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moneycontrol.com भारत | लेखांकन नीति > Textiles - Spinning - Cotton Blended > लेखांकन नीति फॉलोड से श्री लक्ष्मी सरस्वती टेक्सटाइल्स - बीएसई: 521161, NSE: N.A

श्री लक्ष्मी सरस्वती टेक्सटाइल्स

बीएसई: 521161  |  NSE: N.A  |  ISIN: INE456D01010  |  Textiles - Spinning - Cotton Blended

खोजें श्री लक्ष्मी सरस्वती टेक्सटाइल्स कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
1.  Basis of preparation and presentation of financial statements
 
 i) The financial statements have been prepared under the historical
 cost concept and in accordance with generally accepted accounting
 polices, the mandatory Accounting Standards issued by the Institute of
 Chartered Accountants and notified under the Companies (Accounting
 Standards) Rules, 2006 and relevant provisions of Companies Act 2013,
 as adopted consistently by the company.
 
 ii) The company generally follows mercantile system of accounting and
 recognizes significant items of income and expenditure on accrual
 basis.
 
 iii) All inventories, raw material, process stock, stores and spares
 and finished goods are valued at cost or net realizable value whichever
 is lower.
 
 2.  Use of Estimates
 
 The preparation of financial statements is in accordance with generally
 accepted accounting principles and requires management to make
 judgments, estimates and assumptions that affect the reported amounts
 of revenues, expenses, assets and disclosures of contingent
 liabilities, at the end of the reporting period. Although these
 estimates are based upon management''s best knowledge of current events
 and actions, actual results could differ from these estimates in the
 future period.
 
 3.  Tangible fixed assets
 
 i) Tangible fixed assets are stated at cost of acquisition (net of
 CENVAT/ VAT wherever applicable) less accumulated depreciation/
 amortization and impairment losses if any, except free hold land which
 is carried at cost less impairment losses if any. The cost comprises
 purchase prices, borrowing cost if capitalization criteria are met and
 directly attributable cost of bringing the asset to its working
 condition for the intended use. Subsequent expenditure relating to an
 item of fixed asset is added to its book value only if it increases the
 future benefits from the asset beyond its previous assessed standard of
 performance. All other expenses on fixed assets, including day-to-day
 repair and maintenance expenditure and cost of replacing parts are
 charged to the statement of profit and loss for the period as and when
 they occur.
 
 ii) Depreciation for plant and machinery has been provided on Straight
 line method and for all other assets Written down value method has been
 followed.
 
 iii) Gains or losses arising from disposal of fixed assets are measured
 as the difference between the net disposal proceeds and the carrying
 amount of such assets are recognized in the statement of profit and
 loss.
 
 4.  Intangible fixed assets
 
 The cost of computer software that are installed are accounted at cost
 of acquisition of such assets and are carried at cost less accumulated
 amortization and impairment, if any. Internally generated software is
 not capitalized and the expenditure is reflected in the statement of
 profit and loss in the year in which the expenditure is incurred.
 
 5.  Investments
 
 All investments being long term and non trade are stated at cost less
 permanent diminution in value if any.
 
 6.  Inventories
 
 i) Inventories are valued at cost or net realizable value whichever is
 lower. Cost includes the cost incurred in bringing the inventories to
 their present location and condition.
 
 ii) Raw materials, stores and spares are valued at cost or net
 realizable value whichever is lower.  Cost includes the cost incurred
 in bringing the inventories to their present location and condition.
 For cost calculation of raw materials as it is not ordinarily inter
 changeable specific identification method is used. For cost calculation
 of stores and spares weighted average method is used.
 
 iii) For valuation of finished goods / stock-in-process, cost includes
 material, direct labour, overheads (other than selling and
 administrative overheads) wherever applicable.
 
 7.  Revenue Recognition
 
 i) Revenue is recognized to the extent that is probable that the
 economic benefits will flow to the company and the revenue can be
 reliably measured.
 
 ii) Sale of products is recognized when the significant risk and reward
 of ownership of the goods have been passed to the buyer. Sale value
 excludes excise duty, education cess, secondary and higher education
 cess, CST and VAT
 
 iii) Dividend income, if any, is recognized when the company''s right to
 receive dividend is established by the reporting date.
 
 iv) Wind Mill Operation
 
 The power generated at Wind Mill is fully consumed at mills and the
 maintenance expenses of the wind mills and cost of wheeling of power is
 charged to Statement of profit and loss.
 
