Mar 31, 2016
Notes to financial statements for the year ended 31St March, 2016 NOTES FORMING PART OF THE ACCOUNTS Note 1:
A. SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation of Financial statement.
The financial statements of Sinner Energy India Limited have been prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises accounting standards notified by Central Government of India under the relevant provision of Companies Act, 2013.
Use of Estimates
The preparation of financial statements is in conformity with Generally Accepted Accounting Principles (GAAP) in India requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of the financial statements and reported amounts of income and expenses during the period.
Revenue Recognition:
The Company follows the mercantile system of Accounting and recognizes income and expenditure on accrual basis.
Investments:
Investments are stated at cost i.e., cost of acquisition, inclusive of expenses incidental to acquisition wherever applicable.
Fixed Assets & Depreciation
Fixed Assets are stated at cost less Depreciation. Depreciation on Fixed Assets is provided to the extent of depreciable amount on the WDV Method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013. Depreciation on addition / deletions is calculated on pro- rata with respect to date of addition / deletions.
Taxation:
The current charge for income tax is calculated in accordance with the relevant tax regulations applicable to the Company. Deferred tax asset and liability is recognized for future tax consequences attributable to the timing differences that result between the profit offered for income tax and the profit as per the financial statements. Deferred tax asset & liability are measured as per the tax rates/laws that have been enacted or substantively enacted by the Balance Sheet date.
Earnings per Share:
The earning considered in ascertaining the company''s earnings per share comprises net profit after tax. The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the year.
Impairment of Assets :
The carrying amount of assets is reviewed at each balance sheet date to determine if there is any indication of impairment thereof based on external / internal factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount, which represents the greater of the net selling price of assets and their value in use. The estimated future cash flows are discounted to their present value at appropriate rate arrived at after considering the prevailing interest rates and weighted average cost of capital.
Gratuity:
No provision for gratuity has been made as no employee has put in qualifying period of service for entitlement of this benefit.
Under the Micro Small and Medium Enterprises Development Act ,2006, certain discourses are required to be made relating to Micro, Small and Medium Enterprises. The company is in the process of compiling relevant information from its suppliers about their coverage under the Act . Since the relevant information is not presently available, no disclosures have been made in the accounts
Mar 31, 2015
Basis of Preparation of Financial statement.
The financial statements of Sinner Energy India Limited have been
prepared and presented in accodance with Generally Accepted Accounting
Principles (GAAP) on the historical cost convention on the accrual
basis. GAAP comprises accounting standards notified by Central
Government of India under the relevant provision of Companies Act,
2013.
Use of Estimates
The preparation of financial statements is in conformity with Generally
Accepted Accounting Principles (GAAP) in India requires management to
make estimates and assumption that affect the reported amounts of
assets and liabilities and the disclosures of contingent liabilities on
the date of the financial statements and reported amounts of income and
expenses during the period.
Revenue Recognition:
The Company follows the mercantile system of Accounting and recognizes
income and expenditure on accrual basis.
Investments:
Investments are stated at cost i.e., cost of acquisition, inclusive of
expenses incidental to acquisition wherever applicable.
Fixed Assets & Depreciation:
Fixed Assets are stated at cost less Depreciation. Depreciation on
Fixed Assets is provided to the extent of depreciable amount on the WDV
Method. Depreciation is provided based on useful life of the assets as
prescribed in Schedule II to the Companies Act, 2013. Depreciation on
addition / deletions is calculated on pro- rata with respect to date of
addition / deletions.
Taxation:
The current charge for income tax is calculated in accordance with the
relevant tax regulations applicable to the Company. Deferred tax asset
and liability is recognized for future tax consequences attributable to
the timing differences that result between the profit offered for
income tax and the profit as per the financial statements. Deferred
tax asset & liability are measured as per the tax rates/laws that have
been enacted or substantively enacted by the Balance Sheet date.
Earnings per Share:
The earning considered in ascertaining the company's earnings per share
comprises net profit after tax. The number of shares used in computing
basic earnings per share is the weighted average number of shares
outstanding during the year.
