Mar 31, 2015
1. Basis of Presentation:
a. The Company maintains its accounts on accrual basis following the
historical cost convention, in accordance with the Generally Accepted
Accounting Policies (GAAP) and in compliance with the Accounting
Standards referred to in Section 133 and other provisions of the
Companies Act, 2013.
b. The preparation of accounts under GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosures of contingent liabilities as at the
date of the financial statements and the reported amounts of revenues
and expenses during the year. Examples of such estimates include the
useful lives of fixed assets and intangible assets, provision for
doubtful debts/advances, future obligation in respect of retirement
benefit plans, etc. Actual result could differ from these estimates.
Any revisions to accounting estimates are recognized prospectively in
the current and future periods.
2. Fixed Assets:
a. Fixed Assets are stated at the cost net of tax/duty credit availed,
if any.
b. Fixed Assets are stated at cost less accumulated depreciation. The
cost of assets includes direct/ indirect and incidental cost incurred
to bring the assets to its use.
3. Investments:
Investments are stated at cost. Dividend on Investments is accounted on
cash basis.
4. Inventories:
Stock in Trade include work in progress, completed T. V. content valued
at cost and usage value of rights of Hindi feature films and residual
right of films, as certified by the management. However, Net Realisable
value cannot be estimated.
5. Foreign Currency Transactions, Forward contracts & Derivatives:
a. The reporting currency of the Company is Indian Rupee.
b. Foreign currency transactions are recorded on initial recognition
in the reporting currency, using the exchange rate at the date of
transaction. Exchange differences that arise on settlement of monetary
items are: -
i. Adjusted in the cost of fixed assets specifically financed by the
borrowings to which the exchange differences relate.
ii. Recognized as income or expense in the period in which they arise
in other cases.
The above treatment is in accordance with AS - 11 (Revised) issued by
ICAI.
6. Retirement Benefits:
a. Short Term Employee Benefits:
Short Term Employee Benefits include salaries, wages, bonus, exgratia,
leave salary etc., and the same are recognized as an expenses at the
undiscounted amount in the profit & loss account of the year in which
the relevant service is rendered.
b. Post Employment Benefits:
i. Defined Contribution Plan:-
In accordance with the provisions of Employees Provident Funds and
Miscellaneous Provisions Act, 1952, eligible employees of the Company
are entitled to receive benefits with respect to provident fund. The
Company contribution towards Provident Fund and Family Pension Fund is
charged to Profit & Loss Account.
ii. Defined Benefits Plan:-
Gratuity liability has been provided on the basis of Actuarial
Valuation done by the independent actuary.
7. Depreciation:
The useful lives of fixed assets have been reassessed and depreciation
has been provided as per schedule II of the Companies Act, 2013 except
on office flat. Depreciation on additions to assets during the year is
provided on pro-rata basis. Brands had been amortized over a period of
10 years.
8. Revenue Recognition:
a. Sales and Services are stated at net of agency commission, if any.
b. In respect of sponsored programs, revenue is recognized as on date
of telecast, if any.
c. In respect of commissioned programs, revenue is recognized as on
date of delivery.
d. Interest income is accounted on accrual basis.
The above treatment is in accordance with AS - 9 issued by ICAI.
9. Taxes on Income:
a. Tax on income for the current period is determined on the basis of
estimated taxable income and tax credits computed in accordance with
the provisions of the Income Tax Act, 1961 and based on the expected
outcome of assessments/appeals.
b. Deferred tax is recognized, subject to the consideration of
prudence in respect of deferred tax assets, on timing differences,
being the difference between taxable income & accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
c. Deferred tax assets are recognized & carried forward only to the
extent that there is reasonable certainty supported by convincing
evidence that sufficient future taxable income will be available
against which such deferred tax assets can be realized.
d. Deferred tax is qualified using the tax rates and laws enacted or
substantively enacted as on balance sheet date.
The above treatment is in accordance with AS - 22 issued by ICAI.
10. Events occurring after the balance sheet date :
Events occurring after the date of balance sheet, where material, are
considered up to the date of approval of the accounts by the Board of
Directors.
