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moneycontrol.com भारत | लेखांकन नीति > Hospitals & Medical Services > लेखांकन नीति फॉलोड से एनजी इंडस्ट्रीज - बीएसई: 530897, NSE: N.A

एनजी इंडस्ट्रीज

बीएसई: 530897  |  NSE: N.A  |  ISIN: INE825C01018  |  Hospitals & Medical Services

खोजें एनजी इंडस्ट्रीज कनेक्शन मार्च 15
लेखांकन नीति साल : मार्च '16

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 GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013 (the 2013 Act) / Companies Act, 1956 (the 1956 Act), as applicable. 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 Generally Accepted Accounting Principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates.

C. Fixed assets

Fixed assets are stated at cost of acquisition inclusive of duties, taxes, incidental expenses, erection / commissioning expenses and borrowing costs etc. up to the date the assets are ready for their intended use.

Machinery spares which can be used only in connection with an item of fixed assets and whose use as per technical assessment is expected to be irregular, are capitalized and depreciated over the residual life of the respective assets.

D. Depreciation

Depreciation on Fixed Assets is provided on written down value method at the rates prescribed in Schedule II of the Companies Act, 2013 or at rates determined based on the useful life of the assets, whichever is higher.

In case of impairment, if any, depreciation is provided on the revised carrying amount of the assets over their remaining useful life.

Assets created but not owned by the Company are amortized over a period of five periods.

E. Impairment of assets

The carrying amount of assets is reviewed at each balance sheet date to determine if there is any indication of impairment thereof based on external / internal factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount, which represents the greater of the net selling price of assets and their ''value in use''. The estimated future cash flows are discounted to their present value at appropriate rate arrived at after considering the prevailing interest rates and weighted average cost of capital.

F. Investments

Investments are valued at cost of acquisition, less provision for diminution as necessary.

Investments other than current investments, made by the Company are intended to be held for long- term, hence diminutions in value of quoted Investments are generally not considered to be of a permanent nature. Current investments intended to be held for a period less than 1 year from the date on which the investment is made are stated at cost adjusted for amortization and diminution as necessary.

The management has laid out guidelines for the purpose of assessing likely impairments in investments and for making provisions based on given criteria. Appropriate provisions are accordingly made, which in the opinion of the management are considered adequate and also considering the prudential norms specified by the Reserve Bank of India, applicable to the Company in this behalf.

G. Revenue recognition

Revenue (income) is recognized when no significant uncertainty as to determination/ realization exists.

Sale of services

Revenue is recognized on accrual basis Interest

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

Dividends

Dividend is recognized when the shareholders'' right to receive payment is established by the balance sheet date. Dividend from subsidiaries is recognized even if same are declared after the balance sheet date but pertains to period on or before the date of Balance Sheet.

H. Earnings per share

Earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders, by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earning per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of share outstanding during the period are adjusted for the effects of all diluted potential equity shares.

I. Taxation

Tax expense comprises of current and deferred tax.

Current income-tax are measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax Act, 1961.

Deferred tax is recognized on a prudent basis for timing differences, being difference between taxable and accounting income/expenditure that originate in one period and are capable of reversal in one or more subsequent period(s). Deferred tax asset is recognized on carry forward of unabsorbed depreciation and tax losses only if there is virtual certainty that such asset can be realized against future taxable income. Unrecognized deferred tax asset of earlier periods are re-assessed and recognized to the extent that it has become reasonably certain that future taxable income will be available against which such deferred tax assets can be realized.

MAT credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the period in which the Minimum Alternative tax (MAT) credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in guidance Note issued by the Institute of Chartered Accountants of India, the said asset is created by way of a credit to the profit and loss account and shown as MAT Credit Entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal Income Tax during the specified period.

J. Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.

K. Contingent liabilities

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 the accounts.

Bank Guarantee in favour of CGHS for Rs.200,000 (Rupees : Two lacs only) (Previous year Rs.200,000) and in favour of Directorate of Commercial Taxes for Rs.NIL(Previous year Rs.80,000) (Rupees : Eighty Thousand only).

L. Provisions

A provision is recognized when the company 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 reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance date and adjusted to reflect the current best estimates.

M. Gratuity and post-employment benefits plans

Since the Company is covered under sub-paragraph (c) of the first paragraph of the Accounting Standard (AS) 15 (revised 2005) issued by Institute of Chartered Accountants of India ,therefore the following paragraphs of the said standard will not be applicable:

(i) Requirements under paragraphs 11 to 16 (i) Requirements under paragraphs 46 and 139 (i) Requirements under paragraphs 50 to 116 and 117 to 123 (i) Requirements under paragraphs 129 to 131 N Micro, Small and Medium Enterprises

There are no Micro, Small & Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March 2016. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

O. Fixed Deposit

Bank Fixed Deposit to the tune of Rs.2, 500, 000 (Rupees: Twenty five lacs only) have been pledged to HDFC Bank Ltd. for Securing Over draft Limit.

Bank Fixed Deposit held to the tune of Rs.10, 000,000 (Rupees: One crores only) in Axis Bank Ltd. This Fixed deposit has been pledged with National Stock Exchange through share broker, as margin money to facilitate share Investment transactions.

Bank Fixed Deposit held to the tune of Rs.244, 703 (Rupees: Two lacs forty four thousand seven hundred three only) have been pledged to State Bank of Travancore for Securing Bank Guarantee.

P. Short Term Borrowings

Short term borrowing as per Balance Sheet Rs.11, 739,431 (Rupees: One crores seventeen lacs thirty nine thousand four hundred thirty one only). Actual utilization as per Bank Statement is Rs.1, 475,793 (Rupees: Fourteen lacs seventy five thousand seven hundred ninety three only) as on 31st March, 2016. The difference between Balance Sheet amount and physical Bank Account is Rs.10, 263,638 (Rupees: One crores two lacs sixty three thousand six hundred thirty eight only). This is due to cheques received and cheques issued which are not credited and debited in Bank Account, as per BRS.

Q. In the opinion of the Board of Directors, the Current Assets, Loans & Advances are approximately of the value stated in accounts, if realized in ordinary course of business, unless otherwise stated. The provision for all known liabilities is adequate and not in excess/short of the amount considered reasonable/necessary.

R. Balances of some of the Sundry creditors, Loans and advances incorporated in the books as per balances appearing in the relevant subsidiary records, are subject to confirmation from the respective parties and consequential adjustments arising from reconciliation, if any. The management however is of the view that there will be no material discrepancies in this regard.

S. The financial statements for the year ended 31st March, 2016 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year''s notifications.

T This accounting period, being the transitional year for application of Schedule II to the Act in respect of charge of depreciation, the carrying amount of the assets as on the beginning of the Accounting of charge of depreciation, the carrying amount of the assets as on the beginning of the Accounting Year:

a) Has been depreciated over the remaining useful life of the asset as per the said Schedule II,

b) After retaining the residual value, has been recognized in the opening balance of the retained earnings where the remaining useful life of an asset is Nil

Due to this change the depreciation charges for the year was lower by Rs.6, 114,335/- with consequential impact on the reported profits of the Company.

U. In the opinion of the Management there is no Impairment of any of the Fixed Assets of the Company in terms of Accounting Standard.

स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • BREAKING NEWS RED : लॉकडाउन बढ़ाने के विकल्पों पर विचार जारी
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