Home  »  Company  »  Sunrise Asian  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Sunrise Asian Ltd. Company

Mar 31, 2015

A. Basis of Accounting:

These financial statements have been prepared in accordance with the generally accepted accounting principles in India, on the accrual and going concern basis under the historical cost convention except revaluation of certain Fixed Assets. The Company has prepared these financial statements to comply, in all material aspects, with the Accounting Standards notified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013. In accordance with first proviso to section 129(1) of the Companies Act, 2013, the items contained in these financial statements are in accordance with the Accounting Standards as referred to therein.

b. Basis of preparation of financial statements:

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 Schedule III to the Companies Act, 2013. For the above purposes, the Company has determined the operating cycle based on the nature of products and the time between the acquisition of inputs for manufacturing and their realisation in cash and cash equivalents.

c. Use of Estimates:

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Differences between the actual results and estimates are recognised in the period in which the results are known / materialised.

d. Fixed Assests Tangibles

Tangibles Assets are stated at cost of acquisition less accumulated depreciation and amortization. All costs relating to the acquisition and installation of tangible assets are capitalized and include borrowing costs directly attributable to acquisition of tangible assets upto the date the asset is put to use.

Intangibles

Goodwill arising on amalgamation is recoded at cost of acquisition less depreciation.

e. Depreciation Tangibles

Depreciation on tangible assets has been provided on written down value method on pro rata basis at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956.

Intangibles

Depreciation on Goodwill has been provided on straight line method presuming economic benefits for a period of four years.

f. Revenue Recognition

a) Income from Shares & Securities trading is recognized as income or loss on the date of actual trade and is shown net of brokerage expenses.

b) The income from sales of goods and other income are accounted on accrual basis.

c) The amount recognized as sale is exclusive of sales tax/VAT and are net of returns and excludes freight and other charges and accounted for at time when the invoices are raised.

g. Investments

Investments are either classified as current or long term based on Managements intention at the time of purchase. Investments that are intended to be held for one year or more are classified as long term investments and investments that are intended to be held for less than one year are classified as current investments. Long term investments are carried at cost less provisions made for permanent diminution in the value, if any. Current investments are valued at the lower of cost and fair value of each investment individually.

h. Stock in Trade

The Stock of Finished Goods is valued at lower of cost or market value.

i. Taxes on Income

a) Income –tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with income tax laws) and deferred tax charge or credit (reflecting the tax effect of timing differences between accounting income and taxable income for the period).

b) The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that the assets can be realized in future.

j. Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as results of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in Notes to Accounts, while contingent assets are neither recognized not disclosed in the financial statements.

k. Cash Flow Statment

Cash flow statements are prepared in accordance with the "Indirect Method" as explained in the Accounting Standard (AS) 3 – Cash Flow Statements as prescribed under section 211 (3C) of the Companies Act 1956.

l. Earning Per Share

Basic Earning per Share is calculated by dividing the net profit after tax for the year attributable to equity shareholders of the Company by the weighted average number of shares outstanding during the year.


Mar 31, 2014

1 Basis of preparations

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respect with the accounting standards notified under the Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provision of the Companies Act 1956. The financial statements have been prepared on an accrual basis and under the historical cost conventions. The accounting policies adopted in the preparation of the financial statements are consistent with those of the previous year.

2 Fixed Assets Tangibles

Tangible Assets are stated at cost of acquisition less accumulated depreciation and amortization. All costs relating to the acquisition and installation of tangible assets are capitalized and include borrowing costs directly attributable to acquisition of tangible assets upto the date the asset is put to use.

Intangibles

Goodwill arising on amalgamation is recoded at cost of acquisition less depreciation.

3 Depreciation Tangibles

Depreciation on tangible assets has been provided on written down value method on pro rata basis at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956.

Intangibles

Depreciation on Goodwill has been provided on straight line method presuming economic benefits for a period of four years.

4 Revenue Recognition

a) Income from Shares & Securities trading is recognized as income or loss on the date of actual trade and is shown net of brokerage expenses.

b) The income from sales of goods and other income are accounted on accrual basis.

c) The amount recognized as sale is exclusive of sales tax/VAT and are net of returns and excludes freight and other charges and accounted for at time when the invoices are raised.

5 Investments

Investments are either classified as current or long term based on Managements intention at the time of purchase. Investments that are intended to be held for one year or more are classified as long term investments and investments that are intended to be held for less than one year are classified as current investments. Long term investments are carried at cost less provisions made for permanent diminution in the value, if any. Current investments are valued at the lower of cost and fair value of each investment individually.

