Accounting Policies of Emporis Projects Ltd. Company

Mar 31, 2014

Basis of Accounting

The accounts of the Company are prepared under the historical cost convention and are in accordance with the applicable accounting standards and accordingly accrual basis of accounting is followed for recognition of income and expenses except where otherwise stated and where the exact quantum is not ascertainable. Expenditure on issue of share capital, if any, is accounted when actually incurred.

Revenue Recognition

Revenue is recongnised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. The following specific recognition criteria are met before revenue is recognized:

Sales are recognised on dispatch to the customers and recorded net of trade discounts, rebates , etc.

Interest income is recognised on a time proportion basis taking in to account the amount outstanding and the applicable interest rate

Dividend income is recognised when the company''s right to receive dividend is established on the reporting date.

Fixed Assets

Fixed assets are stated at total capitalized costs relating and attributable directly or indirectly to acquisition and installation thereof as reduced by the accumulated depreciation thereon.

Depreciation/Amortization

Depreciation / Amortization on Fixed Assets are provided on Straight Line Method, at the rates specified in Schedule XIV to the Companies Act, 1956 (as amended).

Inventories

Inventories are valued as follows:

Raw Materials, Stores and Spares: at cost

Work in Progress: at lower of estimated cost or net realizable value

Waste Materials, Damaged goods, Scrap: if any at net estimated realizable value

Finished Goods: at lower of cost or market value.

Investments

Investments that are intended to be held for more than a year , from the date of acquisition are classified as long term investment are carried at cost less any provision for permanent diminution in value . Investments other than long term investments are being current investments are valued at cost or fair market value whichever is lower.

Assets & Liabilities

The Assets and Liabilities are taken at the book value certified by the Management

Foreign Currency Transactions

Foreign Currency Transactions are normally recorded at the exchange rate, prevailing on the date of transaction or conversion, as the case may be

Taxes on Income

(i) Current Tax: Provision for Income Tax is determined in accordance with the provisions of Income Tax Act, 1961.

(ii) Deferred Tax Provision: Deferred Tax is recognized on timing differences between the accounting income and the taxable income for the year, and quantified using the tax rates and laws enacted or substantively enacted on the Balance Sheet date.

Deferred Tax Assets are recognized and carried forward to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such Deferred Tax Assets can realized.

Miscellaneous Expenditure

Preliminary expenses / shares issue expenses etc. are not amortise during the year

Presentation and Disclosure of Financial Statement

During the year ended 31-03-2014, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirement applicable in the current year

Use of Estimates

The Preparation of the Financial statements in conformity with the generally accepted accounting principles require the Management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses and disclosure of contingent liabilities on the date of the financial statements. Actual results could differ from the estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.

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Mar 31, 2012

A) Basis of Accounting :

The accounts of the Company are prepared under the historical cost convention and are in accordance with the applicable accounting standards and accordingly accrual basis of accounting is followed for recognition of income and expenses except where otherwise stated and where the exact quantum is not ascertainable. Expenditure on issue of share capital, if any, is accounted when actually incurred.

b) Revenue Recognition :

Revenue is recongnised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. The following specific recognition criteria are met before revenue is recognized : (i) Sales are recognised on dispatch to the customers and recorded net of trade discounts, rebates, etc.

(ii) Interest income is recognised on a time proportion basis taking in to account the amount outstanding and the applicable interest rate

(iii) Dividend income is recognised when the company.s right to receive dividend is established on the reporting date.

c) Fixed Assets :

Fixed assets are stated at total capitalized costs relating and attributable directly or indirectly to acquisition and installation thereof as reduced by the accumulated depreciation thereon.

d) Depreciation/Amortization :

Depreciation / Amortization on Fixed Assets is provided on Straight Line Method, at the rates specified in Schedule XIV to the Companies Act, 1956 (as amended).

e) Inventories :

Inventories are valued as follows :

(i) Raw Materials, Stores and Spares: at cost

(ii) Work in Progress: at lower of estimated cost or net realizable value

(iii) Waste Materials, Damaged goods, Scrap: if any at net estimated realizable value

(iv) Finished Goods: at lower of cost or market value.

f) Investments :

Investments that are intended to be held for more than a year , from the date of acquisition are classified as long term investment are carried at cost less any provision for permanent diminution in value . Investments other than long term investments are being current investments are valued at cost or fair market value whichever is lower.

g) Assets & Liabilities :

The Assets and Liabilities are taken at the book value certi-fied by the Management

h) Foreign Currency Transactions :

Foreign Currency Transactions are normally recorded at the exchange rate, prevailing on the date of transaction or conversion, as the case may be.

i) Taxes on Income :

(i) Current Tax: Provision for Income Tax is determined in accordance with the provisions of Income Tax Act, 1961.

(ii) Deferred Tax Provision: Deferred Tax is recognized on timing differences between the accounting income and the taxable income for the year, and quantified using the tax rates and laws enacted or substantively enacted on the Balance Sheet date.

Deferred Tax Assets are recognized and carried forward to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such Deferred Tax Assets can realized.

j) Miscellaneous Expenditure :

Preliminary expenses / shares issue expenses etc. are not amortise during the year

k) Presentation and Disclosure of Financial Statement :

During the year ended 31-03-2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company for preparetion and presentation of its financial statements. The adoption of revised Schedule VI does not impect recognition and measurement principles followed for preparation of financial statements, however , it has sugnificant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirement applicable in the current year

I) Use of Estimates :

The Prepration of the Financial statements in conformity with the generally accepted accounting principles require the Management to make estimates and assumptions that affect the reported amount of assets, liablities, revenue and expenses and disclosure of contigent liablities on the date of the financial statements. Actual results could differ from the estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.

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Mar 31, 2011

BASIS OF ACCOUNTING :

The financial statements are prepared on the basis of historical cost convention and on accrual basis.

FIXED ASSTES AND DEPRECIATION :

Fixed Assets are stated at cost and includes all the expenditure of Capital Nature.

Depreciation has been provided on SUM in accordance with the rate specified under Schedule XIV of the Companies Act, 1956. Depreciation on additions during the year is provided on pro-rata basis with reference to the date of installation.

RETIREMENT BENEFITS :

Provident Fund & Gratuity is not applicable to the company. OTHER NOTES ON ACCOUNTS :

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Mar 31, 2009

I. General: Method of Accounting: The Accounts of the company are prepared under the historic cost convention and on the accounting principal of going concern in accordance with applicable accounting standard except where stated otherwise. For recognition of income and expenses, mercantile system of accounting is followed except stated Otherwise.

2. Fixed Assets & Depreciation: All fixed assets are stated at cost of acquisition and/or Construction less accumulated depreciation. Depreciation is provided on the strait line method at the rates specified in schedule XTV of the Companies Act, 1956.

3. Inventory Valuation: Stock in trade comprising of raw materials, finished goods and work in progress are valued at cost or net realizable value, which ever is lower and is on the same basis as was in the preceding year. Stores and spares are treated as consumed at the time of purchase.

4. Sales: Sales is accounted net of sales tax.

5. Contingent Liability: Contingent Liabilities determined on the basis of the available information.

6. Investments: Investments are stated at cost

7. Miscellaneous Expenditure: Consistent to the accounting policy adopted last year, preliminary and public issue expenses are note amortised during the year (refer note 12.)

8. Taxation: The provision for tax made during the year, is based on the assessable profits of the company computed in accordance with provisions of the Income-Tax Act, 1961.

9. Retirement Benefits: These are accounted on cash basis.