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moneycontrol.com भारत | लेखांकन नीति > Cement - Products & Building Materials > लेखांकन नीति फॉलोड से नीलाचल रिफ्रैक्ट्ररीज - बीएसई: 502294, NSE: N.A

नीलाचल रिफ्रैक्ट्ररीज

बीएसई: 502294  |  NSE: N.A  |  ISIN: INE416N01013  |  Cement - Products & Building Materials

खोजें नीलाचल रिफ्रैक्ट्ररीज कनेक्शन मार्च 15
लेखांकन नीति साल : मार्च '18

SIGNIFICANT ACCOUNTING POLICIES

1. Reporting entity

Nilachal Refractories Ltd (the ''Company'') is an Indian Company and its registered office situated at P-598/599 Lewis Road, Kedarnath Apartment, Mahabir Nagar Bhubaneswar 751002 Odisha. The Company has been incorporated under the provisions of Indian Companies Act and its equity shares are listed on the Bombay Stock Exchange (BSE) and Calcutta Stock Exchange Association (CSE) in India. The Company is primarily engaged in the business of Refractories items

2. Basis of preparation

A Statement of compliance

The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015 notified under Section 133 of Companies Act, 2013, (the ''Act'') and other relevant provisions of the Act

The financial statements up to and for the year ended 31 March 2017 were prepared in accordance with the Companies (Accounting Standards) Rules, 2006, notified under Section 133 of the Act and other relevant provisions of the Act

As these are the Company''s first standalone financial statements prepared in accordance with Indian Accounting Standards (Ind AS), Ind AS 101, First-time Adoption of Indian Accounting Standards has been applied. An explanation of how the transition to Ind AS has affected the previously reported financial position, financial performance is provided in Note

Details of the Company''s accounting policies are included in Note 3.

B Functional and presentation currency

These standalone financial statements are presented in Indian Rupees, which is also the Company''s functional currency. All amounts have been rounded-off to the nearest rupee, unless otherwise indicated.

C Use of Estimates and Judgments

The preparation of the financial statements in conformity with Ind AS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, expenses and disclosures of contingent assets and liabilities at the date of these financial statements and the reported amounts of revenues and expenses for the years presented.

3. Significant Accounting Policies Revenue recognition

a) Sales are inclusive of excise duty. Bonus claims, linked to operating efficiency of products, are recognized upon crystallization.

b) Export Incentive under the Duty Entitlement Pass Book Scheme are recognized on the basis of credits afforded in the pass book.

Claims :-

Claims of the Company towards loss, damage and escalation are accounted when there is a certainty that the claim is realizable

Valuation of Inventories :-

Raw materials, semi finished products and goods-in-process are valued at cost. Finished products are carried at lower of cost and net realizable value. Stores and spares are carried at cost. Cost for the purpose of valuation is generally ascertained on weighted average basis.

Fixed Assets :-

Fixed assets are valued at original cost of acquisition including taxes, duties, freight and other incidental expenses relating to acquisition and installation.Net Changes on foreign exchanges contracts and adjustments arising from exchange rate variations attributable to the fixed assests are capitalized.

Transition to Ind AS:- On transition to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant and equipment recognised as on 1 April 2016, measured as per the previous GAAP, and use that carrying value as the deemed cost of such property, plant and equipment

Depreciation is calculated on cost of items of property, plant and equipment less their estimated residual value using straight line method over the useful lives of assets and in the manner specified in schedule II of the Companies Act, 2013. Depreciation is calculated on pro-rata basis on additions and deletions of fixed assets during the year.

Investment property is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Upon initial recognition, an investment property is measured at cost. Subsequent to initial recognition, investment property is measured at cost less accumulated depreciation and accumulated impairment losses, if any

Foreign Currency :-

Transactions in foreign currency are accounted for at the prevailing rate on the transaction date. The year end balances in foreign currency are re-stated at the closing rate and the resultant difference is carried to Profit & Loss Account.

Borrowing Cost :-

The borrowing costs those are directly attributable to the acquisition, construction or production of a qualifying assets are capitalized.

Research and Development Expenditure :-

Revenue expenditure on Research and Development is charged out in the year in which it is incurred.Expenditure, which results in creation of assets, is included in fixed assets and depreciation is provided on such assets are applicable.

Intangible Assets :-

Expenditure incurred is treated in accordance with the provisions of Accounting Standard-26 Intangible Assets issued by the ICAI.

Basis of Preparation of Financial Statements :-

(i) The financial statements are prepared under the historical cost convention, except for certain fixed assets which are revalued, in accordance with generally accepted accounting principles in India and the provisions of the Companies Act, 2013.

(ii) The Company generally follows the mercantile system of accounting and recognizes significant items of income and expenditure on accrual basis.

Use of Estimates :-

The preparation of financial statements requires estimates and assumption to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known/ materialized.

Provision, Contingent Liabilities and Contingent Assets :-

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

Retirement Benefits :-

(a) Contribution towards Provident Fund is being charged to revenue on accrual basis and is deposited to regional office of the concerned authority

(b) Provision for gratuity has been made on the method as prescribed in the respective act.

(c) Provision has been made for accrued leave salary due to the employees, computed with reference to un-availed leave of the employee at the year end.

Deferred Tax :-

Provision for Tax is made for current and deferred taxes. Current taxes is provided on the taxable income using applicable tax rates and tax laws.Deferred Tax Assets and Liabilities arising on account of timing differential and which are capable of reversal in subsequent periods are recognized using the Tax rates and Tax Laws that have been enacted or substantively enacted till the date of the Balance Sheet. Deferred Tax Assets are not recognized unless there is Virtual Certainty that Sufficient future taxable income will be available against which such Deferred Tax Assets will be realized

Impairment of Assets :-

The carrying amount of assets are reviewed at each balance sheet date, if there is an Indication of impairment based on the internal and external factors.

स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `605 Cr की खरीदारी की
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  • MARKET CUES : इंडेक्स फ्यूचर्स में `19.55 Cr की बिकवाली
  • MARKET CUES : इंडेक्स ऑप्शंस में `157.43 Cr की बिकवाली की
  • MARKET CUES : स्टॉक फ्यूचर्स में `282.37 Cr की बिकवाली
  • MARKET CUES : स्टॉक ऑप्शंस में `26.96 Cr की खरीदारी
  • US FED HOLDS RATES STEADY : US FED ने नहीं किया ब्याज दरों में बदलाव
  • US FED HOLDS RATES STEADY : US FED ब्याज दर 1.5-1.75% की रेंज में बरकरार
  • CS ON L&T INFOTECH : Outperform रेटिंग, लक्ष्य `1900/Sh

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