Accounting Policies of Graviss Hospitality Ltd. Company
Mar 31, 2023
NOTE NO 1 Company Overview
GRAVISS HOSPITALITY LIMITED was incorporated in 1959. The Registered Office of the Company is located at Satara. Its shares are listed in Bombay Stock Exchange (BSE). It is engaged in the hospitality business having one hotel in the name of Inter-Continental at Marine Drive Mumbai.
NOTE NO. 2
Basis for preparation:
The Financial Statements are prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (Act) read with Rule 4A of Companies (Accounts) Second Amendment Rules, 2015, Companies (Indian Accounting Standards) Rules, 2015; and the other relevant provisions of the Act and Rules thereunder. The Financial Statements have been prepared under historical cost convention basis except for derivative financial instruments, certain financial assets and financial liabilities which have been measured at fair value.
The Company''s presentation and functional currency is Indian Rupees and all values are rounded off to the nearest lacs (INR 00,000), except when otherwise indicated.
The Financial Statements were authorized for issue in accordance with a resolution of the directors on 16-05-2023.
NOTE NO. 3
Use of Judgement, Assumptions and Estimates
The preparation of the Company''s financial statements requires management to make informed judgements, reasonable assumptions and estimates that affect the amounts reported in the financial statements and notes thereto. Uncertainty about these could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in the future periods. These assumptions and estimates are reviewed periodically based on the most recently available information. Revisions to accounting estimates are recognized prospectively in the Statement of Profit & Loss in the period in which the estimates are revised and in any future periods affected.
In the assessment of the Company, the most significant effects of use of judgments and/or estimates on the amounts recognized in the financial statements relate to the following areas:
a) Financial instruments
b) Useful lives of property, plant & equipment
c) Valuation of inventories
d) Measurement of recoverable amounts of assets / cash-generating units
e) Assets and obligations relating to employee benefits
f) Evaluation of recoverability of deferred tax assets; and
g) Provisions and Contingencies.
NOTE NO. 4
SIGNIFICANT ACCOUNTING POLICIES A. Property, plant & equipment
a) The cost of an item of property, plant and equipment is recognized as an asset only if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably.
b) Property, plant and equipment are stated at cost net of tax / duty credit availed, less accumulated depreciation and accumulated impairment loss, if any.
c) The initial cost of an asset comprises its purchase price or construction cost (including import duties and non-refundable taxes), any costs directly attributable to bringing the asset into the location and condition necessary for it to be capable of operating in the manner intended by management, the initial estimate of any decommissioning obligation (if any) and the applicable borrowing cost till the asset is ready for its intended use.
d) Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.
e) An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds if any and the carrying amount of the asset) is included in the Statement of Profit and Loss when the asset is derecognised.
f) Direct expenses incurred during construction period on capital projects are capitalised.
B Right of use asset
The company had leasehold land which is a finance lease. The carrying amount representing the fair value (revalued before the date of transition to Ind AS) of the leased land, was recognized under Right-of-Use asset and was treated as deemed cost on adoption of Ind AS. The Right-of-Use assets are stated at cost, less accumulated depreciation and accumulated impairment loss, if any. During the F.Y. 2021-22, the Company has converted its leasehold land at Marine Drive, Mumbai to Occupancy Class - I land (Freehold Land) by making payment of conversion premium of Rs.28.17 crores.
C Depreciation
a) Depreciation on property, plant and equipment is provided on the straight line basis, over the useful lives of assets (after retaining the residual value of up to 5%). The useful lives determined are in line with the useful lives as prescribed in the Schedule II of the Act except in case of following assets which are depreciated over their useful life as determined by a Chartered Engineer and Valuer.
|
Asset Description |
Useful Life |
|
(Years) |
|
|
Building |
30 |
|
Air-conditioning plant, cooking machinery, security and fire fighting equipments |
15 |
|
Furniture & Fixtures including interior design |
8 |
b) Residual value of building and vehicles is estimated at 5% of the original cost and at nil value for all other assets.
c) Items of property, plant and equipment costing not more than Rs.5,000 each are depreciated at 100 percent in the year in which they are capitalised.
d) Expenditure on major repairs and overhauls which qualify for recognition in the item of Property, Plant and Equipment and which result in additional useful life, is depreciated over the extended useful life of the asset as determined by technical evaluation.
e) Depreciation is charged on additions / deletions on pro-rata monthly basis including the month of addition / deletion.
f) Leasehold Land is amortised over the lease term.
g) Freehold Land is not depreciated.
D Accounting for Leases
The Company as a Lessee
On Inception of a Contract, the Company (as a lessee) assesses whether a contract contains a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a right-of-use asset(âROUâ) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.
Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. The lease term includes periods subject to extension options which the Company is reasonably certain to exercise and excludes the effect of early termination options where the Company is not reasonably certain that it will exercise the option. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives received. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying assets useful life. The Company applies Ind AS - 36 to determine whether a Right-of-Use asset is impaired and accounts for any identified impairment loss.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates that the Company would have to pay to borrow funds. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Lease liabilities and ROU assets have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows. The Company as a lessor
Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.
When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.
For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.
