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moneycontrol.com भारत | लेखांकन नीति > Auto Ancillaries > लेखांकन नीति फॉलोड से एक्सेडी इंडिया - बीएसई: 505923, NSE: N.A

एक्सेडी इंडिया

बीएसई: 505923  |  NSE: N.A  |  ISIN: INE773A01014  |  Auto Ancillaries

खोजें एक्सेडी इंडिया कनेक्शन मार्च 11
लेखांकन नीति साल : मार्च '12
a) Use of estimates

The preparation of financial statements in conformity with Indian GAAP requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and disclosure of contingent liabilities on the date of the financial statements. The estimates and assumptions used in the accompanying financial statements are based upon management's evaluation of the relevant facts and circumstances as on the date of financial statements which in management's opinion are prudent and reasonable. Actual results may differ from the estimates used in preparing the accompanying financial statements. Any revision to accounting estimates is recognised prospectively in current and future periods.

b) Fixed Assets/Intangible Assets

Fixed assets are stated at acquisition cost less accumulated depreciation. Cost includes freight, duties, taxes and incidental expenses related to acquisition and installation incurred upto the date of commissioning of assets.

Intangible assets are recognized if it is probable that the future economic benefits that are attributable to the assets will flow to the Company and cost of the assets can be measured reliably.

Cost incurred on fixed assets which are not ready for their intended use as on Balance Sheet date is disclosed under capital work-in-progress.

c) Depreciation

Depreciation on fixed assets, except Press Tools, is provided on Straight Line Method as per the rates laid down in Schedule XIV to the Companies Act, 1956.

For Press Tools, the Company has provided depreciation on the basis of estimated life of tools i.e., at 15% on Straight Line Method.

Leasehold Land is amortised overthe residual period of the lease.

Assets costing less than or equal to Rs.5,000 are depreciated at the rate of 100 percent in the period of acquisition on prorate basis of period of acquisition.

d) 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 impairment loss is recognised wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the asset's net selling price and value in use. In assessing value in use, the Company has measured its 'value in use1 on the basis of cash flows of next five years projections, estimation based on current prices.

After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life. A previously recognised impairment loss is increased or reversed depending on changes in circumstances. However the carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging usual depreciation if there was no impairment.

e) Inventories

The Company has adopted the policy of valuing the inventories inline with the Accounting Standard 2 ('AS- 2') Valuation of Inventory.

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 reliably measured.

* Sale of Goods

The revenue in respect of sale of products is recognised on despatch of the material to the customer. Sales are stated net of trade discount, duties and sales tax.

* Interest Income

Revenue is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.

g) Foreign Currency Transactions

* Initial recognition

Foreign currency transactions are recorded in the reporting currency which is Indian Rupee, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.

* Conversion

Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined.

* Exchange Differences

Exchange differences arising on long-term foreign currency monetary items related to acquisition of a fixed asset are capitalized and depreciated over the remaining useful life of the asset. For this purpose, the Company treats a foreign monetary item as a longterm foreign currency monetary item, if it has a term of 12 months or more at the date of the origination.

Exchange differences arising on other long-term foreign currency monetary items are accumulated in the Foreign Currency Monetary Item Translation Difference Account and amortized over the remaining life of the concerned monetary item.

All other exchange differences are recognised as income or as expenses in the period in which they arise.

h) Retirement and Other Employee Benefits

* Short term employee benefit

All employee benefits payable wholly within twelve months of rendering the service are classified as short- term employee benefits. These benefits include short term compensated absences such as paid annual leave. The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognized as an expense during the period. Benefits such as salaries and wages, etc. and the expected cost of the bonus / ex-gratia are recognised in the period in which the employee renders the related service.

* Post employment employee benefits Defined Contribution schemes

Contributions to the Provident Fund, Family pension fund and Employee's State Insurance Fund are charged to the Statement of Profit and Loss of the year when the contributions to the respective funds are due.

Defined benefits plans

The Company's gratuity benefit scheme is a defined benefit plan. The Company's net obligation in respect of the gratuity benefit scheme is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. -

The present value of the obligation under such defined benefit plan is determined based on actuarial valuation, carried out by an independent actuary at each Balance Sheet date, using the Projected Unit Credit Method, which recognizes each period of service as giving rise to an additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The obligation is measured at the present value of the estimated future cash flows. The discount rates used for determining the present value of the obligation under defined benefit plan are based on the market yields on Government Securities as at the Balance Sheet date.

Actuarial gains and losses are recognised immediately in the Statement of Profit and Loss.

The Company makes annual contribution to Life Insurance Corporation of India for the gratuity plan in respect of employees covered as per provisions of Gratuity Act.

Other long term employee benefits

Liabilities towards compensated absences to employees are accrued on the basis of valuations, as at the Balance Sheet date, carried out by an independent actuary using Projected Unit Credit Method. Actuarial gains and losses comprise experience adjustments and the effects of changes in actuarial assumptions and are recognised immediately in the Statement of Profit and Loss.

Some employees of the Company are entitled to superannuation, a defined contribution plan which is administrated through Life Insurance Corporation of India (LIC). Superannuation benefits are recognised in the Profit & Loss account.

i) Leases

Assets taken under leases, where the lessor effectively retains substantially all the risks and benefits of ownership of the leased term, are classified as operating leases. Operating lease payments are recognized as an expense in the Statement of Profit and Loss on a straight-line basis over the lease term.

j) Borrowing Cost

Borrowing costs, including exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs, directly attributable to acquisition or construction of those fixed assets which necessarily take a substantial period of time to get ready for their intended use are capitalised. Other borrowing costs are recognised as an expense.

k) Taxation

Income-tax expense comprises current tax, deferred tax charge or credit.

Current tax

Provision for current tax is made for the tax liability payable on taxable income after considering tax allowances, deductions and exemptions determined in accordance with the prevailing tax laws.

Deferred tax

Deferred tax liability or asset is recognized for timing differences between the profits/losses offered for income tax and profits/losses as per the financial statements. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax asset is recognized only to the extent there is reasonable certainty that the assets can be realized in future; however, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax asset is recognized only if there is a virtual certainty of realization of such asset. Deferred tax asset is reviewed as at each Balance Sheet date and written down or written up to reflect the amount that is reasonably/virtually certain to be realized. '

I) Expenditure on Tools, Dies, Jigs and Fixtures

In respect of tools, dies, etc, which has been fully depreciated in the books of accounts, but found by the Company that the same are having usage value and accordingly the expenditure incurred in reconditioning of such tools & dies are capitalised.

m) Provisions and Contingencies

A provision is recognised when an enterprise 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 not discounted to their present values and are determined based on management estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current management estimates.

Contingent liabilities are disclosed in respect of possible obligations that have arisen from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of future events not wholly within the control of the Company.

When there is an obligation in respect of which the likelihood of outflow of resources is remote, no provision ordisclosure is made.

स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

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