Accounting Policies of Shreekrishna Biotech Ltd. Company

Mar 31, 2013

A) GENERAL

The accounts have been prepared on the historical cost basis and on the principles of a going concern.

B) FIXED ASSETS

Gross Block: Rs. 15,15,350/- Fixed Assets are stated at cost of acquisition.

Depreciation:

Depreciation on Fixed Assets have been provided on the basis of written Down value method, prorate, to the period of use of the assets at the depreciation rate, stipulated in Schedule XIV to the Companies Act, 1956

(C) REVENUE RECOGNITION

All expenses and income to the extent considered payable and receivable respectively unless specifically stated to be otherwise, are accounted for on mercantile.

(D) INVENTORIES

Inventories are valued at cost or net realizable value whichever is lower.

(E) INVESTMENTS

Investments are stated at the lower of cost or quoted market value, if applicable.

(F) TAXATION:

Income tax expenses comprise current tax and deferred tax charge or credit. The deferred tax charge or credit is recognized using current tax rates. Where there are unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Other deferred tax assets are recognized only to the extent there is reasonable certainty of realization in future. Deferred tax assets / liabilities are reviewed as at each balance sheet date based on developments during the year and available case laws to reassess realization / liabilities.

(G) CONTINGENT LIABILITIES:

Contingent liabilities are not provided for in the accounts but are separately stated by way of Notes to Accounts.

(H) MISCELLANEOUS EXPENDITURE:

Preliminary and pre incorporation expenses are amortized over a period of 10 years in equal installments.

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Mar 31, 2012

A) GENERAL

The accounts have been prepared on the historical cost basis and on the principles of a going concern.

B) FIXED ASSETS

Gross Block: Rs.15,15,350/-

Fixed Assets are stated at cost of acquisition.

Depreciation:

Depreciation on Fixed Assets have been provided on the basis of written Down value method, prorata, to the period of use of the assets at the depreciation rate, stipulated in Schedule XIV to the Companies Act, 1956.

(C) REVENUE RECOGNITION

All expenses and income to the extent considered payable and receivable respectively unless specifically stated to be other wise, are accounted for on mercantile.

(D) INVENTORIES

Inventories are valued at cost or net realizable value whichever is lower.

(E) INVESTMENTS

Investments are stated at the lower of cost or quoted market value, if applicable.

(F) TAXATION:

Income tax expenses comprise current tax and deferred tax charge or credit. The deferred tax charge or credit is recognized using current tax rates. Where there are unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is virtual certainty of realization of of such assets. Other deferred tax assets are recognized only to the extent there is reasonable certainty of realization in future. Deferred tax assets / liabilities are reviewed as at each balance sheet date based on developments during the year and available case laws to reassess realization / liabilities.

(G) CONTINGENT LIABILITIES:

Contingent liabilities are not provided for in the accounts but are separately stated by way of Notes to Accounts.

(H) MISCELLANEOUS EXPENDITURE:

Preliminary and pre incorporation expenses are amortized over a period of 10 years in equal installments.