Home  »  Company
Enter the first few characters of Company and click 'Go'
Sorry, unable to find the company details of Shantivijay jewels

Search NSE/BSE Listed Company Details By Alphabets

 
Subscribe now to get personal finance updates in your inbox!
Shantivijay Jewels Ltd. Accounting Policies | Accounting Policy of Shantivijay Jewels Ltd.
Home  »  Company  »  Shantivijay Jewe  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Shantivijay Jewels Ltd. Company

Mar 31, 2015

A) System of Accounting:

i) The Company follows the mercantile system of accounting and recognises income and expenditure on accrual basis unless otherwise stated hereinafter.

ii) The Accounts are prepared under historical cost convention , as a going concern and generally in accordance with applicable Accounting standards.

iii) Use of Estimates

The Preparation of financial statements require management to make certain estimates and assumptions that effect the amounts reported in financial statements and notes thereon. Difference in actual results & estimates are recognized in the period in which they materialize.

b) Fixed Assets and Depreciation :

i) Tangible Assets

a) Fixed Assets are stated at their cost of acquisition less Deprecation. Additions to Fixed assets are net of Modvat Credit. Rubber moulds of small value have not been and considered as consumables and charged to revenue.

b) Effective 1 st April 2014, the Company depreciates its fixed assets over the useful life in the manner prescribed in Schedule II of the Act, as against the earlier practice of depreciating at the rates prescribed in Schedule XIV of the Companies Act, 1956. Fixed Assests including costing less than Rs. 5000/- whose lives have expired as on 01.04.2014 have been shown at their residual value and the difference of Rs. 4.71 lacs have been adjusted net of tax in the opening balance of retained earnings Depreciation and amortization expenses for the year would have been higher by Rs. 13.46 lacs had the Company continued with the previous system of providing depreciation on WDV.

ii) Intangible Assets : Computer Software :

Intangible Assets are stated at cost of acquisition less accumulated amortization. Computer Software is amortized over a period of Five Years in equal installments.

c) Investments

Long term Investments are valued at cost with an appropriate provision for permanent diminution in value.

d) Inventories

(A) Raw materials are valued at lower of the cost or net realisable value; cost is arrived at on FIFO basis. Cost includes costs incurred in bringing them to their present location.

(B) Stores & Consumables are valued at cost.

(C) Loose Tools are valued at cost.

(D) Finished goods are valued at lower of the cost or net realisable value. Cost of finished goods is determined by taking material, labour and appropriate factory overheads.

(E) Inventory of spares, Rubber Moulds is not valued and is charged to revenue.

e) Sales / Revenue Recognition. Sales are net of tax.

Company recognizes sales at the point of dispatch / delivery of the goods to the customer. Interest / rental income is recognized on time proportionate basis.

f) Foreign Currency Transaction

(a) Transactions denominated in Foreign Currencies are normally recorded at the exchange rate prescribed by customs at the time of transaction.

(b) Monetory items denominated in foreign currencies at the year-end are restated at the year end rates.

(c) Non-monetary foreign currency items are carried at cost.

(d) Any income or expense on account of exchange difference either on settlement or on translation is recognized in the profit and loss account .

(e) Exchange difference on acquisition of fixed assets is adjusted to carrying cost of such fixed assets.

g) Employee Benefits

Company have opted for Group Gratuity Scheme with LIC of India; Company's contribution based on a actuarial valuation by LIC is charged to Profit & Loss Account. Company have made provision for Gratuity for the employees who are not covered by LIC 's Group Gratuity scheme. Contribution to Provident / Family Pension Fund as percentage of salary is charged to Profit & Loss Account on accrual basis.

Accrued leave Salary is estimated and provided on accrual basis. The expense is recognized at present value of amount payable to Employees. Total liability for Leave Salary outstanding at year end rate is Rs. 6.41 Lacs.

h) Purchases are accounted for net of Modvat credit.

i) Taxation

In view of net loss no tax provision is required. Deferred Tax liability resulting from timing difference between book loss and taxable loss for the year is calculated by using tax rates & tax laws that have been enacted or substantially enacted at the balance sheet date

j) Provisions, Contingent Liabilities and Contingent Assets

Provisions in respect of present obligations arising out of past events are made in Accounts where reliable estimation can be made of the amount of obligation. Contingent Liabilities are not provided for and if material are disclosed separately by way of note. Contingent Assets are neither recognized nor disclosed in Financial Statement.


