Mar 31, 2015
1.1 Basis of accounting and preparation of financial statements:
These financial statements have been prepared in accordance with the
generally accepted accounting principles In India under the historical
cost convention on accrual basis. These financial statements have been
prepared to comply all material aspects with the accounting standards
as prescribed under Section 133 of the Companies Act, 2013 ('Act')
read with Rule 7 of the Companies (Accounts) Rules, 2014, the
provisions of the Act (to the extent notified). Accounting policies
have been consistently applied except where a newly issued accounting
standard is initially adopted or a revision to an existing accounting
standard requires a change in the accounting policy hitherto in use.
1.2 Use of estimates:
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities
(including contingent liabilities) and the reported income and
expenses during the year. The Management believes that the estimates
used in preparation of the financial statements are prudent and
reasonable. Future results could differ due to these estimates and the
differences between the actual results and the estimates are
recognised in the periods in which the results are known /
materialise.
1.3 Tangible Fixed Assets:
Tangible assets are stated at cost, less accumulated depreciation and
impairment, if any. Direct costs are capitalized until such assets are
ready for use.
1.4 Depreciation and Amortization:
Depreciation on tangible assets is provided on the Written Down Value
Method over the useful lives of assets in accordance with Schedule It
of the Companies Act, 2013. Accordingly, depreciation for assets
purchased / sold during a period is proportionately charged.
Intangible assets are amortized over their respective individual
estimated useful lives on a Written Down Value Method, commencing from
the date the asset is available to the Company for its use. The useful
lives for the fixed assets adopted as follows for the year:
1.5 Impairment of Assets:
The carrying values of assets at each Balance Sheet date are reviewed
for impairment. If any indication of impairment exists, the
recoverable amount of such assets is estimated and impairment is
recognised in the Statement of Statement of Profit and Loss, if the
carrying amount of these assets exceeds their recoverable amount. The
impairment loss recognized in prior accounting period is reversed if
there has been a change in the estimate of recoverable amount.
1.6 Revenue Recognition:
All income and expenses are accounted on accrual basis except in case
of dividend, which is accounted when the owner's right to receive
payment is established i.e. usually when it is received. Interest
income including interest on securities is accounted on time
proportion basis and wherever it is not ascertainable, it is accounted
as and when it is received. -
1.7 Expenditure:
Expenses are accounted on accrual basis and provisions are made for
all known losses & liabilities.
1.8 Earnings per share:
Basic earnings per share Is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding
during the year. Diluted earnings per share Is computed by dividing
the profit / (loss) after tax (Including the post tax effect of
extraordinary items. If any) as adjusted for dividend, interest and
other charges to expense or Income relating to the dilutive potential
equity shares, by the weighted average number of equity shares
considered for deriving basic earnings per share and the weighted
average number of equity shares which could have been Issued on the
conversion of all dilutive potential equity shares.
1.9 Taxes on Income:
Tax expense comprises current and deferred tax. Current tax is the
amount of tax payable on the taxable income for the year as determined
in according with the provisions ofthe Income Tax Act, 1961.
Minimum Alternate Tax (MAT) paid in a year is charged to the Statement
of Profit and Loss as current tax. MAT paid in accordance with the tax
laws, which gives future economic benefits in the form of adjustment
to future income tax liability, is considered as an asset if there is
convincing evidence that the Company will pay normal Income tax during
the specified period, l.e., the period for which MAT credit is allowed
to be carried forward in the year in which the company recognises MAT
credit as an asset in accordance with the Guidance Note on accounting
for credit available In respect of Minimum Alternative Tax under the
Income Tax Act, 1961, the said asset Is created by way of credit to
the Statement of Profit and Loss and shown as 'MAT Credit
Entitlement'. The company reviews the ÂMAT Credit . Entitlement'
asset at each reporting date and writes down the asset to the extent
the company does not have convincing evidence that it will pay normal
tax during the specified period.
Deferred tax is recognized, subject to the considerations of prudence,
on timing difference, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal In one or more subsequent period. Deferred tax assets are not
recognized on unabsorbed depreciation and carry forward of losses
unless there is virtual certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realized.
1.10 Investments:
Investments, which are readily realisable and intended to be held for
not more than 1 year from the date of such investments are made, are
classified as current investments. Any other investment other than
stated above are classified as non-current investments.
Cost of investments include acquisition charges such as brokerage,
fees and duties.
