Premier Proteins Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

Mar 31, 2015

A. Fixed Assets

Fixed assets are recorded at cost (Fair Value) less depreciation. Assets acquired on lease are not reflected in the accounts and the lease rent is charged to profit & loss account as accrued.

b. Intangible Assets

All Intangible assets are measured at cost and amortized so as to reflect the pattern In which the assets economic benefits are consumed.

c. Depreciation

(i) Depreciation on tangible fixed assets has been provided on Straight Line Method as per the useful life prescribed in Schedule II to the Companies Act 2013.

(II) In respect of Additions made during the year. Depreciation is charged on prorata basis from the date of addition.

d. Borrowing Cost

Borrowing cost that are attributable to the acquisition of qualifying assets are capitalised as part of the such cost till the said assets put to use. All other borrowing cost are charged to revenue.

e Impairment of Assets

An asset Is treated as impaired, when carrying cost of assets exceeds its recoverable amount. An impairment loss Is charged to the Profit & Loss account In the year In which an asset Is identified as impaired. The Impairment loss recognised In prior accounting periods is reversed if there has been a change In the estimate of the recoverable amount,

f Investments

Long Term Investment are stated at cost/or market price whichever is lower. Provision for Diminution In value considered other then "Temporary" in nature. Dividends are accounted for as and when received,

g Inventories

The Company values its Raw Material at cost on FIFO basis. Finished goods are valued at cost or net realisable value whichever Is lower and other Items at cost,

h Revenue Recognition -

(a) Revenue from operation includes sale of goods and processing receipts. Revenues recognized only when risk and rewards incidental to ownership are transferred to customers, (b) Revenue iff respect of Insurance/Other claims,interest Commission etc. is recognized only when it is reasonably certain that ultimate collection will be made.

I Foreign Currency Transaction

Foreign currency liabilities In respect of fixed assets restated at the rates ruling at the year end. Any material exchange difference arising on such transaction are adjusted in the Cost of Assets.

j Retirement and Employee Benefits

a. Defined Contribution Plan Company's Contribution paid/payable during the year to Provident Fund ,ESIC and Labour welfare fund are charged to Profit and Loss Account .There are no other obligation other than the contribution payable to the respective authorities.

b. Defined Benefit Plan Company's liabilities towards gratuity are determined on the basis of simple calculation as per the Gratuity Act and Labour Act only. Leave Encashment are determined on the basis of simple calculation.

k Income Taxes

a. Tax liabilities of the Company Is estimated considering the provisions of Income Tax Act, 1961.

b. Deferred Tax is recognized subject to the tax consideration of prudence on timing difference, being the difference between taxable income and accounting Income that originate in one period and are capable of reversal In one or more subsequent period.

L Provisions & Contingent Liabilities

Provisions involving substantial degree of estimation In measurement are recognized when there is a present obligation as a result of past events and it Is probable that there will be outflow of resources. Contingent liabilities are not recognized but are disclosed In the notes. Contingent assets are neither recognized nor disclosed In the financial statements.

M Contingencies and event occurring after the Balance Sheet date

All the contingencies and event occurring after the balance sheet date which have a material effect on the financial position of the company are considered for preparing the financial statements.

N Lease Rent

The payments of lease rent are taken on leave and license basis are recognized as expenditure in the profit and loss account on a straight line basis.

O Segment Reporting

The company Identifies primary business segment based on the different risks and returns, the organisation structure and the Internal reporting systems .The operating segments are the segments which separate financial information Is available and for which operatives Profit/ Loss amount are evaluated regularly by the board of directors in deciding how to allocate resources and In assessing performance. The accounting policies adopted for segment reporting are in line with the accounting policies of the company. Segment revenue, segment results , segment assets and segment liabilities have been identified to segment on the basis of there relationship to the operating activities of the segment. Inter segment revenues Is accounted on the basis of transactions which are primary determined based on market/ fair value factor. Revenue expenses , assets and liabilities which are related to the company as a whole are not allocable to segment In reasonable basis have been included under "Unallocated revenue/results/assets/ liabilities".

