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moneycontrol.com भारत | लेखांकन नीति > Engineering > लेखांकन नीति फॉलोड से ड्यूरोफ्लेक्स इंजीनियरिंग - बीएसई: 512229, NSE: N.A

ड्यूरोफ्लेक्स इंजीनियरिंग

बीएसई: 512229  |  NSE: N.A  |  ISIN: INE379J01029  |  Engineering

खोजें ड्यूरोफ्लेक्स इंजीनियरिंग कनेक्शन मार्च 16
लेखांकन नीति साल : मार्च '18

1 Significant Accounting Polices

1.1 Compliance with Ind AS

The Company''s financial statements have been prepared in accordance with the provisions of the Companies-Act, 2013 and the Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as These financial statements indude the balance sheet, the statement of profit and loss, the statement of changes in equity and the statement of cash flows and notes, comprising a summary of significant accounting policies and other explanatory information-arid comparative information in respect of the preceding period.

Up to the year ended March 31, 2017, the Company prepared its financial statements In accordance with the requirements of generally accepted accounting principles (GAAP) in compliance with Accounting Standards as specified in the Companies (Accounting Standards) Rules, 2006 read with Rule 7(1) of the Companies (Accounts) Rules, 2014 issued by the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. These are the Company''s first Ind AS financial Statements. The date of transition to Ind AS is April 1, 2016.

The company has adopted all the Ind AS and the adoption was carried out in accordance with Ind AS 101 First-time Adoption of Indian Accounting Standards. .

Refer Note 2.4 for the details of first time adoption exemptions availed by the Company.

1.2 Basis of Accounting

The Company'' maintains its accounts on accrual basis following the historical cost convention except certain financial instruments that are measured at fair values in accordance with Ind AS.

Fair value measurements are categorized into Level 1, 2 or 3 hased on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

Level l inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that entity can access at measurement date „

Level 11 inputs-are inputs, other than quoted prices Induded in Level 1, that are-observable for the asset or liability, either directly or indirectly; and

Level III inputs are unobservable inputs for the asset or liability

1.3 Presentation of financial statements .

The financial statements (except Statement of Cash-flow) are prepared and presented in the format prescribed in Division 11 - IND AS Schedule til (“Schedule 111”) to the Companies Act, 2013.

The Statement of Cash Flow has been prepared and presented as per the requirements of tnd AS 7 “Statement of Cash flows”.

Disclosure requirements with respect to items in the financial statements, as prescribed in Schedule Hi to the Act, are presented by way of notes forming part of accounts along with the other notes required to be disclosed u nder the notified Accounting Standards. -

Amounts in the financial statements are presented in Indian Rupees in line with the requirements of Schedule III. Per share data are presented in Indian Rupees.

b], Property, Plant and Equipment (PPEJ

Property, Plant and Equipment are stated at cost, net of recoverable taxes, trade discount and rebates less accumulated depredation and impairment losses, if any. Such cost includes purchase price, borrowing cost and any cost directly attributable to bringing the assets to its working condition for its intended use.

Subsequent costs are included in the asset''s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably.

Depreciation on all Property, Plant and Equipment is provided based on useful life prescribed in Schedule IE of the Companies Act, 2013 under Straight Line Method, PPE not ready for the Intended use on the date of the Balance Sheet is disclosed as “capital work-in-progress”.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each” financial year end and adjusted prospectivety, if appropriate.

Gains.or losses arising from derecognition of a property, plant and.equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Profit and Loss when the asset is derecognised.

Type of Asset with Useful Life

c). Leases

Leases where the lessor effectively retains substantially ail the risks and benefits of ownership over the lease term are classified as operating l^ase. lease-payments for assets taken on operating tease are recognised as an expense in the Profit and loss Account on a straight-line basis over the lease term. * - ''

d}. Intangible Assets and Amortisation

Intangible Assets are stated at cost of acquisition less accumulated amortisation /depletion and impairment loss, if any. ~

Such cost Includes purchase price, borrowing costs, and any cost directly attributable to bringing the asset to its working condition for the intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the intangible assets.

Subsequent costs are included in the asset''s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably. ‘

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Profit and Loss when the asset is derecognised. _

Intangible assets of the company comprises of Software which is amortized over a period of 5 years.

e). Borrowing Costs

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that Is required to complete and prepare the asset for its Intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for ttiei r intended use or sale.

f). Inventories

Items of inventories are measured at lower of cost or net realisable value after providing for obsolescence, if any. Cost of inventories comprises of cost of purchase and other overheads net of recoverable taxes incurred in bringing them to their respective present location and condition. The valuation of inventories is done on FIFO (first-in-first-out) Method.

g}. Impairment of Non Financial Assets ,

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may hot be recoverable. An impairment loss is recognised for the amount by which the asset''s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset''s fair value less costs of disposal and value in use.

h). Provisions & Contingencies

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 outflow of resources will be required to settle the obligation and the amount can be reliably estimated as at the balance sheet date.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but will probably not, require an outflow of resources, information on contingent liabilities Is disclosed in the notes to financial statements unless the possibility of an outflow of resources embodying economic benefit is remote.