Current investments are carried individually, at the lower of cost and
fair value.
Non-current investments (excluding investment properties), are carried
individually at cost less provision for diminution, other than
temporary, in the value of such investments.
1.11 Provisions, Contingent Liabilities and Contingent Assets:
Provision is recognized when there is a present obligation as a result
of past events and it is probable that an outflow of resources will be
required to settle the obligation in respect of which a reliable
estimate can be made. Provisions (excluding retirement benefits) are
not discounted to their present value and are determined based on the
best estimate required to settle the obligation at the Balance Sheet
date. These are reviewed at each Balance Sheet date and adjusted to
reflect the current best estimates. Contingent liabilities are
disclosed in the notes.
1.12 Segment reporting:
The Company identifies primary segments based on the dominant source,
nature of risks and returns and the internal organisation and
management structure. The operating segments are the segments for
which separate financial information is available and for which
operating profit/loss amounts are evaluated regularly by the executive
Management in deciding how to allocate resources and in assessing
performance.
The accounting policies adopted for segment reporting are in line with
the accounting policies of the Company. Segment revenue, segment
expenses, segment assets and segment liabilities have been identified
to segments on the basis of their relationship to the operating
activities of the segment
Inter-segment revenue is accounted on the basis of transactions which
are primarily determined based on market / fair value factors.
Revenue, expenses, assets and liabilities which relate to the Company
as a whole and are not allocable to segments on reasonable basis have
been included under "unallocated revenue / expenses / assets /
liabilities".
1.13 Employee benefits
Employee benefits include provident fund, gratuity fund, compensated
absences and post employment medical benefits *
Mar 31, 2014
1.1 Basis of accounting and preparation of financial statements:
These financial statements have been prepared in accordance with the
generally accepted accounting principles in India under the historical
cost convention on accrual basis. These financial statements have been
prepared to comply all material aspects with the accounting standards
notified under Section 211 (3C) [Companies (Accounting Standards)
rules, 2006, as amended and the other relevant provisions of the
Companies Act 1956.
1.2 Use of estimates:
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
1.3 Tangible Fixed Assets:
The Fixed Assets are stated at cost of acquisition minus the
accumulated depreciation. Cost is inclusive of incidental expenses.
1.4 Depreciation and Amortization:
Depreciation on fixed assets is provided on Written Down Value Method
and using the rates specified In Schedule XIV of the Companies
Act, 1956. In respect of assets purchased during the year, depreciation
is charged on a pro-rata basis from the date of acquisition.
The company has used the following rates to provide depreciation on its
Fixed Assets:
Rates (%) WDV
Buildings 5.00
Furnitures & Fixtures 18.10
Vehicles 25.89
Computer 40.00
Assets costing less than Rs. 5,000 each are fully depreciated in the
year of capitalisation
1.5 Impairment of Assets:
The carrying values of assets at each Balance Sheet date are reviewed
for Impairment. If any indication of impairment exists, the recoverable
amount of such assets is estimated and impairment is recognised in the
Statement of Statement of Profit and Loss, if the carrying amount of
these assets exceeds their recoverable amount. The impairment loss
recognized in prior accounting period is reversed if there has been a
change in the estimate of recoverable amount.
1.6 Revenue Recognition:
All income and expenses are accounted on accrual basis except in case
of dividend, which is accounted when the owner's right to receive
payment is established i.e. usually when it is received. Interest
income including interest on securities is accounted on time proportion
basis and wherever it is not ascertainable, It is accounted as and when
it is received.
1.7 Expenditure:
Expenses are accounted on accrual basis and provisions are made for all
known losses & liabilities.
1.8 Earnings per share:
Basic earnings per share Is computed by dividing the profit / (loss)
after tax (Including the post tax effect of extraordinary Items, If
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share Is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, If any) as adjusted for dividend. Interest and other charges to
expense or Income relating to the dilutive potential equity shares, by
the weighted average number of equity shares considered for deriving
basic earnings per Share and the weighted average number of equity
shares which could have been issued on the conversion of all dilutive
potential equity shares.
1.9 Taxes on Income:
Tax expense comprises current and deferred tax. Current tax is the
amount of tax payable on the taxable income for the year as determined
in according with the provisions of the Income Tax Act, 1961.
