SRI MALINI SPINNING MILLS LIMITED
EVSN : 151218005 - SRI MALINI SPINNING MILLS LIMITED has been generated.
Regd. Off: Sandhiyur, Mallur-via,
Phone: 0427-2422936 Mail: email@example.com
NOTES ON ACCOUNTS FOR THE YEAR ENDING 31-03-2015
Significant Accounting Policies
The accounts are prepared on a historical cost and materially comply with the mandatory accounting standards issued by the institute of Chartered Accountants of India. The significant accounting policies followed by the company are as follows.
1. Fixed Assets and Depreciation: The Company does not have any fixed assets.
2. Valuation of stocks. Inventories are valued at cost or market value whichever is lower.
3. Revenue Recognition. Revenue is recognized on accrual basis. In respect of the Interest from TNEB the company yet to receive the interest certificate and hence not provided
4. Retirement Benefits. Retirement benefits will be accounted in the profit and loss account as and when paid.
5. Segment Reporting: As per management’s perception the company has only one business segment and hence disclosures as required by AS-17 Segment Reporting is not required.
6. Foreign Currency Transactions: NIL
7. Deferred Revenue Expenditure: NIL
8. Investments : NIL
9. Related Parties Transactions : NIL
10. Deferred Tax: Deferred tax is not provided in the books as the difference in depreciation allowable under the companies act and income tax is not material.
11. Research and Development : NIL
Notes on accounts
1. Long term borrowings in the balance sheet represents;
a. Erstwhile Directors: Rs.260.83 lacs
b. Inter corporate and other: 195.90 lacs.
2. Trade payables are as per the books of accounts of the company and subject to reconciliation.
3. Loans and advances Both Long term and short term are recoverable and hence no provision is required to be made in the accounts.
4. Debts due by Directors or relatives : NIL
5. Auditors Remuneration
a. For audit – Rs.25,000/-
6. Commitments on account of capital contracts – NIL
7. Contingent Liabilities –NIL
8. Earnings in Foreign Exchange – NIL
9. Expenditure in Foreign Currency – NIL
10. Balances are as per the General Ledger and subject to confirmation.
11. Previous year figures have been regrouped wherever necessary to confirm to current year classification.
12. The amount due to Small Scale and Ancillary industries as at the close of the financial year is NIL.
As Per My Report of Even Date
Executive Director Director Chartered Accountant
Place: Salem : Membership Number:202175