SENSEX NIFTY India | Accounting Policy > Textiles - Processing > Accounting Policy followed by Nakoda - BSE: 521030, NSE: NAKODA


BSE: 521030|NSE: NAKODA|ISIN: INE559B01023|SECTOR: Textiles - Processing
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Accounting Policy Year : Mar '15
1. Significant Accounting Policies:
 (A) Basis of Preparation of Financial Statements:
 The financial statements have been prepared under the historical cost
 convention in accordance with generally accepted accounting principles
 in India, the applicable accounting standards and as per provisions of
 the Companies Act, 2013 except depreciation under companies Act 2013
 has not been working during the period of fifteen months of period .
 The company follows the mercantile system of accounting and recognizes
 Income and Expenditure on accrual basis. Accounting Policies not
 referred to otherwise are consistent with the generally accepted
 accounting principles.
 Company has prepared the accounts for the period of fifteen months
 starting from the 1st January 2014 to 31st March 2015.
 Use of estimates:-
 The preparation of financial statements in conformity with generally
 accepted accounting principles in India requires management to make
 estimates and assumptions that affect the reported amounts of assets
 and liabilities and disclosures of contingent liabilities .on the date
 of the financial statements and reported amounts of income and expenses
 for the period of fifteen months,
 (B) Fixed Assets:
 Fixed Assets are stated at cost less Accumulated Depreciation. The Cost
 of assets comprises purchase price and any attributable cost of
 bringing the assets to its working condition for its intended use.
 (C) Depreciation :
 Depreciation on Fixed Assets has been calculated on straight line
 method at the rate prescribed in schedule XIV to the Companies Act,
 1956. Depreciation on addition/deletion during the year has been
 provided on prorate basis. The company has not adopted the rate and
 method prescribed in the Schedule II of the Companies Act 2013. i Hence
 to that extend the profit-loss as the case may be effected on the
 financial statements of the company.
 (D) Investments :
 Non-Current investment stated at cost. No provision for diminution in
 value, if any , has been made as these are long term investments and in
 the opinion of the management any decline is temporary. Current
 investments are stated at lower and fair value,
 (E) Inventories:
 1. Raw-materials .stores and spares , others and finished goods are
 valued at lower of cost and net realizable value.
 2. In determining cost of raw materials „ stores and spares valued at
 cost. All cost of purchases, duties and taxes other than those
 subsuquently recoverable from tax authorities.
 3. Cost of finished products include the cost of raw materials, packing
 materials an appropriate share of fixed and variable production
 overheads and excise duly as applicable on the finished goods.
 (F) Retirement Benefits ;
 Contribution to Provident Fund, Liability for Leave encashment and
 Gratuity are accounted for on accrual basis. There is no policy for the
 retirement benefit by the company,
 (G) Excise Duty :
 The liability far Centra! Excise duly on account of stocks lying in
 factory has not been provided in the books of accounts as the same is
 being accounted for on payment basis and not carried into stock as per
 practice followed by the company. However, the liability if accounted
 would have no effect on the Profit for the year.
 (H) Revenue Recognition:
 a) Sales is net of Salestax/ VAT, Excise duty, Sales return, Rate
 difference, damage goods Compensation etc.
 b) Other income is accounted on due basis as per the terms.
 (I) Foreign Currency Transactions :
 Transaction in foreign currency are recorded at the rates of exchange in
 force at the time transactions are affected Any exchange difference
 arssing on settlement /transaction are dealt with in the statement of
 profit and loss except those relating to acquisition of fixed assets,
 which are adjusted to the cost of the assets if any,
 (J) Borrowing Cost
 Borrowing Cost that are directly attributable to the
 acquision/construction of qualifying assets,
 Wherever applicable, are capitalized as part of the cost of that asset.
 Other borrowing costs are recognized as an expense in the period in
 which they are incurred.
 (K) impairment Loss
 As required by the Accounting Standards (AS 28) ''Impairment of Assets
 issued by 3CA1. as informed to us; the company has carried out the
 assessment of impairment of assets. There has been no Impairment loss
 during the year.
 (L) Related Party disclosure as per accounting standard 18
 (a) Where control exists Nakoda Syntex Pvt, Ltd.
 * B, G. Jain investment Pvt. Ltd, - Nakoda Realities Pvt. Ltd,
 * G. P. Shah Investment Pvt. Ltd.  - Nakoda Energy Pvt. Ltd.
 * P, B. Jain Investment Pvt, Ltd.  - Nakoda Financial Services Pvt.
 * Varju Investment Pvt. Ltd.       - Nakoda Infrastructure & Leasing
                                      Pvt. Ltd.
 * Nakoda Shipyard Pvt. Ltd,        - Nakoda Hoidings Mauritius Ltd.
 * Indo Korean Petrochem Ltd.-South Korea  - Gerback Holdings Pte. Ltd
 * Nakoda Green Power Ltd.                 - Koncept infotenrnent Pvt.
 (b) Key Management Personnel :
 Shri B. G. Jain (Chairman & Managing Director)
 Shri D. B. Jain (Joint Managing Director & C,F,0.)
Source : Dion Global Solutions Limited
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