Accounting Policies of Indo Cotspin Ltd. Company

Mar 31, 2025

2.1 Basis of Preparation of Financial Statements:

The financial statements of the Company have been prepared in accordance with the Generally Accepted
Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under
Section 133 of the Companies Act, 2013 (“the 2013 Act”) and the relevant provisions of the 1956 Act / 2013
Act, as applicable. The financial statements of the Company are prepared under the historical cost convention
using the accrual method of accounting. The accounting policies adopted in the preparation of the financial
statements are consistent with those of the previous year. All assets and liabilities have been classified as
current or non-current as per the Company’s normal operating cycle and other criteria set out in Schedule III
to the 2013 Act.

2.2 Use of Estimates:

The presentation of the financial statements, in conformity with Indian GAAP, requires the Management to
make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and
expenses and disclosure of contingent liabilities. Management believes that the estimates used in the
preparation of the financial statements are prudent and reasonable, future results could differ, the differences
between the actual results and the estimates are recognised in the period in which the results are known /
materialise.

2.3 Property, plant and equipment (PPE)

Tangible assets are carried at cost less accumulated depreciation and accumulated impairment losses, if any.
Cost comprises of the purchase price including import duties and non-refundable taxes, and directly
attributable expenses incurred to bring the asset to the location and condition necessary for it to be capable of
being operated in the manner intended by management. Capital expenditure incurred on rented properties is
classified as ‘Leasehold improvements’ under property, plant and equipment.

Subsequent costs related to an item of Property, Plant and Equipment are recognised in the carrying amount of
the item if the recognition criteria are met. Items of Property, Plant and Equipment that have been retired from
active use and are held for disposal are stated at the lower of their net carrying amount and net realisable value
and are shown separately in the financial statements under the head ‘Other current assets’. Any write-down in
this regard is recognised immediately in the Statement of Profit and Loss. An item of Property, Plant and
Equipment is derecognised on disposal or when no future economic benefits are expected from its use or
disposal. The gain or loss arising on derecognition is recognised in the Statement of Profit and Loss.

Depreciation on tangible asset is recognised on a straight-line basis based on a useful life of the assets
prescribed in Schedule II to the Act. If the management’s estimates of the useful life of an asset at the time of
acquisition of assets or of the remaining useful life on a subsequent review is shorter than that envisaged in the
aforesaid schedule, depreciation is provided at a higher rate owing to their risk of higher obsolesce / wear &
tear. The useful life of the assets has been reassessed based on the number of years for which the assets have
already been put to use and the estimated minimum balance period for which the assets can be used in the
Company. The estimated life of property, plant and equipment has been determined as follows:

2.4 Intangible assets

Intangible assets are stated at acquisition cost, net of accumulated amortization and accumulated impairment
losses, if any. Intangible assets are amortized on a straight-line basis over their estimated useful lives. A
rebuttable presumption that the useful life of an intangible asset will not exceed fifteen years from the date
when the asset is available for use is considered by the management. The amortisation period and the
amortisation method are reviewed at least at each financial year end. If the expected useful life of the asset is
significantly different from previous estimates, the amortisation period is changed accordingly.

Gains or losses arising from the retirement or disposal of an intangible asset are determined as the difference
between the net disposal proceeds and the carrying amount of the asset and recognized as income or expense
in the Statement of Profit and Loss. The estimated useful lives of intangible assets are as follows:

2.5 Impairment

The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired.
If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable
amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less
than its carrying amount, the carrying amount is reduced to its recoverable amount and the reduction is treated
as an impairment loss and is recognized in the Statement of Profit and Loss account. If at the balance sheet
date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount
is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciated historical
cost.

2.6 Investment

Investments are classified between long term and current categories as per the Accounting Standards issued by
Institute of Chartered Accountants of India.

Long term investments are stated at cost. Provision for diminution in the value of investments, if any, is made
if the decline in value is of permanent nature. Current investments are valued at lower of cost or market value.

As a conservative and prudent policy, the Company does not provide for increase in the book value of
individual investment held by it on the date of Balance Sheet.

2.7 Inventories

The figure of closing stock is taken on the basis of physical count of stock by the management at the end of
the year.

Inventories are valued at lower of historical cost and net realizable value.

Cost of inventories have been computed to include all costs of purchases, cost of conversion, all non-refundable
duties & taxes and other costs incurred in bringing the inventories to their present location and condition.