11. Provisions, Contingent liabilities & Contingent assets:
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
a. the company has a present obligation as a result of past event:
(1) a probable outflow of resources is expected to settle the
obligation: and
(2) the amount of the obligation can be reliably estimated:
i. Reimbursements by another party, expected in respect of expenditure
required to settle a provision, is recognized when it is virtually
certain that reimbursement will be received if obligation is settled.
ii. Contingent liability is disclosed in the case of :-
a. a present obligation arising from a past event, when it is not
possible that an outflow of resources will be required to settle the
obligation;
b. a possible obligation, unless the probability of outflow of
resources is remote.
(3) Contingent assets are neither disclosed nor recognized.
(4) Provisions, contingent liabilities and contingent assets are
reviewed at each balance sheet date.
12. Borrowing Cost :
Interest and other cost in connection with borrowing of funds to the
extent related/attributed to the acquisition/construction of qualifying
fixed asset are capitalized up to the date when such assets are ready
for its intended use and other borrowing cost are charged to profit and
loss account
Mar 31, 2014
1. Basis of Presentation:
a. The Company maintains its accounts on accrual basis following the
historical cost convention, in accordance with the Generally Accepted
Accounting Policies (GAAP) and in compliance with the Accounting
Standards referred to in Section 211 (3C) and other provisions of the
Companies Act, 1956.
b. The preparation of accounts under GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosures of contingent liabilities as at the
date of the financial statements and the reported amounts of revenues
and expenses during the year. Examples of such estimates include the
useful lives of fixed assets and intangible assets, provision for
doubtful debts/advances, future obligation in respect of retirement
benefit plans, etc. Actual result could differ from these estimates.
Any revisions to accounting estimates are recognized prospectively in
the current and future periods.
2. Fixed Assets:
a. Fixed Assets are stated at the cost net of tax/duty credit availed,
if any.
b. Fixed Assets are stated at cost less accumulated depreciation. The
cost of assets includes direct/ indirect and incidental cost incurred
to bring the assets to its use.
3. Investments:
Investments are stated at cost. Dividend on Investments is accounted
on cash basis.
4. Inventories:
Stock in Trade include work in progress, completed T. V. content
valued at cost and usage value of rights of Hindi feature films and
residual right of films, as certified by the management. However, Net
Realisable value cannot be estimated.
5. Foreign Currency Transactions, Forward contracts & Derivatives:
a. The reporting currency of the Company is Indian Rupee.
b. Foreign currency transactions are recorded on initial recognition
in the reporting currency, using the exchange rate at the date of
transaction. Exchange differences that arise on settlement of monetary
items are: -
i. Adjusted in the cost of fixed assets specifically financed by the
borrowings to which the exchange differences relate.
ii. Recognized as income or expense in the period in which they arise
in other cases.
The above treatment is in accordance with AS - 11 (Revised) issued by
ICAI.
6. Retirement Benefits:
a. Short Term Employee Benefits:
Short Term Employee Benefits include salaries, wages, bonus, exgratia,
leave salary etc., and the same are recognized as an expenses at the
undiscounted amount in the profit & loss account of the year in which
the relevant service is rendered.
b. Post Employment Benefits:
i. Defined Contribution Plan:-
In accordance with the provisions of Employees Provident Funds and
Miscellaneous Provisions Act, 1952, eligible employees of the Company
are entitled to receive benefits with respect to provident fund. The
Company contribution towards Provident Fund and Family Pension Fund is
charged to Profit & Loss Account.
ii. Defined Benefits Plan:-
Gratuity liability has been provided on the basis of Actuarial
Valuation done by the independent actuary.
7. Depreciation:
Depreciation on Fixed Assets has been provided on Straight Line Method
as prescribed in Schedule XIV of the Companies Act, 1956 except on
office flat. Depreciation on additions to assets during the year is
provided on pro-rata basis. Brands had been amortized over a period of
10 years.
8. Revenue Recognition:
a. Sales and Services are stated at net of agency commission, if any.
b. In respect of sponsored programs, revenue is recognized as on date
of telecast, if any.
c. In respect of commissioned programs, revenue is recognized as on
date of delivery.
d. Interest income is accounted on accrual basis.
The above treatment is in accordance with AS - 9 issued by ICAI.
