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Accounting Policies of Sinner Energy India Ltd. Company

Mar 31, 2015

Basis of Preparation of Financial statement.

The financial statements of Sinner Energy India Limited have been prepared and presented in accodance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises accounting standards notified by Central Government of India under the relevant provision of Companies Act, 2013.

Use of Estimates

The preparation of financial statements is in conformity with Generally Accepted Accounting Principles (GAAP) in India requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of the financial statements and reported amounts of income and expenses during the period.

Revenue Recognition:

The Company follows the mercantile system of Accounting and recognizes income and expenditure on accrual basis.

Investments:

Investments are stated at cost i.e., cost of acquisition, inclusive of expenses incidental to acquisition wherever applicable.

Fixed Assets & Depreciation:

Fixed Assets are stated at cost less Depreciation. Depreciation on Fixed Assets is provided to the extent of depreciable amount on the WDV Method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013. Depreciation on addition / deletions is calculated on pro- rata with respect to date of addition / deletions.

Taxation:

The current charge for income tax is calculated in accordance with the relevant tax regulations applicable to the Company. Deferred tax asset and liability is recognized for future tax consequences attributable to the timing differences that result between the profit offered for income tax and the profit as per the financial statements. Deferred tax asset & liability are measured as per the tax rates/laws that have been enacted or substantively enacted by the Balance Sheet date.

Earnings per Share:

The earning considered in ascertaining the company's earnings per share comprises net profit after tax. The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the year.

Impairment of Assets:

The carrying amount of assets is reviewed at each balance sheet date to determine if there is any indication of impairment thereof based on external / internal factors. An impairment loss is recognised wherever the carrying amount of an asset exceeds its recoverable amount, which represents the greater of the net selling price of assets and their value in use. The estimated future cash flows are discounted to their present value at appropriate rate arrived at after considering the prevailing interest rates and weighted average cost of capital

Gratuity:

No provision for gratuity has been made as no employee has put in qualifying period of service for entitlement of this benefit.

Under the Micro Small and Medium Enterprises Development Act ,2006, certain disclourses are required to be made relating to Micro,Small and Medium Enterprises. The company is in the process of compling relevant information from its suppliers about their coverage under the Act . Since the revelant information is not presently available, no disclosures have been made in the accounts.


Mar 31, 2014

1) GENERAL:

I. The Financial Statement have generally been prepared on the historical cost convention.

II. Accounting policies not specifically referred to otherwise are in consonance with generally accepted accounting principles.

2) BASIS OF ACCOUNTING:

The Company follows the mercantile system of accounting generally except otherwise stated herein below, if so.

3) FIXED ASSETS :

Fixed assets are stated at cost of less accumulated depreciation. depreciation has been provided during the year on WDV in accordance with the provision of section 205(2)(b) of the companies Act,1956 at the rates specified in the schedule XIV to the said Act.

4) INVESTMENT:

Investments, if any, are stated at cost.

5) REVENUE RECOGNITION:

Revenue in recognized only when it is reasonably certain that the ultimate collection will be made.

6) MISCELLANEOUS EXPENDITURE :

Miscellaneous Expenditure such as preliminary expenditure are amortized over a period of 5 years.

7) DEFERED TAX:

The Deferred tax is recognized for all temporary differences subject to the consideration of prudence and at currently available rates. Deferred Tax assets are recognized only if there is virtual certainty that they will be realized.

A. SIGNIFICANT ACCOUNTING POLICES

a) The company follows the accrual system of accounting in accordances with the requirement of the Companies Act, 1956 and complies with the accounting standards referred to in sub- section 211 of the said Act.

b) The accounts are prepared on historical cost basis and on the basis of going concern. Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting principles.


Mar 31, 2013

1) GENERAL:

I. The Financial Statement have generally been prepared on the historical cost convention.

II. Accounting policies not specifically referred to otherwise are in consonance with generally accepted accounting principles.

2) BASIS OF ACCOUNTING:

The Company follows the mercantile system of accounting generally except otherwise stated herein below, if so.

3) FIXED ASSETS :

Fixed assets are stated at cost of less accumulated depreciation. depreciation has been provided during the year under consideration.

4) INVESTMENT:

There are no investments made during the year

5) REVENUE RECOGNITION:

Revenue in respect of brokerage is recognized only when it is reasonably certain that the ultimate collection will be made.

6) MISCELLANEOUS EXPENDITURE :

Miscellaneous Expenditure such as preliminary expenditure are amortized over a period of 5 years.

7) DEFERED TAX:

The company had not recognised any deffered Tax Assets since they are not Material

8) BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE:

I Registration Details :

Registration No. : 028077

State Code : 04

Balance Sheet Date : 31/03/2013

II Capital Raised during the year

Public Issue NIL

Right Issue NIL

Bonus Issue NIL

Private Placement NIL

III Position of Mobilisation and Development of Funds

Rupees Amt. Rs.