Stock-in-trade are based on weighted average cost basis.

Obsolete, slow moving and defective inventories are valued at net realizable value i.e. scrap rate.

Goods in transit are stated at actual cost incurred up to the date of Balance Sheet.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated cost of
completion and estimated cost necessary to make the sale. Necessary adjustment for shortage / excess stock is
given based on the available evidence and past experience of the Company.

2.8 Revenue Recognition
Revenue from sale of product

Revenue is recognized in respect of sales on dispatch of product to the customers. Quality rebates, claims and
other discounts, if any, are disclosed separately.

Other revenue

Interest on bank deposits is recognized on the time proportion basis taking into account the amounts invested
and the rate of interest as applicable.

2.9 Employee Benefits

Gratuity is a post-employment benefit and is in the nature of a defined benefit plan. The liability recognised in the
balance sheet in respect of gratuity is the present value of the defined benefit obligation at the balance sheet date.
The defined benefit obligation is calculated at the balance sheet date by an independent actuary using the projected
unit credit method. Actuarial gains and losses arising from past experience and changes in actuarial assumptions
are charged to the Statement of Profit and Loss in the year in which such gains or losses are determined.

Employee benefits in the form of Provident Fund and Employee State Insurance Scheme are defined contribution
plans and the contributions are charged to the Statement of Profit and Loss of the year when the contributions to
the respective funds are due. There are no other obligations other than the contribution payable to the respective
funds

Short-term employee benefits: All employee benefits payable wholly within twelve months of rendering the
service are classified as short-term employee benefits and are recognised in the Statement of Profit and Loss in
the period in which the employee renders the related service.

Liability in respect of compensated absences becoming due or expected to be availed within one year from the
date is recognised on the basis undiscounted value of estimated amount required to be paid or estimated value of
benefit expected to be availed by the employees. Liability in respect of compensated absences becoming due or
expected to be availed more than one year after the balance sheet date is estimated on the basis of an actuarial
valuation performed by an independent actuary using the projected unit credit method.

2.10 Foreign currency transactions
Initial recognition

Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency
amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.

Conversion

Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in
terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of
the transaction; and non-monetary items which are carried at fair value or other similar valuation denominated
in a foreign currency are reported using the exchange rates that existed when the values were determined.

Exchange differences

Exchange differences arising on the settlement of monetary items or on restatement of the Company''s monetary
items at rates different from those at which they were initially recorded during the year, or reported in previous
financial statements, are recognised as income or as expenses in the year in which they arise other than of the
capitalisation of exchange differences which is referred to in PPE above.

2.11 T axation

The tax expense comprises of current tax and deferred tax. Current tax is the amount of income tax determined
to be payable in respect of taxable income for a period as per the provisions of Income T ax Act, 1961. Deferred
tax is the effect of timing differences between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods. Deferred tax is measured based on the
tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are
reviewed at each balance sheet date and recognised/derecognized only to the extent that there is
reasonable/virtual certainty, depending on the nature of the timing differences, that sufficient future taxable
income will be available against which such deferred tax assets can be realized.

Minimum Alternate Tax (‘MAT’) credit is recognised as an asset only when and to the extent there is
convincing evidence that the Company will pay normal income tax during the specified period. In the year in
which MAT credit becomes eligible to be recognised as an asset in accordance with the recommendations
contained in Guidance Note on Accounting for Credit Available in respect of Minimum Alternative T ax under
the Income-tax Act, 1961, the said asset is created by way of a credit to the Statement of Profit and Loss and
shown as MAT credit entitlement. The Company reviews the same at each balance sheet date and writes down
the carrying amount of MAT credit entitlement to the extent it is not reasonably certain that the Company will
pay normal income tax during the specified period.

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Mar 31, 2024

2. Statement of Material Accounting Policies

2.1 Basis of Preparation of Financial Statements:

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013 (“the 2013 Act”) and the relevant provisions of the 1956 Act / 2013 Act, as applicable. The financial statements of the Company are prepared under the historical cost convention using the accrual method of accounting. The accounting policies adopted in the preparation of the financial statements are consistent with those of the previous year. All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle and other criteria set out in Schedule III to the 2013 Act.

2.2 Use of Estimates:

The presentation of the financial statements, in conformity with Indian GAAP, requires the Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and disclosure of contingent liabilities. Management believes that the estimates used in the preparation of the financial statements are prudent and reasonable, future results could differ, the differences between the actual results and the estimates are recognised in the period in which the results are known / materialise.

