moneycontrol.com भारत | लेखांकन नीति > Miscellaneous > लेखांकन नीति फॉलोड से नैशनल प्लाईवुड इंडस्ट्रीज - बीएसई: 516062, NSE: N.A

नैशनल प्लाईवुड इंडस्ट्रीज

बीएसई: 516062  |  NSE: N.A  |  ISIN: INE497C01016  |  Miscellaneous

खोजें नैशनल प्लाईवुड इंडस्ट्रीज कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '18



A Basis of accounting and preparation of financial statements

The Company has prepared these financial statements to comply in all material respects with the Accounting Standards specified under Section 133 of the Companies Act 2013 ( the 2013 Act) read with Rule 7 of the Companies (Accounts) Rules 2014. The financial statements have been prepared on an accrual basis and under the historical cost convention except in case of assets for which provision for impairment is made and revaluation is carried out. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

B Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles 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 as cost of acquisition inclusive of duties (net of CENVAT and other credits, wherever applicable), taxes, incidental expenses, erection / commissioning expenses and borrowing costs etc. up to the date the assets are ready for their intended use.

D Depreciation

Depreciation on fixed assets is provided on Straight Line 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.

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 that are readily realisable and intended to be held for not more than a year are classified as current investments. All other investments are classified as long-term. Current investments are carried at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost, but provision for diminution in value is made to recognise a decline other than temporary in the value of such investments.

G Inventories

Inventories are stated at lower of cost and net realisable value. The cost of finished goods and stock-in-process comprises raw materials, direct labour, other direct cost and related production overheads up to the relevant stage of completion. Purchased finished goods are valued at cost of purchase.

H Revenue recognition

Revenue (income) is recognised when no significant uncertainty as to determination/ realisation exists.


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

Foreign currency transactions

Foreign currency transactions are recorded on the basis of exchange rates prevailing on the date of their occurrence.

I Employee Benefit Provident Fund

Contribution towards Provident Fund for certain employee is made to the regulatory authorities where the Company has no further obligation.


The Company does not provide for gratuity, a defined benefit plan (the Gratuity Plan) covering eligible employee in accordance with the Payments of Gratuity Act. 1972.

J Earnings per share

Earning 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.

K Taxation

Tax expenses comprise current and deferred tax.

Current income tax is measured as 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 recognised on carry forward of unabsorbed depreciation and tax losses only if there is virtual certainty that such asset can be realised against future taxable income. Unrecognised deferred tax assets of earlier periods are reassessed and recognised to the extent that it has become reasonably certain that future taxable income will be available against which such deferred tax assets can be realised.

MAT credit is recognised 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 a 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.

a) Disputed Income of Rs. 2,50,82,624/ - for assessment year 1996-97 for which the appeal is pending at Kolkata High Court.

L 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.

M Excise: Re Aqueous Solution Case

i) Refund claim of Rs. 66.29 lakhs transferred to Consumer Welfare Fund. Appeal filed is pending with CESTAT, Kolkata.

ii) Refund claim of Rs. 19.11 lakhs sanctioned and paid but Department has filed an appeal before the Tribunal which has been remanded to the Department for de-novo examination of provisional assessment, and is pending.

iii) Refund claim of Rs. 53.56 lakhs pending in an appeal before Tribunal, Kolkata. Total Contingent Refund is approx Rs. 119.85 lakhs .

N 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.

Central Excise

i) Due to dispute in classification and/or valuation of certain items of finished goods under the Central Excise & Salt Act, 1944, a demand of Rs. 19.03 lakhs(approx) has been confirmed by Central Excise Department. Department has been requested to adjust the amount against refund claim pending with the Department.

ii) Demand of duty of Rs. 182.68 lakhs (approx.) against notice dated 11.12.1985 was confirmed by the Commissioner C.E. on 10.10.2001. The said demand was issued on Notional Basis. An appeal against the order of the Commissioner of Central Excise was filed before the Tribunal, Kolkata which was rejected by the Tribunal on the ground of being time-barred. Against the order of the Tribunal an appeal was filed before the Hon''ble Guwahati High Court which was allowed with a direction to the Tribunal, Kolkata for taking final decision. The matter is still pending before Tribunal, Kolkata for final decision.

iii) Demand of duty of Rs. 20.65 lakhs confirmed. Appeal and stay petition has been filed before the Tribunal Kolkata. Stay petition has been allowed and appeal is pending.

Total Contingent liabilities on this account is approx Rs. 250.49 lakhs.

Provident Fund

Provident Fund Liabilities are being paid as per agreed stipulated term. Necessary applications were filed with concerned authorities to waive penal interest(s), penalties, damages & other charges on the liabilities of the company as on 31.03.2018. A proposal has been submitted to the PR Authorities Salem for an instalment of the outstanding dues and a formal confirmation is awaited. Meanwhile monthly instalments are being paid.

Sales Tax (Hosur, Tamil Nadu)

Demand of Rs. 345.69 lakhs is outstanding against IFSTLoan against which a stay has been granted by the Madras High Court.

Enforcement Department (E.D.)

Enforcement Department imposed a penalty of Rs. 15.00 lakhs towards non-receipt of the inward foreign remittance for export consignments in the year 2002. The said consignments were having quality disputes, which could not be replaced due to lock-out of the factory and subsequently the Company went for revival in BIFR and the unit was sold through the BIFR tender process. Subsequently, though all the secured creditors were settled and the Company received the No Dues Certificate from the concerned banks, the Enforcement Department without considering the aforesaid facts, imposed the said penalty. An appeal with the Appellate Authority is pending for hearing

O. In order to bring value to the Company, the promoter Late M. L. Periwal had decided to sell the NATIONAL BRAND for using in plywood and laminates and other allied products to the Company at a cost of Rs. 674.10 lakhs arrived at as per independent valuation Report dated 31.03.2006. In lieu of this the Company proposed to issue shares of the face value of Rs. 10/- each at a premium of Rs. 5/- per share to acquire the NATIONAL BRAND for which approval was sought from the BIFR vide the Draft Rehabilitation Scheme pending with them since 2006-07 where the provision was made for this allotment against Promoters'' Contribution. Since the Hon''ble BIFR and SICA have been repealed with effect from 1st December, 2016, the Board has decided to allot 44,94,000 equity share @ Rs. 15/- per share to Late M. L. Periwal''s nominees as inheritance as per the extract of his duly probated WILL. This is subject to other necessary approvals as required from the concerned authorities.

P Preferential Issue Of Shares

Some creditors and promoters had invested Rs. 822.30 lakhs as long term unsecured loans free of interest in the Company since 2006 to enable the settlement with secured lenders (banks). A broad understanding was made with them that these amounts would be converted to Equity at a price equivalent to the issue to promoters as per the scheme submitted to the BIFR. This would be subject to the approval of such scheme. However the BIFR was dissolved and SICA was repealed on 01.12.2016. The board has approved this conversion of unsecured loan to Rs. 54.82 lakh equity shares of Rs. 10/-each at a premium of Rs. 5 /- per share. This is however subject to the shareholders approval and permission.

Q Provisions

A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimates 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.

स्रोत: रेलीगरे टेचनोवा

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(August 06, 2018)

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