Minimum Alternate Tax (MAT) paid in a year Is charged to the Statement
of Profit and Loss as current tax. MAT paid in accordance with the tax
laws, which gives future economic benefits In the form of adjustment to
future Income tax liability, is considered as an asset If there is
convincing evidence that the Company will pay normal income tax during
the specified period, the period for which MAT credit is allowed to be
carried forward In the year in which the company recognises MAT credit
as an asset In accordance with the Guidance Note on accounting for
credit available In respect of Minimum Alternative Tax under the Income
Tax Act, 1961, the said asset is created by way of credit to the
Statement of Profit and Loss and shown as 'MAT Credit Entitlement'. The
company reviews the 'MAT Credit Entitlement' asset at each reporting
date and writes down the asset to the extent the company does not have
convincing evidence that it will pay normal tax during the specified
period.
Deferred tax Is recognized, subject to the considerations of prudence,
on timing difference, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal In one or more subsequent period. Deferred tax assets are not
recognized on unabscrbed depredation and carry forward of losses unless
there is virtual certainty that sufficient future taxable income will
be available against which such deferred tax assets can be realized.
1.10 Investments:
Investments, which are readily realisable and intended to be held for
not more than 1 year from the date of such investments are made, are
classified as current Investments. Any other Investment other than
stated above are classified as non-current investments.
Cost of investments include acquisition charges such as brokerage, fees
and duties.
Current investments are carried individually, at the lower of cost and
fair value.
Non-current investments (excluding Investment properties), are carried
individually at cost less provision for diminution, other than
temporary, in the value of such Investments.
1.11 Provisions, Contingent Liabilities and Contingent Assets:
Provision is recognized when there is a present obligation as a result
of past events and It Is probable that an outflow of resources will be
required to settle the obligation In respect of which a reliable
estimate can be made. Provisions (excluding retirement benefits) are
not discounted to their present value and are determined based on the
best estimate required to settle the obligation at the Balance Sheet
date. These are reviewed at each Balance Sheet date and adjusted to
reflect the current best estimates. Contingent liabilities are
disclosed in the notes.
1.12 Segment reporting:
The Company identifies primary segments based on the dominant source,
nature of risks and returns and the internal organisation and
management Structure. The operating segments are the segments for which
separate financial information is available and for which operating
profit/loss amounts are evaluated regularly by the executive Management
in deciding how to allocate resources and in assessing performance.
The accounting policies adopted for segment reporting are in line with
the accounting policies of the Company. Segment revenue, segment
expenses, segment assets and segment liabilities have been Identified
to segments on the basis of their relationship to the operating
activities of the segment
inter-segment revenue is accounted on the basis of transactions which
are primarily determined based on market / fair value factors.
expenses, assets and which relate to the company as a Whole and are not
allocable to segments on reasonable basis have been Included under
"unallocated revenue / expenses / assets / liabilities".
1.13 Employee benefits
Employee benefits Include provident fund, gratuity fund, compensated
absences and post employment medical benefits
Mar 31, 2013
1.1 Basis of accounting and preparation of financial statements:
These financial statements have been prepared in accordance wilh the
generally accepted accounting principles In India under the historical
cost convention on accual basis. These financial statements have been
prepared to comply all material aspects with the accounting standards
notified under Section 111 (3d [Companies (Accounting Standards) rules,
2006, as amended and the other relevant provisions of the Companies Act
19S6.
The accounting policies adopted In the preparation of the said
financial statements are consistent with those of previous year except
for the change In accounting policies arising out of revision of
Schedule VI
1.2 Use of estimates:
The preparation of the financial statements In conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered In the reported amounts of assets and liabilities (including
contingent liabilities! and the reported Income and expenses during the
year. The Management believes that the estimates used In preparation of
the financial statements are prudent and reasonable, future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods In which
Ifte results are known/ materialise.
1.3 Tangible Fined Assets: .
The Fixed Assets are stated at cost of acquisition minus the
accumulated depreciation. Cost ts inclusive of Incidental expenses.
1.4 Depreciation and Amortization:
Depreciation on fixed assets is provided on Written Down Value Method
and using the rates specified in Schedule KIV of the Companies Act,
1956. In respect of assets purchased during the year, depreciation is
charged on a pro-rata basis from the date of acquisition..
