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एक्जेल पॉलीमर्स

बीएसई: 513642  |  NSE: N.A  |  ISIN: INE197C01012  |  Plastics

खोजें एक्जेल पॉलीमर्स कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
 1.1.  Basis of preparation of financial statements
 The financial statements are prepared under the historical cost
 convention on an accrual basis of accounting in accordance with the
 generally accepted accounting principles, Accounting Standards referred
 to in section 133 the Act, read with rule 7 of the Companies (Accounts)
 Rules, 2014 and the relevant provisions thereof.
 1.2.  Use of estimates
 The preparation of financial statement requires management of the
 company to make estimates and assumptions that affect the reported
 balances of assets and liabilities and disclosure of contingent
 liabilities as at the date of financial statements and reported
 1.3.  Inventories
 Inventories are Valued at lower of cost or net realizable value.
 Valuation is ascertained on following basis.
 a.  Raw materials, stores, spares and consumables on FIFO basis.
 b.  Semi-finished goods and finished goods, cost includes direct
 material and labour and proportion of manufacturing overheads on FIFO
 basis. Cost of finished goods includes excise duty.
 1.4.  Cash and Cash Equivalents:
 The cash flow statements is prepared by the Indirect Method set out
 in Accounting Standard 3 on Cash Row Statement'' and presents the cash
 flow by Operating, Investing & Financing activities of the company.
 Cash and Cash Equivalents for the purpose of Cash Row Statement
 comprise cash at bank and in hand and shortterm Investment with the
 Original Maturity of 3 months or less.
 1.5.  Fixed assets and depreciation
 Fixed assets are stated at cost less accumulated depreciation and
 impairment, if any. Direct costs are capitalized until fixed assets are
 ready for use. Capital work-in-progress comprises of the cost of fixed
 assets that are not yet ready for their intended use at the reporting
 date. Intangible assets are recorded at the consideration paid for
 acquisition of such assets and are carried at cost less accumulated
 amortization and impairment
 The depreciation during the year has been provided on straight line
 basis as per Schedule II of the Companies act 2013 since the
 acquisition of respective fixed assets. ln earlier years depreciation
 was provided as per the Schedule XIV of Companies Act 1956. The
 depreciation on fixed assets is provided on the straight line method
 considering the useful life and residual value of respective fixed
 The useful life of assets as adopted by the company as per Old Schedule
 XVI and New schedule II of the Companies act is listed as under.
 Particulars                         Previous Useful      Revised Useful
                                          Life                  Life
 Leasehold Land                            20                    20
 Building (Factory)                        30                    30
 Building (Residential)                    20                    60
 Plant and Machinery                       19                    8
 Plant and Machinery (Twin Screw           19                     20*
 Electrical Installations                  20                    10
 Laboratory Equipment                      20                    10
 Computers, Server & Networking             6                    3
 Furniture                                 15                    10
 Office equipment                          20                    5
 Vehicles - Four Wheeler                   10                    8
 ''Based on an independent technical evaluation carried out by external
 valuer, the management believes that the useful life of Plant and
 machinery estimated best represent the period over which the management
 expects to use these assets However the useful lives for these asset is
 different from that prescribed in schedule II of the Act.
 1.6.  Revenue recognition:
 a) Revenue from sale of goods is recognised when significant risks and
 rewards of ownership have been passed to the buyer and when the
 effective control of the seller as the owner is lost. Revenues are
 recorded at invoice value, net of value added tax and excise.
 b) Interest income is recognized on time proportion basis.
 c) Dividend income is recognised when the right to receive payment is
 d) Job work income is recognised on completion of job.
 1.7 Foreign currency transactions
 Exchange differences
 Transactions inforeign currencies are recorded at the exchange rates
 prevailing on the date of the transaction.  Foreign currency monetary
 assets and liabilities are translated at year end exchange rates.
 a) Exchange differences arising on settlement of transactions and
 translation of monetary items other than those covered by (2) below are
 recognized as income or expense in the year in which they arise.
 Exchange differences considered as borrowing cost are capitalized to
 the extent these relate to the acquisition / construction of qualifying
 assets and the balance amount is recognized in the Profit and Loss
 b) Exchange differences relating to long term foreign currency monetary
 assets / liabilities are accounted for with effect from April 1,2007 in
 the following manner:
