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Accounting Policies of Shantai Industries Ltd. Company

Mar 31, 2017

Explanation : For the purposes of this clause, the term ''Specified Bank Notes'' shall have the same meaning provided in the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated the 8th November, 2016.

ACCOUNTING POLICES & NOTES ON ACCOUNTS

1. The accounts are prepared on historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with generally accepted accounting principles.

2. Fixed Asset are value at cost less depreciation. The depreciation has been calculated at the rates provided. No depreciation has been taken on the value of land.

3. Closing Stock of the company has been valued at cost price.

4. Expenses are accounted for on Mercantile Basis but some expenses due to their peculiar nature are accounted for on cash basis.

5. The figures for the previous year have been rearranged and regrouped wherever considered necessary.

6. There are no prior period or extra ordinary expenses debited to Profit & Loss account.

7. Balances of Debtors, Creditors and Unsecured Loans are subject to confirmation.

8. Final Accounts has been prepared on Going Concern assumption.

9. Name of the company changed from Wheel And Axle Textiles Limited to Shantai Industries Ltd. w.e.f. 07/09/2016.

10. Company has declared interim dividend of Rs. 500000 i.e.Rs.1 Per share , out of which Rs. 5 is unclaimed as on 31.03.2017. Details are as below:

Bank Name: Kotak Mahindra bank Ltd.

Account Name: Shantai Industries Limited Unclaimed dividend-Interim Dividend-2016 Account No.: 0012540310

11. The Equity Shares of the company are listed on the following stock exchange and company has duly paid the requisite amount of annual listing fees for the year 2016-2017 to the exchange.

a) Bombay Stock Exchange LimitedPhiroz Jeejeebhoy Tower, Dalal street, Mumbai-01


Mar 31, 2013

A. SYSTEM OF ACCOUNTING :

The Company follows the mercantile system of accounting and recognises income and expenditure on the accrual basis.

B. INVESTMENTS :

i) Long Term investments of the company are stated at their cost of acquisition. ii) Provision for diminution in the value of long term investments is made only if, such a decline is other than temporary in the opinion of the management.

C. SALES & PURCHASES :

Sales & Purchases are recognised net of returns.

D. TAXATION :

Current tax has been determined and provided as the amount of tax payable in respect of taxable

i) income for the year.

ii) Deferred tax recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.


Mar 31, 2012

A. SYSTEM OF ACCOUNTING :

The Company follows the mercantile system of accounting and recognises income and expenditure on the accrual basis.

B. INVESTMENTS :

i) Long Term investments of the company are stated at their cost of acquisition.

ii) Provision for diminution in the value of long term investments is made only if, such a decline is other than temporary in the opinion of the management.

C. SALES & PURCHASES :

Sales & Purchases are recognised net of returns.

D. TAXATION :

Current tax has been determined and provided as the amount of tax payable in respect of taxable

i) income for the year.

ii) Deferred tax recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

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