P Cash Flow Statement

Cash flows are reported using indirect method, where by profit /(loss) before extraordinary items and tax is adjusted from the effects of transaction of non-cash nature and any deferrals or accruals of past of future cash receipts or payment. The cash flows from operating, investing and financing activities of the company are segregated based on the available information.

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Mar 31, 2013

1 Accounting Policies a Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. Although these estimates are based on management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future period, b Fixed Assets

Fixed assets are recorded at cost less depreciation except Plant & Machinery at revalued cost Assets acquired on lease are not reflected in the accounts and the lease rent is charged to profit & loss account as accrued, c Intangible Assets

All intangible assets are measured at cost and amortized so as to reflect the pattern in which the assets economic benefits are consumed d Depreciation

Depreciation is provided on fixed assets at straight line method in accordance with provision of schedule XIV to the companies Act 1956 & amendment there to. e Borrowing Cost

Borrowing cost that are attributable to the acquisition of qualifying assets are capitalised as part of the such cost till the said assets put to use. All other borrowing cost are charged to revenue, f Impairment of Assets

An asset is treated as impaired, when carrying cost of assets exceeds its receivable amount. An impairment loss is charged to the Profit & Loss A/c in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of the recoverable amount, g Investments

Investment are stated at cost/or market price whichever is lower. Dividends are accounted for as and when received, h Inventories

The Company values its Raw Material at cost on FIFO basis and finished goods at cost or net realizable value whichever is lower and other items at cost.

I Revenue Recognition

A) Sales are recorded after adjusting returns, rebates, claims and transit losses

B) Revenue in respect of interest, commission and other receipts is recognized only when it is reasonably certain that ultimate collection will be made.

j Foreign currency transactions

Foreign currency liabilities in respect of fixed assets restated at the rates ruling at the year end. Any material exchange difference arising on such transaction are adjusted in the Cost of Assets, k Retirement and Employee Benefits

a) Defined Contribution Plan Company''s Contribution paid/payable during the year to Provident Fund ,ESIC and Labour welfare fund are charged to Profit and Loss Account .There are no other obligation other than the contribution payable to the respective authorities.

b) Defined Benefit Plan Company''s liabilities towards gratuity are determined on the basis of simple calculation as per the Gratuity Act and Labour Act only. Leave Encashment are determined on the basis of simple calculation.

I Income Taxes

Tax liabilities of the Company is estimated considering the provisions of Income Tax Act, 1961. Deferred Tax is recognized subject to the tax consideration of prudence on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent period, m Provisions & Contingent Liabilities

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.

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Mar 31, 2012

A. Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assump- tions that affect the reported balances of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during fh,e period. Although these estimates are based on management's best knowledge of current events and actions, uncertainty about these assumptions and esti- mates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future period.

b. Fixed Assets

Fixed assets are recorded at cost less depreciation except Plant & Machinery at revalued cost Assets acquired on lease are not reflected in the accounts and the lease rent is charged to profit & loss account as accrued.

c. Intangible Assets

All intangible assets are measured at cost and amortized so as to reflect the pattern in which the assets economic benefits are consumed.

d. Depreciation

Depreciation is provided on fixed assets at straight line method in accordance with provision of schedule XIV to the Companies Act 1956 & amendment there to.

e. Borrowing Cost

Borrowing cost that are attributable to the acquisition of qualifying assets are capitalized as part of the such cost till the said assets put to use. Ail other borrowing cost are charged to revenue.

f. Impairment of Assets

An asset is treated as impaired, when carrying cost of assets exceeds its receivable amount. An impairment loss is charged to the Profit & Loss A/c in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of the recoverable amount.

g. Investments

Investment are stated at cost/or market price whichever is lower. Dividends are accounted for as and when received.

h. Inventories

The Company values its Raw Material at cost on FIFO basis and finished goods at cost or net realizable value whichever is lower and other items at cost.

i Revenue Recognition

A) Sales are recorded after adjusting returns, rebates, claims and transit losses.

