis.

(F) Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

(G) Sales

Sales are net off sales tax. Revenue from sales is recognized at the point of dispatch to the customers when the risk and reward stands transferred to the customers.

(H) Provisions. Contingent Liabilities & Contingent Assets

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 recognized but are disclosed in the notes to the accounts. Contingent Asset is neither recognized nor disclosed in the financial statements

(I) Taxes on Income

Current Tax is determined as the tax payable in respect of taxable income for the year.

Provision is made for Deferred tax for all timing differences arising between taxable incomes and accounting in- come at currently enacted or substantively enacted tax rate.

Deferred Tax assets are recognized, only if there is reasonable certainty that they will be realized and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

(J) Employee Benefits

Effective from financial year 2007-08, the company adopted Accounting Standard (AS) 15 (Revised 2005) dealing with Employee Benefits, issued by the Institute of Chartered Accountants of India. The Company has defined benefit plans for gratuity to eligible employees. The Company dose not have policy of carry forward of the compensated absence to the employees.

---

Mar 31, 2011

A) Basis of Preparation of financial statements ;

i) The financial statement have been prepared under the historical cost convention and accrual basis in according with the generally accepted accounting principles and provisions of the companies Act 1956 as adopted consistently by the company.

ii) Accounting policies not specifically referred to other wise be consistent with generally accepted accounting principles followed by the company

b) Fixed assets and Depreciation ;

i) Fixed Assets are stated at cost less depreciation

ii) depreciation is provided on Straight - Line method at the rate specified in schedule XIV of the companies Act 1956

c) Impairment of Assets

An asset is treated as impaired when carrying cost of the asset exceeds its recoverable amount . An impairment loss if any charged to the profit and loss account in the year in which an asset is identified as impaired .The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of the recoverable amount.

d) Investments

i) Long term Investments are carried at cost after deducting provision where the fall in market value has been considered as other than temporary in nature

ii)Current Investments are valued at lower of cost or market value

e) Valuation of inventories :

Raw materials stores & spares and finished goods are valued at cost or net realizable value which ever is lower cost is determined on FIFO Basis

f) Barrowing Cost

Barrowing cost that are attributable to the accusation or construction of qualifying assets are capitalized as part of the cost of such assets A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use .All other borrowing costs are charged to revenue .

g) Employee Benefits

Effective form financial year 2007 - 08 the company adopted accounting standard (AS)15 (Revised 2005) dealing with Employee Benefits , issued by the Institute of Chartered Accountants of India .The Company has defined benefit plans for gratuity to eligible employees. The company dose not have policy of carry forward of the compensated absence to the employees .The details of these defined benefit plans recognized in the financial statement are as under.

Defined contribution Plan

Employees Provident Fund & other contribution plan is not applicable to the company.

h) Revenue Recognition

Revenue is recognized at the point of dispatch of materials to the customers from stock points other income has been accounted for on accrual basis.

i)Sales

Sales are net off sales tax Revenue from sales in recognized at the point of dispatch to the customers when the risk and reward stands transferred to the customers.

J) Taxes on Income

Current tax is determined as the tax payable in respect of taxable income for the year provision is made for Deferred tax for all timing differences arising between taxable income and accounting income at currently enacted or substantively enacted tax rate.

Deferred Tax assets are recognized only if there is reasonable certainty that they will be realized and are reviewed for the appropriateness of their respective carrying values at each balance sheet date

K) Provision Contingent Liabilities & Contingent Assets

Provisions involving substantial degree of estimated in measurement are recognized when there is a present obligation are a result of past events and it is probable that there will be an out flow of resources Contingent Liabilities are not recognized but are disclosed in the notes to the accounts Contingent asset is neither recognized nor disclosed in the financial statements

---

Mar 31, 2010

(a) Basis of preparation of financial statements :

(i) The financial statements have been prepared under the historical cost convention and accrual basis in accordance with the generally accepted accounting principles and provisions of the Companies Act, 1956 as adopted consistently by the Company.

(ii) Accounting policies not specifically referred to otherwise be consistent with generally accepted accounting principles followed by the Company.

(b) Fixed Assets and Depreciation :

(i) Fixed Assets are stated at cost less depreciation.

(ii) Depreciation is provided on Straight-Line method at the rates specified in Schedule -XIV of the Companies Act, 1956

(c) Impairment of Assets

An asset is treated as impaired when carrying cost of the asset exceeds its recoverable amount. An impairment loss, if any, is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of the recoverable amount.

(d) Investments:

(i) Long Term Investments are carried at cost after deducting provisions, where the fall in market value has been considered as other than temporary in nature.

(ii) Current Investments are valued at lower of cost or market value.

(e) Valuation of Inventories:

Raw materials, stores & spares and finished goods are valued at cost or net realizable value, whichever is lower. Cost is determined on FIFO Basis.

(f) Borrowing Cost

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

(g) Employee Benefits

Effective from financial year 2007-08, the company adopted Accounting Standard (AS) 15 (Revised 2005) dealing with Employee Benefits, issued by the Institute of Chartered Accountants of India. The Company has defined benefit plans for gratuity to eligible employees. The Company dose not have policy of carry forward of the compensated absence to the employees. The details of these defined benefit plans recognized in the financial statement are as under:

h) Revenue Recognition

Revenue is recognized at the point of dispatch of materials to the customers from stock points. Other Income has been accounted for on accrual basis.

i) Sales:

Sales are net off sales tax. Revenue from sales is recognized at the point of dispatch to the customers when the risk and reward stands transferred to the customers.

j) Taxes on Income

Current Tax is determined as the tax payable in respect of taxable income for the year.

Provision is made for Deferred tax for all timing differences arising between taxable incomes and accounting income at currently enacted or substantively enacted tax rate.

Deferred Tax assets are recognized, only if there is reasonable certainty that they wil! be realized and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

k) Provisions, Contingent Liabilities & Contingent Assets

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 recognized but are disclosed in the notes to the accounts. Contingent Asset is neither recognized nor disclosed in the financial statements.