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Accounting Policies of Satya Miners and Transporters Ltd. Company

Mar 31, 2015

1.1 Basis of Preparation of Financial Statements

The Financial Statements have been prepared in conformity with generally accepted accounting principles to comply with the notified

1.2 Revenue Recognistion

Income and expenditure are accounted for on accrual basis . Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable. Dividend income is recognized when the shareholder's right to receive payment is established by the balance sheet date.

1.3 Investments

Long-term Investments are carried at acquisition cost. Investments intended to be held for less than one year are classified as 'Current Investments' and carried at lower of cost and net realizable value. Provision for diminution in value is made if the decline in value is other than temporary in nature in the opinion of the management.

1.4 Taxes on Income

Provision for Income Tax is made on the basis of estimated taxable income for the period at current rates. Tax expense comprises both Current Tax and Deferred Tax at the applicable enacted or substantively enacted rates. Current Tax represents the amount of Income Tax payable/ recoverable in respect of taxable income/ loss for the reporting period. Deferred Tax represents the effect of timing

1.5 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the Notes. Contingent Assets are neither recognised nor disclosed in the financial statements.

1.6 Inventories

Inventories of shares are valued at cost computed on FIFO Basis or fair value, which ever is lower.

1.7 Earnings per share

(A) Earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders, by the weighted average number of equity shares outstanding during the year.

(B) For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and weighted average number of shares outstanding during the year is adjusted for the effects of all dilutive potential equity shares.

Fixed assets are stated at cost less accumulated depreciation and impairment, if any. Cost comprises the purchase price inclusive of duties, taxes, and incidental expenses upto the date, the asset is ready for its intended use

1.9 Depreciation

- Depreciation on Fixed Assets is provided on Written down value Method at the rates specified in Schedule II of the Companies Act, 2013.

- Depreciation on fixed assets added/disposed off during the year, is provided on pro-rata basis with reference to the date of addition/disposal.

- In a case of impairment, if any, depreciation is provided on the revised carrying amount of the assets over their remaining useful life.

1.10 Impairment of Assets

The carrying amounts of assets are reviewed at each balance sheet date to determine whether there is any indication of impairment based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount which represents the greater of the net selling price and 'value in use' of the assets. The estimated future cash flows considered for determining the value in use, are discounted to their present value at the weighted average cost of capital.

After impairment, depreciation is provided on the revised carrying amount of the assets over its remaining useful life.

1.11 Deferred Tax

Deferred Tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date. The Deferred Tax Asset is recognized and carried forward only to the extent that there is a reasonable certainty that the assets will be realized in future.


Mar 31, 2014

1.1 Basis of Preparation of Financial Statements

The Financial Statements have been prepared in confirmity with generally accepted accounting principles to comply with the notified accounting standards under the Companies (Accounting Standard) Rules, 2006 and the guidelines issued by the Reserve Bank of India as applicable to a Non-banking Finance Company. The financial statements have been prepared under the historical cost convention and in accordance with the provisions of the Companies Act, 1956.

1.2 Revenue Recognistion

Revenue is recognised only when it can be reliably measured and it is reasonable to expect ultimate collection.

1.3 Fixed Assets

Fixed assets are stated at cost less accumulated depreciation and impairment, if any. Cost comprises the purchase price inclusive of duties, taxes, and incidental expenses upto the date, the asset is ready for its intended use

1.4 Depreciation

* Depreciation on Fixed Assets is provided on Written down value Method at the rates specified in Schedule XIV of the Companies Act, 1956.

* Depreciation on fixed assets added/disposed off during the year, is provided on pro-rata basis with reference to the date of addition/disposal.

* In a case of impairment, if any, depreciation is provided on the revised carrying amount of the assets over their remaining useful life.

1.5 Impairment of Assets

The carrying amounts of assets are reviewed at each balance sheet date to determine whether there is any indication of impairment based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount which represents the greater of the net selling price and ''value in use'' of the assets. The estimated future cash flows considered for determining the value in use, are discounted to their present value at the weighted average cost of capital.

After impairment, depreciation is provided on the revised carrying amount of the assets over its remaining useful life.

1.6 Preliminary Expenses

Preliminary Expense is amortised over a period of Five years.

1.7 Investments

Long-term Investments are carried at acquisition cost. Investments intended to be held for less than one year are classified as ''Current Investments'' and carried at lower of cost and net realizable value. Provision for diminution in value is made if the decline in value is other than temporary in nature in the opinion of the management.

