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Accounting Policies of Sarvamangal Mercantile Company Ltd. Company

Mar 31, 2014

A) The books of accounts are maintained on accrual basis.

b) Dividend Income in the books is accounted when right to receive the payment is established.

c) Fixed Assets are stated at historical cost.

d) Depreciation has been provided on written down value method at the rates specified in Schedule

XIV of the Companies Act, 1956.

e) Long Term Investments are stated at cost. Cost is determined on average method.

f) Stock in Trade (quoted) are shown at Cost or Market value whichever is lower.

g) Stock in Trade (unquoted) are valued at Cost.

h) Taxation

i. Income-tax expenses comprise current tax and deferred tax charge or credit.

ii. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax loss that have been enacted or substantially enacted by the Balance Sheet date.

iii. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognised, only if there is a virtual certainly of its realisation, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation.

iv. At each Balance Sheet date, the carrying amount of deferred tax assets is reviewed to reassure realisation.

i) Other Accounting Policies are consistent with generally accepted account practices.


Mar 31, 2013

A) The books of accounts are maintained on accrual basis.

b) Dividend Income in the books is accounted when right to receive the payment is established.

c) Fixed Assets are stated at historical cost.

d) Depreciation has been provided on written down value method at the rates specified in Schedule XIV of the Companies Act, 1956.

e) Long Term Investments are stated at cost. Cost is determined on average method.

f) Stock in Trade (quoted) are shown at Cost or Market value whichever is lower.

g) Stock in Trade (unquoted) are valued at Cost. h) Taxation

i. Income-tax expenses comprise current tax and deferred tax charge or credit.

ii. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax loss that have been enacted or substantially enacted by the Balance Sheet date.

iii. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognised, only if there is a virtual certainly of its realisation, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation.

iv. At each Balance Sheet date, the carrying amount of deferred tax assets is reviewed to reassure realisation.


Mar 31, 2012

A) The books of accounts are maintained on accrual basis.

b) Dividend Income in the books is accounted when right to receive the payment is established

c) Fixed Assets are stated at historical cost.

d) Depreciation has been provided on written down value method at the rates specified in Schedule XIV of the Companies Act, 1956.

e) Long Term Investments are stated at cost. Cost is determined on average method.

f) Stock in Trade (quoted) are shown at Cost or Market value whichever is lower.

g) Stock in Trade (unquoted) are valued at Cost. h) Taxation

i. Income-tax expenses comprise current tax and deferred tax charge or credit

ii. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax loss that have been enacted or substantially enacted by the Balance Sheet date.

iii. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognised, only if there is a virtual certainly of its realisation, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation.

iv. At each Balance Sheet date, the carrying amount of deferred tax assets is reviewed to reassure realisation.

h) Other Accounting Policies are consistent with generally accepted account practices.


Mar 31, 2011

A) The books of accounts are maintained on accrual basis.

b) Dividend Income in the books is accounted when right to receive the payment is established

c) Fixed Assets are stated at historical cost.

d) Depreciation has been provided on written down value method at the rates specified in Schedule XIV of the Companies Act, 1956.

e) Long Term Investments are stated at cost. Cost is determined on average method.

f) Stock in Trade (quoted) are shown at Cost or Market value whichever is lower.

g) Stock in Trade (unquoted) are valued at Cost.

h) Taxation

i. Income-tax expenses comprise current tax and deferred tax charge or credit

ii. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax loss that have been enacted or substantially enacted by the Balance Sheet date.

iii. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognised, only if there is a virtual certainly of its realisation, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation.

iv. At each Balance Sheet date, the carrying amount of deferred tax assets is reviewed to reassure realisation.

i) Other Accounting Policies are consistent with generally accepted account practices.


Mar 31, 2010

A) The books of accounts are maintained on accrual basis. b) Dividend Income in the books is accounted when right to receive the payment is established

c) Fixed Assets are stated at historical cost.

d) Depreciation has been provided on written down value method at the rates specified in Schedule XIV of the Companies Act, 1956.

e) Long Term Investments are stated at cost. Cost is determined on average method.

f) Stock in Trade (quoted) are shown at Cost or Market value whichever is lower.

g) Stock in Trade (unquoted) are valued at Cost.

h) Taxation

i. Income-tax expenses comprise current tax and deferred tax charge or credit

ii. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax loss that have been enacted or substantially enacted by the Balance Sheet date.

iii. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognised, only if there is a virtual certainly of its realisation, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation.

iv. At each Balance Sheet date, the carrying amount of deferred tax assets is reviewed to reassure realisation.

i) Other Accounting Policies are consistent with generally accepted account practices.

 
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