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moneycontrol.com भारत | लेखांकन नीति > Ceramics & Granite > लेखांकन नीति फॉलोड से मिडवैस्ट गोल्ड - बीएसई: 526570, NSE: N.A

मिडवैस्ट गोल्ड

बीएसई: 526570  |  NSE: N.A  |  ISIN: INE519N01014  |  Ceramics & Granite

खोजें मिडवैस्ट गोल्ड कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
1.  Corporate Information
 
 Midwest Gold Limited (the company) is a public company domiciled in
 India and incorporated under the provisions of the companies Act, 1956.
 Its Shares are listed on stock exchanges in India. The company is
 presently engaged in the trading business of Granite, Marbles and Gold.
 
 2.  Basis of Preparation
 
 These financial statements have been prepared in accordance with the
 generally accepted accounting principles in India under the historical
 cost convention on accrual basis, These financial statements have been
 prepared to comply in all material aspects with the accounting
 standards notified under Section 133 of Companies Act 2013 [As on date
 the notified accounting standards are, the Companies (Accounting
 Standards) Rules, 2006, as amended] and the other relevant provisions
 of the Companies Act, 2013.
 
 All 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 the Schedule III to the Companies Act, 2013. Based
 on the nature of products and the time between the acquisition of
 assets for processing and their realisation in cash and cash
 equivalents, period of 12 months is taken as a operating cycle for the
 purpose of current - non current classification of assets and
 liabilities.
 
 II FIXED ASSETS AND DEPRECIATION:
 
 Tangible Assets are stated at acquisition cost, net of accumulated
 depreciation and accumulated impairment losses.
 
 Subsequent expenditures related to an item of fixed asset are added to
 its book value only if they increase the future benefits from the
 existing asset beyond its previously assessed standard of performance.
 
 Items of fixed assets that have been retired from active use and are
 held for disposal are stated at the lower of their net book value and
 net realisable value and are shown separately in the financial
 statements. Any expected loss is recognised immediately in the
 Statement of Profit and Loss.
 
 Losses arising from the retirement of, and gains or losses arising from
 disposal of fixed assets which are carried at cost are recognised in
 the Statement of Profit and Loss.
 
 Machinery spares which are specific to particular item of Fixed Assets
 and its use is expected to be irregular are classified as Mandatory
 spares and are shown separately under Fixed Assets. Depreciation is
 provided on a straight line method, at the rates and manner prescribed
 in Schedule II of the Companies Act, 2013.
 
 All assets have been depreciated at 95% of their cost and the remaining
 5% has not been depreciated as the same will form part of Scrap value..
 
 III VALUATION OF INVENTORIES ARE MADE AS UNDER
 
 1.  Raw Material        -  At Cost (Weighted Average)
 
 2.  Stores & Spares     -  At Cost (FIFO)
 
 3.  Consumables         -  At Cost (FIFO)
 
 4.  Work In Progress    -  Lower of Cost or Estimated Realizable Value
 
 5.  Finished Goods      -  Lower of Cost or Net Realizable Value
 
 6.  Stock in Trade      -  Lower of Cost or Net Realizable Value
 
 IV SALES
 
 Sales are accounted for on passing of title to the customers. Returns
 and rebates and discounts against goods sold are recognized as and when
 ascertained and deducted from sales of the respective year.
 
 V MISCELLANEOUS EXPENDITURE
 
 1.  Preliminary & Public Issue Expenses:
 
 Preliminary & Public Issue Expenses incurred by the Company will be
 charged to revenue on a deferred basis over a period of 10 Years on a
 Commencement of Commercial Production.
 
 2.  Quarry Development Expenditure:
 
 Expenditure incurred on quarry development is treated as deferred
 revenue expenditure to be written off over a period of ten years after
 commencing regular quarrying Operation. In the event of abandoning the
 quarrying operation with in the period of Ten Years, the Same shall be
 written off in that year.
 
 VI TRANSACTIONS IN FOREIGN CURRENCY :
 
 1.  Foreign currency transactions are recorded on the basis of exchange
 rates prevailing on the date of their occurrence.
 
