KYC is one time exercise with a SEBI registered intermediary while dealing in securities markets (Broker/ DP/ Mutual Fund etc.). | No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account.   |   Prevent unauthorized transactions in your account – Update your mobile numbers / email ids with your stock brokers. Receive information of your transactions directly from exchange on your mobile / email at the EOD | Filing Complaint on SCORES - QUICK & EASY a) Register on SCORES b) Mandatory details for filing complaints on SCORE - Name, PAN, Email, Address and Mob. no. c) Benefits - speedy redressal & Effective communication   |   BSE Prices delayed by 5 minutes...<< Prices as on Jul 19, 2024 - 3:59PM >>  ABB India 7619  [ -3.50% ]  ACC 2610  [ -2.74% ]  Ambuja Cements 677.7  [ -1.84% ]  Asian Paints Ltd. 2945.95  [ 0.53% ]  Axis Bank Ltd. 1292.1  [ -1.30% ]  Bajaj Auto 9384.9  [ -2.50% ]  Bank of Baroda 250.3  [ -2.00% ]  Bharti Airtel 1463.7  [ -1.32% ]  Bharat Heavy Ele 294.25  [ -4.63% ]  Bharat Petroleum 303.8  [ -4.48% ]  Britannia Ind. 5877.6  [ 0.22% ]  Cipla 1483.5  [ -1.50% ]  Coal India 487.95  [ -3.40% ]  Colgate Palm. 3113.55  [ -0.28% ]  Dabur India 632  [ -1.94% ]  DLF Ltd. 815.95  [ -3.44% ]  Dr. Reddy's Labs 6641.9  [ -0.35% ]  GAIL (India) 219.75  [ -4.00% ]  Grasim Inds. 2753.5  [ -1.31% ]  HCL Technologies 1594.35  [ 0.03% ]  HDFC 2729.95  [ -0.62% ]  HDFC Bank 1607.1  [ -0.46% ]  Hero MotoCorp 5423.8  [ -1.47% ]  Hindustan Unilever L 2726.65  [ -0.36% ]  Hindalco Indus. 663  [ -3.91% ]  ICICI Bank 1248.25  [ -0.12% ]  IDFC L 113.45  [ -1.94% ]  Indian Hotels Co 577.5  [ -0.80% ]  IndusInd Bank 1429  [ -1.80% ]  Infosys L 1792.85  [ 1.92% ]  ITC Ltd. 474.3  [ 0.89% ]  Jindal St & Pwr 946.6  [ -4.38% ]  Kotak Mahindra Bank 1821.75  [ -0.07% ]  L&T 3618.55  [ -0.96% ]  Lupin Ltd. 1785.8  [ -1.68% ]  Mahi. & Mahi 2750.55  [ -2.46% ]  Maruti Suzuki India 12539.8  [ -0.88% ]  MTNL 69.32  [ 8.28% ]  Nestle India 2598.9  [ -1.00% ]  NIIT Ltd. 110.15  [ -2.74% ]  NMDC Ltd. 228.65  [ -5.48% ]  NTPC 364.5  [ -3.51% ]  ONGC 319.65  [ -3.49% ]  Punj. NationlBak 116.45  [ -1.98% ]  Power Grid Corpo 332.2  [ -2.58% ]  Reliance Inds. 3109.5  [ -1.92% ]  SBI 889.2  [ -0.47% ]  Vedanta 439.8  [ -2.58% ]  Shipping Corpn. 305.5  [ -2.16% ]  Sun Pharma. 1566.7  [ -1.69% ]  Tata Chemicals 1044.4  [ -1.38% ]  Tata Consumer Produc 1187.55  [ -0.45% ]  Tata Motors 989.9  [ -3.43% ]  Tata Steel 157.75  [ -5.17% ]  Tata Power Co. 414.15  [ -3.69% ]  Tata Consultancy 4302.75  [ -0.27% ]  Tech Mahindra 1491.4  [ -3.16% ]  UltraTech Cement 11268.1  [ -3.28% ]  United Spirits 1297.85  [ -0.21% ]  Wipro 557.25  [ -2.78% ]  Zee Entertainment En 137.55  [ -3.44% ]  

Company Information

Indian Indices

  • Loading....

Global Indices

  • Loading....


  • Loading....


