Home  »  Company  »  SJ Corporation  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of SJ Corporation Ltd. Company

Mar 31, 2015

1. Basis of preparation (i) These financial statements have been prepared to comply with the Generally Accepted Accounting Principles in India (Indian GAAP), including the Accounting Standard notified under the relevant provisions of the Companies Act, 2013. The financial statements are prepared on accrual basis under the historical cost convention. (ii) The preparation of financial statement in conformity with generally accepted accounting principles in India requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent liabilities on the date of financial statements and reported amounts of income and expenses during the period.

2. Fixed Assets (i) Fixed Assets are stated at cost (including adjustments on revaluation) less accumulated depreciation.

Cost of acquisition is inclusive of freight, duties and other incidental expenses incurred during construction period and exclusive of cenvat credit availed thereon.

(ii) Assets under erection/installation are shown as "Capital work-in-progress" and advance given for capital expenditure are shown as "Capital advances" under the head as long term loans ans advances. Expenditure during construction period are shown as "pre-operative expenses" to be capitalized on erection/installation of the assets.

(iii) The carrying amount of assets is reviewed at each balance sheet date for any indication of impairment based on internal & external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount and is charged to the Profit & Loss account in the year of identification as an impaired asset. The impairment loss recognized in prior accounting periods is reversed if there is a change in the estimate of recoverable amount.

3. Depreciation

(iii) Depreciation on Fixed Assets is provided to the extent of depreciable amount on the Written Down Value (WDV) Method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013 except in respect of the leasehold improvements, where useful life is taken as per lease period. Depreciation on assets sold, discarded, demolished or scrapped, is provided up to the date on which the said asset is sold, discarded, demolished or scrapped.

4. Foreign Currency Transactions

(i) Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction.

(ii) Foreign currency transactions remaining unsettled till the finalization of accounts of the year are translated at contracted rates, when covered by forward exchange contracts and at year end rates, in all other cases.

5. Investments

(i) Investments are either classified as current or non-current based on the management intention at the time of purchase.

(ii) Current Investment are carried at the lower of cost or market value. The comparison of cost and market value is done separately in respect of each category of investments.

(iii) Long term investments are carried at cost less any permanent diminution in value, determined separately for each individual investments. The reduction in the carrying amount is reversed when there is rise in the value of investments or if the reason for the reduction no longer exist.

6. Stock

(i) Closing stock of Finished Goods is stated at lower of the cost or net realizable value on FIFO Basis.

(ii) Raw Materials are valued at Cost.

7. Sales tax VAT collected by the Company is not treated as part of its income.

8. Contingent Liability Contingent Liability, if any, are generally not provided for in the accounts and is shown separately as a note to the accounts.

9. Taxation

(i) Provision for current Tax is made and retained in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income tax Act, 1961 and considering assessment orders and decisions of appellate authorities in Company's case.

(ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the balance sheet date.

10. Earnings Per Share

The basic earnings per share (EPS) is computed by dividing the net profit after tax for the year by the weighted average number of equity shares outstanding during the current year. For the purpose of calculating diluted earnings per share, net profit after tax and the weighted number of equity shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

11 . Financial Derivatives & Commodity Hedging Transactions

(i) Financial derivatives and commodity hedging contracts are accounted on the date of their settlement and realized gain/loss in respect of settled contracts are recognized in the profit & loss account. (ii) The unrealized loss on contracts outstanding at the yearend are provided for in the books of account of the Company.


Mar 31, 2014

1. Basis of preparation

(i) The financial statements have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP) and presented under the historical cost convention on accrual basis of accounting to comply with the accounting standards prescribed in the Companies (Accounting Standards) Rules, 2006 and with the relevant provisions of the Companies Act, 1956.

(ii) The preparation of financial statement in conformity with generally accepted accounting principles in India requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent liabilities on the date of financial statements and reported amounts of income and expenses during the period.

2. Fixed Assets

(i) Fixed Assets are stated at cost (including adjustments on revaluation) less accumulated depreciation. Cost of acquisition is inclusive of freight, duties and other incidental expenses incurred during construction period and exclusive of cenvat credit availed thereon.

