Super Forgings & Steels Ltd. कंपली की लेखा नीति

Mar 31, 2014

A) System of Accounting

i) Financial statements are based on historical cost and in accordance with applicable accounting standards relevant to presentational requirements of the Companies Act, 1956.

ii) The Company, generally, follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except those with significant uncertainties.

b) Fixed Assets

Fixed Assets are stated at cost (net of Cenvat) less accumulated Depreciation.

c) Depreciation

Depreciation is provided in accordance with the rates prescribed in schedule XIV of the Companies Act, 1956 at straight line method in respect of all assets (except plant & machineries) commissioned on or after 1.4.1989. On Plant & Machineries depreciation is provided on Written Down Value method.

In case of sale/disposal of assets, no depreciation is charged in the year of such sale/disposal. Depreciation on assets purchased/installed during the year has been provided on pro-rata basis with reference to the date of additions.

d) Expenditure During the Period of Construction

All direct expenses during the period of construction and till the completion of capital and modernization project including preoperative expenses and interest incurred during the said period are capitalized.

e) Investments

Investments are valued at cost of acquisition. Diminution in value is shown separately.

f) Inventories

Inventories are valued at cost or net realisable value whichever is lower.

g) Sales & Excise Duty

Sales is net of Excise Duty charged to customers and rate differences, returns and shortages.

h) Export Benefits / Incentive

Export benefits/Incentives are accounted on accrual basis.

i) Foreign Currency Transaction

Export sales are accounted for at the rate of exchange considered by the Customs for clearance purpose. Exchange differences on realization/discounting of Bills of Foreign Exchange are recognized in the Profit & Loss Account at the time of realization/negotiation.

Payments made in foreign currency are recorded at the rate prevailing on the date of payment.

The transactions in foreign currencies remaining outstanding at the end of the year are translated at the exchange rate prevailing on the date of the Balance Sheet.

j) Retirement Benefits

Contribution to Provident Fund is paid and charged to Profit & Loss Account as incurred. Liability for Gratuity is estimated and provided for. Liability for accrued leave is accounted for as and when paid.

k) Treatment for Prior Period and Extraordinary Items

i) All prior period items which arise in the current period as a result of error or omission in the preparation of prior periods'' financial statement are separately disclosed in the current statement of Profit & Loss.

ii) All extraordinary items, if any, i.e. income or expenditure which arise from events or transactions which are distinct from the ordinary activities of the Company and which are material, are separately disclosed in the statement of accounts.

l) Amortization of Expenses

Share Issue expenses and Deferred Revenue expenses are amortized over a period of ten years/eight years, respectively.

m) Research & Development

Revenue expenses on Research & Development are charged to respective heads of expenses in the year in which it is incurred. Capital expenditure, if any, are capitalized along with other assets and depreciation is charged at the rates prescribed as per Companies Act, 1956.

n) Borrowing Cost

Borrowing cost other than on qualifying asset is charged to revenue account.

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Mar 31, 2013

A) System of Accounting

i) Financial statements are based on historical cost and in accordance with applicable accounting standards relevant to presentational requirements of the Companies Act, 1956.

ii) The Company, generally, follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except those with significant uncertainties.

b) Fixed Assets

Fixed Assets are stated at cost (net of Cenvat) less accumulated Depreciation.

c) Depreciation

Depreciation is provided in accordance with the rates prescribed in schedule XIV of the Companies Act, 1956. at the straight line method in respect of all assets (except plant & machineries) commissioned on or after 1.4.1989. On Plant & Machineries depreciation is provided on Written Down Value method.

In case of sale/disposal of assets, no depreciation is charged in the year of such sale/ disposal. Depreciation on assets purchased/installed during the year has been provided on pro-rata basis with reference to the date of additions

d) Expenditure During the Period of Construction

All direct expenses during the period of construction and till the completion of capital and modernization project including pre-operative expenses and interest incurred during the said period are capitalized.

e) Investments

Investments are valued at cost of acquisition. Diminution in value is shown separately.

f) Inventories

Inventories are valued at cost or net realisable value whichever is lower.

g) Sales & Excise Duty

Sales is net of Excise Duty charged to customers and rate differences, returns and shortages.

h) Export Benefits / Incentive

Export benefits / incentives are accounted on accrual basis.

i) Foreign Currency Transaction

Export sales are accounted for at the rate of exchange considered by the Customs for clearance purpose. Exchange differences on realization / discounting of Bills of Foreign Exchange are recognized in the Profit & Loss Account at the time of realization / negotiation.

Payments made in foreign currency are recorded at the rate prevailing on the date of payment.

