Home  »  Company  »  BNR Udyog  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of BNR Udyog Ltd. Company

Mar 31, 2015

(a) FIXED ASSETS : Fixed Assets are stated at Cost less depreciation and inclusive of expenses upto Commissioning / putting the assets to use.

(b) DEPRECIATION: Depreciation is systematicaliy allocated over the useful life of the asset as specified in Schedule II of Companies Act,2013.

(c) INVENTORIES: Inventories of landed properties are valued at cost of acquisition to the company or market rate value whicheve is lower. In respect of construction, work-in-progress, the Company has adopted completed Contract method of accounting and hence carried over the cost of work-in-progress

(d) INVESTMENTS: No Provision for diminution in the value of investment is made in the books as the Company is valuing investments at cost consistently and provision for diminution in value of long term Investments is made only if, such a decline is permanent in the opinion of the Management.

(e) RECOGNITION OF INCOME AND EXPENDITURE : Items of Income and Expenditure are Recognised on accrual basis except otherwise stated in notes to Accounts or where the same are not in the knowledge in the ordinary course of business.

(f) FOREIGN EXCHANGE TRANSACTIONS : The transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transactions which define to be date of Invoice Monetary Assets & Liabilities denominated in Foreign currency are translated at the rate of exchange at the balance sheet date and resulatant gain or loss is recognised in the profit and loss account.

(g) IMPAIRMENT OF ASSETS : The carrying amounts of assets are reviewed at each Balance sheet date for any Indication of impairment based on internal/external factors. An asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value. An impairment loss if any, is charged to Profit and Loss Account in the year in which an asset is identified as impaired. Reversal of impairment losses recognised in prior years in is recorded when there is an indication that the impairment losses recognised for the assets no longer exits or have decreased.

(h) RETIREMENT & OTHER BENEFITS:

(I) Contribution to the Provident Fund are charged to Profit & loss account each year, (ii) The Company has opted for the Group Gratuity - cum - Life Assurance Fund of The Life Insurance Corporation of India (LIC). The Company''s contribution to the Scheme is charged to the Profit & Loss A/c. for the year.

(i) PROVISION FOR CURRENT & DEFFERED TAX : The provision for current tax is made after taking into consideration benefit admissible and applicability of Minimum Alternate Tax under the provision of Income Tax Act, 1961. Deffered Tax which is resulting on account of timing difference between taxable and accounting income is accounted for applying the tax rate and laws that are acted or substantively acted as on balance sheet date. It is reconised subject to prudence.

(j) SEGMENT REPORTING:Segments are indentified having regard to the dominant source and nature of risks and returns the internal organisation and management structure. Inter segment revenue are accounted on the basis of transactions which are primarily market led. Revenue and expenses which relate to the enterprise as a whole and are not attributable to segments are included in unallocable expenses.


Mar 31, 2014

(a) FIXED ASSETS : Fixed Assets are stated at cost less depreciation and inclusive of expenses upto commissioning/putting the assets to use.

(b) DEPRECIATION : Depreciation on the Fixed Assets has been provided on the Straight Line Method at the rates provided and in the manner prescribed in the Schedule - XIV of the Companies Act, 1956.

(c) INVENTORIES : Inventories of land properties are valued at cost of acquisition to the Company or market rate which ever is lower. In respect of construction work-in-progress, the Company has adopted Completed Contract Method of accounting and hence carried over the cost of work-in progress.

(d) INVESTMENTS : No provision for diminution in the value of investment is made in the books as the Company is valuing investments at cost consistently and provision for diminution in value of long term investments is made only if such decline is permanent in the opinion of the Management.

(e) RECOGNITION OF INCOME AND EXPENDITURE : Items of Income and Expenditure are recognised on accrual basis except otherwise stated in notes to accounts or where the same are not in the knowledge in the ordinary course of business.

