Home  »  Company  »  Senthil Infotek  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Senthil Infotek Ltd. Company

Mar 31, 2015

A. ACCOUNTING ASSUMPTIONS:

The financial statements of Senthil Infotek Limited have been prepared and presented in accordance with Indian Generally Accepted Accounting Principle(GAAP) under the historical cost convention on the accrual basis. GAAP comprises accounting Standards notified by the central Government of India under section 2 (2) of the companies Act, 2013, other pronouncements of Institute of Chartered Accountants of India, and the provisions of companies Act.

The Company has prepared these financial Statements as per the format prescribed by Revised Schedule VI to the companies Act 1956 issued by Ministry of Corporate Affairs.

Previous year figures have been regrouped, recast and reclassified wherever necessary to confirm with those of the current year.

b. FIXED ASSETS: Fixed Assets are accounted at cost of acquisition exclusive of CENVAT and

inclusive of freight inward, taxes, incidentals related to acquisition and financial cost till commencement of commercial production.

c. DEPRECIATION: Depreciation has not been provided for this year as the operations were negligible.

d. INCOME TAX EXPENSES:

Income tax expense comprises current tax and deferred tax charge or credit.

Current Tax

The current charge for income taxes is calculated in accordance with the relevant tax regulations applicable to the company.

Deferred Tax - Not Applicable


Mar 31, 2014

A) Financial Statements are prepared under the historical cost convention and in accordance with normally accepted accounting standards.

b) Fixed Assets are at cost.Depreciation has not been provided on fixed assets, since the company has not started commercial production on the floriculture project.


Mar 31, 2013

A) Financial Statements are prepared under the historical cost convention and in accordance with normally accepted accounting standards.

b) Fixed assets are at cost. Depreciation has not been provided on fixed assets since the company has not yet started commercial production on the floriculture project.

c) Preliminary expenses will be amortized over a period of 10 years from the date of commencement of commercial production.


Mar 31, 2012

A) Financial Statements are prepared under the historical cost convention and in accordance with normally accepted accounting standards.

b) Fixed assets are at cost. Depreciation has not been provided on fixed assets since the company has not yet started commercial production on the floriculture project.

c) Preliminary expenses will be amortized over a period of 10 years from the date of commencement of commercial production.


Mar 31, 2010

1. Accounting Policies

a) Financial Statements are prepared under the historical cost convention and in accordance with normally accepted accounting standards.

b) Fixed assets are at cost. Depreciation has not been provided on fixed assets since the company has not yet started commercial production on the floriculture project.

c) Preliminary expenses will be amortized over a period of 10 years from the date of commencement of commercial production.


Mar 31, 2009

1. Accounting Policies

a) Financial Statements are prepared under the historical cost convention and in accordance with normally accepted accounting standards.

b) Fixed assets are at cost. Depreciation has not been provided on fixed assets since the company has not yet started commercial production on the floriculture project.

c) Preliminary expenses will be amortized over a period of 10 years from the date of commencement of commercial production.

d) Transaction In foreign currencies are NIL.

e) Additional information pursuant to the provisions of Clause 3.4A, 4c and 4D of part II schedule VI of the Companies Act. 1956 are not given since the activities of the company are not started.

f) Figures have been rounded off to the nearest rupee.

g) Previous years figures are regrouped wherever necessary.

h) Confirmation of balances in respect of Loans & Advances and Creditors remain to be obtained.

I) The issue of shares amounting to Rs.5.05 Crores is subject to reconciliation,

j) During the year under 'review software activity was started. The expenditure Incurred on the floriculture project Is classified as pre- operative expenditure to be capitalized.

k) During the year the company sold 10 Acres of land along with the -developments made there on. The excess of sale proceeds over expenditure Incurred and proportionate cost of land Is transferred as capital reserve,