B) Revenue in respect of interest, commission and other receipts is recognized only when it is reasonably certain that ultimate collection will be made.

j Foreign currency transactions

Foreign currency liabilities in respect of fixed assets restated at the rates ruling at the year end. Any material exchange difference arising on such transaction are adjusted in the Cost of Assets.

k Retirement and Employee Benefits

i. Defined Contribution Plan Company's Contribution paid/payable during the year to Provident Fund ,ESIC and Labour welfare fund are charged to Profit and Loss Account .There are no other obligation other than the contribution payable to the respective authorities.

ii. Defined Benefit Plan Company's liabilities towards gratuity are determined on the basis of simple calculation as per the Gratuity Act and Labour Act only. Leave Encashment are determined on the basis of simple calculation.

I Income Taxes

Tax liabilities of the Company is estimated considering the provisions of Income Tax Act, 1961. Deferred Tax is recognised subject to the tax consideration of prudence on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent period.

m Provisions & Contingent Liabilities

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statements.

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Mar 31, 2010

1. GENERAL ACCOUNTING PRINCIPLE

These accounts are prepared on the historical cost basis and on going concern basis. The Company follows accrual method of Accounting.

2. INVENTORIES

The Company values its Raw Material at cost on FIFO basis and finished goods at cost or net realisable value whichever is lower and other items at cost.

3. FIXED ASEETS

Fixed assets are recorded at cost less depreciation except Plant & Machinery at revalued cost. Assets acquired on lease are not reflected in the accounts and the lease rent is charged to profit & loss account as accrued.

4. DEPRECIATION

Depreciation is provided on fixed assets at straight line method in accordance with provision of schedule XIV to the companies Act 1956 & amendment there to.

5. PRELIMINARY & OTHER EXPENSES

Preliminary & public Issue Expenses have been amortized 1/10"" of the total expenses on prorata basis.

6. DEFERRED REVENUE EXPENSES

Deferred Revenue Expenses have been amortized 1/5th of total expenses on prorata basis.

7. INVESTMENTS

Investment are stated at cost/or market price whichever is lower. Dividends are accounted for as and when received.

8. FOREIGN CURRENCY TRANSACTIONS

Foreign currency liabilities in respect of fixed assets restated at the rates ruling at the year end. Any material exchange difference arising on such transaction are adjusted in the Cost of Assets.

9. REVENUE RECOGNISATION

a) Premium on additional licence are accounted for on accrual basis

b) Revenue in respect of Insurance/Other claims, interest Commission etc.is recognised only when it is reasonably certain that ultimate collection will be made.

10. RETIREMENT BENEFITS

a) Defined Contribution Plan

Companys Contribution paid/payable during the year to Provident Fund ESIC and Labour welfare fund are charged to Profit and Loss Account There are no other obligation other than the contribution payable to the respective authorities.

b) Defined Benefit Plan

Companys liabilities towards gratuity are determined on the basis of simple calculation as per the Gratuity Act and Labour Act only. Leave Encashment are determined on the basis of simple calculation.

11. BORROWING COST

Borrowing cost that are attributable to the acquisition of qualifying assets are capitalised as part of the such cost till the said assets put to use. All other borrowing cost are charged to revenue.

12. PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statemsnts.

13. SALES

Sales are recorded after adjusting returns, rebates, claims and transit losses.

14. TAXATION

a) Tax liabilities of the Company is estimated considering the provisions of Income Tax Act, 1961.

b) Deferred Tax is recognised subject to the tax consideration of prudence on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent period

15. IMPAIRMENTS OF ASSETS

An asset is treated as impaired, when carrying cost of assets exceeds its recoverable amount. An impairment loss is charged to the Profit & Loss account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accountina periods is reversed if there has been a chanae in the estimate of the recoverable amount.