E Inventories
Inventories are stated at cost or net realizable value, whichever is lower. Cost of inventories comprises of expenditure incurred in the normal course of business in bringing inventories to their present location, including appropriate overheads apportioned on a reasonable and consistent basis and is determined on the following basis:
a Food and Beverages on weighted average basis.
b. Stores and other operating supplies on weighted average basis.
Obsolete, slow moving, surplus and defective stocks are identified and where necessary, provision is made for such stocks.
F Revenue Recognition
Sale of goods: Revenue from the sale of goods is recognised when the performance obligation is satisfied by transferring the related goods to the customer. The performance obligation is considered to be satisfied when the customer obtains control of the goods.
Revenue from the sale of goods is measured at the fair value of the consideration received or receivable (after including fair value allocations related to arrangements involving more than one performance obligation), net of returns, taxes or duties collected on behalf of the Government and applicable trade discounts or rebates.
Interest income is recognised using Effective Interest Rate (EIR) method.
Dividend income is recognized when the right to receive payment is established.
G Employee Benefits
Short term employee benefits are recognized as an expense at an undiscounted amount in the Statement of Profit & Loss for the year/period in which the related services are rendered.
The Company''s post-employment benefit consists of provident fund and gratuity. The Company also provides for leave encashment which is in the nature of long term benefit.
Company''s contributions to provident fund which is a defined contribution plan, are recognised as an expense in the Statement of Profit & Loss for the year/period in which the services are rendered. The Company''s contribution to the Provident Fund is remitted to government provident fund authority based on a fixed percentage of the eligible employee''s salary and charged to Statement of Profit and Loss.
The Company operates defined benefit plan for Gratuity and Leave Encashment. The cost of providing such defined benefit is determined using the projected unit credit method of actuarial valuation made at the end of the year.
Actuarial gains and losses are recognised in other comprehensive income for gratuity and leave encashment.
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.
Past service costs are recognised in profit or loss on the earlier of:
a The date of the plan amendment or curtailment, and
b The date that the Company recognises related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognises the following changes in the net defined benefit obligation as an expense in the statement of profit and loss:
a Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and b Net interest expense or income
H Borrowing costs
Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing costs that are attributable to the acquisition or construction of qualifying assets (i.e. an asset that necessarily takes a substantial period of time to get ready for its intended use) are capitalized as a part of the cost of such assets till the month in which the asset is ready for use. All other borrowing costs are charged to the Statement of Profit & Loss.
I Foreign Currency Transactions
Monetary items:
Transactions in foreign currencies are initially recorded at their respective exchange rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at spot rates of exchange at the reporting date.
Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit & Loss.
Non - Monetary items:
Non-monetary items that are measured in terms of historical cost are recorded at the exchange rates at the dates of the initial transactions.
J Provisions, Contingent Liabilities and Contingent assets
a) Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expenses relating to a provision are recognised in the Statement of Profit & Loss net of any reimbursement.
b) If the effect of time value of money is material, provisions are shown at present value of expenditure expected to be required to settle the obligation, by discounting using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.
c) Contingent liabilities are possible obligations arising from past events and whose existence will only be confirmed by occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company, or present obligations where it is not probable that an outflow of resources will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability. Contingent liabilities are not recognized in the financial statements but are disclosed unless the possibility of an outflow of economic resources is considered remote.
d) Contingent Assets are not recognised but reviewed at each balance sheet date and disclosure is made in the Notes in respect of possible effects that arise from past events and whose existence is confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company and where inflow of economic benefit is probable.
K Fair Value measurement
a) The Company measures financial instruments at fair value at each balance sheet date.
b) Fair value is the price that would be received on selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Company has access at that date.
c) While measuring the fair value of an asset or liability, the Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure the fair value using observable market data as far as possible and minimising the use of unobservable inputs. Fair values are categorised into 3 levels as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices that are observable for the assets or liability, either directly (i.e. as prices for similar item) or indirectly (i.e. derived from prices)
Level 3: inputs that are not based on observable market data (unobservable inputs)
L Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets
Initial recognition and measurement
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in the following categories Financial Assets at amortised cost
Financial assets at fair value through profit or loss (FVTPL)
Financial Assets at amortised cost
A financial assets is measured at the amortised cost if both the following conditions are met:
a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows, if any, that are solely payments of principal and interest, if applicable (SPPI) on the principal amount outstanding.
After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss. This category generally applies to trade and other receivables.
Financial assets which are considered as receivable on demand at any time, are not discounted on initial recognition and on subsequent measurement.
Financial assets at FVTPL
Any financial asset, which does not meet the criteria for categorization as at amortized cost is classified as at FVTPL.
Equity investments in subsidiaries
Investment in subsidiaries are accounted for at cost in standalone financial statements.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the balance sheet) when:
a) rights to receive cash flows from the asset have expired, or
b) The company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ''pass- through'' arrangement? and either (a) the company has transferred substantially all the risks and rewards of the asset, or (b) the company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the company continues to recognise the transferred asset to the extent of the company''s continuing involvement. In that case, the company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the company could be required to repay.
Financial liabilities
Initial recognition and measurement.
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company''s financial liabilities include trade and other payables, loans and borrowings.
