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Accounting Policies of Soni Medicare Ltd. Company

Mar 31, 2014

A. GOING CONCERN CONCEPT

The accounts have been prepared as a going concern under historical cost basis of accounting and the Company adopted the accrual system of accounting. Accounting policies not stated explicitly otherwise are consistent with generally accepted accounting policies.

b. FIXED ASSETS

Fixed Assets are stated at cost less accumulated depreciation.

Other fixed assets include Tenancy, lease hold and other contract rights for which value was paid to Dr. B.R. Soni for purchase of Soni Hospital and no depreciation has been charged on it till date.

c. INVESTMENT

Investments are valued at acquisition cost.

d. DEPRECIATION

Depreciation has been provided on straight line method at rates prescribed under Schedule XIV to the Companies Act, 1956.

e. INVENTORIES

Stock of drugs & medicines and other consumables have been valued at cost or net realizable price, whichever is lower.

f. RETIREMENT BENEFITS

Employees Group Gratuity Scheme of LIC had been opted in May, 2010 and Company is paying the Gratuity contribution to LIC in installments as prescribed by it.

Encashment of Leave is allowed as and when employee leaves the company.

g. PRELIMINARY EXPENDITURE/SHARE ISSUE EXPENSES

Preliminary expenses are being written off over a period of 10 years subsequent to the year in which the same were incurred.

h. SEGMENT ACCOUNTING :

The Company deals in only one Service segment at Jaipur i.e. Hospital Services and hence requirement of AS-17 "Segment Reporting" is not applicable.

i. EARNING PER SHARE :

The earnings considered in ascertaining the Company's EPS comprise the net profit after tax (and include the post tax effect of any extra ordinary items), The number of shares used in computing Basic EPS is the weighted average number of shares outstanding during the year.

j. TAXATION :

Tax expense for the year, comprising current tax and deferred tax is included in determining the net profit for the year. A provision is made for the current tax based on tax liability computed in accordance with relevant tax rates and tax laws. A provision is made for deferred tax for all timing difference arising between taxable income and accounting income at currently prescribed tax rates.

Deferred tax assets are recognized only if there is reasonable certainty that they will be realised and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.


Mar 31, 2013

A. GOING CONCERN CONCEPT

The accounts have been prepared as a going concern under historical cost basis of accounting and the Company adopted the accrual system of accounting. Accounting policies not stated explicitly otherwise are consistent with generally accepted accounting policies.

b. FIXED ASSETS

Fixed Assets are stated at cost less accumulated depreciation.

Other fixed assets include Tenancy, lease hold and other contract rights for which value was paid to Dr. B.R. Soni for purchase of Soni Hospital and no depreciation has been charged on it till date.

c. INVESTMENT

Investments are valued at acquisition cost.

d. DEPRECIATION

Depreciation has been provided on straight line method at rates prescribed under Schedule XIV to the Companies Act, 1956.

e. INVENTORIES

Stock of drugs & medicines and other consumables have been valued at cost or net realizable price, whichever is lower.

f. RETIREMENT BENEFITS

Employees Group Gratuity Scheme of LIC had been opted in May, 2010 and Company is paying the Gratuity contribution to LIC in installments as prescribed by it.

Encashment of Leave is allowed as and when employee leaves the company.

g. PRELIMINARY EXPENDITURE/SHARE ISSUE EXPENSES

Preliminary expenses are being written off over a period of 10 years subsequent to the year in which the same were incurred.

h. SEGMENT ACCOUNTING :

The Company deals in only one Service segment at Jaipur i.e. Hospital Services and hence requirement of AS-17 "Segment Reporting" is not applicable.

i. EARNING PER SHARE :

The earnings considered in ascertaining the Company's EPS comprise the net profit after tax (and include the post tax effect of any extra ordinary items), The number of shares used in computing Basic EPS is the weighted average number of shares outstanding during the year.

j. TAXATION :

Tax expense for the year, comprising current tax and deferred tax is included in determining the net profit for the year. A provision is made for the current tax based on tax liability computed in accordance with relevant tax rates and tax laws. A provision is made for deferred tax for all timing difference arising between taxable income and accounting income at currently prescribed tax rates.

Deferred tax assets are recognized only if there is reasonable certainty that they will be realised and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.


Mar 31, 2012

A. GOING CONCERN CONCEPT

The accounts have been prepared as a going concern under historical cost basis of accounting and the Company adopted the accrual system of accounting. Accounting policies not stated explicitly otherwise are consistent with generally accepted accounting policies.

b. FIXED ASSETS

Fixed Assets are stated at cost less accumulated depreciation.

Other fixed assets include Tenancy, lease hold and other contract rights for which value was paid to Dr. B.R. Soni for purchase of Soni Hospital and no depreciation has been charged on it till date.

c. INVESTMENT

Investments are valued at acquisition cost.

d. DEPRECIATION

Depreciation has been provided on straight line method at rates prescribed under Schedule XIV to the Companies Act, 1956.

e. INVENTORIES

Stock of drugs & medicines and other consumables have been valued at cost or net realizable price, whichever is lower.

f. RETIREMENT BENEFITS

Employees Group Gratuity Scheme of LIC had been opted in May, 2010 and Company is paying the Gratuity contribution to LIC in installments as prescribed by it.

Encashment of Leave is allowed as and when employee leaves the company.

g. PRELIMINARY EXPENDITURE/SHARE ISSUE EXPENSES

Preliminary expenses are being written off over a period of 10 years subsequent to the year in which the same were incurred.

h. SEGMENT ACCOUNTING :

The Company deals in only one Service segment at Jaipur i.e. Hospital Services and hence requirement of AS-17 "Segment Reporting" is not applicable.

i. EARNING PER SHARE :

The earnings considered in ascertaining the Company's EPS comprise the net profit after tax (and include the post tax effect of any extra ordinary items), The number of shares used in computing Basic EPS is the weighted average number of shares outstanding during the year.

j. TAXATION :

Tax expense for the year, comprising current tax and deferred tax is included in determining the net profit for the year. A provision is made for the current tax based on tax liability computed in accordance with relevant tax rates and tax laws. A provision is made for deferred tax for all timing difference arising between taxable income and accounting income at currently prescribed tax rates.

Deferred tax assets are recognized only if there is reasonable certainty that they will be realised and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

 
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