Moneycontrol Be a Pro
Get App
SENSEX NIFTY
Moneycontrol.com India | Accounting Policy > Pesticides & Agro Chemicals > Accounting Policy followed by Syschem India - BSE: 531173, NSE: N.A
YOU ARE HERE > MONEYCONTROL > MARKETS > PESTICIDES & AGRO CHEMICALS > ACCOUNTING POLICY - Syschem India

Syschem India

BSE: 531173|ISIN: INE121D01036|SECTOR: Pesticides & Agro Chemicals
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Oct 11, 16:00
7.00
0
VOLUME 101
Syschem India is not listed on NSE
Mar 13
Accounting Policy Year : Mar '14
1) BASIS OF ACCOUNTING
 
 The accompanying financial statements are prepared under the historical
 cost conventions following accrual basis of accounting. Accounting
 policies not specifically referred to otherwise are consistent and is
 consonance with generally accepted accounting principles.
 
 2) REVENUES RECOGNITION
 
 The incomes and expenditures are accounted for on accrual basis. The
 sales are net of returns and inclusive of applicable excise duties.
 
 3) FIXED ASSETSAND DEPRECIATION
 
 The fixed assets are stated at historical cost less depreciation. The
 cost includes the cost of purchase or construction together with
 interest of borrowing for the purpose of acquiring fixed assets up to
 the date of commissioning of fixed assets and other incidental expenses
 incurred up to that date. Depreciation has been provided on
 straight-line method at the rates provided in Schedule xiv of the
 Companies Act, 1956.
 
 4) EXCISE DUTY
 
 CENVAT credits are taken into account at the time of purchase of
 Capital Goods and raw materials, to the credit of respective purchases
 and utilized for the clearance of goods manufactured. Expenditure in
 respect of excise duty on finished products is accounted for as and
 when the clearance is made from factory premises. The amount of excise
 duty payable on the finished goods, not cleared from the factory as at
 31st March 2014, has not been added to the value of closing stocks of
 finished goods.  However, the non-provision of such excise duty will
 not effect the profits for the year.
 
 5) BORROWING COSTS
 
 Borrowing costs attributable to the acquisition, construction or
 production of an asset is capitalized as part of the cost of that
 asset. The borrowing costs, which are not related to fixed assets, are
 recognized as an expense in the period in which they are incurred.
 
 6) INVENTORIES
 
 The stocks of Raw Material and Stores & Spares are valued at cost
 price. The Finished Goods have been valued at cost or net realizable
 value whichever is less, work- in process is valued at estimated cost
 as certified by management. Goods in transit are carried at cost.
 
 7) EMPLOYEE TERMINAL BENEFITS
 
 The contribution to provident fund, under the defined contribution
 plans is charged to revenue. The Company has also provided towards the
 Gratuity benefits, of the eligible employees. No provision is made
 towards bonus during the year. The provisions for the above benefit
 relating to the current year are charged to the revenue.
 
 8) INCOME TAXES
 
 a.  Provision for taxation has been made on the basis of taxable
 profits computed for the current accounting year in accordance with the
 provisions of the Income TaxAct, 1961.
 
 b.  Deferred income tax is provided using the asset method on all
 timing differences at the balance sheet date between the tax base of
 assets all liabilities and their carrying amounts forfinancial
 reporting purposes.
 
 C.  Deferred tax assets and liabilities are measured using the tax laws
 that have been enacted or subsequently enacted at the
 balance sheet date.
Source : Dion Global Solutions Limited
Quick Links for syschemindia
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.