Home  »  Company  »  SAB Industries  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of SAB Industries Ltd. Company

Mar 31, 2015

A) CONVENTION

The Financial statements are prepared under the historical cost convention in accordance with the applicable Accounting standards and relevant presentational requirements of the Companies Act, 2013.

b) RECOGNISTION OF INCOMES/EXPENDITURE: -

All revenue & expenses are accounted for on accrual basis.

Work done is accounted for on the basis of certified bills, and Escalation in the year of actual receipt including Arbitration Claims received/security released during the year.

Construction scrap is accounted for on receipt basis.

Export Incentives, if any, are accounted for on receipt basis.

c) FIXED ASSETS

The Agriculture land has been stated at cost price. Other fixed assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of duties, taxes and other incidental expenses.

d) DEPRECIATION

The company have revised depreciation rates on tangible fixed assets w.e.f.April 01,2014 as per the useful life specified in the Schedule II of the Companies Act, 2013. The depreciation has been calculated based on the remaining useful life of the assets

e) INVENTORIES

1.Stocks of building materials and stores and shuttering material arevalued at cost.Inventory of Networking Equipments lying in the offices & godowns is valued at cost price. Work-in-progress is valued on proportionate basis where certified bills have been raised in the next year, and on the best estimate basis by the management where certified bills are not available.

2.Stocks of Buildings & Buildings under construction have been valued at cost.

f) RETIREMENT BENEFITS :

Gratuity and earned leave encashment have been provided for in the Books of Accounts on actuarial valuation basis at the end of the year.

g) CONTRIBUTION TO PF AND PENSION SCHEME

Contribution to PF and Pension Scheme is made in accordance with the employees Provident Fund and Misc. Provision Act, 1952.

h) INTEREST

Interest in respect of fixed deposits, margin money and Security deposits have been accounted for on accrual basis.

i) VALUATION OF INVESTMENTS

Long Term quoted and unquoted investments are stated at Cost as at the close of the year. Investments in subsidiary companies are also valued at cost. Income from Investments is accounted for when realized.

Any income or expense on account of exchange difference is recognized in the Profit and Loss Account.


Mar 31, 2014

A) CONVENTION

The Financial statements are prepared under the historical cost convention in accordance with the applicable Accounting standards and relevant presentational requirements of the Companies Act, 1956.

b) RECOGNISTION OF INCOMES/EXPENDITURE: -

All revenue & expenses are accounted for on accrual basis.

Work done is accounted for on the basis of certified bills, and Escalation in the year of actual receipt including Arbitration Claims received/security released during the year.

Construction scrap is accounted for on receipt basis.

Export Incentives, if any, are accounted for on receipt basis.

c) FIXED ASSETS

The Agriculture land has been stated at cost price. Other fixed assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of duties, taxes and other incidental expenses.

d) DEPRECIATION

Depreciation is provided for on Plant and Machinery on the basis of the life of the Machinery as specified by valuer appointed by the company in accordance with Section-205 (2) of the Companies Act, 1956 and/or on the basis of Techno Commercial evaluation made by the Company.

PARTICULARS RATES APPLIED (WDV METHOD)

Vibrators, Welding Set, Mixers, 70%

Batching Plant, Tractor Trolley, 30%

JCB Machine & Soil Compactor

Depreciation on Furniture and Fixtures, Vehicles and other equipments has been charged as per rates specified in schedule XIV of the Companies Act, 1956 as amended upto date on written down value method.

However, depreciation, in our "Infotech Division", on Plant & Machinery, Data Processing equipment, Furniture & Fixture and other assets is provided on single shift basis, straight-line method as per rates specified in Schedule XIV to the Companies Act, 1956 as amended upto date.

e) INVENTORIES

1 Stocks of building materials and stores and shuttering material are valued at cost.

Inventory of Networking Equipments lying in the offices & godowns is valued at cost price. Work- in-progress is valued on proportionate basis where certified bills have been raised in the next year, and on the best estimate basis by the management where certified bills are not available.

