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moneycontrol.com भारत | लेखांकन नीति > Miscellaneous > लेखांकन नीति फॉलोड से सुनील एग्रो फूड्स - बीएसई: 530953, NSE: N.A

सुनील एग्रो फूड्स

बीएसई: 530953  |  NSE: N.A  |  ISIN: INE224D01012  |  Miscellaneous

खोजें सुनील एग्रो फूड्स कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
2.1 BASIS FOR PREPARATION OF FINANCIAL STATEMENT:
 
 The financial statements have been prepared to comply in all material
 respects with the mandatory Accounting Standards issued by the
 Institute of Chartered Accountants of India (ICAI), relevant
 provisions of the Companies Act, 2013 and guidelines issued by the
 Securities and Exchange Board of India.
 
 The financial statements have been prepared under historical cost
 convention on an accruals basis. The accounting policies have been
 consistently applied by the company and are consistent with those used
 during the previous year. The presentation of financial statement in
 conformity with generally accepted accounting principles (GAAP)
 requires management to make estimates and assumptions that affect the
 amounts reported in the financial statements and accompanying notes.
 Although these estimates are based on management best knowledge of
 current events and actions the company may undertake in future, actual
 results ultimately may differ from the estimates.
 
 2.2 INVENTORY VALUATION:
 
 Raw Materials, Finished Products, Packing Materials, Stores and Spares
 are stated at lower of cost or net realizable value.
 
 2.3 CASH FLOW STATEMENT:
 
 Cash flows are reported using the indirect method, whereby net profit
 (loss) before tax is adjusted for the effective transactions of non
 cash nature and any deferrals or accruals of past or future cash
 receipts or payments.  The cash flow from regular revenue generating,
 investing and financing activities of the group are segregated.
 
 2.4 DEPRECIATION:
 
 Depreciation on Tangible Assets is provided on straight- line basis on
 the useful life of the asset as mentioned in Schedule II to the
 companies Act, 2013.
 
 2.5 REVENUE RECOGNITION:
 
 * Sales are recognized when the significant risk attached to the goods
 are passed on to the seller and are recorded net of trade discounts,
 rebates but includes Sales Tax wherever applicable.
 
 * Dividend income is recognized when the right to receive the dividend
 is established.
 
 * Interest income is recognized on an accrual basis.
 
 * Rental income on leased property is recognized on accrual basis,
 based on the terms and conditions agreed with the lessee.
 
 2.6 FIXED ASSETS:
 
 * Fixed Assets are stated at cost of acquisition and subsequent
 improvements thereto including taxes, duties, freight and other
 incidental expenses related to acquisition and installation.
 
 * Interest on term loan taken for acquisition of assets is capitalized
 upto the date of asset being ready for use.
 
 * Capital work in progress comprises of the cost of Fixed Assets that
 are not put to use as at the Balance Sheet date and advance paid
 towards acquisition of Fixed Assets.
 
 2.7 FOREIGN CURRENCY TRANSACTION:
 
 * Initial recognition - Foreign currency transactions are recorded in
 the reporting currency, by applying to the foreign currency amount the
 exchange rate between the reporting currency and the foreign currency
 approximately at the date of the transaction.
 
 * Conversion - Foreign currency monetary items are reported using the
 closing rate. Non monetary items, which are carried in terms of
 historical cost denominated in a foreign currency are reported using
 the exchange rate at the date of transaction.
 
 * Exchange Differences - Exchange differences arising on the settlement
 or conversion of monetary items are recognized as income or as expenses
 in the period in which they arise.
 
 2.8 INVESTMENTS:
 
 Long Term Investments are valued at their acquisition cost. Provision
 for diminution in the value of long-term investment is made only if such
 decline is other than temporary in the opinion of the management.
 
 2.9 EMPLOYEE BENEFITS:
 
 2.9.1 Gratuity:
 
 The company has taken Group Gratuity Scheme for its eligible employees
 from Life Insurance Corporation of India, for the gratuity liability.
 The premium payable to Life Insurance Corporation of India is provided
 on an actuarial basis.
 
