Mar 31, 2015
I) Accounting Concepts
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India and in accordance with Accounting Standards as
notified by (Accounting Standards) Rules, 2006.
ii) Uses of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liablities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/materialised.
iii) Revenue Recognition
a) All income is accounted on accrual basis.
b) Dividend declared within close of the accounting year are accounted
for in respect of shares & securities held by the company.
iv) Expenses
All expenses are accounted on accrual basis.
v) In accordance with guidelines for Prudential Norms issued by the
Reserve Bank of India to Non-Banking (Non-Deposit Accepting or Holding)
Companies Prudential Norms (Reserve Bank) Dirctions,2007, provision is
made for non - performing asstes in respect of income and debts/assets
vi) Depreciation
Depreciation is provided based on life assigned to each asset in
accordance with Schedule 11 of the Companies Act, 2013.
vii) Fixed Assets
Fixed assets are stated at cost less depreciation.
viii) Investments
Long term investments are stated at cost plus incidental expenses
thereto. Provision for diminution in value of investments is made by
the company to recognise permanent decline, if any, in the value of
each investment. Current investments are valued at lower of cost and
market value.
ix) Inventories
Shares & Securities - At cost or net realisable value, whichever is
lower, script wise.
x) Deferred Tax
Deferred tax is recognised on timing differences, being the difference
between the taxable income and accounting income that originate in one
period and are capable of reversing in one or more subsequent periods.
Deferred tax assets on unabsorbed depreciation and carry forward of
losses are recognised only to the extent there is a virtual certainty
of its realisation.
xi) Employee Benefits
Liability for employee benefits, both short term and longterm,for
present and past services which are due as per the terms of employment
are recorded in accordance with Accounting Standard (AS) -15 "Employees
Benefits" as notified by Companies (Accounting Standard) Rules, 2006.
a) Gratuity
The company makes annual contribution to an approved gratuity fund
covered by a policy with Life Insurance Corporation of India. The plan
assets are sufficient to cover liability for gratuity fully.
b) Contribution to Provident & Other Funds
Contribution to Provident Fund and Employees State Insurance are
recognised and expensed on accrual basis.
c) Compensated Absences
Liablity for leave is treated as a short term liability and is
accounted for on accrual basis,
xii) Contingent Liabilities
Contingent liabilities are not provided for and are shown by way of
notes in the Notes to Financial Statements.
1.2 227212.5% Fully Convertible Debentures of Rs.125 each alloted on
25th January, 1993 have not been converted into fully paid equity
shares since allotment money has not been received. Additions to
subscribed and paid up share capital will be made as and when allotment
money is received.
1.3 Accounts relating to allotment money in arrears of Fully
Convertible Debentures are not reconciled.
Mar 31, 2014
I) Accounting Concepts
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India and in accordance with Accounting Standards as
notified by (Accounting Standards) Rules, 2006.
ii) Uses of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liablities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/materialised.
iii) Revenue Recognition
a) All income is accounted on accrual basis.
b) Dividend declared within close of the accounting year are accounted
for in respect of shares & securities held by the company.
iv) Expenses
All expenses are accounted on accrual basis.
v) In accordance with guidelines for Prudential Norms issued by the
Reserve Bank of India to Non-Banking (Non-Deposit Accepting or Holding)
Companies Prudential Norms (Reserve Bank) Directions,2007, provision is
made for non - performing asstes in respect of income and debts/assets.
vi) Depreciation
Depreciation is provided :
a) On assets acquired upto 30th June, 1987 on straight line method at
the rates corresponding to the rates applicable under the Income Tax
Rules,1962 in force at the time of acquisition/purchase of respective
assets.
b) On assets acquired on and from 1st July,1987 on Straight Line Method
at the rates and in the manner specified in Schedule XIV to the
Companies Act, 1956 applicable at the time of acquisition/purchase of
respective assets.
vii) Fixed Assets
Fixed assets are stated at cost less depreciation.
viii) Investments
Long term investments are stated at cost plus incidental expenses
thereto. Provision for diminution in value of investments is made by
the company to recognise permanent decline, if any, in the value of
each investment. Current investments are valued at lower of cost and
market value.
ix) Inventories
Shares & Securities- At cost or net realisable value, whichever is
lower, script wise.
x) Deferred Tax
Deferred tax is recognised on timing differences, being the difference
between the taxable income and accounting income that originate in one
period and are capable of reversing in one or more subsequent periods.
