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moneycontrol.com भारत | लेखांकन नीति > Miscellaneous > लेखांकन नीति फॉलोड से श्रीनिवास हैचरीज - बीएसई: 526893, NSE: N.A

श्रीनिवास हैचरीज

बीएसई: 526893  |  NSE: N.A  |  ISIN: INE312E01013  |  Miscellaneous

खोजें श्रीनिवास हैचरीज कनेक्शन मार्च 13
लेखांकन नीति साल : मार्च '14
1.1 Basis for preparation of accounts
 
 The financial statements have been prepared under the historical cost
 convention on accrual basis to comply in all material aspects and in
 accordance with generally accepted accounting principles in India and
 the relevant provisions of the Companies Act, 1956 (to the extent
 applicable) and the provisions of the Companies Act, 2013 (to the
 extent notified). The accounting policies have been consistently
 applied by the Company unless otherwise stated.
 
 1.2 Use of estimates
 
 The preparation of financial statements requires estimates and
 assumptions to be made that affect the reporting amount of assets and
 liabilities on the date of the financial statements and the reported
 amount of revenues and expenses during the reporting period. Difference
 between actual results and estimates are recongnised in the period in
 which the results are known / materialised.
 
 1.3 Inventories
 
 Inventories are valued as follows:
 
 Poultry for live stock breeding     At cost
 
 Work-in-process                     At lower of cost and    
                                     net realisable value
 
 Raw and packing material            At lower of cost and     
                                     net realisable value
 
 Trading goods                       At lower of cost and    
                                     net realisable value
 
 By products                         At estimated selling     
                                     price
 
 Stores and spares                   At lower of cost and     
                                     net realisable value
 
 Cost of raw material, packing material, trading goods and stores & 
 spares is determined on first-in-first out basis.
 
 Cost of work-in-process includes costs of conversion and other costs
 incurred in bringing the inventories to their present location and
 condition.
 
 1.4 Recognition of revenue and expenditure
 
 a Revenues/incomes and costs/expenditures are generally accounted on
 accrual, as they are earned or incurred.
 
 b Revenue from sale of goods is recognised when significant risks and
 rewards of ownership are transferred to the customer.
 
 c Revenue from wind power generation is recognised when the electricity
 is delivered to the distribution company at a common delivery point and
 same is measured on the basis of meter reading.
 
 d Income from services rendered is accounted as per contractual terms
 with the parties concerned.
 
 e Interest income is recognised on a time proportion basis taking into
 account the amount outstanding and the applicable rate of interest.
 
 f Dividend income is accounted for in the year in which it is declared.
 
 g Carbon credits revenue is recognised on achieving the set milestones
 or targets as prescribed by the approved agency, provided there is
 reasonable assessment of certainity of future economic benefits.
 
 1.5 Fixed assets Tangible assets
 
 a Fixed assets have been stated at cost less accumulated depreciation.
 
 b Depreciation has been provided on assets acquired upto 31st March,
 1993 on written down value method and on assets acquired thereafter on
 straight line method at the rates and in the manner specified in
 Schedule XIV of the Companies Act, 1956.
 
 c The cost of leasehold land is amortised over the period of the lease.
 
 Intangible assets
 
 a Intangible assets are stated at cost less accumulated amortisation.
 These are amortised over a period based on the expected future economic
 benefits flowing from such assets.
 
 b ERP software is being amortised on a straight line basis over a
 period of five years.
 
 1.6 Foreign currency transactions
 
 Foreign currency transactions are accounted at the exchange rates
 prevailing at the date of the transaction. All monetary assets and
 liabilities relating to foreign currency transactions remaining
 unsettled at the end of the year are translated at the year-end rate
 and the difference in translation and realised gains and losses on
 foreign exchange transactions are recognised in the statement of profit
 and loss.
 
 1.7 Investments
 
 Investments are classified into current and long-term investments.
 Current investments are stated at the lower of cost and fair value.
 Long term investments are stated at cost. However, provision for
 diminution is made to recognise a decline, other than temporary, in the
 value of long-term investments.
 
