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moneycontrol.com भारत | लेखांकन नीति > Chemicals > लेखांकन नीति फॉलोड से स्काईलीड केमिकल्स - बीएसई: 531742, NSE: N.A

स्काईलीड केमिकल्स

बीएसई: 531742  |  NSE: N.A  |  ISIN:  |  Chemicals

खोजें स्काईलीड केमिकल्स कनेक्शन सितम्बर 02
लेखांकन नीति साल : मार्च '10
i) System of accounting :-

The company follows the Mercantile System of accounting and recognizes its Income & Expenditure on accrual basis except otherwise stated contrary.

ii) FIXED ASSETS & DEPRECIATION

Fixed assets include all expenditure of capital nature and are stated at aggregate cost of acquisition, installation and commissioning expenses less cenvat credit whenever applicable. Fixed assets are stated at historical cost less accumulated depreciation.

Depreciation is provided on all depreciable assets on Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956 as amended from time to time and is calculated from the day on which the asset is installed/put to use,

iii) INVESTMENT:

Long Term Investments are valued at cost Price.

iv) VALUATION OF INVENTORIES:

The inventories are valued on the basis of following principles:

Raw material, consumable stores and packing material at cost.

Finished goods and material in process at Cost or Market Price which ever is lower.

Entire inventory is physically verified by the management at end of year. The same being of highly technical nature, reliance is placed upon certification by Management which includes competent technical personnel. The valuation and quantity including percentage of completion of WIP is accepted as per the certificate of the management.

v) REVENUE RECOGNITION:

Sales of goods is recognized as dispatch to customers. Sales does not include any duty or tax-recovery and are reflected as net of return.

vi) EXCISE DUTY:

The company accounts for excise duty on finished goods at the time of clearance, when it is actually payable

vii) CENVAT CREDIT:

Cenvat is accounted for on accrual basis.

viii) TAXES ON INCOME:

Provision for current Income tax is made on the basis of taxable income for the current accounting year in accordance with the provisions of Income Tax Act, 1961. Deferred tax assets/liabilities is calculated at the current income tax rate and is recognized on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent period . Deferred tax, assets, subject to consideration of prudence are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future income will be available against which such deferred tax assets can be realized.

ix) EMPLOYEES BENEFITS:

Contribution to define contribution scheme such as provident fund and family pension fund are charged to the profit & Loss account as incurred. Leave encashment are accounted for when employees proceeds on leave or at the time of encashment.

The Company follows the practice of accounting gratuity when the liability becomes due for payment.

x) MISCELLANEOUS EXPENDITURE :

Expenses relating to issue of shares and preliminary expenses are amortized over a period of 10 years.

xi) FOREIGN CURRENCY TRANSACTIONS:

Foreign currency assets and liabilities are translated at exchange rate prevailing on the Balance Sheet date and Foreign fluctuation loss/gain arising is adjusted in the Profit & Loss account.

xii) IMPAIRMENT OF ASSETS:

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. Impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

xiii) CONTINGENT LIABILITIES:

All liabilities have been provided for in the accounts except liabilities of a contingent nature, which have been disclosed at their estimated value in the notes on accounts.

Bills/Cheques discounted with banks/financial institutions remains outstanding at the end of the year : Rs. 0.00 (Prev.year Rs. 99.21,486/- .)

Company has given corporate guarantee Gujarat Industrial Investment Corporation Ltd., on behalf of M/s. Skylink Chemicals Pvt. Ltd. for the amount of loan disbursed to them amounting to Rs.73.06 lacs.

The Company has given collateral security to state Bank of Saurashtra, by extending charges on equitable mortgage by hypothecation of Stocks created in favour of companys banker for working capital finance granted by the banker to Skylink Chemicals Pvt. Ltd. ( A company under the same management/group) of Rs. 150 lacs.

स्रोत: रेलीगरे टेचनोवा

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