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Accounting Policies of Shaba Chemicals Ltd. Company

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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