19 July 2024 | 03:44

Industry >> Waste Management

Select Another Company

ISIN No INE084Q01012 BSE Code / NSE Code 537785 / RACE Book Value (Rs.) 13.52 Face Value 10.00
Bookclosure 25/09/2023 52Week High 460 EPS 0.94 P/E 448.14
Market Cap. 693.69 Cr. 52Week Low 226 P/BV / Div Yield (%) 31.23 / 0.00 Market Lot 1.00
Security Type Other


You can view the entire text of Accounting Policy of the company for the latest year.
Year End :2024-03 

NOTE Significant accounting policies 1

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Corporate Information

RACE ECO CHAIN LIMITED ('the Company'), was incorporated on November 22, 1999 as a Company under the Companies Act, 1956 ('the Act'). The Company has registered office at .UNIT NO.203, PLAZA- P 3, CENTRAL SQUARE BARA HINDU RAO, DELHI -110006 India. The Company is listed on the BSE Limited and National Stock Exchange of India Limited (Recognised Stock Exchanges in India). The Company is engaged in the b usiness of

1.1 Basis of preparation

(i) Compliance with Ind AS

The financial statements of the Company comply in all material aspects with Indian Accounting Standards (Ind AS) notifiedunder Section 133 of the Companies Act, 2013 ("the Act") read with Companies (Indian Accounting Standards) Rules,2015 and other relevant provisions of the Act. The financial statements up to and including the year ended 31 March 2021 were prepared in accordance with the accounting standards notified under Companies (Accounting Standard) Rules, 2006 (as amended) under the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended), and other generally accepted accounting principles in India (collectively referred to as "Indian GAAP" or "Previous GAAP")These financial statements for the year ended 31 March 2022 are the first financial statements of the Company under Ind AS. Refer note 26 for an explanation of how the transition from previous GAAP to Ind AS has affected the Company's financial position, financial performance and cash flows.

Amount in the Financial Statements are presented in Rs. Lakhs, unless otherwise Stated. Certain amounts that are required to be disclosed and do not appear due to rounding-off are expressed as 0.00.

The financial statements have been prepared on historical cost basis, except for the certain financial assets and financial liabilities measured at fair value (refer accounting policy regarding financial instruments). All assets and liabilities have been classified as current and non-current according to company's operating cycle other criteria.

(ii) Use of estimates and judgments

The preparation of financial statements in conformity with Ind AS requires management to make estimates, judgments, and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities (including contingent liabilities) and disclosures as of the date of financial statements and the reported amounts of revenue and expenses for the reporting period. Actual results could differ from these estimates. Accounting estimates and underlying assumptions are reviewed on an ongoing basis and could change from period to period. Appropriate changes in estimates are recognized in the period in which the Company becomes aware of the changes in circumstances surrounding the estimates. Any revisions to accounting estimates are recognized prospectively in the period in which the estimate is revised and future periods.

(iii) Revenue Recognition

Revenue other than for those items to which Ind AS 109 Financial Instruments are applicable) is measured at fair value of the consideration received or receivable. Revenue is recognised when (or as) the Company satisfies a performance obligation by transferring a promised service (i.e. an Asset) to a customer. An asset is transfered when (or as) the customer obtains control of that asset. When (or as) a performance obligation is satisfied, the Company recognises as revenue the amount of the servoce rendered (excluding estimates of variable consideration) that is allocated to that performance obligation.

The Company applies the five-step approach for recognition of revenue:

• Identification of contract(s) with customers;

• Identification of the separate performance obligations in the contract;

• Determination of transaction price;

• Allocation of transaction price to the separate performance obligations; and

• Recognition of revenue when (or as) each performance obligation is satisfied.

Fixed Price maintenance revenue is recognised retably on a staright line basis when serives are performed through or indefinite number of repititive acts overt a specified period.

(iv) Interest income

Interest income is recognised on a time proportion basis taking into account the amount outstanding and the applicable interest rates. Interest income is included under the head "Other Income" in the Statement of Profit and Loss.

Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income from a financial asset is recognized using the effective interest rate (EIR), 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.

(v) Other Income

Other Income have been recogized on accrual basis in the Financial Statements, except when there is uncertainty of collection.

1.2 Income Tax

The income tax expense or credit for the period is the tax payable on the current period's taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

Current tax is measured at the amount of tax expected to be payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961. Current tax assets and current tax liabilities are off set when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle the asset and the liability on a net basis.

1.3 Deferred Tax

Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

Deferred tax assets are recognized for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.

Deferred tax liabilities are not recognized for temporary differences between the carrying amount and tax bases of investments in subsidiaries where the Company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.

1.4 Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

(i) Financial Assets

(a) Initial recognition and measurement:

All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.

(b) Subsequent Measurement:

Debt instruments at amortized cost

a) 'Financial Asset' is measured at the amortized cost if both the following conditions are met:

a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and

c) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

(c) Debt instrument at FVTPL

FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL.

(d) De-recognition

The company derecognizes a financial asset when the contractual right to the cash flow from the financial asset end or it transfers the financial asset and the transfer qualifies for derecogition under Ind AS 109.

