Home  »  Company  »  Sand Plast India  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Sand Plast (India) Ltd. Company

Mar 31, 2014

1.1 Corporate information

SAND PLAST (INDIA) LIMITED situated at DVB ash pond. Adjacent to Nagla Machi CNG station. Ring Road. New Delhi - 110002. Engaged In the Manufacturing of SAND LIME FLY ASH BRICK made up of Fly ash sand time as main raw material

1.2 Basis of accounting and preparation of financial statements

Tha financial statements have baan prepared in accordance With iha historical cost convention on the going concern basis System of accounting followed is Mercantile System .in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956. on consistent basis. Accounting policies not specilicaily referred to are consistent with generally accepted accounting principles followed by the company

1.3 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates end assumptions considered in 'the reported amounts of assets and liabilities (Including contingent liabilities and the reported income and expenses during She year The Managment believes that tie. eslimatea used in preparation of the financial statements are prudent and reasonable Future results Could differ due to these estimates ana the differences between the actual results and the usimates are recognised in the periods in which the results are known I materialise

1.4 Inventories

lnventories are valued at the lower of cost (on FIFO / weighted average basis} or the net realisable value aftar providing for obserscence and other losses where considered necessary Cost includes all charges in bringing the goods to the point of sale including Sales Tax and other levies, transit insurance and receiving charges. Work-in-'progre3s and finished goods include appropriate proportion of overheads and where applicate.

* Finished goods are valued a: cost or martial value, whichever is lower.

* Raw' materials, stores, spares and tools are valued at cost

* Work in progress is valued at cost

1.5 Cash and cash equivalents (for purposes of Cash Flow Statement)

Cash comprises cash on hard and demand deposits with banks Cash equivalents are short-term balances (with an original maferiiy of three months or less from the date of acquistion(, highly liquid investments that are readily convertible into known amounts of cash and which subject 10 insignificant risk of changes in value.

1.6 Cash flow statement

Cash flows are reported using the indirect method whereby profit / (loss) before extraordinary Items and tax is adjusted for the effects of transaction of noncash nature and any deferrals or accruals of past of future cash receipts or payments the cash flows from operating, investing and financing activities of the Company are segregatd based on lire available information.

1.7 Unpreciation and amortisation

Depreciation has been provided on the straight-line method as per the rales prescribed in Schedule XIV to the Companies Act. 1956 except in respect of the following categories of assets, in whose case the life of the assets has been assessed

1.8 Revenue recognition

Sale of goods

Revenue is reccgniispd when sales are completed which generally coincide with the casspge cf title la the customer t delivery of goods / render of services

1.9 Other income

Interest income is accounted on accrual basis Miscellaneous income is recognised as earning

1.10 Tangible fixed assets

Fixed assets except Assets at Behror and Land are carried at cost less accumulated depreciation and impairment losses if any. The cost of fixed assets includes interest on borrowings attributable to acquisiSon of quatitying fixed assets op to the date the asset is ready for its intended use and other incidental expenses incurred up to that date Exchange differences arising on restatement / sefltement of long-term foreign currency borrowings relating to acquisition of dopcaciablo fixed assets are adjusted to the oosl of the respective assets and depreciated over the remaining useful life of such, assets Machinery scares which can be Listed only ip connection with an item of fixed asset and whiste lisa is expected to be ii tegular arte cao.teiisted its Capital Work In Progress and No depriciatiion has bteen claimed on it so far subsequent expenditure relating to fixed assets is capitalised only if such expenditure results in an increase in the future benefits from such asset beyond its previously assessed standard of performance

1.11 Investments

Investments are Carried At cost

1.12 Employee benefits

Emptoyee benefits include provident fund compensated absences, long service awards arte post employment medical benefits.

Defined contribution plans

The Company's contribution to Provident Fund and ESI forte are considered as defined contribution plans and are charged as an expense as they fall due based on the amount of contribution required to be- made.

