Home  »  Company  »  Dhanvantri Jeeva  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Dhanvantri Jeevan Rekha Ltd. Company

Mar 31, 2015

Background of the Company

Dhanvantri Jeevan Rekha Ltd. is a company listed with U.P. Stock Exchange, Mumbai Stock Exchange and Delhi Stock Exchange providing diagnostic and therapeutic services in the field of Urology, Gastroenterology, Cardiology, Neurology, Internal Medicine and Radiology including Magnetic Resonance Imaging (MRI). it has extended its scope of diagnostic and hospital services by providing a fully operational Cath Lab, catering to higher end needs of the cardiac patients including Angiography, Angioplasty, Pacemaker Implantation, Valvuloplasty etc. In these financial statements, current year figures are from April 1, 2014 to March 31, 2015 (2014-2015). Previous year figures are from April 1, 2013 to March 31, 2014 (2013-2014). The functional and reporting currency of the Company is Indian Rupees.

2.1 General

(a) The Financial statement are prepared under the historical cost convention and as a going concern basis, in accordance with the Generally Accepted Accounting Principles (GAAP) prevalent in India and the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and according to the Companies Act, 1956.

(b) Accounting policies that are not specifically referred are consistent and in consonance with generally accepted accounting policies.

2.2 Valuation of Inventories

(a) Consumables etc. are valued at lower of the cost or net realizable value applying the First in First Out Method (FIFO).

2.3 Recognition of Income & Expenses All items of incomes and expenses have been accounted for on accrual basis.

Borrowing Cost

Borrowing Costs attributable to acquisition and construction of qualifying assets are capitalized as a part of the cost of such asset up to the date when such assets is ready for its intended use.

Other borrowing costs are charged to the Profit & Loss Account.

Revenue Recognition

The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except those with significant uncertainties and in accordance with accounting standards applicable.

Provisions

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated.

Retirement Benefits

Liability in respect of retirement benefits is provided and / or funded and charged to Profit & Loss Account as follows:

(a) Provident Fund/ Family Pension Fund: are charged to the Profit and Loss Account of the year when the contributions to the respective funds are accrued.

(b) Gratuity: The Company is in process to get the Group Gratuity Scheme with the Life Insurance Corporation of India to cover the liability in respect of Gratuity to employees.

(c) Leave Encashment: As determined on the basis of accumulated leave in the credit of employee as at the year end.

8.1 Taxes on Income

Provision for current tax is made on the basis of estimated taxable income for current accounting year in accordance with the Income Tax Act, 1961, taking into account the regular tax liability of MAT. The tax liability is based on claims made in earlier years and expert opinion received.

The deferred tax for timing differences between book profit and tax profits is accounted for, using the tax rates and laws that have been substantively enacted as of the balances sheet date.

9.1 Fixed Assets

(a) Fixed Assets are stated at cost less accumulated depreciation. Cost comprises the purchase price or cost of construction and any attributable cost of bringing the asset to its working condition for its intended use.

9.2 Depreciation

(a) Depreciation on assets is provided on straight line basis at the rates and in the manner as specified in Schedule li to the Companies Act, 2013.

(b) The Company's management has reviewed and changed useful life of assets (from their date of purchase) resulting in re-computation of depreciation and related deferred tax liabilities, where applicable.

(c) Depreciation on Fixed Assets added/disposed/off/ discarded during the year has been provided on a pro-rata basis.


Mar 31, 2014

1.1 General

(a) The Financial statement are prepared under the historical cost convention and as a going concern basis, in accordance with the Generally Accepted Accounting Principles (GAAP) prevalent in India and the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and according to the Companies Act, 1956.

(b) Accounting policies that are not specifically referred are consistent and in consonance with generally accepted accounting policies.

2.2 Valuation of Inventories

(a) Consumables etc. are valued at lower of the cost or net realizable value applying the First in First Out Method (FIFO).

2.3 Recognition of Income & Expenses

All items of Incomes and expenses have been accounted for on accrual basis.

Borrowing Cost - Borrowing Costs attributable to acquisition and construction of qualifying assets are capitalized as a part of the cost of such asset up to the date when such assets is ready for its intended use.

Other borrowing costs are charged to the Profit & Loss Account.

Revenue Recognition - The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except those with significant uncertainties and in accordance with accounting standards applicable.

Provisions - Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated..

Retirement Benefits - Liability in respect of retirement benefits is provided and/or funded and charged to Profit & Loss Account as follows:

(a) Provident Fund/ Family Pension Fund: are charged to the Profit and Loss Account of the year when the contributions to the respective funds are accrued.

