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Richirich Inventures

BSE: 519230|ISIN: INE102C01020|SECTOR: Edible Oils & Solvent Extraction
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Mar 13
Accounting Policy Year : Mar '14
A.  ACCOUNTING CONCEPTS:
 
 The financial statements have been prepared to comply in all material
 aspects with the notified Accounting Standard by Companies Accounting
 Standards Rules, 2006 and the relevant provisions of the Companies Act,
 1956. The financial statements are prepared and presented on the basis
 of generally accepted accounting principles and historical cost
 convention on accrual basis. The accounting policies have been
 consistently applied by the Company and are consistent with those used
 in the previous year.
 
 B.  REVENUE RECOGNISTION:
 
 Finance Income is recognized on mercantile basis, when the income is
 accrued and due to the Company.  Dividend income is recognized on
 receipt basis.
 
 C.  FIXED ASSETS:
 
 The 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.
 
 D.  DEPRECIATION
 
 Depreciation on Fixed the assets are provided on the straight line
 method at the rates specified in Schedule XIV of the Companies Act,
 1956 and Web site (included in Computer Software) is amortized at the
 rate of 16.21% p.a. under straight line method
 
 E.  INVESTMENTS
 
 Investments are valued at cost.
 
 F.  RETIREMENT BENEFITS:
 
 Gratuity to employees will be accounted for on cash basis.
 
 In respect of provident fund and employees state insurance scheme
 contribution is not applicable to the company.
 
 G.  TAXATION
 
 Tax Expense comprises of current and deferred tax. Current tax is
 determined as the amount of tax payable in respect of taxable income
 for the financial year ended 31st March 2014. Deferred Tax is
 recognized subject to consideration of prudence in respect of deferred
 tax assets, on timing difference between taxable income and accounting
 income that originate in one period and are capable of reversal in one
 or more period.
 
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