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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« Dec 12
Accounting Policy Year : Dec '13
(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, 1956. 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.
 (B) Fixed Assets:
 Fixed Assets are stated at cost less Accumulated Depreciation. Cost
 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.
 (D) Investments :
 Investments are stated at cost of acquisition.
 (E) Inventories:
 Inventories are valued at lower of cost or net realisable value using
 FIFO cost method.
 (F) Retirement Benefits :
 Contribution to Provident Fund, Liability for Leave encashment and
 Gratuity are accounted for on accrual basis.
 (G) Excise Duty :
 The liability for Central Excise duty 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
 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
 (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 ICAI, 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.  - Koncept
 Infotenment 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.
 - Nakoda Shipyard Pvt. Ltd.  - Nakoda Holdings Mauritius Ltd.-Mauritius
 - Indo Korean Petrochem Ltd.-South Korea - Gerback Holdings Pte.
 - Nakoda Green Power Ltd.
 (b) Key Management Personnel :
 Shri B. G. Jain (Chairman & Managing Director) Shri D. B. Jain (Joint
 Managing Director)
 (c) Other related parties with whom transaction have taken place during
 the year : NIL
Source : Dion Global Solutions Limited
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