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Accounting Policies of Sacheta Metals Ltd. Company

Mar 31, 2015

(1) Basis of Preparation of Financial Statements :

(a) The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and comply with the Accounting Standards issued by the Institute of Chartered Accountants of India and referred to Section 129 & 133 of the companies Act, 2013.

(b) The Company generally follows mercantile system of accounting and recognizes significant items of income and expenditure on accrual basis.

(2) Fixed Assets :

(a) All the fixed assets of the Company as on16th April, 1994 had been revalued. The original cost of these assets is replaced by revalued amount.

(b) Other fixed assets , acquired after 16-04-94 are stated at their original cost.

(3) Depreciation :

Depreciation has been provided based on life assigned to each asset in accordance with Schedule II of the Companies Act, 2013.

(4) Investments :

Investments are stated in the books at cost.

(5) Inventories :

Inventories are valued at cost or market price whichever is lower.

(6) Treatment of retirement benefits :

Retirement benefits are recorded on cash basis.

(7) Revenue Recognition :

Revenue Income is recognized on accrual basis.


Mar 31, 2014

(1) Basis of Preparation of Financial Statements :

(a) The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and the provisions of the companies Act, 1956 as adopted consistently by the Company except for certain fixed assets which are revalued.

(b) The Company generally follows mercantile system of accounting and recognizes significant items of income and expenditure on accrual basis.

(2) Fixed Assets :

(a) All the fixed assets of the Company as on16th April, 1994 had been revalued. The original cost of these assets is replaced by revalued amount.

(b) Other fixed assets , acquired after 16-04-94 are stated at their original cost.

(3) Depreciation :

1) The Company provides depreciation on all the fixed Assets acquired before 01-04-96 including revalued assets on straight line Method at the rates specified in the schedule XIV of the Companies Act, 1956, as amended vide Notification GSR No. 766 (756) (E) dated 16-12-93 of Government of India.

Depreciation as above on fixed Assets have been calculated as under :

Sr. No. Type of Assets Basis

a) Revalued Assets as on 16th April,1994 Revalued Amount

b) Assets acquired after 16th April, 1994 Original Cost

2) The Company has calculated depreciation on assets acquired after 01-04-96 on W.D.V method at the rates specified in the schedule XIV of the Companies Act, 1956.

(4) Investments :

Investments are stated in the books at cost.

(5) Inventories :

Inventories are valued at cost or market price whichever is lower.

(6) Treatment of retirement benefits :

Retirement benefits are recorded on cash basis.

(7) Revenue Recognition :

Revenue Income is recognised on accrual basis.

(8) Deferred Tax Assets / (Liabilities) : (Rs. in Lacs) Current Year Previous Year Net Effect

Depreciation Unabsorbed Dep (61.00) (54.88) (6.12)

(9) There was no impairment loss on fixed assets on the basis of review carried out by the Management in accordance with AS – 28 issued by the Institute of Chartered Accountants of India.

c. Terms / Rights attached to equity shares :

The Company has Equity Shares having a par value of Rs. 10 per share. Each holder of Equity Share is entitled to one vote per share.


Mar 31, 2012

(1) Basis of Preparation of Financial Statements :

(a) The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and the provisions of the companies Act, 1956 as adopted consistently by the Company except for certain fixed assets which are revalued.

(b) The Company generally follows mercantile system of accounting and recognizes significant items of income and expenditure on accrual basis.

(2) Fixed Assets:

(a) All the fixed assets of the Company as on16lh April, 1994 had been revalued. The original cost of these assets is replaced by revalued amount.

(b) Other fixed assets , acquired after 16-04-94 are stated at their original cost.

(3) Depreciation :

1) The Company provides depreciation on all the fixed Assets acquired before 01-04-96 including revalued assets on straight line Method at the rates specified in the schedule XIV of the Companies Act, 1956, as amended vide Notification GSR No. 766 (756) (E) dated 16-12-93 of Government of India.

2) The Company has calculated depreciation on assets acquired after 01-04-96 on W.D.V method at the rates specified in the schedule XIV of the Companies Act, 1956.

3) The Company has started new division for manufacturing aluminum sheets and coils. The commercial production of the same was started from 15/1/2008. The Depreciation on this plant is calculated W.D.V. method on pro-rata basis at the rates specified in the schedule XIV of the Companies Act, 1956.

(4) Investments:

Investments are stated in the books at cost.

(5) Inventories:

Inventories are valued at cost or market price whichever is lower.

(6) Treatment of retirement benefits :

Retirement benefits are recorded on cash basis.

(7) Revenue Recognition :

Revenue Income is recognised on accrual basis.


Mar 31, 2010

(1) Basis of Preparation of Financial Statements.

(a) The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and the provisions of the companies Act, 1956 as adopted consistently by the Company except for certain fixed assets which are revalued.

(b) The Company generally follows mercantile system of accounting and recognizes significant items of income and expenditure on accrual basis.

(2) Fixed Assets

(a) All the fixed assets of the Company as on16Th April, 1994 had been revalued. The original cost of these assets is replaced by revalued amount.

(b) Other fixed assets , acquired after 16-04-94 are stated at their original cost.

2) The Company has calculated depreciation on assets acquired after 01-04-96 on W.D.V method at the rates specified in the schedule XIV of the Companies Act, 1956.

3) The Company has started new division for manufacturing aluminum sheets and coils. The commercial production of the same was started from 15/1/2008. The Depreciation on this plant is calculated W.D.V. method on pro-rata basis at the rates specified in the schedule XIV of the Companies Act, 1956.

(4) Investments

Investments are staled in the books at cost.

(5) Inventories

Inventories are valued at cost or market price whichever is lower.

(6) Treatment of retirement benefits Retirement benefits are recorded on cash basis.

(7) Revenue Recognition

Revenue Income is accounted on cash basis.

(9) There was no impairment loss on fixed assets on the basis of review carried out by the Management in accordance with AS-28 issued by the Institute of Chartered Accountants of India.

 
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