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Moneycontrol.com India | Accounting Policy > Textiles - Spinning - Cotton Blended > Accounting Policy followed by Mid India Industries - BSE: 500277, NSE: MIDINDIA
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Mid India Industries

BSE: 500277|NSE: MIDINDIA|ISIN: INE401C01018|SECTOR: Textiles - Spinning - Cotton Blended
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Oct 15, 16:00
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VOLUME 102
Mid India Industries is not traded in the last 30 days
Mar 13
Accounting Policy Year : Mar '14
(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
 and provisions of the CompaniesAct, 1956, subject to what is stated
 herein below, as adopted consistently by the company.
 
 (b) 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 amounts of assets and liabilities on the
 date of the financial statements and reported amounts of revenues and
 expenses during the reporting period. Difference between actual results
 and estimates are recognized in the period in which the results are
 known/ materialised.
 
 (c) Fixed Assets:
 
 All fixed assets are stated at cost less accumulated depreciation.
 
 (d) Depreciation:
 
 Depreciation on Fixed Assets has been provided on straight line method
 in accordance with the provisions of Section 205(2)(b) ofthe Companies
 Act, 195 6 at the rates and in the manner specified in Schedule XIV to
 the Companies Act, 1956.
 
 (e) Inventories:
 
 Inventories of raw materials, stores and spares, packing material and
 trading goods are valued at cost ofthe last purchase made, finished
 goods produced or purchased by the company are carried at cost,
 work-in-progress at estimated cost and waste at realizable value.
 
 (f) Sales:
 
 Sales of goods are recognized at the point of dispatch of finished
 goods to customers. Sales are exclusive of duty & taxes.
 
 (g) Foreign Exchange Transactions:
 
 Export sale in foreign currency are accounted for at the Exchange Rate
 prevailing on the Shipping Bills date, where such sales are not covered
 by forward contract. The fluctuation in exchange rates are accounted
 for as and when the payment is received in the year of realization.
 
 (h) Employee Retirement Benefits:
 
 Company''s contribution to Provident Fund and Superannuation Fund are
 charged to Profit & Loss Account. Provision has not been made for
 gratuity as the same is accounted for on cash basis.
 
 (I) Claims:
 
 Insurance, C.S.T. reimbursement and other claims, to the extent
 considered recoverable are accounted for in the year of claim. C.S.T.
 Reimbursement recoverable is deducted from the respective head under
 which it was charged.
 
 (j) Segment Reporting:
 
 A. PRIMARY SEGMENTS: As the company''s business activity falls with in a
 single primary business i.e. Manufacturing of Cotton/Polyester Cotton
 blended yarn. The disclosure requirement of Accounting Standard (AS)
 -17 Segment Reporting issued by the Institute of Chartered
 Accountants of India is not applicable.
 
 B. SECONDARY SEGMENTS: The Company earned net income of Rs. (12.26)
 Lacs from overseas activities during the year against Rs. 49.94 Lacs
 against previous year ended 31 /03/2014.
 
 (k) Related Party Disclosures:
 
 Related Party disclosures as required under Accounting Standard (AS) -
 18 on Related Party Disclosures issued by the Institute of Chartered
 Accountants of India are given below:
 
 There were no Material transactions of the company with its promoters,
 directors and management on their relatives that may have conflict with
 the interest of Company at large.
 
 (l) Deferred Tax Liability:
 
 Deferred tax liability as required under Accounting Standards (AS) -22,
 the company has not provided any deferred tax liability due to carry
 forward of un-observed depreciation of previous years.
Source : Dion Global Solutions Limited
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