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Starvox Electronics Ltd. Accounting Policies | Accounting Policy of Starvox Electronics Ltd.
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Accounting Policies of Starvox Electronics Ltd. Company

Mar 31, 2014

1.1 Basis of accounting and preparation of financial statements

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention . The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

1.2 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

1.3 Inventories

Inventories are valued as under:

a) Raw Material, Stores & Packing Items At Cost

b) Stock in Process At Estimated Cost

c) Finished Goods At Ex-Factory price Excluding ED & ST

d) Dead Stock At Estimated Cost

1.4 Cash and cash equivalents (for purposes of Cash Flow Statement)

Cash comprises cash on hand and demand deposits with banks.

1.5 Cash flow statement

Cash flows are reported using the indirect method, whereby profit/ (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

1.6 Depreciation and amortisation

Fixed Assets are stated at cost and depreciation is provided on straight line method at the rate specified in Schedule XIV of Companies Act, 1956.

1.7 Revenue recognition

Sales are excluding sales tax and value added tax.

1.8 Other income

Interest income is accounted on accrual basis.

1.9 Tangible fixed assets

Fixed Assets are stated at cost

1.10 Foreign currency transactions and translations

Foreign Currency transactions are recorded at the Exchange rate prevailing at the time of purchase and any fluctuation thereon is accounted at the time of actual payments.

1.11 Employee benefits

Employee benefits include provident fund, ESI, gratuity fund and leave encashment.

Leave Encashment is paid every year and charged to P&L Account. For Gratuity Company is contributing to Gratuity Trust Fund to LIC and any difference on actual payment is accounted at the time of payment.


Mar 31, 2013

1.1 Basis of accounting and preparation of financial statements

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention . The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

1.2 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

1.3 Inventories

Inventories are valued as under:

a) Raw Material, Stores & Packing Items At Cost

b) Stock in Process At Estimated Cost

c) Finished Goods At Ex-Factory price Excluding ED & ST

d) Dead Stock At Estimated Cost

1.4 Cash and cash equivalents (for purposes of Cash Flow Statement)

Cash comprises cash on hand and demand deposits with banks.

1.5 Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

1.6 Depreciation and amortisation

Fixed Assets are stated at cost and depreciation is provided on straight line method at the rate specified in Schedule XIV of Companies Act, 1956.

1.7 Revenue recognition

Sales are excluding sales tax and value added tax.

1.8 Other income

Interest income is accounted on accrual basis.

1.9 Tangible fixed assets

Fixed Assets are stated at cost

1.10 Foreign currency transactions and translations

Foreign Currency transactions are recorded at the Exchange rate prevailing at the time of purchase and any fluctuation thereon is accounted at the time of actual payments.

1.11 Employee benefits

Employee benefits include provident fund, ESI, gratuity fund and leave encashment..

Leave Encashment is paid every year and charged to P&L Account. For Gratuity Company is contributing to Gratuity Trust Fund to LIC and any difference on actual payment is accounted at the time of payment.


Mar 31, 2012

1.1 Basis of accounting and preparation of financial statements

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention . The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year

1.2 Use of estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise,

1.3 Inventories

Inventories are valued as under :

a) Raw Material, Stores & Packing Items At Cost

b) Stock in Process At Estimated Cost f

c) Finished Goods At Ex-Factory price Excluding ED & ST

d) Dead Stock At Estimated Cost

1.4 Cash and cash equivalents (for purposes of Cash Flow Statement) Cash comprises cash on hand and demand deposits with banks.

1.5 Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

1.6 Depreciation and amortisation

Fixed Assets are stated at cost and depreciation is provided on straight line method at the rate specified in Schedule XIV of Companies Act, 1956,

1.7 Revenue recognition

Sales are excluding sales tax and value added tax.

1.8 Other income

Interest income is accounted on accrual basis.

1.9 Tangible fixed assets

Fixed Assets are stated at cost

1.10 Foreign currency transactions and translations

Foreign Currency transactions are recorded at the Exchange rate prevailing at the time of purchase and any fluctuation thereon is accounted at the time of actual payments.

1.11 Employee benefits

Employee benefits include provident fund, ESI, gratuity fund and leave encashment.. Leave Encashment is paid every year and charged to P&L Account. For Gratuity Company is contributing to Gratuity Trust Fund to LIC and any difference on actual payment is accounted at the time of payment


Mar 31, 2010

The Financial Accounts are prepared under the historical cost convention on accrual basis on going concern basis of accounting and comply with the mandatory accounting standards issued by ICAI.

Fixed Assets are stated at cost and depreciation is provided on straight line method at the rate specified in Schedule XIV of Companjes Act, 1956.

Inventories are valued as under :

(a) Raw Material, Stores & Packing Items At Cost

(b) Stock in Process At Estimated Cost

(c) Finished Goods At Ex-Factory price excluding ED & ST

(d) Dead Stock At Estimated Cost

The Technical know-how fees are treated as deferred revenue expenditure and the said amount is written off over a period of six years. Sales are excluding Excise Duty & Sales Tax.

Income/Expenditure are generally accounted on accrual basis except Excise Duty on account of Goods Manufactured is accounted at the time of removal of Goods from place of manufacture. Foreign Currency transactions are recorded at the Exchange rate prevailing at the time of purchase and any fluctuation thereon is accounted at the time of actual payments. Leave Encashment is paid every year and charged to P&L Account. For Gratuity Company is contributing to Gratuity Trust Fund to LIC and any difference on actual payment is accounted at the time of payment

 
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