SIL Business Enterprises Ltd. कंपली की लेखा नीति

Mar 31, 2012

1. METHOD OF ACCOUNTING:

The financial statements are prepared on accrual basis, under the historical cost convention, in accordance with the generally accepted accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the requirements of the Companies Act, 1956. Except referred in Note No. 3 under part B herein below.

2. FIXED ASSETS:

The fixed assets are stated at cost. The Company capitalizes all costs relating to Fixed Assets including expenditure on installation. The fixed assets which were mortgaged to the secured lenders, have been sold by them under the Securitisation and Reconstruction of the Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESAI).

3. DEPRECIATION:

As the major Fixed Assets of The Company have been sold as stated in (2) above no deprecation has been provided in the accounts on such fixed assets from the date of sale. Deprecation on the remaining assets at Sinnar, Gummidipundi, and Gotan is provided on straight line and all other assts on written down value as per rates prescribed in Schedule XIV of the Companies Act, 1956.

4. INCOME FROM OPERATIONS:

There was no business operation carried by the Company during the year.

5. RETIREMENT BENEFITS:

The Company is having Group Gratuity Scheme with Life Insurance Corporation of India. Provision of Gratuity is made based on valuation provided by Life Insurance Corporation of India.

Company''s contribution to Provident Fund and Family Pension Fund is charged to Profit and Loss Account on accrual basis.

6. INVESTMENT:

Investments being long term are stated at cost.

7. TAXES ON INCOME

Provision for current tax is computed as per ''Total Income'' returnable under the Income Tax Act, 1961 taking into account available deductions and exemptions. Deferred tax is recognized for all timing difference being the difference between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent years .

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Mar 31, 2011

1. METHOD OF ACCOUNTING:

The financial statements are prepared on accrual basis, under the historical cost convention, in accordance with the generally accepted accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the requirements of the Companies Act, 1956. Except referred in Note No. 3 under part B herein below.

2. FIXED ASSETS:

The fixed assets are stated at cost. The Company capitalizes all costs relating to Fixed Assets including expenditure on installation. The fixed assets which were mortgaged to the secured lenders, have been sold by them under the Securitisation and Reconstruction of the Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESAI).

3. DEPRECIATION:

As the major Fixed Assets of The Company have been sold as stated in (2) above no deprecation has been provided in the accounts on such fixed assets from the date of sale. Deprecation on the remaining assets at Sinnar, Gummidipundi, and Gotan is provided on straight line and all other assts on written down value as per rates prescribed in Schedule XIV of the Companies Act, 1956.

4. INCOME FROM OPERATIONS:

a) Income for Wind Mills:

Value of electricity generated through the Company's own Wind Mills and supplied to electricity Board and other parties.

b) Income from Job Charges:

Job Income is accounted for on the basis of debit notes raised for actual production. However, the Company has entered into agreements to permit the use of manufacturing facilities at various locations to a Company on the terms of fixed rent and reimbursement of expenses. The reimbursement of manufacturing is mutually agreed on year-to-year basis. The said income was earned till August 2010 i.e. before the sale of assets by secured lenders.

5. RETIREMENT BENEFITS:

The Company is having Group Gratuity Scheme with Life Insurance Corporation of India. Provision of Gratuity is made based on valuation provided by Life Insurance Corporation of India.

Company's contribution to Provident Fund and Family Pension Fund is charged to Profit and Loss Account on accrual basis.

6. INVESTMENT:

Investments being long term are stated at cost.

7. TAXES ON INCOME

Provision for current tax is computed as per 'Total Income' returnable under the Income Tax Act, 1961 taking into account available deductions and exemptions. Deferred tax is recognized for all timing difference being the difference between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent years.

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Mar 31, 2010

1. METHOD OF ACCOUNTING:

The financial statements are prepared on accrual basis, under the historical cost convention, in accordance with the generally accepted accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the requirements of the Companies Act, 1956. However, the insurance claims received are accounted on cash basis.

2. FIXED ASSETS:

The fixed assets are stated at cost. The Company capitalizes all costs relating to Fixed Assets including expenditure on installation.

