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Moneycontrol.com India | Accounting Policy > Plastics > Accounting Policy followed by PVD Plast Mould Industries - BSE: 507910, NSE: N.A
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PVD Plast Mould Industries
BSE: 507910|ISIN: INE296C01012|SECTOR: Plastics
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PVD Plast Mould Industries is not listed on NSE
Mar 12
Accounting Policy Year : Mar '13
1.  GENERAL:
 
 (a) The Accounts are prepared under the historical cost convention, in
 accordance with the generally ac- cepted accounting principles and the
 provision of the Companies Act, 1956 as adopted consistently by the
 company.
 
 (b) Accounting policies not specifcally referred to otherwise are
 consistent with generally accepted accounting principles.
 
 2.  FIXED ASSETS:
 
 Fixed Assets are shown at Original cost of acquisition less accumulated
 depreciation.
 
 Fixed Assets are revalued as on 31.03.2012. The surplus arising from
 the revaluation has been transferred to Revaluation Reserve and shown
 under the head Reserves & Surplus. As the Fixed Assets were revalued
 on the last day of the Balance sheet, no depreciation has been provided
 on Revalued Figures.
 
 3.  DEPRECIATION:
 
 Depreciation is provided on straight line basis applying the rates
 specifed in Schedule XIV of the Companies Act 1956 under straight line
 method:
 
 (i) In respect of assets acquired on 01.01.1994 and thereafter at
 revised rates specifed in the said Schedule vide Notifcation No 756 E
 dated 16.12.93 and as clarifed in Circular No. 14 dated 20.12.1993
 issued by the Department of the Company Affairs.
 
 (ii) In respect of assets on hand as on 31.12.93 at the rates in force
 prior to the abovementioned notifcation.
 
 4.  INVENTORIES:
 
 Raw materials and consumable Stores are valued at cost. Finished and
 Semi Finished goods are valued at lower of cost or market value.
 
 5.  REVENUE RECOGNITION:
 
 In case of Sales of Goods  When the property and all signifcant risk
 and rewards of ownership are transferred to the buyer or no signifcant
 uncertainty exists regarding the amount of consideration that is
 derived from the sale of goods.  It excludes amounts recovered towards
 Sales Tax and includes amount received towards processing activities
 done for other, if any.
 
 6.  TREATMENT OF EXPENDITURE DURING CONSTRUCTION PERIOD:
 
 All normal pre-production revenue expenditure including interest on
 borrowed funds till the commencement of commercial production are
 capitalized.
 
 7.  TREATMENT OF EMPLOYEES BENEFITS:
 
 Benefts payable to employees during their tenure of employment viz.
 Bonus, Leave Encashment etc are accounted on cash basis. Retirement
 benefts are accounted as and when the same become due for payment.
 
 8.  CURRENCY TRANSACTION:
 
 (i) Import and Export of goods in foreign currency are accounted at
 exchange rates prevailing on the date of payment, whenever made.
 
 (ii) Term loans in foreign currency for fnancing capital expenditure
 were accounted at rupee equivalent values on the date of loans
 disbursement. Till 31.12.2001 year-end outstanding loans were
 reconverted at the rate prevailing on Balance Sheet Date.
 
 9.  MISCELLANEOUS EXPENDITURE:
 
 The balance amount of Expenses on Exhibition Index 2011 Trade fair have
 been amortised in the current fnancial year.
 
 10.  TREATMENT OF CONTINGENT LIABILITIES/GAINS
 
 The amount of contingent losses are charged to the Proft & Loss Account
 on a reasonable estimated basis that probable future event confrm that
 an asset has been impaired or a liability has been incurred as at the
 Balance Sheet Date and contingent gains are not recognized in the
 accounts.
Source : Dion Global Solutions Limited
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