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Company Information

Home » Market » Company Information

Dredging Corporation Of India Ltd.

Dec 19, 09:33
359.15 +4.75 (+ 1.34 %)
 
VOLUME : 3761
Prev. Close 354.40
Open Price 357.85
TODAY'S LOW / HIGH
355.50
 
 
 
362.00
Bid PRICE (QTY.) 358.70 (53)
Offer PRICE (Qty.) 359.45 (90)
52 WK LOW / HIGH
286.60
 
 
 
920.00
Dec 19, 09:24
361.20 +5.70 (+ 1.60 %)
 
VOLUME : 13826
Prev. Close 355.50
Open Price 358.35
TODAY'S LOW / HIGH
355.00
 
 
 
361.90
Bid PRICE (QTY.) 360.80 (15)
Offer PRICE (Qty.) 361.20 (32)
52 WK LOW / HIGH
286.30
 
 
 
922.00
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Market Cap. ( ₹ ) 1011.36 Cr. P/BV 0.65 Book Value ( ₹ ) 551.47
52 Week High/Low ( ₹ ) 922/286 FV/ML 10/1 P/E(X) 59.00
Bookclosure 13/08/2018 TTM EPS ( ₹ ) -29.18 Div Yield (%) 0.55
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2017-03 

1. ACCOUNTING ESTIMATES:

The preparation of the financial statements in conformity with IndAS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

2. OPERATIONAL INCOME- REVENUE RECOGNITION:

a. Revenue is measured at the fair value of the consideration received or receivable and is reduced for allowances wherever applicable as per the contract.

b. Revenue from a contract to provide services is recognized by reference to the stage of completion of the contract. The stage of completion of the contract is determined based on internal assessment/survey.

c. Claims preferred on customers for works/items not contemplated are considered as income on their acceptance.

3. OTHER INCOME:

a. Interest income from a financial asset is recognized when it is probable that the economic benefits will flow to the entity and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.

b. Interest on Tax refunds are accounted on receipt basis.

4. OPERATIONAL EXPENSES:

a. All operational expenses are charged to revenue under accrual basis.

b. Insurance:

i. Final adjustments to insurance premium paid are considered in accounts on the basis of demands received

ii. Expenses on account of general average claims/damages to ships are written off in the year in which they are incurred.

iii. In respect of hull and machinery insurance claims, the claim is accounted as claims recoverable from underwriters on submission of average adjuster report to the underwriter under operational income. Necessary

adjustments are made to the claims recoverable account as and when the actual claims are received from the underwriters. In respect of other claims, the same are accounted for on realization /settlement of the same by the underwriters and is accounted under operational income.

5. DEPRECIATION:

a. Depreciation is recognized so as to write off the cost of assets (other than freehold land and properties under construction) less their residual values over their useful lives, using the straight-line method.

b. Freehold land is not depreciated.

c. Dry Dock Expenses:

i. Dry Dock Expenses incurred on Dredgers where estimated useful life of 25 years is completed is charged to the statement of Profit and Loss.

ii. Dry Dock Expenses incurred on Dredgers where estimated useful life of 25 years is not completed is capitalized to property plant and Equipment and depreciated as a separate component over its estimated useful life of 2.5 years.

d. The Company depreciates property, plant and equipment over their estimated useful lives using the straight-line method as per the useful life prescribed in schedule II of the Companies Act, 2013 except for the following categories of assets in which case the estimated useful life has been assessed based on technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of replacement, anticipated technological changes, manufacturers warranties and maintenance support.

e. An item of property, plant and equipment is de-recognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss.

f. Items of Fixed Assets whose cost does not exceed '5000/- (Rupees five thousand) are capitalized and depreciated 100% during the year.

