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moneycontrol.com भारत | लेखांकन नीति > Miscellaneous > लेखांकन नीति फॉलोड से नोवोपेन इंडिया - बीएसई: 500310, NSE: NOVOPANIND

नोवोपेन इंडिया

बीएसई: 500310  |  NSE: NOVOPANIND  |  ISIN: INE460B01016  |  Miscellaneous

खोजें नोवोपेन इंडिया कनेक्शन मार्च 13
लेखांकन नीति साल : मार्च '14
a.  Basis of preparation of Financial Statements:
 
 The financial statements have been prepared to comply in all material
 respects with accounting principles generally accepted in India and the
 applicable Accounting Standards notified under Section 211(3C) [the
 Companies (Accounting Standards) Rules, 2006 (as amended)] and the
 relevant provisions of the Companies Act, 1956 read with the General
 Circular 15/2013 dated 13th September, 2013 of the Ministry of
 Corporate Affairs in respect of Section 133 of the Companies Act 2013.
 The financial statements have been prepared under the historical cost
 convention on accrual basis.
 
 All assets and liabilities have been classified as current or
 non-current as per the Company''s normal Operating cycle and other
 criteria set out in the Schedule VI to the Companies Act, 1956. Based
 on the services rendered and their realization in cash and cash
 equivalents, the Company has ascertained its operating cycle as 12
 months for the purpose of current and non- current classification of
 assets and liabilities.
 
 b.  Use of estimates
 
 The preparation of financial statements in conformity with accounting
 principles generally .  accepted in India requires management, where
 necessary, 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 reported
 amounts of revenues and expenses during the reporting period.  Actual
 results could differ from those estimates.
 
 The estimates and underlying assumptions are reviewed on an ongoing
 basis. Revisions to accounting estimates are recognised in the period
 in which the estimate is revised.
 
 c.  Exceptional and Extraordinary Items
 
 (i) Exceptional Items: Items of income and expense within profit or
 loss from ordinary activities are of such size, nature or incidence
 that their disclosure is relevant to explain the performance of the
 enterprise for the year, the nature and amount of such items are
 disclosed separately as exceptional items.
 
 (ii) Extraordinary Items: Extraordinary items are income or expenses
 that arise from events or transactions that are clearly distinct from
 the ordinary activities of the enterprise and which are not expected to
 recur frequently or regularly.
 
 d.  Revenue Recognition:
 
 The income from sale of goods is recognised as and when sales are made.
 Sales are inclusive of all Taxes, Duties and other charges and net of
 Trade Discounts and Rebates.
 
 e.  Fixed Assets:
 
 Tangible fixed assets are stated at cost less accumulated depreciation
 and impairment loss..Cost of acquisition of fixed assets is inclusive
 of freight, net of duty/tax credits availed, if any, incidental
 expenses relating thereto and the cost of installation/erection.
 Financing costs relating to acquisition of fixed assets which takes
 substantial period of time to get ready for intended use are also
 included to the extent they relate to the period upto such assets are
 ready for their intended use.  
 
 f.  Depreciation:
 
 Depreciation is provided on written down value method for Patancheru
 Unit and on Straight Line Method for Shadnagar and Resins units at the
 rates and in the manner specified in Schedule XIV of the Companies Act,
 1956.
 
 g.  Impairment of Assets:
 
 The Company assesses at each balance sheet date whether there is any
 indication that an asset may be impaired. If any such indication
 exists,, the Company estimates the recoverable amount of the asset. If
 such recoverable amount of the asset or the recoverable amount of the
 cash generation unit to which the asset belongs is less than its
 carrying amount, the carrying amount is reduced to its recoverable
 amount. The reduction is treated as an impairment loss and is
 recognized in the profit and loss account. If at the balance sheet date
 there is an indication that if a previously assessed impairment loss no
 longer exists, the recoverable amount is reassessed and the asset is
 reflected at the recoverable amount subject to a maximum of depreciated
 historical cost.
 
 h.  Inventories:
 
 (i) Finished goods are stated at cost or realizable value whichever is
 less.
 
