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moneycontrol.com भारत | लेखांकन नीति > Transport & Logistics > लेखांकन नीति फॉलोड से एक्वा लजिस्टिक्स - बीएसई: 533159, NSE: AQUA

एक्वा लजिस्टिक्स

बीएसई: 533159  |  NSE: AQUA  |  ISIN: INE544K01026  |  Transport & Logistics

खोजें एक्वा लजिस्टिक्स कनेक्शन मार्च 12
लेखांकन नीति साल : मार्च '13
a.  Basis of preparation of financial statements:
 
 The financial statements of the Company have been prepared in
 accordance with Generally Accepted Accounting Principles in India
 (GAAP). The Company has prepared these financial statements to comply
 in all material respects with the Accounting Standards notified under
 the Companies (Accounting Standards) Rules, 2006, (as amended) and the
 relevant provisions of the Companies Act 1956. The Financial Statements
 have been prepared on an accrual basis on a going concern concept.
 
 The accounting policies adopted in the preparation of financial
 statements are consistent with those of previous year, except for the
 change in reporting and disclosure policy explained below.
 
 b.  Use of Estimates:
 
 The preparation of financial statements in conformity with GAAP
 requires management to make estimates and assumptions that affect the
 reported balances of assets and liabilities and disclosures relating to
 contingent liabilities as at the date of the financial statements and
 reported amounts of income and expenses during the period.
 
 Although these estimates are based upon the management''s best
 knowledge of current events and actions, actual results could differ
 from those estimates. Appropriate changes in estimates are made as the
 Management becomes aware of changes in circumstances surrounding the
 estimates. Changes in estimates are reflected in the financial
 statements in the period in which changes are made and if material
 their effects are disclosed in the notes to the financial statements.
 
 c.  Inventories:
 
 The company is in the business of rendering services and does not hold
 any inventories.
 
 d.  Cash and cash equivalents:
 
 Cash and cash equivalents comprise of Cash in hand, Balances in Current
 account and deposit accounts (including interest accrued on deposits)
 with Banks. The Company considers all highly liquid investments with a
 remaining maturity, at the date of purchase, of three months or less
 and that are readily convertible to known amounts of cash, to be cash
 equivalents.
 
 e.  Depreciation and amortization:
 
 Depreciation on fixed assets is provided on straight line method. The
 depreciation rates prescribed in Schedule XIV to the Companies Act,
 1956 are considered as the minimum rates. Depreciation on additions to
 fixed assets has been calculated on pro-rata basis. Individual low cost
 assets (acquired for Rs. 5,000/= or less) are fully depreciated in the
 year of acquisition. The Company has used the following rates to
 provide depreciation
 
 f.  Revenue Recognition:
 
 Revenue is recognized to the extent that it is probable that the
 economic benefits will flow to the Company and the revenue can be
 readily measured. Income from operations mainly comprise Income from
 the following heads, namely International Freight Forwarding, Customs
 House Agency works, Warehousing etc, representing the gross value of
 services rendered by the company to its customers. It also includes
 income from foreign branches which are based on the statement of
 accounts received from the agents.  Income is accounted when service is
 completed in accordance with the contracts entered into with the
 customers.
 
 Interest is recognised using time proportion method based on the rates
 implicit in the transaction. Interest income is included under the head
 Other Income in the Statement of Profit and Loss.
 
 g.  Fixed Assets:
 
 Fixed Assets are stated at acquisition cost less accumulated
 depreciation and impairment losses if any.  Direct costs are
 capitalized until the fixed assets are ready for use. Computer
 equipment includes bought out software.
 
 Advances paid towards acquisition of fixed assets are disclosed as
 Capital Advances.
 
 h.  Foreign Currency Transactions:
 
 i.  Transactions in foreign currency are recorded at the rates
 prevailing on the date of the transaction.  Gain / Loss on exchange due
 to fluctuation in exchange rate arising out of payment / realization
 during the year has been dealt with in the Profit and Loss account.
 
 ii.  Monetary assets and liabilities denominated in foreign currency as
 at the balance sheet date are translated at the exchange rates
 prevailing at the year end; the resultant exchange differences are
 recognized in the Statement ofProfit and Loss account
 
 i.  Investments:
 
 Trade investments are the investments made to enhance the Company''s
 business interests. Investments are either classified as current or
 long term based on Management''s intention at the time of purchase.
 Investments which are readily realizable 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.
 
