Significant Accounting Policies: A. Basis of brparation of Financial Statements: i. The Financial Statements have been brpared under the historical cost convention in which the Accounting Standards specified to be mandatory by the Institute of Chartered Accountants of India and the provisions of Companies Act 1956. ii. Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles followed by the Company. iii. Contingent liabilities, if any are taken as certified by the management and are disclosed separately in the notes to accounts. iv. Revenue & Expenses: All income and expenditure items unless otherwise stated are recognised on accrual basis. v. Material known liabilities are provided for on the basis of available information / estimates. Material items of prior period expenses, nonrecurring and extra ordinary expenses are disclosed separately. B. Inventories: Finished goods are valued at cost (net of local taxes). C. Sales: Sales excludes Sales Tax. D. Fixed Assets: Fixed Assets are stated at cost less Debrciation. E. Debrciation: Debrciation in tangible assets is provided on Straight Line Method over the useful life of assets in the manner specified in Schedule II to the Companies Act 2013. Useful Life SLM Rate of Dep Computer 3 Yrs 31.67% Furniture 8 Yrs 11.88% Trade Mark Not Ascertainable 2 Previous years figures are regrouped and rearranged wherever necessary as per Schedule VI. 3 In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated, if realised in ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amounts reasonably necessary. No personal expenses have been debited to the Profit and Loss Account. 4 Sundry Debtors, Creditors, Loans, Advances are subject to confirmation and reconciliation, if any. 5 The revised schedule VI has become effective from 1st April 2011 for the brparation of financial statements. This has significantly impacted the disclosure and brsentation made in the financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure. For S. SHAH & ASSOCIATES CHARTERED ACCOUNTANTS Shailesh K Shah) Sd/- Proprietor Mem No. : 34446 For AVI PHOTOCHEM LIMITED CIN NO. L24200MH1989PLC050913 Whole Time Director sd/- Avinash D. Vora Din No. 02454059 Chief Financial Officer sd/- Mrs. Bina K. Vora Whole Time Director sd/- Vikram A. Vora _Din No. 02454043 Company Secretary sd/- Ms. Bhavna K Patel Place : Mumbai Dated : May 30, 2015 |