Mar 31, 2014

Corporate Information

Shantivijay Jewels Ltd. is located in Special Economic Zone Mumbai having its showroom in Trident Hotel, Mumbai and factory at MIDC, Andheri. Company is engaged in Manufacturing and exports of wide range of studded gold jewellery and Diamond and P stones.

a) System of Accountin

i) The Company follows the mercantile system of accounting and recognises income and expenditure on accrual basis unless otherwise stated hereinafter.

ii) The Accounts are prepared under historical cost convention, as a going concern and generally in accordance with applicable Accounting standards.

iii) Use of Estimates

The Preparation of financial statements require management to make certain estimates and assumptions that effect the amounts reported in financial statements and notes thereon. Difference in actual results & estimates are recognised in the period in which they materialize.

b) Fixed Assets and Depreciation

i) Tangible Assets

a) Fixed Assets are stated at their cost of acquisition less Depreciation. Additions to Fixed assets are net of Modvat Credit. Rubber moulds of small value have not been capitalised and considered as consumables and charged to revenue.

b) Depreciation on all Fixed Assets is provided on written down value method at the rates and in the manner prescribed by Schedule XIV of the Companies Act 1956. Assets costing up to Rs. 5000/- are depreciated fully in the year of Purchase. Depreciation on additions/Deletions of Assets is provided on Pro-Rata basis.

ii) Intangible Assets

Computer Software

Intangible Assets are stated at cost of acquisition less accumulated amortization.

Computer Software is amortized over a period of Five Years in equal installments.

c) Investments

Long term Investments are valued at cost with an appropriate provision for permanent diminution in value.

d) Inventories

a) Raw materials are valued at lower of the cost or net realisable value; cost is arrived at on FIFO basis. Cost includes costs incurred in bringing them to their present location.

b) Stores & Consumables are valued at cost.

c) Loose Tools are valued at cost.

d) Finished goods are valued at lower of the cost or net realisable value. Cost of finished goods is determined by taking material, labour and appropriate factory overheads.

e) Inventory of spares, Rubber Moulds is not valued and is charged to revenue.

e) Sales/Revenue Recognition.

Sales are net of tax Company recognises sales at the point of dispatch /delivery of the goods to the customer. Interest/rental income is recognised on time proportionate basis.

f) Foreign Currency Transaction

a) Transactions denominated in Foreign Currencies are normally recorded at the exchange rate prescribed by customs at the time of transaction.

b) Monetory items denominated in foreign currencies at the year-end are restated at the year end rates.

c) Non-monetary foreign currency items are carried at cost.

d) Any income or expense on account of exchange difference either on settlement or on translation is recognised in the profit and loss account.

e) Exchange difference on acquisition of fixed assets is adjusted to carrying cost of such fixed assets.

g) Employee Benefits

Company have opted for Group Gratuity Scheme with LIC of India; Company''s contribution based on a actuarial valuation by LIC is charged to Profit & Loss Account. Company have made provision for Gratuity for the employees who are not covered by LIC''s Group Gratuity scheme. Contribution to Provident/Family Pension Fund as percentage of salary is charged to Profit & Loss Account on accrual basis.

Accrued leave Salary is estimated and provided on accrual basis. The expense is recognised at present value of amount payable to Employees. Total liability for Leave Salary outstanding at year end rate is Rs. 5.53 Lacs.

h) Purchases are accounted for net of Modvat credit.

i) Taxation

Provision for current tax is made considering Rules/benefits admissable under Income tax Act 1961. Deferred Tax Asset resulting from timing difference between book profit and taxable profit for the year is calculated by using tax rates & tax laws that have been enacted or substantially enacted at the Balance sheet date.

j) Provisions, Contingent Liabilities and Contingent Assets

Provisions in respect of present obligations arising out of past events are made in Accounts where reliable estimation can be made of the amount of obligation. Contingent Liabilities are not provided for and if material are disclosed separately by way of note. Contingent Assets are neither recognised nor disclosed in Financial Statement.