 -Differences relating to borrowings attributable to the acquisition of
 the depreciable Capital Asset are added to / deducted from the cost of
 such capital Assets
 1.8.  Employee Benefits
 a) The Company''s contribution in respect of provident fund is charged
 to Profit and Loss Account each year
 b) With respect to gratuity liability, Company contributes to Life
 Insurance Corporation of India (LIC) under LIC''s Group Gratuity policy.
 Gratuity liability as determined on actuarial basis by the independent
 valuer is charged to Profit and Loss Account.
 1.9.  Borrowing Costs:
 Borrowing costs that are directly attributable to the acquisition,
 construction or production of a qualifying asset should be capitalised
 as part of the cost of that-asset. The amount of borrowing costs
 eligible for capitalisation should be determined in accordance with
 this Standard. Other borrowing costs should be recognised as an expense
 in the period in which they are incurred
 To the extent that funds are borrowed specifically for the purpose of
 obtaining a qualifying asset, the amount of borrowing costs eligible
 for capitalisation on that asset should be determined as the actual
 borrowing costs incurred on that Borrowing during the period less any
 income on the temporary investment of those borrowings.
 1.10.  Segment disclosures:
 The company operates in a single business segment, i.e. of
 manufacturing of compounds, blends & alloys of Engineering Polymers;
 and also no geographical segments as company operates only in India.
 Accordingly, no separate disclosures required by AS-17 for primary
 business segment and geographical segment
 1.11.  Lease:- Finance Leases
 Assets acquired under lease where the company has substantially all the
 risk and rewards of ownership are classified as finance lease. Such
 leases are capitalised at the inception of lease at lower of the fair
 value and present value of minimum lease payments. Each lease rental
 paid is allocated between the liability and the interest cost so as to
 obtain constant periodic rate of interest on the outstanding liability
 for each period.
 Operating Leases
 Assets acquired as leases where a significant portion of risks and
 rewards of ownership are retained by the lessor are classified as
 operating lease. Operating lease charges are recognised in the Profit
 and Loss account on a straight line basis over the lease term.
 1.12.  Earnings per Share
 The Company reports basic and diluted earnings per share in accordance
 with the Accounting Standard - 20- '' Earning per Share'' prescribed by
 the Companies (Accounting Standard) Rules 2006.Basic Earning 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.
 Diluted earnings per share is computed by dividing the net profit or
 loss for the year by the weighted number of equity shares outstanding
 during the year as adjusted for the effects of all dilutive potential
 equity share.
 1.13.  Taxes on Income
 Provision for taxation comprises of Current Tax and Deferred Tax
 Current tax has provision has been made the basis of reliefs and
 deduction available under Income Tax Act 1961 Deferred tax resulting
 from timing differences* between taxable and accounting income is
 accounted for using the tax rates and laws that are enacted or
 substantively enacted as on the balance sheet date. The deferred tax
 assets is recognized and carried forward only to the extent the assets
 can be realized in future. However, where there is unabsorbed
 depreciation or carry forward losses under taxation laws, deferred tax
 assets are recognized only if there is virtual certainty of realization
 of such assets. Deferred tax assets are reviewed as at each Balance
 sheet date.
 1.14.  Impairment of Assets:-
 The Company tests for impairments at the close of the accounting period
 if and only if there are indications that suggest a possible reduction
 in the recoverable value of an asset. If the recoverable value amount
 of an Asset, i.e. the net realisable value or the economic value in use
 of a cash generating unit, is lower than the carrying amount of the
 Asset the difference is provided for as impairment However, if
 subsequently the position reverses and the recoverable amount become
 higher than the then carrying value the provision to the extent of the
 then difference is reversed, but not higher than the amount provided
 1.15.  Provisions, Contingent Liabilities and Contingent Assets:-
 Provision is recognized only when there is a present obligation as a
 result of past events and when reliable estimates of the amount of the
 obligation can be made. Contingent liability is disclosed for:-
 a) Possible Obligations which will be confirmed only by future events
 not wholly within the control of the company or
 b) Present obligations arising from past events where it is not
 probable that an outflow of resources will be required to settle the
 obligation or reliable estimates of the amount of the obligation cannot
 be made.  Contingent Assets are not recognized in the financial
 statements since this may result in the recognition of income that may
 never be realized.
स्रोत: रेलीगरे टेचनोवा

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(August 06, 2018)

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