1.5 Impairment of Assets:
The carrying values of assets at each Balance Sheet date are reviewed
for impairment. If any lndlcation_of Impairment exists, the recoverable
amount of such assets Is estimated and impairment Is recognised In the
Statement of Statement of Profit and Loss, If the carrying amount of
these assets exceeds their recoverable amount. The impairment toss
recognized in prior accounting period is reversed if there has been a
change in the estimate of recoverable amount.
1.6 Revenue Recognition:
All Income and expenses are accounted on accrual basis except In case
of dividend, which Is accounted when the owner''s right to receive
payment is established I.e. usually when It is received. Interest
income Including Interest on securities Is accounted on time proportion
basis and wherever It Is not ascertainable, it is accounted as and when
it Is received.
1.7 expenditure:
Expense: are accounted on accrual basis and provisions are made for all
known losses & liabilities.
1.8 Earnings per share:
Basic earnings per share Is computed by dividing the profit / (loss)
after tax-(Including the post tax effect of extraordinary Items, If
any] by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share Is computed by dividing the
profit/ (loss] after tax (including the post tax effect of
extraordinary items, il any) as adjusted for dividend, Interest and
other charges to expense or Income relating to the dilutive potential
equity sharps, by the weighted average number of equity shares
considered for deriving basic earnings per share and Ihe weighted
average number of equity shares which could have been Issued an the
conversion of all dilutive potential equity shares.
1.9 Taxes on Income:
Tax expense comprises current and deferred tax. Current tax is the
amount of tax payable on the taxable Income Tor the year as determined
In according with the provisions of the Income Tax Act, 1961.
Minimum Alternate Tax (MAT) paid In a year Is charged to the Statement
of Profit and Loss as current tax. MAT paid In accordance with the tax
laws, which gives future economic benefits In the form of adjustment to
future Income tax liability. Is considered as an asset (I there is
convincing evidence that the Company will pay normal Income tax during
the specified period. I.e., the period for which MAT credit is allowed
to be carried forward in the year in which the company recognises MAT
credit as an asset In accordance with the Guidance Note on accounting
for credit available In respect of Minimum Alternative Tax under the
Income Tox Act, 1S61, the said asset Is created by way of iredit to the
Statement of Profit an J Loss and sn own as ''MAT Credit Entitlement'',
The company reviews the ''MAT Credit Entitlement'' asset at each
reporting date and writes down the asset to the extent the company does
not have convincing evidence that it will pay normal tax during the
specified period.
Deferred tax Is recogniied, subject to the considerations of prudence,
on timing difference, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent period. Deferred tax assets are not
recognized on unabsorbed depreciation and carry forward ef losses
unless there is virtual certainty that sufficient future taxable income
will Le available against which such deferred tax assets can be
lealiied
1.10. Investments:
Investments, which are readily realisable and intended to be held for
not more than 1 year from the date of such investments are rri3de, are
classified as current investments. Any other Investment other than
stated above are classified as non-current Investments.
Cost of Investments Include acquisition charges such as brokerage, fees
and duties.
Current Investments are carried individually, at the lower of cost and
fair value.
Non-current Investments (excluding investment properties), are carried
Individually at cost less provision for diminution, other than
temporary. In the value of such Investments.
1.11 Provisions, Contingent Liabilities and Contingent Assets:
Provision Is recognized when there is a present obligation as a result
of past events and it is probable that an outflow of resources will be
required to settle the obligation in respect nf which a reliable
estimate can be made. Provisions (excluding retirement benefits] are
noi discounted to their present value and are determined based on the
best estimate required to settle the obligation at the Balance Sheet
date. These are reviewed at each Balance Sheet date and adjusted to
reflect the current best estimates. Contingent liabilities are
disclosed in the notes.
1.12 Segment reporting:
The Company Identifies primary segments based on the dominant source,
nature of risks and returns and the Internal organisation and
management structure. The operating segments are the segments for which
separate financial information is available and for which operating
profit/loss amounts are evaluated regularly by the executive Management
In deciding how to allocate resources and In assessing performance.
The accounting policies adopted for segment reporting are In line with
the accounting policies of the Company. Segment revenue, segment
expenses, segment assets and segment liabilities have been Identified
to segments on the basis of their relationship to the operating
activities of the segment
Inter-segment revenue Is accounted on the basis of transactions which
are primarily determined based on market / fair value factors.
Revenue, expenses, assets and liabilities which relate to the Company
as a whole and are not allocable to segments on reasonable basis have
been included under ''unallocated revenue / expenses / assets /
liabilities".