2.3 Property, plant and equipment (PPE)

Tangible assets are carried at cost less accumulated depreciation and accumulated impairment losses, if any. Cost comprises of the purchase price including import duties and non-refundable taxes, and directly attributable expenses incurred to bring the asset to the location and condition necessary for it to be capable of being operated in the manner intended by management. Capital expenditure incurred on rented properties is classified as ‘Leasehold improvements’ under property, plant and equipment.

Subsequent costs related to an item of Property, Plant and Equipment are recognised in the carrying amount of the item if the recognition criteria are met. Items of Property, Plant and Equipment that have been retired from active use and are held for disposal are stated at the lower of their net carrying amount and net realisable value and are shown separately in the financial statements under the head ‘Other current assets’. Any write-down in this regard is recognised immediately in the Statement of Profit and Loss. An item of Property, Plant and Equipment is derecognised on disposal or when no future economic benefits are expected from its use or disposal. The gain or loss arising on derecognition is recognised in the Statement of Profit and Loss.

Depreciation on tangible asset is recognised on a straight-line basis based on a useful life of the assets prescribed in Schedule II to the Act. If the management’s estimates of the useful life of an asset at the time of acquisition of assets or of the remaining useful life on a subsequent review is shorter than that envisaged in the aforesaid schedule, depreciation is provided at a higher rate owing to their risk of higher obsolesce / wear & tear. The useful life of the assets has been reassessed based on the number of years for which the assets have already been put to use and the estimated minimum balance period for which the assets can be used in the Company. The estimated life of property, plant and equipment has been determined as follows:

2.4 Intangible assets

Intangible assets are stated at acquisition cost, net of accumulated amortization and accumulated impairment losses, if any. Intangible assets are amortized on a straight-line basis over their estimated useful lives. A rebuttable presumption that the useful life of an intangible asset will not exceed fifteen years from the date when the asset is available for use is considered by the management. The amortisation period and the amortisation method are reviewed at least at each financial year end. If the expected useful life of the asset is significantly different from previous estimates, the amortisation period is changed accordingly.

Gains or losses arising from the retirement or disposal of an intangible asset are determined as the difference between the net disposal proceeds and the carrying amount of the asset and recognized as income or expense in the Statement of Profit and Loss. The estimated useful lives of intangible assets are as follows:

2.5 Impairment

The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount and the reduction is treated as an impairment loss and is recognized in the Statement of Profit and Loss account. If at the balance sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciated historical cost.

2.6 Investment

Investments are classified between long term and current categories as per the Accounting Standards issued by Institute of Chartered Accountants of India.

Long term investments are stated at cost. Provision for diminution in the value of investments, if any, is made if the decline in value is of permanent nature. Current investments are valued at lower of cost or market value.

As a conservative and prudent policy, the Company does not provide for increase in the book value of individual investment held by it on the date of Balance Sheet.

2.7 Inventories

The figure of closing stock is taken on the basis of physical count of stock by the management at the end of the year.

Inventories are valued at lower of historical cost and net realizable value.

Cost of inventories have been computed to include all costs of purchases, cost of conversion, all non-refundable duties & taxes and other costs incurred in bringing the inventories to their present location and condition.

Stock-in-trade are based on weighted average cost basis.

Obsolete, slow moving and defective inventories are valued at net realizable value i.e. scrap rate.

Goods in transit are stated at actual cost incurred up to the date of Balance Sheet.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated cost of completion and estimated cost necessary to make the sale. Necessary adjustment for shortage / excess stock is given based on the available evidence and past experience of the Company.

2.8 Revenue Recognition Revenue from sale of product

Revenue is recognized in respect of sales on dispatch of product to the customers. Quality rebates, claims and other discounts, if any, are disclosed separately.

Other revenue

Interest on bank deposits is recognized on the time proportion basis taking into account the amounts invested and the rate of interest as applicable.

2.9 Employee Benefits

Gratuity is a post-employment benefit and is in the nature of a defined benefit plan. The liability recognised in the balance sheet in respect of gratuity is the present value of the defined benefit obligation at the balance sheet date. The defined benefit obligation is calculated at the balance sheet date by an independent actuary using the projected unit credit method. Actuarial gains and losses arising from past experience and changes in actuarial assumptions are charged to the Statement of Profit and Loss in the year in which such gains or losses are determined.

