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moneycontrol.com भारत | लेखांकन नीति > Finance - Leasing & Hire Purchase > लेखांकन नीति फॉलोड से आदि इंडस्ट्रीज - बीएसई: 530027, NSE: N.A

आदि इंडस्ट्रीज

बीएसई: 530027  |  NSE: N.A  |  ISIN: INE563D01013  |  Finance - Leasing & Hire Purchase

खोजें आदि इंडस्ट्रीज कनेक्शन मार्च 13
लेखांकन नीति साल : मार्च '14
i) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
 
 The financial statements are prepared in accordance with the generally
 accepted accounting principles in India (Indian GAAP) under the
 historical cost convention on an accrual basis and are in compliance
 with all material aspect the Accounting Standards referred to in
 sub-section (3C) of section 211 of the Companies Act, 1956 (the Act)
 read with the General Circular No. 15/2013 dated 13th September 2013 of
 the Ministry of Corporate Affairs in respect of section 133 of the
 Companies Act, 2013. The accounting policies have been consistently
 applied by the company and are consistent with those used in the
 previous year
 
 All assets and liabilities have been classified as current or
 non-current as per the Company''s normal operating cycle and other
 criteria set out in the Revised Schedule VI to the Companies Act, 1956.
 Based on the nature of products and the time between the acquisition of
 assets for processing and their realization in cash and cash
 equivalents, the Company has ascertained its operating cycle as up to
 twelve months for the purpose of current and non-current classification
 of assets and liabilities.
 
 ii) USE OF ESTIMATES:
 
 The preparation of financial statements in conformity with Indian GAAP
 requires the management to make judgements, estimates and assumptions
 that affect the reported amounts of revenues, expenses, assets and
 liabilities and the disclosure of contingent liabilities, at the end of
 the reporting period. Although these estimates are based on the
 management''s best knowledge of current events and actions, uncertainty
 about these assumptions and estimates could result in the outcomes
 requiring a material adjustment to the carrying amounts of assets or
 liabilities in future periods.
 
 iii) TANGIBLE FIXED ASSETS AND DEPRECIATION:
 
 TANGIBLE FIXED ASSETS:
 
 Tangible fixed assets are stated at cost, less accumulated depreciation
 and impairment loss if any. Cost comprises the purchase price and any
 attributable cost of bringing the asset to its working condition for
 its intended use.
 
 CAPITAL WORK IN PROGRESS:
 
 Expenses incurred towards acquisition of fixed assets which have not
 been installed or not put to use before the year end are disclosed
 under capital work in progress and no depreciation has been provided on
 that.
 
 DEPRECIATION:
 
 Depreciation on fixed assets is charged on straight-line method basis
 in the manner and as per the rates and method provided in schedule XIV
 of the Companies Act, 1956.
 
 Depreciation on Assets added / disposed off during the year have been
 provided on pro-rata basis with reference to the day of additions /
 deletions from the respective day of purchase/sale.
 
 iv) INTANGIBLE FIXED ASSETS AND AMORTISATION:
 
 * Intangible assets are recognized where it is probable that the future
 economic benefit attributable to the assets will flow to the Company
 and its cost can be reliably measured.
 
 * Intangible Assets are stated at acquisition cost, net of accumulated
 amortisation and accumulated impairment losses, if any. Intangible
 assets are amortised on a straight-line basis over their estimated
 useful lives.
 
 * Expenditure incurred on acquisition/development of intangible assets
 which are not put/ready to use at the reporting date is disclosed under
 intangible assets under development.
 
 However there are no Intangible Assets for the year under
 consideration.
 
 v) IMPAIRMENT OF ASSETS:
 
 The carrying amounts of assets are reviewed at each Balance Sheet date
 if there is any indication of impairment based on internal/external
 factors. An asset is treated as impaired when the carrying value of the
 asset exceeds its recoverable value. An impairment loss is charged to
 the Statement of Profit and loss in the year in which as asset is
 identified as impaired. The impairment loss recognized in prior
 accounting period is reversed if there has been a change in the
 estimate of recoverable amount.
 
 However, there is no such Impairment on Asset, for the year under
 consideration.
 
 vi) INVENTORY:
 
 The Inventory is valued as under and as certified by the Management
 
 * Raw Material and Consumables are valued at cost.
 