Total Liabilities 3,24,21,247

Total Assets 3,24,21,247

Sources of Funds:

Paid- Up Capital 20,29,8000

Reserves & Surplus 1,17,85,422

Secured Loans —

Unsecured Loans —

Application of Funds:

Net Fixed asset 2,09,611

Investment —

Net Current assets 9,65,595

Miscellanous Expenditure —

Accumulated Losses —

IV. Performance of Company: Profit After Tax 9,543

Turnover (Gross Income) 4,51,777 Earning Per Share 0.005

Total Expenditure 4,43,200 Dividend Rate% NIL

Profit/Loss Before Tax 8,577

A. SIGNIFICANT ACCOUNTING POLICES

a) The company follows the accrual system of accounting in accordance with the requirement of the Companies Act, 1956 and complies with the accounting standards referred to in sub- section 211 of the said Act.

b) The accounts are prepared on historical cost basis and on the basis of going concern. Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting principles.


Mar 31, 2012

1) GENERAL:

I. The Financial Statement have generally been prepared on the historical cost convention.

II. Accounting policies not specifically referred to otherwise are in consonance with generally accepted accounting principles.

2) BASIS OF ACCOUNTING:

The Company follows the mercantile system of accounting generally except otherwise stated herein below, if so.

3) FIXED ASSETS :

Fixed assets are stated at cost of less accumulated depreciation. depreciation has been provided during the year under consideration.

4) INVESTMENT:

There are no investments made during the year

5) REVENUE RECOGNITION:

Revenue in respect of brokerage is recognized only when it is reasonably certain that the ultimate collection will be made.

6) MISCELLANEOUS EXPENDITURE :

Miscellaneous Expenditure such as preliminary expenditure are amortized over a period of 5 years.

7) DEFERED TAX:

The company had not recognised any deffered Tax Assets since they are not Material

8) BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE:

I Registration Details :

Registration No. : 028077

State Code : 04

Balance Sheet Date : 31/03/2012

II Capital Raised during the year

Public Issue NIL

Right Issue NIL

Bonus Issue NIL

Private Placement NIL

III Position of Mobilisation and Development of Funds

Rupees Amt. Rs.

Total Liabilities 3,21,76,134

Total Assets 3,21,76,134

Sources of Funds:

Paid- Up Capital 2,02,98,000

Reserves & Surplus 1,17,75,879

Secured Loans —

Unsecured Loans —

Application of Funds:

Net Fixed asset 2,52,779

Investment —

Net Current assets 9,13,850

Miscellanous Expenditure —

Accumulated Losses —

IV. Performance of Company: Profit After Tax 611

Turnover (Gross Income) 2,20,000 Earning Per Share 0.00

Total Expenditure 2,19,389 Dividend Rate% NIL

Profit/Loss Before Tax 611


Mar 31, 2011

1) GENERAL:

I. The Financial Statement have generally been prepared on the historical cost convention.

II. Accounting policies not specifically referred to otherwise are in consonance with generally accepted accounting principles.

2) BASIS OF ACCOUNTING:

The Company follows the mercantile system of accounting generally except otherwise stated herein below, if so.

3) FIXED ASSETS :

Fixed assets are stated at cost of less accumulated depreciation. depreciation has been provided during the year under consideration.

4) INVESTMENT:

There are no investments made during the year

5) REVENUE RECOGNITION:

Revenue in respect of brokerage is recognized only when it is reasonably certain that the ultimate collection will be made.

6) MISCELLANEOUS EXPENDITURE :

Miscellaneous Expenditure such as preliminary expenditure are amortized over a period of 5 years.

7) DEFERED TAX:

The company had not recognised any deffered Tax Assets since they are not Material

8) BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE:

I Registration Details :

Registration No. : 028077

State Code : 04

Balance Sheet Date : 31/03/2011

II Capital Raised during the year

Public Issue NIL

Right Issue NIL

Bonus Issue NIL

Private Placement NIL

Sources of Funds:

Paid- Up Capital 20,29,8000

Reserves & Surplus 1,17,75,268

Secured Loans —

Unsecured Loans —

Application of Funds:

Net Fixed asset 3,12,435

Investment —

Net Current assets 3,17,60,833

Miscellanous Expenditure —

Accumulated Losses —

IV. Performance of Company: Profit After Tax 4,281

Turnover (Gross Income) 2,43,500 Earning Per Share 0.002

Total Expenditure 2,39,219 Dividend Rate% NIL

Profit/Loss Before Tax 4,281

 
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