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Accounting Policies of Satyam Silk Mills Ltd. Company

Mar 31, 2014

(a) Use of Estimates - The presentation of financial statements is in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual and the estimates are recognized in the period in which the results are known / materialized.

(b) Fixed Assets - Fixed assets are stated at cost of aquisition or construction including incidental expenses related to the acquisition or construction of the asset and the same are shown net of accumulated depreciation.

(c) Depreciation - Depreciation on fixed assets used for the purpose of business is provided on written down value basis as per the provisions of the Income Tax Act, 1961.

(d) Investments - Long Term Investments are carried at cost. However, provision for diminution in value is made to recognise a decline other than temporary in the value of investments.

(e) Impairment of Assets - An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss account in the year in which an asset is identified as impaired. The impairement loss recognized in prior accounting periods is reversed if there has been a change in the estimate of the recoverable amount.

(f) Revenue & Expenditure - All income and expenditure having a material bearing on the financial statements are recognised on accrual basis.


Mar 31, 2013

(a) Use of Estimates - The presentation of financial statements is in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual and the estimates are recognized in the period in which the results are known / materialized.

(b) Fixed Assets - Fixed assets are stated at cost of aquisition or construction including incidental expenses related to the acquisition or constFuction of the asset and the same are shown net of accumulated depreciation.

(c) Depreciation - Depreciation on fixed assets used for the purpose of business is provided on written down value basis as per the provisions of the Income Tax Act, 1961.

(d) Investments - Long Term Investments are carried at cost. However, provision for diminution in value is made to recognise a decline other than temporary in the value of investments.

(e) Impairment of Assets - An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss account in the year in which an asset is identified as impaired. The impairement loss recognized In prior accounting periods is reversed if there has been a change in the estimate of the recoverable amount.

(f) Revenue & Expenditure - All income and expenditure having a material on me financial statements are recognised on accrual basis.


Mar 31, 2012

(a) Use of Estimates - The presentation of financial statements is in conformity with the generally ; accepted accounting principles requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual and the estimates are recognized in the period in which the results are known / materialized.

(b) Fixed Assets - Fixed assets are stated at cost of acquisition or construction including ; incidental expenses related to the acquisition or construction of the asset and the same are shown net of accumulated depreciation.

(c) Depreciation - Depreciation on fixed assets used for the purpose of business is provided on written down value basis as per the provisions of the Income Tax Act, 1961.

(d) Investments - Long Term Investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of investments.

(e) Impairment of Assets - An asset is treated as impaired when the carrying cost of asset exceeds ; its recoverable value. An impairment loss is charged to the Profit and Loss account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of the recoverable amount.

(f) Revenue & Expenditure - All income and expenditure having a material bearing on the financial ; statements are recognized on accrual basis.


Mar 31, 2010

(a) Basis of Preparation of Financial Statements - The financial statements have been prepared under the historical cost convention, in accordance with the Accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956 as adopted consistently by the company.

(b) Fixed Assets - Fixed assets are stated at cost of aquisition or construction including incidental expenses related to the acquisition or construction of the asset and the same are shown net of accumulated depreciation.

(c) Depreciation - Depreciation on fixed assets used for the purpose of business is provided on written down value basis as per the provisions of the Income Tax Act, 1961.

(d) Investments - Long Term Investments are carried at cost. However, provision for diminution in value is made to recognise a decline other than temporary in the value of investments.

(e) Revenue & Expenditure - All income and expenditure having a material bearing on the financial statements are recognised on accrual basis.

 
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