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Accounting Policies of Suchak Trading Ltd. Company

Mar 31, 2015

A. Accounting Conventions

I. The accompanying financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India, the applicable Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956.

II. All Income & Expenditure items having material bearing on the financial statements are recognized on accrual basis except material uncertainty.

b. Fixed Assets

Fixed Assets are stated on cost less depreciation.

c. Depreciation

Depreciation on fixed assets is provided on written down value method at the rates prescribed in schedule XIV to the Companies Act, 1956. Depreciation on additions during the years have been provided on pro-rata basis

d. Valuation Of Investments

Long Term Investment is quoted at cost. No provision has been made for diminution in the value of the investments as all the investments are long-term & in the opinion of the management diminution in the value of the shares, if any, is not of a permanent nature hence no provision has been made for such diminution.

e. Retirement Benefits

Liability on account of gratuity & other retirement benefits is accounted when paid.

f. Taxation

The provision for taxation is ascertained profit computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax is recognized subject to the consideration of prudence, on timing difference, being the difference taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent period.

c: Terms / Rights attached to equity shares

The Company has only one class of equity shares having par value at Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution all preferential amounts. The Distribution will be in proportion to the number of equity shares held by the shareholders.


Mar 31, 2014

A. Accounting Conventions

i. The accompanying financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India, the applicable Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956.

ii. All Income & Expenditure items having material bearing on the financial statements are recognized on accrual basis except material uncertainty.

b. Fixed Assets

Fixed Assets are stated on cost less depreciation.

c. Depreciation

Depreciation on fixed assets is provided on written down value method at the rates prescribed in schedule XIV to the Companies Act, 1956. Depreciation on additions during the years have been provided on pro-rata basis

d. Valuation of Investments

Long Term Investment is quoted at cost. No provision has been made for diminution in the value of the investments as all the investments are long-term & in the opinion of the management diminution in the value of the shares, if any, is not of a permanent nature hence no provision has been made for such diminution.

e. Retirement Benefits

Liability on account of gratuity & other retirement benefits is accounted when paid.

f. Taxation

The provision for taxation is ascertained profit computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax is recognized subject to the consideration of prudence, on timing difference, being the difference taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent period.


Mar 31, 2013

A. Accounting Conventions

I. The accompanying financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India, the applicable Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956.

II. All Income & Expenditure items having material bearing on the financial statements are recognized on accrual basis except material uncertainty.

b. Fixed Assets

Fixed Assets are stated on cost less depreciation.

c. Depreciation

Depreciation on fixed assets is provided on written down value method at the rates prescribed in schedule XIV to the Companies Act, 1956. Depreciation on additions during the years have been provided on pro-rata basis

d. Valuation Of Investments

Long Term Investment is quoted at cost. No provision has been made for diminution in the value of the investments as all the investments are long-term & in the opinion of the management diminution in the value of the shares, if any, is not of a permanent nature hence no provision has been made for such diminution.

e. Retirement Benefits

Liability on account of gratuity & other retirement benefits is accounted when paid.

f. Taxation

The provision for taxation is ascertained profit computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax is recognized subject to the consideration of prudence, on timing difference, being the difference taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent period.


Mar 31, 2010

1. ACCOUNTING CONVENTIONS

i. The accompanying financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India, the applicable Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956.

ii. All Income and Expenditure items having material bearing on the financial statements are recognized on accrual basis except material uncertainty.

2. FIXED ASSETS

Fixed Assets are stated on cost less depreciation.

3. DEPRECIATION

Depreciation on fixed assets is provided on written down value method at the rates prescribed in Schedule XIV of the Companies Act, 1956. Depreciation on additions during the years have been provided on pro-rata basis.

4. VALUATION OF INVESTMENTS

Long term Investment is quoted at cost. No provision has been made for diminution in the value of the Investments as all the Investments are long term & in the opinion of the management diminution in the value of the shares, if any, is not of a permanent nature hence no provision has been made for such diminution.

5. RETIREMENT BENEFITS

Liability on account of gratuity & other retirement benefits is accounted when paid.

6. TAXATION

The provision for taxation is ascertained profit computed in accordance with the provision of Income Tax Act, 1961.Deferred Tax is recognized subject to the consideration of prudence, on timing difference, being the difference taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent period.


Mar 31, 2009

1. Accounting Conventions

(i) The accompanying financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India, the applicable Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956.

(ii) All income & expenditure items having material bearing on the financial statements are recognised on accrual basis except material uncertainty.

2. Fixed Assets

Fixed Assets are stated on cost less depreciation.

3. Depreciation

Depreciation on fixed assets is provided on written down value method at the rates prescribed in schedule XIV to the Companies Act, 1956. Depreciation on additions during the years have been provided on pro-rata basis.

4. Valuation of Investments

Long Term Investment is quoted at cost. No provision has been made for diminution in the value of the investments as all the investments are long- term & in the opinion of the management diminution in the value of the shares, if any, is not of a permanent nature hence no provision has been made for such diminution.

5. Retirement Benefits

Liability on account of gratuity & other retirement benefits is accounted when paid.

6. Taxation

The provision for taxation is ascertained on the basis of assessable profit computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax is recognized subject to the consideration of prudence, on timing difference, being the difference taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent period.

 
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