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moneycontrol.com भारत | लेखांकन नीति > Miscellaneous > लेखांकन नीति फॉलोड से स्टीलेज इंडस्ट्रीज - बीएसई: 513175, NSE: N.A

स्टीलेज इंडस्ट्रीज

बीएसई: 513175  |  NSE: N.A  |  ISIN:  |  Miscellaneous

खोजें स्टीलेज इंडस्ट्रीज कनेक्शन जून 06
लेखांकन नीति साल : मार्च '09
a.  Basis of Preparation of Financial Statements
 
 These financial statements have been prepared under the historical cost
 convention from the books of accounts maintained on accrual basis in
 conformity with accounting principles generally accepted in India and
 comply with the Accounting Standards notified under Section 211 (3C) of
 the Companies Act, 1956 (the Act) and the relevant provisions of the
 Act.
 
 b.  Revenue Recognition
 
 Sales are accounted for inclusive of excise duty but excluding sales
 tax and trade discounts. Sales are recognised when the property and all
 significant risks and rewards of ownership are transferred to the buyer
 and no significant uncertainty exists regarding the amount of
 consideration that is derived from the sale of goods.
 
 Revenues in respect of long term contracts are recognised based on the
 percentage of completion method. However, provisions are made for
 anticipated losses (if any) for contracts to be completed in future.
 The percentage completion is determined based on the actual costs
 vis-a-vis the estimated total cost of a contract.  Interest Income is
 accounted on accrual basis and dividend income is accounted when right
 to receive payment is established.
 
 c.  Fixed Assets and Depreciation
 
 Fixed Assets are stated at cost, except for certain assets at Ambattur
 and Halol, which are stated at revalued figures. Surplus arising on
 revaluation of such assets is credited to revaluation reserve.
 Depreciation on revaluated portion is reduced from the revaluation
 reserve.
 
 Cost comprises the purchase price and any attributable cost of bringing
 the asset to its working condition for its intended use.
 
 Depreciation on building acquired up to March 31, 1984 is provided on
 the written down value method at rates prescribed under Schedule XIV to
 the Act.
 
 Depreciation on building acquired after March 31,1984 is provided on
 the straight-line method at the rates prescribed in Schedule XIV to the
 Act.
 
 Depreciation on other fixed assets is provided on straight line method
 as follows:
 
 Category                                                  % per annum
 
 Plant and Machinery                                                10
 Electrical Installations                                           10
 Computers                                                       33.34
 Furniture and Fixtures                                             10
 Furniture and Fixtures on tenanted premises  Over the period of lease
 Office Equipments                                                  10
 
 Leasehold Land is amortised over the period of the Lease.
 
 The above rates are based on technical estimates, approved by the
 Management, of the useful lives of the respective fixed assets, and are
 higher than the rates prescribed under Schedule XIV to the Act.
 Further, assets individually costing Rs. 5,000 or less are fully
 depreciated in the year of purchase.
 
 d.  Impairment of Fixed Assets
 
 The Company assesses at each Balance Sheet date whether there is any
 indication that an asset may be impaired. If any such indication
 exists, the Company estimates the recoverable amount of the asset. If
 such recoverable amount of the asset or recoverable amount of the
 cash-generating unit to which the asset belongs is less than its
 carrying amount, the carrying amount is reduced to its recoverable
 amount. The reduction is treated as an impairment loss and is
 recognised as such. If at the Balance Sheet date there is an indication
 that a previously assessed impairment loss no longer exists, the
 recoverable amount is reassessed and the asset is reflected at the
 recoverable amount.
 
 e.  Investments
 
 Long-term investments are valued at cost. Provision for diminution is
 made to recognise decline, other than temporary, in the value of
 long-term investments.
 
 f.  Inventories
 
 Inventories are stated at cost or net realisable value, whichever is
 lower. Cost is arrived at on First-In-First-Out (FIFO) method and
 includes, where appropriate, manufacturing overheads and excise duty.
 
 g.  Employee Benefits
 
 [i] Defined Contribution Plans
 
 The Company has Defined Contribution plans for post employment benefits
 namely Provident Fund and Superannuation Fund which are administered
 through authorities/ trustees.
 
