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moneycontrol.com भारत | लेखांकन नीति > Engineering - Heavy > लेखांकन नीति फॉलोड से स्काईलाइन मिलर्स - बीएसई: 505650, NSE: N.A

स्काईलाइन मिलर्स

बीएसई: 505650  |  NSE: N.A  |  ISIN: INE178E01026  |  Engineering - Heavy

खोजें स्काईलाइन मिलर्स कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
1.1 Basis for preparation of financial statements
 
 (a) Basis of Preparation:
 
 The financial statements have been prepared and presented under the
 historical cost convention, on accrual basis of accounting in
 accordance with the accounting principles generally accepted in India
 (''Indian GAAP'') and comply with the applicable Accounting Standards
 prescribed under Sec. 133 of the Companies Act, 2013 [''Act''] read with
 Rule 7 of the Companies [Accounts] Rules, 2014, the provisions of the
 Act [to the extent notified] and other relevant provisions of the
 Companies Act, 1956, to the extent applicable.
 
 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 III to the Companies Act, 2013. Based
 on the nature of products and the time between acquisition of assets
 for processing and their realization in cash and cash equivalents, the
 Company has ascertained its operating cycle as 12 months for the
 purpose of current / non-current classification of assets and
 liabilities.
 
 (b) Use of Estimates:
 
 The preparation of financial statements in conformity with the
 generally accepted accounting principles in India (''Indian GAAP'')
 requires that the management makes estimates and assumptions that
 affect the reported amounts of assets and liabilities, disclosure of
 contingent liabilities as at the date of financial statements, and the
 reported amounts of revenue and expenses during the reporting period.
 Actual results could differ from those estimates.
 
 1.2 Summary of Significant Accounting polices 
 
 (a) Revenue Recognition Manufacturing Division:
 
 i) Revenue from sale of goods is recognized when all the significant
 risks and rewards of ownership in the goods are transferred to the
 buyer as per the terms of the contract, the company retains no
 effective control of the goods transferred to a degree associated with
 ownership and no significant uncertainty exists regarding the amount of
 consideration that will be derived from the sale of goods. Sales are
 recognized net of trade discounts, rebates, sales taxes and excise
 duties on goods manufactured and outsourced.
 
 ii) Income from Services rendered is recognized based on
 agreements/arrangements with the customers on completion of Service
 when no significant uncertainty exists regarding the amount of
 consideration that will be derived from rendering of service and is
 recognized net of service tax, as applicable.
 
 Realty Division
 
 i) Sales of Flats & Commercial Offices are accounted only after
 receiving full consideration against the Sale Agreements.
 
 ii) Other Projects
 
 The Company is following the Percentage of Completion Method of
 accounting. As per this method, revenue from sale of properties is
 recognized in the Statement of Profit and Loss in proportion to the
 actual cost incurred as against the total estimated cost of projects
 under execution with the Company on transfer of significant risk and
 rewards to the buyer. If the actual project cost incurred is less than
 25% of the total estimated project cost, no income is recognized in
 respect of that project in the relevant period. Determination of
 revenues under the percentage of completion method necessarily involves
 making estimates, some of which are of a technical nature, concerning,
 where relevant, the percentages of completion, costs to completion, the
 expected revenues from the project or activity and the foreseeable
 losses to completion. Estimates of project income, as well as project
 costs, are reviewed periodically. The effect of changes, if any, to
 estimates is recognized in the financial statements for the period in
 which such changes are determined. Losses, if any, are fully provided
 for immediately.
 
 Other Income
 
 I) Interest income is recognized on a time proportion basis.
 
 ii) Dividend Income on investment is recognized for when the right to
 receive dividend is established.
 
 ( b) Fixed Assets & Depreciation
 
 i) Tangible Fixed assets are stated at cost less accumulated
 depreciation and accumulated impairment losses, if any. Subsequent
 expenditures related to an item of tangible asset are added to its book
 value only if they increase the future benefits from the existing asset
 beyond its previously assessed standard of performance. Cost includes
 all expenses related to the acquisition and installation of fixed
 assets.  Tangible assets not ready for the intended use on the date of
 the Balance sheet are disclosed as Capital work-in-progress.
 
 ii) Depreciation has been provided on a pro-rata basis on the straight
 line method based on the ''Useful lives'' prescribed under Schedule II to
 the Companies Act, 2013.
 
 (c) Impairment of Asset
 
 The Company reviews the carrying values of tangible assets for any
 possible impairment at each balance sheet date. An impairment loss is
 recognized when the carrying amount of an asset exceeds its recoverable
 amount. In assessing the recoverable amount, the estimated future cash
 flows are discounted to their present value based on appropriate
 discount rates.
 
 (d) Investments
 
 Long term Investments are carried at cost. Provision for diminution in
 the value of long-term investments is made only if such a decline is
 other than temporary in the opinion of the management. Long term
 Investments being Mutual Funds of DSP Merill Lynch were redeemed during
 the current year & the resulting surplus on the same has been credited
 to Revenue. Current investments are carried at lower of cost and fair
 value. The comparison of cost and fair value is done separately in
 respect of each category of investments.
 