1.13 Employee benefits
Employee benefits include provident fund, gratuity fund, compensated
absences and post employment medical benefits
Mar 31, 2012
1.1 Basis of accounting and preparation of financial statements:
The financial statements have been prepared in accordance with the
Generally Accepted Accounting Principles in India (Indian GAAP) to
comply with the Accounting Standards notified under the Companies
(Accounting Standards) Rules, 2006 (as amended), the relevant
provisions of the Companies Act, 1956,other pronouncements of ICAI and
guidelines issued by SEBI as applicable. The said financial statements
have been prepared under historical cost convention and on an accrual
basis.
The accounting policies adopted in the preparation of the said
financial statements are consistent with those of previous year except
for the change in accounting policies arising out of revision of
Schedule VI
a. Presentation and disclosure of financial statements:
During the year ended 31st March, 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.
Though 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 therefore
reclassified the previous year figures in accordance with the revised
Schedule VI as applicable in the current year.
1.2 Use of estimates:
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
1.3 Tangible Fixed Assets:
The Fixed Assets are stated at cost of acquisition minus the
accumulated depreciation. Cost is inclusive of incidental expenses.
1.4 Depreciation and Amortization:
Depreciation on fixed assets is provided on Written Down Value Method
and using the rates specified in Schedule XIV of the Companies Act,
1956. In respect of assets purchased during the year, depreciation is
charged on a pro-rata basis from the date of acquisition.
The company has used the following rates to provide depreciation on its
Fixed Assets :
Rates (%) WDV
Buildings 10.00
Furnitures & Fixtures 18.10
Vehicles 25.89
Computer 40.00
Assets costing less than Rs 5,000 each are fully depreciated in the year
of capitalisation
1.5 Impairment of Assets:
The carrying values of assets at each Balance Sheet date are reviewed
for impairment. If any indication of impairment exists, the recoverable
amount of such assets is estimated and impairment is recognised in the
Statement of Statement of Profit and Loss, if the carrying amount of
these assets exceeds their recoverable amount. The impairment loss
recognized in prior accounting period is reversed if there has been a
change in the estimate of recoverable amount.
1.6 Revenue Recognition:
All income and expenses are accounted on accrual basis except in case
of dividend, which is accounted when the owner's right to receive
payment is established i.e. usually when it is received. Interest
income including interest on securities is accounted on time proportion
basis and wherever it is not ascertainable, it is accounted as and when
it is received.
1.7 Expenditure:
Expenses are accounted on accrual basis and provisions are made for all
known losses & liabilities.
1.8 Earnings per share:
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) as adjusted for dividend, interest and other charges to
expense or income relating to the dilutive potential equity shares, by
the weighted average number of equity shares considered for deriving
basic earnings per share and the weighted average number of equity
shares which could have been issued on the conversion of all dilutive
potential equity shares. '
1.9 Taxes on Income:
Tax expense comprises current and deferred tax. Current tax is the
amount of tax payable on the taxable income for the year as -
determined in according with the provisions of the Income Tax Act,
1961. Current Income tax relating to items recognised directly in
equity is recognised in equity and not in the Statement of Profit &
Loss.
Minimum Alternate Tax (MAT) paid in a year is charged to the Statement
of Profit and Loss as current tax. MAT paid in accordance with the tax
laws, which gives future economic benefits in the form of adjustment to
future income tax liability, is considered as an asset if there is
convincing evidence that the Company will pay normal income tax during
the specified period, i.e., the period for which MAT credit is allowed
to be carried forward in the year in which the company recognises MAT
credit as an asset in accordance with the Guidance Note on accounting
for credit available in respect of Minimum Alternative Tax under the
Income Tax Act, 1961, the said asset is created by way of credit to the
Statement of Profit and Loss and shown as 'MAT Credit Entitlement1.
The company reviews the 'MAT Credit Entitlement' asset at each
reporting date and writes down the asset to the extent the company does
not have convincing evidence that it will pay normal tax during the
specified period.
Deferred tax is recognized, subject to the considerations of prudence,
on timing difference, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent period. Deferred tax assets are not
recognized on unabsorbed depreciation and carry forward of losses
unless there is virtual certainty that sufficient future taxable income
will be available against which such deferred tax assets can be
realized.
