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RAASI REFRACTORIES LTD.

20 January 2025 | 12:00

Industry >> Refractories

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ISIN No INE858D01017 BSE Code / NSE Code 502271 / RASSIREF Book Value (Rs.) -28.25 Face Value 10.00
Bookclosure 29/09/2018 52Week High 55 EPS 0.63 P/E 38.46
Market Cap. 11.38 Cr. 52Week Low 19 P/BV / Div Yield (%) -0.86 / 0.00 Market Lot 1.00
Security Type Other

ACCOUNTING POLICY

You can view the entire text of Accounting Policy of the company for the latest year.
Year End :2015-03 
1.1 Basis of Accounting and preparation of financial statement

The financial statements are prepared in accordance with Generally accepted accounting Principles(GAAP) under the Historical cost convention on the accrual basis and on a going concern basis. GAAP comprises mandatory accounting standards as prescribed by the Companies(Accounting Standards) Rules, 2014, the provision of Companies Act, 2013 and Guidelines issued by the Securities and Exchange Board of India(SEBI).

1.2 Use of Estimates

The preparation of financial statements requires management to make certain estimates and assumptions that effect the amount reported in the financial statements and notes thereto. Differences between actual results and estimates are recognized in the period in which they materialize.

1.3 Inventories

Inventories are valued at the lower of cost (on FIFO / weighted average basis) and the net realisable value. Cost includes all charges in bringing the goods to the point of sale, Work-in-progress and finished goods include appropriate proportion of overheads and, where applicable, excise duty.

1.4 Fixed Assets

All fixed assets are stated at cost less accumulated depreciation. Cost is inclusive of freight, duties, levies and any Cost directly attributable to bringing the assets to their present location and working conditions for intended use.

1.5 Depreciation/Amortization

Depreciation has been provided on the straight-line method as per the rates prescribed in Schedule II to the Companies Act, 1956 .

1.6 Investments

Investments are adjusted against the dues to the parties

1.7 Revenue Recognition

Revenues/Incomes and cost/expenditure are generally accounted on accrual basis as they are earned or incurred except in case of significant uncertainties. Income from sale of goods is recognised at the point of dispatch from the Factory go down. Sale value includes Excise duty and Frieght wherever applicable.

1.8 Taxes on income

Deferred Tax is not considered as in Earlier years due to insignificant effect on the Profit/Loss for the Year.

1.9 Provision, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. contingent Assets are neither recognized nor disclosed in the financial statement.

1.10 Employee Benefits

(a) Short term employee benefit obligations are estimated and provided for.

(b) Post employment benefits and other long term employee benefits:

Defined Contribution plans :

Company's contribution to provident fund and other funds are determined under the relevant schemes and/or statute and charged to revenue.

Company's liability towards gratuity is determined at each balance sheet date and provided for.

1.11 Borrowing Cost

Borrowing costs relating to acquisition or construction of fixed assets which takes substantial period of time to get ready for its intended use are included in the cost of fixed assets to the extent they relate to the period till such assets are ready to be put to use. Other Borrowing costs are recognized as an expense in the year in which they are incurred.