3. DEPRECIATION:

The Company has provided depreciation -

i. On Fixed Assets at Sinnar, Gummidipundi, Gotan Plants and Wind Mills on straight- line method and all other Fixed Assets on written down method as per rates prescribed in Schedule XIV of the Companies Act, 1956.

ii. Lease rent in respect of land taken on lease is not being written-off over the period of lease

4. INCOME FROM OPERATIONS:

a) Income for Wind Mills:

Value of electricity generated through the Companys own Wind Mills and supplied to electricity Board and other parties.

b) Income from Job Charges:

Job Income is accounted for on the basis of debit notes raised for actual production. However, the Company has entered into agreements to permit the use of manufacturing facilities at various locations to a Company on the terms of fixed rent and reimbursement of expenses. The reimbursement of manufacturing is mutually agreed on year-to-year basis.

5. RETIREMENT BENEFITS:

A) The Company is having Group Gratuity Scheme with Life Insurance Corporation of India. Provision of Gratuity is made based on valuation provided by Life Insurance Corporation of India.

B) Companys contribution to Provident Fund and Family Pension Fund is charged to Profit and Loss Account on accrual basis.

6. RESEARCH AND DEVELOPMENT:

a) Expenditure of capital nature is shown under respective heads of fixed assets.

b) Revenue expenses are included under respective heads of expenses.

7. INVESTMENT:

Investments being long term are stated at cost.

8. FOREIGN EXCHANGE FLUCTUATIONS

Foreign currency transactions are recorded on the basis of the exchange rates prevailing on the date of the transaction. Receivables outstanding at the close of the financial year are valued at appropriate exchange rate prevailing at the close of the year.

9. TAXES ON INCOME

Provision for current tax is computed as per Total Income returnable under the Income Tax Act, 1961 taking into account available deductions and exemptions. Deferred tax is recognized for all timing difference being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

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Mar 31, 2009

1. METHOD OF ACCOUNTING:

The financial statements are prepared on accrual basis, under the historical cost convention, in accordance with the generally accepted accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the requirements of the Companies Act, 1956. However, the insurance claims received are accounted on cash basis.

2. FIXED-ASSETS:

The fixed assets are stated at cost. The Company capitalises all costs relating to Fixed Assets including expenditure on installation.

3. DEPRECIATION:

The Company has provided depreciation -

i. On Fixed Assets at Sinnar, Gummidipundi, Gotan Plants and Wind- Mills on straight-line method and all other Fixed Assets on written down method as per rates prescribed in Schedule XIV of the Companies Act, 1956.

ii. Lease rent in respect of land taken on lease is not being written-off over the period of lease

4. INCOME FROM OPERATIONS: a) Income for Wind Mills:

Value of electricity generated . through the Companys own Wind Mills and supplied to electricity Board and other parties.

b)Income from Job Charges:

Job Income is accounted for on the basis of debit notes raised for actual production. However, the Company has entered into agreements to permit the use of manufacturing facilities at various locations to a Company on the terms of fixed rent and reimbursement of expenses. Such reimbursements have been considered as Job Charges

5. RETIREMENT BENEFITS:

A) The Company is having Group Gratuity Scheme with Life Insurance Corporation of India. Provision of Gratuity is made based on valuation provided by Life Insurance Corporation of India.

B) Companys contribution to Provident Fund and Family Pension Fund is charged to Profit and Loss Account on accrual basis.

6. RESEARCH AND DEVELOPMENT:

a) Expenditure of capital nature is shown under respective heads of fixed assets.

b) Revenue expenses are included under respective heads of expenses.

7. INVESTMENT:

Investments being long term are stated at cost.

8. FOREIGN EXCHANGE FLUCTUATIONS

Foreign currency transactions are recorded on the basis of the exchange rates prevailing on the date of the transaction. Receivables outstanding at the close of the financial year are valued at appropriate exchange rate prevailing at the close of the year. However no effect has been considered in the accounts for fluctuation in exchange rate on doubtful debts.

9. TAXES ON INCOME

Provision for current tax is computed as per Total Income returnable under the Income Tax Act, 1961 taking into account available deductions and exemptions. Deferred tax is recognized for all timing difference being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.