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Accounting Policies of Kemistar Corporation Ltd. Company

Mar 31, 2012

(a). Basis of Accounting :-

The Financial Statements are prepared in accordance with the requirements of the companies Act, 1956 under the historical cost convention on an accrual basis unless otherwise stated and/ or immaterial.

(b). Revenue Recognition ;-

(i) Revenue is recognized when it is reasonably certain that it will be received.

(ii) Revenue from redemption of mutual funds has been recognized on realization basis.

(c) Fixed Assets :-

(i) Fixed assets are shown at cost less depreciation amount.

(ii) Capital work In progress has been shown at actual cost.

(d) Depreciation :-

(i) Depreciation is calculated on all the assets on Straight Line Method at the rates and manner specified under the Companies Act, 1956.

(ii) No deprecation has been provided on capital work in progress.

(e) Retirement Benefits ( AS 15 ) :-

All retirement benefits including Gratuity and Leave encashment will be recognized on cash basis. No actuarial valuations has been made

(f) Accounting for taxes on Income (AS 22):-

(a) On account of losses, the company has not made provision for income tax for the current accounting year.

(b) The Company has made accounting for Deferred tax Assets / Liabilities are Required as per AS 22.

(g) Unamortized Expenses :-

Preliminary and Pre-Operative Expenses as well as Public Issue Expenses are kem pending allocation.

(h). Contingent Liabilities ;-

These are contained under Revised Schedule VI , as presented through Annexure- 1 hereto.

(i) Prior Period Items ,and Extra-Ordinary Items :-

These are contained under Revised Schedule VI , as presented through Annexure- 1 hereto.


Mar 31, 2011

(1). Basis of Accounting:-

The Financial Statements are prepared in accordance with the requirements of the Companies Act , 1956 under the historical cost convention on an accrual basis unless otherwise stated and / or immaterial .

(2). Revenue Recognition :-

(a). Revenue is recognized when it is reasonably certain that it will be received .

(bi). Revenue from Redemption of Mutual Funds has been recognized on realization Basis.

(3). Fixed Assets :-

(a). Fixed Assets are shown at Cost less Depreciation amount.

(bi). Capital Work In Progress has been shown at actual costs.

(4). Depreciation :-

(a). Depreciation is calculated on all the fixed assets on Straight Line Method at the rates and manner specified under the Companies Act, 1956, subject to Notes provided below the relevant Schedule "G".

(b). No depreciation has been provided on Capital Work In Progress.

(5). Retirement Benefits ( AS 15 ) :-

All Retirement benefits including Gratuity will be recognized on cash basis. No actuarial valuations has been made as required under AS 15.

(6). Deferred Tax Liability /Asset(AS 22) :-

The Company has made accounting for Deferred tax Assets as per AS 22.

(7). Provision for Income Tax :-

Provision for Income tax has been made as per the calculations made by the Company.

(8). Miscellaneous Expenditure :-

Preliminary and Pre-Operative Expenses as well as Public Issue Expenses are kept pending allocation.

(9). Contingent Liabilities :-

Contingent Liabilities will be shown under Notes forming Part of Accounts.

(10). Prior- Period Items and Extra-Ordinary Items :-

These are shown directly in the Profit & Loss Account.


Mar 31, 2010

(1). Basis of Accounting :-

The Financial Statements are prepared in accordance with the requirements of the Companies Act , 1956 under the historical cost convention on an accrual basis unless otherwise stated and / or immaterial .

(2). Revenue Recognition :-

(a). Revenue is recognized when it is reasonably certain that it will be received .

(b). Revenue from Redemption of Mutual Funds has been recognized on realization basis.

(3). Fixed Assets :-

(a). Fixed Assets are shown at Cost less Depreciation .

(b). Capital Work In Progress has been shown at actual costs.

(4) Depreciation :-

(a). Depreciation is calculated on all the fixed assets on Straight Line Method at the rates and manner specified under the Companies Act, 1956. (b). No depreciation has been provided on Capital Work In Progress.

(5). Retirement Benefits ( AS 15 ) :-

All Retirement benefits including Gratuity will be recognized on cash basis. No actuarial valuations has been made as required under AS 15.

(6). Deferred Tax Liability ( AS 22 ) ;-

During the current year, the Company has made accounting for deferred tax assets as required under Accounting Standard 22. Earlier, it had no practice of making accounting for Deferred tax Assets/ Liabilities. Thus, there is change in Accounting Policy. However, it has been made for more appropriate presentation of operational results.

(7) Provision for Income Tax :-

Provision for Income tax has been made as per the calculations made by the Company,

(8). Miscellaneous Expenditure :-

Preliminary and Pre-Operative Expenses as well as Public Issue Expenses are kept pending allocation.

(9). Contingent Liabilities :-

Contingent Liabilities will be shown under Notes forming Part of Accounts.

(10). Prior- Period Items and Extra-Ordinary Items ;-

(a). Prior- Period Items are shown under Notes forming Part of Accounts. (b). Extra-Ordinary Items will be shown directly in the Profit & loss Account.

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