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Accounting Policies of Southern Magnesium & Chemicals Ltd. Company

Mar 31, 2015

A) The Financial statements are prepared on historical cost basis.

b) Fixed Assets:

Tangible fixed assets are stated at cost net of depreciation provided.

c) Depreciation

Depreciation on the fixed assets is provided on Straight line Method Basis in accordance with Schedule II of the Companies Act, 2013.

d) Inventory:

a. Raw materials are valued at lower of cost and realizable value.

b. Finished goods and Work in progress are valued at lower of cost and net realizable value. Excise duty against finished goods lying in bonded godown at the end of the year is considered by making appropriate adjustments in the statement of profit and loss.

c. Cost Formula used is 'weighted average cost'.

e) Provident Fund

Provident Fund contributions are remitted to Provident Fund Commissioner and the same are charged to revenue.

f) Contingent Liabilities

All Contingent Liabilities are indicated by way of a note and would be paid/ provided upon crystallization.




Mar 31, 2014

A) The Financial statements are prepared on historical cost basis.

b) Fixed Assets:

Tangible fixed assets are stated at cost net of depreciation provided.

c) Depreciation

Depreciation on the fixed assets is provided on Straight line Method Basis in accordance with Schedule XIV to the Companies Act, 1956.

d) Inventory:

a. Raw materials are valued at lower of cost and realizable value.

b. Finished goods and Work in progress are valued at lower of cost and net realisable value. Excise duty against finished goods lying in bonded godown at the end of the year is considered by making appropriate adjustments in the statement of profit and loss.

c. Cost Formula used is ''weighted average cost''.

e) Provident Fund

Provident Fund contributions are remitted to Provident Fund Commissioner and the same are charged to revenue.

f) Contingent Liabilities

All Contingent Liabilities are indicated by way of a note and would be paid/ provided upon crystallization.


Mar 31, 2013

A) The financial statements are prepared on the basis of historical cost.

b) Fixed Assets:

Tangible fixed assets are stated at cost net of depreciation provided.

c) Depreciation

Depreciation on the tangible fixed assets is provided on Straight line Method Basis in accordance with Schedule XIV to the Companies Act, 1956.

d) Inventory:

a. Raw materials are valued at cost.

b. Finished goods and Work in progress are valued at lower of cost and net realisable value. Excise duty against finished goods lying in bonded go down at the end of the year is considered by making appropriate adjustments in the statement of profit and loss.

c. Stocks are valued on the basis of ''weighted average cost'' method.

e) Provident Fund

Provident Fund contributions are remitted to Provident Fund Commissioner and the same are charged to revenue.

f) Contingent Liabilities

All Contingent Liabilities are indicated by way of a note and would be paid/ provided upon crystallization.


Mar 31, 2010

1. The following are the significant accounting policies adopted by the company in the preparation and presentation of financial statements.

a) Financial Statements are based on historical costs.

b) Tangible fixed assets are stated at cost net of depreciation provided.

c) Depreciation on the fixed assets of the company is provided on Straight line Basis method as per Schedule XIV to the Companies Act, 1956.

d) Raw Materials, stores and spares are valued at cost, Finished goods and working progress are valued at lower of cost and realisable value.

e) Provident Fund contributions are remitted to Provident Fund Commissioner and the same are charged to revenue.

f) All Contingent Liabilities are indicated by way of a note and will be paid / provided on crystallization.

3. Redeemable Preference shares are issued on the following terms.

However, period of redemption of all the shares is extended up to March 2015 vide a resolution passed on 27.09.2005 through postal ballot.

 
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