Mar 31, 2013

A) System of Accounting:

i) The Company follows the mercantile system of accounting and recognises income and expenditure on accrual basis unless otherwise stated hereinafter.

ii) The Accounts are prepared under historical cost convention, as a going concern and generally in accordance with applicable

Accounting standards.

iii) Use of Estimates

The preparation of financial statements require management to make certain estimates and assumptions that effect the amounts reported in financial statements and notes thereon. Difference in actual results & estimates are recognised in the period in which they materialize.

b) Fixed Assets and Depreciation : i) Tangible Assets

a) Fixed Assets are stated at their cost of acquisition less Deprecation. Additions to Fixed assets are net of Modvat Credit. Rubber moulds of small value have not been capitalised and considered as consumables and charged to revenue.

b) Depreciation on all Fixed Assets is provided on written down value method at the rates and in the manner prescribed by Schedule XIV of the Companies Act, 1956. Assets costing up to Rs. 5000/- are depreciated fully in the year of purchase. Depreciation on additions / deletions of Assets is provided on Pro-Rata basis.

ii) Intangible Assets : Computer Software :

Intangible Assets are stated at cost of acquistion less accumulated amortization. Computer Software is amortized over a period of Five Years in equal installments.

c) Investments

Long term Investments are valued at cost with an appropriate provision for permanent diminution in value. Current investments are stated at lower of the cost or quoted / fair value.

d) Inventories

(A) Raw materials are valued at lower of the cost or net realisable value; cost is arrived at on FIFO basis. Cost includes costs incurred in bringing them to their present location.

(B) Stores & Consumables are valued at cost.

(C) Loose Tools are valued at cost.

(D) Finished goods are valued at lower of the cost or net realisable value. Cost of finished goods is determined by taking material, labour and appropriate factory overheads.

(E) Inventory of spares / tools, Rubber Moulds is not valued and is charged to revenue.

e) Sales / Revenue Recognition.

Sales are net of tax adjusted for gain / loss on export realisation, year end restatement and corresponding forward exchange contracts. Company recognises sales at the point of dispatch / delivery of the goods to the customer. Interest / rental income is recognised on time proportionate basis.

f) Foreign Currency Transaction

(a) Transactions denominated in Foreign Currencies are normally recorded at the exchange rate prescribed by customs at the time of transaction.

(b) Monetary items denominated in foreign currencies at the year-end are restated at the year end rates. Incase of forward exchange contracts, the difference between the year end rate and rate on the date of contract is recognised as exchange difference and premium or discount on forward exchange contracts is regonised over the life of the contract.

(c) Non-monetary foreign currency items are carried at cost.

(d) Any income or expense on account of exchange difference either on settlement or on translation is recognised in the profit and loss account.

(e) Exchange difference on acquistion of fixed assets is adjusted to carrying cost of such fixed assets.

g) Employee Benefits

Company have opted for Group Gratuity Scheme with LIC of India; Company''s contribution based on a actuarial valuation by LIC is charged to Profit & Loss Account. Company have made provision for Gratuity for the employees who are not covered by LIC''s Group Gratuity scheme. Contribution to Provident / Family Pension Fund as percentage of salary is charged to Profit & Loss Account on accrual basis.

Accrued leave Salary is estimated and provided on accrual basis. The expense is recognised at present value of amount payable to Employees. Total liability for Leave Salary outstanding at year end rate is Rs. 5.20 Lacs.

h) Purchases are accounted for net of Modvat credit.

i) Taxation

Provision for current tax is made considering Rules/ benefits admissable under Income tax Act, 1961. Deferred Tax Asset resulting from timing difference between book profit and taxable profit for the year is calculated by using tax rates & tax laws that have been enacted or substantially enacted at the Balance sheet date.

j) Provisions, Contingent Liabilities and Contingent Assets

Provisions in respect of present obligations arising out of past events are made in Accounts where reliable estimation can be made of the amount of obligation. Contingent Liabilities are not provided for and if material are disclosed separately by way of note. Contingent Assets are neither recognised nor disclosed in Financial Statement.