A contingent asset is not recognised but disclosed in the financial statements where an inflow of economic benefit is probable.

1). Employee Benefit Expenses .

(I). Shortterm Employee Benefits

Ail Employee Benefits payable wholly within twelve month of rendering the service are classified as Short Term Employee Benefits and they are recognised in the period in which the employee renders the related service.

The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognised as an expense during the period when the employees render the services.

(II). Post Employment Benefits ~

Defined Contribution Plans

A defined contribution plan is a post-employment benefit plan under which the Company makes specified monthly payments to Employee State Insurance Scheme, Provident Fund Scheme and Government administered Pension Fund Scheme for all applicable employees. The Company''s contribution is recognised as an expense in the - Statement of Profit and Loss during the period in which the employee renders the related service. . -

Defined Benefit Plans

Gratuity liability Is a defined benefit obligation which is provided for on the basis of an actuarial valuation on Projected Unit cost method made at the end of each financial year. Actuarial gains/(iosses) are recognised directly in other comprehensive income. This benefit is presented according to present value after deducting the fair value of the plan assets, The Company determines the net interest on the net defined benefit liability (asset) in respect of a defined benefit by multiplying the net liability (asset) in respect of a defined benefit by the discount rate used to measure the defined benefit obligation as they were determined at the beginning of the annual reporting period.

Re-measurement of defined benefit plans in respect of post-employment are charged to the Other Comprehensive . Income.

Accumulated leave is treated as short-term employee benefit. The Company measures the expected cost of such absences as the-additional amount that it expects to pay as a result of the unused entitlement that has accumulated at the reporting date.

Other Long Term Employee Benefits -

‘ The employees of the company ar-e entitled to compensated absences which are both accumulating and non. accumulating in nature.-The expected cast of accumulating compensated absences is determined by’actuarisl . '' valuation using projected unit credit method.

j). Tax Expenses

The tax expense for the period comprises Current and Deferred Tax. Tax Is recognised in Statement of Profit and Loss, except to the extent that it relates to Items recognised in the comprehensive income or in equity. In which case, the tax is also recognised in other comprehensive income or equity.

Current Tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and iaws that are enacted or substantively enacted at the Balance sheet date.

Minimum Alternative tax (MAT) Credit is recognised as an asset only when and to the extent there is convincing evidence that the company will pay Income Tax under the normal provisions during the specified period, resulting in utilisation of MAT Credit. In the Year in which the MAT Credit becomes eligible to be recognised as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountants’ of India, the said asset is created by way of a credit to the Statement of Profit and Loss and shown as MAT Credit Entitlement. Company reviews the same at each Balance Sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that the Company wiil utilise MAT Credit during the specified period.

Deferred Tax

Deferred tax is recognised oh temporary differences between the carrying amounts of assets and liabilities in the standalone finandal statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on-tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The carrying amount of Deferred tax liabilities and assets are reviewed at the end of each reporting period.

k). Foreign Currency

Functional and presentation currency

The financial statements of the Company are presented using Indian Rupee (INR) i.e. currency .of the primary economic environment in which the entity operates (''the functional currency'').

Transactions and balances

Foreign currency transactions are translated into the respective functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currendes at year end exchange rates are recognised In profit or loss. -

I). Revenue Recognition . .

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Escalation and other claims, which are not ascertainable/acknowledged by customers, are not taken into account. Revenue is measured at the farr value of the consideration received or receivable, net of returns and allowances, trade discounts and volume rebates.

. Criteria for recognition of revenue are as under:

a) Sale of Goods -.

Revenue from the sale of goods is recognised when the goods are delivered and titles have passed, at which time all the following conditions are satisfied:

(i) significant risks and rewards of ownership of the goods are transferred to the buyer;

(ll)Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

(iii) it is probable that economic benefits associated with transaction will flow to the Company; and {iv}amount of revenue can be measured reliably;

b) In cases where trade contracts provide for crystallization of price or for price adjustment on a subsequent date, corresponding purchase and sales are recognized on the basis of expected settlement price and any differential determined subsequently Is accounted for at the time of final settlement.

c) income from sale of eiectrldty is recognized as per the terms and conditions of the agreement with the Customer.

d) Interest income is recognized on a time proportion basis taking into account amount outstanding and applicable interest rate.

e) Dividend is recognised when the company''s right to receive the payment is established, which is generally when shareholders approve the dividend.

m). Financial Instruments

(t). Financial Instruments initial Recognition

Financial instruments i.e. Financial assets and financial liabilities are recognised when the Company becomes a party “ to the contractual provisions of the instruments. Financial instruments are initially measured at fair value.

. Transaction costs that are directly attributable to the acquisition or issue of financial instruments (other than financial instruments at fair value through profit or loss) are added to or deducted from the fair value of the financial instruments, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial instruments assets or financial liabilities at fair value through profit or loss are recognised in profit or loss.

Subsequent Measurement . .