Subsequent measurement
Financial liabilities are measured subsequently at fair value through profit or loss.
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method.
Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.
This category generally applies to borrowings.
Financial liabilities which are considered as repayable on demand at any time, are not discounted on initial recognition and on subsequent measurement.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.
M Classification of Assets and Liabilities as Current and Non-Current:
All assets and liabilities are classified as current if they are expected to be realised / settled within twelve months after the reporting period. All other assets and liabilities are considered as non-current.
N Impairment
Financial Assets
Loss allowance for expected credit losses is recognised for financial assets. The Company recognises life time expected credit losses for all trade receivables that do not constitute a financing transaction. For financial assets whose credit risk has not significantly increased since initial recognition, loss allowance equal to twelve months expected credit losses is recognised. Loss allowance equal to the lifetime expected credit losses is recognised if the credit risk on the financial instruments has significantly increased since initial recognition.
Non-financial Assets
At each Balance Sheet date, an assessment is made of whether there is any indication of impairment. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of the asset''s or Cash-Generating Unit''s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets.
When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
O Taxes on Income Current Tax
Income-tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, by the end of reporting period.
Deferred tax
Deferred tax (both assets and liabilities) is calculated using the balance sheet method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. The amount of deferred tax assets is reviewed at each reporting date.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
Current tax and Deferred Tax items are recognised in correlation to the underlying transaction either in the Statement of Profit & Loss, other comprehensive income or directly in equity.
P Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.
Diluted earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period, adjusted for the effect of all dilutive potential equity shares.
Q Cash and Cash equivalents
Cash and cash equivalents include cash at bank, cash, cheques and draft on hand. The Company considers all highly liquid investments with a remaining maturity at the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash equivalents.
R Cash Flows
Cash flows are reported using the indirect method, where by net profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities are segregated.
S Government Grants
Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is treated as deferred income and released to the statement of profit and loss over the expected useful lives of the assets concerned.
Mar 31, 2018
A. Property, plant & equipment
a) The cost of an item of property, plant and equipment is recognized as an asset only if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably.
b) Property, plant and equipment are stated at cost net of tax / duty credit availed, less accumulated depreciation and accumulated impairment loss, if any.
c) The initial cost of an asset comprises its purchase price or construction cost (including import duties and non-refundable taxes), any costs directly attributable to bringing the asset into the location and condition necessary for it to be capable of operating in the manner intended by management, the initial estimate of any decommissioning obligation (if any) and the applicable borrowing cost till the asset is ready for its intended use.
d) Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.
e) An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds if any and the carrying amount of the asset) is included in the Statement of Profit and Loss when the asset is derecognised.
f) Direct expenses incurred during construction period on capital projects are capitalised.
g) The company has leasehold land which is a finance lease. The carrying amount representing the fair value (revalued before the date of transition to Ind AS) of the leased land, is recognized under Property, Plant and Equipment and is treated as deemed cost on adoption of Ind AS.
B Depreciation
a) Depreciation on property, plant and equipment (except leasehold land) is provided on the straight line basis, over the useful lives of assets (after retaining the residual value of up to 5%). The useful lives determined are in line with the useful lives as prescribed in the Schedule II of the Act except in case of following assets which are depreciated over their useful life as determined by a Chartered Engineer and Valuer
b) Residual value of building and vehicles is estimated at 5% of the original cost and at nil value for all other assets.
c) Items of property, plant and equipment costing not more than Rs.5,000 each are depreciated at 100 percent in the year in which they are capitalised.
d) Expenditure on major repairs and overhauls which qualify for recognition in the item of Property, Plant and Equipment and which result in additional useful life, is depreciated over the extended useful life of the asset as determined by technical evaluation.
e) Depreciation is charged on additions / deletions on pro-rata monthly basis including the month of addition / deletion.
f) No depreciation is charged on Land taken on lease, since the company has right to renew the lease for indefinite terms.
C Accounting for Leases
At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease and whether it is a finance lease or an operating lease. If substantially all the risks and rewards incidental to ownership of the leased asset are transferred to the Company as lessee the arrangement is treated as a finance lease otherwise it is considered as an operating lease.
D Inventories
Inventories are stated at cost or net realizable value, whichever is lower. Cost of inventories comprises of expenditure incurred in the normal course of business in bringing inventories to their present location, including appropriate overheads apportioned on a reasonable and consistent basis and is determined on the following basis:
a Food and Beverages on weighted average basis.
b. Stores and other operating supplies on weighted average basis.
Obsolete, slow moving, surplus and defective stocks are identified and where necessary, provision is made for such stocks.
E Revenue Recognition
Sale of goods and services: Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods/services have passed to the buyer. Sale value of goods/services is measured at the fair value of the consideration received or receivable, net of returns and applicable trade discounts or rebates.
Interest income is recognised using Effective Interest Rate (EIR) method.
Dividend income is recognized when the right to receive payment is established.
F Employee Benefits
Short term employee benefits are recognized as an expense at an undiscounted amount in the Statement of Profit & Loss for the year/period in which the related services are rendered.
The Company''s post-employment benefit consists of provident fund and gratuity. The Company also provides for leave encashment which is in the nature of long term benefit.
