Sibar Media & Entertainment Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

Mar 31, 2014

1. Accounting policies:

a. Assets and Liabilities are recorded at historic cost to the Company.

b. Assets under erection/installation and advances paid for acquisition of assets are shown as capital work-in-progress

2. In the matter of compliance with the Accounting Standard "AS-22, Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India (ICAI), it is to state that since the Company has unabsorbed losses to the tune of Rs 1,120.84 lakhs and further it is incurring continuous losses, there is very much uncertain in availability of future taxable income against which the deferred tax assets can be realised. As such the provision for deferred tax assets is not made.

3. Fixed Assets are stated at cost less depreciation. The cost including related incidental/installation expenses and pre-operative expenses, net of revenue related to project, till the date of commencement of commercial production.

4. Depreciation on fixed assets has been provided to the extent of assets, which are fully utilised.

5. Investments and deposits have been stated at book value and the depreciation in value of the investments have not been provided for in the books of account.

6. There are no employees drawing salary of Rs. 2,00,000/- or more p.m. or Rs. 24,00,000/- or more per year or part thereof

7. Figures have been rounded off to the nearest rupee.

8. All figures are in Rupees, Paise have been rounded to nearest Rupee.

9. No Remuneration was paid to Managing Director and Other Directors during the year under review and no provision has been made thereof; since they volunteered to not to claim salary for the financial year 2013-2014.

10. Expenditure of Foreign Currency Rs. Nil.

11. The previous year figures are regrouped wherever necessary.

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Mar 31, 2013

1. Accounting policies:

a. Assets and Liabilities are recorded at historic cost to the Company.

b. Assets under erection/installation and advances paid for acquisition of assets are shown as capital work-in-progress

2. In the matter of compliance with the Accounting Standard "AS-22, Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India (ICAI), it is to state that since the Company has unabsorbed losses to the tune of Rs 1,120.88 lakhs and further it is incurring continuous losses, there is very much uncertain in availability of future taxable income against which the deferred tax assets can be realised. As such the provision for deferred tax assets is not made.

3. Fixed Assets are stated at cost less depreciation. The cost including related incidental/installation expenses and pre-operative expenses, net of revenue related to project, till the date of commencement of commercial production.

4. Depreciation on fixed assets has been provided to the extent of assets, which are fully utilised.

5. Investments and deposits have been stated at book value and the depreciation in value of the investments have not been provided for in the books of account. The Inter Corporate Deposits of Rs.1,80,09,202.88/- with the other companies which are found to be non recoverable has be written off to Profit & Loss A/c.

6. There are no employees drawing salary of Rs. 2,00,000/- or more p.m. or Rs. 24,00,000/- or more per year or part thereof

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Mar 31, 2012

A. Assets and Liabilities are recorded at historic cost to the Company.

b. Assets under erection/installation and advances paid for acquisition of assets are shown as capital work-in-progress

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Mar 31, 2010

1. Basis of Accounts:

a. The financial statements have been prepared under the historical cost conversion and in accordance with the application Accounting Standards issued by the Institute of Chartered Accountants of India and relevant, presentational requirements of the Companies Act, 1956.

b. Accounting policies not specifically referred to are consistent and in consonance with Generally Accepted Accounting Principles followed by the Company and are in compliance with the Accounting Standards referred to under Section 211(3C) of the Companies Act, 1956.

2. In the matter of compliance with the Accounting Standard "AS- 22, Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India (ICAI), it is to state that since the Company has unabsorbed losses to the tune of Rs 887.13 lakhs and further it is incurring continuous losses, there is very much uncertain in availability of future taxable income against which the deferred tax assets can be realised. As such the provi- sion for deferred tax assets is not made.

3. Fixed Assets:

Fixed Assets are stated at cost less depreciation. The cost in- cluding related incidental/installation expenses and pre- opertative expenses, net of revenue related to project, till the date of commencement of commercial production. Inview of non- operation of the units at Mumbai and Hyderabad, the machinery erected there of value Rs. 449.11 lakhs have become obsolate as such the same have been written off to the Profit and Loss Account

4. Depreciation:

Depreciation on fixed assets has been provided to the extent of assets, which are fully utilised.

5. Investments & Deposits :

Investments and deposits have been stated at book value and the depreciation in value of the investments have not been provided for in the books of account.

6. Revenue Recognition:

The Companys revenue generation is on account of Produc- tion, Training and Entertainment, which are under mercantile accounting basis.

7. Taxation:

Provision of Income Tax has been worked out after considering rebates, reliefs and exemptions under the Income Tax Act, 1961.

a. The monthly contribution towards Provident Fund is charged against revenue.

b. The Company has not provided for gratuity amount. It will be paid and accounted as and when the liability arises.

9. Foreign Currency Transactions

Foreign Currency Transactions are recorded at rates of exchange prevailing on the dates of the respective transactions.

10. Deferred Revenue Expenditure:

Public Issue Expenditure and Preliminary, Pre-operative expen- diture are treated as deferred revenue expenditure and will be written off equally over a period of 5 years.

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Mar 31, 2009

1. Basis of Accounts:

a. The financial statements have been prepared under the historical cost conversion and in accordance with the application Account- ing Standards issued by the Institute of Chartered Accountants of India and relevant, presentational requirements of the Compa- nies Act, 1956.

b. Accounting policies not specifically referred to are consistent and in consonance with Generally Accepted Accounting Prin- ciples followed by the Company and are in compliance with the Accounting Standards referred to under Section 211(3C) of the Companies Act, 1956.

2. In the matter of compliance with the Accounting Standard "AS- 22, Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India (ICAI), it is to state that since the Company has unabsorbed losses to the tune of Rs 8S7.13 lakhs and further it is incurring continuous losses, there is very much uncertain in availability of future taxable income against which the deferred tax assets can be realised. As such the provision for deferred tax assets is not made.

3. Fixed Assets:

Fixed Assets are stated at cost less depreciation. The cost includ- ing related incidental/installation expenses and pre-opertative expenses, net of revenue related to project, till the date of com- mencement of commercial production. Inview of non-operation of the units at Mumbai and Hyderabad, the machinery erected there of value Rs. 449.11 lakhs have become obsolate as such the same have been written off to the Profit and Loss account

4. Depreciation:

Depreciation on fixed assets has been provided to the extent of assets, which are fully utilised.

5. Investments & Deposits :

Investments and deposits have been stated at book value and the depreciation in value of the investments have not been provided for in the books of account.

6. Revenue Recognition:

The Companys revenue generation is on account of Production, Training and Entertainment, which are under mercantileacpount- ing basis.

7. Taxation:

Provision of Income Tax has been worked out after considering rebates, relief s and exemptions under the Income Tax Act, 1961.

8. Retirement Benefits:

a. The monthly contribution towards Provident Fund is charged against revenue.

b. The Company has not provided for gratuity amount. It will be paid and accounted as and when the liability arises.

9. Foreign Currency Transactions

Foreign Currency Transactions are recorded at rates of exchange prevailing on the dates of the respective transactions.

10. Deferred Revenue Expenditure:

Public Issue Expenditure and Preliminary, Pre-operative expen- diture are treated as deferred revenue expenditure and will be written off equally over a period of 5 years.