2 Stocks of Buildings & Buildings under construction have been valued at cost.

f) RETIREMENT BENEFITS :

Gratuity and earned leave encashment have been provided for in the Books of Accounts on actuarial valuation basis at the end of the year.

g) CONTRIBUTION TO PF AND PENSION SCHEME

Contribution to PF and Pension Scheme is made in accordance with the employees Provident Fund and Misc. Provision Act, 1952.

h) INTEREST

Interest in respect of fixed deposits, margin money and Security deposits have been accounted for on accrual basis.

i) VALUATION OF INVESTMENTS

Long Term quoted and unquoted investments are stated at Cost as at the close of the year. Investments in subsidiary companies are also valued at cost. Income from Investments is accounted for when realized.

j) FOREIGN CURRENCY FLUCTUATIONS/TRANSACTION IN FOREIGN CURRENCY

Any income or expense on account of exchange difference is recognized in the Profit and Loss Account.


Mar 31, 2013

A) CONVENTION

The Financial statements are prepared under the historical cost convention in accordance with the applicable Accounting standards and relevant presentational requirements of the Companies Act, 1956.

b) RECOGNISTION OF INCOMES/EXPENDITURE: -

All revenue & expenses are accounted for on accrual basis.

Work done is accounted for on the basis of certified bills, and Escalation in the year of actual receipt including Arbitration Claims received/security released during the year.

Construction scrap is accounted for on receipt basis.

Export Incentives, if any, are accounted for on receipt basis.

c) FIXED ASSETS

The Agriculture land has been stated at cost price. Other fixed assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of duties, taxes and other incidental expenses.

d) DEPRECIATION

Depreciation is provided for on Plant and Machinery on the basis of the life of the Machinery as specified by valuer appointed by the company in accordance with Section-205 (2) of the Companies Act, 1956 and/or on the basis of Techno Commercial evaluation made by the Company.

PARTICULARS RATES APPLIED (WDV METHOD)

Vibrators, Welding Set, Mixers, 70%

Batching Plant, Tractor Trolley, 30%

JCB Machine & Soil Compactor

Depreciation on Furniture and Fixtures, Vehicles and other equipments has been charged as per rates specified in schedule XIV of the Companies Act, 1956 as amended upto date on written down value method.

However, depreciation, in our "Infotech Division", on Plant & Machinery, Data Processing equipment, Furniture & Fixture and other assets is provided on single shift basis, straight-line method as per rates specified in Schedule XIV to the Companies Act, 1956 as amended upto date.

e) INVENTORIES

1 Stocks of building materials and stores and shuttering material are valued at cost.

Inventory of Networking Equipments lying in the offices & godowns is valued at cost price. Work- in-progress is valued on proportionate basis where certified bills have been raised in the next year, and on the best estimate basis by the management where certified bills are not available.

2 Stocks of Buildings & Buildings under construction have been valued at cost.

f) RETIREMENT BENEFITS :

Gratuity and earned leave encashment have been provided for in the Books of Accounts on actuarial valuation basis at the end of the year.

g) CONTRIBUTION TO PF AND PENSION SCHEME

Contribution to PF and Pension Scheme is made in accordance with the employees Provident Fund and Misc. Provision Act, 1952.

h) INTEREST

Interest in respect of fixed deposits, margin money and Security deposits have been accounted for on accrual basis.

i) VALUATION OF INVESTMENTS

Long Term quoted and unquoted investments are stated at Cost as at the close of the year. Investments in subsidiary companies are also valued at cost. Income from Investments is accounted for when realized.

j) FOREIGN CURRENCY FLUCTUATIONS/TRANSACTION IN FOREIGN CURRENCY

Any income or expense on account of exchange difference is recognized in the Profit and Loss Account.


Mar 31, 2012

A) CONVENTION

The Financial statements are prepared under the historical cost convention in accordance with the applicable Accounting standards and relevant presentational requirements of the Companies Act, 1956.

b) RECOGNISTION OF INCOMES/EXPENDITURE: -

All revenue & expenses are accounted for on accrual basis.

