Moneycontrol Be a Pro
Get App
SENSEX NIFTY
Moneycontrol.com India | Accounting Policy > Metals - Non Ferrous > Accounting Policy followed by Arcotech - BSE: 532914, NSE: ARCOTECH
YOU ARE HERE > MONEYCONTROL > MARKETS > METALS - NON FERROUS > ACCOUNTING POLICY - Arcotech

Arcotech

BSE: 532914|NSE: ARCOTECH|ISIN: INE574I01035|SECTOR: Metals - Non Ferrous
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Dec 06, 16:00
2.10
-0.06 (-2.78%)
VOLUME 15,804
LIVE
NSE
Dec 06, 15:32
2.25
0
VOLUME 12,680
Mar 15
Accounting Policy Year : Mar '16

3.1 Term loan-PNB of Rs 15.00 Crores was sanctioned during the FY 2012-13 and carries interest @ BR 2.75% ( revised in FY 15-16) repayable in quarterly installments of Rs 75.00 lacs.

3.2 Term loan-IFCI of Rs 101.00 Crores was sanctioned during the FY 2014-15 and carries interest @ BR 2.80% (availed in FY 15-16) repayable in quarterly installments of Rs 5.94 crores commencing from August, 2016.

3.3 The loan is secured by way of equitable mortgage/ hypothecation of land, plant & machinery and building and other fixed assets of the Company and personal guarantee of the promoter director.

3.4 Current Maturities of Long Term Loans have been considered as Other Current Liabilities in Note No. 7

5.1 The working capital limits are repayable on demand and carries interest @ BR 2.25%.

5.2 The Working Capital Limits from banks are secured by way of hypothecation of charge on entire current assets i.e raw material, finished goods, semi finished goods, stores and book debts and personal guarantee of the promoter director.

5.3 Unsecured Loan of FY14-15 has been repaid fully. The Unsecured Loan of the Current year carries interest @15% p.a repayable by September,2016.

25. NOTES ON ACCOUNTS AND SIGNIFICANT ACCOUNTING POLICIES:

1. Significant Accounting Policies:

(a) Basis of Accounting

Financial Statements are prepared under historical cost convention on accrual basis except those disclosed in notes on accounts in conformity with accounting principles generally accepted in India and comply with the provision of Companies Act, 2013 and Accounting Standards issued by the Institute of Chartered Accountants of India.

(b) Revenue Recognition

Sales are recognized on dispatch of materials to customers.

(c) Employee Benefits

i) Defined Contribution Plan:

Contribution to Provident Fund, which is defined contribution retirement plan, is charged to the Statement of Profit & Loss in the period in which the contributions are incurred.

ii) Defined Benefit Plan:

Retirement benefits in the form of Gratuity and leave encashment are determined on actuarial valuation using projected unit credit method at the balance sheet date and are charged to Statement of Profit & Loss.

(d) Fixed Assets

(i) Fixed assets are stated at cost of acquisition inclusive of freight, duties and incidental expenses, etc.

(ii) Depreciation on fixed assets has been charged on Straight Line Method based on life assigned to each asset in accordance with Schedule II of the Companies Act, 2013.

(e) Investments

Investments, if any, are stated at cost.

(f) Inventories

(i) Inventories of Raw Materials, Stores & Consumable are valued at cost.

(ii) Inventories of Work in Process are valued at lower of cost and net realizable value.

(iii) Inventories of Finished Goods are valued at cost or market value whichever is lower.

(iv) Salable dust and scrap are valued at estimated realizable value.

(g) Foreign currency translation Initial recognition

Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.

Conversion

Foreign currency monetary items are retranslated using the exchange rate prevailing at the reporting date.

Exchange differences

The company accounts for exchange differences arising on translation/settlement of foreign currency monetary items as below:

(i) Transactions reported in foreign currencies are recorded at the exchange rate prevailing on the date of transaction or that approximates the actual rate at the date of transaction.

(ii) Monetary items denominated in foreign currencies at the yearend are restated at year end rates.

(iii) Any income or expenditure on account of foreign exchange difference either on settlement or on translation is recognized in the Statement of Profit and Loss.

(h) Contingent Liabilities

Contingent liabilities are not provided for in the books of accounts and are disclosed by way of note to the accounts

Source : Dion Global Solutions Limited
Quick Links for arcotech
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.