Home  »  Company  »  Time Technoplast Ltd  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Time Technoplast Ltd. Company

Mar 31, 2015

1. Basis of Preparation of accounts

These financial statements have been prepared to comply in all material aspects with applicable accounting principle in India, the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rule 2014 and the relevant provisions of the Companies Act, 2013/Companies Act, 1956, as applicable.

The financial statements are prepared on the basis of historical cost convention, and on the accounting principles of a going concern

2. Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affects the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements and reported amounts of revenue and expenses for the year. Any revision to accounting estimates is recognized prospectively.

3. Fixed Assets Tangible Assets

(a) Tangible Assets are stated at cost of acquisition (inclusive of any other cost attributable to bringing the same to their working condition), less accumulated depreciation.

(b) Fixed Assets manufactured / constructed in house are valued at actual cost of raw materials, conversion cost, and other related cost, less accumulated depreciation.

(c) Pre-operative Expenses incurred up to Commencement of Commercial production of respective unit has been appropriated on the Fixed Assets value at the end of the year of respective unit.

Intangible Assets

Intangible assets are stated at cost of acquisition net of recoverable taxes less accumulated amortization and impairment loss, if any. The cost compromise purchase price, borrowing costs, and any cost directly attributable to bringing the assets to its working condition for the intended use

4. Impairment of Assets

The Company assesses at each Balance Sheet date whether there is any indication that any asset may be impaired. If any such indication exists, the carrying value of such assets is reduced to its recoverable amount and the amount of such impairment loss is charged to profit and loss account. If at the balance sheet date there is any indication that a previously assessed impairment loss no longer exists, then such loss is reversed and the asset is restated to that effect. None of the Company''s fixed assets are considered impaired as on the Balance Sheet date.

5. Depreciation and Amortization

Depreciation on fixed assets is provided on straight line method as per the useful life prescribed in Schedule II to the Companies Act 2013.

Cost of software capitalized is amortized over a period of three years.

"Continuous Process Plant" as defined in the said Schedule, has been considered on technical assessment and depreciation provided accordingly.

6. Sales

Sales are inclusive of Excise duty, Sales Tax, other benefits etc., and less of returns.

7. Investments

Investments, which are Long term in nature, are stated at cost.

8. Inventory Valuation

a) Inventories are valued at lower of cost or estimated net realizable value.

b) Excise Duty is added in the Closing Inventory of finished goods.

c) The basis of determining cost for various categories of inventories is as follows

i) Raw Material, Packing Materials and Stores & spares First in First out (FIFO)

ii) Finished Goods and Goods –in- Process Cost of Direct Material. Labour and Other

Manufacturing Overheads

9. Accounting for Taxes on Income

Provision for current tax is made on the basis of the estimated taxable income for the current accounting year in accordance with the provisions as per Income Tax Act, 1961.

The Deferred Tax for timing differences between book profits and tax profits for the year is accounted for using the tax rules and laws that have been enacted or substantially enacted as of the balance sheet date. The Deferred Tax Assets arising from timing difference are recognized to the extent there is a reasonable certainty that these would be realized in future and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

10. Borrowing Cost

Borrowing Costs attributable to acquisition and construction of qualifying assets are capitalized as a part of the cost of such asset upto the date when such asset is ready for its intended use. Other Borrowing costs are charged to profit & Loss Account.

11. Employee Stock Option Plan

The accounting value of stock options representing the excess of the market value on the date of grant over the exercise price of the shares granted under "Employee Stock Option Scheme" of the company, if any , is amortized as "Deferred Employee Compensation" on straight line basis over the vesting period in accordance with the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 199 and guidance Note 18 "share Based Payments" issued by Institute Of Chartered Accountants of India.

12. Foreign Currency Fluctuations

i) Monetary Assets and Liabilities related to Foreign Currency transactions remaining unsettled at the end of the year are translated at year end rate.

ii) The difference in translation of monetary assets and liabilities and realized gains and losses on foreign exchange transactions other than those relating to fixed assets are recognized in the Profit and Loss Account. In respect of transactions covered by foreign exchange contracts, the difference between the contract rate and the spot rate on the date of transaction is charged to the Profit and Loss Account over the period of the contract.

iii) Exchange differences in respect of liabilities incurred to acquire fixed assets are adjusted to the carrying amount of such fixed assets.

13. Employee Benefits

Liability in respect of employee benefits is provided and charged to Profit & Loss Accounts as follows : a) Provident Fund : At a specified percentage of salary / wages for eligible employees.

b) Leave Encashment : As determined on the basis of accumulated leave to the credit of the employees as at the yearend as per the Company''s rules being the short term benefits.

c) Gratuity : Gratuity liability under the Payment of Gratuity Act, 1972 is a defined benefit obligation and is provided on the basis of the actuarial valuation made at the end of the financial Year.

