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moneycontrol.com भारत | लेखांकन नीति > Computers - Software Medium & Small > लेखांकन नीति फॉलोड से प्रोसीड इंडिया - बीएसई: 590057, NSE: GREENFIRE

प्रोसीड इंडिया

बीएसई: 590057  |  NSE: GREENFIRE  |  ISIN: INE217G01027  |  Computers - Software Medium & Small

खोजें प्रोसीड इंडिया कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
(a) Basis of preparation of financial statements
 
 The financial statements of the Company have been prepared in
 accordance with the Generally Accepted Accounting Principles in India
 (Indian GAAP) to comply with the Accounting Standards specified under
 Section 133 of the Companies Act, 2013 read with Rule 7 of the
 Companies (Accounts) Rules, 2014 and the relevant provisions of the
 Companies Act, 2013 (the 2013 Act) / Companies Act, 1956 (the 1956
 Act), as applicable. The financial statements have been prepared on
 accrual basis under the historical cost convention. The accounting
 policies adopted in the preparation of the financial statements are
 consistent with those followed in the previous year.
 
 (b) Use of estimates
 
 The preparation of the financial statements in conformity with Indian
 GAAP requires Management to make estimates and assumptions that affect
 the reported amounts of assets and liabilities and disclosure of
 contingent liabilities on the date of the financial statements and
 reported amounts of revenues and expenses for the year. Actual results
 could differ from these estimates. Any revision to accounting estimates
 is recognised prospectively in the current and future periods.
 
 (c) Depreciation and amortization
 
 In respect of fixed assets (other than freehold land and capital
 work-in-progress) acquired during the year, depreciation/ amortization
 is charged on a straight line basis so as to write off the cost of the
 assets over the useful lives and for the assets acquired prior to 1
 April, 2014, the carrying amount as on 1 April, 2014 is depreciated
 over the remaining useful life based on an evaluation:
 
 (d) Tangible fixed assets
 
 Fixed assets are carried at cost less accumulated depreciation and
 impairment losses, if any. The cost of fixed assets includes interest
 on borrowings attributable to acquisition of qualifying fixed assets up
 to the date the asset is ready for its intended use and other
 incidental expenses incurred up to that date. Exchange differences
 arising on restatement / settlement of long-term foreign currency
 borrowings relating to acquisition of depreciable fixed assets are
 adjusted to the cost of the respective assets and depreciated over the
 remaining useful life of such assets. Subsequent expenditure relating
 to fixed assets is capitalized only if such expenditure results in an
 increase in the future benefits from such asset beyond its previously
 assessed standard of performance.
 
 Fixed assets retired from active use and held for sale are stated at
 the lower of their net book value and net realizable value and are
 disclosed separately in the balance sheet.
 
 Advances paid towards the acquisition of fixed assets outstanding at
 each balance sheet date and the cost of fixed assets not ready for
 their intended use before such date, are disclosed as capital advances.
 
 (e) Intangible assets
 
 Intangible assets are carried at cost less accumulated amortization and
 impairment losses, if any. The cost of an intangible asset comprises
 its purchase price, including any import duties and other taxes (other
 than those subsequently recoverable from the taxing authorities), and
 any directly attributable expenditure on making the asset ready for its
 intended use and net of any trade discounts and rebates.  Subsequent
 expenditure on an intangible asset after its purchase / completion is
 recognized as an expense when incurred unless it is probable that such
 expenditure will enable the asset to generate future economic benefits
 in excess of its originally assessed standards of performance and such
 expenditure can be measured and attributed to the asset reliably, in
 which case such expenditure is added to the cost of the asset.
 
 (f) Inventories
 
 Inventories of traded products are valued at the lower of cost and net
 realisable value. Cost comprises purchase price and all incidental
 expenses incurred in bringing the inventory to its present location and
 condition. The Company follows the first in first out (FIFO) method for
 determining the cost of such inventories.
 
 (g) Minimum Alternative Tax (MAT) Credit entitlement:
 
 Minimum Alternate Tax (MAT) credit is recognized, as an Asset only when
 and to the extent there is convincing evidence that the Company will
 pay normal income tax during the specified year. In the year in which
 the Minimum Alternate tax (MAT) credit becomes eligible to be
 recognised as an asset in accordance with the recommendation contained
 in Guidance Note issued by the Institute of Chartered Accountants of
 India, the said asset is created by way of a credit to the Statement of
 profit and loss and shown as MAT Credit Entitlement.Such Assets are
 reviewed as at each Balance Sheet and written down to reflect the
 amount that will not be available as a credit to be set off in future,
 based on the applicable taxation law then in force
 
 (h) Revenue recognition
 
 Revenue is recognised to the extent that it is probable that the
 economic benefits will flow to the Company and the revenue can be
 reliably measured.
 
 The revenue from sale of commodities is recognised when all significant
 risks and rewards of ownership of goods are passed to the buyer (ie. On
 Physical Delivery), in accordance with the terms and conditions of the
 contracts entered into by the Company with customers.
 