1.10 Investments:
Investments, which are readily realisable and intended to be held for
not more than 1 year from the date of such investments are made, are
classified as current investments. Any other investment other than
stated above are classified as non-current investments.
Cost of investments include acquisition charges such as brokerage, fees
and duties.
Current investments are carried individually, at the lower of cost and
fair value.
Non-current investments (excluding investment properties), are carried
individually at cost less provision for diminution, other than
temporary, in the value of such investments.
1.11 Provisions, Contingent Liabilities and Contingent Assets:
Provision is recognized when there is a present obligation as a result
of past events and it is probable that an outflow of resources will be
required to settle the obligation in respect" of which a reliable
estimate can be made. Provisions (excluding retirement benefits) are
not discounted to their present value and are determined based on the
best estimate required to settle the obligation at the Balance Sheet
date. These are reviewed at each Balance Sheet date and adjusted to
reflect the current best estimates. Contingent liabilities are
disclosed in the notes.
1.12 Segment reporting:
The Company identifies primary segments based on the dominant source,
nature of risks and returns and the internal organisation and
management structure. The operating segments are the segments for which
separate financial information is available and for which operating
profit/loss amounts are evaluated regularly by the executive Management
in deciding how to allocate resources and in assessing performance.
The accounting policies adopted for segment reporting are in line with
the accounting policies of the Company. Segment revenue, segment
expenses, segment assets and segment liabilities have been identified
to segments on the basis of their relationship to the operating
activities of the segment Inter-segment revenue is accounted on the
basis of transactions which are primarily determined based on market /
fair value factors.
Revenue, expenses, assets and liabilities which relate to the Company
as a whole and are not allocable to segments on reasonable basis have
been included under "unallocated revenue / expenses / assets /
liabilities".
1.13 Employee benefits
Employee benefits include provident fund, gratuity fund, compensated
absences and post employment medical benefits
a) Terms/rights attached to Equity Shares
The Company has only one class of Equity shares having a par value of
Rs.10/- each share. Each holder of Equity Shares is entitiled to one
vote per share. The Company declares and pays dividend in Indian
Rupees. The dividend proposed by the Board of Directors is subject to
the approval of shareholders in the ensuing Annual General Meeting,
except in the case of interim dividend.
The Board of Directors at its meeting held on 30.05.2012 recognised as
Rs 2/- (Rupees Two Only) per share as distribution to equity
shareholders subject to the approval at the ensuing Annual General
Meeting. If approved dividend for the financial year 2011-12 will be Rs
2/- per share (Previous year Rs 2/-). The total Equity dividend
appropriation for the year ended 31st March, 2012 amounted to Rs
4,35,137/- including corporate dividend tax of Rs 60,737/-(Previous year
Rs 4,35,137/- including corporate dividend tax Rs 60,737/-)
In the event of the liquidation of the Company and in accordance with
the Companies Act 1956, the holders of equity shares will be entitiled
to receive remaining asssets of the Company, after distribution of all
preferential amounts. The distribution will be in proportion to the
number of equity shares held by the shareholders.
Mar 31, 2011
A. Basis for preparation of financial statements:
The financial statements have been prepared under the historical
convention in accordance with Generally Accepted Accounting Principals
(GAAP) and the provisions of the Companies Act, 1956 and adopted
consistently by the Company. All income and expenditure having a
material bearing on the Financial Statements are recognised on accrual
basis.
B) Fixed Assets - Tangible and Intangible
Fixed Assets are stated at cost of acquisition less the accumulated
depreciation.
C) Depreciation.
Depreciation is provided under the Written Down Value Method at the
rates specified in schedule XIV of the Companies Act, 1956. In respect
of assets purchased during the year, depreciation is charged on pro
rata basis from the date of acquisition.
Assets costing less than Rs.5000/- are fully charged to the Profit and
Loss Account in the year and acquisition.
D) Impairment of Fixed Assets:
At the Balance Sheet date, the management periodically assesses using
external And internal sources whether there is any indication that an
asset may be impaired. Impairment of an asset occurs where the carrying
value exceed the present value of cash flow expected to arise from the
continuing use of the asset and its eventual disposal. The provision
for impairment loss is made when recoverable amount of asset is lower
than the carrying amount.