9. Taxes on Income:
a. Tax on income for the current period is determined on the basis of
estimated taxable income and tax credits computed in accordance with
the provisions of the Income Tax Act, 1961 and based on the expected
outcome of assessments/appeals.
b. Deferred tax is recognized, subject to the consideration of
prudence in respect of deferred tax assets, on timing differences,
being the difference between taxable income & accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
c. Deferred tax assets are recognized & carried forward only to the
extent that there is reasonable certainty supported by convincing
evidence that sufficient future taxable income will be available
against which such deferred tax assets can be realized.
d. Deferred tax is qualified using the tax rates and laws enacted or
substantively enacted as on balance sheet date.
The above treatment is in accordance with AS - 22 issued by ICAI.
10. Events occurring after the balance sheet date :
Events occurring after the date of balance sheet, where material, are
considered up to the date of approval of the accounts by the Board of
Directors.
11. Provisions, Contingent liabilities & Contingent assets:
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
a. the company has a present obligation as a result of past event:
(1) a probable outflow of resources is expected to settle the
obligation: and
(2) the amount of the obligation can be reliably estimated:
i. Reimbursements by another party, expected in respect of expenditure
required to settle a provision, is recognized when it is virtually
certain that reimbursement will be received if obligation is settled.
ii. Contingent liability is disclosed in the case of :-
a. a present obligation arising from a past event, when it is not
possible that an outflow of resources will be required to settle the
obligation;
b. a possible obligation, unless the probability of outflow of
resources is remote.
(3) Contingent assets are neither disclosed nor recognized.
(4) Provisions, contingent liabilities and contingent assets are
reviewed at each balance sheet date.
12. Borrowing Cost :
Interest and other cost in connection with borrowing of funds to the
extent related/attributed to the acquisition/construction of
qualifying fixed asset are capitalized up to the date when such assets
are ready for its intended use and other borrowing cost are charged to
profit and loss account.
Mar 31, 2013
1. Basis of Presentation:
a. The Company maintains its accounts on accrual basis following the
historical cost convention, in accordance with the Generally Accepted
Accounting Policies (GAAP) and in compliance with the Accounting
Standards referred to in Section 211 (3C) and other provisions of the
Companies Act, 1956.
b. The preparation of accounts under GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosures of contingent liabilities as at the
date of the fnancial statements and the reported amounts of revenues
and expenses during the year. Examples of such estimates include the
useful lives of fxed assets and intangible assets, provision for
doubtful debts/advances, future obligation in respect of retirement
benefit plans, etc. Actual result could differ from these estimates.
Any revisions to accounting estimates are recognized prospectively in
the current and future periods.
2. Fixed Assets:
a. Fixed Assets are stated at the cost net of tax/duty credit availed,
if any.
b. Fixed Assets are stated at cost less accumulated depreciation. The
cost of assets includes direct/ indirect and incidental cost incurred
to bring the assets to its use.
3. Investments:
Investments are stated at cost. Dividend on Investments is accounted on
cash basis. |
4. Inventories:
Stock in Trade include work in progress, completed T V. content valued
at cost and usage value of rights of Hindi feature flms and residual
right of flms, as certified by the management. However, Net Realisable
value cannot be estimated.
5. Foreign Currency Transactions, Forward contracts & Derivatives:
a. The reporting currency of the Company is Indian Rupee.
b. Foreign currency transactions are recorded on initial recognition
in the reporting currency, using the exchange rate at the date of
transaction. Exchange differences that arise on settlement of monetary
items are: -
i. Adjusted in the cost of fxed assets specifcally fnanced by the
borrowings to which the exchange differences relate.
ii. Recognized as income or expense in the period in which they arise
in other cases.
The above treatment is in accordance with AS - 11 (Revised) issued by
ICAI.
6. Retirement Benefts:
a. Short Term Employee Benefts:
Short Term Employee Benefts include salaries, wages, bonus, exgratia,
leave salary etc., and the same are recognized as an expenses at the
undiscounted amount in the profit & loss account of the year in which
the relevant service is rendered.
b. Post Employment Benefts:
i. Defned Contribution Plan:-
In accordance with the provisions of Employees Provident Funds and
Miscellaneous Provisions Act, 1952, eligible employees of the Company
are entitled to receive benefits with respect to provident fund. The
Company contribution towards Provident Fund and Family Pension Fund is
charged to Proft & Loss Account.
ii. Defned Benefts Plan:-
Gratuity liability has been provided on the basis of Actuarial
Valuation done by the independent actuary.
