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moneycontrol.com भारत | लेखांकन नीति > Consumer Goods - Electronic > लेखांकन नीति फॉलोड से सेल्वास फोटोग्राफिक्स - बीएसई: 530427, NSE: N.A

सेल्वास फोटोग्राफिक्स

बीएसई: 530427  |  NSE: N.A  |  ISIN: INE865B01016  |  Consumer Goods - Electronic

खोजें सेल्वास फोटोग्राफिक्स कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
 a.  Basis of Preparation
 
 The financial statements of Choksi Imaging Ltd. have been prepared and
 presented in accordance with Indian Generally Accepted Accounting
 Principles (GAAP) under the historical cost convention on the accrual
 basis. GAAP comprises accounting standards notified by the Central
 Government of India under Section 211 (3C) of the Companies Act, 1956,
 other pronouncement of Institute of Chartered Accountants of India, the
 provisions of Companies Act, 1956 The financial statements are rounded
 off to the nearest Rupees lakhs.
 
 The company has prepared these Financial Statements as per the format
 prescribed in the Revised Schedule VI to the Companies Act, 1956 issued
 by Ministry of Corporate Affairs.
 
 b.  Use of Estimates
 
 The preparation of the Financial Statement in conformity with 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 statement and reported amounts
 of revenues and expenses for the year. Actual results could differ from
 these estimates. Any revision to accounting estimates is recognized
 prospectively in the current and future periods.
 
 c.  Revenue Recognition
 
 Revenue from sale of goods is recognized when significant risks and
 rewards in respect of ownership of products are transferred to
 customers.
 
 Revenue from sale of goods has been presented both gross and net of
 excise duty.
 
 Revenue from product sales is stated exclusive of returns, sales tax
 and applicable trade discounts and allowances.
 
 Revenue from sale of services is recognized when the related services
 are performed and debits notes are raised.
 
 Income from interest on deposits, loans and interest bearing securities
 is recognized on the time proportionate method based on underlying
 interest rates.
 
 Insurance and other claims/refunds are accounted for as and when
 admitted by appropriate authorities.
 
 d.  Valuation of Inventories
 
 Items of inventories are measured at lower of cost and net realizable
 value. Cost of inventories comprises of cost of purchase, cost of
 conversion and other costs including manufacturing overheads, excluding
 depreciation incurred in bringing them to their respective present
 location, condition, net of Cent and VAT benefit. Cost of raw
 materials, stores and spares, packing materials, trading and other
 products are determined on First in First out method. Scrapes are
 valued at net realizable value.
 
 e.  Contingencies and Event occurring after Balance Sheet date
 
 Event occurring after the date of Balance sheet, which provide further
 evidence of conditions that existed at the Balance Sheet date or that
 arose subsequently, are considered up to the date of approval of
 accounts by the Board of Directors, where material.
 
 f.  Fixed Assets and Depreciation
 
 (a) Tangible Fixed Assets are stated at cost of acquisition inclusive
 of inward freight, duties, taxes and incidental expenses related to
 acquisition. In respect of construction period, related pre-operational
 expenses form part of value of the assets capitalized. The purchase
 cost of Fixed Assets has been considered net of CENVAT credit availed
 on such purchases.
 
 (b) Tangible Fixed Assets are stated at historical cost less
 depreciation.
 
 (c) I) Depreciation on fixed assets has been provided on a straight
 line basis at the rates prescribed in Schedule XIV to the Companies
 Act, 1956.
 
 II) In respect of assets acquired/sold/discarded during the financial
 period, depreciation is provided on Prorata basis with reference to the
 period each assets was put to use during the financial period.
 
 (d) Intangible Fixed Assets and Amortization.
 
 Items of expenditure that meets the recognition criteria mentioned in
 Accounting Standard - 26 on Intangible I Assets are classified as
 intangible assets and are amortized over the period of economic
 benefits. Goodwill is amortized over a period of 10 years.
 
 Software are stated at cost of acquisition and are amortized on
 straight line basis as per rates applicable.
 
 g.  Foreign Currency Transactions
 
 Foreign currency transactions are accounted at the exchange rates
 prevailing on the date of transactions. Exchange differences arising on
 foreign currency transaction settled during the year are recognized in
 the statement of Profit and Loss. Monetary Assets and Liabilities
 denominated in foreign currency as at the Balance Sheet date are
 re-stated using the Foreign Exchange rates as at Balance Sheet date.
 The resultant exchange differences are recognized in the statement of
 Profit and Loss.
 
 h.  Employee Benefits
 
 (i) Short Term Benefits
 
 a) All employee benefits including bonus/ex-gratia (incentives) payable
 wholly within twelve months of rendering the service are classified as
 short term employee benefits and are charged to the statement of Profit
 and Loss.
 