14. Provisions, Contingent Liabilities and Contingent Assets

Provision involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes to accounts. Contingent assets are neither recognized nor disclosed in the financial statements.


Mar 31, 2014

1. General:

i] The financial statements are prepared on the basis of historical cost convention, and on the accounting principles of a going concern.

ii] ALL expenses and Income to the extent ascertainable with reasonable certainty are accounted for on accruaL basis.

2. Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP] requires management to make estimates and assumptions that affects the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements and reported amounts of revenue and expenses for the year. Any revision to accounting estimates is recognised prospectively.

3. Fixed Assets:

a] Fixed Assets are stated at cost of acquisition (inclusive of any other cost attributable to bringing the same to theirworking condition], less accumulated depreciation.

lb] Fixed Assets manufactured / constructed in house are valued at actual cost of raw materials, conversion cost, and other related cost, less accumulated depreciation.

[c] Pre-operative Expenses incurred up to Commencement of Commercial production of respective unit has been appropriated on the Fixed Assets value at the end of the year of respective unit.

U. Impairment of Assets:

The Company assesses at each Balance Sheet date whether there is any indication that any asset may be impaired. If any such indication exists, the carrying value of such assets is reduced to its recoverable amount and the amount of such impairment loss is charged to profit and loss account. If at the balance sheet date there is any indication that a previously assessed impairment loss no longer exists, then such loss is reversed and the asset is restated to that effect. None of the Company''s fixed assets are considered impaired as on the Balance Sheet date.

5. Depreciation:

Depreciation on fixed assets is provided on straight line method at the rates and in the manner as specified in Schedule XIV to the Companies Act.

6. Sales:

Sales are inclusive of Excise duty, Sales Tax, other benefits etc., and less of returns.

7. Investments:

nvestments, which are Long term in nature, are stated at cost.

8. Inventory Valuation:

a] Inventories are valued at lower of cost or estimated net realizable value.

b] Excise Duty is added in the Closing Inventory of finished goods.

c] The basis of determining cost for various categories of inventories is as follows

i] Raw Material, Packing Materials and Stores & spares First in First out (FIFO]

ii] Finished Goods and Goods -in- Process

Cost of Direct Material. Labour and Other Manufacturing Overheads

9. Accounting for Taxes on Income:

Provision for current tax is made on the basis of the estimated taxable income for the current accounting year in accordance with the provisions as per Income Tax Act, 1961.

The Deferred Tax for timing differences between book profits and tax profits for the year is accounted for using the tax rules and laws that have been enacted or substantially enacted as of the balance sheet date. The Deferred Tax

Assets arising from timing difference are recognized to the extent there is a reasonable certainty that these would be realized in future and are reviewed forthe appropriateness of their respective carrying values at each balance sheet date.

10. Borrowing Cost:

Borrowing Costs attributable to acquisition and construction of qualifying assets are capitalized as a part of the cost of such asset upto the date when such asset is ready for its intended use. Other Borrowing costs are charged to profit & Loss Account.

11. Employee Stock Option Plan:

The accounting value of stock options representing the excess of the market value on the date of grant over the exercise price of the shares granted under "Employee Stock Option Scheme" of the company, if any, is amortized as "Deferred Employee Compensation" on straight line basis over the vesting period in accordance with the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme] Guidelines, 199 and guidance Note 18 "share Based Payments" issued by Institute Of Chartered Accountants of India.

12. Foreign Currency Fluctuations:

i] Monetary Assets and Liabilities related to Foreign Currency transactions remaining unsettled at the end of the year are translated at year end rate.

ii] The difference in translation of monetary assets and liabilities and realized gains and losses on foreign exchange transactions otherthan those relating to fixed assets are recognized in the Profit and Loss Account. In respect of transactions covered by foreign exchange contracts, the difference between the contract rate and the spot rate on the date of transaction is charged to the Profit and Loss Account over the period of the contract.

iii] Exchange differences in respect of liabilities incurred to acquire fixed assets are adjusted to the carrying amount of such fixed assets.

13. Employee Benefits:

Liability in respect of employee benefits is provided and charged to Profit & Loss Accounts as follows :

a] Provident Fund : At a specified percentage of salary /wages for eligible employees.

b] Leave Encashment : As determined on the basis of accumulated leave to the credit of the employees as at the year end as per the Company''s rules being the short term benefits.

c] Gratuity : Gratuity liability under the Payment of Gratuity Act, 1972 is a defined benefit obligation and is provided on the basis of the actuarial valuation made at the end of the financial Year.

