moneycontrol.com भारत | लेखांकन नीति > Fertilisers > लेखांकन नीति फॉलोड से टीस्टा एग्रो इंडस्ट्रीज - बीएसई: 524204, NSE: N.A

टीस्टा एग्रो इंडस्ट्रीज

बीएसई: 524204  |  NSE: N.A  |  ISIN: INE757D01011  |  Fertilisers

खोजें टीस्टा एग्रो इंडस्ट्रीज कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '16

1.1 The financial statements of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards, prescribed under section 133 of the Companies Act, 2013 (''the CA 2013'') as applicable. These financial statements have been prepared on accrual basis under the historical cost convention. Where it is not possible to determine the quantum of accrual with reasonable certainty e.g. insurance and other claims etc. these continue to be accounted for on settlement basis. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in previous year.

1.2 The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during 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. Difference between the actual results and estimates are recognized in the period in which the results are known/ materialized.

1.3 Fixed Assets are valued at cost less accumulated depreciation. Cost comprises the purchase price including duties and other non refundable taxes or levies directly attributable cost of bringing the assets to its working condition and indirect cost specifically attributable to construction of a project or to the acquisition of a fixed asset. Depreciation has been calculated on straight line method based on the estimated useful life of the assets as per schedule II of Companies Act, 2013.

1.4 An asset is treated as impaired when the carrying cost of the same exceeds its recoverable amount. An impairment is charged to the Profit and Loss Account 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 the recoverable amount.

1.5 Inventories are valued at cost.

(a) Inventories of stores & spares and packing materials are valued at FIFO basis.

(b) Major raw materials are valued at cost on FIFO basis; Raw materials for NPK are valued at average cost price.

(c) Finished goods are valued at lower of cost and net realizable value.

1.6 Cost includes cost of purchase, duties, taxes and all other costs incurred in bringing the inventories to their present location.

1.7 a) Sales exclusive of Excise Duty, VAT and net of dealers'' margin are recognized as revenue on dispatches.

b) Dividend income on investments is accounted for when the right to receive the payment is established.

c) Interest income is accounted on time proportion basis taking into account the amount outstanding and applicable interest rate.

1.8 Subsidy receivable from Government on sale of S.S.P. & G.S.S.P. Fertilizer is also recognized on accrual basis. Where the grant or subsidy relates to an asset, it''s value is deducted in arriving at the carrying amount of the related asset.

1.9 Transactions in foreign currencies are recorded at the rates of exchange prevailing on the dates when the relevant transactions take place; assets and liabilities valued at contract/yearend rate and resultant loss or gain is accounted for in the profit and loss account.

1.10 Long term investments are stated at cost and provision for diminution is made, if such diminution is other than temporary in nature. Considering the year end rates, no diminution is there in the value of long term investments.

1.11 Borrowing cost relating to (i) funds borrowed for acquisition/construction of qualifying assets are capitalized up to the date the assets are put to use, and (ii) funds borrowed for other purposes are charged to Profit and Loss Account.

1.12 Tax liability is estimated considering the provisions of the Income Tax Act, 1961. Deferred tax is recognized on timing difference, 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. On prudent basis, Deferred tax asset is recognized and carried forward only when there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

1.13 Contributions to Provident fund and Superannuation Fund, which are defined contribution schemes are made to a government administered Provident Fund and to recognized trust respectively and are charged to the Profit and Loss account as incurred. The company has no further obligations beyond its contributions to these funds.

Provision for gratuity, under a LIC administered fund, and leave encashment, which are in the nature of defined benefit plans, are provided based on actuarial valuation based on projected unit credit method, as at the balance sheet date.

1.14 Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is possible that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in notes. Contingent assets are neither recognized nor disclosed in the financial statements.

2. Other Explanatory notes and Information

2.1 Sundry Debtors and advances (considered good) include certain overdue debts/ old advances aggregating toRs.8 (Previous YearRs.8) for which necessary steps are being taken for realization and as such no provision there against is considered necessary in these accounts.