(ii) Assets under erection/installation are shown as "Capital work-in-progress" and advance given for capital expenditure are shown as "Capital advances" under the head as long term loans ans advances. Expenditure during construction period are shown as "pre-operative expenses" to be capitalized on erection/installation of the assets.

(iii) The carrying amount of assets is reviewed at each balance sheet date for any indication of impairment based on internal & external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount and is charged to the Profit & Loss account in the year of identification as an impaired asset. The impairment loss recognized in prior accounting periods is reversed if there is a change in the estimate of recoverable amount.

3. Depreciation

(iii) The depreciation on fixed assets has been provided on written down value method on Pro rata basis with reference to the date of addition/disposal at the rates specified in Schedule XIV of the Companies Act, 1956.

4. Foreign Currency Transactions

a) Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction.

b) Foreign currency transactions remaining unsettled till the finalisation of accounts of the year are translated at contracted rates, when covered by forward exchange contracts and at year end rates, in all other cases.

5. Investments

(i) Investments are either classified as current or non-current based on the management intention at the time of purchase.

(ii) Current Investment are carried at the lower of cost or market value. The comparison of cost and market value is done separately in respect of each category of investments.

(iii) Long term investments are carried at cost less any permanent diminution in value, determined separately for each individual investments. The reduction in the carrying amount is reversed when there is rise in the value of investments or if the reason for the reduction no longer exist.

6. Stock

a. Closing stock of Finished Goods is stated at lower of the cost or net realisable value on FIFO Basis.

b. Raw Materials are valued at Cost.

c. Stores items purchased during the year are treated as consumed.

7. Sales tax

VAT collected by the Company is not treated as part of its income.

8. Contingent Liability

Contingent Liability, if any, are generally not provided for in the accounts and is shown separately as a note to the accounts.

9. Taxation

a. Provision for current Tax is made and retained in the accounts on the basis of estimated tax liability as FOR THE YEAR ENDED 31ST MARCH, 2014 per the applicable provisions of the Income tax Act, 1961 and considering assessment orders and decisions of appellate authorities in Company''s case. b. Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the balance sheet date.

10. Earning Per Share

The basic earning per share (EPS) is computed by dividing the net profit after tax for the year by the weighted average number of equity shares outstanding during the current year. For the purpose of calculating diluted earning per share, net profit after tax and the weighted number of equity shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

11. Financial Derivatives & Commodity Hedging Transactions

a. Financial derivatives and commodity hedging contracts are accounted on the date of their settlement and realised gain/loss in respect of settled contracts are recognised in the profit & loss account.

b. The unrealised loss on contracts outstanding at the year end are provided for in the books of account of the Company.

12. Leases

Lease rentals for operating leases are charged to statement of profit and loss on accrual basis in accordance with the respective lease agreements.


Mar 31, 2013

1. Basis of preparation

(i) The financial statements have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP) and presented under the historical cost convention on accrual basis of accounting to comply with the accounting standards prescribed in the Companies (Accounting Standards) Rules,2006 and with the relevant provisions of the Companies Act, 1956.

(ii) The preparation of financial statement in conformity with generally accepted accounting principles in India requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent liabilities on the date of financial statements and reported amounts of income and expenses during the period.

2. Fixed Assets

(i) Fixed Assets are stated at cost (including adjustments on eevaluation) less accumulated depreciation. Cost of acquisition is inclusive of freight, duties and other incidental expenses incurred during construction period and exclusive of cenvat credit availed thereon. (ii) Assets under erection/installation are shown as "Capital work-in-progress" and advance given for capital expenditure are shown as "Capital advances" under the head as long term loans and advances. Expenditure during construction period are shown as "pre-operative expenses" to be capitalized on erection/installation of the assets. (iii) The depreciation on fixed assets has been provided on written down value method on Pro rata basis with reference to the date of addition/disposal at the rates specified in Schedule XIV of the Companies Act, 1956. (iv) The carrying amount of assets is reviewed at each balance sheet date for any indication of impairment based on internal & external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount and is charged to the Profit & Loss account in the year of identification as an impaired asset. The impairment loss recognized in prior accounting periods is reversed if there is a change in the estimate of recoverable amount.

