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

Accounting Policies of Tavernier Resources Ltd. Company

Mar 31, 2015

A) Basis of preparation of financial statements

The accompanying financial statements are prepared and presented under the historical cost convention on the accrual basis of accounting, and comply with the Accounting Standards prescribed by the Companies (Accounting Standards) Rules, 2006 ('the Rules') and the requirements of the Companies Act, 2013 ('the Act'), to the extent applicable to the Company. The financial statements are presented in Indian Rupees.

b) Use of Estimate

The preparation of the financial statements in conformity with generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and the disclosure of contingent liabilities on the date of the financial statement. Actual results could differ from the estimates. Any revision to accounting estimates is recognized prospectively in current and future periods.

c) Depreciation

The Assets are depreciated in accordance with the provisions of Schedule II of the Act. Schedule II of the act requires systematic allocation of the depreciable amount of an asset over its useful life. The said schedule also requires that the useful life of an asset should not be longer than the useful life prescribed in part C of the said schedule and the residual value of an asset should not be more than five percent of its original cost

d) Impairment of Assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

e) Foreign Currency Transactions

Transaction in foreign currency is recorded at the exchange rates prevailing at the time of the transaction. Transaction gains or losses realized upon settlement of foreign currency transactions are included in the determining net profit for the period in which the transaction is settled. Monetary items denominated in the foreign currencies at the year end are restated at year end rates.

f) Investments

All the Investments have been valued at cost less any provisions for permanent diminution in value.

g) Inventories

Inventories are valued at lower of cost or net realisable value after providing for obsolescence, if any.

h) Revenue recognition

Items of revenue have been recognised in accordance with the Accounting Standard (AS-9). Accordingly, wherever there are uncertainties in the ascertainment /realisation of income, the same is not accounted for.

Income is accounted for on accrual basis.

i) Employee Benefits

i. The company's contribution to provident fund in accordance with the Employee's Provident and Misc. Provision Act 1952 is not applicable.

ii. The liability for gratuity to be provided in according to the provisions of the Payment of Gratuity Act 1972 is not applicable.

j) Provision for Current and Deferred Tax

Provision for current tax is made on the basis of estimated taxable income for the current accounting period in accordance with the provisions of Income tax Act, 1961.

Deferred tax resulting from timing difference between book and taxable profit for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the deferred tax assets will be adjusted in future.

k) Provisions and Contingencies

A provision is recognised when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are determined based on best estimate of the amount required to settle the obligation at the Balance Sheet date. Contingent liabilities, if any are not recognised and are disclosed in the Notes on Accounts.

l) Segment Reporting

As per Accounting Standard (AS) 17 on "Segment Reporting", segment information has been provided under the Notes to Financial Statements.










Mar 31, 2014

A) Basis of preparation of financial statements

The accompanying financial statements are prepared and presented under the historical cost convention on the accrual basis of accounting, and comply with the Accounting Standards prescribed by the Companies (Accounting Standards) Rules, 2006 (''the Rules'') and the requirements of the Companies Act, 1956 (''the Act''), to the extent applicable to the Company. The financial statements are presented in Indian Rupees.

b) Use of Estimate

The preparation of the financial statements in conformity with generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and the disclosure of contingent liabilities on the date of the financial statement. Actual results could differ from the estimates. Any revision to accounting estimates is recognized prospectively in current and future periods.

c) Depreciation

Depreciation on fixed assets has been provided on WDV method at the rates prescribed in schedule XIV of the Companies Act, 1956 on a pro rata basis from the date the asset is ready to use till the date of sale.

d) Impairment of Assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

e) Foreign Currency Transactions

Transaction in foreign currency is recorded at the exchange rates prevailing at the time of the transaction. Transaction gains or losses realized upon settlement of foreign currency transactions are included in the determining net profit for the period in which the transaction is settled. Monetary items denominated in the foreign currencies at the year end are restated at year end rates.

f) Investments

All the Investments have been valued at cost less any provisions for permanent diminution in value.

g) Inventories

Inventories are valued at lower of cost or net realisable value after providing for obsolescence, if any.

h) Revenue recognition

Items of revenue have been recognised in accordance with the Accounting Standard (AS-9). Accordingly, wherever there are uncertainties in the ascertainment /realisation of income, the same is not accounted for.

