Accounting Policies of Sunday Exports Ltd. Company

Mar 31, 2011

(a) System of Accounting :

The Company has maintained its accounts on Accrual system under the historical cost convention, except for bonus and leave encashment, which are accounted on cash basis.

(b) Revenue Recognition :

All known expenditure and income, quantifiable till the date of finalizations of accounts are accounted on accrual basis.

(c) Fixed Assets :

All the fixed Assets are stated at cost of acquisition or construction including incidental expenses related to acquisition and installation on concerned assets, less accumulated depreciation and amortisation.

Depreciation has been provided on Straight line method accordance with the provision of section 205(2) (b) of the Companies Act, 1956 at the rates prescribed in Schedule XIV of the companies Act, 1956 on prorate basis with reference to the month of acquisition / installation.

(d) Inventory :

Raw Materials are valued at cost.

Finished Goods are valued at lower of cost or net realizable value.

(e) Investments :

Long term Investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

(f) Provisions, Contingent Liabilities and contingent Assets :

Provision involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that here will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

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Mar 31, 2010

(a) System of Accounting :

The Company has maitained its accounts on Accrual system under the historical cost convention, except for bonus and leave encashment, which are accounted on cash basis.

(b) Revenue Recognition :

All known expnditure and income, quantifiable till the date of finalizaion of accounts are accounted on accrual basis.

(c) Fixed Assets :

All the fixed Assets are stated at cost of acquisition or construction including incidental expenses related to acquisition and installation on concerned assets, less accumulated depreciation and amortisation.

Depreciation has been provided on Straight line method accordance with the provision of section 205(2) (b) of the Compaines Act, 1956 at the rates prescribed in Schedule XIV of the companies Act, 1956 on prorata basis with reference to the month of acquisition / installation.

(d) Inventory :

Raw Materials are valued at cost.

Finished Goods are valued at lower of cost or net realizable value.

(e) Investments :

Long term Investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

(f) Provisions, Contingent Liabilities and contingent Assets :

Provision involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that here will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither reocognized nor disclosed in the financial statements.

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Mar 31, 2009

(a) System of Accounting :

The Company has maitained its accounts on Accrual system under the historical cost convention, except for bonus and leave encashment, which are accounted on cash basis.

(b) Revenue Recognition :

All known expnditure and income, quantifiable till the date of finalizaion of accounts are accounted on accrual basis.

(c) Fixed Assets:

All the fixed Assets are stated at cost of acquisition or construction including incidental expenses related to acquisition and installation on concerned assets, less accumulated depreciation and amortisation.

Depreciation has been provided on Straight line method accordance with the provision of section 205(2) (b) of the.Compaines Act, 1956 at the rates prescribed in Schedule XIV of the companies Act, 1956 on prorata basis with reference to the month of acquisition / installation.

(d) Inventory :

Raw Materials are valued at cost.

Finished Goods are valued at lower of cost or net realizable value.

(e) Investments:

Long term Investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

(f) Provisions, Contingent Liabilities and contingent Assets :

Provision involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that here will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither reocognized nor disclosed in the financial statements.