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सेज़ल ग्लास

बीएसई: 532993  |  NSE: SEZAL  |  ISIN: INE955I01036  |  Glass & Glass Products

खोजें सेज़ल ग्लास कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
1.1 Basis of accounting and preparation of financial statements
 The financial statements have been prepared in accordance with the
 Generally Accepted Accounting (GAAP) Principles in India under the
 historical cost convention on accrual basis, except for certain
 Tangible assets which are carried at revalued amounts.  Pursuant to
 Section 133 of the Companies Act, 2013 read with Rule 7 of the
 Companies (Accounts) Rules 2014, till the standards of accounting or
 any addendum thereto are prescribed by Central Government in
 consultation and recommendation of the National Financial Reporting
 Authority, the existing Accounting Standards notified under the
 Companies Act, 1956 shall continue to apply.  Consequently these
 financial statements have been prepared to comply in all the material
 aspects with the accounting standards notified under Section 211(3C) of
 the Companies Act, 2013. All the assets and liabilities are classified
 as current or non current as per criteria set out in Schedule III to
 the Companies Act, 2013. Based on the nature of products and the time
 between the acquisition of assets for processing and their realization
 in cash and cash equivalent, the Company has ascertained its operating
 cycle to be 12 months for the purpose of Current - Non Current
 classification of assets and liabilities
 1.2 Use of Estimates
 The preparation of the financial statements in conformity with Indian
 GAAP requires the Management to make estimates and assumptions
 considered in the reported amounts of assets and liabilities (including
 contingent liabilities) and the reported income and expenses during the
 year. The Management believes that the estimates used in preparation of
 the financial statements are prudent and reasonable. Future results
 could differ due to these estimates and the differences between the
 actual results and the estimates are recognised in the periods in which
 the results are known / materialise.
 1.3 Inventories
 Finished Goods are valued at lower of cost plus appropriate share of
 production overheads or net realisable value which ever is less. Raw
 materials and Consumable stores and stock of traded goods, are valued
 on first in first out (FIFO) basis at lower of cost or Net Realisable
 Value. Glass Cut Pieces are valued at average rate of raw material of
 respective thickness and quality.
 1.4 Cash and cash equivalents (for purposes of Cash Flow Statement)
 Cash comprises cash on hand and demand deposits with banks. Cash
 equivalents are short-term balances (with an original maturity of three
 months or less from the date of acquisition), highly liquid investments
 that are readily convertible into known amounts of cash and which are
 subject to insignificant risk of changes in value.
 1.5 Cash flow statement
 The Cash Flow Statement is prepared by the indirect method set out in
 Accounting Standard (AS-3) on Cash Flow Statements and presents the
 cash flows by operating, investing and financing activities of the
 1.6 Depreciation and amortisation
 Depreciation on Tangible Fixed Assets has been provided on the
 straight-line method based on useful life as prescribed in Schedule II
 to the Companies Act, 2013. Depreciation on additions and deletions to
 Fixed Assets is provided on pro-rata basis for the number of days the
 asset has been put to use. Intangibles are amortised over a period of 5
 1.7 Revenue recognition
 Sales are recognised, net of returns and trade discounts, on transfer
 of significant risks and rewards of ownership to the buyer, which
 generally coincides with the delivery of goods to customers. Sales are
 net off Excise Duty, Sales tax and value added tax.  Export Sales are
 accounted by converting the Foreign Currency amount at the rate of
 exchange fixed by the Customs Authority.  On realization of export
 proceeds, the difference between rate at which the amount is realized
 and the amount booked is charged off / back to Statement of Profit and
 Loss as Loss / Gain due to exchange rate difference.
 1.8 Other income
 Interest income is accounted on the basis of proportionate period of
 investment, considering the amount of investment and the rate of
 interest. Dividend income is accounted when the right to receive it is
 established. Liabilities no longer required are written back to income.