2.2 Balances of certain Sundry Debtors, Sundry Creditors, Loans and Advances and Other Liabilities are in process of confirmation/reconciliation. The management is of the opinion that adjustment if any arising out of such reconciliation would not be material.

2.3 Sales tax remission was granted to the company by State Government initially for a period of 13 (Thirteen) years and subsequently reduced to 9 (Nine) years which ended on 30.03.2010. The management is of the opinion that as per the law the company is entitled for remission for 13 (thirteen) years i.e. up to 30.03.2014 and necessary legal steps are being taken in this regard. VAT from the year 2014-15 is paid by the Company since there is no remission coverage from this year. VAT liability under dispute from 31.03.2010 to 30.03.2014 aggregating Rs.177 is shown under the head Contingent Liability.

2.4 Excise duty on sulphuric acid principally used for captive consumption of SSP (Finished Goods) has not been considered for valuation of stock of sulphuric acid consistently over the years. However, excise duty on fertilizers which is chargeable since 1st March, 2011 has been considered for valuation of fertilizer inventory as on 31.03.2016.

2.5 In the opinion of the Board the Current Assets, Loans and advances appearing in the company''s balance sheet as at the yearend would have value on realization in the normal course of business at least equal to the respective amounts at which they are stated in the balance sheet.

2.6 Under the Micro, Small and Medium Enterprises Development Act, 2006, certain disclosures are required to be made relating to micro, small and medium enterprises but the information is not available.

2.7 (a) Estimated amount of Capital Commitments net of advances as at 31.03.2016, and not provided for isRs.15 (Previous year Rs.10).

2.8 Consumption of raw materials includes foreign exchange gain ofRs.nil (Previous year gain of Rs.nil).

2.9 Retirement Benefits

Defined Benefits Plan

The company has subscribed to group gratuity policy with the Life Insurance Corporation of India to cover its liability towards employees'' gratuity. Gratuity liability has been actuarially calculated and the same has been provided for as on the date of Balance Sheet. Summary of Gratuity Plan is given below:-

The company extends the benefit of leave encashment to its employees while in service. Leave encashment benefits are accounted for on the basis of actual valuation as at year end.

Defined Contribution Plan

Contribution to Defined Contribution Plan i.e. contribution to Provident Fund amounting to Rs.23 (Previous yearRs.22) has been recognized as expenses in the year and charged to revenue account. These contributions are made to the fund administered and managed by Regional Provident Fund Commissioner, Jalpaiguri.

2.10 Segment Information

The business segments have been identified on the basis of the products manufactured by the Company i.e. Fertilizers & Sulphuric Acid. Mainly Sulphuric Acid is captivity used for production of SSP. The company is managed organizationally as one unified entity, hence there are no separate geographical segments.

2.11 Deferred Tax Accounting:-

As per the Accounting Standard 22 on Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India, deferred tax credit for the year Rs.1 has been recognized in the Profit and Loss Account for the year. Details of Deferred Tax Assets/(Liabilities) as on 31.03.2016 are as follows: -

2.12 Management has evaluated value in use of its fixed assets as required by Accounting Standard 28. On evaluation, management is of the opinion that there is no impairment of the Company''s assets as on 31st March, 2016 and hence no provision is required

The company has only one class of equity shares having a par value of Rs.10 per share. Each share holder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual general Meeting. In the event of liquidation of the Company, the equity share holders are eligible to receive remaining assets of the Company, after distribution of all Preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • NEWS FLASH EVE : JMC Projects को `1363 Cr के ऑर्डर मिले

अभी देखें

प्रॉपर्टी गुरु




(August 06, 2018)

AT (Rs)






Super Combo

Powerful mix of both trader and investor packs with timely expert advice.


Designed especially for traders looking to tap the profit opportunities of volatile markets.


For all investors looking to unearth stocks that are poised to move.