_ Financial assets

All recognised financial assets are subsequently measured at amortized cost except financial assets carried at fair '' value through Profit and loss (FVTPt) or fair value through other comprehensive income (FVOCI). ‘

a) Equity investments (other than investments in subsidiaries, associates and joint venture)

All equity investments falling within the scope of Ind-AS 109 are mandatorily measured at Fair Value Through Profit and Loss (FVTPl) with all fair value changes recognized in the Statement of Profit and Loss.

The Company has an irrevocable option of designating certain equity instruments as FVOC1. Option of designating instruments as FVOCt is done on an instrument-by-instrument basis. The classification made on initial recognition Is irrevocable.

ff the Company decides to classify an equity instrument as FVOCi, then all fair value changes on the instrument are recognized in Statement of Other Comprehensive Income (5QC1). Amounts from SOCl are not subsequently transferred to profit and loss, even on sale of investment

b) Derecognition .

A financial asset is primarily derecognized when the rights to receive cash flows from the asset have expired, or die Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in futi without material delay to a third party under a pass-through arrangement; and with that

a)the Company has transferred substantially all the risks and rewards of the asset, or b} the Com pany has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

c) Impairment of financial assets

The Company applies the expected credit toss model for recognising allowances for expected credit, loss on financial assets measured at amortised cost.

Financial Liabilities Classification

Financial liabilities and equity instruments issued by the Company are classified according to the substance of the . contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

Subsequent Measurement

Loans and borrowings are subsequently measured at Amortised costs using Effective Interest Rate (EIR), except for Financial liabilities at fair value through profit or loss. Amortised cost is calculated by taking into account any discount dr premium on acquisition and fees or costs that are an integral part of the EIR. Amortisation is included as a part of Finance Costs in the Statement of Profit and Loss

Financial liabilities recognised at FVTPL, shall be subsequently measured at fair value.

Derecognition

A financial liability Is derecognised when the obligation under the liability is discharged or cancelled or expires.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a iegaily enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

Re-classlficatlon of financial instruments

The Company determines classification of financial assets and liabilities on initial recognition. After Initial recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be infrequent. The Company’s senior management determines change In the business model as a result of external or internal changes which are significant to the Company''s operations. Such changes are evident to external parties. A change in the business model occurs when the Company either begins or ceases to perform an activity that is significant to its operations. If the Company reclassifies financial assets. It applies the reclassification prospectively from the reclassification date which is the first day of the immediately next reporting period following the change in business model. The Company does not restate any previously recognised gains, losses {including impairment gains or losses) or interest The Company has not reclassified any financial asset during the current year or previous year.

o). Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholder by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit after tax for the period attributable to equity shareholders and the weighted average number of equity shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

p). Segment Reporting

Based on “Management Approach” as defined in Ind AS 108 -Operating Segments, the Chief Operating Decision Maker evaluates the Company''s performance and allocates the resources based on an analysis of various performance indicators by business segments. The Company concludes that it operates under two reporting segment viz (a) Trading, Distribution and’ Development and (b) Wind power genration. the secondary reporting segment is geographical segment based on location of customer viz domestic and overseas.

Unallocable items includes general corporate income and expense items which are not allocated to any business “ segment.

. Segment Policies

The Company prepares Its segment information in conformity with the accounting policies adopted for preparing and presenting the standalone financial statements of the Company as a whole. Common allocable costs are allocated to each segment on ah appropriate basis. ''

The preparation of the financial statements in conformity with Ind AS requires the Management to make estimates and assumptions that impact the reported amount of assets, liabilities, income, expenses and disclosure of contingent liabilities as at the date of the financial statements. The estimates and assumptions used in the accompanying financial statements are based upon management''s evaluation of the relevant facts and circumstances as on the date of the financial statements. Actual results may differ from the estimates and assumptions used in preparing the accompanying financial statements. Difference between the actual and estimates are recognised in the period in which they actually materialise or are known. Any revision to accounting estimates is “ recognised prospectiveiy. Management believes that the estimates used in preparation of Financia I Statements are

The Company has adopted ind AS with effect from 1st April 2017 with comparatives being restated. Accordingly the impact of transition has been provided in the Opening Reserves as at 1st April 2016. The figures for the previous period have been restated, regrouped and reclassified wherever required to comply with the requirement of Ind AS

The Company has applied the exemption as provided in Ind AS 101 on non-application of Ind AS 103, “Business Combinations” to business combinations consummated prior to April 1, 2015 (the “Transition Date”), pursuant to which goodwill/capital reserve arising from a business combination has been stated at the carrying amount prior to the date of transition under Indian GAAP. The Company has also applied the exemption for past business

combinations to acquisitions of investments in subsidiaries / associates / joint ventures consumma ted prior to the

The Company has elected to measure items of property, plant and equipment and intangible assets at its carrying value at the transition date except for certain class of assets which are measured at fair value as deemed cost.

The Company has elected to measure investments in Subsidiaries, Joint Ventures and Associates at Cost

The Company has classified the financial assets in accordance with Ind AS 109 on the basis of facts and

स्रोत: रेलीगरे टेचनोवा

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