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Moneycontrol.com India | Accounting Policy > Aquaculture > Accounting Policy followed by Uniroyal Marine Exports - BSE: 526113, NSE: N.A
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Uniroyal Marine Exports

BSE: 526113|ISIN: INE602H01010|SECTOR: Aquaculture
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Uniroyal Marine Exports is not listed on NSE
Mar 14
Accounting Policy Year : Mar '15
A) Basis of preparation:-
 
 The financial statements of the company have been prepared in
 accordance with the Generally Accepted Accounting Principles in India
 (Indian GAAP). The company has prepared these financial statements to
 comply in all material respects with the Companies (Accounts) Rules
 2014 and the relevant provisions of the Companies Act, 2013. The
 financial statements have been prepared on an accrual basis and under
 the historical cost convention. The accounting policies adopted in the
 preparation of financial statements are consistent with those of
 previous year.
 
 B) Current and Non Current Classification
 
 Any asset / liability is classified as current if it satisfies any of
 the following conditions:
 
 a) it is expected to be realized / settled in the company''s normal
 operating cycle; or
 
 b) it is expected to be realized / settled within twelve months after
 the reporting date;
 
 c) in the case of an asset,
 
 i) it is held primarily for the purpose of being traded; or
 
 ii) it is cash or cash equivalent unless it is restricted from being
 exchanged or used to settle a liability for at least twelve months
 after the reporting date
 
 d) in the case of a liability, the company does not have an
 unconditional right to defer settlement of the liability for at least
 twelve months after the reporting date.
 
 c) Fixed Assets & Depreciation:-
 
 Fixed Assets are stated at cost of acquisition less accumulated
 depreciation and impairment losses. Cost comprises the purchase price
 and any directly attributable costs of bringing the assets to their
 working condition for its intended use.
 
 D) Depreciation:-
 
 a.  Depreciation on Fixed Assets is provided based on the useful life
 of the asset in the manner prescribed in Schedule II to the Companies
 Act, 2013.
 
 b.  Intangible Assets are recognized only when future economic benefits
 arising out of the assets flow to the enterprise and are amortized over
 their useful life ranging from 3 to 5 years.
 
 c.  Cash generating units / Assets are assessed for possible impairment
 at balance sheet dates based on external and internal sources of
 information. Impairment losses, if any, are recognized as an expense in
 the statement of Profit & Loss. No provision is made for impairment
 loss during the year.
 
 e) Inventory:-
 
 a.  Finished goods are valued at cost or net realizable value whichever
 is lower and raw material is at cost as certified by the management
 based on FIFO method. Cost includes all charges incurred for bringing
 the goods to the point of sales.
 
 b.  Consumables, Stores and Packing Materials are valued at cost less
 amount written off. The cost formula used is First in First Out.
 
 f) Revenue Recognition:-
 
 Sale of goods is recognized at the point of dispatch of finished
 goods whereby all significant risks and rewards of ownership have been
 transferred to the buyers and no significant uncertainty exists
 regarding the amount of consideration that will be derived from the
 sale of goods.
 
 g) Export sales are shown at cost plus freight.
 
 h) Employees benefits:-
 
 Retirement benefits: Defined benefit plans -
 
 Contributions to defined contribution schemes such as Provident Fund
 and ESI are charged to the Profit and Loss Account as incurred.  The
 company also provides for retirement and post-retirement benefits in
 the form of gratuity and leave encashment. Such defined benefits are
 charged to the Profit and Loss Account based on valuations, as at the
 balance sheet date. Provision for gratuity liability has been made on
 the basis of valuation, submitted by the management. Actuarial
 valuation as per AS-15 of ICAI has not been complied with, the effect
 of which is not ascertainable. As the company was hither to carrying
 business loss of earlier years, and shortage in working capital, the
 company has not funded defined benefit plans as mandated in AS 15
 ''Employees Benefit'' issued by ICAI . Encashment of leave is charged off
 at the undiscounted amount in the year in which the related services
 are rendered.
 
 i) Borrowing costs:-
 
 Borrowing costs that are directly attributable to the acquisition or
 construction of a qualifying asset were capitalized as part of the cost
 of that asset till such time the asset is ready for its intended use.
 
 j) Impairment of Assets:-
 
 At each balance sheet date, the Company assesses whether there is any
 indication that an asset may be impaired. If any such indication
 exists, the Company estimates the recoverable amount. The recoverable
 amount is the greater of the asset''s net selling price and value in
 use. No such adjustments have been made during the year under
 consideration. In assessing value in use, the estimated future cash
 flows are discounted to their present value at the weighted average
 cost of capital. If the carrying amount of the assets exceeds its
 recoverable amount, an impairment loss is recognized in the Profit and
 Loss Account to the extent the carrying amount exceeds the recoverable
 amount.
 
 k) Depending on the facts of each case and after studying the legal
 implications, the Company makes a provision when there is a present
 obligation as a result of a past event where the outflow of economic
 resources is probable and a reliable estimate of the amount of
 obligation can be made. The disclosure is made for all possible or
 present obligations that may but probably will not require outflow of
 resources as contingent liability in the financial statement.
 
 l) Trade Receivables:- Current year Rs. 126,44,159 Previous year :- Rs.
 90,38,725
 
 m) Use of Estimates:-
 
 The preparation of financial statements in conformity with generally
 accepted accounting principles, requires management to make estimates
 and assumptions that affect the reported amounts of assets and
 liabilities, disclosure of contingent liabilities at the date of the
 financial statements and the results of operations during the reporting
 year end. Although these estimates are based upon management''s best
 knowledge of current events and actions, actual results could differ
 from these estimates.
 
 n) Taxation
 
 Current Income Tax: - Tax on Income for current period and MAT
 provision applicable u/s. 115 is Nil for the year.
 
 o) Deferred Tax Working: - Deferred Tax Asset remaining in books has
 not been written off during the year as the management considers that
 it will be made good in the coming years. Based on prudence no
 provision has been made for the current year.
 
 p) Foreign currency transactions are accounted at the prevailing rates
 on the date of transaction and exchange rate differences on monitory
 assets and liability as on closing date are dealt in the Profit & Loss
 Account whenever material.
 
 
 
Source : Dion Global Solutions Limited
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