 (e) Trade Receivables
 
 Trade receivables are stated after making adequate provisions for
 doubtful balances.
 
 (f) Inventories Manufacturing Division:
 
 I) Raw Materials, Components, Packing Materials, Stock in trade, Stores
 and Spare Parts are valued at lower of cost and net realizable value.
 Work-in-Process of the Construction Machinery is valued at estimated
 cost.
 
 ii) Finished Goods are valued at lower of cost or net realizable value.
 
 Realty Division:
 
 I) Work-in-Progress
 
 Construction Work-in-Progress includes cost of land, Transfer of
 Development Rights, construction costs, allocated interest and expenses
 incidental to the projects undertaken by the Company.
 
 (g) Employees'' Benefits
 
 i) The Company''s contribution to Provident Fund and ESIC are charged to
 the Statement of Profit And Loss.
 
 ii) Liability for Payment of gratuity to employees is covered through
 the Group Gratuity Schemes of Life Insurance Corporation of India.
 Gratuity is accounted on the basis of the premium paid to Life
 Insurance Corporation of India under the Group Gratuity Scheme.
 
 iii) Provision for Leave Encashment is determined on basis of actuarial
 valuation. (Note 35)
 
 (h) Foreign Exchange Transactions
 
 Transactions in foreign currency are recorded at the exchange rate
 prevailing on the date of the transaction. Exchange differences arising
 on foreign currency transactions settled during the year are recognized
 in the Statement of Profit And Loss of the year.
 
 Monetary assets and liabilities denominated in foreign currencies,
 which are outstanding as at the year end are translated at the closing
 exchange rate and the resultant exchange differences are recognized in
 the Statement of Profit And Loss.
 
 (i) Taxation
 
 Tax expenses comprises current tax and deferred tax. Provisions for
 income tax are made in accordance with the Income Tax Act, 1961.
 
 Deferred tax assets and liabilities are recognized for the future tax
 consequences of timing differences, subject to the consideration of
 prudence. Deferred tax assets are recognized and carried forward only
 to the extent that there is reasonable certainty that sufficient future
 taxable income will be available against which such deferred tax assets
 can be realized. In situations where the company has unabsorbed
 depreciation or carry forward tax losses, all deferred tax assets are
 recognized only if there is virtual certainty supported by convincing
 evidence that they can be realized against future taxable profits. The
 carrying amount of deferred tax assets is reviewed at each balance
 sheet date for any write down, as considered appropriate.
 
 Deferred tax assets and liabilities are measured using the tax rates
 enacted or substantively enacted at the Balance Sheet date.
 
 (j) Earnings Per Share
 
 Basic earning per share [EPS] are calculated by dividing the net profit
 or loss for the period attributable to equity shareholders by the
 weighted average number of equity shares outstanding during the period.
 For the purpose of calculating diluted EPS, the net profit or loss for
 the period attributable to equity shareholders and the weighted average
 number of equity shares outstanding during the period are adjusted for
 the effects of all dilutive potential equity shares.
 
 (k) Borrowing Cost
 
 Borrowing costs that are directly attributable to long term projects /
 development activities are treated as part of the respective project
 cost and added to the stock in trade upto the date when such projects /
 development activities are completed. Other borrowing costs are charged
 as an expense in the year in which they are incurred.
 
 (l) Contingencies / Provisions
 
 The Company creates a provision when there exists a present obligation
 as a result of a past event that probably requires an outflow of
 resources and a reliable estimate can be made of the obligation. A
 disclosure for a contingent liability is made when there is a possible
 obligation or a present obligation that may arise, but probably will
 not require an outflow of resources. When there is a possible
 obligation or a present obligation in respect of which likelihood of
 outflow or resources is remote, no provision or disclosure is made.
 
 (m) Measurement of EBITDA
 
 The Company has elected to present earning before interest (finance
 cost), tax, depreciation and amortization (EBITDA) as a separate line
 item on the face of Statement of Profit and Loss for the year. The
 Company measures EBITDA on the basis of profit / (loss) from continuing
 operations.
 
 (n) Segment Reporting
 
 Segments are identified having regard to the dominant source and nature
 of risks and returns and internal organization and management
 structure. The Company has considered business segments as the primary
 segments for disclosure. The business segments are ''Construction
 Equipment'', ''Pre Cast Pipes'' and ''Real Estate Development''.  The
 Company does not have any geographical segment.
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `703.74 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `665.69 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `2590.19 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `1228.39 Cr की खरीदारी
  • MARKET CUES : इंडेक्स ऑप्शंस में `844.54 Cr की खरीदारी
  • MARKET CUES : स्टॉक फ्यूचर्स में `505.36 Cr की खरीदारी
  • MARKET CUES : स्टॉक ऑप्शंस में `11.90 Cr की खरीदारी
  • MPC MEET ON CREDIT POLICY : क्रेडिट पॉलिसी पर MPC बैठक का दूसरा दिन
  • MPC MEET ON CREDIT POLICY : कल जारी होगी क्रेडिट पॉलिसी
  • JEFFERIES ON GUJARAT GAS : Buy रेटिंग, लक्ष्य बढ़ाकर `415/Sh

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