7. Depreciation:
Depreciation on Fixed Assets has been provided on Straight Line Method
as prescribed in Schedule XIV of the Companies Act, 1956 except on
offce fat. Depreciation on additions to assets during the year is
provided on pro-rata basis. Brands had been amortized over a period of
10 years.
8. Revenue Recognition:
a. Sales and Services are stated at net of agency commission, if any.
b. In respect of sponsored programs, revenue is recognized as on date
of telecast, if any.
c. In respect of commissioned programs, revenue is recognized as on
date of delivery.
)d. Interest income is accounted on accrual basis. The above
treatment is in accordance with AS - 9 issued by ICAI.
9. Taxes on Income:
a. Tax on income for the current period is determined on the basis of
estimated taxable income and tax credits computed in accordance with
the provisions of the Income Tax Act, 1961 and based on the expected
outcome of assessments/appeals.
b. Deferred tax is recognized, subject to the consideration of
prudence in respect of deferred tax assets, on timing differences,
being the difference between taxable income & accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
c. Deferred tax assets are recognized & carried forward only to the
extent that there is reasonable certainty supported by convincing
evidence that suffcient future taxable income will be available against
which such deferred tax assets can be realized.
d. Deferred tax is qualified using the tax rates and laws enacted or
substantively enacted as on balance sheet date.
The above treatment is in accordance with AS - 22 issued by ICAI.
10. Events occurring after the balance sheet date :
Events occurring after the date of balance sheet, where material, are
considered up to the date of approval of the accounts by the Board of
Directors.
11. Provisions, Contingent liabilities & Contingent assets:
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
a. the company has a present obligation as a result of past event:
(1) a probable outflow of resources is expected to settle the
obligation: and
(2) the amount of the obligation can be reliably estimated:
i. Reimbursements by another party, expected in respect of expenditure
required to settle a provision, is recognized when it is virtually
certain that reimbursement will be received if obligation is settled.
ii. Contingent liability is disclosed in the case of :-
a. a present obligation arising from a past event, when it is not
possible that an outfow of resources will be required to settle the
obligation;
b. a possible obligation, unless the probability of outfow of
resources is remote.
(3) Contingent assets are neither disclosed nor recognized.
(4) Provisions, contingent liabilities and contingent assets are
reviewed at each balance sheet date.
12. Borrowing Cost :
Interest and other cost in connection with borrowing of funds to the
extent related/attributed to the acquisition/construction of qualifying
fxed asset are capitalized up to the date when such assets are ready
for its intended use and other borrowing cost are charged to proft and
loss account.
Mar 31, 2012
1. Basis of Presentation:
a. The Company maintains its accounts on accrual basis following the
historical cost convention, in accordance with the Generally Accepted
Accounting Policies (GAAP) and in compliance with the Accounting
Standards referred to in Section 211 (3C) and other provisions of the
Companies Act, 1956.
b. The preparation of accounts under GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosures of contingent liabilities as at the
date of the financial statements and the reported amounts of revenues
and expenses during the year. Examples of such estimates include the
useful lives of fixed assets and intangible assets, provision for
doubtful debts/advances, future obligation in respect of retirement
benefit plans, etc. Actual result could differ from these estimates.
Any revisions to accounting estimates are recognized prospectively in
the current and future periods.
2. Fixed Assets:
a. Fixed Assets are stated at the cost net of tax/duty credit availed,
if any.
b. Fixed Assets are stated at cost less accumulated depreciation. The
cost of assets includes direct/indirect and incidental cost incurred to
bring the assets to its use.
3. Investments:
Investments are stated at cost. Dividend on Investments is accounted on
cash basis.
4. Inventories:
Stock in Trade include work in progress, completed T. V. content valued
at cost and usage value of rights of Hindi feature films and residual
right of films, as certified by the management. However, Net Realisable
value cannot be estimated.