(f) FOREIGN EXCHANGE TRANSACTIONS: The transactions in Foreign Currency are recorded at the exchange rate prevailing on the date of the transactions which define to be date of invoice. Monetary Assets & Liabilities denominated in Foreign Currency are translated at the rate of exchange at the Balance Sheet date and resultant gain or loss is recognised in the Profit & Loss Account.

(g) IMPAIRMENT OF ASSETS : The carrying amounts of assets are reviewed at each Balance Sheet date for any indication of impairment based on internai/external factors. An asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value. An impairment loss if any, is charged to Profit and Loss Account in the year in which an asset is identified as impaired. Reversal of impairment losses recognised in prior years is recorded when there is an indication that the impairment losses recognised for the assets no longer exist or have decreased.

(h) RETIREMENT & OTHER BENEFITS:

(i) Contribution to the Provident Fund are charged to revenue each year.

(ii) The Company has opted for the Group Gratuity-cum-Life Assurance Fund of the Life Insurance Corporation of India (LIC). The Company's contribution to the scheme is charged to the Profit & Loss a/c for the year.

(I) TAXES ON INCOME : The Company is providing and determining current tax as the amount of tax payable in respect of taxable income for the period. Deferred Tax is recognised on liming difference between taxable income and accounting income subject to prudence.

(j) SEGMENT REPORTING : Segments are indentified having regard to the dominant source and nature of risks and returns the internal organisation and management structure. Inter segment revenue are accounted on the basis of transactions which are primarily market led. Revenue and expenses which relate to the enterprise as a whole and are not attributable to segments are included in unallocable expenses.


Mar 31, 2013

(a) FIXED ASSETS : Fixed Assets are stated at Cost less depreciation and inclusive of expenses upto Commissioning/putting the assets to use.

(b) DEPRECIATION : Depreciation on the Fixed Assets has been provided on the Straight Line Method at the rates provided and in the manner prescribed in the Schedule - XIV of the Companies Act, 1956.

(c) INVENTORIES : Inventories of landed properties are valued at cost of acquisition to the Company or market rate which ever is lower. In respect of construction work-in-progress, the Company has adopted completed Contract method of accounting and hence carried over the cost of work-in progress.

(d) INVESTMENTS : No Provision for diminution in the value of investment is made in the books as the Company is valuing investments at cost consistently and provision for diminution in value of long term Investments is made only if such decline is permanent in the opinion of the Management.

(e) RECOGNITION OF INCOME AND EXPENDITURE : Items of Income and Expenditure are Recognised on accrual basis except otherwise stated in notes to Accounts or where the same are not in the knowledge in the ordinary course of business.

(f) FOREIGN EXCHANGE TRANSACTIONS: The transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transactions which define to be date of invoice. Monetary Assets & Liabilities denominated in Foreign currency are translated at the rate of exchange at the balance sheet date and resultant gain or loss is recognised in the profit & loss account.

(g) IMPAIRMENT OF ASSETS : The Carrying amounts of assets are reviewed at each Balance Sheet date for any indication of impairment based on internal/external factors. An asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value. An impairment loss if any, is charged to Profit and Loss Account in the year in which an asset is identified as impaired. Reversal of impairment losses recognised in prior years is recorded when there is an indication that the impairment losses recognised for the assets no longer exist or have decreased.

(h) RETIREMENT & OTHER BENEFITS:

(i) Contribution to the Provident Fund are charged to revenue each year.

(ii) The company has opted for the Group Gratuity-cum-Life Assurance Fund of the Life

Insurance Corporation of India (LIC). The company''s contribution to the scheme is charged to the Profit & Loss A/c for the year.

(I) TAXES ON INCOME : The Company is providing and determining current Tax as the amount of tax payable in respect of taxable income for the period. Deferred Tax is recognised on timing difference between taxable income and accounting income subject to prudence.

(j) SEGMENT REPORTING : Segments are indentified having regard to the dominant source and nature of risks and returns the internal organisation and management structure. Inter segment revenue are accounted on the basis of transactions which are primarily market led. Revenue and expenses which relate to the enterprise as a whole and are not attributable to segments are included in unallocable expenses.


