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केएस ऑयल

बीएसई: 526209  |  NSE: KSOILS  |  ISIN: INE727D01022  |  Edible Oils & Solvent Extraction

खोजें केएस ऑयल कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
1. Basis of Accounting
 
 The financial statements have been prepared and presented under
 historical cost convention on the accrual basis of accounting in
 accordance with the accounting principles generally accepted in India
 (GAAP) and comply with the mandatory accounting standards (AS) as
 notified by the Companies Accounting Standards (Rules), 2006 to the
 extent applicable and with the relevant provisions of the Companies
 Act, 2013.
 
 2. Use of Estimates
 
 The preparation of financial statements in conformity with GAAP
 requires management to make estimates and assumptions that affect the
 reported amount of assets and liabilities and disclosure of contingent
 liabilities on the date of financial statements and reported amount of
 revenues and expenses for the year. Actual results could differ from
 these estimates. Difference between the actual result and estimates are
 recognized in the period in which results are known / materialized. Any
 revision to an accounting estimate is recognized prospectively in the
 year of revision.
 
 3. Revenue Recognition
 
 a) Revenue from sale of goods is recognized when significant risk and
 rewards in respect of ownership of products are transferred to
 customers.
 
 b) Export entitlements under the Duty Entitlement Pass Book (DEPB)
 scheme and Other Schemes are recognized as income when the right to
 receive credit as per the terms of the scheme is established in respect
 of the exports made and where there is no significant uncertainty
 regarding the ultimate collection of the relevant export proceeds.
 
 4. Inventories
 
 a) Inventories are valued at lower of cost or net realizable value on
 FIFO basis.
 
 b) Work in Progress is valued at lower of cost of raw Material or Net
 Realizable Value.
 
 c) Inventories comprises of Raw Material, Stores, Spares & Consumables,
 Work In Progress and Finished Goods.
 
 d) Cost of inventories comprises of cost of purchase, cost of
 conversion and other cost incurred in bringing the inventories to their
 present location and condition.
 
 5. Commodity Hedging (Derivatives)
 
 Pursuant to announcement on accounting for the derivatives issued by
 the Institute of Chartered Accountants of India (ICAI), in accordance
 with the principles of prudence as enunciated in Accounting Standard-1
 (AS-1), Disclosure of Accounting policies, the Company provide for
 losses in respect of all outstanding derivatives contracts at the
 balance sheet date by marking them to mark to market. Any net
 unrealized gains arising on such Mark to Market are not recognized as
 income.
 
 6. Agricultural Activity
 
 a) Biological Assets (Living plants of Mustard, Soya or Jatropha)
 
 i. All costs related to biological assets are recognized as an expense,
 as and when they are incurred.
 
 ii. Biological assets are recognized at net realizable value only when
 the future economic benefits associated with the assets will fow to the
 Company.
 
 b) Agricultural Produce (harvested products from biological asset) is
 recognized at net realizable value.
 
 7. Certified Emission Reductions
 
 a) Self generated certified emission reductions ( C.E.R- also known as
 carbon credit ) expected to accrue to the Company as a result of
 windmills are recognized as a part of inventory, when it is certified
 by United Nations Framework Convention on Climate Change (UNFCCC) and
 the future economic benefits associated with such CER''s will fow to the
 company.
 
 b) Incidental expenses are charged to profit and loss account.
 
 8. Fixed Assets
 
 a) Tangible Assets
 
 i. Tangible assets are carried at cost of acquisition or construction
 less accumulated depreciation. The cost of fixed assets includes non
 refundable taxes, duties, freight and other incidental expenses related
 to the acquisition and installation of the respective assets.
 Borrowing cost attributable to acquisition or construction of fixed
 assets which takes substantial period of time to get ready for their
 intended use is capitalized.
 
 ii. Advances paid towards the acquisition of the fixed assets
 outstanding at each balance sheet date are disclosed under long term
 loans and advances..
 
 b) Intangible Assets are recorded at the consideration paid for the
 acquisition.
 
 9. Depreciation/Amortization
 
 a) Depreciation:
 
 i. Depreciation on fixed assets has been provided as per the useful
 life prescribed in Schedule II to the Companies Act, 2013.iv.
 Depreciation is calculated on a pro-rata basis from the date of
 installation / acquisition till the date the assets are sold or
 disposed.
 
 ii.  Depreciation has been charged on SLM basis for:
 
 1. Windmills.
 
 2. Plant assets (except for oil and refnery plant located at Morena)
 
 iii. For all other assets depreciation is provided on WDV basis.
 
 b) Amortization:
 
 i. Leasehold assets are amortized over the period of lease.
 
 ii. Intangible assets are amortized over their estimated useful lives
 on straight line basis, commencing from the date the asset is available
 to the Company for its use.
 
 iii. Goodwill arising in the course of acquisition is amortized over a
 period of five years.
 