 8.  Employee Benefits
 
 i) Short-term employee benefits viz., salaries and wages are recognized
 as expense at the undiscounted amount in the statement of profit and
 loss for the year in which the related service is rendered.
 
 ii) Defined contribution plan viz., contribution to provident fund is
 recognized as an expense in the statement of profit and loss for the
 year in which the employees have rendered services. The company
 contributes to provident fund administered by the Government on a
 monthly basis at 12% of employees basic salary. There are no other
 obligation other than the above defined contribution plan.
 
 iii) Defined Benefit Plan.
 
 Gratuity:
 
 a) Company''s liability towards gratuity in respect of employees who
 beneficially own shares in the company carrying more than 5% of the
 total voting power has been provided for on the basis of actuarial
 valuation and not funded.
 
 b) Company''s liability towards gratuity in respect of all other
 employees is worked out on the basis of actuarial valuation and is
 normally funded.
 
 Leave:
 
 As per policy of the company, unavailed leave, casual leave/ earned
 leave cannot be carried forward or encashed and hence there is no
 additional cost. The company recognize the cost as expense as and when
 the employee avails paid leave.
 
 9.  Provision, Contingent Liability and Contingent Assets
 
 Provisions involving substantial degree of estimation in measurement
 are recognized when there is a present obligation as result of past
 events and it is probable that there will be outflow of resources.
 Contingent liabilities not provided for, are disclosed in the accounts
 by way of Notes. Contingent Assets are not recognized.
 
 10.  Borrowing Cost
 
 Borrowing costs that are directly attributable to the acquisition,
 construction of qualifying assets are capitalized as part of the cost
 of those assets as per Accounting Standard 16. All other borrowing
 costs are charged to revenue.
 
 11.  Government Subsidy / Grant
 
 Interest subsidy under the Technology Upgradation Fund Scheme (TUFs) is
 credited to the finance cost.
 
 12.  Foreign Currency Transactions
 
 Foreign Currency Transactions are recorded at the rate of exchange
 prevailing on the date of the transaction. At the year end, all
 monetary assets and liabilities denominated in foreign currency are
 restated at the year end exchange rates. The premium / discount on
 forward contracts are amortized over the period of the contract.
 Exchange differences arising on actual payment/ realization and year
 end reinstatement referred to above are adjusted.
 
 i) In respect of fixed assets acquired outside the country to the
 related cost of fixed assets and
 
 ii) In all other cases in the statement of profit and loss.
 
 13.  Earning Per Share
 
 Net profit after tax is divided by weighted average number of equity
 shares as stipulated in Accounting Standard 20.
 
 14.  Income Tax
 
 The tax provision is considered as stipulated in Accounting Standard 22
 and includes current and deferred tax liability. The company recognizes
 the accumulated deferred tax liability based on accumulated time
 difference using current tax rate. The company as a conservative
 measure, does not reckon deferred tax asset.
 
 The company has considered credit entitlement of Minimum Alternate Tax
 (MAT) where it is reasonably certain that the credit will be available
 for set-off in accordance with the provision of the Income Tax Act,
 1961.
 
 15.  Segment Reporting
 
 As the company has only one business segment i.e., Textile and only one
 geographical segment, the segment reporting requirement as per
 Accounting Standard 17 is not applicable to the company
 
 16.  Impairment of Assets
 
 Consideration is given at each balance sheet date to determine whether
 there is any indication of impairment of the carrying amount of the
 company''s fixed assets. If any indication exists, an asset''s
 recoverable amount is estimated. An impairment loss is recognized
 whenever the carrying amount of an asset exceeds recoverable amount.
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `637 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `468 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `2005 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `494 Cr की खरीदारी
  • MARKET CUES : इंडेक्स ऑप्शंस में `2119 Cr की खरीदारी
  • MARKET CUES : स्टॉक फ्यूचर्स में `596 Cr की बिकवाली
  • MARKET CUES : स्टॉक ऑप्शंस में `12 Cr की बिकवाली
  • CITI ON DLF : Sell रेटिंग, लक्ष्य `144/Sh
  • MS ON DLF : Overweight रेटिंग, लक्ष्य `211/Sh
  • CLSA ON DLF : Buy रेटिंग बरकरार, लक्ष्य `190/Sh

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