Home  »  Company  »  Guj. Intrux  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Gujarat Intrux Ltd. Company

Mar 31, 2015

I. Basis of accounting and preparation of financial statements

The financial statements of the company have been prepared on accrual basis under the historical cost convention in accordance with the Generally Accepted Accounting Principles in India to comply with the Accounting Standards and the relevant provisionsofthecompaniesAct,2013.

ii. Employee benefits

a. Provident fund Defined contribution plan

Contribution as required by the statute made to the Government provident fund is debited to Profit and loss statement.

b. Gratuity Defined benefit plan

The company reports gratuity defined benefit plan in accordance with revised AS -15. The company accounts for the liability for future gratuity benefits based on actuarial valuation. The net present value of the company's obligation towards the same is actuarially determined and based on the projected unit credit method as at balance sheet date. Actuarial gains and losses are immediately recognized in the profit and loss statement.

iii. Revenue/income recognition

a. Income and expenditure are generally accounted on accrual, as the year earned or incurred.

b. DEPB license sales income is accounted on accrual basis.

c. Revenue in respect of other income is recognized when no significant uncertainty as to its determination of realization exists.

iv. Accounting for current and deferred tax

a) Current tax is accounted on the basis of estimated taxable income for the current accounting year and in accordance with the provisions of the Income Tax Act, 1961.

b) Deferred tax resulting from "timing difference" between accounting and taxable profit for the period is accounted by using the tax rates and laws that have been enacted or substantively enacted as at the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future. Net deferred tax liabilities are arrived at after setting off deferred tax assets.

v. Excise duty and Cenvat

The company is following the exclusive method in respect of the excise duty on purchase. The payments for excise duty on finished goods are accounted for as and when such goods are cleared from the factory premises. Excise duties recovered are included in the sale of products. Excise duty paid on dispatch is shown separately in the profit and loss statement.

vi. Translation of foreign currency items

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction. Balances in the form of current assets and current liabilities in foreign currency, outstanding at the close of the year, are converted in Indian currency at the appropriate rates of exchange prevailing on the date of the balance sheet. Resulting foreign currency realization/revaluation and balance profit/loss is accounted during the year.

vii. Impairment of assets

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the profit and loss statement in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been change in the estimate of recoverable amount.

viii. Earning per share

The company reports basic Earning Per Share (EPS) in accordance with AccountingStandard-20 on Earning Per Share. Basic EPS is computed by dividing the net profit or loss for the year by weighted average number of equity shares outstanding during the year.

ix. Investment

As per Accounting Standard-13 " Accounting for Investment", long term investment are valued at cost or market value whichever is lower unless there are permanent diminution in the value of investment while short term investment are valued at cost or carrying amount which ever is lower.

d) Changes in the fair value of plan assets representing reconciliation of the opening and closing balances thereof are as follows:

As the company has no funded plan and hence opening and closing fair value in plan assets and changes there of is NIL

e) The major categories of plan assets as a percentage of total plan assets are as follows: The company has no funded plan.

f) Principal actuarial assumptions at the Balance sheet date (expressed in weighted averages) :

Discount rate : 8.07%

Expected return on plan assets : -

Proportion of employees opting for early Retirement : -

Annual increase in salary costs : 6.00%

The estimates of future salary increase, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.


Mar 31, 2014

I. Basis of accounting and preparation of financial statements

The financial statements of the Company has been prepared on accrual basis under the historical cost convention in accordance with the Generally Accepted Accounting Principles in India to comply with the Accounting Standards notified under Section 211 (3C) of the Companies Act, 1956 and the relavent provi- sions thereof.

II. Employee Benefits

a. Provident Fund-Defined Contribution Plan

Contribution as required by the statute made to the Government Provident Fund is debited to Profit & Loss Statement.

b. Gratuity-Defined Benefit Plan

The Company reports gratuity defined benefit plan in accordance with revised AS-15. The Company ac- counts for the liability for future gratuity benefits based on actuarial Valuation. The Net Present value of the company''s obligation towards the same is actuarially determined and based on the projected unit credit method as at balance sheet date. Actuarial gains and losses are immediately recognized in the profit and loss statement.