Income is accounted for on accrual basis.

i) Employee Benefits

i. The company''s contribution to provident fund in accordance with the Employee''s Provident and Misc.

Provision Act 1952 is not applicable.

ii. The liability for gratuity to be provided in according to the provisions of the Payment of Gratuity Act 1972

is not applicable.

j) Provision for Current and Deferred Tax

Provision for current tax is made on the basis of estimated taxable income for the current accounting period in accordance with the provisions of Income tax Act, 1961.

Deferred tax resulting from timing difference between book and taxable profit for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the deferred tax assets will be adjusted in future.

k) Provisions and Contingencies

A provision is recognised when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are determined based on best estimate of the amount required to settle the obligation at the Balance Sheet date. Contingent liabilities, if any are not recognised and are disclosed in the Notes on Accounts.

l) Segment Reporting

As per Accounting Standard (AS) 17 on "Segment Reporting", segment information has been provided under the Notes to Financial Statements.


Mar 31, 2013

A) Basis of preparation of financial statements

The accompanying financial statements are prepared and presented under the historical cost convention on the accrual basis of accounting, and comply with the Accounting Standards prescribed by the Companies (Accounting Standards) Rules 2006 {''the Rules'') and the requirements of the Companies Act, 1956 (''the Act''), to the extent applicable to the Company. The financial statements are presented in Indian Rupees.

b) Use of Estimate

The preparation of the financial statements in conformity with generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and the disclosure of contingent liabilities on the date of the financial statement. Actual results could differ from the estimates. Any revision to accounting estimates is recognized prospectively in current and future periods.

c) Depreciation

Depreciation on fixed assets has been provided on WDV method at the rates prescribed in schedule XIV of the Companies Act, 1956 on a pro rata basis from the date the asset is ready to use till the date of sale.

d) Impairment of Assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

e) Foreign Currency Transactions

Transaction in foreign currency is recorded at the exchange rates prevailing at the time of the transaction. Transaction gains or losses realized upon settlement of foreign currency transactions are included in the determining net profit for the period in which the transaction is settled. Monetary items denominated in the foreign currencies attheyearend are restated atyearend rates.

f) Investments

All the Investments have been valued at cost less any provisions for permanent diminution in value.

g) Inventories

Inventories are valued at lower of cost or net realisable value after providing for obsolescence, if any.

As at the end of reported year company did not hold any inventory and hence valuation process has not been carried out.

h) Revenue recognition

Items of revenue have been recognised in accordance with the Accounting Standard (AS-9). Accordingly wherever there are uncertainties in the ascertainment/realisation of income, the same is not accounted for

Income is accounted foron accrual basis.

i) Employee Benefits

i. The company''s contribution to provident fund in accordance with the Employee''s Provident and Misc. Provision Act 1952 is not applicable.

ii. The liability for gratuity to be provided in according to the provisions ofthe Payment of GratuityAct 1972is not applicable.

j) Provision for Current and Deferred Tax

Provision for current tax is made on the basis of estimated taxable income for the current accounting period in accordance with the provisions of Income tax Act, 1961.

Deferred tax resulting from timing difference between book and taxable profit for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the deferred tax assets will be adjusted in future.

k) Provisions and Contingencies

A provision is recognised when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are determined based on best estimate of the amount required to settle the obligation at the Balance Sheet date. Contingent liabilities, if any are not recognised and are disclosed in the Notes on Accounts.

I) Segment Reporting

As per Accounting Standard (AS) 17 on "Segment Reporting", segment information has been provided under the Notes to Financial Statements.