6. PROPERTY, PLANT & EQUIPMENT:

a. Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Cost includes professional fees and, for qualifying assets, borrowing costs capitalized in accordance with the Entity’s accounting policy. Such properties are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.

b. Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the balance sheet at cost less accumulated depreciation and accumulated impairment losses.

c. Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognized impairment loss.

d. Dry Dock Expenses: Dry Dock Expenses incurred on Dredgers where estimated useful life of 25 years is not completed is capitalized to property plant and Equipment.

e. Items of Fixed Assets whose cost does not exceed '5,000/- (Rupees five thousand) are capitalized and depreciated 100% during the year.

f. Government grants whose primary condition is that the Company should purchase, construct or otherwise acquire non-current assets are recognized as deferred revenue in the balance sheet and transferred to profit or loss on systematic and rational basis over the useful lives of the related assets.

7. BORROWING COSTS:

a. As per the transitional provisions given in the notification issued by the Ministry of Corporate Affairs, Government of India dated 31st Mar, 2009 read with the notification dated 9th August,2012, the Company has opted for adjusting the exchange difference on the long term foreign currency monetary items to the cost of the assets acquired out of these foreign currency items.

b. Borrowing costs attributable to acquisition, construction or production of qualifying assets are capitalized as part of the cost of that asset, till the time the asset is put to use. Other borrowing costs are recognized as an expense in the period in which they are incurred.

8. FOREIGN CURRENCY TRANSACTIONS:

Transactions in foreign currency are recorded at exchange rates prevailing at the dates of the transactions. As per the notification issued by the Ministry of Corporate Affairs dated 31st Mar, 2009, the Company has opted for adjusting the exchange difference on the long term foreign currency monetary items to the cost of the assets acquired out of these foreign currency items. The Company has accordingly aligned its accounting policy based on the above notification. Exchange differences arising out of fluctuation in exchange rates on settlement/restatement at the period end are accounted based on the nature of transaction as under:

i. Short term foreign currency monetary assets and liabilities recognized in the profit and loss account.

ii. Long term foreign currency monetary liabilities used for acquisition of fixed assets: adjusted to the cost of the fixed assets and amortized over the remaining useful life of the asset.

9. INVENTORIES:

a. Stock of spares and stores is valued at lower of weighted average cost and net realizable value.

b. Spares are accounted for as per respective delivery/ shipment terms as material-in transit/ stock accounts, valued as per (a) above and are charged to revenue as and when consumed.

c. Stores and lubricants delivered to crafts during the year are charged to revenue.

10. FINANCIAL INSTRUMENTS:

Financial assets and financial liabilities are recognized when an entity becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.

11 Initial Recognition:

The company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities that are not at fair value through profit or loss are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

12. EMPLOYEE BENEFITS:

a. All short-term employee benefits are recognized at their undiscounted amount in the accounting period in which they are incurred.

b. Employee benefits under defined contribution plans comprising of Provident fund, post-retirement medical benefits (wef 01.01.2007) and pension contribution are recognized based on the undiscounted amount of obligations of the company to contribute to the plan.

c. Employee benefits under defined benefit plans comprising of gratuity, leave salary benefits are recognized based on the present value of defined benefit obligation which is computed on the basis of actuarial valuation using the projected unit credit method. Actuarial liability in excess of respective plan assets is recognized during the year. Actuarial gains and losses are recognized in the statement of Profit & Loss during the period in which they occur.

d. For defined retirement gratuity benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling and the return on plan assets (excluding net interest), is reflected immediately in the balance sheet with a charge or credit recognized in other comprehensive income in the period in which they occur.

e. Provision for Gratuity, Provident Fund, Post retirement Medical and Pension benefits is funded with separate Trusts formed for the purpose.

13. PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS:

a. Provisions are recognized when the entity has a present obligation (legal or constructive) as a result of a past event, it is probable that the Entity will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

b. Contingent Assets and Contingent Liabilities are disclosed by way of notes.

14. TAX EXPENSES:

Provisions for income tax liability is made on operational income as per special provisions relating to shipping companies under the Income Tax Act,1961 on the basis of deemed tonnage income of the company. Provision for Income tax on non-operational income is made as per the provisions of the Income Tax Act 1961._