Employee benefits in the form of Provident Fund and Employee State Insurance Scheme are defined contribution plans and the contributions are charged to the Statement of Profit and Loss of the year when the contributions to the respective funds are due. There are no other obligations other than the contribution payable to the respective funds

Short-term employee benefits: All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits and are recognised in the Statement of Profit and Loss in the period in which the employee renders the related service.

Liability in respect of compensated absences becoming due or expected to be availed within one year from the date is recognised on the basis undiscounted value of estimated amount required to be paid or estimated value of benefit expected to be availed by the employees. Liability in respect of compensated absences becoming due or expected to be availed more than one year after the balance sheet date is estimated on the basis of an actuarial valuation performed by an independent actuary using the projected unit credit method.

2.10 Foreign currency transactions Initial recognition

Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.

Conversion

Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction; and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined.

Exchange differences

Exchange differences arising on the settlement of monetary items or on restatement of the Company''s monetary items at rates different from those at which they were initially recorded during the year, or reported in previous financial statements, are recognised as income or as expenses in the year in which they arise other than of the capitalisation of exchange differences which is referred to in PPE above.

2.11 T axation

The tax expense comprises of current tax and deferred tax. Current tax is the amount of income tax determined to be payable in respect of taxable income for a period as per the provisions of Income T ax Act, 1961. Deferred tax is the effect of timing differences between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are reviewed at each balance sheet date and recognised/derecognized only to the extent that there is reasonable/virtual certainty, depending on the nature of the timing differences, that sufficient future taxable income will be available against which such deferred tax assets can be realized.

Minimum Alternate Tax (‘MAT’) credit is recognised as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which MAT credit becomes eligible to be recognised as an asset in accordance with the recommendations contained in Guidance Note on Accounting for Credit Available in respect of Minimum Alternative T ax under the Income-tax Act, 1961, the said asset is created by way of a credit to the Statement of Profit and Loss and shown as MAT credit entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT credit entitlement to the extent it is not reasonably certain that the Company will pay normal income tax during the specified period.

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Mar 31, 2015

A. Basis of Preparation of Financial Statements

The financial statements are prepared on historical cost method , in accordance with the generlly accepted accounting principles in India and the provisions of the Companies Act , 1956 .

B. Fixed Assets

(i) Tangible Assets

Fixed assets are stated at cost less accumulated depreciation.

(ii) Intangible Assets

There is no intangible asset.

C. Depreciation and Amortisation

Depreciation on fixed assets is provided to the extent of depreciable amount on the basis useful life prescribe in shedule II of the company act 2013.

D. Investments

Long term investments are stated at cost.

E. Inventories

Items of inventories are measured at lower of cost and net realisable value after providing for obsolesence, if any. Cost of inventories comprises of cost of purchase , cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and condition. Stock in process is determined at cost upto estimated stage of production and packing material at average sale prices.

F. Revenue Recognition

Revenue is recognized only when it can be reliably measured . Interest income is recognised on the time proportion basis taking into account the amount outstanding and rate applicable.

G. Sales Tax / Value Added Tax

Sales tax/Value added tax is paid on material consumed charged to Profit & Loss account.

H. Provision for Current and Deffered Tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act , 1961 . Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are entacted or substantively enacted as on the balance sheet date. Deferred tax asset is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised in future.

I. Contingent Liabilities and Contingent Assets

There is no contingent liability & assets.

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Mar 31, 2014

Note:1

A. Basis of Preparation of Financial Statements

The financial statements are prepared on historical cost method , in accordance with the generlly accepted accounting principles in India and the provisions of the Companies Act , 1956 .

B. Fixed Assets

(I) Tangible Assets

Fixed assets are stated at cost less accumulated depreciation.

(ii) Intangible Assets

There is no intangible asset.

C. Depreciation and Amortisation

Depreciation on fixed assets is provided to the extent of depreciable amount on Straight Line Method (SLM) at the rates and in the manner prescribed in Schedule XIV to the Companies Act , 1956 over their useful life.

D. Investments

Long term investments are stated at cost.

E. Inventories

Items of inventories are measured at lower of cost and net realisable value after providing for obsolesence, if any. Cost of inventories comprises of cost of purchase , cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and condition. Stock in process is determined at cost upto estimated stage of production and packing material at average sale prices.

