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SENSEX NIFTY India | Accounting Policy > Steel - Medium & Small > Accounting Policy followed by JRI Industries and Infrastructure - BSE: 506016, NSE: N.A

JRI Industries and Infrastructure

BSE: 506016|ISIN: INE022M01029|SECTOR: Steel - Medium & Small
Apr 30, 16:00
JRI Industries and Infrastructure is not listed on NSE
Mar 14
Accounting Policy Year : Mar '15
I.     Corporate Information
 JRI Industries & Infrastructure Limited (''the Company'') was
 incorporated in India on 30th October, 1964. The equity shares of the
 Company are listed in India on the Bombay stock exchange (BSE Limited).
 The Company is primarily engaged in the Construction Activities and the
 management of the Company is building up the team to improve its
 decisions and increase the value of the stakeholders and also continues
 to focus on exploring opportunities in the infrastructure sector.
 II.  Presentation and Disclosure of Financial Statements:
 The financial statements of the company have been prepared in
 accordance with Generally Accepted Accounting Principles in India
 (Indian GAAP) under the historical cost convention on a going concern
 basis.  Pursuant to Section 133 of the Companies Act, 2013 and Rule 7
 of the Companies (Accounts) Rules, 2014, till the standards of
 accounting or any addendum thereto are prescribed by Central Government
 in consultation and recommendation of the National Financial Reporting
 Authority, the Company will continue to apply the Accounting Standards
 notified under Section 211(3C) of the Companies Act, 1956; the
 Companies (Accounting Standards) Rules, 2006 (as amended) and the
 relevant provisions of the Companies Act, 2013.
 All the assets and Liabilities have been classified as current or
 non-current as per the criteria set out in Schedule III to the
 Companies Act, 2013. The accounting policies, in all material respects,
 have been consistently applied by the Company and are consistent with
 those used in the previous year, except to the extent stated in Note 3
 III.  Use of Estimates:
 The preparation of financial statements in conformity with generally
 accepted accounting principles requires the management to make
 estimates and assumptions that affect the reported balances of assets
 and liabilities as of the date of the financial statements and reported
 amounts of income and expenses during the period. Management believes
 that the estimates used in the preparation of financial statements are
 prudent and reasonable. Actual results could differ from the estimates.
 IV.  Fixed Assets
 Fixed assets are stated at cost of acquisition or construction or at
 revalued amounts less accumulated depreciation, amortization and
 impairment losses, if any.
 V.  Impairment of Fixed Assets:
 The carrying amounts of the assets, except for inventories, are
 reviewed at each balance sheet date to determine whether there is any
 indication of impairment. If any such indication exists, the assets
 recoverable amount is estimated. An impairment loss is recognised
 whenever the carrying amount of the asset or its cash-generating unit
 exceeds its recoverable amount. Impairment losses, if any, are
 recognised in the income statement.
 VI.  Borrowing Costs
 Borrowing costs that are attributable to the acquisition or
 construction of qualifying assets are capitalised as part of the cost
 of such assets. A qualifying asset is one that necessarily takes a
 substantial period of time to get ready for its intended use or sale.
 All other borrowing costs are charged to revenue.
 VII.  Depreciation/ Amortisation:
 Depreciation on assets is provided using Straight Line Method at the
 rates prescribed under the Companies Act.
 VIII. Revenue Recognition
 Revenue /Income and Cost/Expenditure are generally accounted for on
 accrual as they are earned or incurred, except, in case of significant
 IX.   Cash and Cash Equivalents
 Cash and cash equivalents in the balance sheet comprise cash at bank
 and in hand and short-term, highly liquid investments that are readily
 convertible into known amounts of cash and which are subject to an
 insignificant risk of changes in value.
 X.  Earnings per Share
 Basic Earnings Per Equity Share is computed by dividing the net profit
 or loss after tax by the weighted average number of Equity Shares
 outstanding during the year. Diluted earnings per equity share is
 computed by dividing adjusted net profit after tax by the aggregate of
 weighted average number of equity shares and dilutive potential equity
 shares outstanding during the year.
 XI.  Taxation
 Tax expense comprises of current and deferred tax. Current income tax
 is measured at the amount expected to be paid to the tax authorities in
 accordance with the Indian Income Tax Act. Deferred income taxes
 reflects the impact of current year timing differences between taxable
 income and accounting income for the year and reversal of timing
 differences of earlier years.
 Deferred Tax is measured based on the tax rates and the tax laws
 enacted or substantively enacted at the Balance Sheet date. Deferred
 tax assets are recognised only to the extent that there is reasonable
 certainty that sufficient future taxable income will be available
 against which such deferred tax assets can be realised.  In situations
 where the company has unabsorbed depreciation or carry forward tax
 losses, all deferred tax assets are recognised only if there is virtual
 certainty supported by convincing evidence that they can be realized
 against future taxable profits. At each balance sheet date the Company
 re-assesses unrecognised deferred tax assets. It recognizes
 unrecognised deferred tax assets to the extent that it has become
 reasonably certain or virtually certain, as the case may be, that
 sufficient future taxable income will be available against which such
 deferred tax assets can be realised. The carrying amount of deferred
 tax assets are reviewed at each balance sheet date. The company
 writes-down the carrying amount of a deferred tax assets to the extent
 that it is no longer reasonably certain or virtually certain, as the
 case may be, that sufficient future taxable income will be available
 against which deferred tax asset can be realised.
 XII.  Retirement Benefits
 No provisions are made for retirement benefit i.e gratuity, Provident
 fund contribution. The same if any will be considered in the year of
 its payment.
 XIII. Provisions and Contingencies
 Provision involving substantial degree of estimation in measurement is
 recognize when there is a present obligation as a result of past events
 and it is probable that there will be an outflow of resources. It is
 determined based on Management estimates required to settle the
 obligation at the Balance Sheet date.  These are reviewed at each
 balance sheet date and adjusted to reflect the current Management
 estimate; Contingent liabilities are not recognized but are disclosed
 in the notes.
Source : Dion Global Solutions Limited
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