 (ii) Work-in- process is stated at Cost.
 
 (iii) Raw materials, Packing Material and Stores and Spares are stated
 at cost on Weighted Average method less provision for obselocense if
 any.
 
 i.  Foreign Exchange Fluctuation:
 
 (i) Initial recognition: Transactions in foreign currencies are
 initially recorded at the exchange rates prevailing on the date of the
 transaction.
 
 (ii) Translation: At the year end all monetary assets and liabilities
 in foreign currency are restated at the rate prevailing at the year
 end.
 
 (iii) Exchange Differences: Any gain or loss on translation or
 settlement of transaction is recognised in the statement of profit and
 loss.
 
 j.  Investments:
 
 Investments that are readily realizable and intended to be held for not
 more than a year are classified as current investments. All other
 investments are classified as long-term investments.
 
 Long term Investments are stated at cost. Provision is made for
 diminution in value of investments only if such decline is other than
 temporary.
 
 k.  Retirement Benefits:
 
 (i) Periodical contributions made to concerned authorities towards
 Provident Fund and ESI are charged to revenue.
 
 (ii) The workers of the company are eligible for leave encashment. At
 each reporting date, company''s liability towards leave encashment is
 determined by independent actuarial valuation using the projected unit
 credit method and is charged to revenue.
 
 (iii) Company recognizes the undiscounted amount of employee benefits
 like Leave Travel Assistance, during the accounting period based on
 eligibility of employee as per Company''s rules in this regard.
 
 I.  Borrowing Costs:
 
 (i) Borrowing costs directly attributable to the acquisition,
 construction / erection of qualifying assets, construction / erection
 of an asset that necessarily takes a substantial period of time to get
 ready for its intended use are capitalized as part of the cost of the
 respective asset.
 
 (ii) All other borrowing costs are charged to revenue as and when
 incurred.
 
 m. Earnings per share
 
 (i) Basic earnings per share: Basic earnings per share is calculated by
 dividing the net profit or loss for the year after tax attributable to
 equity share holders by weighted average number of equity shares
 outstanding during the year.
 
 (ii) Diluted earnings per share: Diluted earnings per share is
 calculated by dividing the net profit or loss for the year after tax
 attributable to equity shareholders by the weighted average number of
 equity shares outstanding including equity shares which would have been
 issued on the conversion of all dilutive potential equity shares unless
 they are considered anti-dilutive in nature.
 
 n.  Taxes on Income
 
 (i) Tax expense comprising of current and deferred tax, are considered
 in the determination of the net profit or loss for the year.
 
 (ii) Current tax: Provision for current tax, estimated to arise on the
 profit for the year is made at the current rate of tax in accordance
 with the Income-tax Act, 1961.
 
 (iil)Deferred Tax: In accordance with the Accounting Standard - 22,
 Accounting for taxes on income, the company recognises deferred tax
 liability in the accounts. Deferred tax reflects the impact of timing
 differences between taxable income and accounting income. Deferred tax
 is measured based on the tax rates and the tax laws enacted or
 substantively enacted at the balance sheet date. Deferred tax asset is
 recognised only to the extent there is virtual certainty that
 sufficient taxable income will be available in future against which
 such deferred tax asset can be realised.
 
 o.  Provisions and Contingencies
 
 Provision is recognised 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 a
 reliable estimate can be made. Provisions are not discounted totheir
 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 sheet date and adjusted to reflect the current best
 estimates.
 
 Contingent liabilities are disclosed when there is a probable
 obligation arising from past events, the existence of which will be
 confirmed only by the occurrence or non occurrence of one or more
 uncertain future events not wholly within the control of the company or
 a present obligation that arises from past events where it is either
 not probable that an outflow of resources will be required to settle or
 a reliable estimate of the amount cannot be made, and such liability
 that may arise is termed as. a contingent liability.
 
 p.  Insurance Claims:
 
 Insurance claims are accounted for on admission by the authorities or
 on settlement.
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

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