Company''s contributions to provident fund which is a defined benefit plan, are recognised as an expense in the Statement of Profit & Loss for the year/ period in which the services are rendered. The Company''s contribution to the Provident Fund is remitted to government provident fund authority based on a fixed percentage of the eligible employee''s salary and charged to Statement of Profit and Loss.
The Company operates defined benefit plan for Gratuity. The cost of providing such defined benefit is determined using the projected unit credit method of actuarial valuation made at the end of the year. The Company has created an Employees Group Gratuity Fund which has taken a Group Gratuity Assurance Scheme with the Met Life Insurance company
Obligations on leave encashment are provided using the projected unit credit method of actuarial valuation made at the end of the year.
Actuarial gains and losses are recognised in other comprehensive income for gratuity and recognised in the Statement of Profit & Loss for leave encashment.
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.
Past service costs are recognised in profit or loss on the earlier of:
a The date of the plan amendment or curtailment, and
b The date that the Company recognises related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognises the following changes in the net defined benefit obligation as an expense in the statement of profit and loss:
a Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and b Net interest expense or income
G Borrowing costs
Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing costs that are attributable to the acquisition or construction of qualifying assets (i.e. an asset that necessarily takes a substantial period of time to get ready for its intended use) are capitalized as a part of the cost of such assets till the month in which the asset is ready for use. All other borrowing costs are charged to the Statement of Profit & Loss.
H Foreign Currency Transactions Monetary items:
Transactions in foreign currencies are initially recorded at their respective exchange rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at spot rates of exchange at the reporting date.
Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit & Loss.
Non - Monetary items:
Non-monetary items that are measured in terms of historical cost are recorded at the exchange rates at the dates of the initial transactions
I Provisions, Contingent Liabilities and Contingent assets
a) Provisions are recognized when there is a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expenses relating to a provision are recognised in the Statement of Profit & Loss net of any reimbursement.
b) If the effect of time value of money is material, provisions are shown at present value of expenditure expected to be required to settle the obligation, by discounting using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.
c) Contingent liabilities are possible obligations arising from past events and whose existence will only be confirmed by occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company, or present obligations where it is not probable that an outflow of resources will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability. Contingent liabilities are not recognized in the financial statements but are disclosed unless the possibility of an outflow of economic resources is considered remote.
d) Show-cause notices issued by various Government Authorities are not considered as obligation. When the demand notices are raised against such show cause notices and are disputed by the Company, these are classified as disputed obligations.
e) Contingent Assets are not recognised but reviewed at each balance sheet date and disclosure is made in the Notes in respect of possible effects that arise from past events and whose existence is confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company and where inflow of economic benefit is probable.
J Fair Value measurement
a) The Company measures financial instruments at fair value at each balance sheet date.
b) Fair value is the price that would be received on selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Company has access at that date.
c) While measuring the fair value of an asset or liability, the Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure the fair value using observable market data as far as possible and minimising the use of unobservable inputs. Fair values are categorised into 3 levels as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices that are observable for the assets or liability, either directly (i.e. as prices for similar item) or indirectly (i.e. derived from prices)
Level 3: inputs that are not based on observable market data (unobservable inputs)
K Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets
Initial recognition and measurement
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in the following categories Financial Assets at amortised cost
Financial assets at fair value through profit or loss (FVTPL)
Financial Assets at amortised cost
A financial assets is measured at the amortised cost if both the following conditions are met:
a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows, if any, that are solely payments of principal and interest, if applicable (SPPI) on the principal amount outstanding.
After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss. This category generally applies to trade and other receivables.
Financial assets which are considered as receivable on demand at any time, are not discounted on initial recognition and on subsequent measurement.
Financial assets at FVTPL
Any financial asset, which does not meet the criteria for categorization as at amortized cost is classified as at FVTPL.
Equity investments in subsidiaries
Investment in subsidiaries are accounted for at cost in standalone financial statements.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the balance sheet) when:
a) rights to receive cash flows from the asset have expired, or
b) The company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a âpass- through'' arrangement? and either (a) the company has transferred substantially all the risks and rewards of the asset, or (b) the company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the company continues to recognise the transferred asset to the extent of the company''s continuing involvement. In that case, the company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the company could be required to repay.
Financial liabilities
Initial recognition and measurement.
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company''s financial liabilities include trade and other payables, loans and borrowings.
Subsequent measurement
Financial liabilities are measured subsequently at fair value through profit or loss.
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method.
Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.
This category generally applies to borrowings.
Financial liabilities which are considered as repayable on demand at any time, are not discounted on initial recognition and on subsequent measurement.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.
L Classification of Assets and Liabilities as Current and Non-Current:
All assets and liabilities are classified as current if they are expected to be realised / settled within twelve months after the reporting period. All other assets and liabilities are considered as non-current.
M Impairment
Financial Assets
Loss allowance for expected credit losses is recognised for financial assets. The Company recognises life time expected credit losses for all trade receivables that do not constitute a financing transaction. For financial assets whose credit risk has not significantly increased since initial recognition, loss allowance equal to twelve months expected credit losses is recognised. Loss allowance equal to the lifetime expected credit losses is recognised if the credit risk on the financial instruments has significantly increased since initial recognition.