Mar 31, 2012

(a) FIXED ASSETS : Fixed Assets are stated at Cost less depreciation and inclusive of expenses up to Commissioning/putting the assets to use.

(b) DEPRECIATION : Depreciation on the Fixed Assets has been provided on the Straight Line Method at the rates provided and in the manner prescribed in the Schedule - XIV of the Companies Act, 1956.

(c) INVENTORIES : Inventories of landed properties are valued at cost of acquisition to the Company or market rate whichever is lower. In respect of construction work-in-progress, the Company has adopted completed Contract method of accounting and hence carried over the cost of work-in progress.

(d) INVESTMENTS : No Provision for diminution in the value of investment is made in the books as the Company is valuing investments at cost consistently and provision for diminution in value of long term Investments is made only if such decline is permanent in the opinion of the Management.

(e) RECOGNITION OF INCOME AND EXPENDITURE : Items of Income and Expenditure are Recognized on accrual basis except otherwise stated in notes to Accounts or where the same are not in the knowledge in the ordinary course of business.

(f) FOREIGN EXCHANGE TRANSACTIONS: The transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transactions which define to be date of invoice. Monetary Assets & Liabilities denominated in Foreign currency are translated at the rate of exchange at the balance sheet date and resultant gain or loss is recognized in the profit & loss account.

(g) IMPAIRMENT OF ASSETS : The Carrying amounts of assets are reviewed at each Balance Sheet date for any indication of impairment based on internal/external factors. An asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value. An impairment loss if any, is charged to Profit and Loss Account in the year in which an asset is identified as impaired. Reversal of impairment losses recognized in prior years is recorded when there is an indication that the impairment losses recognized for the assets no longer exist or have decreased.

(h) RETIREMENT & OTHER BENEFITS:

(i) Contribution to the Provident Fund are charged to revenue each year.

(ii) The company has opted for the Group Gratuity-cum-Life Assurance Fund of the Life Insurance Corporation of India (LIC). The company's contribution to the scheme is charged to the Profit & Loss A/c for the year.

(I) TAXES ON INCOME : The Company is providing and determining current Tax as the amount of tax payable in respect of taxable income for the period. Deferred Tax is recognized on timing difference between taxable income and accounting income subject to prudence.

(j) SEGMENT REPORTING : Segments are indentified having regard to the dominant source and nature of risks and returns the internal organization and management structure. Inter segment revenue are accounted on the basis of transactions which are primarily market led. Revenue and expenses which relate to the enterprise as a whole and are not attributable to segments are included in unallowable expenses.


Mar 31, 2011

(a) FIXED ASSETS : Fixed Assets are stated at Cost less depreciation and inclusive of expenses upto Commissioning/putting the assets to use. Govt. grant received against particular asset is reduced out of cost of asset.

(b) DEPRECIATION : Depreciation on the Fixed Assets has been provided on the Straight Line Method at the rates provided and in the manner prescribed in the Schedule - XIV of the Companies Act, 1956.

(c) INVENTORIES : Inventories of landed properties are valued at cost of acquisition to the Company or market rate which ever is lower. In respect of construction work-in-progress, the Company has adopted completed Contract method of accounting and hence carried over the cost of work-in progress.

(d) INVESTMENTS : Investments are valued at Cost. Provision for diminution in the value of Long Term Investments is made only if, such a decline is permanent in the opinion of the Management.

(e) RECOGNITION OF INCOME AND EXPENDITURE : Items of Income and Expenditure are Recognised on accrual basis except otherwise stated in notes to Accounts or where the same are not in the knowledge in the ordinary course of business.

(f) FOREIGN EXCHANGE TRANSACTIONS: The transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transactions which define to be date of invoice. Monetary Assets & Liabilities denominated in Foreign currency are translated at the rate of exchange at the balance sheet date and resultant gain or loss is recognised in the profit & loss account.

