Mar 31, 2015
I. Corporate Information :-
Samyak International Limited (the company) is a public company
domiciled in India and incorporated under the provisions of the
Companies Act, 2013. Its shares are listed on two stock exchanges in
India. The company is engaged in the trading in petroleum product and
other commodities. The company caters to domestic markets only. Company
is having Registered Office in Mumbai and Corporate Office at Indore,
books are kept at Corporate Office.
ii. Basic of Preparation :-
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
Section 133 of the Companies Act, 2013 read with Rule 7 of the
Companies (Accounts) Rules, 2014 and the relevant provisions of the
Companies Act, 2013 ("the 2013 Act")/Companies Act, 1956 ('the 1956
Act'), as applicable. The accounting poicies adopted in the preparation
of the financial statements are consistent with those followed in the
previous year.
iii. Revenue Recognition :-
1. Income, Expenditure and debit & credit notes are generally
recognized on accrual basis except tax demand which is recognized on
Cash basis.
2. Company is a trading Company, during the financial year it has
excited trade in various commodities as well as in Shares.
3. Interest and other income has been recognized on Accrual basis.
4. Company is having Head Office at Mumbai, all the accounts of the
Head Office has been merged at the end of the year
iv. Fixed Assets :- Tangible
Fixed Assets are stated at Cost less depreciation.
v. Depreciation :- 1. Depreciation on Fixed Assets :- Depreciation on
tangible fixed assets has been provided on the straight-line method as
per the useful life prescribed in Schedule II to the Companies Act,
2013 recalculated as per new norms and accounted for accordingly.
vi. Investments/Stock in Trade :-
1. Investments are classified as long term and Current. Long term
investments are carried at cost less provision for other than temporary
diminution, if any, in value of such investments. Current investment
are carried at lower of cost and fear value.
2. Stock in trade of the scraps have been maintained on the basis of
first in first out method.
3. Inventories : Closing stock of various commodities is Rs.39.14 Lacs
and closing stock of share is Rs. 25.42 Lacs.
4. Borrowing Cost : Borrowing cost i.e. interest on vechile loans are
recognized as revenue expenditure.
I. Terms / Rights attached to equity shares
The Number of equity shares at the beginning of the year and end of the
year is 6247200 and there is no change during the year. The Company
has only one class of equity shares. Each Shares has a paid up value of
Rs. 10/- every share holder is entitled to one vote per share.
By virture of holding 51% or more Alpha Tar Industries Pvt. Ltd. has
become Subsidiary Co. of the Saymak International Ltd..
Mar 31, 2014
Note No. 20
Accouting policies and notes forming part of the Balance Sheet and
Profit and Loss Account for the year ended 31st March, 2014.
i. Corporate Information :-
Samyak International Limited (the company) is a public company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on two stock exchanges in
India. The company is engaged in the trading in petroleum product and
other commodities. The company caters to domestic markets only.
ii. Basic of Accounting :-
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rule, 2006 (as amended) and
the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an actual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statement are consistent with those of the previous year During the
year ended 31.03.14 the revised schedule VI notified under the Indian
companies Act. 1956 has become applicable to the company for
preparation and presentation of its financial statement. The adoption
of revised schedule VI does not impact recognition and measurment
principals followed for prepration of financial statements however, it
has significant impact on presentation and disclousure made in the
financial statements.The previous year''s figures have also been
reclassified accordingly.
iii. Revenue Recognition :-
1. Dividend income has been recognised on Receipt basis.
2. Company is a trading Company, during the finanicial year it has
excuted trade in various commodities as well as in Shares.
3. Interest and other income has been recognised on Accrual basis.
4. Company is having Branch Office at Mumbai, all the accounts of the
Branch has been merged at the end of the year
iv. Fixed Assets :-
Fixed Assets are stated at Cost less depreciation.
v. Depreciation :- 1. Depreciation on Fixed Assets :- Depreciation on
Fixed Assets, Excluding Assets on lease is provided in accordance with
Section 205 (2) (b) of the Companies Act, 1956 as amended from time to
time.
2. Depreciation is provided on pro-rate basis from the day on which
assets have been put to use or upto the day on which the assets have
been disposed off, as the case may be.
vi. Investments/Stock in Trade :-
1. Investments are valued at cost.
2. Stock in trade of the scrips have been maintained on the basis of
first in first out method.
3.Inventories : Closing stock of various commodities is Rs.8870423/-
and closing stock of share is Rs. 7121150/-
Mar 31, 2013
I. Corporate Information :-
Samyak International Limited (the company) is a public company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on two stock exchanges in
India. The company is engaged in the trading in petroleum product and
other commodities. The company caters to domestic markets only.
ii. Basic of Accounting :-
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rule, 2006 (as amended) and
the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an actual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statement are consistent with those of the previous year
During the year ended 31.03.13 the revised schedule VI notified under
the Indian companies Act. 1956 has become applicable to the company for
preparation and presentation of its financial statement. The adoption
of revised schedule VI does not impact recognition and measurment
principals followed for prepration of financial statements however, it
has significant impact on presentation and disclousure made in the
financial statements.The previous year''s figures have also been
reclassified accordingly.
iii. Revenue Recognition :-
1. Dividend income has been recognised on Receipt basis.
2. Company is a trading Company, during the finanicial year it has
excuted trade in various commodities as well as in Shares.
3. Interest and other income has been recognised on Accrual basis.
4. Company is having Branch Office at Mumbai, all the accounts of the
Branch has been merged at the end of the year iv. Fixed Assets :-
Fixed Assets are stated at Cost less depreciation. v. Depreciation :-
1. Depreciation on Fixed Assets :- Depreciation on Fixed Assets,
Excluding Assets on lease is provided in accordance with Section 205
(2) (b) of the Companies Act, 1956 as amended from time to time.
2. Depreciation is provided on pro-rate basis from the day on which
assets have been put to use or upto the day on which the assets have
been disposed off, as the case may be.
vi. Investments/Stock in Trade :-
1. I nvestments are valued at cost.
2. Stock in trade of the scrips have been maintained on the basis of
first in first out method.
3. Inventories : Closing stock of various commodities is Rs.4009460
and closing stock of share is Rs.8211613
Mar 31, 2010
I. Accounting Conventions :-
The accounts are prepared on accrual basis under the historical cost
convention. The financial statements comply with the mandatory
accounting standards issued by the institute of Chartered Accountants
of India and are in accordance with the provisions of the Companies
Act, 1956.
ii. Revenue Recognition :-
1. Dividend income has been recognised on Receipt basis.
2. Company is a trading Company, during the finanicial year it has
excuted trade in various commodities as well as in Shares.
3. Interest and other income has been recognised on Accrual basis.
iii. Fixed Assets :-
Fixed Assets are stated at Cost less depreciation. iv. Depreciation :-
1. Depreciation on Fixed Assets:- Depreciation on Fixed Assets,
Excluding Assets on lease is provided in accordance with Section 205
(2) (b) of the Companies Act, 1956 as amended from time to time.
2. Depreciation is provided on pro-rate basis from the day on which
assets have been put to use or upto the day on which the assets have
been disposed off, as the case may be.
v. Investments/Stock in Trade :-
1 .Investments are valued at cost.
2.Stock in trade is valued at cost or Realisable value whichever is
lower on an individual scrip basis.
3.Stock in trade of the scrips have been maintained on the basis of
first in first out method.
4.lnventories : Closing stock of various commodities is Rs. 10.84 Lacs
and closing stock of share is Rs.75.36 Lacs.
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