Non-financial Assets
At each Balance Sheet date, an assessment is made of whether there is any indication of impairment. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of the asset''s or Cash-Generating Unit''s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets.
When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
N Taxes on Income Current Tax
Income-tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, by the end of reporting period.
Deferred tax
Deferred tax (both assets and liabilities) is calculated using the balance sheet method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. The amount of deferred tax assets is reviewed at each reporting date.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
Current tax and Deferred Tax items are recognised in correlation to the underlying transaction either in the Statement of Profit & Loss, other comprehensive income or directly in equity.
O Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.
Diluted earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period, adjusted for the effect of all dilutive potential equity shares.
P Cash and Cash equivalents
Cash and cash equivalents include cash at bank, cash, cheques and draft on hand. The Company considers all highly liquid investments with a remaining maturity at the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash equivalents.
Cash Flows
Cash flows are reported using the indirect method, where by net profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities are segregated.
Q Government Grants
Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is treated as deferred income and released to the statement of profit and loss over the expected useful lives of the assets concerned.
Mar 31, 2017
I SYSTEM OF ACCOUNTING
(a) The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis.
The financial statements have been prepared in all material respects in accordance with the accounting standards as specified under section 133 of the Companies Act 2013 read with Rule 7 of the Companies (Accounts) rules, 2014.
(b) Financial statements are prepared on historical cost basis and as a going concern.
II USE OF ESTIMATES
The preparation of financial statements requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Differences between actual results and estimates are recognized in the period in which they materialize.
III FIXED ASSETS AND DEPRECIATION
(a) Fixed Assets
Fixed assets are stated at cost of acquisition including attributable expenses and are stated at cost less depreciation.
(b) Depreciation
Depreciation is charged in the Accounts on straight line method in accordance with the useful life specified in the Companies Act 2013 or the useful life as determined by Chartered Engineerâs report in respect of the following assets:
Building 30 years
Air-conditioning plant, cooking machinery, security and fire fighting equipments 15 years
Furniture, fixtures including interior design 8 years
Residual value of building and vehicles is estimated 5% of the original cost and at Nil value for all other assets.
IV REVENUE RECOGNITION
Revenue is recognized to the extent that it can be reliably measured and is probable that the economic benefit will follow to the company.
(a) Sales : Revenue is recognized on accrual basis. Sales comprise of sale of goods and services and are net of Value Added Tax and Service Tax.
(b) Interest : Revenue is recognized on time proportion basis taking into account the outstanding amount and the applicable rate of interest.
(c) Dividends : Revenue is recognized when the right to receive payment is established.
V INVESTMENTS
The Company''s investments comprise long term and current investments. Long Term investments are stated at cost less permanent diminution, if any, in value. Current investments are stated at lower of cost or market value.
VI INVENTORIES
Inventories are valued at cost. Cost is computed at purchase price and other related expenses incurred in bringing the inventories to their present location and condition.
VII FOREIGN CURRENCY TRANSACTIONS
(a) Transactions in Foreign Currency are recorded at the exchange rates prevailing on the date of Transactions.
(b) Monetary items denominated in foreign currencies (such as cash receivables, payables, etc.) outstanding at the year end, are translated at exchange rate applicable as of that date.
(c) Non-monetary items denominated in foreign currency (such as investments, fixed assets, etc) are valued at the exchange rate prevailing on the date of transaction.
(d) Any gains or losses arising due to exchange differences at the time of translation or settlement are accounted in the Profit & Loss Account, except as indicated in Note B-12 below
VIII BORROWING COSTS
Borrowing costs attributable to acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are recognized as an expense in the period in which they are incurred.
IX EMPLOYEE BENEFITS
(a) Contributions to Provident are made to Employees Provident Fund of the Government and are charged to Profit & Loss Account.
(b) The company has created an Employees'' Group Gratuity Fund which has taken a Group Gratuity Assurance Scheme with the Met Life Insurance Co. Premium charged by the Met Life Insurance Co, based on actuarial valuation is debited to the Profit and Loss account.
(c) Liability towards Leave Encashment Benefit is provided for based on actuarial valuation done at the year end.
X PROVISIONS & CONTINGENCIES
(a) A provision arising out of a present obligation is recognized when it is probable that an outflow of resources will be required to settle the obligation and the amount can be reasonably estimated.
(b) Wherever there is a possible obligation that may, but probably will not require an outflow of resources, the same is disclosed by way of contingent liability.
(c) Show Cause Notices are not considered as Contingent Liabilities unless converted into demand.
XI TAXES ON INCOME
Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income tax Act,1961. Credit in respect of Minimum Alternate Tax paid is recognized only if there is convincing evidence of realization of the same.
Deferred Tax which is computed on the basis of enacted/substantively enacted rates, is recognized, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. 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.
XII IMPAIRMENT OF ASSET
The carrying amount of assets are reviewed at each balance sheet date for indication of any impairment based on internal / external factors. An impairment loss is recognized wherever the carrying amount of the assets exceeds its recoverable amount. Any such impairment loss is recognized by charging it to the profit and loss account. A previously recognized impairment loss is reversed where it no longer exists and the asset is restated to that effect.