 1.8 Employee benefits
 
 a Short term employee benefits
 
 Undiscounted value of short term employee benefits such as salaries,
 wages, short term compensated absences, bonus, exgratia and performance
 incentives are recognised as expense in the period in which the
 employees render the related service.
 
 b Post employment benefits 
 
 Defined contribution plans:
 
 Contribution to defined contribution plans being employee provident
 fund, employee state insurance, Employee pension schemes, labour
 welfare fund, employee insurance scheme and super annuation fund are
 recognised in the statement of profit and loss during the period in
 which the employees render the related services.
 
 Defined benefit plans:
 
 Liabilities in respect of defined benefit plans being gratuity and
 leave encashment are determined based on an actuarial valuation using
 the projected unit credit method. Actuarial gains or losses are
 recognised immediately in the statement of profit and loss.
 
 1.9 Borrowing costs
 
 Borrowing costs relating to acquisition of fixed assets which takes
 substantial period of time to get ready for its intended use are
 included to the extent they relate to the period till such assets are
 ready to be put to use. All other borrowing costs are charged to
 revenue. Borrowing costs consist of interest and other costs that the
 Company incurs in connection with borrowing of funds.
 
 1.10 Segment reporting
 
 The Company has disclosed business segment as primary segment. The
 Company''s operations mainly comprise breeding of layers and broilers,
 trading in poultry and poultry related products. These activities
 constitute one segment i.e., poultry operations. The other business
 segment reported is wind power generation.
 
 1.11 Leases
 
 The Company''s significant leasing arrangements are in respect of
 operating leases for premises like operational units, offices,
 residences etc. These leases which are non-cancellable are generally
 for 11 months, or for longer periods and are usually renewable by
 mutual consent on mutually agreeable terms. The aggregate lease rentals
 payable are charged as rent to statement of profit and loss.
 
 In case of non-cancellable operating leases, leased assets are not
 recognised on the Company''s balance sheet. Payments made under
 operating leases are recognised in statement of profit and loss over
 the term of the lease.
 
 1.12 Earnings per share
 
 Basic earnings per share is calculated by dividing the net profit or
 loss for the period attributable to equity share holders by the
 weighted average number of equity shares outstanding during the period.
 
 For the purpose of calculating the diluted earnings per share, the net
 profit or loss for the period attributable to equity share holders and
 the weighted average number of shares outstanding during the period are
 adjusted for the effects of all dilutive potential equity shares.
 
 1.13 Taxes on income
 
 The current charge for income taxes is calculated in accordance with
 the relevant tax regulations applicable to the Company on the estimated
 total income for the year.
 
 Deferred tax assets and liabilities are recognised on timing
 differences between taxable income and accounting income, originating
 in one period and expected to reverse in subsequent periods.
 
 Deferred tax assets and liabilities are measured using the tax rates
 and tax laws that have been enacted or substantively enacted as on the
 balance sheet date.
 
 The deferred tax assets are recognised 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 realised. In
 respect of carry forward losses and unabsorbed depreciation, deferred
 tax assets are recognised only to the extent there is virtual certainty
 that sufficient future taxable income will be available against which
 such deferred tax assets can be realised.
 
 Minimum alternate tax (MAT) under the provisions of the Income Tax Act,
 1961 is recognised as current tax in the statement of profit and loss.
 
 The credit available under the Income Tax Act, 1961 in respect of MAT
 paid is recognised as an asset only when and to the extent there is
 convincing evidence that the company will pay normal income tax during
 the period for which the MAT credit can be carried forward for set-off
 against the normal tax liability.
 
 MAT credit recognised as an asset is reviewed at each balance sheet
 date and written down to the extent the aforesaid convincing evidence
 no longer exists.
 
 1.14 Impairment of assets
 
 The carrying amounts of assets are reviewed at each balance sheet date
 to determine whether there is any indication of impairment. If any such
 an indication exists, then the carrying value is reduced to the higher
 of the net selling price or the value in use. The value in use is the
 present value of estimated future net income expected from use of the
 asset.
 
 1.15 Provisions / contingent liabilities
 
 Provisions are recognised, when the Company has a present legal or
 constructive obligation, as a result of past events, for which it is
 probable that an out flow of economic benefits will be required to
 settle the obligation and a reliable estimate can be made for the
 amount of the obligation. The disclosure is made for all present or
 possible obligations that may but probably will not require outflow as
 contingent liability in the financial statements.
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