Mar 31, 2015
1. Segment accounting policies:
In addition to the significant accounting policies applicable to the
business segment as set out in notes to the accounts, the accounting
Policies in relation to segment accounting are as under:
(a) Segment assets and liabilities
Segment assets include all operating assets used by the segment and
consist principally of fixed assets, inventories, sundry debtors and
loans & advances less current liabilities. Segment assets and
liabilities do not include investment, inter corporate deposits,
equity, reserves and surplus borrowings, provision for contingencies
and income-tax (Both current and deferred).
(b) Segment revenue and expenses
Segment revenue and expenses are taken directly as attributable to the
segment. It does not include interest income on inter- corporate
deposits, Profit on sale of investments, Interest expense, Provision
for Contingencies and income-tax.
AS -18 - Related Party Disclosure
2. List Related Parties and Relations
1. Subsidiaries, Fellow Subsidiaries and Associates
* Infoline.in Private Limited
* Citizen Exports Private Limited
* Key Management Personnel
* Omprakash L. Jain
* Harsh 0. Jain
* Ravindra 0. Jain
* Kasturi R. Jain
* Pukhraj K. Ved
* Vikas H. Jirawala
* Mitesh A Jain
* Sandip M Jain
3. List of Relatives of Key Managerial Personnel and Enterprise over
which Key Management Personnel and their relative excessive significant
influence with whom transaction have taken place during the year
* Opera Exports Pvt. Ltd.
* Infoline.in Pvt Ltd
* K. Lite Fashions Pvt. Ltd.
* Citizen Exports Pvt. Ltd.
* S.T. Enterprise
* AS - 20 - Earning Per Share
Basic Earnings per Share are disclosed in the profit and loss account.
There is no Diluted Earnings per Share as there are no dilative
potential equity shares.
4. AS - 22 - Accounting for Taxes on Income
Provision for current income taxes is made on taxable income at the
rate applicable to the relevant assessment year. Deferred taxes are
recognized for future tax consequences attributable to timings
difference between the financial statements determination of income and
their recognition for tax purpose. The effect on deferred tax assets
and liabilities of a change in tax rates is recognized for tax
purposes. The effect on deferred tax assets and liabilities of a change
in tax rates is recognized in Profit and Loss Account using the tax
rates and tax laws that have been enacted or substantively enacted by
balance sheet date.
Deferred tax assets are recognized and carried forward only to the
extent that there is a virtual certainty that sufficient future taxable
income will be available against which such deferred tax assets will be
realized. The Company has recognized its deferred tax assets because
the management has reasonable reasons to believe that the company will
be able to realize this deferred tax assets in the near future. During
the year the company has debited deferred tax of Rs. 11.11 lakhs
pertaining to earlier accounting periods, against opening balance of
reserve & surplus.
5. AS-28-Impairment of Assets
The carrying value of fixed assets is evaluated whenever events or
changes in circumstances indicate that the carrying amounts may not be
recoverable. There is no impairment loss recognized or identified
during the reporting period.
6. AS - 29- Provisions, Contingent Liabilities and Contingent Assets
Contingent liabilities are not provided for but are disclosed after a
careful evaluation of facts and legal aspects of the matter involved.
In general, liabilities and contingencies are provided for it. If, in
the opinion and at the discretion of the management, there are
reasonable prospects of such liabilities crystallizing or future
outcome of such contingencies is likely to be materially detrimental to
business.
7. Disclosure required under companies Act, 2013
1. Figures of previous year have been regrouped / rearranged wherever
necessary.
2. Directors Remuneration
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