III. Revenue/lncome Recognition

(i) . Income and Expenditure are generally accounted on accrual, as they are earned or Incurred.

(ii) . DEPB License Sales Income is accounted on the accrual basis.

(iii) . Revenue in respect of other income is recognized when no significant uncertainty as to its determination of

realization exists.

IV Accounting for Current & Deferred Tax

(a) Current tax is accounted on the basis of estimated taxable income for the current accounting year and in accordance with the provisions of the Income Tax Act, 1961

(b) Deferred tax resulting from "Timing Difference" between accounting and taxable profit for the period is accounted by using the tax rates and laws that have been enacted or substantively enacted as at the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future. Net deferred tax liabilities are arrived at after setting of deferred tax assets.

V. Excise Duty & Cenvat

The Company is following the exclusive method in respect of excise duty on purchase. The Payments for excise duty on finished goods are accounted for as and when such goods are cleared from factory premises. Excise Duties recovered are included in the sales of products. Excise Duty paid on dispatch is shown sepa- rately in the profit & loss statement.

VI. Translation of Foreign Currency Items

Transaction denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction. Balances in the form of current assets and current liabilities in foreign currency, outstanding at the close of the year, are converted in Indian currency at the appropriate rates of exchange prevailing on the date of the balance sheet. Resulting foreign currency realization/revaluation and balance Profit/loss is accounted during the year.

VII. Impairment of Assets

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Statement in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been change in the estimate of recoverable amount.

VIII. Earning Per share

The Company reports basic Earning Per Share (EPS) in accordance with Accounting Stan- dard 20 on Earning Per Share. Basic EPS is computed by dividing the net profit or loss for the year by weighted average number of equity shares outstanding during the year.

IX. Investment

As per Accounting Standard 13 "Accounting for Investment" long term investment are valued at cost or market value whichever is lower unless there are permanent diminution in the value of investment, while short term investment are valued at cost or carrying amount whichever is lower.


Mar 31, 2013

I. Basis of accounting and preparation of financial statements

The financial statements of the Company has been prepared on accrual basis under the historical cost convention in accordance with the Generaly Accepted Accounting Principles in India to comply with the Accounting Standards notified under Section 211 (3C) of the Compnies Act, 1956 and the relevent provisions thereof.

II. Employee Benefits

a. Provident Fund-Defined Contribution Plan

Contribution as required by the Statute Made to the Government Provident Fund is debited to Profit & Loss Statement.

b. Gratuity-Defined Benefit Plan

The Company reports gratuity defined benefit plan in accordance with revised AS-15. The Company accounts for the liability for future gratuity benefits based on actuarial Valuation. The Net Present value of the company''s obligation towards the same is actuarially determined and based on the projected unit credit method as at balance sheet date. Actuarial gains and losses are immediately recognized in the profit and loss statement.

III. Revenue/Income Recognition

(i). Income and Expenditure are generally accounted on accrual, as they are earned or Incurred. (ii). DEPB License Sales Income is accounted on the accrual basis.

(iii). Revenue in respect of other income is recognized when no significant uncertainty as to its determination of realization exists.

IV Accounting for Current & Deferred Tax

(a) Current tax is accounted on the basis of estimated taxable income for the current accounting year and in accordance with the provisions of the Income Tax Act, 1961

(b) Deffered tax resulting from "Timing Difference" between accounting and taxable profit for the period is accounted by using the tax rates and laws that have been enacted or substantively enacted as at the balance sheet date. Deffered tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future. Net deffered tax liabilities are arrived at after setting of deffered tax assets.

V. Excise Duty & Cenvat

The Company is following the exclusive method in respect of excise duty on purchase. The Payments for excise duty on finished goods are accounted for as and when such goods are cleared from factory premises. Excise Duties recovered are included in the sales of products. Excise Duty paid on dispatch is shown separately in the profit & loss statement.

VI. Translation of Foreign Currency Items

Transaction denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction. Balances in the form of current assets and current liabilities in foreign currency, outstanding at the close of the year, are converted in Indian currency at the appropriate rates of exchange prevailing on the date of the balance sheet. Resulting foreign currency realization/revaluatation and bal- ance Profit/loss is accounted during the year.