An assessment is also done at each Balance sheet date whether there is
any indication that an impairment loss recognized for an asset in prior
accounting periods may no longer exist or may have decreased. If any
such indication exists the asset's recoverable amount is estimated. The
carrying amount of the fixed asset is increased to the revised estimate
of its recoverable amount but so that the increased carrying amount
does not exceed the carrying amount that would have been determined had
no impairment loss been recognized for the asset in prior years. A
reversal of impairment loss is recognized in the Profit and Loss
Account.
After recognition of an impairment loss or reversal of an impairment
loss as applicable, the depreciation charge for the asset is adjusted
in future periods to allocate the asset's carrying amount, less its
residual value (if any), over its remaining useful life.
E) Investments:
Long term investments are stated at cost of acquisition and related
expenses such as brokerage and stamp duty. The Provisions for
diminution in the value of long term investments is made to recognize a
decline wherever required.
F) Inventory: Closing Stock of goods is valued on weighted Average Cost
Formula.
G) Revenue Recognition:
i) Sales of traded goods are:
a) Net of trade discount
b) Exclusive of sales tax
c) Recognized on dispatch of goods
ii) Dividend income is accounted as and when it is declared and
received.
iii) Interest income including interest on securities is accounted on
time proportion basis and wherever it is not ascertainable, it is
accounted as and when it is received.
H) Expenses:
Expenses are accounted on accrual basis.
I) Proposed Dividend:
Dividend recommended by the Board of Director's is provided for in the
accounts, pending approval at the Annual General Meeting.
J) Taxes on Income:
Current Tax is provided on the basis tax liability computed as per
applicable provisions of the Income tax Act, 1961.
K) Deferred Taxation:
Income tax expenses comprise of current tax and deferred tax charge of
credit. The deferred tax charge or credit is recognized using current
tax rates. Where there is unabsorbed depreciation or carry forward
losses, deferred tax assets are recognized only if there is virtual
certainty of realization of such assets. Other deferred tax assets are
recognized only to the extent there is reasonable certainty of
realization in future. Deferred tax assets /liabilities are reviewed as
at each Balance Sheet date based on developments during the year and
available case laws, to reassess realisation of assets/liabilities.
L) Transactions in Foreign Exchange:
Transactions in foreign currencies are recorded at the exchange rates
prevailing on the date of the transactions. Transactions not covered by
forward exchange rates and outstanding at year end are translated at
exchange rates prevailing at the year end and the profit/loss so
determined and also the realised exchange gains/losses are recognised
in the Profit and Loss Account.
N) Contingent Liability:
Claims against the company not acknowledged as debts. Tax matters in
dispute under appeal: Rs.3,78,621/-.
Policies relating to accounting standards issued by the Institute of
Chartered Accountants and also referred to in Section 211(3C) and other
relevant provisions of the Companies Act 1956 in respect of AS7:
Construction Costs, AS11: Transaction in Foreign Exchange, AS12:
Government grants, ASM: Accounting for amalgamations, AS 15: Employee
Benefits, AS 16: Borrowing Costs, AS 19: Leases, AS24: Discounting
Operations, AS27: Financial Reporting of Interest in Joint Ventures are
not stated as the same is not applicable as on the date of Balance
Sheet.
Mar 31, 2010
A. Basis for preparation of financial statements:
The financial statements have been prepared under the historical
convention in accordance with Generally Accepted Accounting Principals
(GAAP) and the provisions of the Companies Act, 1956 and adopted
consistently by the Company. All income and expenditure having a
material bearing on the Financial Statements are recognised on accrual
basis.
B) Fixed Assets - Tangible & Intangible
Fixed Assets are stated at cost of acquisition less the accumulated
depreciation.
C) Depreciation.
Depreciation is provided under the Written Down Value Method at the
rates specified in schedule XIV of the Companies Act, 1956. In respect
of assets purchased during the year, depreciation is charged on pro
rata basis from the date of acquisition.
Assets costing less than Rs.5000/- are fully charged to the Profit and
Loss Account in the year and acquisition.
D) Impairment of Fixed Assets:
At the Balance Sheet date, the management periodically assesses using
external & internal sources whether there is any indication that an
asset may be impaired. Impairment of an asset occurs where the carrying
value exceed the present value of cash flow expected to arise from the
continuing use of the asset and its eventual disposal. The provision
for impairment loss is made when recoverable amount of asset is lower
than the carrying amount.