(g) IMPAIRMENT OF ASSETS : The Carrying amounts of assets are reviewed at each Balance Sheet date for any indication of impairment based on internal/external factors. An asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value. An impairment loss if any, is charged to Profit and Loss Account in the year in which an asset is identified as impaired. Reversal of impairment losses recognised in prior years is recorded when there is an indication that the impairment losses recognised for the assets no longer exist or have decreased.

(h) RETIREMENTS OTHER BENEFITS:

(i) Contribution to the Provident Fund are charged to revenue each year.

(ii) The company has opted for the Group Gratuity-cum-Life Assurance Fund of the Life

Insurance Corporation of India (LIC). The company's contribution to the scheme is charged to the Profit & Loss A/c for the year.

(i) TAXES ON INCOME : The Company is providing and determining current Tax as the amount of tax payable in respect of taxable income for the period. Deferred Tax is recognised on timing difference between taxable income and accounting income subject to prudence.

(j) SEGMENT REPORTING : Segments are indentified having regard to the dominant source and nature of risks and returns the internal organisation and management structure. Inter segment revenue are accounted on the basis of transactions which are primarily market led. Revenue and expenses which relate to the enterprise as a whole and are not attributable to segments are included in unallocable expenses.


Mar 31, 2010

(a) FIXED ASSETS : Fixed Assets are stated at Cost less depreciation and inclusive of expenses upto Commissioning/putting the assets to use. Cost is reduced by Govt, grant received against particular Assets.

(b) DEPRECIATION : Depreciation on the Fixed Assets has been provided on the Straight line method at the rates provided and in the manner prescribed in the Schedule - XIV of the Companies Act, 1956.

(c) INVENTORIES : Inventories of landed properties are valued at cost of acquisition to the Company or market rate which ever is lower. In respect of construction, works-in-progress, the Company has adopted completed Contract method of accounting and hence carried over the cost of works-in progress.

(d) INVESTMENTS : Investments are valued at Cost, Provision for Diminution in the value of Long Term Investments is made only if, such a decline is permanent in the opinion of the Management.

(e) RECOGNITION OF INCOME AND EXPENDITURE : Items of Income and Expenditure are Recognised on accrual basis except otherwise stated in notes to Accounts or where the same are not in the knowledge in the ordinary course of business.

(f) FOREIGN EXCHANGE TRANSACTIONS: The transactions in foreign currency are recorded at the exchange rate prevailing on the date of the transactions which define to be date of invoice. Monetary Assets & Liabilities denominated in Foreign currency are translated at the rate of exchange at the balance sheet date and resultant gain or loss is recognised in the profit & loss account.

(g) IMPAIRMENT OF ASSETS : The Carrying amounts of assets are reviewed at each Balance Sheet date for any indication of impairment based on internal/external Factors An asset is treated as impaired when the carrying cost of the assets exceeds its recoverable value. An impairment loss if any, is charged to Profit and Loss Account in the year in which an asset is identified as impaired. Reversal of impairment losses recognised in prior years is recorded when there is an indication that the impairment losses recognised for the assets no longer exist or have decreased.

(h) RETIREMENT & OTHER BENEFITS :

(i) Contribution to the Provident Fund are charged to revenue each year

(ii) The company has opted for the Group Gratuity-cum-Life Assurance Fund of the Life

Insurance Corporation of India (LIC). The companys contribution to the scheme is charged to the Profit & Loss A/c for the year.

(I) TAXES ON INCOME : The Company is providing and determining current Tax as the amount of tax payable in respect of taxable income for the period. Deferred Tax is recognised on timing difference between taxable income and accounting income subject to prudence.

(j) SEGMENT REPORTING : Segments are indentified having regard to the dominant source and nature of risks and returns the internal organisation and management structure. Inter segment revenue are accounted on the basis of transactions which are primarily market led. Revenue and expenses which relate to the enterprise as a whole and are not attributable to segments are included in unallocable expenses.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X