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Accounting Policies of Associated Stone Industries (Kotah) Ltd. Company

Mar 31, 2015

A) Basis of preparation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rule, 2006, (as amended) and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared on an accrual basis and under the historical cost convention, except for land acquired before 01-04-2007 which are carried at revalued amounts.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.

b) Use of Estimates

The preparation of financial statements requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management's best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

c) Revenue Recognition

(a) Revenue/income and cost/expenditure are generally accounted on accrual basis as they are earned or incurred.

(b) Dividend on investment is accounted on cash basis.

d) Fixed Assets

All fixed assets are stated at cost of acquistion except land which has been revalued during the F.Y 2006-2007. All other costs till commencement of commercial production/ put to use are capitalised.

Depreciation on Tangible Fixed Assets

Effective from 1st April, 2014, the Company depreciates its fixed assets on straight line method over the useful life in the manner prescribed in Schedule II of the Companies Act, 2013 as against the earlier practice of :-

(i) Providing depreciation on Dumpers, Earth-moving machinery, and machineries of Kudayla polishing unit II and depreciaion on Wind Power Generating Units installed at Coimbatore Dist. (Tamil Nadu), Gadag Dist. (Karnataka) & Satara Dist. (Maharashtra) on straight line method as per the rate and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

(ii) Providing depreciation on other fixed assets except as stated in (i) above on written down value method as per rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

Depreciation on Intangible Fixed Assets

Effective from 1st April, 2014, the Company depreciates its intangible assets on straight line method over the useful life in the manner prescribed in Schedule II of the Companies Act, 2013 as against the earlier practice of providing depreciation on written down value method as per rates prescribed in Appendix I of rule 5 of Income Tax Rules .

e) Capital Work in Progress

Capital work-in-progress represents amount incurred on the respective assets including cost directly attributable to such asset is stated at cost until the assets is ready to put to use.

f) Inventories

Inventories are valued at cost or net realisable value, whichever is less.

g) Borrowing Costs

Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are considered in the period they occur.

h) Foreign Currency Transaction

(i) All transactions in foreign currency, are recorded at the rates of exchange prevailing on the dates when the relevant transactions take place.

(ii) Monetary items in the form of Loans, Current Assets and Current Liabilities in foreign currency, outstanding at the close of the year, are converted in Indian Currency at the appropriate rates of exchange prevailing on the date of the Balance Sheet. Resultant gain or loss is accounted during the year.

(iii) All other incomes or expenditure in foreign currency, are recorded at the rates of exchange prevailing on the dates when the relevant transactions take place.

i) Impairment of Tangible and Intangible Assets

Impairment Loss is charged to the Statement of Profit & Loss in the period in which , an asset is identified as impaired, when the carrying value of the assets exceeds its recoverable value. The impairment loss recognised in the prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

j) Investments

Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as non- current investments.

Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Non-current investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments.

In accordance with the Schedule III of the Companies Act, 2013, the portion of the non-current investments classified above, and expected to be realised within 12 months of the reporting date, have been classified as current investments.

On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the Statement of Profit and Loss.

k) Retirement and other employee benefits

Retirement benefits to employees comprise payment of gratuity and provident fund under approved schemes of the Company. Annual contribution to gratuity fund is determined based on an actuarial valuation as at the balance sheet date by an independent actuary.

l) Income Taxes

(a) Provision for current tax is made on the basis of estimated tax liability as per the applicable provisions of tax laws.

(b) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date. Deferred tax assets are recognised to the extent there is reasonable certainty that these assets can be either realised in future or adjusted against deferred tax liability.

m) Contingent Liabilities

A contingent liabilities is a possible obligation that arise from past events whose existence will be confirmed by the occurence or non occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.


Mar 31, 2014

A) Basis of preparation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rule, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention, except for land acquired before 01-04-2007 which are carried at revalued amounts.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.

b) Use of Estimates:

The preparation of financial statements requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

c) Revenue Recognition

(a) Revenue/income and cost/ expenditure are generally accounted on accrual basis as they are earned or incurred.

(b) Dividend on investment is accounted on cash basis.

d) Fixed Assets

All fixed assets are stated at cost of acquistion except land which has been revalued during the F. Y 2006- 2007. All other costs till commencement of commercial production/put to use are capitalised.

