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Accounting Policies of Sun and Shine Worldwide Ltd. Company

Mar 31, 2015

(A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of accounting in the Preparation of the books of accounts.

(B) REVENUE RECOGNITION

(a) Sales: Sales are accounted for on accrual basis.

(b) Other Operation: Interest and other income are accounted for on accrual basis.

(C) EXPENSES: It is Company's policy to account of expenses on accrual basis.

(D) TAXATION:

(i) Provision for current tax is made in the accounts on the basis of tax liability estimated as per the applicable provisions of the Income Tax Act, 1961.

(ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date.

(E) INVENTORIES: The Company does not have inventory.

(F) FIXED ASSETS: Fixed assets are carried at cost of acquisition or construction including incidental expenses related to acquisition and installation on concerned assets, less accumulated depreciation and amortizations.

(G) INVESTMENTS: Long term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

(H) RETIREMENT BENEFITS: No provision for retirement benefits for employees has been made since the Gratuity Act and Provident Fund Act are not applicable to the Company.

(I) MISCELLANEOUS EXPENDITURE: Preliminary Expenses are written down over a period of 5 years.

(J) CONTINGENT LIABILITY: A Demand of I. Tax of Rs. 23371296/- is pending for the A.Y. 1996-07 against the company on account of disallowance of bad debts. Aggrieved by the order, an appeal is filed before the Tribunal. The said Appeal is yet pending for disposal. The company is hopeful of getting a favorable decision from the Appellate authorities.


Mar 31, 2014

(A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of accounting in the Preparation of the books of accounts.

(B) REVENUE RECOGNITION:

(a) Sales: Sales are accounted for on accrual basis.

(b) Other Operation: Interest and other income are accounted for on accrual basis.

(C) EXPENSES: It is Company''s policy to account of expenses on accrual basis.

(D) TAXATION:

(i) Provision for current tax is made in the accounts on the basis of tax liability estimated as per the applicable provisions of the Income Tax Act, 1961.

(ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date.

(E) INVENTORIES: The Company does not have inventory.

(F) FIXED ASSETS: Fixed assets are carried at cost of acquisition or construction including incidental expenses related to acquisition and installation on concerned assets, less accumulated depreciation and amortizations.

(G) DEPRECIATION: Depreciation has been provided on Written Down Value Method in accordance with the provision of Section 205(2)(b) of the Companies Act, 1956 at the rate prescribed in Schedule XIV of the Companies Act, 1956 on pro rata basis with reference to the date of acquisition/installation.

(H) INVESTMENTS: Long term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

(I) RETIREMENT BENEFITS: No provision for retirement benefits for employees has been made since the Gratuity Act and Provident Fund Act are not applicable to the Company and the company has adopted PAY-AS- YOU-GO method for the payment of other retirement benefits if any payable to the Employees.

(J) MISCELLANEOUS EXPENDITURE: Preliminary Expenses are written down over a period of 5 years.

(K) CONTINGENT LIABILITY: A Demand of I. Tax of Rs. 23371296/- is pending for the A.Y. 1996-07 against the company on account of disallowance of bad debts. Aggrieved by the order, an appeal is filed before the Tribunal. The said Appeal is yet pending for disposal. The company is hopeful of getting a favorable decision from the Appellate authorities.


Mar 31, 2013

(1) The Accounts are prepared on an accrual basis except otherwise stated and under the historical cost conventions, and are in line with the relevant laws as well as the guidelines prescribed by the Department of Company affairs and the Institute of Chartered Accountants of India.

(A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of accounting in the Preparation of the books of accounts.

(B) REVENUE RECOGNITION:

(a) Sales: Sales are accounted for on accrual basis.

(b) Other Operation: Interest and other income are accounted for on accrual basis.

(C) EXPENSES: It is Company''s policy to account of expenses on accrual basis.

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(D) TAXATION:

(i) Provision for current tax is made in the accounts on the basis of tax liability estimated as per the applicable provisions of the Income Tax Act, 1961.

(ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date.

(E) INVENTORIES: The Company does not have Inventory.

(F) FIXED ASSETS: Fixed assets are carried at cost of acquisition or construction including incidental expenses related to acquisition and installation on concerned assets, less accumulated depreciation and amortizations.

(G) DEPRECIATION: Depreciation has been provided on Written Down Value Method in accordance with the provision of Section 205(2)(b) of the Companies Act, 1956 at the rate prescribed in Schedule XIV of the Companies Act, 1956 on pro rata basis with reference to the date of acquisition/installation.

(H) INVESTMENTS: Long term investments are stated at cost. Provision for diminution in the value of long term f investment is made only if such decline is other than temporary in the opinion of the management.

(I) RETIREMENT BENEFITS: No provision for retirement benefits for employees has been made since the Gratuity Act and Provident Fund Act are not applicable to the Company and the company has adopted PAY-AS- YOU-GO method for the payment of other retirement benefits if any payable to the Employees.

(J) MISCELLANEOUS EXPENDITURE: Preliminary Expenses are written down over a period of 5 years.

(K) CONTINGENT LIABILITY: A Demand of I. Tax of Rs. 23371296/- is pending for the A.Y. 1996-07 against the company on account of disallowance of bad debts. Aggrieved by the order, an appeal is filed before the Tribunal. The said Appeal is yet pending for disposal. The company is hopeful of getting a favorable decision from the Appellate authorities.


Mar 31, 2010

(1) The Accounts are prepared on an accrual basis except otherwise stated and under the historical cost conventions, and are in line with the relevant laws as well as the guidelines prescribed by the Department of Company affairs and the Institute of Chartered Accountants of India.