6 Stock in trade

The Stock of Finished Goods is valued at lower of cost or market value.

7 Taxes on Income

a) Income-tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with income tax laws) and deferred tax charge or credit (reflecting the tax effect of timing differences between accounting income and taxable income for the period).

b) The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that the assets can be realized in future.

8 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as results of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in Notes to Accounts, while contingent assets are neither recognized nor disclosed in the financial statements.

9 Cash Flow Statement

Cash flow statements are prepared in accordance with the "Indirect Method" as explained in the Accounting Standard (AS) 3 - Cash Flow Statements as prescribed under section 211(3C) of the Companies Act 1956.

10 Earning Per Share

Basic Earning per Share is calculated by dividing the net profit after tax for the year attributable to equity shareholders of the Company by the weighted average number of shares outstanding during the year.


Mar 31, 2013

1.1 Basis of preparations

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respect with the accounting standards notified under the Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provision of the Companies Act 1956. The financial statements have been prepared on an accrual basis and under the historical cost conventions. The accounting policies adopted in the preparation of the financial statements are consistent with those of the previous year.

1.2 Fixed Assets Tangibles

Tangible Assets are stated at cost of acquisition less accumulated depreciation and amortization. All costs relating to the acquisition and installation of tangible assets are capitalized and include borrowing costs directly attributable to acquisition of tangible assets upto the date the asset is put to use.

Intangibles

Goodwill arising on amalgamation is recoded at cost of acquisition less depreciation.

1.3 Depreciation Tangibles

Depreciation on tangible assets has been provided on written down value method on pro rata basis at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956.

Intangibles

Depreciation on Goodwill has been provided on straight line methodpresuming economic benefits for a period of four years.

1.4 Revenue Recognition

a) Income from Shares & Securities trading is recognized as income or loss on the date of actual trade and is shown net of brokerage expenses.

b) The income from sales of goods and other income are accounted on accrual basis.

c) The amount recognized as sale is exclusive of sales taxA/AT and are net of returns and excludes freight and other charges and accounted for at time when the invoices are raised.

1.5 Investments

Investments are either classified as current or long term based on Managements intention at the time of purchase. Investments that are intended to be held for one year or more are classified as long term investments and investments that are intended to be held for less than one year are classified as current investments. Long term investments are carried at cost less provisions made for permanent diminution in the value, if any. Current investments are valued at the lower of cost and fair value of each investment individually.

1.6 Stock in trade

The Stock of Finished Goods is valued at lower of cost or market value.

1.7 Taxes on Income

a) Income-tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with income tax laws) and deferred tax charge or credit (reflecting the tax effect of timing differences between accounting income and taxable income for the period).

b) The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that the assets can be realized in future.

1.8 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as results of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in Notes to Accounts, while contingent assets are neither recognized nor disclosed in the financial statements.

1.9 Cash Flow Statement

Cash flow statements are prepared in accordance with the "Indirect Method" as explained in the Accounting Standard (AS) 3 - Cash Flow Statements as prescribed under section 211 (3C) of the Companies Act 1956.

1.10 Earning PerShare

Basic Earning per Share is calculated by dividing the net profit aftertax for the year attributable to equity shareholders of the Company by the weighted average number of shares outstanding during the year.


Mar 31, 2012

(a) Basis of Preparation of Financial Statements

The Financial Statements are prepared under the historical cost convention and on accrual basis except those stated at revalued amount on the going concern basis.

(b) Inventory

Inventory of traded goods are carried at lower of cost and net realizable value.

(c) Revenue Recognition

Revenue is recognized only when it can be reliability measured and it is reasonable to except ultimate collection.

(d) Retirement Benefits

The Company follows the policy of accounting for the retirement benefits only on crystallization of the liability.

(e) Provision for Current and Deferred Tax

Tax expense comprise of current tax (i.e. amount of tax for the period determined in accordance with applicable taxable laws), and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the period).

Deferred Tax Assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future; however, where there is unabsorbed depreciation and carry forward loss under applicable tax laws, deferred tax assets are recognized only if there is virtually certainty of realization of such assets.

I Key Managerial Personnel and their relatives Mr. Sanjay Dhelia

Mr. O. P. Gupta Mr. S. P. Kalantri

II There were no transaction with related party during the financial year under audit as well as immediately preceding financial year.


