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moneycontrol.com भारत | लेखांकन नीति > Engineering > लेखांकन नीति फॉलोड से गुजरात टूलरुम - बीएसई: 513337, NSE: N.A

गुजरात टूलरुम

बीएसई: 513337  |  NSE: N.A  |  ISIN: INE145J01024  |  Engineering

खोजें गुजरात टूलरुम कनेक्शन मार्च 13
लेखांकन नीति साल : मार्च '14
a) Basis of Preparation
 
 The financial statements of the Company have been prepared in
 accordance with the Generally Accepted Accounting Principles in India
 (Indian GAAP) to comply with the Accounting Standards notified under
 the Companies (Accounting Standards) Rules, 2006 (as amended) and the
 relevant provisions of the Companies Act, 1956 read with General
 Circular 15/2013 dated 13-Sep-2013, issued by the Ministry of Corporate
 Affairs, in respect of Section 133 of the Companies Act, 2013. The
 financial statements have been prepared on accrual basis under the
 historical cost convention. The accounting policies adopted in the
 preparation of the financial statements are consistent with those
 followed in the previous year.
 
 b) Use of Estimates
 
 The preparation of financial statements in conformity with Indian GAAP
 requires management to make estimates and assumptions that affect the
 reported amounts of assets and liabilities (including contingent
 liabilities) and the reported income and expenses during the year. The
 management believes that the estimates used in preparation of the
 financial statements are prudent and reasonable. Future results could
 differ due to these estimates and differences between the actual
 results and the estimates are recognised in the periods in which the
 results are known / materialised.
 
 c) Current & Non-Current Classification
 
 All the 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 Revised Schedule VI to the Companies Act, 1956.
 Based on the nature of activities and time between the activities
 performed and their subsequent realisation in cash or cash equivalents,
 the company has ascertained its operating cycle as 12 months for the
 purpose of current / non-current classification of assets and
 liabilities.
 
 d) Cash And Cash Equivalents (for purposes of Cash Flow Statement)
 
 Cash comprises cash on hand and demand deposits with banks. Cash
 equivalents are short-term balances (with an original maturity of three
 months or less from the date of acquisition), highly liquid investments
 that are readily convertible into known amounts of cash and which are
 subject to insignificant risk of changes in value.
 
 e) Cash Flow Statement
 
 Cash flows are reported using the indirect method, whereby profit /
 (loss) before extraordinary items and 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.
 
 f) Inventories
 
 Traded goods are valued at Lower of cost and Net realisable value. Cost
 includes the purchase price and other associated cost directly incurred
 in bringing the inventory to its present location.
 
 Net realisable value is the estimated selling price in the ordinary
 course of business, less estimated cost of completion and estimated
 costs necessary to make the sale.
 
 g) Prior Period Items
 
 AH identifiable items of Income and Expenditure pertaining to prior
 period are accounted through Prior Period items.
 
 h) Fixed Assets
 
 Fixed assets are stated at cost less accumulated depreciation. The cost
 of an asset comprises its purchase price and any attributable cost of
 bringing the asset to working condition for its intended use i.e. cost
 of acquisition of assets and incidental expenditure incurred upto the
 date of installation / use. However, since the asset was not in active
 use by the company and was held for sale, depreciation for the year has
 not been provided.
 
 i) Revenue Recognition
 
 Revenue is recognized to the extent that probable economic benefits
 will flow to the company and the revenue can be reliably measured.
 
 i) Sale of Products:
 
 Revenue from sale of products is recognised when the significant risks
 and rewards of ownership of the goods have passed to the buyer . The
 company collects sales taxes and value added tax (VAT) on behalf of the
 government and, therefore, these are not economic benefits flowing to
 the company. Hence, they are excluded from revenue. Excise duty
 deducted from revenue (gross) is the amount that is included from
 revenue (gross) and not the entire amount of liability arising during
 the year.
 
 ii) Other income is recognised when the Company''s right to receive
 payment is established.
 
 j) Employee Benefits
 
 Employee benefits includes gratuity, compensated absences and
 contribution to provident fund, employees'' state insurance,
 superannuation fund.
 
 No provision for employee''s benefits viz. Gratuity, Leave encashment,
 retrenchment etc for the employees has been made as the same are
 presently not applicable to the company.
 
 k) Segment Accounting
 
 In accordance with Accounting Standard 17 Segment Reporting as
 prescribed under Companies (Accounting Standards) Rules, 2006 (as
 amended), the company has determined its business segment as Sale of
 Moulds.  Since, there are no other business segments in which the
 company operates, there are no other primary reportable segments.
 Further since the company''s operations are limited within India, it
 operates in a single geographical segment. Therefore, the segment
 revenue, results, segment assets, segment liabilities, total cost
 incurred to acquire segment assets, depreciation charge are all as
 reflected in the financial statements.
 
 l) Related Party Transactions
 
 Disclosure of transactions with Related Parties, as required by
 Accounting Standard 18 Related Party disclosures prescribed under The
 Companies (Accounting Standards) Rules, 2006 (as amended) has been set
 out in a separate note forming part of this schedule. Related Parties
 as defined under clause 3 of the Accounting Standard 18 have been
 identified on the basis of representation made by key managerial
 personnel and information available with the Company.
 
 m) Earnings Per Share
 
 The Company reports basic and diluted earnings per share (EPS) in
 accordance with the Accounting Standard 20 prescribed under The
 Companies (Accounting Standards) Rules, 2006 (as amended). The Basic
 EPS has been computed by dividing the income available to equity
 shareholders by the weighted average number of
 
 equity shares outstanding during the accounting year. The Diluted EPS
 has been computed using the weighted average number of equity shares
 and dilutive potential equity shares outstanding at the end of the
 year.
 
 n) Taxes on Income
 
 I) Deferred Taxation
 
 In accordance with the Accounting Standard 22 - Accounting for Taxes on
 Income, prescribed under The Companies (Accounting Standards) Rules,
 2006 (as amended), the deferred tax for timing differences between the
 book and tax profits for the year is accounted for by using the tax
 rates and laws that have been enacted or substantively enacted as of
 the Balance Sheet Date.
 
 Deferred tax assets arising from timing differences are recognised to
 the extent there is virtual certainty that the assets can be realised
 in future.
 
 Net outstanding balance in Deferred Tax account is recognized as
 deferred tax liability/asset. The deferred tax account is used solely
 for reversing timing difference as and when crystallized.
 
 II) Current Taxation
 
 In the absense of any taxable income, provision for taxation has not
 been made in accordance with the income tax laws prevailing for the
 relevant assessment year.
 
 o) Provisions, Contingent Liabilities and Contingent Assets
 
 Provisions involving substantial degree of estimation in measurement
 are recognised when there is a present obligation as a result of past
 events and it is possible that there will be an outflow of resources.
 Contingent liabilities are not recognised but are disclosed in the
 notes. Contingent assets are neither recognised nor disclosed in the
 financial statements.
 
 p) Applicability of other Accounting Standards
 
 Though other Accounting Standards also apply to the company by virtue
 of the Companies (Accounting Standards) Rules 2006 (as amended), no
 disclosure for the same is being made as the company has not done any
 transaction to which the said Accounting Standard apply.
 
स्रोत: रेलीगरे टेचनोवा

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