(e) Impairment of Financial Assets

In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the financial assets that are debt instruments, and are measured at amortized cost e.g., loans, debt securities, deposits, trade receivables and bank balance. ii) Financial liabilities

(a) Initial recognition and measurement

All Financial liabilities are recognized initially at fair value and fees of recurring nature are directly recognized in profit or loss as finance cost. The company's financial liabilities include trade and other payables.

(b) Subsequent Measurement:

Financial Liabilities are subsequently carried at amortized cost using the effective interest method. For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to short maturity of these instruments.

(c) De-recognition

A financial liability is de-recognized when the obligation under the liability is discharged or cancelled or expired or it transfers the financial liability and the transfer qualifies for derecognition under Ind AS 109.

1.5 Tangible Property, Plant & Equipment (PPE):

Property, plant and equipment are stated at cost of acquisition less accumulated depreciation. Cost includes expenditure that is directly attributable to the acquisition and installation of the assets.

(i) Recognition:

The cost of an item of property, plant and equipment is recognized as an asset if, and only if:

It is probable that future economic benefits associated with the item will flow to the entity; and The cost of the item can be measured reliably.

Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced.

All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

(ii) Depreciation methods, estimated useful lives and residual value

Depreciation is calculated using the written down value method to allocate their cost, net of their residual values, over their estimated useful life prescribed under Schedule II to the Companies Act, 2013. The Company provides pro-rata depreciation from the date of installation till date the assets are sold or disposed. Leasehold improvements are amortised over the term of underlying lease.

The Residual value and useful life is reviewed annually and any deviation is accounted for as a change in estimate.

The estimated useful lives and residual values of the Property Plant and Equipment are reviewed at the end of each financial year.

Property Plant and Equipment, individually costing less than Rupees five thousand, are fully depreciated in the year of purchase.

Depreciation on the Property Plant and Equipment added/disposed off/discarded during the year is provided from/upto the date when added/disposed off/discarded.

Gains or losses arising from the retirement or disposal of Property Plant and Equipment are determined as the difference between the net disposal proceeds and the carrying amount of the asset and recognized as income or expense in the Statement of Profit and Loss.

1.6 Intangible Assets

(i) Measurement at recognition:

Intangible assets are recognized where it is probable that the future economic benefit attributable to the assets will flow to the Company and its cost can be reliably measured. Intangible assets are stated at cost of acquisition less accumulated amortization and impairment, if any.

Expenditure incurred on acquisition / development of intangible assets which are not put / ready to use at the reporting date is disclosed under intangible assets under development. The Company amortizes intangible assets on a straight-line basis over the five years commencing from the month in which the asset is first put to use. The Company provides pro-rata amortization from the day the asset is put to use.

Assets Useful life

Software & Mobile Application 5 years

(ii) Derecognition:

The carrying amount of an intangible asset is derecognized on disposal or when no future economic benefits are expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are recognized in the statement of profit and loss when the asset is derecognized.

1.7 Employee benefits

(i) Short-term obligations

Short-term employee benefits comprise of employee costs such as salaries, bonus etc. are recognized as an expense at the undiscounted amount in the Statement of Profit and Loss for the year in which the related services are rendered. The Company recognises the costs of bonus payments when it has a present obligation to make such payments as a result of past events and a reliable estimate of the obligation can be made.

(ii) Post-employment obligations

Post-employment benefit plans are classified into defined benefit plans and defined contribution plans as under:-

(iii) Defined contribution plan:

Contribution made to the recognised provident fund, employees state insurance scheme etc. which are defined contribution plans, is charged to the Statement of Profit and Loss in the period in which they occur.

(iv) Defined benefits plan:

The Company has unfunded gratuity as defined benefit plan where the amount that an employee will receive on separation/retirement is defined by reference to the employee's length of service and final salary. The liability recognised in the Balance Sheet in respect of gratuity is the present value of defined benefit obligation at the Balance Sheet date together with the adjustments for unrecognised actuarial gain or losses and the past service costs. The defined benefit obligation is calculated at or near the Balance Sheet date by an independent actuary using the projected unit credit method. Actuarial gains and losses comprise experience adjustment and the effects of changes in actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive income.

1.8 Impairment of non-financial assets

At each reporting date, the Company assesses whether there is any indication based on internal / external factors, that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. The recoverable amount of asset is the higher of its fair value or value in use. Value in use is based on the estimated future cashflows, discounted to their present value using a pre-tax discount rate that reflects the current market assessment of time value of money and the risks specific to it. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount and the reduction is treated as an impairment loss and is recognised in the statement of profit and loss. All assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist. An Impairment loss is reversed if there has been a change in estimates used to determine the recoverable amount. Such a reversal is made only to the extent that the assets carrying amount would have been determined, net of depreciation or amortization, had no impairment loss been recognised.