 * Finished Goods are valued at Cost or Market Value whichever is lower.
 Cost includes the cost of conversion and other costs incurred to bring
 the inventories to their present location and condition.
 
 * Obsolete stock if any is valued at net realisable value. However
 there is no obsolete stock in the year under consideration.
 
 * Work in progress is valued at cost which includes the cost of
 conversion and other costs incurred to bring the inventories to their
 present location and condition.
 
 vii INVESTMENTS:
 
 Investments, which are readily realisable and intended to be held for
 not more than one year from the date on which such investments are
 made, are classified as current investments. All other investments are
 classified as long-term investments.
 
 Investments are recorded at cost on the date of purchase, which
 includes acquisition charges such as brokerage, stamp duty, taxes, etc.
 Current Investments are stated at lower of cost and quoted/fair value.
 Provision for diminution in the value of Long Term Investments is made,
 only if, in the opinion of the management, such a decline is regarded
 as being other than temporary.
 
 However there are no investments of the company in the year under
 consideration.
 
 viii) GOVERNMENT GRANTS
 
 Government Grants are recognized when there is reasonable assurance
 that the same will be received and all attaching conditions will be
 complied with. Revenue grants are recognized in the Statement of Profit
 & Loss account. Capital grants relating to specific Tangible/Intangible
 assets are reduced from the gross value of the respective
 Tangible/Intangible assets. Other capital grants in nature of
 promoter''s contribution are credited to capital reserve.
 
 However no government grants are received by the company in the year
 under consideration.
 
 ix) REVENUE RECOGNITION:
 
 Revenue is recognized to the extent that it is probable that the
 economic benefits will flow to the Company and can be reliably
 measured.
 
 * Sale of Goods
 
 Domestic Sales is recognized on dispatch to customers and is net of
 returns and rate difference if any. Sales turnover includes basic sales
 value and excise duty, but excludes other recoveries such as insurance,
 sales tax etc.  However there are no sales during the year under
 consideration.
 
 * Other Income
 
 Interest is recognized on Time Proportion Basis with reference to
 principal outstanding and rate of Interest applicable.
 
 x) EMPLOYEE BENEFITS:
 
 No provision is made for retirement benefits, the company will account
 for the same as and when paid.
 
 xi) FOREIGN CURRENCY TRANSACTIONS:
 
 Transactions in foreign currencies are recorded at actual rates rates.
 The exchange difference resulting from settled transactions is
 recognized in the statement of profit and loss.
 
 Year end balances of monetary items are restated at the year end
 exchange rates and the resultant net gain or loss is recognized in the
 statement of profit and loss.
 
 Premium or discount on forward contracts where there are underlying
 assets/liabilities are amortised over the life of the contract. Such
 foreign exchange forward contracts are revalued at the Balance Sheet
 date and the exchange difference between the spot rate at the date of
 contract and spot rate on the Balance Sheet date is recognized as
 gain/loss in the Statement of Profit and loss.
 
 However there are no foreign currency transactions during the year
 under consideration.
 
 xii) BORROWING COST:
 
 Borrowing Costs attributable to acquisition and construction of
 qualifying assets are capitalized as a part of the cost of such asset
 up to the date when such assets are ready for its intended use. Other
 borrowing costs are charged to the Statement of Profit and Loss Account
 in the period in which they are incurred.
 
 xiii) LEASES:
 
 * As a Lessee
 
 Leases, where significant portion of risk and reward of ownership are
 retained by the Lessor, are classified as Operating Leases and lease
 rentals thereon are charged to the Statement of Profit and Loss on a
 straight-line basis over the lease term.
 
 However there are no such leased assets in the year under
 consideration.
 
 * As a Lessor
 
 The Company has leased certain tangible assets, and such leases, where
 the Company has substantially retained all the risks and rewards of
 ownership, are classified as operating leases.
 
 Lease income is recognised in the Statement of Profit and Loss on a
 straight-line basis over lease term.
 
 However there are no such leased assets in the year under
 consideration.
 
 xiv) TAXES ON INCOME:
 
 Tax expense comprises of current and deferred tax.
 
 Provision for current tax is made on the basis of estimated taxable
 income for the relevant accounting year in accordance with the Income
 Tax Act, 1961.
 