(b) Gratuity: The Company is in process to get the Group Gratuity Scheme with the Life Insurance Corporation of India to cover the liability in respect of Gratuity to employees.

(c) Leave Encashment: As determined on the basis of accumulated leave in the credit of employee as at the year end.

3.1 The Equity Shares of the Company, having par value of Rs. 10/- per share, rank parri passu in all respect including voting rights and entitlement of Dividends

6.1 Unsecured Loan has been taken from public @12% p.a., repayable in three years

8.1 Taxes on Income

Provision for current tax is made on the basis of estimated taxable income for current accounting year in accordance with the Income Tax Act, 1961, taking into account the regular tax liability of MAT. The tax liability is based on claims made in earlier years and expert opinion received.

The deferred tax for timing differences between book profit and tax profits is accounted for, using the tax rates and laws that have been substantively enacted as of the balances sheet date.

Deferred tax assets arising from timing differences are recognized to the extent there is reasonable certainty that these would be realized in future.

Deferred tax assets are recognized on unabsorbed losses only if there is virtual certainty that such deferred tax assets can be realized against future taxable profits.

9.1 Fixed Assets

(a) Fixed Assets are stated at cost less accumulated depreciation. Cost comprises the purchase price or cost of construction and any attributable cost of bringing the asset to its working condition for its intended use.

9.2 Depreciation

(a) Depreciation on assets is provided on straight line basis at the rates and in the manner as specified in Schedule XIV to the Companies Act, 1956

(b) Depreciation on Fixed Assets added/disposed/off/ discarded during the year has been provided on a pro-rata basis.


Mar 31, 2013

1.1 General

(a) The Financial statement are prepared under the historical cost convention and as a going concern basis, in accordance with the Generally Accepted Accounting Principles (GAAP) prevalent in India and the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and according to the Companies Act, 1956.

(b) Accounting policies that are not specifically referred are consistent and in consonance with generally accepted accounting policies.

1.2 Valuation of Inventories

(a) Consumables etc. are valued at lower of the cost or net realizable value applying the First in First Out Method iFIFO).

1.3 Recognition of Income & Expenses

All items of Incomes and expenses have been accounted for on accrual basis.

Borrowing Cost

Borrowing Costs attributable to acquisition and construction of qualifying assets are capitalized as a part of the cost of such asset up to the date when such assets is ready for its intended use. Other borrowing costs are charged to the Profit & Loss Account.

Revenue Recognition

The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except those with significant uncertainties and in accordance with accounting standards applicable.

Provisions

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated.

Retirement Benefits

Liability in respect of retirement benefits is provided and / or funded and charged to Profit & Loss Account as follows:

(a) Provident Fund/ Family Pension Fund: are charged to the Profit and Loss Account of the year when the contributions to the respective funds are accrued.

(b) Gratuity: The Company is in process to get the Group Gratuity Scheme with the Life Insurance Corporation of India to cover the liability in respect of Gratuity to employees.

(c) Leave Encashment: As determined on the basis of accumulated leave in the credit of employee as at the year end.


Mar 31, 2012

1.1 General

(a) The Financial statement are prepared under the historical cost convention and as a going concern basis, in accordance with the Generally Accepted Accounting Principles (GAAP) prevalent in India and the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and according to the Companies Act, 1956.

(b) Accounting policies that are not specifically referred are consistent and in consonance with generally accepted accounting policies.

1.2 Valuation of Inventories

(a) Consumables etc. are valued at lower of the cost or net realizable value applying the First in First Out Method (FIFO).

1.3 Recognition of Income & Expenses

All items of Incomes and expenses have been accounted for on accrual basis.

Borrowing Cost

Borrowing Costs attributable to acquisition and construction of qualifying assets are capitalized as a part of the cost of _ such asset up to the date when such assets is ready for its intended use. '

Other borrowing costs are charged to the Profit & Loss Account.

Revenue Recognition

The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except those with significant uncertainties and in accordance with accounting standards applicable.

Provisions

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated.

Retirement Benefits

Liability in respect of retirement benefits is provided and / or funded and charged to Profit & Loss Account as follows:

(a) Provident Fund/ Family Pension Fund: are charged to the Profit and Loss Account of the year when the contributions to the respective funds are accrued.

(bj Gratuity: The Company is in process to get the Group Gratuity Scheme with the Life Insurance Corporation of India to cover the liability in respect of Gratuity to employees.

(c) Leave Encashment: As determined on the basis of accumulated leave in the credit of employee as at the year end.


Mar 31, 2011

General

(a) The Financial statement are prepared under the historical cost convention and as a going concern basis, in accordance with the Generally Accepted Accounting Principles (GAAP) prevalent in India and the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and according to The Companies Act, 1956.