F. Revenue Recognition

Revenue is recognized only when it can be reliably measured . Interest income is recognised on the time proportion basis taking into account the amount outstanding and rate applicable.

G. Sales Tax / Value Added Tax

Sales tax/Value added tax is paid on material consumed charged to Profit & Loss account.

H. Provision for Current and Deffered Tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act , 1961 . Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are entacted or substantively enacted as on the balance sheet date. Deferred tax asset is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised in future.

I. Contingent Liabilities and Contingent Assets

There is no contingent liability & assets.

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Mar 31, 2013

A. Basis of Preparation of Financial Statements

The financial statements are prepared on historical cost method , in accordance with the generlly accepted accounting principles in India and the provisions of the Companies Act , 1956 .

B. Fixed Assets

(i) Tangible Assets

Fixed assets are stated at cost less accumulated depreciation.

(ii) Intangible Assets

There is no intangible asset.

C. Depreciation and Amortisation

Depreciation on fixed assets is provided to the extent of depreciable amount on Straight Line Method (SLM) at the rates and in the manner prescribed in Schedule XIV to the Companies Act , 1956 over their useful life.

D. Investments

Long term investments are stated at cost.

E. Inventories

Items of inventories are measured at lower of cost and net realisable value after providing for obsolesence, if any. Cost of inventories comprises of cost of purchase , cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and condition. Stock in process is determined at cost upto estimated stage of production and packing material at average sale prices.

F. Revenue Recognition

Revenue is recognized only when it can be reliably measured . Interest income is recognised on the time proportion basis taking into account the amount outstanding and rate applicable.

G. Sales Tax / Value Added Tax

Sales tax/Value added tax is charged to Profit & Loss account.

H. Provision for Current and Deffered Tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act , 1961 . Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are entacted or substantively enacted as on the balance sheet date. Deferred tax asset is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised in future.

I. Contingent Liabilities and Contingent Assets

There is no contingent liability & assets.

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Mar 31, 2012

A. Basis of Preparation of Financial Statements

The financial statements are prepared on historical cost method , in accordance with the generlly accepted accounting principles in India and the provisions of the Companies Act , 1956 .

B. Fixed Assets

(i) Tangible Assets

Fixed assets are stated at cost less accumulated depreciation.

(ii) Intangible Assets

There is no intangible asset.

C. Depreciation and Amortisation

Depreciation on fixed assets is provided to the extent of depreciable amount on Straight Line Method (SLM) at the rates and in the manner prescribed in Schedule XIV to the Companies Act , 1956 over their useful life.

D. Investments

Long term investments are stated at cost.

E. Inventories

Items of inventories are measured at lower of cost and net realisable value after providing for obsolesence, if any. Cost of inventories comprises of cost of purchase , cost of conversion and other costs including manufacturing overheads incurred in bringing them to their respective present location and condition. Stock in process is determined at cost upto estimated stage of production and packing material at average sale prices.

F. Revenue Recognition

Revenue is recognized only when it can be reliably measured . Interest income is recognised on the time proportion basis taking into account the amount outstanding and rate applicable.

G. Sales Tax / Value Added Tax

Sales tax/Value added tax is charged to Profit & Loss account.

H. Provision for Current and Deffered Tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act , 1961 . Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are entacted or substantively enacted as on the balance sheet date. Deferred tax asset is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised in future.

I. Contingent Liabilities and Contingent Assets

There is no contingent liability & assets.

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Mar 31, 2011

A) SYSTEM OF ACCOUNTING

The company follows the accrual basis of accounting.

b) FIXED ASSETS

Fixed assets are stated at cost less depreciation

C) DEPRECIATION

Depreciation on fixed assets is provided on Straight Line Method at the rates and in the manner prescribed in schedule XIV to the companies Act, 1956.

d) INVESTMENT

Investment are stated at cost

e) As the Company is also engaged in Sale/Purchase of Properties, the cost of plots as on 01.04.2010 was transferred trading accounting from fixed assets so as to disclose this trading activities seperately

VALUATION OF INVENTORIES

Raw material : at cost(fifo method) or market price, which ever is lower

Stock in Hand : at cost(fifo method) or market price. which ever is lower

Finished goods : at lower of cost (cost of production) or realisable value

Stock in Process : at cost up to estimated stage of production

Packing Material : at average sale prices