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moneycontrol.com भारत | लेखांकन नीति > Castings & Forgings > लेखांकन नीति फॉलोड से स्मिथ एंड फाउंड - बीएसई: 513418, NSE: N.A

स्मिथ एंड फाउंड

बीएसई: 513418  |  NSE: N.A  |  ISIN: INE728B01032  |  Castings & Forgings

खोजें स्मिथ एंड फाउंड कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
 1.  Basis Of Preparation Of Financial Statements
 
 The Accompanying financial statements are prepared in accordance with
 Indian Generally Accepted Accounting Principles (GAAP) under the
 historical cost convention and on the accrual basis. GAAP comprises of
 applicable provisions of the Companies Act, 2013 and mandatory
 Accounting Standards specified under Section 133 of the Act read with
 Rule 7 of Companies (Accounts) Rules, 2014. Accounting policies have
 been consistently applied except where a newly issued accounting
 standard is initially adopted or revision to an existing accounting
 standard requires a change in the accounting policy hitherto in use.
 
 2.  Revenue Recognition:
 
 Revenue from Sale of goods is recognised at the point of dispatch to
 customers inclusive of duties & taxes.
 
 Revenue from Sale of Services is recognized at the point of completion
 of service and incomplete services at 31st March, if any, the same is
 recognized as accrued revenue.
 
 3.  Fixed assets, Depreciation and amortisation:
 
 a.  Tangible Assets
 
 Tangible assets are stated at cost less accumulated depreciation and
 impairment loss, if any.
 
 Expenditure which are of a Capital nature are Capitalised at cost,
 which comprises purchase price (net of rebates and discounts), duties,
 levies and any directly attributable cost of bringing the assets to its
 working condition for the intended use.
 
 b.  Intangible Assets
 
 Intangible asset are stated at cost of acquisition less accumulated
 amortisation and impairment losses, if any.
 
 An intangible asset is recognised only if it is probable that the
 future economic benefits attributable to the asset will flow to the
 enterprise and the cost of such assets can be reliably measured.
 
 Depreciation and Amortisation
 
 (i) Upto 31st March, 2014, Depreciation is provided from the date the
 assets have been installed and put to use, on Straight Line Method at
 rates specified in Schedule XIV of the Companies Act, 1956.
 
 (ii) With effect from April 1st, 2014, depreciation on assets carried
 at historical cost is provided on Straight line method based on useful
 life as under:
 
 Category of the Asset                   No of useful life in years
 
 Factory Building                                 30
 
 Office Building                                  60
 
 Wells                                             5
 
 Plant and Machinery                              15
 
 Electrical Installations                         10
 
 Furniture and Fixtures                           10
 
 Office Equipment                                  5
 
 Computer and Accessories                          3
 
 Vehicles                                          8
 
 Software                                          6
 
 (iii) The carrying value of the assets as on April 1st, 2014 is
 depreciated over the remaining useful life of the asset determined
 based on useful life mentioned in clause (b) supra.
 
 (iv) Where the useful life of the asset is NIL as on April 1st, 2014,
 the carrying value as on April 1st, 2014 has been added to the opening
 balance of deficit in the Statement of Profit and Loss in accordance
 with Schedule II of the Companies Act, 2013.
 
 4.  Foreign Currency Translation:
 
 Transactions in Foreign currencies are generally recorded at the
 exchange rate prevailing at the time of receipt / payment of money by
 the Company. Current Assets and Liabilities in foreign currencies are
 translated at the exchange rate prevailing at the Balance Sheet date.
 Any resulting loss/gain is charged / taken to the Profit & Loss
 Account.
 
 5.  Inventories:
 
 Raw materials and consumables are valued at landed cost which includes
 freight.
 
 In case of valuation of work-in-process, cost of materials as well as
 conversion cost is taken into consideration.  Cost is determined using
 FIFO (first-in-first out) method.
 
 Finished goods are valued based on retail method as per the ''Accounting
 Standard - 2'' where a percentage profit margin is reduced from the sale
 value to arrive at the cost.
 
 6.  Employee Benefits:
 
 i.  Benefits in the form of provident fund whether in pursuance of law
 or otherwise which are defined contributions is accounted on accrual
 basis and charged to Statement of profit and loss.
 
 ii.  The company has formed employee superannuation trust to provide
 the benefit of superannuation to its employees.
 
 iii. Defined benefit plans
 
 Payment of present liability of future payment of gratuity is being
 made to approved gratuity funds, which fully cover the same under cash
 accumulation policy of the Life Insurance Corporation of India. The
 employee''s gratuity is a defined benefit funded plan. The present value
 of the obligation under such defined benefit plan is determined based
 on the actuarial valuation as at the date of Balance Sheet. The company
 has created a group gratuity trust for the same.
 
