Accounting Policies of Vegepro Foods and Feeds Ltd. Company

Mar 31, 2014

I. Fixed Assets

Fixed assets are stated at their original cost including Freight, Duties, Taxes and other incidental cost related to acquisition and installation. Also refer to Note 3 below.

II. Depreciation

Depreciation on Fixed Assets other than Plant and Machinery has been provided on written down value method and on Plant and Machinery on straight line method in accordance with the rates and manner specified in Schedule XIV to the Companies Act, 1956 (as amended). Leasehold land is amortized over the life of the lease.

III. Gratuity

In keeping with practice generally followed by in the Company, Provision for gratuity is made in respect of employees who have completed five years of service with the Company on the basis of last salary drawn for half month''s salary for every completed year of service.

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Mar 31, 2013

I. Fixed Assets

Fixed assets are stated at their original cost including Freight, Duties, Taxes and other incidental cost related to acquisition and installation. Also refer to Note 3 below.

II. Depreciation

Depreciation on Fixed Assets other than Plant and Machinery has been provided on written down value method and on Plant and Machinery on straight line method in accordance with the rates and manner specified in Schedule XIV to the Companies Act, 1956 (as amended). Leasehold land is amortized over the life of the lease.

III. Gratuity

In keeping with practice generally followed by in the Company, Provision for gratuity is made in respect of employees who have completed five years of service with the Company on the basis of last salary drawn for half month''s salary for every completed year of service.

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Mar 31, 2012

I. Fixed Assets

Fixed assets are stated at their original cost including Freight, Duties, Taxes and other incidental cost related to acquisition and installation. Also refer to Note 3 below.

II. Depreciation

Depreciation on Fixed Assets other than Plant and Machinery has been provided on written down value method and on Plant and Machinery on straight line method in accordance with the rates and manner specified in Schedule XIV to the Companies Act, 1956 (as amended). Leasehold land is amortized over the life of the lease.

III. Inventory

Inventories are valued as follows:

Raw materials and Packing materials Stores and spare parts - At Cost Finished Goods - At lower of cost or net realisable value

IV. Investments

Investments are valued at cost. Earnings from investments are accounted for on accrual basis

V. Revenue

Revenue from sale of goods is recognised on dispatch of goods from the factory/depots or consignee agents. Insurance claims are accounted for on admittance of the claim by the relevant authorities.

VI. Gratuity

In keeping with practice generally followed by in the Company, Provision for gratuity is made in respect of employees who have completed five years of service with the Company on the basis of last salary drawn for half month's salary for every completed year of service.

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Mar 31, 2011

I Fixed Assets

Fixed assets are stated at their original cost including Freight, Duties, Taxes and other incidental cost related to acquisition and installation. Also refer to Note 3 below.

II. Depreciation

Depreciation on Fixed Assets other than Plant and Machinery has been provided on written down value method and on Plant and Machinery on straight line method in accordance with the rates and manner specified in Schedule XIV to the Companies Act, 1956 (as amended). Leasehold land is amortized over the life of the lease.

III. Inventory

Inventories are valued as follows:

Raw materials and Packing materials Stores and spare parts - At Cost

Finished Goods - At lower of cost or net realisable value

IV. Investments

Investments are valued at cost. Earnings from investments are accounted for on accrual basis.

V. Revenue

Revenue from sale of goods is recognised on dispatch of goods from the factory/depots or consignee agents. Insurance claims are accounted for on admittance of the claim by the relevant authorities.

VI. Gratuity

In keeping with practice generally followed by the Company, Provision for gratuity is made in respect of employees who have completed five years of service with the Company on the basis of last salary drawn for half month's salary for every completed year of service.

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Mar 31, 2010

I. Fixed Assets

Fixed assets are stated at their original cost including Freight, Duties, Taxes and other incidental cost related to acquisition and installation. Also refer to Note 3 below.

II. Depreciation

Depreciation on Fixed Assets other than Plant and Machinery has been provided on written down value method and on Plant and Machinery on straight line method in accordance with the rates and manner specified in Schedule XIV to the Companies Act, 1956 (as amended). Leasehold land is amortized over the life of the lease.

III. Inventory

Inventories are valued as follows :

Raw materials and Packing materials, Stores and Spare parts - At Cost

Finished Goods - At lower of cost or net realisable value

IV. Investments

Investments are valued at cost. Earnings from investments are accounted for on accrual basis.

V. Revenue

Revenue from sale of goods is recognised on dispatch of goods from the factory/depots or consignee agents. Insurance claims are accounted for on admittance of the claim by the relevant authorities.

VI. Gratuity

In keeping with practice generally followed by the Company, provision for gratuity is made in respect of employees who have completed five years of service with the Company on the basis of last salary drawn for half months salary for every Completed year of service.In the current year the company has written back provision for gratuity amounting to Rs.2.74 lacs (net) as considered not required by the Company.

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Mar 31, 2009

I. Fixed Assets

Fixed assets are stated at their original cost including Freight, Duties, Taxes and other incidental cost related to acquisition and installation. Also refer to Note 3 below.

II. Depreciation

Depreciation on fixed assets other than Plant and Machinery has been provided on written down value method and on Plant and Machinery on straight line method in accordance with the rates and manner specified in Schedule XIV to the Companies Act, 1956 (as amended). Leasehold land is amortized over the life of the lease.

III. Inventory

Inventories are valued as follows :

Raw materials and Packing materials Stores and spare parts - At Cost

Finished Goods - At lower of cost or net realisable value

IV. Investments

Investments are valued at cost. Earnings from investments are accounted for on accrual basis.

V. Revenue

Revenue from sale of goods is recognised on dispatch of goods from the factory/depots or consignee agents. Insurance claims are accounted for on admittance of the claim by the relevant authorities.

VI. Gratuity

In keeping with practice generally followed by the Company, Provision for gratuity is made in respect of employees who have completed five years of service with the Company on the basis of last salary drawn for half months salary for every completed year of service.