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Moneycontrol.com India | Accounting Policy > Finance - Leasing & Hire Purchase > Accounting Policy followed by Amalgamated Electricity - BSE: 501622, NSE: N.A
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Amalgamated Electricity

BSE: 501622|ISIN: INE492N01014|SECTOR: Finance - Leasing & Hire Purchase
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Amalgamated Electricity is not traded in the last 30 days
Amalgamated Electricity is not listed on NSE
Mar 13
Accounting Policy Year : Mar '14
i Basis of preparation of Accounts The Financial Statements have been
 prepared under the historical cost convention in accordance with the
 Accounting Standards issued by the Institute of Chartered Accountants
 of India and the provisions of the Companies Act, 1956, as adopted
 consistently by the Company. All income and expenditure having a
 material bearing on the financial statements are recognized on accrual
 basis.
 
 ii Use of Estimates
 
 The preparation of financial statements in conformity with generally
 accepted accounting principles requires estimates and assumptions to be
 made that affect the reported amount of assets and libilities on the
 date of financial statements and a reported amount of revenues and
 expenses during the reporting period. Difference between the actual
 expenses and estimates is recognised in the period in which the results
 are known/materialised.
 
 iii Fixed Assets
 
 Fixed assets are stated at cost, less accumulated depreciation. Cost
 comprises the purchase price, including duties, legal fees, other
 non-refundable taxes or levies directly attributable cost of bringing
 the assets to its working condition.
 
 iv D epreciation and Amortisation Depreciation has been provided on
 ''Written Down Value Method'' as per rates specified in Schedule XIV to
 the Companies Act, 1956. On revalued assets, depreciation has been
 provided as per rates specified in Schedule XIV to the Companies Act,
 1956 from the date of revaluation and depreciation to the extent of
 revaluation debited to revaluation reserve.
 
 v I mpairment 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 assets is identified as
 impaired. The impairment loss recognised in prior accounting period is
 reversed if there has been a change in the estimate of recoverable
 amount.
 
 vi Investments
 
 Investments are classified into Current and Long-term Investments.
 Current Investments are stated at lower of cost and fair value.
 Long-term Investments are stated at cost. Provision for diminution in
 the value of long-term Investments is made only if such a decline is
 other than temporary
 
 vii Revenue Recognition
 
 a) Revenue/Incomes and Cost/Expenditure are generally accounted on
 accrual, as they are earned or incurred.
 
 b) Dividend income is recognised on receipt basis.
 
 viii Borrowing costs
 
 Interest and other borrowing costs attributable to qualifying assets
 are capitalised. Other interest and borrowing costs are charged to
 revenue in the year they are incurred.
 
 ix Taxes on Income
 
 Current tax is the amount of tax payable on the taxable income for the
 year as determined in accordance with the provisions of the Income Tax
 Act, 1961.
 
 Deferred tax is recognised, on the timing differences, being the
 difference between taxable income and accounting income that originate
 in one period and are capable of reversal in one or more subsequent
 periods.Deferred tax assets in respect of unabsorbed depreciation and
 carry forward of losses are recognised if there is virtual certainty
 that there will be sufficient future taxable income available to
 realize such losses.
 
 
 x Earnings per Share
 
 Basic earnings per share is computed by dividing the net profit after
 tax by the average number of equity shares outstanding during the
 period.
 
 xi Provisions, Contingent Liabilities and Contingent Assets
 
 Provisions and Contingent Liability: The Company recognises a provision
 when there is a present obligation as a result of a past event that
 probably requires an outflow of resources and a reliable estimate can
 be made of the amount of the obligation. A disclosure for a contingent
 liability is made when there is a possible obligation or a present
 obligation that may, but probably will not, require outflow of
 resources. Where there is a possible obligation or a present obligation
 and the likelihood of outflow of resources is remote, no provision or
 disclosure is made.  Continegent Assets are neither recognized nor
 disclosed in the financial statements.
 
 xii Retirement Benefits
 
 The laws relating to payment of Provident Fund, E.S.I.C. and Gratuity
 to employees are not applicable to the Company.The Company does not
 have any scheme for retirement benefits for its employees. Other
 benefits such as leave encashment etc are provided in accordance with
 the service rule of the Company.
 
 xiii Segmental Reporting
 
 Considering the activity of the Company during year and with the
 objective of the Accounting Standards 17, the Company is not having any
 products and services except Computer hiring, and therefore there is no
 other reportable primary business segment information. There is no
 reportable secondary geographical segment information since the
 Company''s operations are only in India.
 
 xiv The Company has not received any intimation from the suppliers
 regarding their status under the Micro, Small and Medium Enterprises
 Development Act, 2006 and hence the disclosures relating to amount
 unpaid as at end of the year together with interest payable as required
 under the said Act has not been furnished and provision for interest,
 if any, on delayed payment is not ascertainable at this stage. No
 interest payment is made during the year.
Source : Dion Global Solutions Limited
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