moneycontrol.com भारत | लेखांकन नीति > Steel - Sponge Iron > लेखांकन नीति फॉलोड से विकाश मेटल एंड पावर - बीएसई: 532677, NSE: VIKASHMET

विकाश मेटल एंड पावर

बीएसई: 532677  |  NSE: VIKASHMET  |  ISIN: INE158H01013  |  Steel - Sponge Iron

खोजें विकाश मेटल एंड पावर कनेक्शन जून 12
लेखांकन नीति साल : मार्च '13
(i) A. Basis of preparation of financial statements
 (a) The financial statements are prepared in accordance with Generally
 Accepted Accounting Principles (Indian GAAP) under the historical cost
 convention on accrual basis and on principles of going concern. The
 accounting policies are consistently applied by the Company.
 (b) The financial statements are prepared to comply in all material
 respects with the accounting standards notified by the Companies
 (Accounting Standards) Rules, 2006 and the relevant provisions of the
 Companies Act, 1956.
 (c) The preparation of the financial statements requires estimates and
 assumptions to be made that affect the reported amounts of assets and
 liabilities on the date of the financial statements and the reported
 amounts of revenues and expenses during the reporting period.
 Differences between the actual results and estimates are recognised in
 the period in which the results are known /materialise.
 (d) All assets and liabilities have been classified as current or
 non-current as per the Company''s normal operating cycle and other
 criteria set out in the Schedule VI to the Companies Act, 1956. Based
 on the nature of products and the time between the acquisition of
 assets for processing and their realisation in cash and cash
 equivalents, the Company ascertains its operating cycle for the purpose
 of current/non-current classification of assets and liabilities.
 B.  Presentation and disclosure of financial statements
 (a) During the period ended 31st March, 2013, Revised Schedule VI
 notified under the Companies Act 1956, has become applicable to the
 company, for preparation and presentation of its financial statements.
 The adoption of revised Schedule VI does not impact recognition and
 measurement principles followed for preparation of financial
 statements.  However, it has significant impact on presentation and
 disclosures made in the financial statements. The Company has also
 reclassified the previous year figures in accordance with the
 requirements applicable in the current year.
 (b) The revised schedule VI allows line items, sub-line items and
 sub-totals to be presented as an addition or substitution on the face
 of the financial statements when such presentation is relevant to an
 understanding of the company''s financial position or performance or to
 cater to industry/sector-specific disclosure requirements.
 (ii) Fixed Assets
 (a) Fixed Assets are stated at cost, less accumulated depreciation and
 impairment losses, if any. Cost comprises the purchase price (net of
 CENVAT / duty credits availed or available thereon) and any
 attributable cost of bringing the asset to working condition for its
 intended use.
 (b) Depreciation is provided using the Straight Line Method as per the
 useful life of the assets estimated by the management, or at the rates
 prescribed under schedule XIV of the Companies Act, 1956, whichever is
 Leasehold land is amortized over the period of lease.  Software is
 amortized over a period of five years.
 (c) 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. For
 an asset that does not generate largely independent cash inflows, the
 recoverable amount is determined for the cash generating unit to which
 the asset belongs. If such recoverable amount of the asset or the
 recoverable amount of the cash generating unit to which the asset
 belongs is less then its carrying amount, the carrying amount is
 reduced to its recoverable amount. The reduction is treated as an
 impairment loss and is recognised in the statement of Profit & loss. 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.  An
 impairment loss is reversed only to the extent that the carrying amount
 of the asset does not exceed the net book value that would have been
 determined if no impairment loss had been recognised.
 (d) Cost of the fixed assets that are not yet ready for their intended
 use at the balance sheet date together with all related expenses are
 shown under capital work in progress.
 (e) The Loss of Asset was properly booked as per the provision of the
 Accounting Standard.
 (iii) Revenue Recognition
 (a) 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.
 (b) Sales are recognized on transfer of significant risks and rewards
 of ownership which generally coincides with the dispatch of goods.
 Sales are inclusive of excise duty but net of trade discounts and VAT.
 However, excise duty relating to sales is reduced from gross turnover
 for disclosing net turnover.
 (c) Export Incentives arising out of export sales are accounted for in
 the year of receipt.
 (d) Interest income is recognized on a time proportion basis taking
 into account the amount outstanding and the rate applicable.
 (e) Purchases are inclusive of freight and net of Cenvat Credit, trade
 discount and claims.
 (iv) Inventories
 Inventories are valued at lower of cost and Net Realisable value. Cost
 of inventories comprises of material cost on FIFO basis, labour &
 manufacturing overheads incurred in bringing the inventories to their
 present location and condition. Cost of finished goods includes excise
 (v) Investments
 Investments classified as long-term investments are stated at cost.
 Provision is made to recognise any diminution other than temporary in
 the value of such investments.  Current investments are carried at
 lower of cost and fair value.
 (vi) Foreign Currency Transactions:
 (a) 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
 at the date of transaction.
 (b) 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 on the date of transaction.
 (c) Exchange Difference- Exchange Difference arising on the settlement
 or conversion of monetary current assets and liabilities are recognized
 as income or as expense in the year in which they arise.
 (vii) Government Grants
 Government grants are recognized on a prudent basis when there is a
 reasonable assurance that the Company will comply with the conditions
 attached thereto and when the grants are received.
 Government Grants in the form of promoter''s contribution are credited
 to Capital Reserve. Capital grants relating to specific fixed assets
 are reduced from the gross value of the respective fixed assets.
 Government Grants related to revenue are recognized on receipt under
 Other Income in the Profit and Loss Account over the periods to match
 them with the related costs which they are intended to compensate.
 (viii) Employee Benefits
 (a) Defined Contribution Plan:
 Contributions as per the Employees'' Provident Funds and Miscellaneous
 Provisions Act, 1952 towards provident fund and family pension fund are
 charged to the Profit and Loss Account of the year when the
 contributions to the respective funds are due. There is no other
 obligation other than the contribution payable to the respective funds.
 (b) Defined Benefit Plan:
 Liability with regard to long-term employee benefits is provided for on
 the basis of an actuarial valuation at the Balance Sheet date.
 Actuarial gains / losses are recognised in the statement of profit and
 loss. The Company has an Employees Gratuity Fund managed by the SBI
 Life Insurance Co. Ltd.
 (c) Short-term Compensated Absences are provided for based on
 (ix) Borrowing Costs
 (a) Borrowing costs that are directly attributable to the acquisition,
 construction or production of qualifying assets are capitalised for the
 period until the asset is ready for its intended use. A qualifying
 asset is an asset that necessarily takes substantial period of time to
 get ready for its intended use.
 (b) Other Borrowing costs are recognised as expense in the period in
 which they are incurred.
 (x) Expenditure on new projects and substantial expansion Preliminary
 project expenditure, capital expenditure, indirect expenditure
 incidental and related to construction/implementation, interest on term
 loans to finance fixed assets and expenditure on start-up of the
 project are capitalized up to the date of commissioning of project to
 the cost of the respective assets.
 (xi) Project Development Expenses Pending Adjustment Expenditure
 incurred during developmental and preliminary stages of the Company''s
 new projects are carried forward. However, if any project is abandoned,
 the expenditure relevant to such project is written off in the year in
 which it is so abandoned.
 (xii) Research and Development
 (a) Revenue expenditure on research and development is charged as an
 expense through the natural heads of accounts in the year in which
 (b) Expenditure which results in creation of fixed assets is carried as
 fixed assets and depreciation is provided on such assets.
 (xiii) Taxes on Income
 Tax expense comprises of current tax and deferred tax.
 Current tax is measured at the amount expected to be paid to the tax
 authorities, computed in accordance with the applicable tax rates and
 tax laws. In case of tax payable as per provisions of MAT under section
 115JB of the Income Tax Act, 1961, deferred MAT Credit entitlement is
 separately recognized under the head Loans and Advances. Deferred MAT
 credit entitlement is recognized and carried forward only if there is a
 reasonable certainty of it being set off against regular tax payable
 within the stipulated statutory period.
 Deferred tax liabilities and assets are recognized at substantively
 enacted rates on timing differences between taxable income and
 accounting income that originate in one period and are capable of
 reversal in one or more subsequent periods. Deferred tax asset is
 recognized only to the extent there is reasonable certainty with
 respect to reversal of the same in future years as a matter of
 (xiv) Earnings per Share (EPS)
 (a) Basic Earnings per share is calculated by dividing the net profit
 or loss for the period attributable to equity shareholders by the
 weighted average number of equity shares outstanding during the period.
 (b) For the purpose of calculating diluted earnings per share, the net
 profit or loss for the period attributable to equity shareholders and
 the weighted average number of shares outstanding during the period are
 adjusted for the effects of all dilutive potential equity shares.
 (xv) Provisions / Contingencies
 Provision involving substantial degree of estimation in measurements is
 recognized when there is a present obligation as a result of past
 events and it is probable that there will be an outflow of resources.
 Contingent Liabilities are not recognised in the financial statements.
 A Contingent Asset is neither recognised nor disclosed in the financial
 (xvi) Preliminary Expenditure/Share Expenditure
 Preliminary and Issue expenses related to issue of equity are adjusted
 against the Securities Premium Account.
 (xvii) Prior Period and Extraordinary items and Changes in Accounting
 Policies having material impact on the financial affairs of the Company
 are disclosed.
 (xviii) Material Events occurring after Balance Sheet date are taken
 into consideration.
स्रोत: रेलीगरे टेचनोवा

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(August 06, 2018)

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