An assessment is also done at each Balance sheet date whether there is
any indication that an impairment loss recognized for an asset in prior
accounting periods may no longer exist or may have decreased. If any
such indication exists the assets recoverable amount is estimated. The
carrying amount of the fixed asset is increased to the revised estimate
of its recoverable amount but so that the increased carrying amount
does not exceed the carrying amount that would have been determined had
no impairment loss been recognized for the asset in prior years. A
reversal of impairment loss is recognized in the Profit and Loss
Account.
After recognition of an impairment loss or reversal of an impairment
loss as applicable, the depreciation charge for the asset is adjusted
in future periods to allocate the assets carrying amount, less its
residual value (if any), over its remaining useful life.
E) Investments:
Long term investments are stated at cost of acquisition and related
expenses such as brokerage and stamp duty. The Provisions for
diminution in the value of long term investments is made to recognize a
decline wherever required.
F) Inventory:
Closing Stock of goods is valued on weighted Average Cost Formula.
G) Revenue Recognition:
i) Sales of traded goods are:
a) Net of trade discount
b) Exclusive of sales tax
c) Recognized on dispatch of goods
ii) Dividend income is accounted as and when it is declared & received.
iii) Interest income including interest on securities is accounted on
time proportion basis and wherever it is not ascertainable, it is
accounted as and when it is received.
H) Expenses:
Expenses are accounted on accrual basis.
I) Proposed Dividend:
Dividend recommended by the Board of Directors is provided for in the
accounts, pending approval at the Annual General Meeting.
J) Taxes on Income:
Current Tax is provided on the basis tax liability computed as per
applicable provisions of the Income tax Act, 1961.
K) Deferred Taxation:
Income tax expenses comprise of current tax and deferred tax charge of
credit. The deferred tax charge or credit is recognized using current
tax rates. Where there is unabsorbed depreciation or carry forward
losses, deferred tax assets are recognized only if there is virtual
certainty of realization of such assets. Other deferred tax assets are
recognized only to the extent there is reasonable certainty of
realization in future. Deferred tax assets /liabilities are reviewed as
at each Balance Sheet date based on developments during the year and
available case laws, to reassess realisation of assets/liabilities.
L) Transactions in Foreign Exchange:
Transactions in foreign currencies are recorded at the exchange rates
prevailing on the date of the transactions. Transactions not covered by
forward exchange rates and outstanding at year end are translated at
exchange rates prevailing at the year end and the profit/loss so
determined and also the realised exchange gains/losses are recognised
in the Profit and Loss Account.
N) Contingent Liability:
Claims against the company not acknowledged as debts. Tax matters in
dispute under appeal: Rs.16,84,099/-.
Policies relating to accounting standards issued by the Institute of
C.A. and also referred to in Section 211(3C) and other relevant
provisions of the Companies Act 1956 in respect of AS7: Construction
Costs, AS11: Transaction in Foreign Exchange, AS 12: Government grants,
AS15: Employee Benefits, AS16: Borrowing Costs, AS19: Leases, AS24:
Discounting Operations, AS27: Financial Reporting of Interest in Joint
Ventures are not stated as the same is not applicable as on the date of
Balance Sheet.
O) Amalgamation:
Amalgamtion of Jatayu Investments Limited
(a) Pursuant to the scheme of Amalgamation (the Scheme) of the
erstwhile Jatayu Investments Ltd. (JIL) with the Company sanctioned by
the Honble High Court of Mumbai on 16th October, 2009, the assets and
liabilities of the erstwhile JIL were transferred to and vested with
the Company with retrospective effect from April 1, 2009. The scheme
has accordingly been given effect to in these accounts.
(b) The operations of JIL include the Trading and Investments in shares
and securities.
(c) The amalgamation has been accounted for under the " Polling of
interest " method as prescribed by Accounting Standard (AS-14) issued
by the Institute of Chartered Accountant of India. Accordingly, the
assets, liabilities and other reserves of the erstwhile JIL as of April
1, 2009, have been taken over at their book values subject to
adjustments made for the differences in the accounting policies between
the two companies, and/or as specified in the scheme. Accordingly,
Rs.4,96,000/- has been adjusted to the General Reserve taken over.
(d) The investment of 50,400 equity shares of the face value of Rs.
10/- each held by the Company in erstwhile JIL stand extinguished.
(e) Pursuant to the scheme of amalgamation no shares were to be
allotted to the transferor company. Hence the capital of JIL stands
extinguished.
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