VII. Impairment of Assets

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Statement in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been change in the estimate of recoverable amount.

VIII. Earning Per share

The Company reports basic Earning Per Share (EPS) in accordance with Accounting Standard 20 on Earning Per Share. Basic EPS is computed by dividing the net profit or loss for the year by weighted average number of equity shares outstanding during the year.

IX. Investment

As per Accounting Standard 13 "Accounting for Investment" long term investment are valued at cost or market value whichever is lower unless there are permanent diminution in the value of investment, while short term investment are valued at cost or carrying amount whichever is lower.


Mar 31, 2012

1. Basis of accounting/accounting conventions

The Company uses the Accrual method of Accounting. The financial statements are prepared in conformity with generally accepted accounting principles, which require the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the end of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Financial Statements have been prepared under the historical cost convention.

2. Fixed Assets

Fixed Assets are stated at cost or less accumulated depreciation and impairment loss, if any. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to working condition for its intended use. Expenditure for additions, improvements and renewals are capitalized and expenditure for maintenance and repairs are charged to the Profit & Loss Account, when assets are sold or discarded their cost and accumulated depreciation are removed from the accounts and any gain or loss resulting from their disposal is included in the profit & loss account.

3. Inventories

Raw Materials, Stores, Spares, Tools & Packing Materials are Valued at Cost or net realizable Value which ever is less. Goods in progress & Finished Goods are valued at cost or Net Realizable Value which ever is less.

4. Depreciation/Amortization

Depreciation on fixed assets is provided on straight- line method at the rates prescribed in Schedule XIV to the Companies Act, 1956.Depreciation on fixed assets added/ disposed Off during the year, is provided on pro rata basis with reference to the day of addition/ disposal.

5. Prior Period Items & Extra Ordinary Items

The company follows the practice of making adjustments through 'prior year adjustments' in respect of all material transactions pertaining to the period prior to the current accounting year.

6. Employee Benefits

a. Provident Fund-Defined Contribution Plan

Contribution as required by the Statute Made to the Government Provident Fund is debited to Profit & Loss Account.

b. Gratuity-Defined Benefit Plan

The Company reports gratuity defined benefit plan in accordance with revised AS-15. The Company accounts for the liability for future gratuity benefits based on actuarial Valuation. The Net Present value of the company's obligation towards the same is actuarially determined and based on the projected unit credit method as at Blance Sheet date. Actuarial gains and losses are immediately recognized in the Profit and Loss Account.

7. Revenue/Income Reorganization

(i). Incomes and Expenditure are generally accounted on accrual, as they earned or Incurred.

(ii). DEPB License Sales Income is accounted on the Accrual basis.

(iii). Revenue in respect of other income is recognized when no significant uncertainty as to its determination of Realization exists.

8. Sales / Service Income

Sales are accounted on dispatch of goods. Export sales are accounted on the basis of date of Bill of lading. Sales value is inclusive of Cenvat Duty.

9. Provisions for Current & Deferred Tax

Provision for current tax is made after taking in to the consideration benefits admissible under the Income Tax Act, 1961. Deferred tax resulting from "Timing Difference" between the Books and Taxable Profit is ac- counted for using the Tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred Tax Liability is recognized and carried forward only to the extent that there is a reasonable/virtual certainty that the liability assets will materialize in the future.

10. Excise Duty & Cenvat

The Company is following the Exclusive method in respect of excise duty on purchase. The Payments for excise duty on finished goods are accounted for as and when such goods are cleared from factory premises. Excise Duties recovered are included in the sales of Products. Excise Duty paid on dispatches are shown separately in the profit & Loss Account.

11. Translation of Foreign Currency Items

Transaction denomited in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction. Balances in the form of current assets and current liabilities in foreign currency, outstanding at the close of the year, are converted in Indian currency at the appropriate rates of exchange prevailing on the date of the balance sheet. Resultant foreign currency realisation/revaluatation and balance Profit/loss is accounted during the year.

12. Impairment of Assets

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been change in the estimate of recoverable amount.

