Monica Electronics Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

Mar 31, 2014

1.1 BASIS OF ACCOUNTING

- The accounts are prepared under the historical cost convention on accrual.

1.2 EXCISE DUTY

- Sales are inclusive of excise duty.

- Credit of ''CENVAT'' availed is adjusted towards cost of materials.

1.3 INVESTMENTS

- Investments held by the company, which are long terms in nature, are stated at cost less permanent diminution in value.

1.4 DEPRECIATION

- Provided on straight-line method on assets acquired up to 30-06-87 at the rates prevailing in respective years and on subsequent additions at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

1.5 CLAIMS

- Accounted for on accrual basis / final settlement.

1.6 RETIREMENT BENEFITS

- Since there is no employee at the year end the provisions regarding retirement benefits are not applicable.

1.7 TAXES ON INCOME

- Deferred Tax is a recognized subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting difference that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are not recognized on unabsorbed depreciation and carry forward losses unless there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

(a) The company had filed a petition u/s 391 in the Delhi High Court for sanction of Scheme of Arrangement with debenture holders. The Delhi High Court vide its order dated 14.12.2004 approved the said scheme of Arrangement. The company paid off to all the debenture holders as per the terms of Scheme by depositing the outstanding amount in a no lien account with ICICI Bank Ltd., and out of total payment a sum of Rs..1785750/- has not been encashed by the debenture holders & as explained to us unpaid balance have been transferred to Investor education and protection fund as per section 204C of the Companies Act, 1956 in previous years

(a) Advances Recoverable includes Rs.. 232.40 lacs (Previous period Rs.. 230.15 lacs) from corporate companies for which no provision has been made as the confirmation of balances from the parties are on record. However, as per analysis of their net worth, based on the financial statements available, the recovery of the amount is doubtful.

(b) Other loans and advances include a sum of Rs.. 3 lacs (Previous year Rs.. 3 lacs) being fixed deposits with banks held in the names of ex-employees of the company and are pledged with District Court, New Delhi. Interest accrued on above has not been provided in view of uncertainty regarding its realisation.

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Mar 31, 2012

1.1 BASIS OF ACCOUNTING

- The accounts are prepared under the historical cost convention on accrual.

1.2 EXCISE DUTY

- Sales are inclusive of excise duty.

- Credit of ''CENVAT'' availed is adjusted towards cost of materials.

1.3 INVESTMENTS

- Investments held by the company, which are long terms in nature, are stated at cost less permanent diminution in value.

1.4 DEPRECIATION

- Provided on straight-line method on assets acquired up to 30-06-87 at the rates prevailing in respective years and on subsequent additions at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

1.5 CLAIMS

- Accounted for on accrual basis / final settlement.

1.6 RETIREMENT BENEFITS

- Since there is no employee at the year end the provisions regarding retirement benefits are not applicable.

1.7 TAXATION

- Deferred Tax is a recognized subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting difference that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are not recognized on unabsorbed depreciation and carry forward losses unless there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

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Mar 31, 2011

(1) BASIS OF ACCOUNTING

- The accounts are prepared under the historical cost convention on accrual basis.

(2) EXCISE DUTY

- Sales are inclusive of excise duty.

- Credit of 'CENVAT' availed is adjusted towards cost of materials.

(3) DEPRECIATION

- Provided on straight-line method on assets acquired up to 30-06-87 at the rates prevailing in respective years and on subsequent additions at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

(4) INVESTMENTS

- Investments held by the company, which are long terms in nature, are stated at cost less permanent diminution in value.

(5) CLAIMS

- Accounted for on accrual basis / final settlement.

(6) RETIREMENT BENEFITS

- Since there is no employee at the year end the provisions regarding retirement benefits are not applicable.

(7) TAXATION

- Deferred Tax is a recognized subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting difference that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are not recognized on unabsorbed depreciation and carry forward losses unless there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

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Mar 31, 2010

(1) BASIS OF ACCOUNTING

The accounts are prepared under the historical cost convention on accrual basis.

(2) EXCISE DUTY

Sales are inclusive of excise duty.

Credit of CENVAT availed is adjusted.towards cost of materials.

(3) DEPRECIATION

Provided on straight-line method on assets acquired up to 30-06-87 at the rates prevailing in respective years and on subsequent additions at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

(4) INVESTMENTS

Investments held by "he company, which are long terms in nature, are stated at cost less permanent diminutionn value.

(5) CLAIMS

Accounted for on accrual basis / final settlement.

(6) RETIREMENT BENEFITS

Since there is no employee at the year end the provisions regarding retirement benefits are not applicable.

(7) TAXATION

Deferred Tax is a recognised subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting difference that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are not recognised on uhabsorbed depreciation and carry forward losses unless there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.