 Current investments are carried at the lower of cost and fair value of
 each investment individually. Long term investments are carried at cost
 less provisions recorded to recognize any decline, other than
 temporary, in the carrying value of each investment.
 
 On disposal of an investment, the difference between it''s carrying
 amount and net disposal proceeds is charged or credited to the
 statement of profit and loss.
 
 j. Employee Benefits:
 
 Contributions to defined contribution scheme such as Provident Fund are
 charged to Statement of Profit and Loss as incurred. Provision for
 Gratuity is carried at previous year''s figures as the same is
 considered adequate for the estimated accrued liability as at the
 Balance Sheet date. Bonus and leave encashment are provided on accrual
 basis.
 
 k. Borrowing costs:
 
 Borrowing costs that are attributable to the acquisition or
 construction of qualifying assets are capitalized as a part of the cost
 of such assets. A qualifying asset is one that necessarily takes
 substantial period of time to get ready for its intended use. All other
 borrowing costs are charged to revenue.
 
 l. Earnings Per Share:
 
 The Company reports basic and diluted earnings per share in accordance
 with the Accounting Standard 20 issued by the Institute of Chartered
 Accountants of India. Basic earnings per share are computed by dividing
 the net profit or loss for the year by the weighted average number of
 equity shares outstanding during the year. Diluted earnings per share
 is computed by dividing the net profit or loss for the year by the
 weighted average number of equity share outstanding during the year as
 adjusted for the effects of all dilutive potential equity shares,
 except where the results are anti dilutive.
 
 m. Taxation:
 
 Provision for current tax is made based on the tax payable under the
 current provisions of the tax laws applicable in the jurisdiction where
 the income is assessable and after considering the Double Taxation
 Avoidance Agreement with the respective countries in case of
 International transactions.
 
 Deferred tax on timing differences between taxable income and
 accounting income is accounted for, using the tax rates and tax laws
 enacted as on the Balance Sheet date.
 
 n. Intangible Assets:
 
 Depreciation on Custom House Agency Licence is not being provided.
 Since the company has the intention of being in business, well beyond
 10 years, and the logistics business cannot be carried on without the
 C.H.A licence, the useful life of the asset will exceed the rebuttable
 presumption of 10 years under AS 26 on Intangible Assets.
 
 o. Impairment of Assets:
 
 The carrying amount of assets are reviewed at each Balance Sheet date
 if there is any indication of impairments based on internal and
 external factors. An impairment loss is recognized whenever the
 carrying amount of asset exceeds its recoverable amount. The
 recoverable amount is the greater of the assets'' net selling price
 and the value in use. In assessing the value in use the estimated
 future cash flows are discounted to their present value at the weighted
 average cost of capital.
 
 p. Provisions:
 
 Provisions are recognized when the Company has a present obligation, as
 a result of past events, for which it is probable that an outflow of
 economic benefits will be required to settle the obligation and a
 reliable estimate can be made for the amount of obligation. These
 estimates are reviewed at each reporting date and adjusted to reflect
 the current best estimates
 
 q. Contingencies:
 
 Liabilities which are material and whose future outcomes cannot be
 ascertained with reasonable certainty are treated as contingent. The
 Company does not recognize a contingent liability but discloses its
 existence in the financial statements. Contingent Assets are neither
 recognized nor disclosed in the Financial Statements.
 
 r. Deferred Revenue Expenditure
 
 The company has incurred expenditure towards advertisement and
 publicity to the build the brand of the company in logistics space. In
 the opinion of the management the benefit of this exercise is expected
 to accrue over an extended period and is not exhausted during the
 period covered by the Profit and Loss Account and such major
 expenditure has been treated as deferred revenue expenditure is being
 charged to Statement of Profit and Loss over a period of 5 years
 commencing from the accounting year 2010-11.
स्रोत: रेलीगरे टेचनोवा

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