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Accounting Policies of Sunitee Chemicals Ltd. Company

Mar 31, 2015

1. Basis of Accounting :

The financial statements are prepared under the historical cost convention and on the basis of "'Accrual Concept"'. The financial statements are presented in Indian rupees.

2. Fixed Assets :

Fixed assets are stated at cost of acquisition inclusive of freight, duties, taxes & all other incidental expenses related to acquisition and installations less accumulated depreciation. No fixed assets have been revalued in the financial statement.

3. Depreciation :

Depreciation on Fixed Assets is provided to the extent of salvage value on the Gross Block in respect to the useful life of the company. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013

4. Revenue Recognition :

In the case of Quoted Shares, revenue are recognized in accordance with the settlement cycle of stock exchange and in the case of Un-quoted Shares, the same has been recognized at cost. The revenue in respect of Interest Income is recognized on accrual basis.

In respect of derivative contracts, premium paid, gains/losses on settlement and losses on restatement are recognised in the Profit and Loss Statement.

5. Inventory :

Value, in case of unquoted shares, has been taken at Cost, in accordance with AS-2 issued by the I.C.A.I.

6. Deferred Tax :

During the year the Company has accounted for Deferred Tax Liability in accordance with Accounting Standard 22- "'Accounting for Taxes on Income"' issued by ICAI.


Mar 31, 2014

1. Basis of Accounting :

The financial statements are prepared under the historical cost convention and on the basis of "Accrual Concept".

2. Fixed Assets :

Fixed assets are stated at cost of acquisition inclusive of freight, duties, taxes & all other incidental expenses related to acquisition and installations less accumulated depreciation.

3. Depreciation :

The company has provided depreciation on assets, which have been used for trading activity on SLM (Straight Line Method) at the rates and in the manner specified in schedule XIV of the Companies Act, 1956

4. Revenue Recognition :

In the case of Quoted Shares, revenue are recognized in accordance with the settlement cycle of stock exchange and in the case of Un-quoted Shares, the same has been recognized at cost. The revenue in respect of Interest Income is recognized on accrual basis. In case of Com- modities and F&O transaction net difference of surplus (profit) / deficiencies (loss) had been account for.

5. Inventory :

Value, in case of unquoted shares, has been taken at Cost, in accordance with AS-2 issued by the I.C.A.I.

6. Deferred Tax :

During the year the Company has accounted for Deferred Tax Liability in accordance with Accounting Standard 22- "Accounting for Taxes on Income" issued by ICAI.


Mar 31, 2012

1. Basis of Accounting :

The financial statements are prepared under the historical cost convention and on the basis of "Accrual Concept”.

2. Fixed Assets :

Fixed assets are stated at cost of acquisition inclusive of freight, duties, taxes & all other incidental expenses related to acquisition and installations less accumulated depreciation.

3. Depreciation :

The company has provided depreciation on assets, which have been used for trading activity on SLM (Straight Line Method) at the rates and in the manner specified in schedule XIV of the Companies Act, 1956

4. Revenue Recognition :

In the case of Quoted Shares, revenue are recognized in accordance with the settlement cycle of stock exchange and in the case of Un-quoted Shares, the same has been recognized at cost. The revenue in respect of Interest Income is recognized on accrual basis.

5. Inventory :

Value, in case of unquoted shares, has been taken at Cost, in accordance with AS-2 issued by the I.C.A.I.

6. Deferred Tax :

During the year the Company has accounted for Deferred Tax Liability in accordance with Accounting Standard 22- "Accounting for Taxes on Income"issued by ICAI.

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