Mar 31, 2014
Corporate Information
Towa Sokki Limited is a public limited company domiciled in India and
incorporated under the Companies Act, 1956. Equity shares of the
company are listed in Bombay Stock Exchange Ltd. in India. The Company
is engaged in manufacturing and selling of Survey Instruments.
Note 1 - Basis of Accounting
i) The financial statements have been prepared under the historical
cost convention in accordance with the generally accepted accounting
principles to comply with the applicable Accounting Standards as
prescribed under the Companies (Accounting Standards) Rules, 2006 and
the relevant provisions of the Companies Act, 1956.
ii) The Company generally follows the mercantile system of accounting
and recognises significant items of income and expenditure on accrual
basis.
iii) Use of estimates : The preparation of financial statements in
conformity with generally accepted accounting principles in India
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent
liabilities at the date of the financial statements.
1.1 Summary of Significant Accounting Policies
i) Fixed Assets :
a) Fixed Assets are shown at cost of acquisition including direct
material, labour and overheads if any, less accumulated depreciation
and less sold during the year.
b) Works under erection / installation / execution for capital works
are shown as "Capital Advances and includes interest on borrowings
and advances to suppliers etc.
ii) Inventories :
a) Raw Materials, Stores, & Spares are valued at cost.
b) Finished Goods are valued at cost or market value whichever is
lower. Stock of purchased items traded is valued as lower of the landed
cost or realisable value.
iii) Depreciatian :
a) Depreciation on all fixed assets is provided on "Straight Line
Method" at the rates specified in the Schedule XIV to the Companies
Act, 1956. Depreciation on additions to fixed assets is charged on
prorata basis.
b) Depreciation in respect of assets acquired and put to use for
implementation of the new project is grouped under Pre-Operative
Expenses.
iv) Encashment Of Leave and Other Retirement Benefits :
The company extends benefit of encashment of leave to its employees
while in service as well as on retirement. Encashment of leave
accumulated while in service is generally accounted when paid on yearly
basis. Further, any liability on this account is recognised only when
claim is received. Other retirement benefits such as Gratuity etc. are
recognised only when the liability for such payments arises.
v) Accounting For Miscellaneous Expenditure :
Preliminary Expenses (for New Project) and Share Capital Expenses /
Public Issue Expenses (for New Project) will be amortised over the
period of ten years from the year in which the commencement of
commercial production (for New Project) is started.
Mar 31, 2013
I) Fixed Assets :
a) Fixed Assets are shown at cost of acquisition including direct
material, labour and overheads if any, less accumulated depreciation
and less sold during the year.
b) Works under erection / installation / execution for capital works
are shown as "Capital Advances and includes interest on borrowings and
advances to suppliers etc.
ii) Inventories :
a) Raw Materials, Stores, & Spares are valued at cost.
b) Finished Goods are valued at cost or market value whichever is
lower. Stock of purchased items traded is valued as lower of the landed
cost or realisable value.
iii) Depreciatian :
a) Depreciation on all fixed assets is provided on "Straight Line
Method" at the rates specified in the Schedule XIV to the Companies
Act, 1956. Depreciation on additions to fixed assets is charged on
prorata basis.
b) Depreciation in respect of assets acquired and put to use for
implementation of the new project is grouped under Pre-Operative
Expenses.
iv) Encashment Of Leave and Other Retirement Benefits :
The company extends benefit of encashment of leave to its employees
while in service as well as on retirement. Encashment of leave
accumulated while in service is generally accounted when paid on yearly
basis. Further, any liability on this account is recognised only when
claim is received. Other retirement benefits such as Gratuity etc. are
recognised only when the liability for such payments arises.
v) Accounting For Miscellaneous Expenditure :
Preliminary Expenses (for New Project) and Share Capital Expenses /
Public Issue Expenses (for New Project) will be amortised over the
period of ten years from the year in which the commencement of
commercial production (for New Project) is started.