1.8 Taxes on Income

Provision for Income Tax is made on the basis of estimated taxable income for the period at current rates. Tax expense comprises both Current Tax and Deferred Tax at the applicable enacted or substantively enacted rates. Current Tax represents the amount of Income Tax payable/ recoverable in respect of taxable income/ loss for the reporting period. Deferred Tax represents the effect of timing difference between taxable income and accounting income for the reporting period that originates in one year and are capable of reversal in one or more subsequent years.

1.9 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the Notes. Contingent Assets are neither recognised nor disclosed in the financial statements.

1.10 Deferred Tax

Deferred Tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date. The Deferred Tax Asset is recognized and carried forward only to the extent that there is a reasonable certainty that the assets will be realized in future.


Mar 31, 2013

1.1 Basis of Preparation of Financial Statements

The Financial Statements have been prepared in confirmity with generally accepted accounting principles to comply with the notified accounting standards under the Companies (Accounting Standard) Rules, 2006 and the guidelines issued by the Reserve Bank of India as applicable to a Non-banking Finance Company. The financial statements have been prepared under the historical cost convention and in accordance with the provisions of the Companies Act, 1956.

1.2 Revenue Recognistion

Revenue is recognised only when it can be reliably measured and it is reasonable to expect ultimate collection.

1.3 Fixed Assets & Depreciation

Fixed Assets are stated at cost less accumulated depreciation and impairment loss, if any. Depreciation on fixed assets is provided on written down value method at the rates and in the manner prescribed in the Schedule XIV of the Companies Act, 1956.

1.4 Investments

Long-term Investments are carried at acquisition cost. Investments intended to be held for less than one year are classified as ''Current Investments'' and carried at lower of cost and net realizable value. Provision for diminution in value is made if the decline in value is other than temporary in nature in the opinion of the management.

1.5 Taxes on Income

Provision for Income Tax is made on the basis of estimated taxable income for the period at current rates. Tax expense comprises both Current Tax and Deferred Tax at the applicable enacted or substantively enacted rates. Current Tax represents the amount of Income Tax payable/ recoverable in respect of taxable income/ loss for the reporting period. Deferred Tax represents the effect of timing difference between taxable income and accounting income for the reporting period that originates in one year and are capable of reversal in one or more subsequent years.

1.6 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the Notes. Contingent Assets are neither recognised nor disclosed in the financial statements.


Mar 31, 2012

1.1 Basis of Preparation of Financial Statements

The Financial Statements have been prepared in confirmity with generally accepted accounting principles to comply with the notified accounting standards under the Companies (Accounting Standard) Rules, 2006 and the guidelines issued by the Reserve Bank of India as applicable to a Non-banking Finance Company. The financial statements have been prepared under the historical cost convention and in accordance with the provisions of the Companies Act, 1956.

1.2 Revenue Recognistion

Revenue is recognised only when it can be reliably measured and it is reasonable to expect ultimate collection.

1.3 Fixed Assets & Depreciation

Fixed Assets are stated at cost less accumulated depreciation and impairment loss, if any. Depreciation on fixed assets is provided on written down value method at the rates and in the manner prescribed in the Schedule XIV of the Companies Act, 1956.

1.4 Investments

Long-term Investments are carried at acquisition cost. Investments intended to be held for less than one year are classified as ''Current Investments'' and carried at lower of cost and net realizable value. Provision for diminution in value is made if the decline in value is other than temporary in nature in the opinion of the management.

1.5 Taxes on Income

Provision for Income Tax is made on the basis of estimated taxable income for the period at current rates. Tax expense comprises both Current Tax and Deferred Tax at the applicable enacted or substantively enacted rates. Current Tax represents the amount of Income Tax payable/ recoverable in respect of taxable income/ loss for the reporting period. Deferred Tax represents the effect of timing difference between taxable income and accounting income for the reporting period that originates in one year and are capable of reversal in one or more subsequent years.

1.6 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the Notes. Contingent Assets are neither recognised nor disclosed in the financial statements.


Mar 31, 2011

1. General

The accounts have been prepared on the Accounting Principles of going concern and are in consistent with the general accounting policies. Accounts are prepared on the basis of historical cost convention.

2. Revenue Recognition

All Incomes and Expenditures unless specifically stated otherwise are accounted for on mercantile basis. Dividend received and Tax audit fees are accounted for on cash basis.

