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Moneycontrol.com ભારત | એકાઉન્ટીંગ નીતિ > Electric Equipment > એકાઉન્ટીંગ નીતિ ને અનુસરો દ્રારા ઈંટીગ્રા સ્વીચગીયર લીમીટેડ - બીએસઈ: 517250, ઍનઍસઈ : N.A

ઈંટીગ્રા સ્વીચગીયર લીમીટેડ

બીએસઈ: 517250  |  ઍનઍસઈ : N.A  |  ISIN: INE288D01017  |  Electric Equipment

શોધો ઈંટીગ્રા સ્વીચગીયર લીમીટેડ કનેક્શન � માર્ચ 10
એકાઉન્ટીંગ નીતિ વર્ષ : ડિસેમ્બર '10
a.  The financial accounts are prepared under the historical cost
 convention.

b. Use of Estimates

The preparation of 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 amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known /materialised.

c. Fixed Assets

Fixed assets are stated at cost of acquisition or construction less accumulated depreciation / amortisation. Cost of acquisition comprises purchase price, import duties, levies and directly attributable cost of bringing the asset to its working condition for the intended use.

d. Depreciation / Amortisation

Depreciation on tangible fixed assets is provided on written down value basis at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

e. Inventories

Inventories are stated at lower of cost or net realisable value.

Cost of stores, raw materials and components is determined on moving weighted average basis except goods in transit and material under inspection, the cost of which is determined on specific identification.

Cost of work-in-progress and manufactured finished goods include material cost, labour cost and appropriate factory overheads.

Provision has been made on non moving stock.

f. Doubtful debts / advances

Debts and advances considered doubtful of recovery are provided for.

g. Revenue recognition

Sales of products and services are recognised at the point of dispatch and services rendered. It is disclosed in the accounts net of sales tax and trade discounts.

Revenues on long term contracts are recognised based on percentage of completion method. The stage of completion is determined based on the proportion that contract costs incurred for work performed up to the year end bear to the estimated total contract costs. The total contract costs are determined based on technical and other estimates and the expected loss is provided for. The contract revenue recognised in excess of contract billings is shown in Loans and Advances and the contract billings in excess of revenue recognised are shown in Current Liabilities.

Provision is made for liquidated damages for delayed execution/completion.

h. Government subsidy

Subsidy under the Central/State Investment Subsidy Scheme is treated as Capital Reserve.

i. Excise duty and Custom duty:

Excise duty payable on production and custom duty payable on imports are accounted on production / receipt of goods in bonded warehouse.

j. Foreign currency transactions

Foreign currency transactions are recorded at the exchange rate prevailing on the date of these transactions. Monetary assets and current liabilities denominated in foreign currencies are translated at the year-end exchange rate. Realised/unrealised gains and losses are accounted in the profit and loss account.

k. Employee benefits

(i) Post-employment Benefits:

(a) Defined Contribution Plans:

The Company has Defined Contribution Plans for post employment benefits, charged to Profit and Loss Account, in the form of Provident Fund Employees/Pension Fund administered by the Regional Provident Fund Commissioner, Vadodara Employees Deposit Linked Insurance Scheme, 1976 under Employees Provident Fund and Miscellaneous Provision Act, 1952,administered by Regional Provident Fund Commissioner, Vadodara.

Group Life Insurance Cover, as per company policy.

(b) Defined Benefit Plans:

Funded Plan: The Company has Defined Benefit Plan for post employment benefits in the form of Gratuity for all employees administered through trust, funded with Life Insurance Corporation of India.

A liability for above Defined Benefit Plans is provided on the basis of actuarial Valuation, as at the Balance Sheet date, carried out by independent actuary. The actuarial method used for measuring the liabilities is the projected unit credit method.

(c) Long term compensated absences are provided for based on actuarial valuation. The actuarial valuation is done as per projected unit credit method.

(ii) The Actuarial gains and losses arising during the 9 months are recognised in the Profit and Loss Account. I. Warranty Provision

Necessary provision for warranty is made based on technical and other estimates.

m. Lease

Lease rentals in respect of assets under Operating Lease are charged to Profit & Loss Account, as incurred.

n. Taxation

Current tax is determined as the amount of tax payable to taxation authorities in respect of taxable income for the nine months.

Deferred tax is recognised using the tax rates and tax laws that have been enacted or substantially enacted by the balance sheet date, subject to the consideration of prudence, on timing differences being 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 assets are not recognised on unabsorbed depreciation and carry forward of losses unless there is a virtual certainty that sufficient taxable profits will be available against which such deferred tax assets can be realised.

The carrying amount of deferred tax assets is reviewed at each balance sheet date.

o. Valuation of Investment

Long term Investment is stated at cost less provision, if any, for diminution which is other than temporary in nature.

p. Provisions, Contingent Liabilities and Contingent Assets

A provision is recognised when the company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation in respect of which reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial statement. A contingent asset is neither recognised nor disclosed in the financial statements.

q. Borrowing Cost:

Borrowing costs charged to the Profit and Loss Account include interest and discount on bank borrowings. Borrowing costs attributes to qualifying assets, if any, are capitalised as cost of the assets.

સ્તોત્ર: રેલીગેર ટેકનોવા


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