Deferred tax assets on unabsorbed depreciation and carry forward of
losses are recognised only to the extent there is a virtual certainty
of its realisation.
xi) Employee Benefits
Liability for employee benefits, both short term and long term, for
present and past services which are due as per the terms of employment
are recorded in accordance with Accounting Standard (AS) - 15
"Employees Benefits" as notified by Companies (Accounting Standard)
Rules, 2006.
a. Gratuity
The company makes annual contribution to an approved gratuity fund
covered by a policy with Life Insurance Corporation of India. The plan
assets are sufficient to cover liability for gratuity fully. .
b. Contribution to Provident & Other Funds
Contribution to Provident Fund and Employees State Insurance are
recognised and expensed on accrual basis.
c. Compensated Absences
Liablity for leave is treated as a short term liability and is
accounted for on accrual basis.
xii) Contingent Liabilities
Contingent liabilities are not provided for and are shown by way of
notes in the Notes to Financial Statements.
Mar 31, 2013
I) Accounting Concepts
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India and in accordance with Accounting Standards as
notified by (Accounting Standards) Rules, 2006.
ii) Uses of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liablities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/materialised.
iii) Revenue Recognition
a) All income is accounted on accrual basis.
b) Dividend declared within close of the accounting year are accounted
for in respect of shares & securities held by the company
iv) Expenses
All expenses are accounted on accrual basis.
v) In accordance with guidelines for Prudential Norms issued by the
Reserve Bank of India to Non-Banking (Non-Deposit Accepting or Holding)
Companies Prudential Norms (Reserve Bank) Dirctions,2007, provision is
made for non - performing asstes in respect of income and debts/assets
vi) Depreciation
Depreciation is provided :
a) On assets acquired upto 30th June, 1987 on straight line method at
the rates corresponding to the rates applicable under the Income Tax
Rules,1962 in force at the time of acquisition/purchase of respective
assets.
b) On assets acquired on and from 1st July,1987 on Straight Line Method
at the rates and in the manner specified in Schedule XIV to the
Companies Act, 1956 applicable at the time of acquisition/purchase of
respective assets.
vii) Fixed Assets
Fixed assets are stated at cost less depreciation.
viii) Investments
Long term investments are stated at cost plus incidental expenses
thereto. Provision for diminution in value of investments is made by
the company to recognise permanent decline, if any, in the value of
each investment. Current investments are valued at lower of cost and
market value.
ix) Inventories
Shares & Securities- At cost or net realisable value, whichever is
lower, script wise.
x) Deferred Tax
Deferred tax is recognised on timing differences, being the difference
between the taxable income and accounting income that originate in one
period and are capable of reversing in one or more subsequent periods.
Deferred tax assets on unabsorbed depreciation and carry forward of
losses are recognised only to the extent there is a virtual certainty
of its realisation.
xi) Employee Benefits
Liability for employee benefits, both short term and long term, for
present and past services which are due as per the terms of employment
are recorded in accordance with Accounting Standard (AS) - 15
"Employees Benefits" as notified by Companies (Accounting Standard)
Rules, 2006.
a. Gratuity
The company makes annual contribution to an approved gratuity fund
covered by a policy with Life Insurance Corporation of India. The plan
assets are sufficient to cover liability for gratuity fully. .
b. Contribution to Provident & Other Funds
Contribution to Provident Fund and Employees State Insurance are
recognised and expensed on accrual basis.
c. Compensated Absences
Liability for leave is treated as a short term liability and is
accounted for on accrual basis.
xii) Contingent Liabilities
Contingent liabilities are not provided for and are shown by way of
notes in the Notes to Financial Statements.
Mar 31, 2012
I) Accounting Concepts
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India and in accordance with Accounting Standards as
notified by (Accounting Standards) Rules, 2006.
ii) Uses of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liablities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/materialised.
iii) Revenue Recognition
a) All income is accounted on accrual basis.
b) Dividend declared within close of the accounting year are accounted
for in respect of shares & securities held by the company.
iv) Expenses
All expenses are accounted on accrual basis.
v) In accordance with guidelines for Prudential Norms issued by the
Reserve Bank of India to Non-Banking (Non-Deposit Accepting or Holding)
Companies Prudential Norms (Reserve Bank) Dirctions,2007, provision is
made for non - performing asstes in respect of income and debts/assets
vi) Depreciation
Depreciation is provided :
a) On assets acquired upto 30th June, 1987 on straight line method at
the rates corresponding to the rates applicable under the Income Tax
Rules,1962 in force at the time of acquisition/purchase of respective
assets.
