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Accounting Policies of Jaykay Enterprises Ltd. Company

Mar 31, 2015

1. Accounting Concepts

The Financial Statements are prepared under the historical cost convention on accrual basis and in accordance with the applicable mandatory Accounting Standards.

2. Fixed Assets

Gross Block of Fixed Assets is stated at Historical Cost.

3. Depreciation & Impairment of Loss

(a) Depreciation on Fixed Assets is provided at the Straight Line Method rates prescribed in Schedule II to the Companies Act, 2013.

(b) An impairment loss is recognised wherever the carrying amount of an asset exceeds its estimated recoverable amount.

4. Investments

Investments are stated at cost. Quoted investments purchased before 31.03.1990 are stated at book value based on market value as on 31.03.1990. Provision for diminution, other than temporary, is determined and made from time to time to recognise the decline in the value of investments.

5. Inventories

Inventories are stated "at cost or net realisable value, whichever is lower". Cost comprises all cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost formula used are "First-in-First-out" or "Average Cost" as applicable.

6. Revenue Recognition

Revenue is generally recognised when no significant uncertainty as to its measurability or collectability exists.

7. Retirement benefits

The Company's contributions to Provident Fund and Superannuation Fund are charged to Profit & Loss Account. Contribution to Gratuity Fund and provision for Leave Encashment are made on the basis of Actuarial Valuation Report and charged to Profit & Loss Account.


Mar 31, 2014

1. Accounting Concepts

The Financial Statements are prepared under the historical cost convention on accrual basis and in accordance with the applicable mandatory Accounting Standards.

2. Fixed Assets

Gross Block of Fixed Assets is stated at Historical Cost.

3. Depreciation & Impairment of Loss

(a) Depreciation on Fixed Assets is provided at the Straight Line Method rates prescribed in Schedule XIV to the Companies Act, 1956.

(b) An impairment loss is recognised wherever the carrying amount of an asset exceeds its estimated recoverable amount.

4. Investments

Investments are stated at cost. Quoted investments purchased before 31.03.1990 are stated at book value based on market value as on 31.03.1990. Provision for diminution, other than temporary, is determined and made from time to time to recognise the decline in the value of investments.

5. Inventories

Inventories are stated "at cost or net realisable value, whichever is lower". Cost comprise all cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost formula used are "First-in-First-out" or "Average Cost" as applicable.

6. Revenue Recognition

Revenue is generally recognised when no significant uncertainty as to its measurability or collectability exists.

7. Retirement benefits

The Company''s contributions to Provident Fund and Superannuation Fund are charged to Profit & Loss Account. Contribution to Gratuity Fund and provision for Leave Encashment are made on the basis of Actuarial Valuation Report and charged to Profit & Loss Account.


Mar 31, 2013

1. Accounting Concepts

The Financial Statements are prepared under the historical cost convention on accrual basis and in accordance with the applicable mandatory Accounting Standards.

2. Fixed Assets

Gross Block of Fixed Assets is stated at Historical Cost.

3. Depreciation & Impairment of Loss

(a) Depreciation on Fixed Assets is provided at the Straight Line Method rates prescribed in Schedule XIV to the Companies Act, 1956.

(b) An impairment loss is recognised wherever the carrying amount of an asset exceeds its estimated recoverable amount.

4. Investments

Investments are stated at cost.Quoted investments purchased before 31.03.1990 are stated at book value based on market value as on 31.03.1990. Provision for diminution, other than temporary, is determined and made from time to time to recognise the decline in the value of investments.

5. Inventories

Inventories are stated "at cost or net realisable value, whichever is lower". Cost comprise all cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.Cost formula used are "First-in-First-out" or "Average Cost" as applicable.

6. Revenue Recognition

Revenue is generally recognised when no significant uncertainty as to its measurability or collectability exists.

7. Retirement benefits

The Company''s contributions to Provident Fund and Superannuation Fund are charged to Profit & Loss Account.Contribution to Gratuity Fund and provision for Leave Encashment are made on the basis of Actuarial Valuation Report and charged to Profit & Loss Account.


Mar 31, 2012

1. Accounting Concepts

The Financial Statements are prepared under the historical cost convention on accrual basis and in accordance with the applicable mandatory Accounting Standards.

2. Fixed Assets

Gross Block of Fixed Assets is stated at Historical Cost.

3. Depreciation & Impairment of Loss

(a) Depreciation on Fixed Assets is provided at the Straight Line Method rates prescribed in Schedule XIV to the Companies Act, 1956.

(b) An impairment loss is recognised wherever the carrying amount of an asset exceeds its estimated recoverable amount.

4. Investments

Investments are stated at cost.Quoted investments purchased before 31.03.1990 are stated at book value based on market value as on 31.03.1990. Provision for diminution, other than temporary, is determined and made from time to time to recognise the decline in the value of investments.

5. Inventories

Inventories are stated "at cost or net realisable value, whichever is lower". Cost comprise all cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.Cost formula used are "First-in-First-out" or "Average Cost" as applicable.

6. Revenue Recognition

Revenue is generally recognised when no significant uncertainty as to its measurability or collectability exists.

7. Retirement benefits

The Company's contributions to Provident Fund and Superannuation Fund are charged to Profit & Loss Account. Contribution to Gratuity Fund and provision for Leave Encashment are made on the basis of actual liability and charged to Profit & Loss Account.


Mar 31, 2011

Not Available


Mar 31, 2010

(Rupees in Thousands)

1. The amount of contingent liabilities in respect of claims against the company not acknowledged as debts is Rs. 19646 (2008-09 Rs.19646).

In respect of disputed demands, pending appeals with Appellate Authorities, pertaining to Excise Duty amounting to Rs.27606 (2008- 09 Rs. 27606), Income Tax Rs.11279 (2008-09 Rs.22594) and Trade Tax Rs.1469 (2008-09 Rs.1469) and custom duty & penalty Rs.87261 (2008-09 Rs. Nil) no provision has been considered necessary by the management.

3 Sundry debtors considered good includes Rs. 34500 recoverable from Arfat Petrochemicals Pvt. Ltd. for sale of Kota assets in the year 2004-05.

4 In view of the reliefs granted by the Appellate Authorities in respect of various earlier years no provision for Income Tax liability for the current year is considered necessary by the management.

5 Extra Ordinary Items include income in respect of suppliers/customers balances written back Rs. 70100 and excess provision written back Rs.48523. Expenditure under this head includes bad debts / advances written off Rs. 49383 and suppliers / customers balances written off Rs. 3086.

6 In pursuance of Honble Allahabad High Court Order dated 18.12.2009, Equity Share Capital of the Company has been reduced from Rs. 742695 divided into 74269503 Equity Shares of Rs. 10/- each to Rs.37135 divided into 37134752 Equity Shares of Re. 1/- each fully paid up. The opening balances in Capital Reserve Rs. 156, Capital Redemption Reserve Rs.70486, Share Premium Account Rs. 706366 and Forfeited Shares Account Rs. 778 stand reduced to nil. The amount of reduction in Equity Shares Capital Rs. 705560 and opening balances in the aforesaid reserves have been set off / adjusted against the accumulated losses of the company during the year. Consequently opening debit balance of Profit & Loss Account representing accumulated losses of Rs. 1674251 stands reduced to Rs. 190903.

7. Deferred Tax assets have not been recognized considering the principle of virtual certainty as stated in the Accounting Standard AS-22 - Accounting for taxes on income.

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