1.13 Segment reporting

As Informed by the management, me same s not applicable to the company as company has deed with only one fragment during the year (Previous year NIL segments)

1.14 Earnings par share

Basic earnings ner share is computed by dividing the profit / loss after tax (including the post tax effect of extraordinary iterms, if any by the weighted average number of equity shares outstanding during the year Diluted earnings per share is computed by dividing me profit i loss after tax (including the post tax effect of extraordinary iiems. if anyf as adjusied for dividend, interest ar.d other charges to expanse or income Mating to the tfiiutive potential equity shares, by the weighted average humtisr of equity shares considered tier deriving basic sam.rgis per share and ice weighted average number qi equity shapes wtech could have buom .ssued on the conversion of ail ullubve uol*rd>al equity shares Potsnbat equey Sh&teS are deemed te be dilutive uuly if their conversion :c equity shares would decrease the net profit per share from continuing okrdinary operations potential ftlislnie equity shares are deemed to be converted as at the begining of the period unless they nave bean issued at a later date The dilutive potential equity shares ore actuated for the proceeds receivable had the shares bean actualy issued at fair value (i a. average market value oFthe outalaocintj shsnesf Dilulsva (idtenfisij equity snares ere determned mdependeniiy lor each oeood presented The Piimner or equiiy snares sod potemcaiv dilulivu aqiily sitares are adjusted Tor share spins I reverse share splits and bonus, shares, as appropriate.

1.15 Term Loan

Secured term loan represent amount after restructuring under me B'FR scheme.

1.16 Share issues expenses

Preliminary, share issue exp and deferred; exp. are amortized over a period of 20 years only out of profit

1.17 Service tax input credit

Series lax input credit is not accounted tor in the books in the period in which the underlying service received Is not accounted and when there is no uncertainty in availing / utilising the credits.


Mar 31, 2013

1.1 Corporate information

SAND PLAST (INDIA) LIMITED situated at DVB ash pond, Adjacent to Nagla Machi CNG Station, Ring Road, New Delhi - 110002. Engaged in the Manufacturing of SAND LIME FLY ASH BRICK made up of Fly ash , sand, lime as main raw material.

1.2 Basis of accounting and preparation of financial statements

The financial statements have been prepared in accordance with the historical cost convention on the going concern basis. System of accounting followed is Mercantile System in accordance with the generally accepted accounting principles and the provisions of the Companies Act''1956, on consistent basis. Accounting policies not specifically referred to are consistent with generally accepted accounting principles followed by the company.

1.3 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

1.4 Inventories

Inventories are valued at the lower of cost (on FIFO / weighted average basis) or the net realisable value after providing for obsolescence and other losses, where considered necessary. Cost includes all charges in bringing the goods to the point of sale, including Sales Tax and other levies, transit insurance and receiving charges. Work-in-progress and finished goods include appropriate proportion of overheads and, where applicable.

- Finished goods are valued at cost or market value, whichever is lower.

- Raw materials, stores, spares and tools are valued at cost.

- Work in progress is valued at cost

1.5 Cash and cash equivalents (for purposes of Cash Flow Statement)

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

1.6 Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

1.7 Depreciation and amortisation

Depreciation has been provided on the straight-line method as per the rates prescribed in Schedule XIV to the Companies Act, 1956 except in respect of the following categories of assets, in whose case the life of the assets has been assessed.

1.8 Revenue recognition ''

Sale of goods

Revenue is recognized when sales are completed which generally coincide with the passage of title to the customer I delivery of goods / rendering of services.

1.9 Other income

Interest income Is accounted on accrual basis. Miscellaneous income is recognised as earning.

1.10 Tangible fixed assets

Fixed assets, except Assets at Behror and Land are carried at cost less accumulated depreciation and impairment losses, if any. The cost of fixed assets includes interest on borrowings attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use and other incidental expenses incurred up to that date. Exchange differences arising on restatement / settlement of long-term foreign currency borrowings relating to acquisition of depreciable fixed assets are adjusted to the cost of the respective assets and depreciated over the remaining useful life of such assets. Machinery spares which can be used only in connection with an item of fixed asset and whose use is expected to be irregular are capitalised as Capital Work In Progress and No depriciation has been claimed on it so far. Subsequent expenditure relating to fixed assets is capitalised only if such expenditure results in an increase in the future benefits from such asset beyond its previously assessed standard of performance.

1.11 Investments

Investments are Carried At cost

1.12 Employee benefits

Employee benefits include provident fund, compensated absences, long service awards and post-employment medical benefits.

Defined contribution plans

The Company''s contribution to Provident Fund and ESI fund are considered as defined contribution plans and are charged as an expense as they fall due based on the amount of contribution required to be made.