14. Provisions, Contingent Liabilities and Contingent Assets:

Provision involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes to accounts. Contingent assets are neither recognised nor disclosed in the financial statements.


Mar 31, 2013

1. General:

i) The fnancial statements are prepared on the basis of historical cost convention, and on the accounting principles of a going concern

ii) All expenses and Income to the extent ascertainable with reasonable certainty are accounted for on accrual basis.

2. Use of Estimates:

The preparation of fnancial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affects the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of fnancial statements and reported amounts of revenue and expenses for the year. Any revision to accounting estimates is recognised prospectively.

3. Fixed Assets:

a) Fixed Assets are stated at cost of acquisition (inclusive of any other cost attributable to bringing the same to their working condition), less accumulated depreciation.

(b) Fixed Assets manufactured / constructed in house are valued at actual cost of raw materials, conversion cost, and other related cost, less accumulated depreciation.

(c) pre-operative Expenses incurred up to Commencement of Commercial production of respective unit has been appropriated on the Fixed Assets value at the end of the year of respective unit.

4. Impairment of Assets:

The Company assesses at each Balance Sheet date whether there is any indication that any asset may be impaired. If any such indication exists, the carrying value of such assets is reduced to its recoverable amount and the amount of such impairment loss is charged to proft and loss account. If at the balance sheet date there is any indication that a previously assessed impairment loss no longer exists, then such loss is reversed and the asset is restated to that effect. None of the Company''s fxed assets are considered impaired as on the Balance Sheet date.

5. Depreciation:

Depreciation on fxed assets is provided on straight line method at the rates and in the manner as specifed in Schedule XIV to the Companies Act.

6. Sales:

Sales are inclusive of Excise duty, Sales Tax, other benefts etc., and less of returns.

7. Investments:

Investments, which are Long term in nature, are stated at cost.

8. Inventory Valuation:

a) Inventories are valued at lower of cost or estimated net realizable value.

b) Excise Duty is added in the Closing Inventory of fnished goods.

c) The basis of determining cost for various categories of inventories is as follows

i) Raw Material, Packing Materials and Stores & spares First in First out (FIFO)

ii) Finished Goods and Goods –in- process Cost of Direct Material. Labour and

Other Manufacturing Overheads

9. Accounting for Taxes on Income:

provision for current tax is made on the basis of the estimated taxable income for the current accounting year in accordance with the provisions as per Income Tax Act, 1961.

The Deferred Tax for timing differences between book profts and tax profts for the year is accounted for using the tax rules and laws that have been enacted or substantially enacted as of the balance sheet date. The Deferred Tax Assets arising from timing difference are recognized to the extent there is a reasonable certainty that these would be realized in future and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

10. Borrowing Cost:

Borrowing Costs attributable to acquisition and construction of qualifying assets are capitalized as a part of the cost of such asset upto the date when such asset is ready for its intended use. Other Borrowing costs are charged to proft & Loss Account.

11. Employee Stock Option Plan:

The accounting value of stock options representing the excess of the market value on the date of grant over the exercise price of the shares granted under "Employee Stock Option Scheme” of the company, if any, is amortized as "Deferred Employee Compensation” on straight line basis over the vesting period in accordance with the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 199 and guidance Note 18 "share Based Payments” issued by Institute Of Chartered Accountants of India.

12. Foreign Currency Fluctuations:

i) Monetary Assets and Liabilities related to Foreign Currency transactions remaining unsettled at the end of the year are translated at year end rate.

ii) The difference in translation of monetary assets and liabilities and realized gains and losses on foreign exchange transactions other than those relating to fxed assets are recognized in the Proft and Loss Account. In respect of transactions covered by foreign exchange contracts, the difference between the contract rate and the spot rate on the date of transaction is charged to the Proft and Loss Account over the period of the contract.

iii) Exchange differences in respect of liabilities incurred to acquire fxed assets are adjusted to the carrying amount of such fxed assets.

13. Employee Benefts:

Liability in respect of employee benefts is provided and charged to Proft & Loss Accounts as follows :

a) Provident Fund : At a specifed percentage of salary / wages for eligible employees.

b) Leave Encashment : As determined on the basis of accumulated leave to the credit of the employees as at the year end as per the Company''s rules being the short term benefts.

c) Gratuity : Gratuity liability under the Payment of Gratuity Act, 1972 is a defned beneft obligation and is provided on the basis of the actuarial valuation made at the end of the fnancial Year.

