Accounting Policies of Kanak Krishi Implements Ltd. Company

Mar 31, 2014

1 Basis of Accounting

The financial statements are prepared under the historical cost convention on the concept of a going concern, in accordance with the Generally Accepted Accounting Principles and mandatory Accounting Standards as notified under the Companies (Accounting Standards) Rules, 2006 and as per the provisions and presentational requirements of the Companies Act, 1956.

2 Changes in Accounting policies

The accounting policies adopted are consistent with those of previous f inancial year. The management assures that there has been no change in accounting policies as compared to that of previous year which would have any significant effect on these financials.

3 Recognition of Income

Sales represents invoiced Value of goods Sold. Other Income is recognised an d accounted for on accrual basis unless otherwise stated.

4 Tangible Fixed Assets

Fixed assets are stated at cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.

5 Taxes on Income

Current tax is determined and prov ided for on the amount of taxable income at the applicable rates for the relevant financial year. Deferred Tax Assets and Liabilities (DTA/ DTL) are recognised, subject to consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods.The DTA is recognised only to the extent that there is reasonable certainty of sufficient future profits against which such DTA can be realised.

6 Contingent Liability

The contingent liabilities, if any, are disclosed in the Notes to Accounts. Provi sion is made in the accounts, if it becomes probable that there will be outflow of resources for settling the obligation.

7 Events occurring after the balan ce sheet date

Adjustments to assets and liabilities are made for events occurring after the ba lance sheet date to provide additional information materially affecting the determination of the amounts of assets or liabilities relating to conditions existing at the balance sheet date.

8 Earnings Per Share

Basic earnings per share are calculated by div iding the net profit or loss f or the year/ period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year/ period.

9 Use of estimates

The preparation of financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities on the date of the financial statements and the results of operations during the reporting year. Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.

10 Foreign Curren cy Transaction

Transactions denominated in foreign curr encies are normally reco rded at the exchange rate prevailing at the time of the transaction. Monetary items denominated in foreign currencies at the year end are translated at the rate ruling at the year end rate.

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Mar 31, 2013

1 Basis of Accounting

The financial statements are prepared under the historical cost convention on the concept of a going concern, in accordance with the Generally Accepted Accounting Principles and mandator Accounting Standards as notified under the Companies (Accounting Standards) Rules, 2006 and as per the provisions and presentational requirements of the Companies Act, 1956.

2 Changes in Accounting policies

The accounting policies adopted are consistent with those of previous financial year. The management assures that there has been no change in accounting policies as compared to that of previous year which would have any significant effect on these financials.

3 Recognition of Income

Export Sales represents invoiced Value of goods Sold. Other Income is recognised and accounted for on accrual basis unless otherwise

4 Tangible Fixed Assets

Fixed assets are stated at cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.

Taxes on Income

Current tax is determined and provided Tor on the amount of taxable income at the applicable rates for the relevant financial year. Deferred Tax Assets and Liabilities (DTA/ DTL) are recognised, subject to consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods/The DTA is recognised only to the extent that there is reasonable certainty of sufficient future profits against which such DTA can be

6 Contingent Liability

The contingent liabilities, if any, are disclosed in the Notes to Accounts. Provision is made in the accounts, if it becomes probable that there will be outflow of resources for settling the obligation.

7 Events occurring after the balance sheet date

Adjustments to assets and liabilities are made for events occurring after the balance sheet date to provide additional information materially affecting the determination of the amounts of assets or liabilities relating to conditions existing at the balance sheet date.

8 Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the year/ period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year/ period.

9 Use of estimates

The preparation of financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities on the date of the financial statements and the results of operations during the reporting year. Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.

10 Foreign Currency Transaction

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction. Monetary items denominated in foreign currencies at the year end are translated at the rate ruling at the year end rate.

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Mar 31, 2012

1 Sales of Accounting

The financial statements are prepared under the historical cost convention on the concept of a going concern, with the Generally Accepted Accounting Principles and mandatory Accounting Standards as notified under the Companies (Accounting Standards) Rules, 200 end as per the provisions and presentational requirements of the Companies Act, 1956.

2 Changes in Accounting policies

The occounting palicies adopted are consistent with the previous financial year. The management assures for there loss been no change In accounting policies as compared to that of previous year which would here any significant effect of these financials.

3 Recognition of Income

Export Sales represents invoiced Value of goods Sold. Other Income is recognised and accounted for on accrual basis unless otherwise stated.

4 Tangible Fixed Assess

Fixed assets are started at cost less accumulated depreciation and losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to the condition for its interested use. Borrowing costs relating to acquisition of fixed assets which take substantial period of to got ready for its intended to are also included to the extent they relate to the period till such assets are ready to be pot to use.

5 Taxes on Income

Current tax is determined and provided for on the amount of taxable income at the opposable rotes for tie relevant financial year. Deferred Tax Assets and Liabilities (DTA/ DTL) an recognised, subject to consideration of prudence, on during differences, being the difference between taxable income and acccuring Income that originate in one period and is capable of reversal in one or more subsequent periods. The DTA is recognised only to the extent that there is reasonable certsunty of sufficient future profits against which such DTA con be realised.

6 Contingent Liability

The contingent liabilities, If any, are disclosed in the Notes to Accounts. Provision is made In accounts, if It becomes propable that there will be outflow of resources for setting the obligation.

7 Events occurring after the balance sheet date

Adjustments to assets and liabilities are made for events occurring after the balance sheet date to provide additional information moterially of affecting the determination of the amounts of assets or liabilities relating to conditions asking at the balance sheet date.

8 Earning for shares

Basic earnings per share are calculated by dividing the net profit or loss for the year/period attributable to equity shareholders by the weighted average number of equity shares outstanding durrig the year/ period.

9 Use of estimates

The preparation of financial statements, in conformity with generally accepted occounting principles, requires management to make and assumptions that affect the reported amounts of assets and labilities and the disclosure of contingent assets and liabilities on the date of the financial statements and the results of oporation during the reporting year. Actual results could differ from these estimates, Any revision to accounting estimates is recognised prospectively in current and future periods.

10 Foreign Currency Transaction

Transactions denominated in foreign currances are normaly recorded at the exchange rate providing of the time of the transaction. Monetary Items denonenatad the foreign currencies ot the year end are translated at the rata during at the year end rate,

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Mar 31, 2011

Not Available