 Current tax assets and current tax liabilities are offset when there is
 a legally enforceable right to set off the recognized amounts and there
 is an intention to settle the asset and the liability on a net basis.
 
 The deferred tax for timing differences between the book and tax
 profits for the year is accounted for, using the tax rates and laws
 that have been substantively enacted as of the Balance Sheet date.
 Deferred tax assets arising from timing differences are recognised to
 the extent there is reasonable certainty that these would be realized
 in future.
 
 In case of unabsorbed losses and unabsorbed depreciation, all deferred
 tax assets are recognized only if there is virtual certainty supported
 by convincing evidence that they can be realized against future taxable
 profit.
 
 However, the Company is of the opinion that there exists no reasonable
 or virtual certainty that these would be realized in future, and hence,
 no such Deferred Tax has been recognized for the year under
 consideration.
 
 Minimum Alternative Tax (MAT) credit is recognised as an asset only
 when and to the extent there is convincing evidence that the Company
 will pay normal income tax during the specified period. In the year in
 which the MAT credit becomes eligible to be recognised as an asset in
 accordance with the recommendations contained in Guidance Note issued
 by the ICAI, the said asset is created by way of a credit to the
 Statement of Profit and Loss and shown as MAT Credit Entitlement. The
 Company reviews the same at each Balance Sheet date and writes down the
 carrying amount of MAT Credit Entitlement to the extent there is no
 longer convincing evidence to the effect that the Company will pay
 normal Income Tax during the specified period.
 
 The Company has the policy of reviewing and passing proper adjustment
 entries for Income Tax paid, Provision for Income Tax made and
 excess/short tax provision for the year after receiving orders from the
 Appellate authorities. The Company also makes a fair estimate of the
 Income Tax liability for the said year and gives effects to it in the
 Books of Accounts.
 
 xv) CASH AND CASH EQUIVALENT :
 
 Cash and Cash Equivalents for the purpose of cash flow statement
 comprise cash on hand and cash at bank including fixed deposit with
 original maturity period of less than three months and short term
 highly liquid investments with an original maturity of three months or
 less.
 
 xvi) CASH FLOW STATEMENT:
 
 Cash flows are reported using the Indirect Method, whereby profit/
 (loss) before tax is adjusted for the effects of transactions of
 non-cash nature and any deferrals or accruals of past or future cash
 receipts or payments. The cash flows from operating, investing and
 financing activities of the Company are segregated based on the
 available information.
 
 xvii) RESEARCH & DEVELOPMENT:
 
 Revenue expenditure on Research and Development is charged to the
 Statement of Profit and Loss in the year in which it is incurred.
 Capital Expenditure on Research and Development is shown as an addition
 to Fixed Assets or Work-in-Progress, as the case may be.
 
 However no such expenditure is incurred in the year under
 consideration.
 
 xviii) EARNINGS PER SHARE:
 
 Basic earnings per share are calculated by dividing the net profit or
 loss for the year attributable to the equity shareholders by the
 weighted average number of equity shares outstanding during the year.
 For the purpose of calculating diluted earnings per share, net profit
 or loss for the year attributable to equity shareholders and the
 weighted average number of shares outstanding during the year are
 adjusted for the effects of all dilutive potential equity shares.
 
 xix) PROVISION & CONTINGENCIES:
 
 The company estimates the probability of any loss that might be
 incurred on outcome of contingencies on the basis of information
 available.
 
 A provision is recognized when the company has a present obligation as
 a result of past event and it is probable that an outflow of resources
 will be required to settle the obligation in respect of which a
 reliable estimate can be made. Provisions are determined based on
 management''s estimate required to settle the obligation at the balance
 sheet date, supplemented by experience of similar transactions. These
 are reviewed at each balance sheet date and adjusted to reflect the
 management''s current estimates.
 
 In cases where the available information indicates that the loss on the
 contingency is reasonably possible but the amount of loss cannot be
 reasonably estimated, a disclosure is made in the financial statements.
 
 In case of remote possibility neither provision nor disclosure is made
 in the financials.
 
 A Contingent Asset is neither recognised nor disclosed in the Financial
 Statements.
स्रोत: रेलीगरे टेचनोवा

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