Impairment of Assets:
The carrying amount of assets is reviewed at each balance sheet date to
determine if there is any indication of impairment thereof based on
external / internal factors. An impairment loss is recognised wherever
the carrying amount of an asset exceeds its recoverable amount, which
represents the greater of the net selling price of assets and their
value in use. The estimated future cash flows are discounted to their
present value at appropriate rate arrived at after considering the
prevailing interest rates and weighted average cost of capital
Gratuity:
No provision for gratuity has been made as no employee has put in
qualifying period of service for entitlement of this benefit.
Under the Micro Small and Medium Enterprises Development Act ,2006,
certain disclourses are required to be made relating to Micro,Small and
Medium Enterprises. The company is in the process of compling relevant
information from its suppliers about their coverage under the Act .
Since the revelant information is not presently available, no
disclosures have been made in the accounts.
Mar 31, 2014
1) GENERAL:
I. The Financial Statement have generally been prepared on the
historical cost convention.
II. Accounting policies not specifically referred to otherwise are in
consonance with generally accepted accounting principles.
2) BASIS OF ACCOUNTING:
The Company follows the mercantile system of accounting generally
except otherwise stated herein below, if so.
3) FIXED ASSETS :
Fixed assets are stated at cost of less accumulated depreciation.
depreciation has been provided during the year on WDV in accordance
with the provision of section 205(2)(b) of the companies Act,1956 at
the rates specified in the schedule XIV to the said Act.
4) INVESTMENT:
Investments, if any, are stated at cost.
5) REVENUE RECOGNITION:
Revenue in recognized only when it is reasonably certain that the
ultimate collection will be made.
6) MISCELLANEOUS EXPENDITURE :
Miscellaneous Expenditure such as preliminary expenditure are amortized
over a period of 5 years.
7) DEFERED TAX:
The Deferred tax is recognized for all temporary differences subject to
the consideration of prudence and at currently available rates.
Deferred Tax assets are recognized only if there is virtual certainty
that they will be realized.
A. SIGNIFICANT ACCOUNTING POLICES
a) The company follows the accrual system of accounting in accordances
with the requirement of the Companies Act, 1956 and complies with the
accounting standards referred to in sub- section 211 of the said Act.
b) The accounts are prepared on historical cost basis and on the basis
of going concern. Accounting policies not specifically referred to
otherwise are consistent with generally accepted accounting principles.
Mar 31, 2013
1) GENERAL:
I. The Financial Statement have generally been prepared on the
historical cost convention.
II. Accounting policies not specifically referred to otherwise are in
consonance with generally accepted accounting principles.
2) BASIS OF ACCOUNTING:
The Company follows the mercantile system of accounting generally
except otherwise stated herein below, if so.
3) FIXED ASSETS :
Fixed assets are stated at cost of less accumulated depreciation.
depreciation has been provided during the year under consideration.
4) INVESTMENT:
There are no investments made during the year
5) REVENUE RECOGNITION:
Revenue in respect of brokerage is recognized only when it is
reasonably certain that the ultimate collection will be made.
6) MISCELLANEOUS EXPENDITURE :
Miscellaneous Expenditure such as preliminary expenditure are amortized
over a period of 5 years.
7) DEFERED TAX:
The company had not recognised any deffered Tax Assets since they are
not Material
8) BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE:
I Registration Details :
Registration No. : 028077
State Code : 04
Balance Sheet Date : 31/03/2013
II Capital Raised during the year
Public Issue NIL
Right Issue NIL
Bonus Issue NIL
Private Placement NIL
III Position of Mobilisation and Development of Funds
Rupees Amt. Rs.
Total Liabilities 3,24,21,247
Total Assets 3,24,21,247
Sources of Funds:
Paid- Up Capital 20,29,8000
Reserves & Surplus 1,17,85,422
Secured Loans Â
Unsecured Loans Â
Application of Funds:
Net Fixed asset 2,09,611
Investment Â
Net Current assets 9,65,595
Miscellanous Expenditure Â
Accumulated Losses Â
IV. Performance of Company: Profit After Tax 9,543
Turnover (Gross Income) 4,51,777 Earning Per Share 0.005
Total Expenditure 4,43,200 Dividend Rate% NIL
Profit/Loss Before Tax 8,577
A. SIGNIFICANT ACCOUNTING POLICES
a) The company follows the accrual system of accounting in accordance
with the requirement of the Companies Act, 1956 and complies with the
accounting standards referred to in sub- section 211 of the said Act.
b) The accounts are prepared on historical cost basis and on the basis
of going concern. Accounting policies not specifically referred to
otherwise are consistent with generally accepted accounting principles.
