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Goodricke Group
BSE: 500166|NSE: GOODRICKE|ISIN: INE300A01016|SECTOR: Plantations - Tea & Coffee
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« Dec 12
Accounting Policy Year : Dec '13
I CONVENTION
 
 The financial statements have been prepared to comply in all material
 aspects with all the applicable accounting principles in India, the
 applicable accounting standards, notified u/s 211(3C) of the Companies
 Act, 1956 [Companies (Accounting Standards) Rules, 2006, as amended]
 and the relevant provisions of the Companies Act, 1956 or / and the
 notified sections of Companies Act, 2013, to the extent applicable. A
 summary of important accounting policies which have been applied
 consistently, are set out below. Financial Statements have also been ,
 prepared in accordance with relevant presentational requirements of the
 Companies Act, 1956 of India.
 
 1 BASIS OF ACCOUNTING
 
 The financial statements have been prepared in accordance with the
 historical cost convention and on accrual basis.
 
 All assets and liabilities have been classified as current or non
 current as per the Company''s normal operating cycle and other criteria
 set out in the Schedule VI to the Companies Act 1956. The Company has
 ascertained its operating cycle as twelve months for the purpose of
 current and non current classification of assets and liabilities.
 
 2 FIXED ASSETS 131 TANGIBLE
 
 Fixed assets are stated at cost of acquisition together with any
 incidental expenses of acquisition.
 
 Depreciation on fixed assets other than Livestock and Estate &
 Development has been provided on Written Down value method in
 accordance with Schedule XIV of the Companies Act, 1956. Estate &
 Development is not depreciated. Livestock is expensed over its useful
 life,
 
 All expenditure incurred for extension of new areas of cultivation are
 capitalised. However, cost of upkeep and maintenance and cost of
 replanting in existing areas are charged to revenue.
 
 Subsidies from Government in respect of fixed assets are deducted from
 the cost of respective assets.  Profit or Loss on disposal of Fixed
 Assets is recognised in the Statement of Profit and Loss.
 
 3 INTANGIBLE
 
 Cost of software is capitalised where it is expected to provide future
 enduring economic benefits. Capitalisation costs include licence fees
 and cost of implementation / system integration services. The costs are
 capitalised in the year in which the relevant software is implemented
 for use. Expenses incurred on upgradation / enhancements are charged
 off as revenue expenditure unless they bring similar significant
 additional benefits.
 
 Capitalised software costs is amortised on a straight line basis over a
 period of five years.
 
 4 IMPAIRMENT OF FIXED ASSETS
 
 An impairment loss is recognised where applicable, when the carrying
 value of the fixed assets of a cash generating unit exceeds its net
 selling price or value in use, whichever is higher.
 
 5 INVESTMENTS
 
 Long Term Investments are stated at cost and where applicable,
 provision is made in case of other than temporary diminution in value
 of investments. Current investments are stated at lower of cost or fair
 value.
 
 6 INVENTORIES
 
 Inventories are valued at lower of cost and net realisable value. Cost
 is determined on weighted average basis. Cost comprises expenditure
 incurred in the normal course of business in bringing such inventories
 to their location and condition and includes appropriate overheads.
 Provision is made for obsolete and slow moving stocks where necessary.
 
 7 RESEARCH AND DEVELOPMENT
 
 Research and Development Expenditure ol revenue nature is charged to
 the Statement of Profit and Loss and capital expenditure is treated as
 fixed assets.
 
 8 RETIREMENT BENEFITS
 
 The Company operates defined contribution schemes like Provident Fund
 and defined Contribution Pension Schemes.
 
 The Company makes regular contribution to provident funds which are
 fully funded and administered by Government and are independent of
 Company''s finance. Contributions are recognized in Statement of Profit
 and Loss on an accrual basis. The Company operates a non contributory
 defined contribution pension scheme for certain employees. The Company
 contributes 15% of the employees'' current salary to the above
 contribution fund which is recognised in the Statement of Profit and
 Loss.
 
 The Company also operates defined benefit Provident Fund Schemes for
 certain employees which are fully funded and administered by trustees
 and are independent of the Company''s finance. The Company makes regular
 contributions to the fund and shortfall, if any, determined by annual
 actuarial valuation, is recognized in the Statement of Profit and Loss.
 
 Defined Benefit Gratuity Plan is maintained by the company for all its
 eligible employees. The Company also operates a Non Contributory
 Defined Benefit Pension Scheme for certain employees. The Company
 contributes to such funds on the basis of actuarial valuation at the
 end of each year after setting off any net asset in respect of either
 fund. Both the Pension Fund and Gratuity Fund are administered by the
 Trustees and is independent of the Company''s finance.
 
 For Schemes where recognized funds have been set up annual
 contributions determined as payable in the actuarial valuation report
 are contributed. Actuarial gains & losses are recognized in the
 Statement of Profit and Loss. The Company recognizes in the Statement
 of Profit and Loss gains or losses on curtailment or settlement of a
 defined benefit plan as and when the curtailment or settlement occurs.
 
 Post retirement medical benefits are provided by the Company for
 certain category of employees. Liability is determined through
 independent year end actuarial valuation and is recognized in the
 Statement of Profit and Loss.
 
 Provision is made for retirement leave encashment benefit payable to
 employees on the basis of independent actuarial valuation, at the end
 of each year and charge is recognized in the Statement of Profit and
 Loss.
 
 9 SALES
 
 Sales represent the invoiced value of goods supplied less Sales Tax /
 Value Added Tax.
 
 10 INCOME FROM INVESTMENTS
 
 Income from investments is included together with the related tax
 credit in the Statement of Profit and Loss.
 
 11 REPLANTING AND OTHER SUBSIDIES
 
 Replanting and other subsidies of revenue nature are recognised as
 income in the Statement of Profit and Loss.
Source : Dion Global Solutions Limited
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