|
'Notes to Accounts' De Nora India Ltd.
1. Estimated amounts of contracts remaining to be executed on capital
account & not provided for as on 31st December, 2007 aggregate Rs.
1,586,772 [previous year Rs. 3,489,911s].
2. Advances recoverable in cash or in kind include amounts due from
officers Rs. 3,608 [previous year Rs. 2,130s]. The maximum amount
outstanding from officers at anytime during the period was Rs. 392,780
[previous year Rs. 272,941s].
3. Accelerated Depreciation
During the year, an evaluation of balance useful lives of the
Companys equipment forming a part of Companys Plant & Machinery
was carried out by independent valuers appointed by Company. On the
basis of evaluation, the Comp. has accelerated its depreciation
charge. The rates applied are numerous & can't be meaningfully
listed in the financial statements. As a result, the depreciation
charge for year is higher by Rs. 2,951,055 & the profit for the
year, after adjusting the reduction in deferred tax liability of Rs.
1,003,064, lower by Rs. 1,947,991.
4. In accordance with the revised Accounting Standards Interpretation
[ASIs] 14 on 'Disclosures of Revenue from Sales Transactions' issued by
the Institute of Chartered Accountants of India, excise duty collected
from customers against sales has been disclosed as a deduction from
turnover [i.e. sales and servicess]. The difference in excise duty on the
opening & closing stocks of finished goods, adjusted for excise duty
which is absorbed as part of its cost by Comp. [such as excise
duty on intermediate productss] which resulted in an income of Rs.
433,096 [previous year income Rs. 2,715,618s] has been adjusted against
expenditure classified under 'Excise Duty, Sales Tax & Service Tax'.
|
