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Moneycontrol.com ભારત | એકાઉન્ટીંગ નીતિ > Metals - Non Ferrous > એકાઉન્ટીંગ નીતિ ને અનુસરો દ્રારા ક્યુબેક્ષ ટ્યુબિંગ - બીએસઈ: 526027, ઍનઍસઈ : CUBEXTUB

ક્યુબેક્ષ ટ્યુબિંગ

બીએસઈ: 526027  |  ઍનઍસઈ : CUBEXTUB  |  ISIN: INE144D01012  |  Metals - Non Ferrous

શોધો ક્યુબેક્ષ ટ્યુબિંગ કનેક્શન � માર્ચ 14
એકાઉન્ટીંગ નીતિ વર્ષ : માર્ચ '15
BASIS OF PREPARATION:
 
 The financial statements of the company have been prepared in
 accordance with the Generally Accepted Accounting Principles in India
 (Indian GAAP) to comply with theAccounting standards specified under
 section 133ofthe Companies Act.2013, read with Rule 7 of the Companies
 (Accounts) Rules, 2014 and the relevant provisions of the Companies
 Act, 2013 (the 2013 Act), as applicable. The financial statements
 have been prepared as a going concern on accrual basis underthe
 historical cost convention. TheAccounting policies adopted in the
 preparation o the financial statements are consistent with those
 followed in the previous year except for change in the accounting
 policy for depreciation
 
 USE OF ESTIMATES:
 
 The preparation of financial statements is in conformity with generally
 accepted accounting principles require the 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 result 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. Significant estimates used by the management in
 the preparation of these financial statements include estimates of the
 economic useful lives of fixed assets and provisions for bad and
 doubtful debts. Any revision to accounting estimates is recognized
 prospectively.
 
 a) Accounting Convention and Revenue Recognition:
 
 The Financial Statements have been prepared on a going concern basis in
 accordance with historical cost convention except for such fixed assets
 which are revalued.
 
 Revenue is recognized to the extent that it is probable that the
 economic benefits will flow to the Company and the revenue can be
 reliably measured. Revenue from operations includes revenue from sale
 of products, services and other operating revenue. Revenue from sale of
 products is recognized when all the significant risks and rewards of
 ownership of products have been passed to the buyer, usually on
 delivery of the products.  The revenue from sale of products is net of
 discounts, excise duty, value added taxes and sales tax.
 
 Revenue is not recognized on the grounds of prudence, until realized in
 respect of liquidated damages, delayed payments as recovery of the
 amounts are not certain.
 
 b) CASH FLOW STATEMENT
 
 i) Cash and Cash Equivalents (for the purpose of cash flow statement)
 
 Cash comprises Margin Money, Current Accounts with Banks and cash on
 hand. Cash equivalents are short-term balances (with an original
 maturity of three months or less from the date of acquisition), highly
 liquid investments that are readily convertible into known amounts of
 cash and which are subject to insignificant risk of changes in value.
 
 ii) Cash Flow Statement
 
 Cash flows are reported using the indirect method, whereby profit
 before extraordinary items and tax is adjusted for the effects of
 transactions of non-cash nature and any deferrals or accruals of past
 or future cash receipts or payments. The cash flows from operating,
 investing and financing activities of the Company are segregated based
 on the available information.
 
 c) RETIREMENTS BENEFITS:
 
 Gratuity - No provision for gratuity has been made as no employees have
 put in qualifying period of service for entitlement of this benefit.
 
 Provident Fund - the company makes monthly contribution to the
 Employees Provident Fund and Pension Fund under the provisions of
 Employees Provident Fund and Miscellaneous Provisions Act, 1952.
 
 d) FIXED ASSETS:
 
 Fixed Assets are stated at cost of acquisition and subsequent
 improvements thereto, inclusive of taxes, freight, and other incidental
 expenses related to acquisition, improvements and installation, except
 in case of revaluation of Fixed Assets where it is stated at revalued
 amount, as contained in AS-10.
 
 e) DEPRECIATION:
 
 Depreciation on Fixed Assets is provided on straight-line method as per
 the useful life specified in Schedule II of the Companies Act, 2013.
 This is in accordance with the AS-6 and there is no change in the
 method of Depreciation during the year.
 
 f) TRANSACTIONS IN FOREIGN EXCHANGE:
 
 Sales / Purchases and revenue incomes / expenses in foreign currency
 are booked at the exchange rate prevailing on the date of transaction.
 Gain / Loss arising out of fluctuations in exchange based on the rate
 on date of realization is accounted for in the Profit and Loss Account
 as per AS-11.
 
 g) BORROWING COST:
 
 Borrowing cost relating to acquisition/ construction of qualifying
 assets are capitalized until the time all substantial activities
 necessary to prepare the qualifying assets for their intended use are
 complete. A qualifying asset is one that necessarily takes substantial
 period of time to get ready for its intended use/sale. Borrowing costs
 that are attributable to the projects are charged to the respective
 projects. All other borrowing costs, not eligible for
 inventorisation/capitalisation, are charged to revenue.
 
 h) INVENTORIES:
 
 Materials, stores & spares, tools and consumable are valued at cost or
 market value, whichever is lower on the basis of first in first out
 method reflecting the fairest possible approximation to the cost
 incurred in bringing the items of inventory to their present location
 and condition.
 
 i) TAXES ON INCOME:
 
 a) Provision for tax for the year comprises current Income Tax and
 Deferred Tax and is provided as per the Income Tax Act, 1961.
 
 b) Deferred tax resulting from timing differences between the book and
 the tax profits is accounted for, at the current rate of tax, to the
 extent that the timing differences are expected to crystallize.
 Deferred tax assets are recognized only to the extent there is
 reasonable certainty that the assets can be realized in the future;
 however where there is unabsorbed depreciation or carried forward loss
 under taxation laws, deferred tax assets are recognized only if there
 is a virtual certainty of realization of such assets. Deferred tax
 assets/ liabilities are reviewed as at each balance sheet date.
 
 j) EARNINGS PER SHARE:
 
 The earnings considered in ascertaining the Earning per Share comprise
 of Net Profit after Tax. The number of shares used in computing Basic
 Earnings per Share is the Weighted Average number of shares outstanding
 during the year, as per AS-20.
 
 k) IMPAIRMENT OF FIXED ASSETS:
 
 Management periodically assesses using external and internal sources
 whether there is an indication that an asset may be impaired.
 Impairment occurs where the carrying value exceeds the present value of
 future cash flows expected to arise from the continuing use of the
 asset and its eventual disposal. The impairment loss to be expensed is
 determined as the excess of the carrying amount over the higher of the
 asset''s net sale price or present value as determined above.
 
 I) RELATED PARTY DISCLOSURES :
 
 The Company furnishes the Disclosure of transactions with related
 parties, as required by Accounting Standard 18 Related Party
 Disclosure as specified in the Companies (Accounting Standard) Rules,
 2006. Related parties as defined under clause 3 of the Accounting
 Standard 18 have been identified on the basis of representation made by
 the management and information available with the company.
સ્તોત્ર: રેલીગેર ટેકનોવા


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