Work done is accounted for on the basis of certified bills, and Escalation in the year of actual receipt including Arbitration Claims received/security released during the year.

Construction scrap is accounted for on receipt basis.

Export Incentives, if any, are accounted for on receipt basis.

c) FIXED ASSETS

The Agriculture land has been stated at cost price. Other fixed assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of duties, taxes and other incidental expenses.

d) DEPRECIATION

Depreciation is provided for on Plant and Machinery on the basis of the life of the Machinery as specified by valuer appointed by the company in accordance with Section-205 (2) of the Companies Act, 1956 and/or on the basis of Techno Commercial evaluation made by the Company.

PARTICULARS RATES APPLIED (WDV METHOD)

Vibrators, Welding Set, Mixers, 70%

Batching Plant, Tractor Trolley, 30%

JCB Machine & Soil Compactor

Depreciation on Furniture and Fixtures, Vehicles and other equipments has been charged as per rates specified in schedule XIV of the Companies Act, 1956 as amended upto date on written down value method.

However, depreciation, in our "Infotech Division", on Plant & Machinery, Data Processing equipment, Furniture & Fixture and other assets is provided on single shift basis, straight-line method as per rates specified in Schedule XIV to the Companies Act, 1956 as amended upto date.

e) INVENTORIES

1 Stocks of building materials and stores and shuttering material are valued at cost. Inventory of Networking Equipments lying in the offices & godowns is valued at cost price. Work-in-progress is valued on proportionate basis where certified bills have been raised in the next year, and on the best estimate basis by the management where certified bills are not available.

2 Stocks of Buildings & Buildings under construction have been valued at cost.

f) RETIREMENT BENEFITS :

Gratuity and earned leave encashment have been provided for in the Books of Accounts on actuarial valuation basis at the end of the year.

g) CONTRIBUTION TO PF AND PENSION SCHEME

Contribution to PF and Pension Scheme is made in accordance with the employees Provident Fund and Misc. Provision Act, 1952.

h) INTEREST

Interest in respect of fixed deposits, margin money and Security deposits have been accounted for on accrual basis.

i) VALUATION OF INVESTMENTS

Long Term quoted and unquoted investments are stated at Cost as at the close of the year. Investments in subsidiary companies are also valued at cost. Income from Investments is accounted for when realized.

j) FOREIGN CURRENCY FLUCTUATIONS/TRANSACTION IN FOREIGN CURRENCY

Any income or expense on account of exchange difference is recognized in the Profit and Loss Account.


Mar 31, 2011

A) Convention

The financial statements are prepared under the historical cost convention in accordance with the applicable Accounting Standards and relevant presentational requirements of the Companies Act, 1956.

b) Recognition of Incomes/Expenditure

All revenue & expenses are accounted for on accrual basis.

Work done is accounted for on the basis of certified bills and Escalation in the year of actual receipt including Arbitration Claims received/security released during the year.

Construction Scrap is accounted on receipt basis.

Export Incentives, if any, are accounted for on receipt basis.

c) Fixed Assets

The agriculture land has been stated at Cost price. Other fixed assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of duties, taxes and other incidental expenses.

d) Depreciation

Depreciation is provided for on Plant and Machinery on the basis of the life of the Machinery as speified by valuer appointed by the Company in accordance with Section-205 (2) of the Companies Act, 1956 and/or on the basis of Techno Commercial evaluation made by the Company.

PARTICULARS Rates Applied (WDV Method)

Vibrators, Welding Set, Mixers 70%

Batching Plant, Tractor Trolly, 30%

JCB Machine & Soil Compactor

Depreciation on Furniture and Fixtures, Vehicles and other equipments has been charged as per rates specified in schedule XIV of the Companies Act, 1956 as amended upto date on written down value method.