 1.9 Tangible fixed assets
 The Fixed assets are stated at cost, inclusive of inward freight,
 duties and taxes (Net off input credits claimed), installation and
 commissioning expenses, incidental expenses incurred for the assets to
 be gainfully put to use, less accumulated depreciation.  Where the
 assets are installed and commissioned, but fail to deliver the required
 results to the satisfaction of the Company''s management, the same are
 not capitalized and are carried forward to the next year as Capital
 WIP. Revenue expenses incurred in connection with project
 implementation in so far as such expenses relate to the period prior to
 the commencement of commercial activity are treated as pre operative
 expenses to be charged off after the commencement of commercial
 The Company revalued its Land and Buildings as on 31st March, 2011. The
 revalued assets are carried at the revalued amounts less accumulated
 depreciation and impairment losses, if any. Increase in the net book
 value on such revaluation is credited to Revaluation reserve account
 except to the extent such increase is related to and not greater than a
 decrease arising from a revaluation / impairment that was previously
 recognised in the Statement of Profit and Loss, in which case such
 amount is credited to the Statement of Profit and Loss. Decrease in
 book value on revaluation is charged to the Statement of Profit and
 Loss except where such decrease relates to a previously recognised
 increase that was credited to the Revaluation reserve, in which case
 the decrease is charged to the Revaluation reserve to the extent the
 reserve has not been subsequently reversed / utilised. Whenever a
 revalued asset is sold or disposed off, the balance revaluation reserve
 pertaining to such asset is reversed and transferred to General
 Fixed assets retired from active use and held for sale are stated at
 the lower of their net book value and net realisable value and are
 disclosed separately in the Balance Sheet.
 Capital work-in-progress:
 Projects undertaken by the Company where assets are not ready for their
 intended use and other capital work-in-progress are carried at cost,
 comprising direct cost, related incidental and allocable expenses and
 attributable interest.
 1.10 Intangible assets
 Intangible assets are carried at cost less accumulated amortisation and
 impairment losses, if any.
 1.11 Foreign currency transactions and translations
 Initial recognition
 Transactions in foreign currencies entered into by the Company are
 accounted at the exchange rates applied by the customs authorities to
 the respective transactions.
 Measurement of foreign currency monetary items at the Balance Sheet
 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 at
 the exchange rates prevailing on that date.Revenue and expenses are
 translated at the exchange rates prevailing during the year. Exchange
 differences arising out of these translations are charged to the
 Statement of Profit and Loss.
 Treatment of exchange differences
 Exchange differences arising on settlement / restatement of foreign
 currency monetary assets and liabilities of the Company are recognised
 as income or expense in the Statement of Profit and Loss.
 1.12 Government grants, subsidies and export incentives
 Government grants and subsidies are recognised when there is reasonable
 assurance that the Company will comply with the conditions attached to
 them and the grants / subsidy will be received. Government grants whose
 primary condition is that the Company should purchase, construct or
 otherwise acquire capital assets are presented by deducting them from
 the carrying value of the assets. The grant is recognised as income
 over the life of a depreciable asset by way of a reduced depreciation
 1.13 Investments
 Long-term investments (excluding investment properties), are carried
 individually at cost less provision for diminution, other than
 temporary, in the value of such investments. Current investments are
 carried individually at the lower of cost and fair value. Cost of
 investments include acquisition charges such as brokerage, fees and
 1.14 Employee benefits
 Employee benefits include provident fund, gratuity fund, compensated
 absences and medical expense reimbursements.
 Defined contribution plans
 The Company''s contribution to Provident Fund and Gratuity 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
 Defined benefit plans
 For defined benefit plans in the form of Gratuity and Compensated
 Absences, the cost of providing benefits is determined on the actuarial
 valuation basis. The actuarial valuation being carried out at each
 Balance Sheet date, Actuarial gains and losses are recognised in the
 Statement of Profit and Loss in the period in which they occur. Past
 service cost is recognised to the extent that the benefits are already
 vested and otherwise is amortised on a straight-line basis over the
 average period until the benefits become vested. The retirement benefit
 obligation recognised in the Balance Sheet represents the present value
 of the defined benefit obligation as adjusted for unrecognised 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.
