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Accounting Policies of Surya India Ltd. Company

Mar 31, 2014

A. Basis of Accounting

The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

B. Accounting Convention

The financial statements are prepared under the historical cost convention on accrual basis, in accordance with generally accepted accounting principal in India and to comply with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government in exercise of the power conferred under the subsection (l)(a) of section 642 and provisions of Companies Act ,1956.

The preparation of the financial statements in conformity to the above requires the management of the company to make estimates and assumption that affect the reported amounts of revenue and expenses of the year, reported balances of the assets and liabilities as on the date of the financial statement. Instances of such estimates include future obligation under the employee retirement benefit plans. Actual results could differ from those estimates.

C. Fixed Assets

Fixed Assets are capitalised at cost of acquisition inclusive of freight, transportation and other incidental expenses relating to installation.

D. Depreciation

Depreciation on fixed assets has been provided on Straight Line method at pro-rata basis, as per the rates prescribed in Schedule XIV of the Companies Act, 1956. Cost of Leasehold Land is amortised over lease period.

E. Taxation

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

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. Deferred tax assets are recognised to the extent there is reasonable certainty that these assets can be realised in future.

F. Additional Demand of Taxes

Payment of additional demand of Income Tax is accounted for on payment basis. Similarly refund of above is accounted for "As and when received" basis.

G. Investment

The investments are classified as current investment or long-term investment. Current Investments are carried at lower of Cost or Market Value. Long-term Investments are carried at cost and provision recorded to recognize any decline, other than temporary, in the carrying value such investment.

H. Lease

Assets given under lease where the significate portion of risk and rewards of ownership are retained by the company, are classified as operating lease. Lease rentals are charged to the statement of profit & Loss account on accrual basis.

I. Advances

Advances have been classified as "Standard", "Sub-standard" "Doubtful" and "Loss assets" and provisions for possible losses on such advances are made as per prudential norms issued by Reserve Bank of India as under:-

Sub-Standard asset

10%

Doubtful assets

100% of unsecured portion Plus 20%/30%/50% of secured portion depending upon the period for which advance has remained doubtful.

Loss assets

100%

Further, a general provision @0.25% on Standard Advances is made.

J. Statutory Reserve

The company has created a reserve fund by way of transferring a sum at the rate of 20% of its net profits in accordance with the directions of the Reserve Bank of India in pursuance of the issuance of certificate of registration under section of 45-1A of the Reserve Bank of India Act 1934.


Mar 31, 2013

A. Basis of Accounting

The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

B. Accounting Convention

The financial statements are prepared under the historical cost convention on accrual basis, in accordance with generally accepted accounting principal in India and to comply with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government in exercise of the power conferred under the subsection (l)(a) of section 642 and provisions of Companies Act ,1956.

The preparation of the financial statements in conformity to the above requires the management of the company to make estimates and assumption that affect the reported amounts of revenue and expenses of the year, reported balances, of the assets and liabilities as on the date of the financial statement. Instances of such estimates include future obligation under the employee retirement benefit plans. Actual results could differ from those estimates.

C. Fixed Assets

Fixed Assets are capitalised an cost of acquisition inclusive of freight, transportation and other incidental expenses relating to installation.

D. Depreciation

Depreciation on fixed assets has been provided on Straight Line method at pro-rata basis, as per the rates prescribed in Schedule XIV of the Companies Act, 1956. Cost of Leasehold Land is amortised over lease period.

E. Taxation

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

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. Deferred tax assets are recognised to the extent there is reasonable certainty that these -assets can be realised in future.

F. Additional Demand of Taxes

Payment of additional demand of Income Tax is accounted for on payment basis. Similarly refund of above is accounted for "As and when received" basis.

G. Investment

The investments are classified as current investment or long-term investment. Current Investments are carried at lower of Cost or Market Value. Long-term Investments are carried at cost and provision recorded to recognize any decline, other than temporary, in the carrying value of such investment.

H. Lease

Assets given under lease where the significate portion of risk and rewards of ownership are retained by the company, are classified as operating lease. Lease rentals are charged to the statement of profit & Loss account on accrual basis.

I. Advances

Advances have been classified as "Standard", "Sub-standard" "Doubtful" and "Loss assets" and provisions for possible losses on such advances are made as per prudential norms issued by Reserve Bank of India as under:-

Sub-Standard asset 10%

Doubtful assets

100% of unsecured portion Plus 20%/30%/50% of secured portion depending upon the period for which advance has remained doubtful.

Loss assets 100%

Further, a general provision @0.25% on Standard Advances is made.


Mar 31, 2012

A. Basis of Accounting

The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

B. Accounting Convention

The financial statements are prepared under the historical cost convention on accrual basis, in accordance with generally accepted accounting principal in India and to comply with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government in exercise of the power conferred under the subsection (l)(a) of section 642 and provisions of Companies Act ,1956.

The preparation of the financial statements in conformity to the above requires the management of the company to make estimates and assumption that affect the reported amounts of revenue and expenses of the year, reported balances of the assets and liabilities as on the date of the financial statement. Instances of such estimates include future obligation under the employee retirement benefit plans. Actual results could differ from those estimates.

C. Fixed Assets

Fixed Assets are capitalised at cost of acquisition inclusive of freight, transportation and other incidental expenses relating to installation.

D. Depreciation

Depreciation on fixed assets has been provided on Straight Line method at pro-rata basis, as per the rates prescribed in Schedule XIV of the Companies Act, 1956. Cost of leasehold land is amortised over lease period.

E. Taxation

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

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. Deferred tax assets are recognised to the extent there is reasonable certainty that these assets can be realised in future.

F. Additional Demand of Taxes

Payment of additional demand of Income Tax is accounted for on payment basis. Similarly refund of above is accounted for "As and when received" basis.

G. Investment

The investments are classified as current investment or long-term investment. Current investments are carried at lower of cost and Market Value. Long-term investments are carried at cost and provision recorded to recognize any decline, other than temporary, in the carrying value of such investment.

H. Lease

Assets given under lease where the significate portion of risk and rewards of ownership are retain by the company are classified as operating lease. Lease rentals are charged to the statement of profit & Loss account on accrual basis.

I. Advances

Advances have been classified as "Standard", "Sub-standard" "Doubtful" and "Loss assets" and provisions for possible losses on such advances are made as per prudential norms issued by Reserve Bank of India as under:-

Sub-Standard asset 10%

Doubtful assets

100% of unsecured portion Plus 20%/30%/50% of secured portion depending upon the period for which advance has remained doubtful.

Loss assets 100%

Further a general provision @0.25% on standard Advances is made.

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