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Moneycontrol.com ભારત | એકાઉન્ટીંગ નીતિ > Diamond Cutting & Jewellery & Precious Metals > એકાઉન્ટીંગ નીતિ ને અનુસરો દ્રારા મિનિ ડાયમંડ (ઇંડિયા) - બીએસઈ: 523373, ઍનઍસઈ : N.A

મિનિ ડાયમંડ (ઇંડિયા)

બીએસઈ: 523373  |  ઍનઍસઈ : N.A  |  ISIN: INE281E01010  |  Diamond Cutting & Jewellery & Precious Metals

શોધો મિનિ ડાયમંડ (ઇંડિયા) કનેક્શન � માર્ચ 12
એકાઉન્ટીંગ નીતિ વર્ષ : માર્ચ '13
a) Disclosure of Accounting Policies
 
 The financial statements have been prepared using mercantile system of
 accounting under the historical cost convention on a going concern
 basis. It recognizes significant items of income and expenditure on
 accrual basis.
 
 b) Valuation of Inventories
 
 Rough Diamonds & Cut and Polished Diamonds have been valued as under:
 
 Where stocks can be identified:
 
 At cost or net realizable value whichever is lower.
 
 Where the stocks are mixed:
 
 At technically evaluated cost or net realizable value whichever is
 lower.
 
 Rough Rejection Diamonds have been valued at it''s net realizable
 value.
 
 Gold, Silver, Consumables and Alloys are Valued at Cost i.e. Cost of
 acquisition as on that date.
 
 As the physical verification, examination and valuation of diamonds
 involving visual appraisal etc. are technical in nature, the same are
 fully relied upon by us on the management. According to the management,
 except where the stock is valued at actual cost the values assigned are
 the fairest possible approximations to the cost incurred or its net
 realizable value.
 
 c) Contingencies & Events occurring after the Balance Sheet Date
 
 There were no events occurring after the Balance Sheet date.
 
 d) Net Profit or Loss for the Period, Prior Period Items and Changes in
 Accounting Policies
 
 No prior period items and extraordinary items were noticed during the
 course of audit.
 
 e) Depreciation Accounting
 
 Depreciation has been provided under the written down value method at
 the rates prescribed under schedule XIV of the Companies Act, 1956. In
 respect of the assets added/ sold during the year pro-rata depreciation
 has been provided.
 
 f) Revenue Recognition
 
 The income of the company, derived from sale including exchange
 fluctuation on exports, is recognized on the completion of sale with
 the passing of the title.
 
 g) Accounting for Fixed Assets
 
 Fixed assets are stated at cost of acquisition to the company including
 expenditure incurred up to the date the asset is put to use.
 
 h) Accounting for the effects of changes in Foreign exchange rates
 
 Transactions denominated in foreign currencies are normally recorded at
 the Exchange rate prevailing as on the date of transaction.
 
 Monetary items denominated in foreign currencies at the year-end and
 not covered by forward contract are translated at year-end rate.
 
 Non-monetary foreign currency items are carried at cost.
 
 Monetary items covered by forward exchange contracts are translated at
 the rate ruling at the date of transaction as increased or decreased by
 the proportionate difference between the forward rate and the exchange
 rate on the date of transaction, such difference having been recognized
 over the life of the contract.
 
 Any income or expense on account of exchange difference either on
 settlement or on translation is adjusted to the profit and loss
 account.
 
 i) Borrowing Cost
 
 Interest & commitment charges on borrowings granted by the banks and
 interest on loans obtained from other parties are recognised in the
 Statement of Profit & Loss. No amounts of borrowing costs have been
 capitalised during the year.
 
 j) Segmental Reporting Primary Segment
 
 Company has only one primary reportable segment viz Gems & Jewellery
 
 Secondary Segment
 
 Details as per Geographic Region
 
 Segment Reporting and Related Information requires that an enterprise
 report a measure of total assets for each reportable segment. The fixed
 assets and inventories used in the company''s business are not
 identifiable to any particular reportable segment and can be used
 interchangeably among geographical segments. Consequently, management
 believes that it is not practical to provide segment disclosures
 relating to total assets since a realistic analysis among the various
 geographic segments is not possible.
 
 I) Earnings per share
 
 Earning 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.
 
 m) Accounting for Taxes on Income
 
 Current Tax is determined as the amount of tax payable in respect of
 taxable income for the year after considering various reliefs
 admissible under provisions of the Income Tax Act, 1961.
 
 The deferred tax for timing difference between the book profit and the
 tax profit for the year is accounted for using tax rates and tax laws
 that have been enacted or substantially enacted at the Balance Sheet
 date.
 
 n) Impairment of Assets
 
 The Company assesses at each Balance Sheet date whether there is any
 indication that asset may be impaired. If any such indication exists,
 the Company estimates the recoverable amount of the asset. If such
 recoverable amount of the asset or the recoverable amount of the cash
 generating unit to which the asset belongs is less than 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
 Profit and Loss Account.
 
 o) Provision, Contingent Liabilities and Contingent Assets
 
 The Company recognizes a provision when there is a present obligation
 as a result of a past event that requires an outflow of resources and a
 reliable estimate can be made of the amount of the obligation. A
 disclosure for a contingent liability is made when there is a possible
 obligation or a present obligation that may, but will not require an
 outflow of resources.  When there is a possible obligation or a present
 obligation that the likelihood of outflow of resources is remote, no
 provision or disclosure is made.
સ્તોત્ર: રેલીગેર ટેકનોવા


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