Small and Medium Sized Company:- As Per the Accounting Rules, 2006 issued by the Central Government, in consultation with National advisory committee on Accounting standard “Small and Medium Sized Company” (SMC) means, a company-
i. whose equity or debt securities are not listed or are not in the process of listing on any stock exchange, whether in India or outside India;
ii. which is not a bank, financial institution or an insurance company;
iii. whose turnover (excluding other income) does not exceed rupees fifty crore in the immediately preceding accounting year;
iv. which does not have borrowings (including public deposits) in excess of rupees ten crore at any time during the immediately preceding accounting year; and
v. which is not a holding or subsidiary company of a company which is not a small and medium-sized company.