14. Provisions, Contingent Liabilities and Contingent Assets: provision involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past event and it is probable that there will be an outfow of resources. Contingent liabilities are not recognised but are disclosed in the notes to accounts. Contingent assets are neither recognised nor disclosed in the fnancial statements.


Mar 31, 2011

1. General:

i) The financial statements are prepared on the basis of historical cost convention, and on the accounting principles of a going concern

ii) All expenses and Income to the extent as certainable with reasonable certainty are accounted for on accrual basis.

2. Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affects the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements and reported amounts of revenue and expenses for the year. Any revision to accounting estimates is recognised prospectively.

3. Fixed Assets:

(a) Fixed Assets are stated at cost of acquisition (inclusive of any other cost attributable to bringing the same to their working condition), less accumulated depreciation.

(b) Fixed Assets manufactured / constructed in house are valued at actual cost of raw materials, conversion cost, and other related cost, less accumulated depreciation.

(c) Pre-operative Expenses incurred up to Commencement of Commercial production of respective unit has been appropriated on the Fixed Assets value at the end of the year of respective unit.

4. Impairment of Assets:

The Company assesses at each Balance Sheet date whether there is any indication that any asset may be impaired. If any such indication exists, the carrying value of such assets is reduced to its recoverable amount and the amount of such impairment loss is charged to profit and loss account. If at the balance sheet date there is any indication that a previously assessed impairment loss no longer exists, then such loss is reversed and the asset is restated to that effect. None of the Company's fixed assets are considered impaired as on the Balance Sheet date.

5. Depreciation:

Depreciation on fixed assets is provided on straight line method at the rates and in the manner as specified in Schedule XIV to the Companies Act.

6. Sales:

Sales are inclusive of Excise duty, Sales Tax, other benefits etc., and less of returns.

7. Investments:

Investments, which are Long term in nature, are stated at cost.

8. Inventory Valuation:

(a) Inventories are valued at lower of cost or estimated net realizable value.

(b) Excise Duty is added in the Closing Inventory of Finished Goods.

(c) The basis of determining cost for various categories of inventories is as follows

i) Raw Material, Packing Materials and Stores & Spares First in First out (FIFO)

ii) Finished Goods and Goods-in-Process Cost of Direct Material and Labour and Other Manufacturing Overheads

9. Accounting for Taxes on Income:

Provision for current tax is made on the basis of the estimated taxable income for the current accounting year in accordance with the provisions as per Income Tax Act, 1961.

The Deferred Tax for timing differences between book profits and tax profits for the year is accounted for using the tax rules and laws that have been enacted or substantially enacted as of the balance sheet date. The Deferred Tax Assets arising from timing difference are recognized to the extent there is a reasonable certainty that these would be realized in future and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

10. Borrowing Cost:

Borrowing Costs attributable to acquisition and construction of qualifying assets are capitalized as a part of the cost of such asset upto the date when such asset is ready for its intended use. Other Borrowing costs are charged to profit & Loss Account.

11. Employee Stock Option Plan:

The accounting value of stock options representing the excess of the market value on the date of grant over the exercise price of the shares granted under "Employee Stock Option Scheme" of the company, if any, is amortized as "Deferred Employee Compensation" on straight line basis over the vesting period in accordance with the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 199 and guidance Note 18 "share Based Payments" issued by Institute of Chartered Accountants of India.

12. Foreign Currency Fluctuations:

i) Monetary Assets and Liabilities related to Foreign Currency transactions remaining unsettled at the end of the year are translated at yearend rate.

ii) The difference in translation of monetary assets and liabilities and realized gains and losses on foreign exchange transactions other than those relating to fixed assets are recognized in the Profit and Loss Account. In respect of transactions covered by foreign exchange contracts, the difference between the contract rate and the spot rate on the date of transaction is charged to the Profit and Loss Account over the period of the contract.

iii) Exchange differences in respect of liabilities incurred to acquire fixed assets are adjusted to the carrying amount of such fixed assets.

13. Employee Benefits:

Liability in respect of employee benefits is provided and charged to Profit & Loss Accounts as follows:

a) Provident Fund : At a specified percentage of salary/wages for eligible employees.

b) Leave Encashment: As determined on the basis of accumulated leave to the credit of the employees as at the year end as per the Company's rules being the short term benefits.

c) Gratuity: Gratuity liability under the Payment of Gratuity Act, 1972 is a defined benefit obligation and is provided on the basis of the actuarial valuation made at the end of the financial Year.

U. Provisions, Contingent Liabilities and Contingent Assets:

Provision involving substantial degree of estimation in measurement are recognised when there is a present Obligation as a result of past event and it is probable that there will be an out flow of resources. Contingent liabilities are not recognised but are disclosed in the notes to accounts. Contingent assets are neither recognised nor disclosed in the financial statements.