The transactions in foreign currencies remaining outstanding at the end of the year are translated at the exchange rate prevailing on the date of the Balance Sheet.

j) Retirement Benefits

Contribution to Provident Fund is paid and charged to Profit & Loss Account as incurred. Liability for Gratuity is estimated and provided for. Liability for accrued leave is accounted for as and when paid.

k) Treatment for Prior Period and Extraordinary Items

i) All prior period items which arise in the current period as a result of error or omission in the preparation of prior periods'' financial statement are separately disclosed in the current statement of Profit & Loss.

ii) All extraordinary items, if any, i.e. income or expenditure which arise from events or transactions which are distinct from the ordinary activities of the Company and which are material, are separately disclosed in the statement of accounts.

l) Amortization of Expenses

Share Issue expenses and Deferred Revenue expenses are amortized over a period of ten years / eight years, respectively.

m) Research & Development

Revenue expenses on Research & Development are charged to respective heads of expenses in the year in which it is incurred. Capital expenditure, if any, are capitalized along with other assets and depreciation is charged at the rates prescribed as per Companies Act, 1956.

n) Borrowing Cost

Borrowing cost other than on qualifying asset is charged to revenue account.

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Mar 31, 2012

A) System of Accounting

i) Financial statements are based on historical cost and in accordance with applicable accounting standards relevant to presentational requirements of the Companies Act, 1956.

ii) The Company, generally, follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except those with significant uncertainties.

b) Fixed Assets

Fixed Assets are stated at cost (net of Cenvat) less accumulated Depreciation.

c) Depreciation

Depreciation is provided in accordance with the rates prescribed in schedule XIV of the Companies Act, 1956. at the straight line method in respect of all assets (except plant & machineries) commissioned on or after 1.4.1989. On Plant & Machineries depreciation is provided on Written Down Value method.

In case of sale/disposal of assets, no depreciation is charged in the year of such sale/ disposal. Depreciation on assets purchased/installed during the year has been provided on pro-rata basis with reference to the date of additions

d) Expenditure During the Period of Construction

All direct expenses during the period of construction and till the completion of capital and modernization project including pre-operative expenses and interest incurred during the said period are capitalized.

e) Investments

Investments are valued at cost of acquisition. Diminution in value is shown separately.

f) Inventories

Inventories are valued at cost or net realisable value whichever is lower.

g) Sales & Excise Duty

Sales is net of Excise Duty charged to customers and rate differences, returns and shortages.

h) Export Benefits / Incentive

Export benefits / incentives are accounted on accrual basis, i) Foreign Currency Transaction

Export sales are accounted for at the rate of exchange considered by the Customs for clearance purpose. Exchange differences on realization/discounting of Bills of Foreign Exchange are recognized in the Profit & Loss Account at the time of realization/ negotiation.

Payments made in foreign currency are recorded at the rate prevailing on the date of payment.

The transactions in foreign currencies remaining outstanding at the end of the year are translated at the exchange rate prevailing on the date of the Balance Sheet.

j) Retirement Benefits

Contribution to Provident Fund is paid and charged to Profit & Loss Account as incurred. Liability for Gratuity is estimated and provided for. Liability for accrued leave is accounted for as and when paid, k) Treatment for Prior Period and Extraordinary Items

i) All prior period items which arise in the current period as a result of error or omission in the preparation of prior periods' financial statement are separately disclosed in the current statement of Profit & Loss.

ii) All extraordinary items, if any, i.e. income or expenditure which arise from events or transactions which are distinct from the ordinary activities of the Company and which are material, are separately disclosed in the statement of accounts.

I) Amortization of Expenses

Share Issue expenses and Deferred Revenue expenses are amortized over a period of ten years/eight years, respectively.

m) Research & Development

Revenue expenses on Research & Development are charged to respective heads of expenses in the year in which it is incurred. Capital expenditure, if any, are capitalized along with other assets and depreciation is charged at the rates prescribed as per Companies Act, 1956.

n) Borrowing Cost

Borrowing cost other than on qualifying asset is charged to revenue account.

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Mar 31, 2011

A) System of Accounting

i) Financial statements are based on historical cost and in accordance with applicable accounting standards relevant to presentational requirements of the Companies Act, 1956.

ii) The Company, generally, follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except those with significant uncertainties.

b) Fixed Assets

Fixed Assets are stated at cost (net of Cenvat) less accumulated Depreciation.

c) Depreciation

Depreciation is provided in accordance with the rates prescribed in schedule XIV of the Companies Act, 1956 at the straight line method in respect of all assets (except plant & machineries) commissioned on or after 1.4.1989. On Plant & Machineries depreciation is provided on Written Down Value method.