Mar 31, 2012

Corporate Information :

Shantivijay Jewels ltd is located in Special Economic Zone Mumbai having its showroom in Trident Hotel, Mumbai. Company is engaged in Manufacturing and exports of wide range of studded gold jewellery and Diamond and P.stones.

a) System of Accounting:

i) The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis unless otherwise stated hereinafter.

ii) The Accounts are prepared under historical cost convention, as a going concern and generally in accordance with applicable Accounting standards.

iii) Use of Estimates

The Preparation of financial statements require management to make certain estimates and assumptions that effect the amounts reported in financial statements and notes thereon. Difference in actual results & estimates are recognized in the period in which they materialize.

b) Fixed Assets and Depreciation :

i) Tangible Assets

a) Fixed Assets are stated at their cost of acquisition less Deprecation. Additions to Fixed assets are net of Modvat Credit. Rubber moulds of small value have not been capitalized and considered as consumables and charged to revenue.

b) Depreciation on all Fixed Assets is provided on written down value method at the rates and in the manner prescribed by Schedule XIV of the Companies Act 1956. Assets costing up to Rs 5000/- are depreciated fully in the year of Purchase. Depreciation on additions / Deletions of Assets is provided on Pro-Rata basis.

ii) Intangible Assets :

Computer Software:

Intangible Assets are stated at cost of acquistion less accumulated amortization.

Computer Software is amortized over a period of Five Years in equal installments.

c) Investments

Long term Investments are valued at cost with an appropriate provision for permanent diminution in value.

Current investments are stated at lower of the cost or quoted / fair value.

d) Inventories

a) Raw materials are valued at lower of the cost or net realizable value; cost is arrived at on FIFO basis. Cost includes costs incurred in bringing them to their present location.

b) Stores & Consumables are valued at cost.

c) Loose Tools are valued at cost.

d) Finished goods are valued at lower of the cost or net realizable value. Cost of finished goods is determined by taking material, labour and appropriate factory overheads.

e) Inventory of spares / tools, Rubber Moulds is not valued and is charged to revenue.

e) Sales / Revenue Recognition.

Sales are net of tax adjusted for gain / loss on export realization, year end restatement and corresponding forward exchange contracts. Company recognizes sales at the point of dispatch / delivery of the goods to the customer. Interest/rental income is recognized on time proportionate basis.

f) Foreign Currency Transaction

a) Transactions denominated in Foreign Currencies are normally recorded at the exchange rate prescribed by customs at the time of transaction.

b) Monetary items denominated in foreign currencies at the year-end are restated at the yearend rates. In case of forward exchange contracts, the difference between the yearend rate and rate on the date of contract is recognized as exchange difference and premium or discount on forward exchange contracts is recognized over the life of the contract.

c) Non-monetary foreign currency items are carried at cost.

d) Any income or expense on account of exchange difference either on settlement or on translation is recognized in the profit and loss account.

e) Exchange difference is adjusted against sales / purchases etc., wherever applicable.

f) Exchange difference on acquisition of fixed assets is adjusted to carrying cost of such fixed assets.

g) Employee Benefits

Company have opted for Group Gratuity Scheme with LIC of India; Company's contribution based on a actuarial valuation by LIC is charged to Profit & Loss Account. Contribution to Provident / Family Pension Fund as percentage of salary is charged to Profit & Loss Account on accrual basis.

Accrued leave Salary is estimated and provided on accrual basis. The expense is recognized at present value of amount payable to Employees. Total liability for Leave Salary outstanding at year end rate is Rs 3.70 Lacs.

h) Purchases are accounted for net of Modvat credit.

i) Taxation

Provision for current tax is made considering Rules/ benefits admissible under Income tax Act 1961. Deferred Tax Asset resulting from timing difference between book profit and taxable profit for the year is calculated by using tax rates & tax laws that have been enacted or substantially enacted at the Balance sheet date.

j) Provisions, Contingent Liabilities and Contingent Assets

Provisions in respect of present obligations arising out of past events are made in Accounts where reliable estimation can be made of the amount of obligation. Contingent Liabilities are not provided for and if material are disclosed separately by way of note. Contingent Assets are neither recognized nor disclosed in Financial Statement.

Refer to note 2.34 for details of basic and diluted shares.

