Accounting Standards
The Company has complied with all the Accounting Standard as applicable to the company under Companies under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 20i 4, and made necessary disclosures wherever applicable.
Basis of Accounting and Preparation of Financial Statements
ITie financial statements have been prepared on the historical cost basis except for following assets and liabilities which have been measured at fair value amount:
(i) Certain financial assets and liabilities.
(ii) Defined benefit plans - plan assets.
The financial statements of the Company have been prepared to comply with the Indian Accounting standards (Tnd AS’), including the rules notified under the relevant provisions of the Companies Act, 2013.
Upto the year ended March 31, 2017, the Company has prepared its financial statements in accordance with the requirement of Indian General Accepted Accounting Policies, which includes Standards notified under the Companies (Accounting Standards) Rules, 2006 and considered as “Previous GAAP”.
These financial statements are the Company’s first Ind AS standalone financial statements Company’s financial statements are presented in Indian Rupees (‘), which is also its functional currency
Use of Estimates
The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise
2.4 Inventories
As certified by the management, finished goods are valued at sale price , Raw Materials, Trading Goods and Scrap are valued at Cost or NRV which ever is lower (FIFO Depreciation and amortisation
Depreciation has been provided on the writted down value method as per the rates prescribed in Schedule II of the Companies Act, 2013.
Revenue Recognition
Revenue is recognised on accrued basis. Revenue from sale of goods is recognised on transfer of all significant risk and rewards of ownership to the buyer Vat is accounted on exclusive method. CST paid on the purchase of goods is included in the cost of purchases, sales are stated gross of Excise Duty as well as net of Excise Duty
Excise duty being the amount included m the amount of gross turnover. Merest income is recognised on accural basis Revenue is recognized only when it can be reliably
measured and it is reasonable to expect ultimate collection All expenses and income to the extent considered payable and receivable respectively unless specifically stated otherwise are accounted for on mercantile basis.
Tangilble fixed assets
1 angible assets are stated at cost, less accumulated depreciation and impairment, if any. Direct costs are capitalized until such assets are ready for use Employee Benefits
The Company’s contributions to Employees State Insurance Fund and Provident Fund is considered a defined contribution plan and is charge as an expenses as it fall due based on the amount of contribution required to be made. Eligible employees receive benefits from a provident fund, which is a defined benefit plan Both the eligible employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee’s salary The Company contributes a portion to the Infosys Limited Employees’ Provident Fund Trust. The trust invests m specific designated instruments as permitted bv Indian law 1 he remaining portion is contributed to the government administered pension fund
The Company has not made any provision for gratuity,bonus leave encashment and leave travel allowance etc. during the year and these will be accounted fr on actuarial Foreign Currency Transactions and Translations
Afl transaction m foreign currency. arc recorded a, the rates ofexehnge preying on the dates when the relevant transactions take place Foreign-currcncy denoted is a e , nfi! e{tect al,he 0aiance Shecl da,e- Thc gains or losses resulting from such translations are mcluoem »ne n te n™l . u rh 7, h “TTT ““-* a”d “on-monctao’ liabilities denominated in a foreign currency and measured at fair value are translated «,«- *. nan-* j ate prevalent at the date when the tair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured tt * n^oncal cost are translated a. the exchange rate prevalent at the date of transact,on Revenue, expense and cash-flow hems denominated ,n ans ated using the exchange rate in effect on thc date of the transaction Transaction gains or losses realized upon settlement of foreign currency transactions arr iorludrd m determining net profit for thc penod in which die transaction is settled.
| Investment
j Investment include Long Term Investment only and are stated at cost | Earning Per Share
Impairment of assets
Provision and Contingencies
|