In case of sale/disposal of assets, no depreciation is charged in the year of such sale/ disposal. Depreciation on assets purchased/installed during the year has been provided on pro-rata basis with reference to the date of additions

d) Expenditure During the Period of Construction

All direct expenses during the period of construction and till the completion of capital and modernization project including preoperative expenses and interest incurred during the said period are capitalized.

e) Investments

Investments are valued at cost of acquisition. Diminution in value is shown separately.

f) Inventories

Inventories are valued at cost or net realisable value whichever is lower.

g) Sales & Excise Duty

Sales includes Excise Duty charged to customers and net of rate difference, returns and shortages.

h) Export Benefits/Incentive

Export benefits/incentives are accounted on accrual basis.

i) Foreign Currency Transaction

Export sales are accounted for at the rate of exchange considered by the Customs for clearance purpose. Exchange differences on realization/discounting of Bills of Foreign Exchange are recognized in the Profit & Loss Account at the time of realization/ negotiation.

Payments made in foreign currency are recorded at the rate prevailing on the date of payment.

The transactions in foreign currencies remaining outstanding at the end of the year are translated at the exchange rate prevailing on the date of the Balance Sheet.

j) Retirement Benefits

Contribution to Provident Fund is paid and charged to Profit & Loss Account as incurred. Liability for Gratuity is estimated and provided for. Liability for accrued leave is accounted for as and when paid. k) Treatment for Prior Period and Extraordinary Items

i) All prior period items which arise in the current period as a result of error or omission in the preparation of prior periods' financial statement are separately disclosed in the current statement of Profit & Loss.

ii) All extraordinary items, if any, i.e. income or expenditure which arise from events or transactions which are distinct from the ordinary activities of the Company and which are material, are separately disclosed in the statement of accounts.

k) Amortization of Expenses

Share Issue expenses and Deferred Revenue expenses are amortized over a period of ten years/eight years, respectively.

l) Research & Development

Revenue expenses on Research & Development are charged to respective heads of expenses in the year in which it is incurred. Capital expenditure, if any, are capitalized along with other assets and depreciation is charged at the rates prescribed as per Companies Act, 1956.

m) Borrowing Cost

Borrowing cost other than on qualifying asset is charged to revenue account.

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Mar 31, 2010

A) System of Accounting

i) Financial statements are based on historical cost and in accordance with applicable accounting standards relevant to presentational requirements of the Companies Act, 1956.

ii) The Company, generally, follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except those with significant uncertainties.

b) Fixed Assets

Fixed Assets are stated at cost (net of Cenvat) less accumulated Depreciation.

c) Depreciation

Depreciation is provided in accordance with the rates prescribed in schedule XIV of the Companies Act, 1956 at the straight line method in respect of all assets (except plant & machineries) commissioned on or after 1.4.1989. On Plant & Machineries depreciation is provided on Written Down Value method.

In case of sale/disposal of assets, no depreciation is charged in the year of such sale/ disposal. Depreciation on assets purchased/installed during the year has been provided on pro-rata basis with reference to the date of additions

d) Expenditure During the Period of Construction

All direct expenses during the period of construction and till the completion of capital and modernization project including preoperative expenses and interest incurred during the said period are capitalized.

e) Investments

Investments are valued at cost of acquisition. Diminution in value is shown separately.

f) Inventories

Inventories are valued at cost or net realisable value whichever is lower.

g) Sales & Excise Duty

Sales includes Excise Duty charged to customers and net of rate difference, returns and shortages.

h) Export Benefits/Incentive

Export benefits/incentives are accounted on accrual basis.

i) Foreign Currency Transaction

Export sales are accounted for at the rate of exchange considered by the Customs for clearance purpose. Exchange differences on realization/discounting of Bills of Foreign Exchange are recognized in the Profit & Loss Account at the time of realization/ negotiation.

Payments made in foreign currency are recorded at the rate prevailing on the date of payment.

The transactions in foreign currencies remaining outstanding at the end of the year are translated at the exchange rate prevailing on the date of the Balance Sheet.

There is no export sales during the year.

j) Retirement Benefits

Contribution to Provident Fund is paid and charged to Profit & Loss Account as incurred. Liability for Gratuity is estimated and provided for. Liability for accrued leave is accounted for as and when paid.

k) Treatment for Prior Period and Extraordinary Items

i) All prior period items which arise in the current period as a result of error or omission in the preparation of prior periods financial statement are separately disclosed in the current statement of Profit & Loss.

ii) All extraordinary items, if any, i.e. income or expenditure which arise from events or transactions which are distinct from the ordinary activities of the Company and which are material, are separately disclosed in the statement of accounts.

I) Amortization of Expenses

Share Issue expenses and Deferred Revenue expenses are amortized over a period often years/eight years, respectively. m) Research & Development

Revenue expenses on Research & Development are charged to respective heads of expenses in the year in which it is incurred. Capital expenditure, if any, are capitalized along with other assets and depreciation is charged at the rates prescribed as per Companies Act, 1956.

n) Borrowing Cost

Borrowing cost other than on qualifying asset is charged to revenue account.