XIII LEASES
Assets acquired under finance leases are capitalized at the lower of the fair value of the leased assets at the inception of the lease term and the present value of minimum lease payments. Lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to periods during the lease term at constant periodic rate of interest on the remaining balance of liability.
Operating lease expense is recognized in the Profit and Loss Account on straight line basis over the lease term.
Mar 31, 2016
NOTE â27â
SIGNIFICANT ACCOUNTING POLICIES AND OTHER NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2016.
A. Significant Accounting Policies
I SYSTEM OF ACCOUNTING
(a) The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis.
The financial statements have been prepared in all material respects in accordance with the accounting standards as specified under section 133 of the Companies Act 2013 read with Rule 7 of the Companies (Accounts) rules, 2014.
(b) Financial statements are prepared on historical cost basis and as a going concern.
II USE OF ESTIMATES
The preparation of financial statements requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Differences between actual results and estimates are recognized in the period in which they materialize.
III FIXED ASSETS AND DEPRECIATION
(a) Fixed Assets
Fixed assets are stated at cost of acquisition including attributable expenses and are stated at cost less depreciation.
(b) Depreciation
Depreciation is charged in the Accounts on straight line method in accordance with the useful life specified in the Companies Act 2013 or the useful life as determined by Chartered Engineer''s report in respect of the following assets:
Building 30 years
Air-conditioning plant, cooking machinery, security and fire fighting equipments 15 years
Furniture, fixtures including interior design 8 years
Residual value of building and vehicles is estimated 5% of the original cost and at Nil value for all other assets.
IV REVENUE RECOGNITION
Revenue is recognized to the extent that it can be reliably measured and is probable that the economic benefit will follow to the company.
(a) Sales : Revenue is recognized on accrual basis. Sales comprise of sale of goods and services and are net of Value Added Tax and Service Tax.
(b) Interest : Revenue is recognized on time proportion basis taking into account the outstanding amount and the applicable rate of interest.
(c) Dividends : Revenue is recognized when the right to receive payment is established.
V INVESTMENTS
The Company''s investments comprise long term and current investments. Long Term investments are stated at cost less permanent diminution, if any, in value. Current investments are stated at lower of cost or market value.
VI INVENTORIES
Inventories are valued at cost. Cost is computed at purchase price and other related expenses incurred in bringing the inventories to their present location and condition.
VII FOREIGN CURRENCY TRANSACTIONS
(a) Transactions in Foreign Currency are recorded at the exchange rates prevailing on the date of Transactions.
(b) Monetary items denominated in foreign currencies (such as cash receivables, payables, etc.) outstanding at the year end, are translated at exchange rate applicable as of that date.
(c) Non-monetary items denominated in foreign currency (such as investments, fixed assets, etc) are valued at the exchange rate prevailing on the date of transaction.
(d) Any gains or losses arising due to exchange differences at the time of translation or settlement are accounted in the Profit & Loss Account, except as indicated in Note B-12 below
VIII BORROWING COSTS
Borrowing costs attributable to acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are recognized as an expense in the period in which they are incurred.
IX EMPLOYEE BENEFITS
(a) Contributions to Provident are made to Employees Provident Fund of the Government and are charged to Profit & Loss Account.
(b) The company has created an Employees'' Group Gratuity Fund which has taken a Group Gratuity Assurance Scheme with the Met Life Insurance Co. Premium charged by the Met Life Insurance Co, based on actuarial valuation is debited to the Profit and Loss account.
(c) Liability towards Leave Encashment Benefit is provided for based on actuarial valuation done at the year end.
X PROVISIONS & CONTINGENCIES
(a) A provision arising out of a present obligation is recognized when it is probable that an outflow of resources will be required to settle the obligation and the amount can be reasonably estimated.
(b) Wherever there is a possible obligation that may, but probably will not require an outflow of resources, the same is disclosed by way of contingent liability.
(c) Show Cause Notices are not considered as Contingent Liabilities unless converted into demand.
XI TAXES ON INCOME
Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income tax Act,1961. Credit in respect of Minimum Alternate Tax paid is recognized only if there is convincing evidence of realization of the same.
Deferred Tax which is computed on the basis of enacted/substantively enacted rates, is recognized, on timing differences, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. 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.
XII IMPAIRMENT OF ASSET
The carrying amount of assets are reviewed at each balance sheet date for indication of any impairment based on internal / external factors. An impairment loss is recognized wherever the carrying amount of the assets exceeds its recoverable amount. Any such impairment loss is recognized by charging it to the profit and loss account. A previously recognized impairment loss is reversed where it no longer exists and the asset is restated to that effect.
XIII LEASES
Assets acquired under finance leases are capitalized at the lower of the fair value of the leased assets at the inception of the lease term and the present value of minimum lease payments. Lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to periods during the lease term at constant periodic rate of interest on the remaining balance of liability.
Operating lease expense is recognized in the Profit and Loss Account on straight line basis over the lease term.
B. Other Notes forming part of Financial Statements
1. A. Contingent Liabilities:
(i) Bank Guarantees given to the extent of Rs. 13.61 lacs (previous year Rs. 13.61 lacs).