1.13 Segment reporting

As informed by the management, the same is not applicable to the company, as company has dealt with only one segment during the year. (Previous year - NIL segments).

1.14 Earnings per share

Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date. The dilutive potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. average market value of the outstanding shares). Dilutive potential equity shares are determined independently for each period presented. The number of equity shares and potentially dilutive equity shares are adjusted for share splits / reverse share splits and bonus shares, as appropriate.

1.15 Term Loan

Secured term loan represent amount after restructuring under the BIFR scheme.

1.16 Share issues expenses ''

Preliminary, share issue exp. and deferred exp. are amortized over a period of 20 years only out of profit.

1.17 Service tax input credit

Service tax input credit is not accounted for in the books in the period in which the underlying service received is not accounted and when there is no uncertainty in availing / utilising the credits.


Mar 31, 2011

1.1 ACCOUNTING CONVENTION

The financial statements have been prepared in accordance with the historical cost convention on the going concern basis. System of accounting followed is Mercantile System in accordance with the generally accepted accounting principles and the provisions of the Companies Act'1956, on consistent basis. Accounting policies not specifically referred to are consistent with generally accepted accounting principles followed by the company.

1.2 FIXED ASSETS

Fixed assets are recorded at cost or are based on payments in case of hire purchase and are stated at historical cost less depreciation.

1.3 DEPRECIATION

Depreciation is charged on straight-line method on pro-rata basis in accordance with the rates specified in Schedule-XIV of the Companies Act'1956.

1.4 REVENUE RECOGNITION

Revenue is recognized when sales are completed which generally coincide with the passage of title to the customer / delivery of goods / rendering of services.

1.5 INVENTORIES

- Finished goods are valued at cost or market value, whichever is lower.

- Raw materials, stores, spares and tools are valued at cost.

- Work in progress is valued at cost

1.6 Preliminary, share issue exp. and deferred exp. are amortized over a period of 20 years only out of profit. 2.0 Secured term loans represent amount after restructuring under the BIFR Scheme.


Mar 31, 2010

1.1 ACCOUNTING CONVENTION

The financial statements have been prepared in accordance with the historical cost convention on the going concern basis. System of accounting followed is Mercantile System in accordance with the generally accepted accounting principles and the provisions of the Companies Act 1956, on consistent basis. Accounting policies not specifically referred to are consistent with generally accepted accounting principles followed by the company.

1.2 FIXED ASSETS

Fixed assets are recorded at cost or are based on payments in case of hire purchase and are stated at historical cost less depreciation.

1.3 DEPRECIATION

Depreciation is charged on straight-line method on pro-rata basis in accordance with the rates specified in Schedule-XIV of the Companies Act1956.

1.4 REVENUE RECOGNITION

Revenue is recognized when sales are completed which generally coincide with the passage of title to the customer/ delivery of goods / rendering of services.

1.5 INVENTORIES

- Finished goods are valued at cost or market value, whichever is lower.

- Raw materials, stores, spares and tools are valued at cost.

- Work in progress is valued at cost

1.6 Preliminary, share issue exp. and deferred exp. are amortized over a period of 20 years only out of profit. 2.0 Secured term loans represent amount after restructuring under the BIFR Scheme.


Mar 31, 2000

1.1 ACCOUNTING CONVENTION

The financial statements have been prepared in accordance with the historical cost convention.

1.2 FIXED ASSETS

Fixed Assets are recorded at cost or are based on payments in case of Hire Purchase and are stated at historical cost less depreciation.

1.3 DEPRECIATION

Depreciation has been charged on straight line method on propata basis in accordance with the rates specified in Schedule-XIV of the Companies Act,1956, on assets in use as certified by the management.

1.4 REVENUE RECOGNITION

Revenue is recognised when sales are completed which generally coincides with the passage of title to the customer/delivery of goods/rendering of services.

1.5 INVENTORIES

- Finished goods are valued at cost or market value;, whichever is lower.

- Raw materials are valued at cost.

- Work in progress is valued at cost.

- Stores, spares and tools are valued at cost.

- Cost includes direct and manufacturing cost in case of work in progress and finished goods.

1.6 Preliminary and share issue expenses are amortized over a period of 20 years out of profits.

Find IFSC