 Provisions for the liability on account of leave encashment has been
 made based on the actuarial valuation as at the date of Balance Sheet.
 The company has availed a policy under LIC''s employee''s group leave
 encashment cum life assurance scheme.
 
 7.  Income Tax & Deferred Tax:
 
 Income Tax: Tax on income for the current period is determined on the
 basis of taxable income and tax credits computed in accordance with the
 provisions of Income Tax Act, 1961, and based on the expected outcome
 of assessments / appeals.
 
 Deferred tax: Deferred tax liability is recognized,
 
 subject to the consideration of prudence, on timing differences, being
 the difference between taxable incomes and accounting income that
 originate in one period and are capable of reversal in one or more
 subsequent periods. The tax effect is calculated on the accumulated
 timing differences at the end of an accounting period based on
 prevailing enacted or substantially enacted regulations.
 
 Deferred Tax assets are recognized only if there is reasonable
 certainty that they will be realized and are reviewed for the
 appropriateness of the respective carrying values at each Balance Sheet
 date.
 
 8.  Borrowing costs:
 
 Interest on borrowings is recognised in the Statement of profit and
 loss, except interest incurred on borrowings, specifically raised for
 projects that is capitalised to the cost of the assets until such time
 as the asset is ready to put to use for its intended purpose, except
 where installation is extended beyond reasonable/normal time lines.
 
 9.  Provisions, Contingent Liabilities, Contingent Assets and Capital
 Commitments:
 
 Provisions are recognized for liabilities that can be measured only by
 using a substantial degree of estimation, if
 
 a) the Company has a present obligation as a result of a past event,
 
 b) a probable outflow of resources is expected to settle the
 obligation; and
 
 c) the amount of the obligation can be reliably estimated.
 
 Contingent liability is disclosed in case of
 
 d) a present obligation arising from past events, when it is not
 probable that an outflow of resources will be required to settle the
 obligation,
 
 e) a present obligation when no reliable estimate is possible; and
 
 f) a possible obligation arising from past events where the probability
 of outflow of resources is not remote.
 
 Contingent Assets are not recognized.
 
 Provisions, Contingent Liabilities and Contingent Assets are reviewed
 at each Balance Sheet date.
 
 Capital Commitments:
 
 g) Capital Commitments: Estimated amount of contracts to be executed on
 capital account not provided for Rs. NIL (Previous year NIL)
 
 10.  Earnings Per Share
 
 The earnings considered in ascertaining the Company''s earnings per
 share comprise of the net profit after tax for the year. The number of
 shares used in computing basic earnings per share is the weighted
 average number of shares outstanding during the year. The number of
 shares used in computing diluted earnings per share comprises the
 weighted average shares considered for deriving basic earnings per
 share, and also the weighted average number of shares, which would have
 been issued on conversion of dilutive potential equity shares, if any.
 
 11.  Impairment of Assets:
 
 An Asset is treated as impaired when the carrying cost of the assets
 exceeds its recoverable value. An impairment loss is charged to the
 statement of profit and loss in the year in which an asset is
 identified as impaired. The impairment loss recognized in prior
 
 accounting period is reversed if there has been a change in the
 estimate of recoverable amount.
 
 12.  Cash Flow Statement:
 
 The Company follows in-direct method in the preparation of statement of
 cash flows as required under Accounting Standard 3 - Cash Flow
 Statements.
 
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `60.18 Cr की बिकवाली की
  • MARKET CUES : DIIs ने कैश में `425.98 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `1569.80 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `528.06 Cr की बिकवाली
  • MARKET CUES : इंडेक्स ऑप्शंस में `720.14 Cr की बिकवाली
  • MARKET CUES : स्टॉक फ्यूचर्स में `367.32 Cr की बिकवाली
  • MARKET CUES : स्टॉक ऑप्शंस में `45.72 Cr की खरीदारी
  • MPC MEET ON CREDIT POLICY : आज क्रेडिट पॉलिसी का एलान
  • JEFFERIES ON GODREJ PROPERTIES : Buy रेटिंग, लक्ष्य बढ़ाकर `1,040/Sh
  • HDFC : आज से खुलेगा QIP, फ्लोर प्राइस `1,838.94/Sh

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