The Company has only one class of shares referred to as equity shares having a par value of 10/-. Each holder of equity shares is entitled to one vote per share.

The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

The Board of Directors, in their meeting on 11-05-2012 proposed a dividend of Rs 1.50 per equity share. The proposal is subject to the approval of shareholders at their Annual General Meeting. The total dividend appropriation for the year ended 31st March, 2012 amounted to Rs52,33,387/- including corporate dividend tax of TT,30,387/-.


Mar 31, 2010

I) Basis of preparation of Financial statements

The Financial statements have been prepared under the historical cost convention in accordance with generally accepted Accounting principles and on the Principle of going concern and in accordance with applicable Accounting standards adopted consistently. Company generally follows mercantile system of accounting and recognises significant items of income and expenditure on an accrual basis.

ii) Use of Estimates

The Preparation of financial statements require management to make certain estimates and assumptions that effect the amounts reported in financial statemets and notes thereon. Difference in actual results & estimates are recognised in the period in which they materialize.

iii) Fixed Assets

The gross block of all Fixed Assets is stated at cost of acquisition net of vat less accumulated depreciation. Rubber moulds of small value have not been capitalized and considered as consumables and charged to revenue.

iv) Depreciation

Depreciation on all Fixed Assets is provided on written down value method at the rates and in the manner prescribed by Schedule XIV of the Companies Act 1956. Assets costing up to 5000/- are depreciated fully in the year of Purchase. Depreciation on additions / Deletions of Assets is provided on Pro-Rata basis.

v) Investments

Long term Investments are valued at cost with an appropriate provision for permanent diminution in value. Current Investments are stated at lower of the cost or quoted/fair value.

vi) Inventories

(A) Raw materials are valued at lower of the cost or net realisable value; cost is arrived at on FIFO basis. Cost includes costs incurred in bringing them to their present location.

(B) Stores & Consumables are valued at cost.

(C) Finished goods are valued at lower of the cost or net realisable value. Cost of finished goods is determined by taking material, labour and appropriate factory overheads.

(D) Inventory of spares / tools, Rubber Moulds is not valued and is charged to to revenue.

vii) Sales / Revenue Recognition.

Sales are net of tax adjusted for gain / loss on export realisation, year end restatement and corresponding forward exchange contracts. Company recognises sales at the point of dispatch / delivery of the goods to the customer. Interest / rental income is recognised on time proportionate basis.

viii) Foreign Currency Transaction

(a) Transactions denominated in Foreign Currencies are normally recorded at the exchange rate prescribed by customs at the time of transaction.

(b) Monetary items denominated in foreign currencies at the year-end are restated at year end rates.

(c) Non-monetary foreign currency items are carried at cost.

(d) Any income or expense on account of exchange difference either on settlement or on translation is recognised in the profit and loss account.

(e) Exchange difference is adjusted against sales / purchases etc., wherever applicable.

(f) Company has not excercised option for the treatment of Foreign exchange difference relating to capital asset as per recent notification relating to the Provisions of AS 11. During the year there was no capital expenditure in Foreign currency.

ix) Employee Retirement Benefits *

Company have opted for Group Gratuity Scheme with LIC of India; Companys contribution based on a actuarial valuation by LIC is charged to Profit & Loss Account. Contribution to Provident / Family Pension Fund as percentage of salary is charged to Profit & Loss Account on accrual basis. Accrued leave Salary is estimated and provided on actual basts. The expense is recognised at present value of amount payable to Employees. Total liability for Leave Salary outstanding at year end rate is Rs. 2.34 Lacs.

x) Taxation

Provision for earlier years after completion of assessments have been made during the year. In view of net loss no provision is required. Deferred tax Asset resulting from timing difference between book and taxable Profit for the year is calculated by using tax rates and tax laws that have been enacted or substantially enacted at ehe Balance Sheet Date.

xi) Provisions, Contingent Liabilities and Contingent Assets

Provisions in respect of present obligations arising out of past events are made in Accounts where relaible estimation can be made of the amount of obligation. Contingent Liabilities are not provided for and if material are disclosed separately by way of note. Contingent Assets are neither recognised nor disclosed in Financial Statement.

 
Subscribe now to get personal finance updates in your inbox!