However, depreciation, in our "Infotech Division", on Plant & Machinery, Data Processing equipment, Furniture & Fixture and other assets is provided on single shift basis, straight-line method as per rates specified in Schedule XIV to the Companies Act, 1956 as amended upto date.

e) Inventories

i) Stocks of building materials and stores and shuttering material are valued at cost.

Inventory of Net Working Equipments lying in the offices & godowns is valued at cost price. Work-in- progress is valued on proportionate basis where certified bills have been raised in the next year, and on the best estimate basis by the management where certified bills are not available.

ii) Stocks of Buildings & Buildings under construction have been valued at cost.

f) Retirement Benefits :

Gratuity and earned leave encashment has been provided for in the books of accounts on acturial valuation basis at the end of the year.

g) Contribution to PF and Pension Scheme

Contribution to PF and Pension Scheme is made in accordance with the employees Provident Fund and Misc. Provision Act, 1952.

h) Interest

Interest in respect of fixed deposits, margin money and Security deposits have been accounted for on accrual basis.

i) Valuation of Investments

Long Term quoted and unquoted investments are stated at cost as at the close of the year. Investments in subsidiary companies are also valued at cost. Income from Investments is accounted for when realized.

j) Foreign Currency Fluctuations/Transaction in Foreign Currency

Any income or expense on account of exchange difference is recognized in the Profit and Loss Account.


Mar 31, 2010

A) Convention

The financial statements are prepared under the historical cost convention in accordance with the applicable Accounting Standards and relevant presentational requirements of the Companies Act, 1956.

b) Recognition of Incomes/Expenditure

All revenue & expenses are accounted for on accrual basis.

Work done is accounted for on the basis of certified bills and Escalation in the year of actual receipt including Arbitration Claims received/security released during the year.

Construction Scrap is accounted on receipt basis.

Export Incentives, if any, shall be accounted on receipt basis.

c) Fixed Assets

The agriculture land has been stated at Cost price. Other fixed assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of duties, taxes and other incidental expenses.

d) Depreciation

Depreciation is provided for on Plant and Machinery on the basis of the life of the Machinery as speified by valuer appointed by the Company in accordance with Section-205 (2) of the Companies Act, 1956 and/or on the basis of Techno Commercial evaluation made by the Company.

PARTICULARS Rates Applied (WDV Method)

Vibrators, Welding Set, Mixers 70%

Batching Plant, Tractor Trolly, 30%

JCB Machine & Soil Compactor Steel Shutterings 95%

Depreciation on Furniture and Fixtures, Vehicles and other equipments has been charged as per rates specified in schedule XIV of the Companies Act, 1956 as amended upto date on written down value method.

However, depreciation, in our "Infotech Division", on Plant & Machinery, Data Processing equipment, Furniture & Fixture and other assets is provided on single shift basis, straight-line method as per rates specified in Schedule XIV to the Companies Act, 1956 as amended upto date.

e) Inventories

i) Stocks of building materials and stores and shuttering material are valued at cost.

Inventory of Net Working Equipments lying in the offices & godowns are valued at cost price. Work-in- progress is valued on proportionate basis where certified bills have been raised in the next year, and on the best estimate basis by the management where certified bills are not available.

ii) Stocks of Buildings & Buildings under construction have been valued at cost.

f) Retirement Benefits :

Gratuity and earned leave encashment has been provided for in the books of accounts on acturial valuation basis at the end of the year.

g) Contribution to PF and Pension Scheme

Contribution to PF and Pension Scheme is made in accordance with the employees Provident Fund and Misc. Provision Act, 1952.

h) Interest

Interest in respect of fixed deposits, margin money and Security deposits have been accounted for on accrual basis.

i) Valuation of Investments

Long Term quoted and unquoted investments are stated at cost as at the close of the year. Investments in subsidiary companies are also valued at cost. Income from Investments is accounted for when realized.

j) Foreign Currency Fluctuations/Transaction in Foreign Currency

Any income or expense on account of exchange difference is recognized in the Profit and Loss Account.

Find IFSC