(b) Accounting policies that are not specifically referred are consistent and in consonance with generally accepted accounting policies.

Valuation of Inventories:

(a) Consumables etc. are valued at lower of the cost or net realizable value applying the First In First Out Method (FIFO)

Recognition of Income & Expenses

All items of incomes and expenses have been accounted for on accrual basis.

Fixed Assets

(a) Fixed Assets are stated at cost less accumulated depreciation. Cost comprises the purchase price or cost of construction and any attributable cost of bringing the asset to its working condition for its intended use.

Depreciation

(a) Depreciation on assets are provided on straight line basis at the rates and in the manner as specified in Schedule XIV to The Companies Act, 1956.

(b) Depreciation on Fixed Assets added / disposed / off / discarded during the year has been provided on a pro-rata basis.

Borrowing Cost

Borrowing Costs attributable to acquisition and construction of qualifying assets are capitalized as a part of the cost of such asset up to the date when such assets are ready for its intended use.

Other borrowing costs are charged to the Profit & Loss Account.

Revenue Recognition

The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except those with significant uncertainties and in accordance with accounting standards applicable.

Provisions

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated.

Retirement Benefits

Liability in respect of retirement benefits is provided and / or funded and charged to Profit & Loss Account as follows:

(a) Provident Fund / Family Pension Fund : are charged to the Profit and Loss Account of the year when the contributions to the respective funds are accrued.

(b) Gratuity : The Company is in process to get the Group Gratuity Scheme with the Life Insurance Corporation of India to cover the liability in respect of Gratuity to employees.

(c) Leave Encashment: As determined on the basis of accumulated leave in the credit of employee as at the year end.

Taxes on Income

Provision for current tax is made on the basis of estimated taxable income for current accounting year in accordance with the Income Tax Act, 1961.

The deferred tax for timing differences between book profit and tax profits is accounted for, using the tax rates and laws that have been substantively enacted as of the balance-sheet date.

Deferred tax assets arising from timing differences are recognized to the extent there is reasonable certainty that these would be realized in future.

Deferred tax assets are recognized on unabsorbed losses only if there is virtual certainty that such deferred tax assets can be realized against future taxable profits.


Mar 31, 2010

General

(a) The Financial statement are prepared under the historical cost convention and as a going concern basis, in accordance with the Generally Accepted Accounting Principles (GAAP) prevalent in India and the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and according to The Companies Act, 1956.

(b) Accounting policies that are not specifically referred are consistent and in consonance with generally accepted accounting policies.

Valuation of Inventories

(a) Consumables etc. are valued at lower of the cost or net realizable value applying the First in First Out Method (FIFO).

Recognition of Income & Expenses

All items of Incomes and expenses have been accounted for on accrual basis.

Fixed Assets

(a) Fixed Assets are stated at cost less accumulated depreciation. Cost comprises the purchase price or cost of construction and any attributable cost of bringing the asset to its working condition for its intended use.

Depreciation

(a) Depreciation on assets is provided on straight line basis at the rates and in the manner as specified in Schedule XIV to The Companies Act, 1956

(b) Depreciation on Fixed Assets added/disposed/off/ discarded during the year has been provided on a pro-rata basis.

Borrowing Cost

Borrowing Costs attributable to acquisition and construction of qualifying assets are capitalized as a part of the cost of such asset up to the date when such assets is ready for its intended use.

Other borrowing costs are charged to the Profit & Loss Account.

Revenue Recognition

The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except those with significant uncertainties and in accordance wth accounting standards applicable.

Provisions

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated.

Retirement Benefits

Liability in respect of retirement benefits is provided and / or funded and charged to Profit & Loss Account as follows:

(a) Provident Fund/ Family Pension Fund: are charged to the Profit and Loss Account of the year when the contributions to the respective funds are accrued.

(b) Gratuity: The Company is in process to get the Group Gratuity Scheme with the Life Insurance Corporation of India to cover the liability in respect of Gratuity to employees.

(c) Leave Encashment: As determined on the basis of accumulated leave in the credit of employee as at the year end.

Taxes on Income

Provision for current tax is made on the basis of estimated taxable income for current accounting year in accordance with the Income Tax Act, 1961.

The deferred tax for timing differences between book profit and tax profits is accounted for, using the tax rates and laws that have been substantively enacted as of the balances sheet date.

Deferred tax assets arising from timing differences are recognized to the extent there is reasonable certainty that these would be realized in future.

Defferred tax assets are recognized on unabsorbed losses only if there is virtual certainty that such deferred tax assets carube realized against future taxable profits.

Find IFSC