 Short-Term Employee Benefits
 The undiscounted amount of short-term employee benefits expected to be
 paid in exchange for the services rendered by employees are recognised
 during the year when the employees render the service. These benefits
 include performance incentive and compensated absences which are
 expected to occur within twelve months after the end of the period in
 which the employee renders the related service. The cost of such
 compensated absences is accounted as under :(a) in case of accumulated
 compensated absences, when employees render the services that increase
 their entitlement of future compensated absences; and
 (b) in case of non-accumulating compensated absences, when the absences
 Long-term employee benefits
 Compensated absences which are not expected to occur within twelve
 months after the end of the period in which the employee renders the
 related service are recognised as a liability at the present value of
 the defined benefit obligation as at the Balance Sheet date less the
 fair value of the plan assets out of which the obligations are expected
 to be settled.
 1.15 Borrowing costs
 Borrowing costs include interest, amortisation 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. Borrowing costs, allocated
 to and utilised for qualifying assets, pertaining to the period from
 commencement of activities relating to construction / development of
 the qualifying asset upto the date of capitalisation of such asset is
 added to the cost of the assets.  Capitalisation 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.
 1.16 Segment reporting
 The Company identifies primary segment based on the dominant source,
 nature of risks and returns and the internal organisation and
 management structure. The operating segments are the segments for which
 separate financial information is available and for which operating
 profit/loss amounts are evaluated regularly by the executive Management
 in deciding how to allocate resources and in assessing performance.
 The accounting policies adopted for segment reporting are in line with
 the accounting policies of the Company. Segment revenue, segment
 expenses, segment assets and segment liabilities have been identified
 to segments on the basis of their relationship to the operating
 activities of the segment. Revenue, expenses, assets and liabilities
 which relate to the Company as a whole and are not allocable to
 segments on reasonable basis have been included under unallocated
 revenue / expenses / assets/ liabilities.
 1.17 Earnings per share
 Basic earnings per share is computed by dividing the profit / (loss)
 after tax (including the post tax effect of extraordinary items, if
 any) by the weighted average number of equity shares outstanding during
 the year. Diluted earnings per share is computed by dividing the profit
 / (loss) after tax (including the post tax effect of extraordinary
 items, if any) as adjusted for dividend, interest and other charges to
 expense or income relating to the dilutive potential equity shares, by
 the weighted average number of equity shares considered for deriving
 basic earnings per share and the weighted average number of equity
 shares which could have been issued on the conversion of all dilutive
 potential equity shares. Potential equity shares are deemed to be
 dilutive only if their conversion to equity shares would decrease the
 net profit per share from continuing ordinary operations. Potential
 dilutive equity shares are deemed to be converted as at the beginning
 of the period, unless they have been issued at a later date.
 Dilutive potential equity shares are determined independently for each
 period presented. The number of equity shares and potentially dilutive
 equity shares are adjusted for share splits / reverse share splits and
 bonus shares, as appropriate.
 1.18 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 recognised 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 recognised 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 recognised for all timing differences.
 Deferred tax assets in respect of unabsorbed depreciation and carry
 forward of losses are recognised only if there is virtual certainty
 that there will be sufficient future taxable income available to
 realise such assets. Deferred tax assets are recognised 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 realised.  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 realisability.
 1.19 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 recognised, 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 recognised for an asset in earlier accounting
 periods no longer exists or may have decreased, such reversal of
 impairment loss is recognised in the Statement of Profit and Loss,
 except in case of revalued assets.
 1.20 Provisions and contingencies
 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 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. Contingent liabilities
 are disclosed in the Notes.Contingent Assets are neither recognised nor
 disclosed in the financial statements.
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