Mar 31, 2011

(a) Basis of Preparation of Financial Statements

The Financial Statements are prepared under the historical cost convention and on accrual basis except those stated at revalued amount on the going concern basis.

(b) Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. Cost is inclusive of freight, duties, levies and any directly attributable cost of bringing the assets to their working condition for their intended use.

(c) Depreciation

Depreciation is provided as per WDV method at rates prescribed in the Schedule XIV of Companies Act, 1956 on prorate basis.

(d) Inventory There are no inventories during the year.

(e) Revenue Recognition

Revenue is recognized only when it can be reliability measured and it is reasonable to except ultimate collection.

(f) Retirement Benefits

The Company follows the policy of accounting for the same only on crystallization of the liability.

(g) Provision for Current and Deferred Tax

The provision for tax is based on assessable profit of the Company, computed in accordance with relevant taxation provision.

Provision for Deferred tax assets or liabilities have not been recognized on brought forward losses as well in view of uncertainty about the availability of future income.

(g) Expenses

Material known liabilities are provided for on the basis of available information / estimates. Material items of prior period expenses, non-recurring and extra ordinary expenses are disclosed separately.


Mar 31, 2010

(a) SYSTEM OF ACCOUNTING

Financial Statements are prepared on historical cost convention and accrual basis except those stated at revalued amount on the going concern.

(c) FIXED ASSETS

Fixed assets are stated at cost less accumulated depreciation. Cost is inclusive of freight, duties, levies and any directly attributable cost of bringing the assets to their working condition for their intended use.

(d) DEPRECIATION

Depreciation is provided as per WDV method at rates prescribed in the Schedule XIV of Companies Act, 1956 on prorate basis.

(e) INVENTORIES

There are no inventories during the year.

(f) TREATMENT OF CONTINGENT LIABILITIES

Contingent Liabilities are disclosed by way of note on the Balance Sheet; Provision is made in the Accounts for those liabilities which are likely to materialize after the year and till the finalization of accounts and having effect on the position stated in the Balance Sheet as at the year end.

(a) TAXATION

The provision for tax is based on assessable profit of the Company, computed in accordance with relevant taxation provision.

(h) TIMING OF REVENUE RECOGNITION

In appropriate circumstances, revenue (income) is recognized, when no significant uncertainty as to measurability or collectibility exists. However, export benefits / incentives are accounted on accrual basis.

(i) EXPENSES

Material known liabilities are provided for on the basis of available information / estimates. Material items of prior period expenses, non-recurring and extra ordinary expenses are disclosed separately.

(j) DEFERRED TAX

Provision for Deferred tax assets or liabilities have not been recognized on brought forward losses as well as current year losses in view of uncertainty about the availability of future income.


Mar 31, 2007

(a) SYSTEM OF ACCOUNTING

Financial Statements are prepared on historical cost convention and accrual basis except those stated at revalued amount on the going concern.

(c) FIXED ASSETS

Fixed assets are stated at cost less accumulated depreciation. Cost is inclusive of freight, duties, levies and any directly attributable cost of bringing the assets to their working condition for their intended use.

(d) DEPRECIATION

Depreciation is provided as per WDV method at rates prescribed in the Schedule XIV of Companies Act, 1956 on prorate basis.

(e) INVENTORIES

Long Term investments are stated at cost, provision for diminution in value for long Term investments is made only if, and such a decline is other than temporary in the opinion of the management.

(f) TREATMENT OF CONTINGENT LIABILITIES

Contingent Liabilities are disclosed by way of note on the Balance Sheet; Provision is made in the Accounts for those liabilities which are likely to materialize after the year and till the finaiization of accounts and having effect on the position stated in the Balance Sheet as at the year end.

(g) TAXATION

The provision for tax is based on assessable profit of the Company, computed in accordance with relevant taxation provision.

h) TIMING OF REVENUE RECOGNITION

In appropriate circumstances, revenue (income) is recognized, when no significant uncertainty as to measurability or collectibility exists. However, export benefits / incentives are accounted on accrual basis.

(i) EXPENSES

Material known liabilities are provided for on the basis of available information / estimates. Material items of prior period expenses, non-recurring and extra ordinary expenses are disclosed separately.

(j) DEFERRED TAX

Provision for Deferred tax assets or liabilities have not been recognized on brought forward losses as well as current year losses in view of uncertainty about the availabilitv of future income.

 
Subscribe now to get personal finance updates in your inbox!