 2.9.2 Leave Encashment:
 
 Leave Encashment Liability of eligible employees is accounted on
 actuarial basis.
 
 2.9.3 Provident Fund:
 
 Company''s contribution to provident fund is charged to Profit & Loss
 Account and the same is remitted to provident fund Commissioner along
 with the employee contribution.
 
 2.10 BORROWING COST:
 
 Borrowing cost that are specifically attributable to the acquisition,
 construction or production of qualifying asset are capitalized as part
 of the cost of such asset.  A qualifying asset is an asset that
 necessarily takes a substantial period of time to get ready for its
 intended use or sale. Other borrowing costs are recognized as an
 expense in the period in which they are incurred.
 
 2.11 SEGMENT REPORTING:
 
 The companies operations predominantly relate to trading in wheat and
 manufacturing & trading in wheat products. The company has business
 segment as primary segment & geographical segment as secondary segment.
 Income and direct expenses in relation to segments is categorized bases
 on item that are individually identifiable to that segment and based on
 their relationship to the operating activity of that segment. Certain
 expenses such as depreciation, financial charges which form part of a
 segment component of total expense, are not specifically allocable to
 specific segment on a reasonable basis, have been included under
 unallocated corporate expenses.
 
 Geographical revenues are segregated based on the location of the
 customer who is invoiced are in relation to which revenue is otherwise
 recognized.
 
 2.12 ACCOUNTING OF LEASE:
 
 Leases where the lessor effectively retains the substantially all risks
 and benefits of the ownership over the lease term are classified as
 operating lease. Operating lease payments are recognized as expenses in
 the profit and loss account on the straight-line basis over the lease
 term.
 
 2.13 INCOME TAX:
 
 * Tax expenses comprises of current, deferred and fringe benefit tax.
 Current tax and fringe benefit tax are measured at the amount expected
 to be paid to the tax authorities in accordance with the Income-tax
 act, 1961.
 
 * Deferred income taxes reflect the impact of current year timing
 differences between the taxable income and accounting income for the
 year and reversal of timing differences of earlier years, based on the
 tax rates that have been enacted or substantively enacted at the
 Balance Sheet date. Deferred tax assets are recognized only if there is
 reasonable certainty that sufficient future taxable income will be
 available, against which such deferred tax assets can be realized. If
 the company has carry forward of unobserved depreciation and 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.  Unrecognized deferred tax assets of
 earlier years are reassessed and recognized to the extent that it has
 become reasonably certain or virtually certain, as the case may be that
 future taxable income will be available against which such deferred tax
 asset can be realized.
 
 2.14 PROVISIONS:
 
 Provision is recognized when the company has a present obligation as a
 result of past events: it is probable that the outflow of resources
 will be required to settle this obligation, in respect of which
 reliable estimate can be made. The provision is not discounted at
 present value and are determined based on the best estimate is required
 to settle the obligation at the balance sheet date. These are reviewed
 at each balance sheet date and adjusted to reflect the current best
 estimate.
 
 2.15 CONTINGENT LIABILITIES:
 
 All known liabilities wherever material are provided for. Liabilities
 that are material, whose future outcome cannot be ascertained with
 reasonable certainty are contingent and disclosed by way of notes to
 accounts.
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `585 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `890 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `483 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `172 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स ऑप्शंस में `151 Cr की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `388 Cr की बिकवाली की
  • CS ON BHEL : Outperform रेटिंग, लक्ष्य `88/Sh
  • CS ON CADILA HEALTH : Neutral रेटिंग, लक्ष्य `251/Sh
  • CS ON PIDILITE IND : Underperform रेटिंग, लक्ष्य `1245/Sh
  • MACQUARIE ON BHEL : Neutral रेटिंग, लक्ष्य घटाकर `58/Sh

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