(ii) During the year the Company has received order in favour from Appellate Tribunal for the assessment year 2008-09.
The Company is hopeful of getting the order in favour from the Appellate Authorities in respect of income tax demand of Rs. 81.20 lacs for the assessment year 2010-11 to 2012-13 since the Company has got the tribunal order in its favour in respect of the similar disallowances / additions to income for the assessment year 2008-09 and accordingly no provision is made for the same in the financial statements.
(iii) In the matter of VAT demand and penalty of Rs. 88 lacs for the year 2010-11, the Appellate Tribunal Delhi has ordered the company to deposit Rs.16 lacs for admission of appeal against which the company has gone for appeal to the High Court, Delhi. The Company is hopeful of getting the order in its favour and hence has not made provision for the same in the financial statements.
(iv) The Company has received Show Cause notice from Service Tax Authorities denying the utilization of input tax credit of one unit against the tax payable of another unit for the years 2009-10 to 2012-13 for an amount of Rs. 101lacs. The company has replied to the Commissioner. The company has been legally advised that they would not result in outflow of the resources, considering various judgments in favour of the Company on similar issue.
B. Capital and Other Commitments
Estimated amount of contracts remaining to be executed on capital account- Rs. 28 lacs - (Previous year NIL)
Note: Commitments which are material and which will result in a penalty disproportionate to the benefits involved, based on the judgment of the management are only disclosed.
2. Retirement benefit
Disclosure pursuant to Accounting Standard -15 (Revised) Employee Benefits:
The Company has classified the various benefits provided to employees as under:
Defined Contribution Plans:
The company has recognized contribution to Provident Fund of Rs.61 lacs in the Profit & Loss Account.
Mar 31, 2014
I SYSTEM OF ACCOUNTING
(a) The Company follows the mercantile system of accounting and
recognises income and expenditure on accrual basis.
The financial statements have been prepared in all material respects in
accordance with the accounting standards as notified in the Companies
(Accounting Standards) Rules, 2006 and relevant provisions of the
Companies Act,1956.
(b) Financial statements are prepared on historical cost basis and as a
going concern.
II USE OF ESTIMATES
The preparation of financial statements requires management to make
certain estimates and assumptions that affect the amounts reported in
the financial statements and notes thereto. Differences between actual
results and estimates are recognized in the period in which they
materialize.
III FIXED ASSETS AND DEPRECIATION
(a) Fixed Assets
Fixed assets are stated at cost of acquisition including attributable
expenses and are stated at cost less depreciation.
(b) Depreciation
Depreciation is charged in the Accounts on straight line method in
accordance with the rates and in the manner specified in Schedule XIV
of the Companies Act, 1956 except as follows:
- License Fee is depreciated at the rate of 25%
- Leased premises are depreciated at the rate of 20%
IV REVENUE RECOGNITION
Revenue is recognized to the extent that it can be reliably measured
and is probable that the economic benefit will follow to the company.
(a) Sales : Revenue is recognized on accrual basis. Sales comprise of
sale of goods and services and are net of Value Added Tax and Service
Tax.
(b) Interest : Revenue is recognized on time proportion basis taking
into account the outstanding amount and the applicable rate of
interest.
(c) Dividends : Revenue is recognized when the right to receive payment
is established.
V INVESTMENTS
The Company''s investments comprise long term and current investments.
Long Term investments are stated at cost less permanent diminution, if
any, in value. Current investments are stated at lower of cost or
market value.
VI INVENTORIES
Inventories are valued at cost. Cost is computed at purchase price and
other related expenses incurred in bringing the inventories to their
present location and condition.
VII FOREIGN CURRENCY TRANSACTIONS
(a) Transactions in Foreign Currency are recorded at the exchange rates
prevailing on the date of Transactions.
(b) Monetary items denominated in foreign currencies (such as cash
receivables, payables, etc.) outstanding at the year end, are
translated at exchange rate applicable as of that date.
(c) Non-monetary items denominated in foreign currency (such as
investments, fixed assets, etc) are valued at the exchange rate
prevailing on the date of transaction.
(d) Any gains or losses arising due to exchange differences at the time
of translation or settlement are accounted in the Profit & Loss
Account, except as indicated in Note B-13 below.
VIII BORROWING COSTS
Borrowing costs attributable to acquisition, construction or production
of a qualifying asset are capitalized as part of the cost of tfiat
asset. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended use. All other borrowing costs
are recognized as an expense in the period in which they are incurred.
IX EMPLOYEE BENEFITS
(a) Contributions to Provident are made to Employees Provident Fund of
the Government and are charged to Profit & Loss Account.
(b) The company has created an Employees'' Group Gratuity Fund which has
taken a Group Gratuity Assurance Scheme with the Met Life Insurance Co.
Premium charged by the Met Life Insurance Co, based on actuarial
valuation is debited to the Profit and Loss account.
(c) Liability towards Leave Encashment Benefit is provided for based on
actuarial valuation done at the year end.
X PROVISIONS & CONTINGENCIES
(a) A provision arising out of a present obligation is recognized when
it is probable that an outflow of resources will be required to settle
the obligation and the amount can be reasonably estimated.