Mar 31, 2012

A) Basis of preparation of financial statements

The accompanying financial statements are prepared and presented under the historical cost convention on the accrual basis of accounting, and comply with the Accounting Standards prescribed by the Companies (Accounting Standards) Rules, 2006 ('the Rules') and the requirements of the Companies Act, 1956 ('the Act'), to the extent applicable to the Company. The financial statements are presented in Indian Rupees.

b) Use of Estimate

The preparation of the financial statements in conformity with generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and the disclosure of contingent liabilities on the date of the financial statement. Actual results could differ from the estimates. Any revision to accounting estimates is recognized prospectively in current and future periods.

c) Depreciation

Depreciation on fixed assets has been provided on WDV method at the rates prescribed in schedule XIV of the Companies Act, 1956 on a pro rata basis from the date the asset is ready to use till the date of sale.

d) Impairment of Assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

e) Foreign Currency Transactions

Transaction in foreign currency is recorded at the exchange rates prevailing at the time of the transaction. Transaction gains or losses realized upon settlement of foreign currency transactions are included in the determining net profit for the period in which the transaction is settled. Monetary items denominated in the foreign currencies at the year end are restated at year end rates.

f) Investments

All the Investments have been valued at cost less any provisions for permanent diminution in value.

g) Inventories

Inventories are valued at lower of cost or net realisable value after providing for obsolescence, if any.

As at the end of reported year company did not hold any inventory and hence valuation process has not been carried out.

h) Revenue recognition

Items of revenue have been recognised in accordance with the Accounting Standard (AS-9). Accordingly wherever there are uncertainties in the ascertainment/realisation of income, the same is not accounted for.

Income is accounted for on accrual basis.

i) Employee Benefits

i. The company's contribution to provident fund in accordance with the Employee's Provident and Misc.

Provision Act 1952 is not applicable.

ii. The liability for gratuity to be provided in according to the provisions of the Payment of Gratuity Act 1972 is not applicable.

j) Provision for Current and Deferred Tax

Provision for current tax is made on the basis of estimated taxable income for the current accounting period in accordance with the provisions of Income tax Act, 1961.

Deferred tax resulting from timing difference between book and taxable profit for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the deferred tax assets will be adjusted in future.

k) Provisions and Contingencies

A provision is recognised when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are determined based on best estimate of the amount required to settle the obligation at the Balance Sheet date. Contingent liabilities, if any are not recognised and are disclosed in the Notes on Accounts.

I) Segment Reporting

As per Accounting Standard (AS) 17 on "Segment Reporting", segment information has been provided under the Notes to Consolidated Financial Statements,


Mar 31, 2011

A) ACCOUNTING CONVENTIONS

The financial statements are prepared on accrual basis under historical cost convention on the basis of going concern and materially comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act 1956.

b) DEPRECIATION

Depreciation on fixed assets has been provided on WDV method at the rates prescribed in schedule XIV of the Companies Act, 1956 and on additions/deletions during the year is on prorata basis with reference to the month of additions/deletions thereof.

c) INVESTMENTS

All the Investments have been valued at cost less any provisions for permanent diminution in value.

d) VALUATION OF INVENTORIES

As a policy Valuation of Inventory considered on following basis:

i. Raw Materials, Packing Materials, Finished Goods and Trading Goods - At Cost or Net Realizable Value whichever is lower.

ii. Work-In-Progress - At direct Cost plus related overheads up to the stage of completion

As at the end of reported year company did not hold any inventory and hence valuation process has not been carried out.

e) CURRENT ASSETS

Debtors and Loan & advances are valued on net realisation basis.

f) RETIREMENT BENEFITS

i. The company's contribution to provident fund in accordance with the Employee's Provident & Misc. Provision Act 1952 is not applicable.

ii. The liability for gratuity to be provided in according to the provisions of the Payment of Gratuity Act 1972 is not applicable.

g) FOREIGN EXCHANGE TRANSACTION

Transaction (if any) in foreign currency is recorded at the exchange rates prevailing at the time of the transaction. No Foreign currency transaction has been entered into by the company during the current financial year.

