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moneycontrol.com भारत | लेखांकन नीति > Computers - Software Medium & Small > लेखांकन नीति फॉलोड से नेट4 इंडिया - बीएसई: 532912, NSE: NET4

नेट4 इंडिया

बीएसई: 532912  |  NSE: NET4  |  ISIN: INE553E01012  |  Computers - Software Medium & Small

खोजें नेट4 इंडिया कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
a. Basis of accounting and preparation of financial statements
 
 b. The financial statements are prepared in accordance with Indian
 Generally Accepted Accounting principles (GAAP) under the historical
 cost convention on an accrual basis except for certain financial
 instruments which are measured at fair value. GAAP comprises mandatory
 Accounting Standards as prescribe under section 133 of the companies
 act 2013(Act) read with rule 7 of the companies (Accounts) rules, 2014,
 the provision of the act (to the extent notified) and guidelines issued
 by the Securities and Exchange Board of India. Accounting policies have
 been consistently applied except where a newly issued accounting
 standard is initially adopted or a revision to an existing accounting
 standard requires a change in the accounting policy hitherto in use.
 
 c. Use of Estimates
 
 The preparation of the financial statements in conformity with GAAP
 requires the management to make estimates and assumptions that affect
 the reported balances of assets and liabilities and disclosures
 relating to contingent assets and liabilities as at the date of the
 financial statements and reported amounts of income and expenses during
 the period. The management believes that the estimates used in the
 preparation of the financial statements are prudent and reasonable.
 
 Where no reliable estimate can be made; a disclosure is made as
 contingent liability.  Actual results could differ from those estimates
 and the difference between the actual results and the estimates are
 recognized in the periods in which the results are known.
 
 d. Inventories
 
 Inventories are valued at the lower of cost (determined on First in
 First out basis) and estimated net realizable value.
 
 Cost is inclusive of all purchase costs and other costs incurred in
 bringing the inventories to their present location and conditions.
 
 e. Fixed Assets and Depreciation
 
 (i) Tangible Assets:
 
 Fixed assets are stated at cost, less accumulated depreciation and
 impairment losses if any. Costs directly attributable to the purchase
 of fixed assets are capitalized until fixed assets are ready for use.
 Capital work-in-progress comprises of the cost of fixed assets that are
 not yet ready for their intended use before the balance sheet date.
 
 All assets discarded/ dismantled are written off assuming that the
 scrap value for the same is Nil. If and when such discarded assets are
 disposed off partially or fully, the amounts realized during the year
 are credited to the profit and loss account of that year.
 
 (ii) Depreciation:
 
 Depreciation of Tangible Assets is provided on the written down value
 method over the useful life of the asset, useful life is same as the
 useful life prescribed under part C of schedule II of the companies act
 2013.
 
 (iii) Intangible Assets and amortization:
 
 Intangible assets are amortized over their respective individual
 estimated useful lives on a straight line basis, commencing from the
 date the asset is available to the company for its use. Management,
 using reasonable and supportable assumptions, has estimated the useful
 lives for the intangible assets as follows:
 
 Trademarks 20 years Goodwill 10 years
 
 Trademarks represent the brand image of the company and constitute an
 asset with no limited useful life. Based on advice received by the
 management and as per the provisions of the Trade Marks and Merchandise
 Act of 1999, the company can retain the ownership and registration of
 the trademarks perpetually by renewing the registration at the end of
 every ten years, leading to the view that the useful life of its
 trademarks are unlimited.
 
 However, as a matter of abandon precaution, the cost of the Trademarks
 is being amortized over a period of 20 years.
 
 f. Impairment of Assets
 
 The carrying values of assets / cash generating units at each Balance
 Sheet date are reviewed for impairment. If any indication of impairment
 exists, the recoverable amount of such assets is estimated and
 impairment is recognized, if the carrying amount of these assets
 exceeds their recoverable amount. The recoverable amount is the greater
 of the net selling price and their value in use. Value in use is
 arrived at by discounting the future cash flows to their present value
 based on an appropriate discount factor.  When there is indication that
 an impairment loss recognized for an asset in earlier accounting
 periods no longer exists or may have decreased, such reversal of
 impairment loss is recognized in the Statement of Profit and Loss,
 except in case of revalued assets.
 
 g.  Investments
 
 Trade investments are the investments made to enhance the company''s
 business interests. Investments are either classified as current or
 noncurrent based ori the management''s intention at the time of
 purchase. Current investments are carried at the lower of cost and fair
 value. Non Current Investments are stated at cost. Provision for
 diminution in their value is made only if such a decline is other than
 temporary in the opinion of the management.
 
 h.  Revenue Recognition
 
 Sale of Goods
 
 The Company recognizes revenue on accrual basis. Revenue from the sale
 of hardware/software products is recognized when the sale is completed
 with the passing of title.
 