Mar 31, 2012
I) Fixed Assets:
a) Fixed Assets are shown at cost of acquisition including direct
material, labour and overheads if any, less accumulated depreciation
and less sold during the year.
b) Works under erection / installation / execution for capital works
are shown as "Capital Advances and includes interest on borrowings and
advances to suppliers etc.
ii) Inventories :
a) Raw Materials, Stores, & Spares are valued at cost.
b) Finished Goods are valued at cost or market value whichever is
lower. Stock of purchased items traded is valued as lower of the landed
cost or realisable value.
iii) Depreciatian :
a) Depreciation on all fixed assets is provided on "Straight Line
Method" at the rates specified in the Schedule XIV to the Companies
Act, 1956. Depreciation on additions to fixed assets is charged on
prorata basis.
b) Depreciation in respect of assets acquired and put to use for
implementation of the new project is grouped under Pre-Operative
Expenses.
iv) Encashment Of Leave and Other Retirement Benefits :
The company extends benefit of encashment of leave to its employees
while in service as well as on retirement. Encashment of leave
accumulated while in service is generally accounted when paid on yearly
basis. Further, any liability on this account is recognised only when
claim is received. Other retirement benefits such as Gratuity etc. are
recognised only when the liability for such payments arises.
v) Accounting For Miscellaneous Expenditure :
Preliminary Expenses (for New Project) and Share Capital Expenses /
Public Issue Expenses (for New Project) will be amortised over the
period of ten years from the year in which the commencement of
commercial production (for New Project) is started.
Mar 31, 2011
1. SYSTEM OF ACCOUNTING:
The company follows the accrual concept of accounting for income and
expenditure generally under the historical cost convention in
accordance with the generally accepted accounting practices prevailing
in India.
2. FIXED ASSETS :
a) Fixed Assets are shown at cost of acquisition including direct
material, labour and overheads if any, less accumulated depreciation.
b) Works under erection / installation / execution for capital works
are shown as "Capital Work in Progress on New Project" and includes
interest on borrowings and advances to suppliers etc.
3. INVENTORIES :
a) Raw Materials, Stores, & Spares are valued at cost.
b) Finished Goods are valued at cost or market value whichever is
lower. Stock of purchased items traded is valued as lower of the landed
cost or realisable value.
4. DEPRECIATION :
a) Depreciation on all fixed assets is provided on "Straight Line
Method" at the rates specified in the Schedule XIV to the Companies
Act, 1956. Depreciation on additions to fixed assets is charged on
prorata basis.
b) Depreciation in respect of assets acquired and put to use for
implementation of the new project is grouped under Pre-Operative
Expenditure pending capitalisation.
5. ENCASHMENT OF LEAVE AND OTHER RETIREMENT BENEFITS :
The company extends benefit of encashment of leave to its employees
while in service as well as on retirement. Encashment of leave
accumulated while in service is generally accounted when paid on yearly
basis. Further, any liability on this account is recognised only when
claim is received. Other retirement benefits such as Gratuity etc. are
recognised only when the liability for such payments arises.
6. ACCOUNTING FOR MISCELLANEOUS EXPENDITURE :
Preliminary Expenses (for New Project) and Share Capital Expenses /
Public Issue Expenses (for New Project) will be amortised over the
period of ten years from the year in which the commencement of
commercial production (for New Project) is started.
Mar 31, 2010
1. SYSTEM OF ACCOUNTING :
The company follows the accrual concept of accounting for income and
expenditure generally under the historical cost convention in
accordance with the generally accepted accounting practices prevailing
in India.
2. FIXED ASSETS :
a) Fixed Assets are shown at cost of acquisition including direct
material, labour and overheads if any, less accumulated depreciation
and less sold during the year.
b) Works under erection / installation / execution for capital works
are shown as "Capital Work in Progerss on New Project" and includes
interest on borrowings and advances to suppliers etc, has been shown as
net sale during the year.
3. INVENTORIES :
a) Raw Materials, Stores, & Spares are valued at cost.
b) Finished Goods are valued at cost or market value whichever in
lower. Stock of purchased items traded is valued as lower of the landed
cost or realisable value.
4. DEPRECIATION :
a) Depreciation on all fixed assets is provided on "Straight Line
Method'' at the rates specified in the Schedule XIV to the Companies
Act, 1956. Depreciation on additions to fixed assets is charged on
prorata basis.
b) Depreciation in respect of assets acquired and put to use for
implementation of the new project is grouped under Pre-Operative
Expenditure pending capitalisation.
5. ENCASHMENT OF LEAVE AND OTHER RETIREMENT BENEFITS :
The company extends benefit of encashment of leave to its employees
while in service as well as on retirement. Encashment of leave
accumulated while in service is generally accounted when paid on yearly
basis Further, any liability on this account is recognised only when
claim is received. Other retirement benefits such as Gratuity etc. are
recognised only when the liability for such payments arises.
6. ACCOUNTING FOR MISCELLANEOUS EXPENDITURE :
Preliminary Expenses (for New Project) and Share Capital Expenses /
Public Issue Expenses (for New Project) will be amortised over the
period of ten years from the year in which the commencement of
commercial production (for New Project) is started.