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SENSEX NIFTY India | Accounting Policy > Plastics > Accounting Policy followed by Innocorp - BSE: 531929, NSE: N.A


BSE: 531929|ISIN: INE214B01017|SECTOR: Plastics
Oct 01, 16:00
Innocorp is not listed on NSE
Mar 12
Accounting Policy Year : Mar '14
1.  Basis of Preparation of Financial Statements:
 Financial statements have been prepared and presented under historical
 cost convention in accordance with the accounting principles generally
 accepted in India having due regard to fundamental accounting
 assumptions of going concern, consistency and accrual and comply with
 the Accounting Standards referred to in Sec.211 (3C) of the Companies
 Act, 1956 as applicable and with the relevant provisions of the
 Companies Act, 1956.
 2.  Use of Estimates:
 The preparation of financial statements requires estimates and
 assumptions to be made that affect the reported amount of assets and
 liabilities on the date of the financial statements and the reported
 amount of revenues and expenses during the reporting period. Difference
 between the actual results and estimates are recognized in the period
 in which the results are known / materialized.
 3.  Revenue Recognition:
 Revenue from sale of goods is recognized when significant risks and
 rewards in respect of ownership of products are transferred to
 customers. Revenue from domestic sales of products is recognized on
 dispatch of products. Revenue from export sales is recognized on
 shipment of products. Revenue from products is stated inclusive of
 duties, taxes but exclusive of returns, and applicable trade discounts
 and allowances.
 Interest income is recognized on time accrual basis, determined by the
 amount outstanding and the rate applicable.
 4.  Fixed Assets:
 Fixed assets are carried at cost of acquisition less accumulated
 depreciation. Cost includes non-refundable taxes, duties, freight,
 borrowing costs and other incidental expenses related to the
 acquisition and installation of the respective assets.
 5.  Depreciation:
 Depreciation on fixed assets under Straight Line Method at the rates
 and in the manner specified in Schedule XIV to the Companies Act, 1956.
 6.  Valuation of Inventories:
 Inventories are valued at the lower of cost and net realizable
 value.Cost is arrived at byusing weighted average method and includes
 all costs of purchases, cost of conversion and other costs incurred in
 bringing the inventories to their present location and condition.
 7.  Tax Expense:
 Deferred tax resulting from Timing Difference between book and
 taxable profit is accounted for using the tax rates and laws that are
 enacted or substantively enacted as on the Balance Sheet date. Deferred
 tax asset is recognized and carried forward only to the extent that
 there is a reasonable certainty that the asset will be realized in
 Provision is made for tax on Income and dividend distribution tax as
 per the applicable provisions of Income Tax Act, 1961.
 8.  Foreign Exchange Transactions:
 There are no foreign currency transactions during the period
 9.  Dues to Micro, Small and Medium Enterprises
 There are no amounts due to the suppliers covered under Micro, Small
 and Medium Enterprises Development Act, 2006; this information takes
 into account only those suppliers who have responded to the enquiries
 made by the Company for this purpose.
 10.  Employee Benefits
 Retirement benefits to employees comprise of payments under Defined
 Contributions Plans like Provident Fund and payments under Defined
 Benefit Schemes like Gratuity and Leave Encashment Payment under
 Defined Contribution plans are charged to revenue on accrual. The
 Liability in respect of defined benefit schemes is arrived based on
 actuarial valuation made at the end of the year by using projected unit
 credit method
 11.  Borrowing costs
 Borrowing costs attributable to the acquisition or construction of
 qualifying assets are Capitalized as part of the cost of such assets. A
 qualifying asset is one that necessarily takes substantial period of
 time to get ready for intended use. All other borrowing costs are
 charged to revenue.
Source : Dion Global Solutions Limited
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