Professional Documents
Culture Documents
INDIA
CORPORATE INFORMATION
Nestle India Limited is a company domiciled in India, with its registered office
situated at 100/101, World Trade Centre, Barakhamba Lane, New Delhi - 110
001. The Company has been incorporated under the provisions of Indian
Companies Act and its equity shares are listed on the BSE Limited in India. The
Company is primarily involved in Food business which incorporates product
groups viz. Milk Products and Nutrition, Prepared dishes and Cooking aids,
Powdered and Liquid Beverages and Confectionery.
REVENUE RECOGNITION
Revenue from sale of goods is recognized on transfer of significant risks &
rewards of ownership and effective control to the buyer. Revenue is measured at
the price charged to the customer and are recorded net of returns (if any), trade
discounts, rebates, other pricing allowances to trade/consumer, when it is
probable that the associated economic benefits will flow to the company. Sales
are presented gross of excise duty and net of Goods and Services Tax (GST),
Value Added Tax (VAT)/ Sales Tax, wherever applicable.
EMPLOYEE BENEFITS
Employee benefit plans The Company makes contributions to Provident Fund,
Employee State Insurance, National Pension System etc. for eligible employees
and these contributions are charged to statement of profit and loss on accrual
basis. Liability for defined benefit plans i.e. gratuity and unfunded pension is
determined based on the actuarial valuation carried out by an independent
actuary as at the year-end.
DEPRECIATION / AMORTISATION
The Company has assessed the useful lives of fixed assets as per Schedule II to
the Companies Act, 2013. Accordingly, depreciation has been computed on
useful lives based on technical evaluation of relevant class of assets including
components
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT
At each balance sheet date, items of property, plant and equipment are reviewed
to determine whether there is any indication of impairment. For the purpose of
assessing impairment, assets are grouped at the levels for which there are
separately identifiable cash flows (cash generating unit). If any impairment
indicator exists, estimate of the recoverable amount of the property, plant and
equipment /cash generating unit to which the asset belongs is made.
INCOME TAX
Income tax expense comprises of current tax and deferred tax. Income tax
expense is recognized in the statement of profit and loss, except when it relates
to items recognized in the other comprehensive income or items recognized
directly in the equity.