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moneycontrol.com भारत | लेखांकन नीति > Chemicals > लेखांकन नीति फॉलोड से नैशनल ऑक्सीजन - बीएसई: 507813, NSE: NOL

नैशनल ऑक्सीजन

बीएसई: 507813  |  NSE: NOL  |  ISIN: INE296D01010  |  Chemicals

खोजें नैशनल ऑक्सीजन कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
Nature of Operations:
 
 National Oxygen Limited was incorporated on 23rd December 1974 and is
 engaged in manufacturing of Industrial Gases and Wind Energy generation
 
 Basis of Preparation :
 
 The financial statements have been prepared to comply in all material
 respects with the accounting principles generally accepted in India,
 including mandatory Accounting Standards notified under Section 133 of
 the Companies Act, 2013 and the relevant provisions thereof under the
 historical cost convention and on an accrual basis. The accounting
 policies, in all material respects, have been consistently applied by
 the Company and are consistent with those used in the previous year .
 
 All Assets and Liabilities have been classified as current or
 noncurrent as per the company''s normal operating cycle and other
 criteria specified in Schedule III to the Companies Act, 2013. The
 company has presently determined 12 months as the normal Operating
 cycle for the purpose of classification of current and noncurrent
 Assets and Liabilities.
 
 A RECOGNITION OF INCOME & EXPENDITURE: 
 
 The company follows the Mercantile system of accounting and 
 recognizes Income and Expenditure on accrual basis, except those with significant uncertainties.
 
 B FIXED ASSETS:
 
 a) Fixed Assets are stated at cost net of Canvas & Value added tax,
 depreciation and impairment.  Cost of acquisition includes duties,
 taxes, incidental expenses, erection / commissioning expenses and
 interest etc. upto the date the asset is ready for its intended use.
 
 b) The Carrying amount of assets are reviewed at each balance sheet
 date to determine if there is any indication of impairment 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 and ''Value in use'' of
 the assets. The estimated future cash flows considered for determining
 the value in use, are discounted to their present value at the weighted
 average cost of capital. Based on the review, the management concluded
 that there was no indication of any impairment as at the Balance Sheet
 date.
 
 C DEPRECIATION:
 
 a) With effect from 1st April 2014, the company has computed
 depreciation with reference to the useful life / revised remaining
 useful life of the assets as specified by and in the manner prescribed
 in Schedule II of the Companies Act 2013 under Straight Line Method. As
 permitted by the transitional provisions of Schedule II, the Company
 has decided to adjust the impact of change in useful life arising on
 its first application amounting to Rs.58,01,324 (Net of Deferred Tax
 Rs.27,86,868) against the opening Retained Earnings. On Additions /
 sales the depreciation is prorated to the month of Addition / Sale.
 
 b) Lease hold Land is amortized over the lease period.
 
 c) In case of Impairment, if any, depreciation is provided on the
 revised carrying amount of the assets over its remaining useful life.
 
 D INVESTMENTS:
 
 a) Quoted / Unquoted Long term Investments are stated at cost unless
 there is a decline, other than temporary, in the value thereof, which
 is duly provided for in the Accounts.
 
 b) Current quoted investments are stated at lower of cost or market
 value on individual investment basis.
 
 E INVENTORIES:
 
 a) Finished Goods  At cost (Computed on Annual Weighted Average) or
 net realizable value whichever is lower
 
 b) Raw Materials/Stores & Spare Parts  At Cost (Computed on FIFO
 basis) or net realizable value whichever is lower
 
 F FOREIGN CURRENCY TRANSACTIONS:
 
 Foreign currency transactions are recorded on the basis of exchange
 rate prevailing at the date of the transaction. Foreign currency
 monetary items are reported at the yearend closing rates. Non monetary
 items which are carried at historical cost are reported using the
 exchange rate prevailing at the date of the transaction.
 
 The exchange differences arising on settlement / year end restatement
 of monetary items are recognized in the Profit & Loss Account in the
 period in which they arise.
 
 G EMPLOYEE BENEFITS:
 
 Defined Benefits Plans: Gratuity liability is provided for based on
 actuarial valuation made at the end of each financial year using the
 projected unit credit method . Actuarial gain and losses are recognized
 immediately in the statement of Profit & Loss Account as income or
 expenses.
 
 Defined Contribution plans : Company''s contribution to Provident Fund
 is charged to the Profit & Loss Account of the year when the
 contribution to the said fund is due. The Company has no obligations
 other than the contributions payable to the said Fund.
 
 H SALES : Sales is net of discounts and rebate allowed to the
 customers.
 
 I BORROWING COSTS :Borrowing costs relating to acquisition/construction
 of qualifying assets are capitalized until the time all substantial
 activities necessary to prepare the qualifying assets for their
 intended use are complete. A qualifying asset is one that necessarily
 takes substantial period of time to get ready for its intended use. All
 other borrowing costs are charged to revenue.
 
 J TAXES ON INCOME :
 
 a) Current Income Ta x is provided as per the provisions of the Income
 tax Act 1961.
 
 b) Deferred Tax arising on account of timing difference, being the
 difference between taxable income & accounting income that originate in
 one period and are capable of reversal in one or more subsequent
 periods, are recognized at the income tax rates enacted or
 substantively enacted as on the Balance Sheet date. Deferred Tax Asset
 is recognized and carried forward only to the extent that there is
 virtual certainty that the assets will be realized in subsequent
 periods.
 
 K PROVISIONS:
 
 A provision is recognized when an enterprise 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 a reliable estimate can be made.
 
 L 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.
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

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