5. Foreign Currency Transactions, Forward contracts & Derivatives:
a. The reporting currency of the Company is Indian Rupee.
b. Foreign currency transactions are recorded on initial recognition
in the reporting currency, using the exchange rate at the date of
transaction. Exchange differences that arise on settlement of monetary
items are: -
i. Adjusted in the cost of fixed assets specifically financed by the
borrowings to which the exchange differences relate.
ii. Recognized as income or expense in the period in which they arise
in other cases.
The above treatment is in accordance with AS - 11 (Revised) issued by
ICAI.
6. Retirement Benefits:
a. Short Term Employee Benefits:
Short Term Employee Benefits include salaries, wages, bonus, exgratia,
leave salary etc., and the same are recognized as an expenses at the
undiscounted amount in the profit & loss account of the year in which
the relevant service is rendered.
b. Post Employment Benefits:
i. Defined Contribution Plan:-
In accordance with the provisions of Employees Provident Funds and
Miscellaneous Provisions Act, 1952, eligible employees of the Company
are entitled to receive benefits with respect to provident fund. The
Company contribution towards Provident Fund and Family Pension Fund is
charged to Profit & Loss Account.
ii. Defined Benefits Plan:-
Gratuity liability has been provided on the basis of Actuarial
Valuation done by the independent actuary.
7. Depreciation:
Depreciation on Fixed Assets has been provided on Straight Line Method
as prescribed in Schedule XIV of the Companies Act, 1956 except on
office flat. Depreciation on additions to assets during the year is
provided on pro-rata basis. Brands are amortized over a period of 10
years.
8. Revenue Recognition:
a. Sales and Services are stated at net of agency commission, if any.
b. In respect of sponsored programs, revenue is recognized as on date
of telecast, if any.
c. In respect of commissioned programs, revenue is recognized as on
date of delivery.
d. Interest income is accounted on accrual basis.
The above treatment is in accordance with AS - 9 issued by ICAI.
9. Taxes on Income:
a. Tax on income for the current period is determined on the basis of
estimated taxable income and tax credits computed in accordance with
the provisions of the Income Tax Act, 1961 and based on the expected
outcome of assessments/appeals.
b. Deferred tax is recognized, subject to the consideration of
prudence in respect of deferred tax assets, on timing differences,
being the difference between taxable income & accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
c. Deferred tax assets are recognized & carried forward only to the
extent that there is reasonable certainty supported by convincing
evidence that sufficient future taxable income will be available
against which such deferred tax assets can be realized.
d. Deferred tax is qualified using the tax rates and laws enacted or
substantively enacted as on balance sheet date.
The above treatment is in accordance with AS - 22 issued by ICAI.
10. Events occurring after the balance sheet date :
Events occurring after the date of balance sheet, where material, are
considered up to the date of approval of the accounts by the Board of
Directors.
11. Provisions, Contingent liabilities & Contingent assets:
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
a. the company has a present obligation as a result of past event:
(1) a probable outflow of resources is expected to settle the
obligation: and
(2) the amount of the obligation can be reliably estimated:
i. Reimbursements by another party, expected in respect of expenditure
required to settle a provision, is recognized when it is virtually
certain that reimbursement will be received if obligation is settled.
ii. Contingent liability is disclosed in the case of :-
a. a present obligation arising from a past event, when it is not
possible that an outflow of resources will be required to settle the
obligation;
b. a possible obligation, unless the probability of outflow of
resources is remote.
(3) Contingent assets are neither disclosed nor recognized.
(4) Provisions, contingent liabilities and contingent assets are
reviewed at each balance sheet date.
12. Borrowing Cost :
Interest and other cost in connection with borrowing of funds to the
extent related/attributed to the acquisition/ construction of
qualifying fixed asset are capitalized up to the date when such assets
are ready for its intended use and other borrowing cost are charged to
profit and loss account.
Mar 31, 2010
1. Basis of Presentation:
a. The Company maintains its accounts on accrual basis following the
historical cost convention, in accordance with the Generally Accepted
Accounting Policies (GAAP) and in compliance with the Accounting
Standards referred to in Section211 (3C) and other provisions of the
Companies Act, 1956.
b. The preparation of accounts under GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosures of contingent liabilities as at the
date of the financial statements and the reported amounts of revenues
and expenses during the year. Examples of such estimates include the
useful lives of fixed assets and intangible assets, provision for
doubtful debts/advances, future obligation in respect of retirement
benefit plans, etc. Actual result could differ from these estimates.
