Home  »  Company  »  Sheetal Bio-Agro Tec  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Sheetal Bio-Agro Tech Ltd. Company

Mar 31, 2010

(a)AS - 1 Disclosure of accounting policies

The accounts are maintained on accrual basis as a going concern.

(b)AS - 2 Valuation of inventories

There being no inventory, not applicable.

(c)AS-3 Cashflow statements

The cash flow statement is prepared under "Indirect method" and the same is annexed.

(d)AS - 5 There being no prior period item, not applicable

(e)AS - 6 There being no fixed assets, the matter relating to depreciation not applicable

(f)AS - 9 Revenue recognition :-

The sale of Bio Fertilisers has been accounted on actual sale basis. The other income is the profit from the sale of investments.

The revenue and expenditure are accounted on a going concern basis and the provisions for all known liabilities have been made.

(g)AS - 10 Accounting for fixed assets

There being no fixed assets this matter is not applicable

(h)AS - 11 Accounting for effects in foreign exchange rates

There being no business relating to the transaction in foreign exchange, not applicable fixed assets this matter is not applicable.

(i)AS - 13 Accounting for investments

As all the investments have been sold during the year, there is no investment as on 31-03-2010.

(j)AS-15 Accounting for retirement benefits

Retirement benefits will be provided on cash basis. However the matter relating to provident fund & . E.S.I, are not applicable in the current financial year.

(k)AS -16 Borrowing cost

As the company has not borrowed any money, this matter is not applicable

(l)AS - 17 Segment reporting

The company operates in only one segment viz., Bio fertilizers. Hence the Accounting Standard on Segment reporting (AS - 17) is not applicable.

(m)AS - 18 Related party disclosure

There are no transaction requiring Disclosure under the Standard issued by the Institute of Chartered Accountants of India.

(n)AS -19 Leases

This matter is not applicable.

(o)AS - 20 Earnings per share

The Face value of the share is Re. 1/- and the Earning per share is calculated on the same. There is no issue which will dilute the earning on the share. The EPS is negligible compare to its Share capital so the same is not disclosed.

(p)AS - 21 Consolidated financial statements

There being no subsidy, this matter is not applicable.

(q)AS - 22 Accounting for taxes on income

Current tax payable in respect of taxable income for the period has been provided as per the provisions of Income Tax Act.

(r)AS - 26 Accounting for intangible assets

As per the practice adopted by the company, the Intangible assets have been amortised over a period of 10 years and accordingly, l/10th of such amounts are charged to Profit & Loss A/c. in current year.

AS -29 Provision, contingent Liability & Contingent Assets ;- As on 31-03-2010 Rs. NIL (P.Y. Rs. NIL)


Mar 31, 2009

(a)AS - 1 Disclosure of accounting policies

The accounts are maintained on accrual basis as a going concern.

(b)AS - 2 Valuation of inventories

There being no inventory, not applicable.

(c)AS - 3 Cash flow statements

The cash flow statement is prepared under "Indirect method" and the same is annexed.

(d)AS - 5 There being no prior period item, not applicable

(e)AS -6 There being no fixed assets, the matter relating to depreciation not applicable

(f)AS - 9 Revenue recognition

1. The income of the company is derived from sale of bio fertilizers & other organic chemicals have been accounted on actual sales basis.

2. The profit from the trading on land is also been accounted on mercantile system.

3. As the investment are in shares of unlisted companies and no dividend has been received the same will be accounted as & when received.

The revenue and expenditure are accounted on a going concern basis.

(g)AS - J0 Accounting for fixed assets

There being no fixed assets this matter is not applicable

(h)AS - 11 Accounting for effects in foreign exchange rates

There being no business relating to the transaction in foreign exchange, not applicable fixed assets this matter is not applicable.

(i)AS - 13 Accounting for investments

Investments are valued at cost. Provision for diminution in the carrying cost of long term investments is made if such diminution is other than temporary in nature in the opinion of the management.

(k)AS-15 Accounting for retirement benefits

Retirement benefits will be provided on cash basis. However the matter relating to provident fund & E.S.I, are not applicable in the current financial year.

(I)AS - 16 Borrowing cost

As the company has not borrowed any money this matter is not applicable

(m)AS - 17 Segment reporting

The company operates in only one segment viz., Bio fertilizers. Hence the Accounting Standard on Segment reporting (AS - 17) is not applicable.

(n)AS - 18 Related party disclosure

There are no transaction requiring Disclosure under the Standard issued by the Institute of Chartered Accountants of India.

(o)AS - 19 Leases

This matter is not applicable.

(p) AS - 20 Earnings per share

The Face value of the share is Re. 1/- and the Earning per share is calculated on the same. There is no issue which will dilute the earning on the share. The EPS is negligible compare to its Share capital so the same is not disclosed.

(q)AS -21 Consolidated financial statements

There being no subsidy, this matter is not applicable.

(r)AS-22 Accounting for taxes on income

Current tax is determined as the amount of tax payable in respect of taxable income for the period. Considering the negligible amount of deferred tax liability and asset the same is not provided.

(s)AS - 26 Accounting for intangible assets

During the year the company, the company has spent sum of Rs. 432831 for the increase in paid up share capital, Which have been debited to preliminary expenses, and as per the practice followed by the company, 1/10 of such expenditure has been debited to profit & loss account.

AS -29 Provision, contingent Liability & Contingent Assets ;- As on 31-03-2009 Rs. NIL (P.Y. Rs. NIL)