Mar 31, 2010

1. General:

i) The financial statements are prepared on the basis of historical cost convention, and on the accounting principles of a going concern

ii) All expenses and Income to the extent as certainable with reasonable certainty are accounted for on accrual basis.

2. Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affects the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements and reported amounts of revenue and expenses fortheyear. Any revision to accounting estimates is recognised prospectively.

3. Fixed Assets:

(a) Fixed Assets are stated at cost of acquisition (inclusive of any other cost attributable to bringing the same to their working condition), less accumulated depreciation.

(b) Fixed Assets manufactured / constructed in house are valued at actual cost of raw materials, conversion cost, and other related cost, less accumulated depreciation.

(c) Pre-operative Expenses incurred up to Commencement of Commercial production of respective unit has been appropriated on the Fixed Assets value at the end of theyearof respective unit.

4. ImpairmentofAssets:

The Company assesses at each Balance Sheet date whether there is any indication that any asset may be impaired. If any such indication exists, the carrying value of such assets is reduced to its recoverable amount and the amount of such impairment loss is charged to profit and loss account. If at the balance sheet date there is any indication that a previously assessed impairment loss no longer exists, then such loss is reversed and the asset is restated to that effect. None of the Companys fixed assets are considered impaired as on the Balance Sheet date.

5. Depreciation:

Depreciation on fixed assets is provided on straight line method at the rates and in the manner as specified in Schedule XIV to the Companies Act.

6. Sales:

Sales is inclusive of Excise duty, Sales Tax, other benefits etc., and less of returns.

7. Investments:

Investments, which are long-term in nature, are stated at cost.

8. Inventory Valuation:

(a) Inventories are valued at lower of costor estimated net realizable value.

(b) Excise Duty is added in the Closing Inventory of Finished Goods.

(c) The basis of determining cost forvarious categories of inventories is as follows

i) Raw Material, Packing Materials and Stores & Spares First in First out (FIFO)

ii) Finished Goodsand Goods-in-Process Cost of Direct Materialand

Labourand Other Manufacturing Overheads

9. Accounting forTaxes on Income:

Pcovision foe cuccent tax is made on the basis of the estimated taxable income for the current accounting year in accordance with the provisions as per Income Tax Act, 1961.

The Deferred Tax for timing differences between book profits and tax profits for the year is accounted for using the tax rules and laws that have been enacted or substantially enacted as of the balance sheet date. The Deferred Tax Assets arising from timing difference are recognized to the extent there is a reasonable certainty that these would be realized in future and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

10. Borrowing Cost:

Borrowing Costs attributable to acquisition and construction of qualifying assets are capitalized as a part of the cost of such assets upto the date when such Assets is ready for its intended use. Other Borrowing costs are charged to Profit &LossAccount.

11. Employee Stock Option Plan:

The accounting value of stock options representing the excess of the market value on the date of grant over the exercise price of the shares granted under "Employee Stock Option Scheme" of the company, if any, is amortized as "Deferred Employee Compensation" on straight line basis over the vesting period in accordance with the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and guidance Note 18 "share Based Payments" issued by Institute of Chartered Accountants of India.

12. Foreign Currency Fluctuations:

i) Monetary Assets and Liabilities related to Foreign Currency transactions remaining unsettled at the end of the year are translated at year end rate.

ii) The difference in translation of monetary assets and liabilities and realized gains and losses on foreign exchange transactions other than those relating to fixed assets are recognized in the Profit and Loss Account. In respect of transactions covered by foreign exchange contracts, the difference between the contract rate and the spot rate on the date of transaction is charged to the Profit and Loss Account over the period of the contract.

iii) Exchange differences in respect of liabilities incurred to acquire fixed assets are adjusted to the carrying amount of such fixed assets.

13. Employee Benefits:

Liability in respect of employee benefits is provided and charged to Profit & Loss Accounts as follows:

a) Provident Fund: At a specified percentage of salary/wages for eligible employees.

b) Leave Encashment: As determined on the basis of accumulated leave to the credit of the employees as at the year end as perthe Companys rules being the short term benefits.

c) Gratuity: Gratuity liability under the Payment of Gratuity Act, 1972 is a defined benefit obligation and is provided on the basis of the actuarial valuation made at the end of the financial Year.

14. Provisions, Contingent Liabilities and Contingent Assets:

Provision involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past event and it is probable that there will be an outflowof resources. Contingent liabilities are not recognised but are disclosed in the notes to accounts. Contingent assets are neither recognised nor disclosed in thefinancialstatements.

 
Subscribe now to get personal finance updates in your inbox!