Any revisions to accounting estimates are recognized prospectively in
the current and future periods.
2. Fixed Assets:
a. Fixed Assets are stated at the cost net of tax/duty credit availed,
if any.
b. Fixed Assets are stated at cost less accumulated depreciation. The
cost of assets includes direct/indirect and incidental cost incurred to
bring the assets to its use.
3. Investments:
Investments are stated at cost. Dividend on Investments is accounted on
cash basis.
4. Inventories:
Inventories include work in progress, completed T. V. content valued at
cost and usage value of rights of Hindi feature films and residual
right of films, as certified by the management.
5. Foreign Currency Transactions, Forward contracts & Derivatives:
a. The reporting currency of the Company is Indian Rupee.
b. Foreign currency transactions are recorded on initial recognition
in the reporting currency, using the exchange rate at the date of
transaction. Exchange differences that arise on settlement of monetary
items are: -
i. Adjusted in the cost of fixed assets specifically financed by the
borrowings to which the exchange differences relate.
ii.Recognized as income or expense in the period in which they arise
in other cases. The above treatment is in accordance with AS-11 (Revised)
issued by ICAI.
6. Retirement Benefits:
Provisions for/contributions to retirement benefit schemes are made as
follows: -
a. Provident Fund Contributions on actual liability basis.
b. Superannuation contributions are accrued on actual liability basis.
c. Gratuity contributions are determined & accrued on the basis of
actuarial valuation.
d. Leave encashment benefits are determined & accrued on the basis of
actuarial valuation.
7. Depreciation:
Depreciation on Fixed Assets has been provided on Straight Line Method
as prescribed in Schedule XIV of the Companies Act, 1956 except on
office flat. Depreciation on additions to assets during the year is
provided on pro-rata basis. Brands are amortized over a period of 10
years.
8. Revenue Recognition:
a. Sales and Services are stated at net of agency commission, if any.
b. In respect of sponsored programs, revenue is recognized as on date
of telecast, if any.
c. In respect of commissioned programs, revenue is recognized as on
date of delivery.
d. Interest income is accounted on accrual basis.
The above treatment is in accordance with AS-9 issued by ICAI.
9. Taxes on Income:
a. Tax on income for the current period is determined on the basis of
estimated taxable income and tax credits computed in accordance with
the provisions of the Income Tax Act, 1961 and based on the expected
outcome of assessments/appeals
b. Deferred tax is recognized, subject to the consideration of
prudence in respect of deferred tax assets, on timing differences,
being the difference between taxable income & accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
c. Deferred tax assets are recognized & carried forward only to the
extent that there is reasonable certainty supported by convincing
evidence that sufficient future taxable income will be available
against which such deferred tax assets can be realized.
d. Deferred tax is qualified using the tax rates and laws enacted or
substantively enacted as on balance sheet date. The above treatment is
in accordance with AS-22 issued by ICAI.
10. Events occurring after the balance sheet date:
Events occurring after the date of balance sheet, where material, are
considered up to the date of approval of the accounts by the Board of
Directors.
11. Provisions, Contingent iiabilities & Contingent assets:
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
a. the company has a present obligation as a result of past event:
b. a probable outflow of resources is expected to settle the
obligation: and
c. the amount of the obligation can be reliably estimated:
i. Reimbursements by another party, expected in respect of expenditure
required to settle a provision, is
recognized when it is virtually certain that reimbursement will be
received if obligation is settled. ii. Contingent liability is
disclosed in the case of :-
a. a present obligation arising from a past event, when it is not
possible that an outflow of resources will be required tc settle the
obligation;
b. a possible obligation unless the probability of outflow of
resources is remote.
d. Contingent assets are neither disclosed nor recognized.
e. Provisions, contingent liabilities and contingent assets are
reviewed at each balance sheet date.
12. Borrowing Cost:
Interest and other cost in connection with borrowing of funds to the
extent related/attributed to the acquisition/construction of qualifying
fixed asset are capitalized up to the date when such assets are ready
for its intended use and other borrowing cost are charged to profit and
loss account.