 (ii) Long Term Benefits
 
 a) Post Employment Benefits
 
 (i) Defined Contribution Plans : Retirement/Employee benefits in the
 form of Provident Fund and labour welfare fund are considered as
 defined contribution plan and contribution to the respective funds
 administered by the Government are charged to the Profit and Loss
 account of the year when the contribution to the respective funds are
 due.
 
 (ii) Gratuity: The Company provided for gratuity to all employees. The
 benefit is in the form of lump sum payment to vested employees'' on
 resignation, retirement ,on death while in employment or on termination
 of employment of an amount equivalent to 15 days basic salary payable
 for each completed year of service.  Vesting occurs upon completion of
 five years of service. The company makes annual contribution to funds
 administered by trustees and managed by insurance companies for amounts
 notified by the said insurance companies. The defined gratuity benefit
 planes are valued by an independent external actuary as at the balance
 sheet date using the projected unit credit method of determined the
 present value of defined benefit obligation and the related services
 costs. Under this method, the determination is based on actuarial
 calculations. Which include assumption about demographics, early
 retirement, salary increased and interest rates. Actualial gain or loss
 is recognized in the profit and loss accounts. Leave salary is
 accounted on payment basis.
 
 I. Taxation
 
 a) Current Tax: The current charge of Income-tax is calculated in
 accordance with relevant tax regulations applicable to the company.
 
 b) Deferred Tax: Deferred tax charge or credit reflects the tax effects
 of timing differences between accounting income and taxable income for
 the period. The deferred tax charge or credit and the corresponding
 deferred tax liabilities or assets are recognized using the tax rates
 that have been enacted or substantially enacted by the balance sheet
 date. Deferred tax assets are recognized only to the extent there is
 reasonable certainty that the assets can be realized in future;
 however, where there is unabsorbed depreciation or carry forward
 losses, deferred tax assets are recognized only if there is a virtual
 certainty of realization of such assets. Deferred tax assets are
 reviewed at such balance sheet date and is written down or written up
 to reflect the amount that is reasonably / virtually certain (as the
 case may be) to be realized. 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 are liabilities relate to
 taxes on income levied by the same governing taxation laws.
 
 j.  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
 amount 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 is less
 that 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 statement of profit and loss. 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 amortized historical cost.
 
 k.  Accounting for Provisions, Contingent Liabilities and Contingent
 Assets
 
 Provisions are recognized in terms of Accounting Standard -29 on
 Provisions, Contingent Liabilities and Contingent Assets issued by
 the ICAI, when there is a present legal or statutory obligation as a
 result of past events leading to probable outflow of resources, where a
 reliable estimate can be made to settle the same.
 
 Contingent Liabilities are recognized only when there is a possible
 obligation arising from past events due to occurrence or non-occurrence
 of one or more uncertain future events, not wholly within the control
 of the Company, or where any present obligation cannot be measured in
 terms of future outflow of resources, or where a reliable estimate of
 the obligation cannot be made. Obligations are assessed on an ongoing
 basis and only those having a largely probable outflow of resources are
 provided for.
 
 Contingent Assets are not recognized in the Financial Statements.
 
 l.  Earning Per Share
 
 Basic and diluted earnings per share are computed in accordance with
 Accounting Standard 20 - Earnings per share. Basic earnings per share
 is calculated by dividing the net profit or loss for the year
 attributable to equity shareholders (after deducting attributable
 taxes) by the weighted average number of equity shares outstanding
 during the year.
 
 For the purpose calculating diluted earning per share, the net profit
 or loss for the year attributable to equity shareholders are the
 weighted average number of shares outstanding during the year are
 adjusted for the effect of dilutive potential equity shares.
 
 m.  Cash Flow Statement
 
 (a) 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
 Company.
 
 (b) Cash and Cash Equivalents presented in the Cash Flow Statement
 comprise of cash on hand and balances in current accounts and deposit
 account with banks.
 
 n.  Borrowing Costs
 
 (a) Borrowing costs that are attributable to the acquisition or
 construction of an asset are capitalized as part of cost of such assets
 till such time the asset is ready for its intended commercial use.
 
 (b) Other borrowing costs are charged off to Revenue Account in the
 year in which they are incurred.
 
 o.  Leased Assets
 
 Operating lease: Asset acquired as leases where a significant portion
 of risks and rewards of ownership are retained by the lessor are
 classified as operating leases. Operating lease charges are recognized
 in statement of Profit and Loss on a straight line basis over the lease
 term.
 
 p.  Financial derivatives and Hedging Transaction
 
 The Company uses foreign exchange forward contracts and option
 contracts (derivatives) to mitigate its risk of changes in foreign
 currency exchange rates and does not use them for trading or
 speculative purposes.
 
 In case of forward contracts, the difference between the forward rate
 and the exchange rate, being the premium or discount at the inception
 of a forward exchange contract is recognized in the profit and loss
 account in the reporting period in which the rates change. Any profit
 or loss arising on cancellation or renewal of forward exchange contract
 is recognized as income or as expense for the period.
 
 
 
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