Mar 31, 2012
1) GENERAL:
I. The Financial Statement have generally been prepared on the
historical cost convention.
II. Accounting policies not specifically referred to otherwise are in
consonance with generally accepted accounting principles.
2) BASIS OF ACCOUNTING:
The Company follows the mercantile system of accounting generally
except otherwise stated herein below, if so.
3) FIXED ASSETS :
Fixed assets are stated at cost of less accumulated depreciation.
depreciation has been provided during the year under consideration.
4) INVESTMENT:
There are no investments made during the year
5) REVENUE RECOGNITION:
Revenue in respect of brokerage is recognized only when it is
reasonably certain that the ultimate collection will be made.
6) MISCELLANEOUS EXPENDITURE :
Miscellaneous Expenditure such as preliminary expenditure are amortized
over a period of 5 years.
7) DEFERED TAX:
The company had not recognised any deffered Tax Assets since they are
not Material
8) BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE:
I Registration Details :
Registration No. : 028077
State Code : 04
Balance Sheet Date : 31/03/2012
II Capital Raised during the year
Public Issue NIL
Right Issue NIL
Bonus Issue NIL
Private Placement NIL
III Position of Mobilisation and Development of Funds
Rupees Amt. Rs.
Total Liabilities 3,21,76,134
Total Assets 3,21,76,134
Sources of Funds:
Paid- Up Capital 2,02,98,000
Reserves & Surplus 1,17,75,879
Secured Loans Â
Unsecured Loans Â
Application of Funds:
Net Fixed asset 2,52,779
Investment Â
Net Current assets 9,13,850
Miscellanous Expenditure Â
Accumulated Losses Â
IV. Performance of Company: Profit After Tax 611
Turnover (Gross Income) 2,20,000 Earning Per Share 0.00
Total Expenditure 2,19,389 Dividend Rate% NIL
Profit/Loss Before Tax 611
Mar 31, 2011
1) GENERAL:
I. The Financial Statement have generally been prepared on the
historical cost convention.
II. Accounting policies not specifically referred to otherwise are in
consonance with generally accepted accounting principles.
2) BASIS OF ACCOUNTING:
The Company follows the mercantile system of accounting generally
except otherwise stated herein below, if so.
3) FIXED ASSETS :
Fixed assets are stated at cost of less accumulated depreciation.
depreciation has been provided during the year under consideration.
4) INVESTMENT:
There are no investments made during the year
5) REVENUE RECOGNITION:
Revenue in respect of brokerage is recognized only when it is
reasonably certain that the ultimate collection will be made.
6) MISCELLANEOUS EXPENDITURE :
Miscellaneous Expenditure such as preliminary expenditure are amortized
over a period of 5 years.
7) DEFERED TAX:
The company had not recognised any deffered Tax Assets since they are
not Material
8) BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE:
I Registration Details :
Registration No. : 028077
State Code : 04
Balance Sheet Date : 31/03/2011
II Capital Raised during the year
Public Issue NIL
Right Issue NIL
Bonus Issue NIL
Private Placement NIL
Sources of Funds:
Paid- Up Capital 20,29,8000
Reserves & Surplus 1,17,75,268
Secured Loans Â
Unsecured Loans Â
Application of Funds:
Net Fixed asset 3,12,435
Investment Â
Net Current assets 3,17,60,833
Miscellanous Expenditure Â
Accumulated Losses Â
IV. Performance of Company: Profit After Tax 4,281
Turnover (Gross Income) 2,43,500 Earning Per Share 0.002
Total Expenditure 2,39,219 Dividend Rate% NIL
Profit/Loss Before Tax 4,281