 The Company contributes to a Provident Fund Trust, Employees Deposit
 Linked Insurance Scheme and Family Pension Fund on behalf of its
 employees and has no further obligation beyond making its contribution.
 
 The Superannuation Fund applicable to certain employees is a defined
 contribution plan as the Company makes contributions to Officers
 Superannuation Scheme which is administered by an insurance company and
 has no further obligation beyond making the payment to the insurance
 company.
 
 The Company makes contributions to State plans namely Employees State
 Insurance Fund and Employees Pension Scheme, 1995 and has no further
 obligation beyond making the payment to them.
 
 The Companys contributions to the above funds are charged to Profit
 and Loss Account.
 
 [ii] Defined Benefit Plans
 
 The Company has a Defined Benefit Plan namely Gratuity covering all its
 employees. The gratuity scheme is funded through Group
 Gratuity-cum-Life Assurance Scheme which is administered by Life
 Insurance Corporation of India CLIC).
 
 The liability for the defined benefit plan of gratuity is determined on
 the basis of an actuarial valuation at the period-end using Projected
 Unit Credit Method.
 
 [iii] Termination benefits are recognised as an expense as and when
 incurred.
 
 [iv] Actuarial gains and losses comprise experience adjustments and the
 effects of changes in actuarial assumptions and are recognised
 immediately in the Profit and Loss Account as income or expense.
 
 [v] Long Term Compensated Absences
 
 The liability in respect of compensated absences is provided, based on
 an actuarial valuation carried out by an independent actuary as at the
 period-end using the Projected Unit Credit method. This liability is
 funded with HDFC Standard Life Insurance Company.
 
 h.  Foreign Currency Transactions
 
 Foreign currency transactions are recorded at the exchange rates
 prevailing on the date of such transactions.  Foreign currency monetary
 assets and liabilities as at the Balance Sheet date are translated at
 the rates of exchange prevailing on the Balance Sheet date. Gain and
 losses arising on account of differences in foreign exchange rates on
 settlement / translation of foreign currency monetary assets and
 liabilities are recognised in the Profit and Loss Account. Non-monetary
 foreign currency items are carried at cost.  
 
 i.  Taxation
 
 Provision for current tax has been made in accordance with the income
 tax laws prevailing for the relevant assessment years.
 
 Deferred tax is recognised, subject to the consideration of prudence,
 on timing differences being the difference between taxable income and
 accounting income that originate in one period and are capable of
 reversal in one or more subsequent periods. Deferred tax assets arising
 on account of unabsorbed depreciation or carry forward of tax losses
 are recognised only to the extent that there is virtual certainty
 supported by convincing evidence that sufficient future tax income will
 be available against which such deferred tax assets can be realised.
 
 j.  Provision and Contingent Liabilities
 
 The Company recognises a provision when there is 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 amount of the
 obligation. A disclosure for a contingent liability is made when there
 is a possible obligation or present obligation that may, but probably
 will not, require an outflow of resources. Where there is a possible
 obligation or a present obligation that the likelihood of outflow of
 resources is remote, no provision or disclosure as specified in
 Accounting Standard 29 - Provisions, Contingent Liabilities and
 Contingent Assets is made.
 
 k.  Leases
 
 [i] Finance Lease
 
 Leases of assets under which all the risks and benefits of ownership
 are substantially transferred to the lessee are classified as finance
 leases. Finance leases are capitalised at the estimated present value
 of the minimum lease payments. Each lease payment is allocated between
 the liability and finance charges so as to achieve a constant rate on
 the finance balance outstanding. The corresponding rental obligations,
 net of finance charges, are included in secured loans. The interest
 element of the finance charge is charged to the Profit and Loss Account
 over the lease period. Leased assets are being depreciated over the
 lease period.
 
 [ii] Operating Lease
 
 Assets acquired as leases where a significant portion of the risks and
 rewards of the ownership are retained by the lessor are classified as
 Operating Leases. Lease rentals are charged to Profit and Loss Account
 on an accrual basis.
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

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