3. Foreign Currency Transactions

a) Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction.

b) Foreign currency transactions remaining unsettled till the finalisation of accounts of the year are translated at contracted rates, when covered by forward exchange contracts and at year end rates, in all other cases.

4. Investments

(i) Investments are either classified as current or non-current based on the management intention at the time of purchase. (ii) Current Investment are carried at the lower of cost or market value. The comparison of cost and market value is done separately in respect of each category of investments. (iii) Long term investments are carried at cost less any permanent diminution in value, determined separately for each individual investments. The reduction in the carrying amount is reversed when there is rise in the value of investments or if the reason for the reduction no longer exist.

5. Stock

a) Closing stock of Finished Goods is stated at lower of the cost or net realisable value on FIFO Basis.

b) Raw Materials are valued at Cost.

c) Stores items purchased during the year are treated as consumed.

6. Sales tax

VAT collected by the Company is not treated as part of its income.

7. Contingent Liability

Contingent Liability, if any, are generally not provided for in the accounts and is shown separately as a note to the accounts.

8. Taxation

a) Provision for current Tax is made and retained in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income tax Act, 1961 and considering assessment orders and decisions of appellate authorities in Company''s case.

b) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the balance sheet date.

9. Earning Per Share

The basic earning per share (EPS) is computed by dividing the net profit after tax for the year by the weighted average number of equity shares outstanding during the current year. For the purpose of calculating diluted earning per share, net profit after tax and the weighted number of equity shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

10. Financial Derivatives & Commodity Hedging Transactions

a. Financial derivatives and commodity hedging contracts are accounted on the date of their settlement and realised gain/loss in respect of settled contracts are recognised in the profit & loss account.

b. The unrealised loss on contracts outstanding at the year end are provided for in the books of account of the Company.

11. Leases

Lease rentals for operating leases are charged to statement of profit and loss on accrual basis in accordance with the respective lease agreements.


Mar 31, 2012

1.1 Basis of preparation

(i) The financial statements have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP) and presented under the historical cost convention on accrual basis of accounting to comply with the accounting standards prescribed in the Companies (Accounting Standards) Rules, 2006 and with the relevant provisions of the Companies Act, 1956.

(ii) The preparation of financial statement in conformity with generally accepted accounting principles in India requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent liabilities on the date of financial statements and reported amounts of income and expenses during the period.

1.2 Fixed Assets

(i) Fixed Assets are stated at cost (including adjustments on revaluation) less accumulated depreciation.

Cost of acquisition is inclusive of freight, duties and other incidental expenses incurred during construction period and exclusive of cenvat credit availed thereon.

(ii) Assets under erection/installation are shown as "Capital work-in-progress" and advance given for capital expenditure are shown as "Capital advances" under the head as long term loans ans advances.

Expenditure during construction period are shown as "pre-operative expenses" to be capitalized on erection/installation of the assets.

(iii) The depreciation on fixed assets has been provided on written down value method on Pro rata basis with reference to the date of addition/disposal at the rates specified in Schedule XIV of the Companies Act, 1956.

(iv) The carrying amount of assets is reviewed at each balance sheet date for any indication of impairment based on internal & external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount and is charged to the Profit & Loss account in the year of identification as an impaired asset. The impairment loss recognized in prior accounting periods is reversed if there is a change in the estimate of recoverable amount.

1.3 Foreign Currency Transactions

a) Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction.

b) Foreign currency transactions remaining unsettled till the finalisation of accounts of the year are translated at contracted rates, when covered by forward exchange contracts and at year end rates, in all other cases.

1.4 Investments

(i) Investments are either classified as current or non-current based on the management intention at the time of purchase.

(ii) Current Investment are carried at the lower of cost or market value. The comparison of cost and market value is done separately in respect of each category of investments.

(iii) Long term investments are carried at cost less any permanent diminution in value, determined separately for each individual investments. The reduction in the carrying amount is reversed when there is rise in the value of investments or if the reason for the reduction no longer exist.

1.5 Stock

a) Closing stock of Finished Goods is stated at lower of the cost or net realisable value on FIFO Basis.

b) Raw Materials are valued at Cost.

c) Stores items purchased during the year are treated as consumed.