b) On assets acquired on and from 1st July, 1987 on Straight Line
Method at the rates and in the manner specified in Schedule XIV to the
Companies Act, 1956 applicable at the time of acquisition/purchase of
respective assets.
vii) Fixed Assets
Fixed assets are stated at cost less depreciation.
viii) Investments
Long term investments are stated at cost plus incidental expenses
thereto. Provision for diminution in value of investments is made by
the company to recognise permanent decline, if any, in the value of
each investment. Current investments are valued at lower of cost and
market value.
ix) Inventories
Shares & Securities- At cost or net realisable value, whichever is
lower, script wise.
x) Deferred Tax
Deferred tax is recognised on timing differences, being the difference
between the taxable income and accounting income that originate in one
period and are capable of reversing in one or more subsequent periods.
Deferred tax assets on unabsorbed depreciation and carry forward of
losses are recognised only to the extent there is a virtual certainty
of its realisation.
xi) Employee Benefits
Liablity for employee benefits, both short term and long term, for
present and past services which are due as per the terms of employment
are recorded in accordance with Accounting Standard (AS) - 15
"Employees Benefits" as notified by Companies (Accounting Standards)
Rules, 2006.
a. Gratuity
The company makes annual contribution to an approved gratuity fund
covered by a policy with Life Insurance Corporation of India. The plan
assets are sufficient to cover liability for gratuity fully. .
b. Contribution to Provident & Other Funds
Contribution to Provident Fund and Employees State Insurance are
recognised and expensed on accrual basis.
c. Compensated Absences
Liablity for leave is treated as a short term liablity and is accounted
for on accrual basis,
xii) Contingent Liabilities
Contingent liabilities are not provided for and are shown by way of
notes in the Notes to Financial Statements.
Mar 31, 2010
I) Accounting Concepts
The financial statements are -prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India and in accordance with Accounting Standards as
notified by (Accounting Standards) Rules, 2006.
ii) Uses of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liablities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/materialised.
iii) Revenue Recognition
a) All income is accounted on accrual basis.
b) Dividend declared within close of the accounting year are accounted
for in respect of shares & securities held by the company.
iv) Expenses
All expenses are accounted on accrual basis.
v) In accordance with guidelines for Prudential Norms issued by the
Reserve Bank of India to Non-Banking Financial Companies, provision is
made for non - performing assets in respect of income and debts/assets.
vi) Depreciation
Depreciation is provided :
a) On assets acquired upto 30th June, 1987 on straight line method at
the rates corresponding to the rates applicable under the Income Tax
Rules,1962 in force at the time of acquisition/purchase of respective
assets.
b) On assets acquired on and from 1st July, 1987 on Straight Line
Method at the rates and in the manner specified in Schedule XIV to the
Companies Act, 1956 applicable at the time of acquisition/purchase of
respective assets.
vii) Fixed Assets
Fixed assets are stated at cost less depreciation.
viii) Investments
Long term investments are stated at cost plus incidental expenses
thereto. Provision for diminution in value of investments is made by
the company to recognise permanent decline, if any, in the value of
each investment. Current investments are valued at lower of cost and
market value.
ix) Inventories
Shares & Securities - At cost or net realisable value, whichever is
lower, script wise
x) Deferred Tax
Deferred tax is recognised on timing differences, being the difference
between the taxable income and accounting income that originate in one
period and are capable of reversing in one or more subsequent periods.
Deferred tax assets on unabsorbed depreciation and carry forward of
losses are recognised only to the extent there is a virtual certainty
of its realisation.
xi) Employee Benefits
Liability for employee benefits, both short term and long term, for
present and past services which are due as per the terms of employment
are recorded in accordance with Accounting Standard (AS) - 15
"Employees Benefits" as notified by Companies (Accounting Standards)
Rules, 2006.
a. Gratuity
The company makes annual contribution to an approved gratuity fund
covered by a policy with Life Insurance Corporation of India. The plan
assets are sufficient to cover liability for gratuity fully.
b. Contribution to Provident & Other Funds
Contribution to Provident Fund and Employees State Insurance are
recognised and expensed on accrual basis.
c. Compensated Absences
Liability for leave is treated as a short term liablity and is
accounted for on accrual basis
xii) Contingent Liabilities
Disputed liabilities and claims are treated as contingent liabilities.
Claims against the Company are reduced by amounts payable by lessees/
hirers or insurance companies and counter claims of the company in
order to determine contingent liability.
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