Download - Sujana Group

More documents

Recommendations

Info

SCHEDULE 22: SIGNIFICANT ACCOUNTING POLICIES 1. Basis of Preparation of Financial Statements The consolidated financial statements have been prepared on accrual basis under the historical cost convention in accordance with the Accounting Standards as notified by the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956. The financial statements are presented in Indian rupees. 2. Use of Estimates The preparation of financial statements are in conformity with Indian GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods. Examples of such estimates include provisions for doubtful debts, employee retirement benefit plans, provision for income taxes and the useful lives of fixed assets. 3. Fixed Assets and Deprecation Fixed assets are stated at cost of acquisition or construction less accumulated depreciation. The cost of fixed assets comprises the purchase price (net of rebates and discounts) and any other directly attributable costs of bringing the assets to working condition for their intended use. Costs of construction are consists of those costs that relate directly to specific assets and those that are attributable to the construction activity in general and can be allocated to the specific assets up to the date when the asset is ready to use. Depreciation on fixed assets is provided using the straight-line method as per the rates prescribed in Schedule XIV to the Companies Act, 1956.The rates of depreciation prescribed in Schedule XIV to the Companies Act, 1956 are considered as minimum rates. If the management’s estimate of the useful life of a Fixed Asset at the time of acquisition of the Asset or of the remaining useful life on a subsequent review is shorter than envisaged in the aforesaid schedule, depreciation is provided at a higher rate based on the management’s estimate of the useful life / remaining useful life. Depreciation is calculated on a pro-rata basis from/upto the date the assets are purchased /sold. Individual assets costing less than Rs. 5,000 are depreciated in full in the year of purchase. 4. Investments Investments are classified as current or long-term in accordance with Accounting Standard 13 on “Accounting for Investments”. Current Investments are stated at lower of cost or market value.Any reduction in the carrying amount and any reversals of such reductions are charged or credited to the Profit and Loss Account. Long term Investments are stated at cost comprising of acquisition and incidental expenses. Provision is made to recognize a diminution, other than temporary, in the value of such investments. 5. Revenue Recognition Revenue is recognized when it is earned and to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue from sale of manufactured goods is recognized on physical delivery of the products, when all significant contractual obligations have been satisfied, the property in the goods is transferred for : : 103 : :
SUJANA METAL PRODUCTS LIMITED a price, significant risks and rewards of ownership are transferred to the customers and no effective ownership is retained. Revenue from traded goods is recognised on symbolic delivery. Significant risk and rewards incidental to ownership are transferred upon issuance of tax invoice andacknowledged by the customers. Sales are net of sales returns and trade discounts. Export turnover includes related export benefits. Excise duty recovered is presented as a reduction from gross turnover. 6. Inventories Raw materials and Work-in-progress are valued at cost using the weighted average cost method. Finished goods produced and purchased are valued at cost or net realisable value, whichever is lower. Excise duty in respect of finished goods awaiting despatch is included in valuation of the Inventory. Stores and Spares are carried at cost, ascertained on a weighted average basis. Necessary provision is made in case of obsolete and non-moving items. 