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moneycontrol.com भारत | लेखांकन नीति > Engineering > लेखांकन नीति फॉलोड से ईकॉट हाईटेक टूलरूम - बीएसई: 522245, NSE: N.A

ईकॉट हाईटेक टूलरूम

बीएसई: 522245  |  NSE: N.A  |  ISIN: INE079L01013  |  Engineering

खोजें ईकॉट हाईटेक टूलरूम कनेक्शन मार्च 13
लेखांकन नीति साल : मार्च '14
a) Basis of accounting and preparation of financial statements
 
 The financial statements of the company have been prepared in
 accordance with the generally Accepted Accounting Principles in India
 (Indian GAPP) 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. The financial
 statements have been prepared on accrual basis under the historical
 cost convention. The accounting principles adopted in the preparation
 of the financial statements are consistent with those followed in the
 previous year.
 
 b) Use of estimates
 
 The preparation of the financial statements in conformity with Indian
 GAPP requires the management to make estimates and assumptions
 considered in 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 the
 preparation of the financial statements are prudent and reasonable.
 Future results could offer due to these estimates and the differences
 between the actual results and estimates are recognized in the periods
 in which the results are known/materialize.
 
 c) Cash flow statement
 
 Cash flow statement are reported using the direct 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
 activities of the company are segregated based on the available
 information.
 
 d) Revenue recognition
 
 Revenue income from sale of goods is recognized net of trade discounts,
 returns on transfer of significant risks and rewards of ownership to
 the buyer. Sale of goods is recognized gross of excise duty but net of
 sales tax and value added tax.
 
 e) Other income
 
 Interest and discount income are accounted on accrual basis.
 
 f) Fixed Assets- Tangible Assets
 
 Fixed assets are arrived at cost less accumulated depreciation and
 impairment of loss if any. Cost includes related taxes, duties,
 freight, insurance etc attributable to the acquisition and installation
 of fixed assets but excludes duties and taxes that are recoverable from
 tax authorities.
 
 g) Depreciation
 
 Depreciation on fixed assets has been provided on Written down value
 method at the rates provided in Schedule XIV of the Companies Act,
 1956.
 
 h) Employee benefits
 
 Employee benefits include Provident fund and Employee State Insurance
 fund.
 
 Defined Contribution Plans
 
 The Company''s contribution to Provident fund and Employee state
 Insurance fund are considered as defined contribution plans.
 
 The company contributes to a government administered Provident and
 Employee state Insurance fund on behalf of its employees, which are
 charges to the Statement of Profit and loss . The company has no
 obligations for future Provident and Employee State insurance fund
 benefits other than its monthly contributions.
 
 i) Taxes on income
 
 Current tax is the amount of tax payable on the taxable income for the
 year as determined in accordance with the provisions of the Income tax
 Act, 1961
 
 Deferred tax is recognized on timing differences, being the differences
 between the taxable income and the accounting income that originate in
 one period are capable ofreversal in one or more subsequent periods.
 Deferred tax is measured using the tax rates and the tax laws enacted
 or subsequently enacted as at the reporting date. Deferred tax
 liabilities are recognised for all timing differences. Deferred tax
 assets are recognized for timing differences of items other than
 unabsorbed depreciation and carried forward losses only to the extent
 that reasonable certainty exists that sufficient future taxable income
 will be available against which these can be realised. However, if
 there are unabsorbed depreciation and carry forward losses, deferred
 tax assets are recognized only if there is actual certainty that there
 will be sufficient future taxable income available to realize the
 assets. Defered tax assets and liabilities are offset if such items
 relate to taxes on income levied by the same governing tax laws and the
 Company has a legally enforceable right for such set off.  Deferred tax
 assets are reviewed at each balance sheet date for their realisability.
 
 j) Earnings per share
 
 Basic earnings per share is computed by dividing the profit after tax
 by the weighted average number of equity shares outstanding during the
 year. Diluted earnings per share is computed by dividing the profit
 after tax as adjusted for dividend, interest and other charges to
 expense or income (net of any attributable taxes) relating to the
 dilutive potential equity shares, by the weighted average number of
 equity shares considered for deriving basic average earnings per share
 and the weighted average number of equity shares which could have been
 issued on the conversion of all dilutive potential equity shares.
 Potential equity shares are deemed to be dilutive only if their
 conversion to equity shares would decrease the net profit per share
 from continuing operations. Potential equity shares are deemed to be
 converted as at the beginning of the period, unless they have been
 issued at a later date. The dilutive potential equity shares are
 adjusted for the proceeds receivable had the shares been actually
 issued at fair value(i.e.average market value of the outstanding
 shares) . Dilutive potential equity shares are determined independently
 for each period presented. The number of equity shares and potentially
 dilutive equity shares are adjusted for share splits/reverse share
 splits and bonus shares as appropriate.
स्रोत: रेलीगरे टेचनोवा

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