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Accounting Policies of Samyak International Ltd. Company

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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