 Income from Services
 
 Revenue from services is recognized in the ratio of period expired over
 the total agreement period. Revenue from Fixed Price Contracts is
 recognized proportionately over the period in which services are
 rendered. The consideration received from the customer''s in respect of
 certain online services for an extended period is accounted for as
 revenue in the financial year in which consideration is received. Costs
 related to the revenue are also recognized in the same period. Hence
 the gross margin is not impacted (i.e. not overstatedor understated).
 This method of revenue recognition and cost related to it is being
 consistently followed from previous year.
 
 Other Income
 
 Other income is recognized on accrual basis. Dividend income is
 recognized when the company''s right to receive dividend is established.
 
 Profit on sale of investments is recorded on transfer of title from the
 company and is determined as the difference between the sales price and
 the carrying value of the investment.
 
 i.  Foreign Currency Transactions
 
 Initial recognition
 
 Transactions in foreign currencies entered into by the company and its
 integral foreign operations are accounted at the exchange rates
 prevailing on the date of the transaction or at rates that closely
 approximate the rate at the date of transaction.
 
 Measurement of foreign currency monetary items at the Balance Sheet
 date Foreign currency monetary items (other than derivative contracts)
 of the Company and its net investment in non-integral foreign
 operations outstanding at the Balance Sheet date are restated at the
 year-end rates.
 
 In the case of integral operations, assets and liabilities (other than
 non-monetary items), are translated at the exchange rate prevailing on
 the Balance Sheet date. Non-monetary items are carried at historical
 cost. Revenue and expenses are translated at the exchange rates on the
 date of transaction. Exchange differences arising out of these
 translations are charged to the Statement of Profit and Loss.
 
 Treatment of Exchange Difference
 
 Exchange differences arising on settlement / restatement of short-term
 foreign currency monetary assets and liabilities of the Company and its
 integral foreign operations are recognized as income or expense in the
 Statement of Profit and Loss. The exchange differences on restatement /
 settlement of loans to non-integral foreign operations that are
 considered as net investment in such operations are accumulated in a
 Foreign currency translation reserve until disposal / recovery of the
 net investment.
 
 The exchange differences arising on restatement / settlement of
 long-term foreign currency monetary items are capitalized as part of
 the depreciable fixed assets to which the monetary item relates and
 depreciated over the remaining useful life of such assets or amortized
 on settlement / over the maturity period of such items if such items do
 not relate to acquisition of depreciable fixed assets. The unamortized
 balance is carried in the Balance Sheet as Foreign currency monetary
 item translation difference account net of the tax effect thereon.
 
 Accounting of forward contracts
 
 Premium / discount on forward exchange contracts, which are not
 intended for trading or speculation purposes, are amortized over the
 period of the contracts if such contracts relate to monetary items as
 at the Balance Sheet date.
 
 j.  Employee Benefits
 
 Employee benefits include provident fund, gratuity fund, compensated
 absences and long service awards.
 
 Defined contribution plans
 
 The Company''s contributions to provident fund are considered as defined
 contribution plans and are charged as an expense as they fall due based
 on the amount of contribution required to be made.
 
 Defined benefit plans
 
 For defined benefit plans in the form of gratuity fund and leave
 encashment, the cost of providing benefits is determined using the
 Projected Unit Credit method, with actuarial valuations being carried
 out at each Balance Sheet date. Actuarial gains and losses are
 recognized in the Statement of Profit and Loss in the period in which
 they occur. Past service cost is recognized immediately to the extent
 that the benefits are already vested and otherwise is amortized on a
 straight-line basis over the average period until the benefits become
 vested. The retirement benefit obligation recognized in the Balance
 Sheet represents the present value of the defined benefit obligation as
 adjusted for unrecognized past service cost, as reduced by the fair
 value of scheme assets. Any asset resulting from this calculation is
 limited to past service cost, plus the present value of available
 refunds and reductions in future contributions to the schemes.
 