 Brokerage income is recognised when customer orders are executed on the
 commodity exchanges.  Income from interest on deposits and interest
 bearing securities is recognised on the time proportionate method using
 the underlying interest rates.
 
 (i) Earnings per share
 
 The basic earnings per share (EPS) is computed by dividing the net
 profit after tax (including post tax effect of any extraordinary items)
 for the year by the weighted average number of equity shares
 outstanding during the year. The Company does not have any potentially
 dilutive equity shares as at the year-end.
 
 (j) Taxes on income
 
 Income tax expenses comprise of current tax and deferred tax.
 
 Current tax
 
 The current charge for the income taxes is calculated in accordance
 with the relevant tax laws applicable to the Company.
 
 Deferred tax
 
 Deferred tax charge or benefit reflects the tax effects of timing
 differences between accounting income and taxable income, which
 originate during the year but reverse after the tax holiday period.
 The deferred tax charge or benefit and the corresponding deferred tax
 liabilities or assets are recognised using the tax rates that have been
 enacted or substantially enacted by the balance sheet date. Deferred
 tax assets are recognised only to the extent there is reasonable
 certainty that the assets can be realised in future; however, where
 there is unabsorbed depreciation or carry forward of losses, deferred
 tax assets are recognised only if there is a virtual certainty of
 realisation of such assets.  Deferred tax assets are reviewed at each
 balance sheet date and written-down or written-up to reflect the amount
 that is reasonably / virtually certain to be realised. The break-up of
 the major components of the deferred tax assets and liabilities as at
 balance sheet date has been arrived at after setting off deferred tax
 assets and liabilities where the Company has a legally enforceable
 right to set-off assets against liabilities and where such assets and
 liabilities relate to taxes on income levied by the same governing
 taxation laws.
 
 (k) Leases
 
 Assets acquired under lease, where the Company has assumed
 substantially all the risks and rewards of ownership are classified as
 finance lease. Such leases are capitalised at the inception of the
 lease, at fair value of the asset or present value of the minimum lease
 payments at the inception of the lease, whichever is lower.
 
 Assets acquired under lease, where a significant portion of the risks
 and rewards of ownership are retained by the lessor, are classified as
 operating lease. Lease payments under operating leases are recognised
 as an expense in the statement of profit and loss on a straight-line
 basis over the lease term.
 
 (l) Provisions and contingent liabilities
 
 The Company recognizes a provision when there is a present obligation
 as a result of an obligating event that probably requires an outflow of
 resources and a reliable estimate can be made of the amount of the
 obligation. A disclosure for a contingent liability is made when there
 is a possible obligation or a present obligation that may, but probably
 will not, require an outflow of resources.  Where there is a possible
 obligation or a present obligation that the likelihood of outflow of
 resources is remote, no provision or disclosure is made.
 
 Provisions for onerous contracts are recognised when the expected
 benefits to be derived by the Company from a contract are lower than
 the unavoidable costs of meeting the future obligations under the
 contract. The provision is measured at lower of the expected cost of
 terminating the contract and the expected net cost of fulfilling the
 contract.
 
 (m) Retirement benefits
 
 Provision for gratuity, which is a defined benefit scheme, is accrued
 based on actuarial valuation at the balance sheet date, carried out by
 an independent actuary. The Company recognises the net obligation of
 the gratuity plan in the balance sheet as an asset or liability
 respectively in accordance with AS-15 Employee Benefits.
 
 Long term compensated absences is accrued based on actuarial valuation
 at the balance sheet date, carried out by an independent actuary.
 
 Contributions to the employees'' provident fund are charged to the
 statement of profit and loss. Such contributions are made to the
 authorities administering the fund.
 
 (n) Impairment of assets
 
 The Company assesses at each balance sheet date whether there is any
 indication that any assets 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 generating unit to which the asset belongs to 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
 recognised in the statement of profit and loss. If at the balance sheet
 date, there is an indication that a previously assessed impairment loss
 no longer exists, the recoverable amount is reassessed and the asset is
 reflected at the reassessed recoverable amount subject to a maximum of
 depreciated historical cost.
 
 (o) Cash flow statement
 
 Cash flows are reported using the indirect method, whereby net profit
 before tax is adjusted for the effects of transactions of non-cash
 nature, any deferrals, or accruals of past or future operating cash
 receipts or payments and item of expenses associated with investing or
 financing cash flows. The cash flows from operating, investing and
 financing activities of the Company are segregated.
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `5,024 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `248 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `10 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `162 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स ऑप्शंस में `1358 Cr की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `1205 Cr की बिकवाली की
  • HSBC ON RELIANCE IND : BUY रेटिंग, लक्ष्य बढ़ाकर `1700/Sh
  • MACQUARIE ON IGL : Neutral रेटिंग, लक्ष्य बढ़ाकर `420/Sh
  • MORGAN STANLEY ON NTPC : Overweighat रेटिंग, लक्ष्य बढ़ाकर `152/Sh
  • UBS ON AEGIS LOGISTICS : BUY रेटिंग, लक्ष्य `265/Sh

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