7. Employee Benefits Short-term employee benefits (benefits which are payable within twelve months after the end of the period in which the employees render service) are measured at cost and are recognised as an expense at the undiscounted amount in the profit and loss account in the profit and loss account of the year in which the related service is rendered. Contributions to Provident Fund, a defined contribution plan, are made in accordance with the statute and are recognized as an expense when employees have rendered service entitling them to the contributions. Other long-term employee benefits (benefits which are payable after the end of twelve months from the end of the year in which the employees render service) are measured on a discounted basis by the Projected Unit Credit Method on the basis of actuarial valuation. Actuarial gains and losses are recognized immediately in the Profit and Loss Account 8. Foreign Currency Transactions Transactions in foreign currencies are recorded at the exchange rates prevailing on the dates of transactions and in case of purchase of materials and sale of goods, the exchange gains / losses on settlements during the year, are charged to Profit and Loss Account. Monetary assets and liabilities denominated in foreign currencies are translated at the rates prevailing on the date of Balance Sheet. Exchange gains / losses including those relating to fixed assets are dealt with in the Profit and Loss Account. In case of foreign entities, revenue items are translated at the average rate prevailing during the period and all assets and liabilities at the rates prevailing at the end of the period. Any exchange difference arising on consolidation is recognized in foreign currency translation reserve. 9. Borrowing Costs Borrowing costs attributable to the acquisition or construction of qualifying assets, as defined in Accounting Standard 16 on “Borrowing Costs” are capitalized as part of the cost of such asset up to the date when the asset is ready for its intended use. Other borrowing costs are expensed as incurred. 10. Taxes on Income i) Indian Entities: Income taxes are accounted for in accordance with Accounting Standard 22 on “Accounting for Taxes on Income”. Taxes comprise both current and deferred tax. Current tax is measured at the amount expected to be paid to the revenue authorities, using the applicable tax rates and laws. Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives rise to future : : 104 : :
Page 2 and 3:
BOARD OF DIRECTORS CORPORATE INFORM
Page 4 and 5:
NOTICE NOTICE is hereby given that
Page 6 and 7:
opportunity to register their e-mai
Page 8 and 9:
and/or Foreign Currency Convertible
Page 10 and 11:
to do all such acts, deeds, matters
Page 12 and 13:
proper or desirable and to settle a
Page 14 and 15:
Board recommends the alteration of
Page 16 and 17:
and Exchange Board of India (Issue
Page 18 and 19:
Dear Members, DIRECTORS’ REPORT Y
Page 20 and 21:
DCS/AMAL/NTP24(f)/983/2010-11 dated
Page 22 and 23:
14. Directors’ Responsibility Sta
Page 24 and 25:
Company, including Building, Plant
Page 26 and 27:
31. Appreciations: The Board of Dir
Page 28 and 29:
The Financial year of the Holding C
Page 30 and 31:
FORM A (See Rule 2) A. PARTICULARS
Page 32 and 33:
The growth in 2010 exceeded the pre
Page 34 and 35:
Market Size Steel industry is of gr
Page 36 and 37:
Statutory Auditors to ascertain the
Page 38 and 39:
Persons constituting Group coming w
Page 40 and 41:
5. Shri S. Hanumantha Rao Executive
Page 42 and 43:
v v v v v v Changes, if any, in acc
Page 44 and 45:
(iii) Remuneration Packages paid to
Page 46 and 47:
(iv) No. of Shareholders Complaints
Page 48 and 49:
(iii) Details of special resolution
Page 50 and 51:
(iv) Management Discussion and Anal
Page 52 and 53:
(iv) Market Price Data : The monthl
Page 54 and 55: (v) Share Transfer System Your Comp
Page 56 and 57: CEO & CFO CERTIFICATION We, R.K.Bir
Page 58 and 59: Annexure to the Auditor’s Report
Page 60 and 61: (x) In our opinion and according to
Page 62 and 63: PROFIT AND LOSS ACCOUNT FOR THE EIG
Page 64 and 65: SCHEDULES FORMING PART OF THE BALAN
Page 70 and 71: SCHEDULES FORMING PART OF THE PROFI
Page 72 and 73: SCHEDULES FORMING PART OF THE PROFI
Page 74 and 75: a price, significant risks and rewa
Page 76 and 77: SCHEDULE 23: NOTES 1 Contingent Lia
Page 78 and 79: I. List of Related Parties A Subsid
Page 80 and 81: 11 Employee Benefits The company li
Page 82 and 83: Information about primary business
Page 84 and 85: (b) Turnover A B Manufacturing Clas
Page 86 and 87: (f) Consumption of directly importe
Page 88 and 89: a) Rs.3,051.00 lakhs to be paid in
Page 90 and 91: Consolidated Accounts for the Perio
Page 92 and 93: CONSOLIDATED BALANCE SHEET AS AT MA
Page 94 and 95: CONSOLIDATED CASH FLOW STATEMENT FO
Page 96 and 97: SCHEDULES FORMING PART OF CONSOLIDA
Page 98 and 99: SCHEDULES FORMING PART OF THE CONSO
Page 106 and 107: ii) economic benefits in the form o
Page 108 and 109: 2 Contingent Liabilities not provid
Page 110 and 111: i) Discount Rate ii) The discount r
Page 112 and 113: 7 Earnings per Share (Rupees in lak
Page 114: ii) Short term loan availed from ba
show all

Download - Sujana Group

Create successful ePaper yourself

Delete template?

Save as template?