1.6 Sales tax

VAT collected by the Company is not treated as part of its income.

1.7 Contingent Liability

Contingent Liability, if any, are generally not provided for in the accounts and is shown separately as a note to the accounts.

1.8 Taxation

a) Provision for current Tax is made and retained in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income tax Act, 1961 and considering assessment orders and decisions of appellate authorities in Company's case.

b) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the balance sheet date.

1.9 Earning Per Share

The basic earning per share (EPS) is computed by dividing the net profit after tax for the year by the weighted average number of equity shares outstanding during the current year. For the purpose of calculating diluted earning per share, net profit after tax and the weighted number of equity shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

1.10 Financial Derivatives & Commodity Hedging Transactions

a. Financial derivatives and commodity hedging contracts are accounted on the date of their settlement and realised gain/loss in respect of settled contracts are recognised in the profit & loss account.

b. The unrealised loss on contracts outstanding at the year end are provided for in the books of account of the Company in accordance with the guidance note on Accounting for Equity Index & Equity Stock Futures and Options issued by the Chartered Accountants of India.


Mar 31, 2011

I) The financial accounts are prepared under the historical cost convention on a going concern basis. The accounting policies not specifically mentioned are consistent with generally accepted accounting principles.

ii) All items of income and expenditure are accounted for on accrual basis.

iii) Depreciation

The depreciation on fixed assets has been provided on Written Down Value Method on Pro rata basis at the rates specified in Schedule XIV of the Companies Act, 1956. Leasehold land is being amortised over the leased a period of lease of 15 years.

iv) Foreign Currency Transactions

a) Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction.

b) Foreign currency transactions remaining unsettled till the finalisation of accounts of the year are translated at contracted rates, when covered by forward exchange contracts and at year end rates, in all other cases.

v) Investments

Investments are stated at cost.

vi) Stock

a) Closing stock of Finished Goods is stated at lower of the cost or net realisable value on FIFO Basis

b) Raw Materials are valued at Cost.

c) Stores items purchased during the year are treated as consumed.

vii) Sales tax

VAT collected by the Company is not treated as part of its income.

viii)Contingent Liability

Contingent Liability, if any, are generally not provided for in the accounts and is shown separately as a note to the accounts.

ix) Taxation

a) Provision for current Tax is made and retained in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income tax Act, 1961 and considering assessment orders and decisions of appellate authorities in Company's case.

b) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the balance sheet date.

x) Financial Derivatives & Commodity Hedging Transactions

a. Financial derivatives and commodity hedging contracts are accounted on the date of their settlement and realised gain/loss in respect of settled contracts are recognised in the profit & loss account.

x) b. The unrealised loss on contracts outstanding at the year end are provided for in the books of account of the Company in accordance with the guidance note on Accounting for Equity Index & Equity Stock Futures and Options issued by the Chartered Accountants of India.


Mar 31, 2010

I) The financial accounts are prepared under the historical cost convention on a going concern basis. The accounting policies not specifically mentioned are consistent with generally accepted accounting principles.

ii) All items of income and expenditure are accounted for on accrual basis.

iii) Depreciation

The depreciation on fixed assets has been provided on Straight Line Method on Pro rata basis at the rates specified in Schedule XIV of the Companies Act, 1956.

iv) Foreign Currency Transactions

a) Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction.

b) Foreign currency transactions remaining unsettled till the finalisation of accounts of the year are translated at contracted rates, when covered by forward exchange contracts and at year end rates, in all other cases.

v) Investments

Investments are stated at cost.

vi) Stock

a) Closing stock is stated at lower of the cost or net realisable value

b) Stores items purchased during the year are treated as consumed.

vii) Sales tax VAT collected by the Company is not treated as part of its income.

viii)Contingent Liability

Contingent Liability, if any, are generally not provided for in the accounts and is shown separately as a note to the accounts.

ix) Taxation

a) Provision for current Ta x is made and retained in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income tax Act, 1961 and considering assessment orders and decisions of appellate authorities in Companys case.

b) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the balance sheet date.

 
Subscribe now to get personal finance updates in your inbox!