Depreciation on Tangible Fixed Assets

(I) Depreciation on Dumpers, Earth-moving machinery, and machineries of Kudayla polishing unit II and depreciaion on Wind Power Generating Units installed at Coimbatore Dist(Tamilnadu) , Gadag Dist. (Karnataka) & Satara Dist. (Maharashtra) has been provided on straight line method as per the rate and in the manner prescribed in schedule XIV of the Companies Act, 1956.

(ii) Depreciation on other fixed assets except as stated in (i) above has been provided on written down value method as per rates and in the manner prescribed in schedule XIV of the Companies Act, 1956.

Depreciation on Intangible Fixed Assets

Depreciation on intangible assets (surface right of land) has been provided on written down value method as per rates prescribed in Appendix I of rule 5 of Income Tax Rules , 1962.

e) Inventories

Inventories are valued at cost or net realisable value, whichever is less.

f) Borrowing Costs:

Borrowing cost includes interest, amortization of anciliary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are considered in the period they occur.

g) Impairment of Tangible and Intangible Assets:

Impairment Loss is charged to the Profit & Loss Account in the period in which , an asset is identified as impaired, when the carrying value of the assets exceeds its recoverable value. The impairment loss recognised in the prior acounting period is reversed if there has been a change in the estimate of recoverable amount.

h) Investments:

Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long term investments.

Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long Term Investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments.

In accordance with the Revised Schedule VI to the Companies Act, 1956, the portion of the Long Term Investments classified above, and expected to be realised within 1 2 months of the reporting date, have been classified as current investments.

On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the statement of Profit and Loss.

i) Retirement and other employee

Retirement benefits to employees comprise payment to gratuity and provident fund under approved schemes of the company. Annual contribution to gratuity fund is determined based on an actuarial valuation as at the balance sheet date by an independent actuary.

j) Income Taxes

(a) Provision for current tax is made on the basis of estimated tax liability as per the applicable provisions of tax laws.

(b) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date. Deferred tax assets are recognised to the extent there is reasonable certainty that these assets can be either realised in future or adjusted against deferred tax liability.

k) Contingent liabilities

A contingent liabilities is a possible obligation that arise from past events whose existence will be confirmed by the occurence or non occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The company does not recognize a contingent liability but discloses its existence in the financial statements.

1.2 Terms / Rights attached to Equity Shares:

The Company has only one class of equity share having a par value of Rs. 51- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31st March 2014, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 1.25 per share (previous year Rs. 1.25 per share).


Mar 31, 2013

A) Basis of preparation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rule, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention, except for land acquired before 01-04-2007 which are carried at revalued amounts.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.

b) Use of Estimates:

The preparation of financial statements requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

c) Revenue Recognition:

(a) Revenue / income and cost / expenditure are generally accounted on accrual basis as they are earned or incurred.

(b) Dividend on investment is accounted on cash basis.

d) Fixed Assets:

All fixed assets are stated at cost of acquisition except land which has been revalued during the F. Y. 2006 - 2007. All other costs till commencement of commercial production / put to use are capitalised.

Depreciation on Tangible Fixed Assets

(i) Depreciation on Dumpers, Earth-moving machinery, and machineries of Kudayla polishing unit II and depreciaion on Wind Power Generating Units installed at Coimbatore Dist. (Tamilnadu), Gadag Dist. (Karnataka) & Satara Dist. (Maharashtra) has been provided on straight line method as per the rate and in the manner prescribed in schedule XIV of the Companies Act, 1956.

(ii) Depreciation on other fixed assets except as stated in (i) above has been provided on written down value method as per rates and in the manner prescribed in schedule XIV of the Companies Act, 1956.

Depreciation on Intangible Fixed Assets

Depreciation on intangible assets (surface right of land) has been provided on written down value method as per rates prescribed in Appendix I of rule 5 of Income Tax Rules, 1962.

e) Inventories:

Inventories are valued at cost or net realisable value, whichever is less.

f) Borrowing Costs:

Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are considered in the period they occur.

g) Impairment of Tangible and Intangible Assets:

Impairment Loss is charged to the Profit & Loss Account in the period in which, an asset is identified as impaired, when the carrying value of the assets exceeds its recoverable value. The impairment loss recognised in the prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

h) Investments:

Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long term investments.

Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long Term Investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments.

In accordance with the Revised Schedule VI to the Companies Act, 1956, the portion of the Long Term Investments classified above, and expected to be realised within 1 2 months of the reporting date, have been classified as current investments.

On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the statement of Profit and Loss.

i) Retirement and other employee benefits:

Retirement benefits to employees comprise payment to gratuity and provident fund under approved schemes of the company. Annual contribution to gratuity fund is determined based on an actuarial valuation as at the balance sheet date by an independent actuary.

j) Income Taxes:

(a) Provision for current tax is made on the basis of estimated tax liability as per the applicable provisions of tax laws.

(b) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date. Deferred tax assets are recognised to the extent there is reasonable certainty that these assets can be either realised in future or adjusted against deferred tax liability.

k) Contingent Liabilities:

A contingent liabilities is a possible obligation that arise from past events whose existence will be confirmed by the occurence or non occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.


Mar 31, 2012

A) Basis of preparation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rule, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention, except for land acquired before 01-04-2007 which are carried at revalued amounts.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.

b) Presentation and Disclosure of Financial Statement

During the year ended 31-03-2012, the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the Company, for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

c) Use of Estimates:

The preparation of financial statements requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management's best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

d) Revenue Recognition

(a) Revenue/income and cost/ expenditure are generally accounted on accrual basis as they are earned or incurred .

(b) Dividend on investment is accounted on cash basis.

e) Fixed Assets

All fixed assets are stated at cost of acquistion except land which has been revalued during the F. Y 2006-2007. All other costs till commencement of commercial production/ put to use are capitalised.

Depreciation on Tangible Fixed Assets

(i) Depreciation on Dumpers, Earth-moving machinery, and machineries of Kudayala polishing unit Hand depreciaion on Wind Power generating units installed at Coimbatore Dist (Tamilnadu), Gadag Dist. (Karnataka) & Satara Dist. (Maharashtra) has been provided on stright line method as per the rate and in the manner prescribed in schedule XIV of the Companies Act, 1956.

(ii) Depreciation on other fixed assets except as stated in (i) above has been provided on written down value method as per rates and in the manner prescribed in schedule XIV of the Companies Act, 1956.

Depreciation on Intangible Fixed Assets

Depreciation on intangible assets (surface right of land) has been provided on written down value method as per rates prescribed in Appendix I of rule 5 of Income Tax Rules, 1962.

f) Inventories

Inventories are valued at cost or net realisable value, whichever is less.

g) Borrowing Costs:

Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are considered in the period they occur.

h) Impairment of Tangible and Intangible Assets:

Impairment Loss is charged to the Profit & Loss Account in the period in which , an asset is identified as impaired, when the carrying value of the assets exceeds its recoverable value. The impairment loss recognised in the prior acounting period is reversed if there has been a change in the estimate of recoverable amount.

i) Investments:

Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long term investments.

Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long term investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments.

In accordance with the Note No. 1 of Revised Schedule VI to the Companies Act, 1956, the portion of the Long term investments classified above, and expected to be realised within 12 months of the reporting date, have been classified as current investments.

On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the statement of Profit and Loss.

j) Retirement and other employee benefits

Retirement benefits to employees comprise payment to gratuity and provident fund under approved schemes of the Company. Annual contribution to gratuity fund is determined based on an actuarial valuation as at the balance sheet date by an independent actuary.

k) Income Taxes

(a) Provision for current tax is made on the basis of estimated tax liability as per the applicable provisions of tax laws.

(b) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date. Deferred tax assets are recognised to the extent there is reasonable certainty that these assets can be either realised in future or adjusted against deferred tax liability.

I) Contingent Liabilities

A contingent liabilities is a possible obligation that arise from past events whose existence will be confirmed by the occurence or non occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.


