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SENSEX NIFTY India | Accounting Policy > Engineering > Accounting Policy followed by Servotech Enterprises - BSE: 531944, NSE: N.A

Servotech Enterprises

BSE: 531944|ISIN: INE185D01015|SECTOR: Engineering
Jul 08, 16:00
Servotech Enterprises is not listed on NSE
Mar 14
Accounting Policy Year : Mar '15
 1.1 Accounting Concepts
 The Company follows the mercantile system of accounting and recognized
 Income and Expenditure on accrual basis. The accounts are prepared on
 historical cost convention and as a going concern. Accounting policies
 not referred to otherwise are consistent with generally accepted
 Accounting Principles.
 1.2 Fixed Assets
 Fixed Assets are stated at cost (Including other expenses related to
 acquisition and installation).Less accumulated Depreciation
 1.3 Depredation
 Depreciation has been provided under W D V method at useful lives
 specified in the Schedule II of the Companies Act, 2013.
 1.4 Revenue Recognition
 Revenue from Sales represented invoice value of goods sold excluding of
 sales tax, insurance, packing & forwarding charges etc. Sales of goods
 is recognized on transfer of property of goods as per agreed terms
 1.5 Retirement Benefits
 These are accounted for as and when paid.
 1.6 Investments
 investments are valued at cost.
 1.7 Earnings per Share
 The earnings considered in ascertaining the company''s EPS comprise the
 net profit or (loss) for the period after tax and extra ordinary items.
 The Basis EPS is computed on the basis of weighted average number of
 equity shares outstanding during the year. The Number of Share for
 computation of diluted EPS comprise of weighted average number of
 equity shares considered for deriving basic EPS.
 1.8 Taxes on Income
 Tax expenses for the year comprises of current tax and deferred tax.
 Current taxes are measured at the current rate of tax in accordance
 with provision of the Income Tax Act, 1961. Deferred Tax Assets &
 Liabilities are recognized for future tax consequences attributable to
 the timing differences that results between taxable profit & the profit
 as per the financial statement. Deferred tax Assets & liabilities are
 measured using the tax rate and tax laws that have been enacted or
 substantively enacted at the Balance Sheet date. Deferred tax assets
 are recognized on unabsorbed depreciation & carry forward losses under
 tax law to the extent there is virtual certainty that sufficient future
 taxable income will be available against which such deferred tax assets
 can be realized The effect of deferred tax assets & liabilities of a
 change in tax rate is recognized in the Profit & Loss account in the
 year of Change.
 1.9 Contingent Liabilities
 Contingent liabilities are determined on the basis of available
 information and are disclosed by way of Notes to Accounts.
 1.10 All Balances of sundry Debtors, Creditors, Loan & Advances are
 subject to confirmations.
 1.11 Auditors Remuneration consists of:
                                      Current Year         Previous Year
                                          Rs.                  Rs.
 Audit Fees                             20,000/-               20,000/-
 Tax Audit Fees                         10,000/-               10,000/-
 Total                                  30,000/-               30,000/-
 1.12 Provision has been made for Income tax as per the provisions of
 Income Tax Act 1961.
 1.13 In order to comply with the requirement of the Micro, Small and
 Medium Enterprises Development Act 2006, the company has not received
 any memorandum (as required by to be filed by the suppliers with the
 notified authority under Micro, Small and Medium Enterprises
 Development Act 2006) claiming their status as micro or medium
 enterprises the information as required to be given above is considered
 to be NIL.
 1.14 In accordance with the Accounting Standard on Related Party
 Disclosure(AS-18),the disclosure in respect of transactions with the
 company''s related parties are: NA
 1.15 In the opinion of. the Board of Directors all the current assets,
 Loans & Advances are approximately of the value stated in the balance
 sheet as at 31st March, 2015 if realized in the ordinary course of
 business. The provision for depreciation and all known liabilities has
 been made and is adequate and not in excess of amount reasonably
 1.16 In view of Accounting Standard -22  Accounting for Taxes on
 Income, deferred tax Assets has been considering lack of virtual
 certainty of its realization of losses.
 I) Value of Imports                                : Rs.  Nil (NIL)
 II) Expenditure in foreign Currency                : Rs.  Nil (NIL)
 III) Earnings in foreign Exchange                  : Rs.  Nil (NIL)
 IV) Amount remitted during the year in foreign     : RS. Nil (NIL)
     Currencies on account of dividend
 1.17. Previous year figures have been regrouped and rearranged,
 wherever necessary.
Source : Dion Global Solutions Limited
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