(A) SYSTEM OF ACCOUNTING

The Company has adopted the accrual basis of accounting in the Preparation of the books of accounts.

(B) REVENUE RECOGNITION

(a) Sales

Sales are accounted for on accrual basis.

(b) Other Operation

Interest and other income are accounted for on accrual basis.

(C) EXPENSES

It is Companys policy to account of expenses on accrual basis.

(D) TAXATION

(i) Provision for current tax is made in the accounts on the basis of tax liability estimated as per the applicable provisions of the Income Tax Act, 1961.

(ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date.

(E) INVENTORIES

The Company does not have inventory.

(F) FIXED ASSETS

Fixed assets are carried at cost of acquisition or construction including incidental expenses related to acquisition and installation on concerned assets, less accumulated depreciation and amortizations.

(G) DEPRECIATION

Depreciation has been provided on Written Down Value Method in accordance with the provision of Section 205(2)(b) of the Companies Act, 1956 at the rate prescribed in Schedule XIV of the Companies Act, 1956 on pro rata basis with reference to the date of acquisition/installation.

(H) INVESTMENTS

Long term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

(I) RETIREMENT BENEFITS

No provision for retirement benefits for employees has been made since the Gratuity Act and Provident Fund Act are not applicable to the Company and the company has adopted PAY-AS- YOU-GO method for the payment of other retirement benefits if any payable to the Employees.

(J) MISCELLANEOUS EXPENDITURE

Preliminary Expenses are written down over a period of 5 years.

(K) Contingent Liability

A Demand of I. Tax of Rs. 23371296/- is pending for the A.Y. 1996-07 against the company on account of disallowance of bad debts. Aggrieved by the order, an appeal is filed before the Tribunal. The said Appeal is yet pending for disposal. The company is hopeful of getting a favorable decision from the Appellate authorities.


Mar 31, 2009

(1) The Accounts are prepared on an accrual basis except otherwise stated and under the historical cost conventions, and are in line with the relevant laws as well as the guidelines prescribed by the Department of Company affairs and the Institute of Chartered Accountants of India.

(A) SYSTEM OF ACCOUNTING

The Company has adopted the accrual basis of accounting in the Preparation of the books of accounts.

(B) REVENUE RECOGNITION

(a) Sales

Sales are accounted for on accrual basis.

(b) Other Operation

Interest and other income are accounted for on accrual basis.

(C) EXPENSES

It is Companys policy to account of expenses on accrual basis.

(D) TAXATION

(i) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961.

(ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date.

(E) INVENTORIES

The Company does not have inventory.

(F) FIXED ASSETS

Fixed assets are carried at cost of acquisition or construction including incidental expenses related to acquisition and installation on concerned assets, less accumulated depreciation and amortizations.

(G) DEPRECIATION

Depreciation has been provided on Written Down Value Method in accordance with the provision of Section 205(2)(b) of the Companies Act, 1956 at the rate prescribed in Schedule XIV of the Companies Act, 1956 on pro rata basis with reference to the date of acquisition/installation.

(H) INVESTMENTS

Long term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

(I) RETIREMENT BENEFITS

No provision for retirement benefits for employees has been made Since the Gratuity Act Provident Fund Act not applicable to the Company and the company has adopted PAY-AS-YOU-GO method for the payment of other retirement benefits if any payable to the Employees.

(J) MISCELLANEOUS EXPENDITURE

Preliminary Expenses are written down over a period of 5 years.

(K) Contingent Liability

A Demand of I. Tax of Rs. 23371296/- is pending for the A.Y. 1996-07 against the company On account of disallowance of bad debts. Aggrieved by the order a appeal is filed before the CIT(A). The said Appeal is yet pending for disposal . The company is hopeful of getting a favorable decision from the Appellate authorities.


Mar 31, 2002

The accounts are prepared in accordance with the accounting principles accepted in India. The Significant accounting policies to the extent applicable to the company are as under:-

1. SYSTEM OF ACCOUNTING :

The Financial statements are prepared on the basis of historical cost convention on accrual basis and on going concern basis.

2. REVENUE RECOGNITION :

All known expenditure and income to the extent payable or receivable respectively and quantifiable till the date of finalisation of accounts are accounted on accrual basis.

3. FIXED ASSETS :

Fixed assets are carried at cost of acquisition or construction including incidential expenses releted to acquisition and installation on concerned assets, less acumulated depreciation and amortisation.

4. DEPRECIATION :-

Depreciation has been provided on Written Down Value method in accordance with the provision of Section 205(2)(b) of the Companies Act, 1956 at the rate prescribed in Schedule XIV of the Companies Act, 1956 on prorata basis with reference to the date of acquuisition/installation.

5. INVESTMENTS

Long term investments are stated at cost. Provision for dimulation in the value of long term investment is made only if such decline is other than temporary in the opinon of the management.

6. VALUATION OF INVENTORIES

Stock in trade : At cost or Market value which ever is less.

7. RETIREMENT BENEFITS

No provision for retirements benefits for employees has been made since the Gratuity Act. Provident Fund Act not applicable to the company. And the company has adopted PAY- AS-YOU-GO method for the payment of other retirement benefits If any payable to the employees.

8. MISCELLANEOUS EXPENDITURE

(a) Preliminary Expenses : In accordance with the provisions of section 35D of the Income Tax Act 1961, the company has written of 1/10 of Preliminary expenses,

(b) Public Issue Expenses : Public issue expenditures to be amortised over a period of ten years from the year in whic public issue held.

 
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