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Accounting Policies of Sigrun Holdings Ltd. Company

Mar 31, 2015

1) ACCOUNTING CONVENTION

a. The Financial Statements are prepared under the historical cost convention on the basis of going concern and in accordance with the Generally Accepted Accounting Principles in India (GAAP) and provisions of the Companies Act, 1956.

b. The preparation of financial statements are in conformity with generally accepted accounting principles, requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and the differences between actual results and estimates are recognized in the periods in which the results are known/ materialize.

2) REVENUE RECOGNITION

a. Dividend is recognised when it is Realized

b. Interest is recognized on Accrual Basis

3) INVESTMENTS

a. Long-term investments including investment in the shares of foreign subsidiary are stated at cost.

b. Provision for diminution shall be made to recognise a decline, other than temporary, in the value of the investments, such reduction being determined and made for each investment individually.

c. Current Investment are carried at lower of cost or market value.

4) TAXES ON INCOME:

There is no provision made for Deffered Tax and Other Tax. Tax expense for the year, comprises current tax. A provision is made for the current tax based on tax liablity computed in accordance with the relevant tax laws and tax rates.

5) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS-29)

There is no Provision made for Contingent Liabilities and Contingent Assets. The provisions are recognized and measured by using a substantial degree of estimation.






Mar 31, 2014

1) ACCOUNTING CONVENTION

a. The Financial Statements are prepared under the historical cost convention on the basis of going concern and in accordance with the Generally Accepted Accounting Principles in India (GAAP) and provisions of the Companies Act, 1956.

b. The preparation of financial statements are in conformity with generally accepted accounting principles, requires esti- mates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and the differences between actual results and estimates are recog- nized in the periods in which the results are known/ materialize.

2) REVENUE RECOGNITION

a. Dividend is recognised when it is Realized

b. Interest is recognized on Accrual Basis

3) INVESTMENTS

a. Long-term investments including investment in the shares of foreign subsidiary are stated at cost.

b. Provision for diminution shall be made to recognise a decline, other than temporary, in the value of the investments, such reduction being determined and made for each investment individually.

c. Current Investment are carried at lower of cost or market value.

4) TAXES ON INCOME:

There is no provision made for Deffered Tax and Other Tax. Tax expense for the year, comprises current tax. A provision is made for the current tax based on tax liablity computed in accordance with the relevant tax laws and tax rates.

5) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS-29)

There is no Provision made for Contingent Liabilities and Contingent Assets. The provisions are recognized and measured by using a substantial degree of estimation.


Mar 31, 2012

1) ACCOUNTING CONVENTION

a. The Financial Statements are prepared under the historical cost convention on the basis of going concern and in accordance with the Generally Accepted Accounting Principles in India (GAAP) and provisions of the Companies

b. The preparation of financial statements are in conformity with generally accepted accounting principles, requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and the differences between actual results and estimates are recognized in the periods in which the results are known/ materialize.

2) REVENUE RECOGNITION

a. Dividend is recognised when it is Realized

b. Intrest is recognized on Accrual Basis

3) INVESTMENTS

a. Long-term investments including investment in the shares of foreign subsidiary are stated at cost. Provision for diminution in value of long-term investments if any is made, if such diminution is other than of temporary nature.

b. Current Investment are carried at lower of cost or market value.

4) TAXES ON INCOME:

Tax expense for the year, comprises current tax. A provision is made for the current tax based on tax liablity computed in accordance with the relevant tax laws and tax rates.

5) PROVISIONS. CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS-29)

a. The provisions are recognized and measured by using a substantial degree of estimation.


Mar 31, 2010

A) Basis of Preparation:

The financial statements have been prepared to comply in all material respects with notified Accounting Standards Rules, 2006 and the relevant provisions of the Companies Act, 1956. The Financial Statements have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the company and are consistent with those used in the previous year except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in accounting policy hitherto in use.

b) Fixed Assets and Depreciation:

Fixed Assets are valued at cost less accumulated Depreciation. The company capitalized all costs relating to the acquisition and installation of fixed assets. Depreciation has been provided during the year as per WDV Method.

c) Impairment of Long-Lived Assets:

Fixed Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in the income statement for items of fixed assets carried at cost. The recoverable amount is the higher of an assets net selling price and value in use. The net selling price is the amount obtained from the sale of an asset in an arms length transaction, while value in use in the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.

d) Revenue Recognition:

Revenue and Expenditures are being recognized in accordance with the Guidance Note on Accrual Basis of Accounting issued by the ICAI except unascertained expenditure and income.

e) Investment:

Investment is long term investment. Long Term Investments are stated at costs.

f) Retirement Benefit:

Effective April 1,2006 the company has adopted the revised Accounting Standard on employee benefits.

g) Taxes on Income:

Current Tax is determined as the amount of tax payable in respect of the taxable income for the period. Deferred tax asset or deferred tax liability is considered for timing differences in accordance with the Accounting Standard 22. The Company has recognized Net Deferred Tax Assets (DTA) of Rs. 21.77 lacs during the year. The management is reasonably / virtually certain that sufficient future taxable income would be available to realize such DTA.

h) Borrowing Costs:

Borrowing costs that are attributable to the acquisition and construction of a qualifying asset are capitalized as a part of the cost of the asset. Other borrowing costs are recognized as n expense in the year in which they are incurred.

 
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