Mar 31, 2015
1.1 Basis of Accounting:
The financial statements have been prepared under the historical cost
convention in accordance with the Generally Accepted Accounting
Principles in India (Indian GAAP) and the Accounting Standards notified
under the relevant provisions of the Companies Act, 2013
1.2 Use of Estimates:
The preparation of financial statement requires estimates and
assumptions to be made and that affect the reported amount of assets
and liabilities 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 recognized in
the period in which the results are known/materialized.
1.3 Fixed Assets and Depreciation:
a) Fixed Assets are stated at cost of acquisition or installation and
includes erection and construction expenses.
b) Depreciation is provided under the "written down value" method at
the useful life prescribed in Schedule II to the Companies Act, 2013 in
the manner stated therein.
1.4 Investment:
a) Current investments are carried at lower of cost and market value.
b) Non Current investments are stated at cost. Provision for diminution
in the value of Non Current investments is made only if such a decline
is other than temporary.
1.5 Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
1.6 Retirement Benefits:
Retirement benefits are accounted for on accrual basis as per Revised
Accounting Standard Â15 on the basis of actuarial valuation.
1.7 Foreign Currency Transactions:
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of transaction. Exchange Difference arising on
foreign currency transactions other than fixed assets are recognized as
income or expense in the Statement of Profit and Loss. Exchange
Differences on unpaid liability arising on foreign currency
transactions for fixed assets are adjusted to the Cost of fixed assets.
1.8 Taxes:
Income tax expense comprises current tax, deferred tax charge or
credit. The deferred tax charge or credit and the corresponding
deferred tax liability and assets are recognized using the tax rates
that have been enacted or substantially enacted on the Balance Sheet
date.
Deferred Tax assets arising from unabsorbed depreciation or carry
forward losses are recognized only if there is virtual certainty of
realization of such amounts. Other deferred tax assets are recognized
only to the extent there is reasonable certainty of realization in
future. Deferred tax assets are reviewed at each Balance Sheet date to
reassess their reliability.
1.9 Impairment of Assets:
The carrying amount of assets are reviewed at each Balance Sheet date
to assess whether there is any indication of impairment of the carrying
amount of such assets of the Company. An impairment loss is recognized
wherever the carrying amount of an asset exceeds its recoverable
amount.
Mar 31, 2014
1.1 Basis of Accounting:
The financial statements are prepared on an accrual basis of accounting
in accordance with generally accepted accounting principles in India
and provisions of Companies Act, 1956.
1.2 Use of Estimates:
The preparation of financial statement requires estimates and
assumptions to be made and that affect the reported amount of assets
and liabilities 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.
1.3 Fixed Assets and Deprecation:
a) Fixed Assets are stated at cost of acquisition or installation and
includes erection and construction expenses.
b) Depreciation has been provided on the basis of straight line method
at the rates and in the manner specified in Schedule XIV of the
Companies Act, 1956.
1.4 Investments:
Investments are stated at cost.
1.5 Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
1.6 Retirement Benefits:
Retirement benefits are accounted for on accrual basis as per Revised
Accounting Standard -15 on the basis of actuarial valuation.
1.7 Foreign Currency Transactions:
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of transaction. Exchange Difference arising on
foreign currency transactions other than fixed assets are recognized as
income or expense in the Statement of Prof it and Loss. Exchange
Differences on unpaid liability arising on foreign currency
transactions for fixed assets are adjusted to the Cost of fixed assets.
1.8 Taxes:
Income tax expense comprises current tax, deferred tax charge or
credit. The deferred tax charge or credit and the corresponding
deferred tax liability and assets are recognized using the tax rates
that have been enacted or substantially enacted on the Balance Sheet
date.
Deferred Tax assets arising from unabsorbed depreciation or carry
forward losses are recognized only if there is virtual certainty of
realization of such amounts. Other deferred tax assets are recognized
only to the extent there is reasonable certainty of realization in
future. Deferred tax assets are reviewed at each Balance Sheet date to
reassess their reliability.
1.9 Impairment of Assets:
The carrying amount of assets are reviewed at each Balance Sheet date
to assess whether there is any indication of impairment of the carrying
amount of such assets of the company. An impairment loss is recognized
wherever the carrying amount of an asset exceeds its recoverable
amount.
Mar 31, 2013
1.1 Basis of Accounting:
The financial statements are prepared on an accrual basis of accounting
in accordance with generally accepted accounting principles in India
and provisions of Companies Act, 1956 .
1.2 Use of Estimates:
The preparation of financial statement requires estimates and
assumptions to be made and that affect the reported amount of assets
and labilities 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.
1.3 Fixed Assets and Deprecation:
a) Fixed Assets are stated at cost of acquisition or installation and
includes erection and construction expenses.
b) Depreciation has been provided on the basis of straight line method
at the rates and in the manner specified in Schedule XIV of the
Companies Act, 1956.
1.4 Investment:
Investment are stated at cost.
1.5 Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
1.6 Reteriment Benefits:
Retirement benefits are accounted for on accrual basis as per Revised
Accounting Standard -15 on the basis of actuarial valuation.
1.7 Foreign Currency Transactions:
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of transaction. Exchange Difference arising on
foreign currency transactions other than fixed assets are recognized as
income or expense in the Statement of Profit and Loss. Exchange
Differences on unpaid liability arising on foreign currency
transactions for fixed assets are adjusted to the Cost of fixed assets.
