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Accounting Policies of Sword-Edge Commercials Ltd. Company

Mar 31, 2015

(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: All income is accounted for on accrual basis.

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

(D) TAXATION: Provision for current tax is made in the accounts on the basis of estimated tax liability per the applicable provisions of the Income Tax Act, 1961. There is no timing difference. Hence, deferred tax liability/assets have not arisen during the year.

(E) INVENTORIES: Inventories are valued at lower of cost and net realizable value. In determining cost FIFO method is used.

(F) FIXED ASSETS & DEPRECIATION.: Fixed Assets are stated at cost of acquisition less accumulated depreciation and is inclusive of freight, taxes, and incidental expenses relating to such acquisition. Depreciation on Fixed Assets is provided on WDV method at the rates prescribed in Income Tax act 1961.

(G) INVESTMENTS: Investments are valued at cost.

(H) RETIREMENT BENEFITS: Provision of Gratuity is not applicable to the company.


Mar 31, 2014

(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: All income is accounted for on accrual basis.

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

(D) TAXATION: Provision for current tax is made in the accounts on the basis of estimated tax liability per the applicable provisions of the Income Tax Act, 1961. There is no timing difference. Hence, deferred tax liability/assets have not arisen during the year.

(E) INVENTORIES: Inventories are valued at lower of cost and net realizable value. In determining cost FIFO method is used

(F) FIXED ASSETS & DEPRECIATION.: Fixed Assets are stated at cost of acquisition less accumulated depreciation and is inclusive of freight, taxes, and incidental expenses relating to such acquisition. Depreciation on Fixed Assets is provided on WDV method at the rates prescribed in Income Tax act 1961.

(G) INVESTMENTS: Investments are valued at cost.

(H) RETIREMENT BENEFITS: Provision of Gratuity is not applicable to the company.


Mar 31, 2013

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

(B) REVENUE RECOGNITION: All income is accounted for on accrual basis.

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

(D) TAXATION: 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. There is no timing difference. Hence, deferred tax liability/assets have not arisen during the year.

(E) INVENTORIES: Inventories are valued at lower of cost and net realizable value. In determining cost FIFO method is used.

(F) FIXED ASSETS & DEPRECIATION.: Fixed Assets are stated at cost of acquisition less accumulated depreciation and is inclusive of freight, taxes, and incidental expenses relating to such acquisition. Depreciation on Fixed Assets is provided on WDV method at the rates prescribed in Income Tax act 1961.

(G) INVESTMENTS: Investments are valued at cost.

(H) RETIREMENT BENEFITS: Provision of Gratuity is not applicable to the company.

(I) Basic and Diluted Earnings per share (EPS) computed in accordance with Accounting Standard (AS).20


Mar 31, 2010

A. The company follows the accrual system of accounting in respect of ail income and expenditure except dividend which is accounted on receipt basis,

B. Fixed assets are valued at cost and depreciation is provided on written down value method as per rates prescribed under Income Tax Act 1961

C. Inventories are valued at cost.

 
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