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moneycontrol.com भारत | लेखांकन नीति > Steel - Medium & Small > लेखांकन नीति फॉलोड से वरुण इंडस्ट्रीज - बीएसई: 532917, NSE: VARUN

वरुण इंडस्ट्रीज

बीएसई: 532917  |  NSE: VARUN  |  ISIN: INE032G01012  |  Steel - Medium & Small

खोजें वरुण इंडस्ट्रीज कनेक्शन मार्च 12
लेखांकन नीति साल : मार्च '13
1.1) ACCOUNTING CONVENTION
 
 The Company prepares its Financial Statements on accrual basis in
 accordance with Generally Accepted Accounting Principles and complies
 with the applicable Accounting Standards issued by the Institute of
 Chartered Accountants of India and the relevant provision of the
 Companies Act, 1956.
 
 1.2) GOING CONCERN
 
 Accumulated losses have been resulted in substantial erosion in net
 worth of the company. However, the financial statements have been
 prepared on a going concern basis on the strength of continued support
 of the promoters, bankers/other lender.  Further the restructuring of
 company''s debts with its bankers has been approved under Corporate Debt
 Restructuring Cell mechanism in its meeting held on 15/12/2012 and
 21/01/2013, as per LOA dated 28/12/2012. The company is in process of
 completing all the conditions stipulated therein. The management,
 considering the future plans for operation and support of the
 promoters, lenders, business associates, bankers and workmen is hopeful
 of improved profitability leading to improvement in its financial
 position.
 
 Company also entered into a settlement deed on 15th April, 2012 with
 overseas outstanding Debtors for payment of overdue receivables which
 resulted in provision of Discount of Rs.160.60 crore to them which was
 accounted in previous year''s financial statements as events occurring
 after balance sheet dates being significant to financial statements and
 balance payment have been deferred for five years with moratorium
 period of one year.
 
 1.3) FIXED ASSETS
 
 Fixed Assets are stated at cost of acquisition or construction, which
 comprise all related expenses upto acquisition and installation of the
 fixed assets or at revalued amounts wherever such assets have been
 revalued less accumulated depreciation.
 
 1.4) DEPRECIATION
 
 Depreciation on fixed assets except Leasehold Land and Wind Power
 Projects have been provided on Written- Down Value method, at the rates
 and in the manner prescribed in Schedule XIV to the Companies Act,
 1956. Amount paid on Leasehold Land has been amortised over the period
 of lease. Depreciation on Wind Power Projects have been spread over to
 20 years period and written off proportionately for the year.
 Depreciation on addition and deduction of fixed assets is calculated on
 Pro-Rata basis. Depreciation related to revaluation amount of fixed
 assets has been calculated at the same rate of depreciation of the
 asset and deducted from Revaluation Reserve.
 
 1.5) INVESTMENTS
 
 (a) Long term investments are stated at cost. In case, there is a
 permanent diminution in the value of any Investment, a provision for
 the same is made in the accounts.
 
 (b) Quoted current investments are stated at the lower of cost or
 market value.
 
 1.6) INVENTORIES
 
 Inventories are carried at the lower of cost (including tax, if any) or
 net realizable value. The methods of determination of cost for various
 categories are as under:
 
 (i) Raw Material First in First Out basis
 
 (ii) Packing Goods, Stores & Spares First in First Out basis
 
 (iii) Work-in-process At Works Cost basis
 
 (iv) Finished Goods First in First Out basis
 
 1.7) REVENUE RECOGNITION
 
 a.  Sale of Goods is recognized at the same time of dispatch of goods
 to customers.
 
 b.  Export Incentives i.e. Duty Draw Back or DEPB is recognized on
 accrual basis.
 
 c.  Purchase cost of Finished Goods and Packing Goods has been arrived
 at after deducting returns, discount etc.
 
 d.  Interest Income is recognised on time proportion basis.
 
 1.8) FOREIGN EXCHANGE TRANSACTION / TRANSLATION
 
 The Company has complied with AS-11 issued by ICAI as regards the
 provisions in respect of its Foreign Exchange Transactions.
 
 Transactions in foreign currency are recorded at the exchange rate in
 force at the time transactions are effected. Exchange differences
 arising on settlement of foreign currency transactions are recognised
 in the Profit & Loss Account.
 
 Monetary items denominated in foreign currency are restated using the
 exchange rate prevailing at the date of the Balance Sheet and the
 resulting net exchange difference is recognised in th$ Profit & Loss
 Account.
 
 Forward Contracts are accounted on the basis of their settlement and
 the resultant realised gain/loss on settlement is recognised in the
 Profit & Loss Account.
 
 The Company has opted for accounting the exchange difference of long
 term foreign currency monetary items in line with Companies (Accounting
 Standards) Amendment Rules 2009 notified on 31st March 2009.
 Accordingly, the exchange gain/ loss relating to long term foreign
 currency monetary items has been deducted / added to the cost of fixed
 assets.
 
 1.9) DEFERRED TAX
 
 The Deferred Tax for timing differences between the book and tax
 profits for the year is accounted for, using the tax rates and laws
 enacted or subsequently enacted as of the Balance Sheet date. Deferred
 Tax assets are recognized 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 realized.
 
 1.10) RETIREMENT BENEFITS
 
 (a) Under Provident Fund and E.S.I. Scheme, Company''s contribution
 accruing during the accounting year has been charged to Profit & Loss
 Account.
 
 (b) Encashment of leave lying to the credit of employees is not
 provided for on actuarial basis. It is accounted on cash basis.
 Therefore, it is not possible to ascertain the liability at the end of
 the accounting year.
 
 (c) Liabilities in respect of gratuity of employees are funded under
 the employees'' group gratuity scheme with the LIC.
 
 1.11) BORROWING COST
 
 Borrowing costs that are attributable to the acquisition or
 construction of qualifying assets are capitalized as part of the cost
 of such assets in accordance with the Accounting Standard 16 on
 Borrowing Costs. All other borrowing costs are charged to revenue.
स्रोत: रेलीगरे टेचनोवा

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