Mar 31, 2011

A) General

The Accounts have been prepared on historical cost convention based on the accrual concept and applicable accounting standards, as a going concern.

b) Revenue recognition

i) Revenue / income and cost / expenditure are generally accounted on accrual basis as they are earned or incurred.

ii) Dividend on investment is accounted on cash basis.

c) Fixed Assets & Depreciation

i) All Fixed Assets are stated at cost of acquisition except land which had been revalued during the FY 2006-2007.

ii) Depreciation on Intangible Assets (surface right of land) has been provided on written down value method as per rates prescribed in Appendix I of Rule 5 of the Income Tax Rules, 1962.

iii) Depreciation on Dumpers, Earth-moving machinery, and machineries of Kudayla polishing units II and depreciation on Wind Power Generating Units installed at Coimbatore Dist (Tamilnadu) , Gadag Dist. (Kar nataka) & Satara Dist. (Maharashtra) has been provided on straight line method as per rate and in the manner prescribed in Schedule XIV of the Companies Act, 1956

iv) Depreciation on other fixed assets except as stated in (ii) & (iii) above has been provided on written down value method as per rates and in the manner prescribed in schedule XIV of the Companies Act, 1956.

d) Inventories

Inventories are valued at cost or market value, whichever is less.

e) Investments

All investments are classified as long term investments and are stated at cost.

f) Foreign Currency Transaction

Current assets and current liabilities, i.e. items to be received or paid in foreign currencies (other than those related to fixed assets) are stated at the amounts subsequently realised / paid. Where receipts / payments have not materialised, these assets and liabilities are accounted for at the exchange rates prevailing at the year end. Resultant gain or loss is accounted during the year.

g) Retirement Benefits

Retirement benefits to employees comprise payment to gratuity and provident fund under approved schemes of the company. Annual contribution to gratuity fund is determined based on an actuarial valuation as at the balance sheet date by an independent actuary.

h) Impairment of Assets

Impairment loss is charged to the Profit & Loss account in the period in which, an asset is identified as impaired, when the carrying value of the asset exceeds its recoverable value. The impairment loss recognized in the prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

i) Taxation

- Provision for current tax is made on the basis of estimated tax liability as per the applicable provisions of tax laws.

- Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date. Deferred tax assets are recognised to the extent there is reasonable certainty that these assets can be either realised in future or adjusted against deferred tax liability.


Mar 31, 2010

A) General

The Accounts have been prepared on historical cost convention based on the accrual concept and appli- cable accounting standards, as a going concern.

b) Revenue recognition

i) Revenue / income and cost / expenditure are generally accounted on accrual basis as they are earned or incurred.

ii) Dividend on investment is accounted on cash basis.

c) Fixed Assets & Depreciation

i) All Fixed Assets are stated at cost of acquisition except land which had been revalued during the F.Y. 2006-2007.

ii) Depreciation on Intangible Assets (surface right of land) has been provided on written down value method as per rates prescribed in Appendix I of Rule 5 of the Income Tax Rules, 1962.

iii) Depreciation on Dumpers, Earth-moving machinery, and machineries of Kudayla polishing units II and depreciation on Wind Power Generating Units installed at Coimbatore Dist (Tamilnadu), Gadag Dist. (Karnataka) & Satara Dist. (Maharashtra) has been provided on straight line method as per rate and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

iv) Depreciation on other fixed assets except as stated in (ii) & (iii) above has been provided on written down value method as per rates and in the manner prescribed in schedule XIV of the Companies Act,1956.

d) Inventories

Inventories are valued at cost or market value, whichever is less.

e) Investments

All investments are classified as long term investments and are stated at cost.

f) Foreign Currency Transaction

Current assets and current liabilities, i.e. items to be received or paid in foreign currencies (other than those related to fixed assets) are stated at the amounts subsequently realised / paid. Where receipts / payments have not materialised, these assets and liabilities are accounted for at the exchange rates prevailing at the year end. Resultant gain or loss is accounted during the year.

g) Retirement Benefits

Retirement benefits to employees comprise payment to gratuity and provident fund under approved schemes of the Company. Annual contribution to gratuity fund is determined based on an actuarial valuation as at the balance sheet date by an independent actuary.

h) Impairment of Assets

Impairment loss is charged to the Profit & Loss account in the period in which, an asset is identified as impaired, when the carrying value of the asset exceeds its recoverable value. The impairment loss recognized in the prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

i) Taxation

- Provision for current tax is made on the basis of estimated tax liability as per the applicable provisions of tax laws.

- Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date. Deferred tax assets are recognised to the extent there is reasonable certainty that these assets can be either realised in future or adjusted against deferred tax liability.

 
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