3. Interest and Dividend Income

a) Interest Income is accounted for on accrual basis

b) Dividend Income on Shares is taken into account on Cash Basis.

4. Fixed Assets

All fixed assets are stated at acquisition cost less depreciation.

5. Depreciation

Depreciation on Fixed Assets has been provided on written down value method at the rate prescribed under the Schedule-XIV of the Companies Act,1956.

6. Investments

a) Long Term investments are shown at cost and in case there is a permanent diminution in the value of only investments, a provision for same is made in the accounts.

b) ( i) Quoted current investments are stated at the lower of cost and market value.

( ii) Unquoted current investments are stated at the lower of cost and fair value, when available.

7. Contingent Liabilities

Liabilities which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed in the notes on accounts.

8. Taxation

Current tax is determined on tax payable in respect of taxable income for the period. Deferred tax liability is recognized subject to the consideration of prudence, on timing differences between taxable income and accounting income that originate in one period and are capable to reversal in one or more subsequent period. Deferred tax assets is recognized on unabsorbed depreciation and carry forward losses only if there is virtual certainty of realization in future. Deferred tax assets / liabilities are reviewed at each balance sheet date based on development during the year and available judicial pronouncement, to reassess realization liabilities.


Mar 31, 2010

1. General

The accounts have been prepared on the Accounting Principles of going concern and are in consistent with the general accounting policies. Accounts are prepared on the basis of historical cost convention.

2. Revenue Recognition

All Incomes and Expenditures unless specifically stated otherwise are accounted for on mercantile basis.Dividend received and Tax audit fees are accounted for on cash basis.

3. Interest and Dividend Income

a) Interest Income is accounted for on accrual basis

b) Dividend Income on Shares is taken into account on Cash Basis.

4. Fixed Assets :

All fixed assets are stated at acquisition cost less depreciation.

5. Depreciation

Depreciation on Fixed Assets has been provided on written down value method at the rate prescribed under the Schedule-XIV of the Companies Act,1956.

6. Investments :

a) Long Term investments are shown at cost and in case there is a permanent diminution in the value of only investments, a provision for same is made in the accounts.

b) ( i) Quoted current investments are stated at the lower of cost and market value.

( ii) Unquoted current investments are stated at the lower of cost and fair value, when available.

7. Contingent Liabilities :

Liabilities which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed in the notes on accounts.

8. Taxation

Current tax is determined on tax payable in respect of taxable income for the period. Deferred tax liability is recognized subject to the consideration of prudence, on timing differences between taxableincome and accounting income that originate in one period and are capable to reversal in one or more subsequent period. Deferred tax assets is recognized on unabsorbed depreciation and carry forward losses only if there is virtual certainty of realization in future. Deferred tax assets / liabilities are reviewed at each balance sheet date based on development during the year and available judicial pronouncement, to reassess realization liabilities.


Mar 31, 2009

1. General

The accounts have been prepared on the Accounting Principles of going concern and are in consistent with the general accounting policies. Accounts are prepared on the basis of historical cost convention.

2. Revenue Recognition

All Incomes arid Expenditures unless specifically stated otherwise are accounted for on mercantile basis. Dividend received and Tax audit fees are accounted for on cash basis.

3. Interest and Dividend income

a) Interest Income is accounted for on accrual basis

b) Dividend Income on Shares is taken into account on Cash Basis.

4. Fixed Assets

All fixed assets are stated at acquisition cost less depredation.

5. Depreciation

Depreciation on Fixed Assets has been provided on written down value method at the rate prescribed under the Schedule-XIV of the Companies Act,1956.

6. Investments

a) Long Term investments are shown at cost and in case there is a permanent diminution in the value of only investments, a provision for same is made in the accounts.

b) (i) Quoted current investments are stated at the lower of cost and market value.

(ii) Unquoted current investments are stated at the lower of cost and fair value, when available.

7. Contingent Liabilities

Liabilities which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed in the notes on accounts.

8. Taxation

Current tax is determined on tax payable in respect of taxable income for the period. Deferred tax liability is recognized, subject to the consideration of prudence. on timing differences between taxable income and accounting income that originate in one period and are capable to reversal in one or more subsequent period. Deferred tax assets is recognized on unabsorbed depreciation and carry forward losses only if there is virtual certainty of realization in future. Deferred tax assets I liabilities are reviewed at each balance sheet date based on development during the year and available judicial pronouncement, to reassess realization liabilities.

 
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