 2.  Foreign currency balances as on the Balance Sheet date are
 realigned in the accounts on the basis of exchange rates prevailing at
 the close of the year and exchange difference arising there from, is
 adjusted to the cost of fixed Assets or charged to the Profit and Loss
 Account, as the case may be.
 
 VII RETIREMENT BENEFITS FOR EMPLOYEES
 
 EMPLOYEE BENEFITS
 
 Defined Contribution Plan
 
 The Company makes contribution towards Provident Fund and Employee
 State Insurance as a defined contribution retirement benefit fund for
 qualifying employees.
 
 The Provident Fund plan is operated by the Regional Provident Fund
 Commissioner. Under this scheme, the Company is required to contribute
 a specified percentage of payroll cost, as per the statute, to the
 retirement benefit schemes to fund the benefits. Employee State
 Insurance is remitted to Employee State Insurance Corporation.
 
 Defined Benefit Plan
 
 For Defined Benefit Plant the cost of providing benefits is determined
 using the Projected Unit Credit Method with actuarial valuation being
 carried out at each Balance Sheet date.  Actuarial gains or losses are
 recognized in full in the Profit and Loss Account for the period in
 which they occur.
 
 (a) Gratuity
 
 Liability towards gratutity is provided for on actuarial Valuation
 Basis.
 
 (b) Leave Encashment Benefits
 
 The Companyextends benefits of leave to the employees while in service
 as well as on retairement. Provision for leave encashment benefit is
 being made on the cash basis.
 
 (c) Short Term Employee Benefits.
 
 Short term employee benefits are recognized as expenses as per
 Companies scheme based on expected obligation
 
 VIII RESEARCH AND DEVELOPMENT EXPENDITURE
 
 Research and development expenditure of revenue nature are charged to
 the Profit and Loss Account, while capital expenditure are added to
 Fixed Assets in the year in which they are incurred.
 
 IX CONTINGENCIES
 
 Liabilities which are material and whose future outcome cannot be
 ascertained with reasonable certainty, are treated as contingent and
 disclosed by way of Notes to Accounts.
 
 X BORROWING COSTS
 
 Borrowings costs incurred in relation to the acquisition, construction
 of assets are capitalized as part of the costs of such assets up to the
 date when such assets are ready for intended use. Other borrowing costs
 are charges as an expense in the year in which these are incurred.
 
 XI TAXES ON INCOME
 
 a.  Provision for Tax for current year has been made on the basis of
 estimated taxable income computed in accordance with the provisions as
 per Income Tax Act, 1961.
 
 b.  Deferred Tax resulting from all timing differences between Book
 Profit and profit as per Income Tax Act, 1961 is accounted for, at the
 enacted rate of Tax, to the extent that the timing difference as
 expected to crystallize. Deferred tax assets are recognized only to the
 extent that there is a reasonable certainty that sufficient future
 taxable profits will be available against which such deferred tax
 assets can be realized.
 
 
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • JEFFERIES ON MGL : BUY रेटिंग, लक्ष्य घटाकर `1180/Sh
  • CITI ON NMDC : BUY रेटिंग, लक्ष्य `125/Sh
  • MS ON ADANI PORTS : Overweight रेटिंग, लक्ष्य `408/Sh
  • CITI ON COAL INDIA : BUY रेटिंग, लक्ष्य बढ़ाकर `270/Sh
  • CITI ON MOTHERSON SUMI : Neutral रेटिंग, लक्ष्य बढ़ाकर `135/Sh
  • CITI ON BRITANNIA IND : BUY रेटिंग, लक्ष्य बढ़ाकर `3575/Sh
  • CITI ON INDIAN ECONOMY : Q2 में GDP ग्रोथ 4.9% रहने का अनुमान
  • CITI ON INDIAN ECONOMY : Q3 में ग्रोथ 6% के करीब रहने का अनुमान
  • HSBC ON IIP : IIP पर दबाव की स्थिति बरकरार
  • HSBC ON IIP : कैपिटल गुड्स में लगातार 5वें महीने गिरावट

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