13. Earning Per share

The Company reports basic Earning Per Share (EPS) in accordance with Accounting Standered 20 on Earning Per Share. Basic EPS is computed by dividing the net profit or loss for the year by weighted average number of equity shares outstanding during the year.

14. Investment

As per Accounting Standard 10 "Accounting for Investment" long term investment are valued at cost or market price whichever is lower unless there are permanent diminution in the value of investment. While short term investment are valued at cost or carrying amount whichever is lower.


Mar 31, 2010

1. Basis of accounting/accounting conventions

The Company uses the Accrual method of Accounting. The financial statements are prepared in conformity with generally accepted accounting principles, which require the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the end of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Financial Statements have been prepared under the historical cost convention.

2. Fixed Assets

Fixed Assets are stated at cost or less accumulated depreciation and impairment loss, if any. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to working condition for its intended use. Expenditure for additions, improvements and renewals are capitalized and expenditure for maintenance and repairs are charged to the Profit & Loss Account, when assets are sold or discarded their cost and accumulated depreciation are removed from the accounts and any gain or loss resulting from their disposal is included in the profit & loss account.

3. Inventories

Raw Materials, Stores, Spares, Tools & Packing Materials are Valued at Cost or net realizable Value which ever is less. Goods in progress & Finished Goods are valued at cost or Net Realizable Value which ever is less.

4. Depreciation/Amortization

Depreciation on fixed assets is provided on straight- line method at rates prescribed in Schedule XIV to the Companies Act, 1956.Depreciation on fixed assets added/ disposed Off during the year, is provided on pro rata basis with reference to the day of addition/ disposal,

5. Prior Period Items & Extra Ordinary Items

The company follows the practice of making adjustments through prior year adjustments in respect of all material transactions pertaining to the period prior to the current accounting year.

6. Employee Benefits

a. Provident Fund - Defined Contribution Plan

Contribution as required by the Statute Made to the Government Provident Fund is debited to Profit & Loss Account.

b. Gratuity - Defined Benefit Plan

The Company accounts for the liability for future gratuity benefits based on actuarial Valuation. The Net Present value of the Companys obligation towards the same is actuarially determined and based on the projected unit credit method as at Balance Sheet date. Actuarial gains and losses are immediately recognized in the Profit and Loss Account.

7. Revenue/Income Reorganization

(i). Incomes and Expenditure are generally accounted on accrual, as they are earned or Incurred. (ii). DEPB License Sales Income is accounted on the Accrual basis.

(iii). Revenue in respect of other income is recognized when no significant uncertainty as to its determination of Realization exists.

8. Sales / Service Income

Sales are accounted on dispatch of goods. Export sales are accounted on the basis of date of Bill of Lading. Sales value is inclusive of Cenvat Duty.

9. Provisions for Current & Deferred Tax

Provision for current tax is made after taking in to the consideration benefits admissible under the Income Tax Act, 1961. Deferred tax resulting from "Timing Difference" between the Books and Taxable Profit is accounted for using the Tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred Tax Liability is recognized and carried forward only to the extent that there is a reasonable/virtual certainty that the liability assets will be materialize in the future.

10. Excise Duty & Cenvat

The Company is following the Exclusive method in respect of excise duty on Purchase. The Payments for excise duty on finished goods are accounted for as and when such goods are cleared from factory premises. Excise Duties recovered are included in the sales of Products. Excise Duty paid on dispatches are shown separately in the profit & Loss Account.

11. Translation of Foreign Currency Items

Transaction denomited in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction. Balances in the form of current assets and current liabilities in foreign currency, outstanding at the close of the year, are converted in Indian currency at the appropriate rates of exchange prevailing on the date of the balance sheet. Resultant Profit /loss is accounted during the year.

12. Impairment of Assets

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been change in the estimate of recoverable amount.

13. Earning Per Share

The Company reports basic Earning Per Share (EPS) in accordance with Accounting Slandered 20 on Earning Per Share. Basic EPS is computed by dividing the net profit or loss for the year by weighted average number of equity shares outstanding during the year.

 
Subscribe now to get personal finance updates in your inbox!