 k.  Research and Development
 
 Revenue expenditure incurred on research and development is expensed as
 incurred.  Capital expenditure is included in the respective heads
 under fixed assets and depreciation thereon is charged to the profit
 and loss account.
 
 l.  Borrowing Cost
 
 Borrowing costs include interest, amortization of ancillary costs
 incurred and exchange differences arising from foreign currency
 borrowings to the extent they are regarded as an adjustment to the
 interest cost. Costs in connection with the borrowing of funds to the
 extent not directly related to the acquisition of qualifying assets are
 charged to the Statement of Profit and Loss over the tenure of the loan.
 Borrowing costs, allocated to and utilized for qualifying assets,
 pertaining to the period from commencement of activities relating to
 construction / development of the qualifying asset up to the date of
 capitalization of such asset is added to the cost of the assets.
 Capitalization of borrowing costs is suspended and charged to the
 Statement of Profit and Loss during extended periods when active
 development activity on the qualifying assets is interrupted.
 
 m.  Leases
 
 Lease rentals in respect of assets taken on ''Operating Lease'' are
 charged to the profit & loss Account on straight line basis over the
 lease term.
 
 n.  Earnings per Share
 
 Basic earnings per share (EPS) is calculated by dividing the net profit
 after tax for the year (including the post-tax effect of extraordinary
 items, if any) attributable to equity shareholders by the weighted
 average number of equity shares outstanding during the period. The
 weighted average number of equity shares outstanding during the period
 is adjusted for events of bonus issue and share split.
 
 o.  Taxes on Income
 
 Current tax is the amount of tax payable on the taxable income for the
 year as determined in accordance with the provisions of the Income Tax
 Act, 1961.
 
 Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
 gives future economic benefits in the form of adjustment to future
 income tax liability, is considered as an asset if there is convincing
 evidence that the Company will pay normal income tax. Accordingly, MAT
 is recognized as an asset in the Balance Sheet when it is probable that
 future economic benefit associated with it will flow to the Company.
 Deferred tax is recognized on timing differences, being the differences
 between the taxable income and the accounting income that originate in
 one period and are capable of reversal in one or more subsequent
 periods. Deferred tax is measured using the tax rates and the tax laws
 enacted or substantially enacted as at the reporting date.  Deferred
 tax liabilities are recognized for all timing differences. Deferred tax
 assets in respect of unabsorbed depreciation and carry forward of
 losses are recognized only if there is virtual certainty that there
 will be sufficient future taxable income available to realize such
 assets. Deferred tax assets are recognized for timing differences of
 other items only to the extent that reasonable certainty exists that
 sufficient future taxable income will be available against which these
 can be realized. Deferred tax assets and liabilities are offset if such
 items relate to taxes on income levied by the same governing tax laws
 and the Company has a legally enforceable right for such set off.
 Deferred tax assets are reviewed at each Balance Sheet date for their
 reliability.
 
 Cash Flow Statement
 
 Cash flows are reported using the indirect method, whereby profit
 before tax is adjusted for the effects of transactions of a non-cash
 nature and any deferrals or accruals of past or future cash receipts or
 payments. The cash flows from regular revenue generating, financing,
 and investing activities of the company are segregated.
 
 p.  Provision and contingencies
 
 A provision is recognized 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 a
 reliable estimate can be made. Provisions (excluding retirement
 benefits) are not discounted to their present value and are determined
 based on the best estimate required to settle the obligation at the
 Balance Sheet date. These are reviewed at each Balance Sheet date and
 adjusted to reflect the current best estimates.
 
 The disclosure is made for all possible or present obligations that may
 but probably will not require outflow of resources as contingent
 liability. Contingent liabilities are disclosed in the Notes.
 
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

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  • HSBC ON CASTROL : BUY रेटिंग, लक्ष्य बढ़ाकर `165/Sh
  • MS ON FUTURE RETAIL : Overweight रेटिंग, लक्ष्य घटाकर `540/Sh
  • CREDIT SUISSE ON ITC : Outperform रेटिंग, लक्ष्य `330/Sh
  • MORGAN STANLEY ON GRASIM : Overweight रेटिंग, लक्ष्य `875/Sh

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