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Moneycontrol.com India | Accounting Policy > Trading > Accounting Policy followed by Muller and Phipps (India) - BSE: 501477, NSE: N.A
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Muller and Phipps (India)

BSE: 501477|ISIN: INE003F01015|SECTOR: Trading
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Muller and Phipps (India) is not listed on NSE
Mar 14
Accounting Policy Year : Mar '15
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
 
 The Financial Statements have been prepared under historical cost
 convention in accordance with the normally accepted accounting
 principles and provisions of the Companies Act, 1956.
 
 1.2 FIXED ASSETS AND DEPRECIATION
 
 i) Fixed assets are stated at acquisition cost less accumulated
 depreciation.
 
 ii) Depreciation on Tangible assets are provided by written down value
 method over the estimated useful life prescribed under part C
 Schedule II of Companies Act, 2013, keeping a residual value of 5 %.
 
 iii) Technical Know-how is depreciated equally over a period of 20
 years starting from the month in which Technical Know- how has been put
 to use.
 
 iv) Trade Marks/Brand are depreciated equally over 10 years starting
 from the month in which the Trade Marks / Brand have been acquired.
 
 v) Impairment in the carrying value of the fixed assets is recognised
 in accordance with Accounting Standard No. 28 - '' Impairment of
 Assets''.
 
 1.3 INVENTORIES
 
 i) Raw material are valued at cost on FIFO basis or net realisable
 value whichever is lower
 
 ii) Process stock is valued at material cost or net realisable value
 whichever is lower.
 
 iii) Finished goods are valued at cost or net realisable value
 whichever is lower. Cost in respect of own manufactured goods includes
 material cost, direct labour and attributable production overheads.
 
 1.4 INVESTMENTS
 
 Long-term investments are valued at cost except that any permanent
 diminution in the value thereof is recognised in the profit and loss
 account.
 
 1.5 REVENUE RECOGNITION
 
 All income and expenditure items are recognised on accrual basis.
 Payments to employees under voluntary retirement schemes are deferred
 and written off equally over a period of 5 years starting from the year
 in which payment is made.
 
 1.6 EMPLOYEE/RETIREMENT BENEFITS
 
 The Company has made arrangements with the Life Insurance Corporation
 of India through Gratuity Fund and Superannuation Fund for meeting its
 employee retirement liability. The liability for gratuity is calculated
 on basis of actuarial valuation as reduced by funded amount. Leave
 encashment benefit is provided for based on actuarial valuation basis.
 
 1.7 FOREIGN CURRENCY TRANSLATION
 
 Foreign currency revenue transactions are booked at the exchange rate
 prevailing at the date of the transaction. Exchange loss/gain on
 realisation/payment is booked to exchange fluctuation. Foreign currency
 assets and liabilities outstanding as at the year end, if any, are
 translated at the year end exchange rates.
 
 1.8 TAxATION
 
 Provision for taxes is made based on the current applicable tax rates.
 Adjustment for deferred tax is made based on the tax effect of timing
 differences resulting from the recognition of items in the financial
 statements and their allowance under the tax laws, subject to the
 consideration of prudence. The effect on deferred tax of a change in
 income tax rates is recognised in the period that includes the
 enactment date.
 
Source : Dion Global Solutions Limited
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