1.8 Taxes
Income tax expense comprises current tax, deferred tax charge or
credit. The deferred tax charge or credit and the corresponding
deferred tax liability and assets are recognized using the tax rates
that have been enacted or substantially enacted on the Balance Sheet
date. Deferred Tax assets arising from unabsorbed depreciation or
carry forward losses are recognized only if there is virtual certainty
of realization of such amounts. Other deferred tax assets are
recognized only to the extent there is reasonable certainty of
realization in future. Deferred tax assets are reviewed at each
Balance Sheet date to reassess their reliability.
1.9 Impairment of Assets
The carrying amount of assets are reviewed at each Balance Sheet date
to assess whether there is any indication of impairment of the carrying
amount of such assets of the company. An impairment loss , is
recognized wherever the carrying amount of an asset exceeds its
recoverable amount.
Mar 31, 2011
1. Basis of accounting:
The financial statements are prepared on an accrual basis of accounting
in accordance with generally accepted accounting principles and
provisions of Companies Act, 1956, read with the Companies (Accounting
Standards) Rules, 2006.
2. Fixed Assets & Depreciation:
(a) Fixed Assets are stated at Cost of acquisition or installation and
includes erection and construction expenses.
(b) Depreciation has been provided on the basis of Straight Line Method
at the rates and in the manner specified in schedule XIV of the
Companies Act 1956.
3. Investments: Investments are stated at Cost.
4. Liability Recognition:
Provision is made in Accounts in respect of all liabilities relating to
the year under review which have known till the date of the accounts
were prepared for authentication by the Board of Directors and which
have material effect on the position stated in the balance sheet
Liabilities, claims and debts not acknowledged/ accepted and disputed
by the Company and not provided for, are being disclosed in the Notes
to the Accounts.
5. Retirements Benefits:
Retirement benefits are accounted as per Revised Accounting Standard-15
on the basis of actuarial valuation.
6. Foreign Currency Transactions:
Transactions in foreign Currency are recorded at the exchange rate
prevailing at the date of transaction. Exchange difference arising on
foreign currency transaction other than fixed assets, are recognized as
income or expense in the Profit & Loss Account. Exchange differences on
unpaid long term liability arising on foreign currency transaction
related to acqusation of fixed assets are adjusted with the cost of the
fixed assets.
7. Taxes:
Income tax expense comprises current tax, deferred tax charge or credit
and fringe benefit tax. The deferred tax charge or credit and the
corresponding deferred tax liability and assets are recognized using
the tax rates that have been enacted or substantially enacted on the
Balance Sheet date.
Deferred Tax assets arising from unabsorbed depreciation or carry
forward losses are recognized only if there is virtual certainty of
realization of such amounts. Other deferred tax assets are recognized
only to the extent there is reasonable certainty of realization in
future. Deferred tax assets are reviewed at each Balance Sheet date to
reassess their reliability.
8. Impairment of Assets:
The carrying amount of assets are reviewed at each Balance Sheet date
to assess whether there is any indication of impairment of the carrying
amount of such assets of the company. An impairment loss is recognized
wherever the carrying amount of an asset exceeds its recoverable
amount.
Mar 31, 2010
1. Basis of accounting:
The financial statements are prepared on an accrual basis of accounting
in accordance with generally accepted accounting principles and
provisions of Companies Act, 1956, read with the Companies (Accounting
Standards) Rules, 2006.
2. Fixed Assets & Depreciation:
a) Fixed Assets are stated at Cost of acquisition or installation and
includes erection and construction expenses.
b) Depreciation has been provided on the basis of Straight Line Method
at the rates and in the manner specified in schedule XIV of the
Companies Act 1956.
3. Investments: Investments are stated at Cost.
4. Valuation - Inventories: Not applicable as stocks being Nil"
5. Liability Recognition:
Provision is made in Accounts in respect of all liabilities relating to
the year under review which have known till the date of the accounts
were prepared for authentication by the Board of Directors and which
have material effect on the position stated in the balance sheet
Liabilities, claims and debts not acknowledged/ accepted and disputed
by the Company and not provided for, are being disclosed in the Notes
to the Accounts.
6. Retirements Benefits:
Retirement benefits are accounted for on Accrual basis as per Revised
Accounting Standard-15 on the basis of actuarial valuation.
7. Foreign Currency Transactions:
Transactions in foreign Currency are recorded at the exchange rate
prevailing at the date of transaction. Exchange difference arising on
foreign currency transaction other than fixed assets, are recognized as
income or expense in the Profit & Loss Account. Exchange differences on
unpaid liability arising on foreign currency transaction for fixed
assets are adjusted with the cost of the fixed assets.
8. Taxes:
Income tax expense comprises current tax, deferred tax charge or credit
and fringe benefit tax. The deferred tax charge or credit and the
corresponding deferred tax liability and assets are recognized using
the tax rates that have been enacted or substantially enacted on the
balance Sheet date.
Deferred Tax assets arising from unabsorbed depreciation or carry
forward losses are recognized only if there is virtual certainty of
realization of such amounts. Other deferred tax assets are recognized
only to the extent there is reasonable certainty of realization in
future. Deferred tax assets are reviewed at each Balance sheet date to
reassess their reliability.
9. Impairment of Assets:
The carrying amount of assets are reviewed at each Balance sheet date
to assess whether there is any indication of impairment of the carrying
amount of such assets of the company. An impairment loss is recognized
wherever the carrying amount of an asset exceeds its recoverable
amount.