 10. Foreign Currency Transactions
 
 a) Foreign exchange transactions are recorded at the closing rates
 prevailing on the date of the respective transactions.  Exchange
 difference arising on foreign exchange transactions settled during the
 year is recognized in the profit and loss account.
 
 b) Monetary assets and liabilities denominated in foreign currencies
 are converted at the closing rates as on Balance Sheet date. The
 resultant exchange difference is recognized in the profit and loss
 account.
 
 c) Exchange rate differences arising on a monetary item that, in
 substance, forms part of the Company''s net investment in a non-integral
 foreign operation are accumulated in a foreign currency translation
 reserve in the company''s financial statements until the disposal of the
 net investment.
 
 d) Non monetary assets and liabilities denominated in foreign
 currencies are carried at the exchange rate prevalent on the date of
 the transaction.
 
 e) In respect of transactions covered by forward exchange contracts,
 the difference between the yearend closing rate and rate prevailing on
 the date of contract is recognized as exchange difference and the
 premium paid on forward contract is recognized over the life of the
 contract.
 
 11. Operating Leases
 
 Lease payments under operating leases have been recognized as an
 expense in the profit and loss account.
 
 12. Employee Benefits
 
 a) Short term Employee Benefits
 
 Short term employee benefits are recognized as an expense at the
 undiscounted amount in profit and loss account of the year in which the
 related service is rendered.
 
 b) Post Employment Benefits
 
 Contribution to Provident Fund and Gratuity Fund are charged against
 revenue. Gratuity liability is paid to the Life Insurance Corporation
 of India through a Trust created for the purpose under Group Gratuity
 Scheme. The Premium paid/payable is being charged to Profit and Loss
 Account on accrual basis.
 
 c) Other Long Term Employees Benefits
 
 Company''s liability towards earned leave is determined by an
 independent actuary using Projected Unit Credit Method. Past services
 are recognized on a straight line basis over the average period until
 the benefits become vested. Actuarial gains and losses are recognized
 immediately in the profit and loss account as income or expenses.
 Obligation is measured at the present value of the estimated future
 cash fows using a discounted rate that is determined by reference to
 the market yields at the balance sheet date on Government Bonds where
 the currency and terms of the Government Bonds are consistent with the
 currency and estimated terms of the defend benefit obligation.
 
 13. Investments
 
 Long-term investments are carried at cost less any other then temporary
 diminution in value. Current investments are carried at the lower of
 cost or fair value.
 
 14. Taxation
 
 Tax expenses are the aggregate of current tax and deferred tax charged
 or credited in the statement of profit and loss for the period.
 
 a) Current Tax
 
 The current charge for income tax is calculated in accordance with the
 relevant tax regulations applicable to the company.
 
 b) Minimum Alternate Tax [ MAT]:
 
 In case the Company is liable to pay income tax u/s 115JB of income tax
 Act,1961 (i.e. MAT), the amount of tax paid in excess of normal income
 tax is recognized as an asset (MAT Credit Entitlement) only if there is
 convincing evidence for realization of such asset during the specified
 period. MAT credit entitlement is reviewed at each balance sheet date.
 
 c) Deferred Tax
 
 Deferred tax charge or credit reflects the tax effects of timing
 differences between accounting income and taxable income for the
 period. The deferred tax charge or credit and the corresponding
 deferred tax liabilities or assets are recognized using the tax rates
 that have been enacted or substantively enacted by the balance sheet
 date. Deferred tax assets are recognized only to the extent there is
 reasonable certainty that the assets can be realized in future;
 however, where there is unabsorbed depreciation or carry forward of
 losses, deferred tax assets are recognized only if there is virtual
 certainty of realization of such assets. Deferred tax assets are
 reviewed at each balance sheet date.
 
 15. Government Grant
 
 a) Capital Grant
 
 Government grant related to specific fixed assets which are depreciable
 are treated as deferred income which is recognized in the profit and
 loss statement on systematic and rational basis over the useful life of
 the respective asset.  Such allocation to income is usually made over
 the periods and in the proportions in which depreciation on related
 assets is charged.
 
 b) Revenue Grant
 
 Revenue grant related to specific tax exemptions is recognized in the
 Profit and Loss Account on a systematic and rational basis in the year
 in which it accrues.
 
 16. Borrowing Cost
 
 Borrowing cost attributable to acquisition or construction of a
 qualifying asset is capitalized as part of the cost of asset up to the
 date such asset is ready for its intended use. Other borrowing costs
 are charged to profit and loss account in the year in which they are
 incurred.
 
 17. Employee Stock Option
 
 Employee Compensation Cost, if any, arising on account of option
 granted to employees is recognized in the financial statements. It is
 the difference between the intrinsic value and exercise price of
 options.
 
 18. Impairment of Assets
 
 The company assesses at each balance sheet date whether there is any
 indication that an asset may be impaired. If any such indication
 exists, the Company estimates the recoverable amount of the assets. If
 such recoverable amount of the assets or the recoverable amount of the
 cash generating unit to which the assets belongs is less than its
 carrying amount, the carrying amount is reduced to its recoverable
 amount. The reduction is treated as an impairment loss and is
 recognized in the profit and loss account. If at the balance sheet date
 there is an indication that if a previously assessed impairment loss no
 longer exists, the recoverable amount is reassessed and the asset is
 reflected at the recoverable amount subject to a maximum of depreciated
 historical cost.
 
 19. Provisions and Contingent Liabilities
 
 The Company creates a provision when there is a present obligation as a
 result of past events that probably requires an outflow of resources
 and reliable estimates can be made of the amount of the obligation. A
 disclosure for a contingent liability is made when there is possible
 obligation or a present obligation that may, but probably will not,
 require an outflow of resources.  Contingent assets are neither
 recognized nor disclosed.
स्रोत: रेलीगरे टेचनोवा

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