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Accounting Policies of ST Services Ltd. Company

Mar 31, 2015

(1) BASIS OF ACCOUNTING

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP). These financial statements have been prepared to comply in all material aspects with the accounting standards specified under Section 133 of Companies Act, 2013 (the Act), read with Rule 7 of the Companies (Accounts) Rules, 2014.

All assets and Liabilities have been classified as current or non-current as per the Company's normal operating cycle and other criteria set out in the Companies Act, 2013.

The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

(2) FIXED ASSETS

Fixed Assets are stated at their original cost of acquisition less accumulated depreciation. Cost comprises of all costs incurred to bring the assets to their location and working condition for its intended use.

(3) DEPRECIATION

Depreciation has been provided on written down value method using such rates arrived based on the useful lives of assets specified in Part C of Schedule II thereto of the Companies Act, 2013.

(4) INVESTMENTS

Quoted Shares and Securities are stated at cost of acquisition. Provision for diminution in the value of long term Investments is made, only if such decline is other than temporary. Unquoted Shares are stated at "cost price".

(5) INVENTORIES

Quoted Shares and Securities are stated at lower of "Cost" or "Market Price". Unquoted Shares are stated at "cost price".

(6) REVENUE RECOGNITION

Sales are accounted as and when contract notes/bills raised upon the parties. Items of Income and Expenditures are recognized on accrual basis.

(7) TAXES ON INCOME

PCurrent tax is the amount payable on the taxable income for the year determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the period that originates in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using tax rates and laws enacted or substantively enacted as on balance sheet date.


Mar 31, 2014

(1) BASIS OF ACCOUNTING

The financial statements have been prepared under the historical cost convention on the accrual basis of accounting in accordance with accounting principles generally accepted in India (Indian GAAP) to comply with the Accounting Standards prescribed by Companies (Accounting Standards) Rules, 2006 issued by the Central Government ( which continues to the applicable in terms of General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013) and the provisions of the Companies Act, 1956, (the ''Act'') to the extent applicable.

(2) FIXED ASSETS

These are stated at cost of acquisition or construction and subsequent improvements thereto including taxes, duties, freight and other specific expenses related to acquisition and installation less accumulated depreciation.

(3) DEPRECIATION

This has been provided in the accounts at written down value method at the rates as specified in the Schedule XIV of the Companies Act, 1956.

(4) INVESTMENTS

Quoted Shares and Securities are stated at cost of acquisition. Provision for diminution in the value of long term Investments is made, only if such decline is other than temporary. Unquoted Shares are stated at "cost price".

(5) INVENTORIES

Quoted Shares and Securities are stated at lower of "Cost" or "Market Price". Unquoted Shares are stated at "cost price".

(6) REVENUE RECOGNITION

Sales are accounted as and when contract notes/bills raised upon the parties. Items of Income and Expenditures are recognized on accrual basis.

(7) TAXES ON INCOME

Provision for current income tax is made on the assessable income at the tax rate applicable to the relevant assessment year.

Deferred Tax is recognized, subject to consideration of prudence in respect of deferred tax assets, on timing difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent period.


Mar 31, 2013

(1) CONVENTION

The financial statements are prepared in accordance with the requirement of the Companies Act, 1956, including the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India, as referred to in Section 211 (3C) of the Companies Act, 1956 and the Guidelines issued by the RBI under the historical cost convention on an accrual basis.

(2) FIXED ASSETS

These are stated at cost of acquisition or construction and subsequent improvements thereto including taxes, duties, freight and other specific expenses related to acquisition and installation less accumulated depreciation.

(3) DEPRECIATION

This has been provided in the accounts at written down value method at the rates as specified in the Schedule XIV of the Companies Act, 1956.

(4) INVESTMENTS

Quoted Shares and Securities are stated at cost of acquisition. Provision for diminution in the value of long term Investments is made, only if such decline is other than temporary. Unquoted Shares are stated at "cost price".

(5) INVENTORIES

Quoted Shares and Securities are stated at lower of "Cost" or "Market Price". Unquoted Shares are stated at "cost price".

(6) REVENUE RECOGNITION

Sales are accounted as and when contract notes/bills raised upon the parties. Items of Income and Expenditures are recognized on accrual basis.

(7) INCOME TAX

Provision for current income tax is made on the assessable income at the tax rate applicable to the relevant assessment year.


Mar 31, 2012

(1)CONVENTION

The financial statements are prepared In accordance with the requirement of the Companies Act, 1956, including the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India, as referred to in Section 211 (3C) of the Companies Act, 1956 and the Guidelines issued by the RBI under the historical cost convention on an accrual basis.

(2)FIXED ASSETS

These are stated at dost of acquisition or construction and subsequent improvements thereto including taxes, duties, freight and other Specific expenses related to acquisition and installation less accumulated depreciation.

13) DEPRECIATION

This has been provided in the accounts at written down value method at the rates as specified in the Schedule XIV of the Companies Act, 1956.

(4) INVESTMENTS

Quoted Shares and Securities are stated at cost of acquisition. Provision for diminution in the value of long term Investments is made, only if such decline is other than temporary. Unquoted Shares are stated at "cost price".

(5)INVENTORIES

Quoted Shares and Securities are stated at lower of "Cost" or "Market Price". Unquoted Shares are stated at "cost price".

(6) REVENUE RECOGNITION -

Sales are accounted as and when contract notes/biils raised upon the parties. Items of Income and Expenditures are recognized on accrual basis.

(7) INCOME TAX

Provision for current income tax is made on the assessable income at the tax rate applicable to the relevant assessment year


Mar 31, 2011

(1) CONVENTION

The financial statements are prepared in accordance with the requirement of the Companies Act. 1956, including the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India, as referred to in Section 211 (3C) of the Companies Act, 1956 and the Guidelines issued by the RBI under the historical cost convention on an accrual basis.

(2) FIXED ASSETS

These are stated at cost of acquisition or construction and subsequent improvements thereto including taxes, duties freight and other specific expenses related to acquisition and installation less accumulated depreciation.

(3) DEPRECIATION

This has been provided in the accounts at written down value method at the rates as specified in the Schedule XIV of the Companies Act, 1956.

(4) INVESTMENTS

Quoted Shares and Securities are stated at cost of acquisition. Provision for diminution in the value of long term Investments is made, only if such decline is other than temporary. Unquoted Shares are stated at “cost price".

(5) INVENTORIES

Quoted Shares and Securities are stated at lower of “Cost" or "Market Price*.Unquoted Shares are stated at ''cost price''.

(6) REVENUE RECOGNITION

Sales are accounted as and when contract notes/bills raised upon the parties. Items of Income and Expenditures are recognized on accrual basis.

(7) INCOME TAX

Provision for current income tax is made on the assessable income at the tax rate applicable to the relevant assessment year

 
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