h) PROVISION FOR CURRENT AND DEFERRED TAX

Provision for current tax is made on the basis of estimated taxable income for the current accounting period in accordance with the provisions of Income tax Act, 1961. Deferred tax resulting from timing difference between book and taxable profit for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the deferred tax assets will be adjusted in future.

i) REVENUE RECOGNITION

Items of revenue have been recognised in accordance with the Accounting Standard (AS-9). Accordingly wherever there are uncertainties in the ascertainment /realisation of income, the same is not accounted for. Expenditure and other income are accounted for on accrual basis. Other Income shown in Profit & Loss A/c is net of brokerage, STT and other charges on shares.

j) PROVISIONS/ CONTINGENCIES

A provision is recognised when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are determined based on best estimate of the amount required to settle the obligation at the Balance Sheet date. Contingent liabilities (If any) are not recognised and are disclosed in the Notes on Accounts.

k) SEGMENT REPORTING

The Company operates in a single business segment viz. "Yarn" in Maharashtra. Hence, Segment Reporting is not applicable as per Accounting Standard on Segment Reporting (AS-17).


Mar 31, 2010

A) ACCOUNTING CONVENTIONS

The financial statements are prepared on accrual basis under historical cost convention on the basis of going concern and materially comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act 1956.

b) DEPRECIATION

Depreciation on fixed assets has been provided on WDV method at the rates prescribed in schedule XIV of the Companies Act, 1956 and on additions/deletions during the year is on prorata basis with reference to the month of additions/deletions thereof.

Depreciation method has been changed during the year from SLM to WDV. There are no retrospective effects in the books of accounts of the change in method of Depreciation because all assets, on which depreciation had been provided as per SLM method, were sold before 1st April, 2009.

c) INVESTMENTS

All the Investments have been valued at cost less any provisions for permanent diminution in value.

d) VALUATION OF INVENTORIES

As a policy Valuation of Inventory considered on following basis: i. Raw Materials, Packing Materials, Finished Goods and Trading Goods - At Cost or Net

Realizable Value whichever is lower. ii. Work-in-Progress - At direct Cost plus related overheads up to the stage of completion

As at the end of reported year company did not hold any inventory and hence valuation process has not been carried out.

e) CURRENT ASSETS

Debtors and Loan & advances are valued on net realisation basis.

f) RETIREMENT BENEFITS

i. The companys contribution to provident fund in accordance with the Employees

Provident & Misc. Provision Act 1952 is not applicable. ii. The liability for gratuity to be provided in according to the provisions of the Payment of Gratuity Act 1972 is not applicable.

g) FOREIGN EXCHANGE TRANSACTION

Transaction (if any) in foreign currency is recorded at the exchange rates prevailing at the time of the transaction. No Foreign currency transaction has been entered into by the company during the current financial year.

h) PROVISION FOR CURRENT AND DEFERRED TAX

Provision for current tax is made on the basis of estimated taxable income for the current accounting period in accordance with the provisions of Income tax Act, 1961. Deferred tax resulting from timing difference between book and taxable profit for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the deferred tax assets will be adjusted in future.

i) REVENUE RECOGNITION

Items of revenue have been recognised in accordance with the Accounting Standard (AS-9). Accordingly wherever there are uncertainties in the ascertainment /realisation of income, the same is not accounted for.

Expenditure and other income are accounted for on accrual basis.

J) PROVISIONS/ CONTINGENCIES

A provision is recognised when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are determined based on best estimate of the amount required to settle the obligation at the Balance Sheet date. Contingent liabilities (If any) are not recognised and are disclosed in the Notes on Accounts.

k) SEGMENT REPORTING

The Company operates in a single business segment viz. "Yarn" in Maharashtra. Hence, Segment Reporting is not applicable as per Accounting Standard on Segment Reporting (AS-17).

 
Subscribe now to get personal finance updates in your inbox!