Morgan Industries Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

Mar 31, 2014

1 .Basis of Preparation

The financial statements have been prepared to comply in all material aspects with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and relevant provisions of Companies Act, 1956. The financial statements have been prepared under the historical cost convention and on accrual basis. The Accounting policies have been consistently applied in preparing the accounts and are consistent with those used in the previous year.

2.Fixed Assets & Depreciation:

Fixed Assets are stated at historical cost less accumulated depreciation and impairment loss, if any. Cost comprises the purchase price and any attributable cost of bringing the assets to its working condition for its intended use.

Depreciation on fixed assets is provided on straight line basis in accordance with the rates prescribed in Schedule -XIV of the Companies Act, 1956.

3.lnventories:

Inventories are valued at cost except the finished goods which are being valued at cost or market value whichever is lower. The stocks held at the factory and at other locations are as physically verified and certified by the Management.

4.Revenue Recognition:

Sales represent gross value of sales including Excise Duty but excluding Sales Tax. Income and Expenditure are accounted on accrual basis.

- 5.Employee Retirement Benefit:

Liability towards accrued Gratuity and Leave encashment benefits payable to employees is provided based on Actuarial Valuation. PF and ESI contributions are accrued as per the Statutory rules in force.

6.Research and Development:

Research / Product Development expenditure is amortised over a period of 10 years.

---

Mar 31, 2013

1.Basts of Preparation

The financial statements have been prepared to comply in all material aspects with the mandatory Accounting * Standards issued by the Institute of Chartered Accountants of India and relevant provisions of Companies Act, 1956. The financial statements have been prepared under the historical cost convention and on accrual basis. The Accounting policies have been consistently applied in preparing the accounts and are consistent with those used in the previous year.

2.Fixed Assets & Depreciation:

Fixed Assets are stated at historical cost less accumulated depreciation and impairment loss, if any. Cost comprises the purchase price and any attributable cost of bringing the assets to its working condition for its intended use.

Depreciation on fixed asset''s is provided on straight line basis in accordance with the rates prescribed in Schedule -XIV of the Companies Act, 1956.

3.Inventories:

Inventories are valuedrat cost except the finished goods which are being valued at cost or market value whichever is lower. The stocks held at the factory and at other locations are as physically verified and certified by the Management.

4.Revenue Recognition:

Sales represent gross value of sales including Excise Duty but excluding Sales Tax. Income and Expenditure are accounted on accrual basis.

5Empjoyee Retirement Benefit:

Liability towards accrued gratuity and leave encashment benefits payable to employees is provided based on actuarial valuation. PF and ESI contributions are accrued as per the-Statutory rules in force.

6.Research and Development:

Research / Product Development expenditure is amortised over a period of 10 years.

---

Mar 31, 2012

1. Basis of Preparation

The financial statements have been prepared to comply in all material aspects with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and relevant provisions of Companies Act, 1956. The financial statements have been prepared under the historical cost convention and on accrual basis. The Accounting policies have been consistently applied in preparing the accounts and are consistent with those used in the previous year.

2. Fixed Assets ft Depreciation:

Fixed Assets are stated at historical cost less accumulated depreciation and impairment loss, if any. Cost comprises the purchase price and any attributable cost of bringing the assets to its working condition for its intended use.

Depredation on fixed assets is provided on straight line basis in accordance with the rates prescribed in Schedule -XIV of the Companies Act, 1956.

3. Invntories:

Inventories are valued at cost except the finished goods which are being valued at cost or market value whichever is lower. The stocks held at the factory and at other locations are as physically verified and certified by the Management

4. Rev

Sales represent gross value of sales including Excise Duty but excluding Sales Tax. Income and Expenditure are accounted on accrual basis.

5. Employee Retirement

Liability on account of Gratuity is provided based on actuarial valuation. PF and ESI contributions are accrued as per the Statutory rules in force.

6. Research and Development:

Research / Product Development expenditure is amortised over a period of 10 years.

7. Contingent liabilities and Provisions:

a. Customs duty payable on goods in bonded warehouse/port

b. Bank guarantees outstanding

---

Mar 31, 2010

1.Basis of Preparation

The financial statements have been prepared to comply in all material aspects with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and relevant provisions of Companies Act, 1956. The financial statements have been prepared under the historical cost convention and on accrual basis. The Accounting policies have been consistently applied in preparing the accounts and are consistent with those used in the previous year.

2.Fixed Assets & Depreciation:

Fixed Assets are stated at historical cost less accumulated depreciation and impairment loss, if any. Cost comprises the purchase price and any attributable cost of bringing the assets to its working condition for its intended use.

Depreciation on fixed assets is provided on straight line basis in accordance with the rates prescribed in Schedule -XIV of the Companies Act, 1956.

3.lnventories:

Inventories are valued at cost except the finished goods which are being valued at cost or market value whichever is lower. The stocks held at the factory and at other locations are as physically verified and certified by the Management.

4.Revenue Recognition:

Sales represent gross value of sales including Excise Duty but excluding Sales Tax. Income and Expenditure are accounted on accrual basis.

5.Employee Retirement Benefit:

Liability on account of Gratuity is provided based on acturial valuation. PF and ESI contributions are accrued as per the Statutory rules in force.

6.Research and Development:

Research / Product Development expenditure is amortised over a period of 10 years.