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Accounting Policies of Sita Enterprises Ltd. Company

Mar 31, 2015

I. The Financial Statements are prepared on Accrual Basis under Historic Cost Convention and in accordance with the generally accepted accounting principles in India and the Accounting Standards specified in The Companies Act, 2013 / 1956 and rules notified thereto with proper explanations relating to material departures. The Company being a Non-Banking finance Company follows the guidelines as prescribed by the Reserve Bank of India to the extent applicable to it.

ii. All assets and liabilities have been classified as current or non-current as per the Companies operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. The Company has ascertained its operating cycle as 12 months for the purpose of current - non current classification of assets and liabilities.

iii. Fixed Assets are stated at cost including any acquisition expenses. The accounting of fixed assets is done as Block of Assets as provided in Income Tax Act, 1961. Provision for depreciation in books is also made at rates on written down value basis as per provision of Income Tax Act, 1961 which are different from the rates prescribed under The Companies Act, 2013. The basis adopted by company satisfies the criteria of useful lives of the assets. Difference in depreciation as per Company's Act and as per Income Tax Act, is not material.

iv. Investments - Investments are stated at cost. Investment in properties that are not intended to be substantially used for the operations of the company are classified as Investment Property. Income from Investments is accounted for as and when realised by the company and is included together with the related tax credit in the Profit & Loss Account.

v. Loans and advances which are recoverable on demand or stipulation in cash or kind or for value to be received are classified as short term. The interests on Loan amounts given are provided whenever it is receivable.


Mar 31, 2014

I. The Financial Statements are prepared on Accrual Basis under Historic Cost Convention and in accordance with the Revised Schedule VI to The Companies Act, 1956 and the Accounting Standards specified by the Institute of Chartered Accountants of India with proper explanations relating to material departures. The Company being a Non-Banking finance Company follows the guidelines as prescribed by the Reserve Bank of India to the extent applicable to it.

ii. Fixed Assets are stated at cost including any acquisition expenses. Accounting standard 6 provides for provision of depreciation as per Company''s Act, however as a measure of prudence depreciation in books is provided at higher rates on written down value basis and the accounting of fixed assets in books of accounts is done as per provision of Income Tax Act, 1961 as Block of Assets. The difference in depreciation as per Company''s Act and as per Income Tax Act, is not material.

iii. Investments - Investments are stated at cost. Income from Investments is accounted for as and when realised by the company and is included together with the related tax credit in the Profit & Loss Account.

iv. Loans and advances which are recoverable on demand or stipulation in cash or kind or for value to be received are classified as short term. The interests on Loan amounts given are provided whenever it is receivable.


Mar 31, 2013

I. The Financial Statements are prepared on Accrual Basis under Historic Cost Convention and in accordance with the Revised Schedule VI to The Companies Act, 1956 and the Accounting Standards specified by the Institute of Chartered Accountants of India with proper explanations relating to material departures. The Company being a Non-Banking finance Company follows the guidelines as prescribed by the Reserve Bank of India to the extent applicable to it.

ii. Fixed Assets are stated at cost including any acquisition expenses. Accounting standard 6 provides for provision of depreciation as per Company''s Act, however as a measure of prudence depreciation in books is provided at higher rates on written down value basis and the accounting of fixed assets in books of accounts is done as per provision of Income Tax Act, 1961 as Block of Assets. The difference in depreciation as per Company''s Act and as per Income Tax Act, is not material.

iii. Investments - Investments are stated at cost. Income from Investments is included together with the related tax credit in the Profit & Loss Account.

iv. Loans and advances which are recoverable on demand or stipulation in cash or kind or for value to be received are classified as short term. The interests on Loan amounts given are provided whenever it is receivable.


Mar 31, 2010

I. The Financial Statements are prepared on Accrual Basis under Historic Cost Convention and in accordance with the Accounting Standards specified by the Institute of Chartered Accountants of India with proper explanations relating to material departures.

ii. Fixed Assets are stated at cost including any acquisition expenses. Depreciation is provided at higher rates on written down value basis as per Income Tax Act. Accounting standard 6 provides for provision of depreciation as per Companys Act, however as a measure of prudence, the accounting of fixed assets in books of accounts is done as per provision of Income Tax Act, 1961 as Block of Assets. The difference in depreciation as per Companys Act and as per Income Tax, Act is not material.

iii Investments - Investments are stated at cost. Income from Investments is included together with the related tax credit in the Profit & Loss Account.

 
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