Mar 31, 2014
I. Corporate Information :-
Shaba Chemicals Limited (the company) is a public company domiciled in
India and incorporated under the provisions of the Companies Act, 1956.
Its shares are listed on two stock exchanges in India. The company is
engaged in the trading in Chemicals & other Business and other
commodities. The company caters to domestic markets only.
ii. Basic of Accounting
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rule, 2006 (as amended) and
the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an actual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statement are consistent with those of the previous year
During the year ended 31.03.2014 the revised schedule VI notified under
the Indian companies act, 1956 has become applicable to the company for
preparation and presentation of its financial statement. the adoption
of revised schedule VI does not impact recognition and mejorment
principals followed for preparation of financial statement however, it
has significant impact on presentation and disclosure made in the
financial statements. The previous year figure have also been
reclassified accordingly.
iii. Revenue Recognition
1. Company is a trading Company, during the finanicial year it has
excuted trade in various commodities .
3. other income has been recognised on Accrual basis.
iv. Fixed Assets
There is no any Fixed Assets in the company.
v. Depreciation
1. Depreciation on Fixed Assets Depreciation on Fixed Assets,
Excluding Assets on lease is provided in accordance with Section 205
(2) (b) of the Companies Act, 1956 as amended from time to time.
2. Depreciation is provided on pro-rate basis from the day on which
assets have been put to use or upto the day on which the assets have
been disposed off, as the case may be.
vi. Investments/Stock in Trade
1. Investments are valued at cost.
2. Stock in trade is valued at cost or Realizable value whichever is
lower on an individual scrip basis.
3. Stock in trade of the scrip''s have been maintained on the basis of
first in first out method.
Mar 31, 2013
I. Corporate Information:- Shaba Chemicals Limited (the company) is a
public company domiciled in India and incorporated under the provisions
of the Companies Act, 1956. Its shares are listed on two stock
exchanges in India. The company is engaged in the trading in Chemicals
& other Business and other commodities. The company caters to domestic
markets only.
ii. Basic of Accounting:- The financial statements of the company have
been prepared in accordance with generally accepted accounting
principles in India (Indian GAAP). The company has prepared these
financial statements to comply in all material respects with the
accounting standards notified under the Companies (Accounting
Standards) Rule, 2006 (as amended) and the relevant provisions of the
Companies Act, 1956. The financial statements have been prepared on an
actual basis and under the historical cost convention.
The accounting policies adopted in the preparation of financial
statement are consistent with those of the previous year
During the year ended 31.03.2013 the revised schedule VI notified under
the Indian companies act, 1956 has become applicable to the company for
preparation and presentation of its financial statement. the adoption
of revised schedule VI does not impact recognition and measurement
principals followed for preparation of financial statement however, it
has significant impact on presentation and disclosure made in the
financial statements. The previous year figure has also been
reclassified accordingly.
iii. Revenue Recognition :- 1. Company is a trading Company, during the
financial year it has executed trade in various commodities. 2. Other
income has been recognized on Accrual basis.
iv. Fixed Assets:- There is no any Fixed Assets in the company.
v. Depreciation:- 1. Depreciation on Fixed Assets :- Depreciation on
Fixed Assets, Excluding Assets on lease is provided in accordance with
Section 205 (2) (b) of the Companies Act, 1956 as amended from time to
time. 2. Depreciation is provided on pro-rate basis from the day on
which assets have been put to use or up to the day on which the assets
have been disposed off, as the case may be.
vi. Investments/Stock in Trade:- 1. Investments are valued at cost.
2. Stock in trade is valued at cost or Realizable value whichever is
lower on basis.
3. Stock in trade of the scraps has been maintained on the basis of
first in first out method.
Mar 31, 2011
A) SYSTEM OF ACCOUNTING:
The financial statement are prepared under the historical cost
convention in accordance with applicable Accounting Standards and
relevant presentational requirements of the Companies Act, 1956 and on
an accrual concept unless specifically stated otherwise.
b) SALES
During the year company has traded in Commodities and figure of sales
are total profit figure of jobbing and cost of sales are total figure
of loss on jobbing, resulting to that it does not show whole figure of
sale & purchase. It show only net figure of sales and purchases as per
the guidelines of the Institute of Chartered Accountant of India.
c) SUNDRY CREDITORS, LOANS & ADVAVCES:
Companies' management periodically verify the outstanding balance of
sundry creditors, loans, advances, etc. and on the basis of such
verification management determines whether the aid outstanding are
good, bad or doubtful and accordingly same are written off or written
in the accounts.
Mar 31, 2010
A) SYSTEM OF ACCOUNTING:
The financial statement are prepared under the historical cost
convention in accordance with applicable Accounting Standards and
relevant presentational requirements of the Companies Act, 1956 and on
an accrual concept unless specifically stated otherwise.
b) SALES
During the year company has traded in Commodities and figure of sales
are total profit figure of jobbing and cost of sales are total figure
of loss on jobbing, resulting to that it does not show whole figure of
sale & purchase. It show only net figure of sales and purchases as per
the guidelines of the Institute of Chartered Accountant of India.
c) SUNDRY CREDITORS, LOANS & ADVAVCES:
Companies management periodically verify the outstanding balance of
sundry creditors, loans, advances, etc. and on the basis of such
verification management determines whether the aid outstanding are
good, bad or doubtful and accordingly same- are written off or written
in the accounts.
Mar 31, 2009
A) SYSTEM OF ACCOUNTING:
The financial statement are prepared under the historical cost
convention in accordance with applicable Accounting Standards and
relevant presentational requirements of the Companies Act, 1956 and on
an accrual concept unless specifically stated otherwise.
b) SALES
During the year company has traded in Commodities and figure of sales
are total profit figure of jobbing and cost of sales are total figure
of loss on jobbing, resulting to that it does not show whole figure of
sale & purchase. It show only net figure of sales and purchases as per
the guidelines of the Institute of Chartered Accountant of India.
c) SUNDRY CREDITORS, LOANS & ADVAVCES:
Companies management periodically verify the outstanding balance of
sundry creditors, loans, advances, etc. and on the basis of such
verification management determines whether the aid outstanding are
good, bad or doubtful and accordingly same are written off or written
in the accounts.
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