(b) Wherever there is a possible obligation that may, but probably will
not require an outflow of resources, the same is disclosed by way of
contingent liability.
(c) Show Cause Notices are not considered as Contingent Liabilities
unless converted into demand.
XI TAXES ON INCOME
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income tax
Act,1961. Credit in respect of Minimum Alternate Tax paid is recognized
only if there is convincing evidence of realization of the same.
Deferred Tax which is computed on the basis of enacted/substantively
enacted rates, is recognized, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods. 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.
XII IMPAIRMENT OF ASSET
The carrying amount of assets are reviewed at each balance sheet date
for indication of any impairment based on internal / external factors.
An impairment loss is recognized wherever the carrying amount of the
assets exceeds its recoverable amount. Any such impairment loss is
recognized by charging it to the profit and loss account. A previously
recognized impairment loss is reversed where it no longer exists and
the asset is restated to that effect.
XIII LEASES
Assets acquired under finance leases are capitalized at the lower of
the fair value of the leased assets at the inception of the lease term
and the present value of minimum lease payments. Lease payments are
apportioned between the finance charge and the reduction of the
outstanding liability. The finance charge is allocated to periods
during the lease term at constant periodic rate of interest on the
remaining balance of liability.
Operating lease expense is recognized in the Profit and Loss Account on
straight line basis over the lease term. B. Other Notes forming part
of Financial Statements
Mar 31, 2013
I SYSTEM OF ACCOUNTING
(a) The Company follows the mercantile system of accounting and
recognises income and expenditure on accrual basis.
The financial statements have been prepared in all material respects in
accordance with the accounting standards as notified in the Companies
(Accounting Standards) Rules, 2006 and relevant provisions of the
Companies Act,1956.
(b) Financial statements are prepared on historical cost basis and as a
going concern.
II USE OF ESTIMATES
The preparation of financial statements requires management to make
certain estimates and assumptions that affect the amounts reported in
the financial statements and notes thereto. Differences between actual
results and estimates are recognized in the period in which they
materialize.
III FIXED ASSETS AND DEPRECIATION
(a) Fixed Assets
Fixed assets are stated at cost of acquisition including attributable
expenses and are stated at cost less depreciation.
(b) Depreciation
Depreciation is charged in the Accounts on straight line method in
accordance with the rates and in the manner specified in Schedule XIV
of the Companies Act, 1956 except as follows:
- Licence Fee is depreciated at the rate of 25%
- Leased premises are depreciated at the rate of 20%
IV REVENUE RECOGNITION
Revenue is recognized to the extent that it can be reliably measured
and is probable that the economic benefit will follow to the company.
(a) Sales : Revenue is recognized on accrual basis. Sales comprise of
sale of goods and services and are net of Value Added Tax and Service
Tax.
(b) Interest : Revenue is recognized on time proportion basis taking
into account the outstanding amount and the applicable rate of
interest.
(c) Dividends : Revenue is recognized when the right to receive payment
is established.
V INVESTMENTS
The Company''s investments comprise long term and current investments.
Long Term investments are stated at cost less permanent diminution, if
any, in value. Current investments are stated at lower of cost or
market value.
VI INVENTORIES
Inventories are valued at cost. Cost is computed at purchase price and
other related expenses incurred in bringing the inventories to their
present location and condition.
VII FOREIGN CURRENCY TRANSACTIONS
(a) Transactions in Foreign Currency are recorded at the exchange rates
prevailing on the date of Transactions.
(b) Monetary items denominated in foreign currencies (such as cash
receivables, payables, etc.) outstanding at the year end, are
translated at exchange rate applicable as of that date.
(c) Non-monetary items denominated in foreign currency (such as
investments, fixed assets, etc) are valued at the exchange rate
prevailing on the date of transaction.
(d) Any gains or losses arising due to exchange differences at the time
of translation or settlement are accounted in the Profit & Loss
Account, except as indicated in Note B-13 below.
VIII BORROWING COSTS
Borrowing costs attributable to acquisition, construction or production
of a qualifying asset are capitalized as part of the cost of that
asset. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended use. All other borrowing costs
are recognized as an expense in the period in which they are incurred.
IX EMPLOYEE BENEFITS
(a) Contributions to Provident are made to Employees Provident Fund of
the Government and are charged to Profit & Loss Account.
(b) The company has created an Employees'' Group Gratuity Fund which
has taken a Group Gratuity Assurance Scheme with the Met Life Insurance
Co. Premium charged by the Met Life Insurance Co, based on actuarial
valuation is debited to the Profit and Loss account.
(c) Liability towards Leave Encashment Benefit is provided for based on
actuarial valuation done at the year end.
X PROVISIONS & CONTINGENCIES
(a) A provision arising out of a present obligation is recognized when
it is probable that an outflow of resources will be required to settle
the obligation and the amount can be reasonably estimated.
(b) Wherever there is a possible obligation that may, but probably will
not require an outflow of resources, the same is disclosed by way of
contingent liability.
(c) Show Cause Notices are not considered as Contingent Liabilities
unless converted into demand.
XI TAXES ON INCOME
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income tax
Act,1961. Credit in respect of Minimum Alternate Tax paid is recognized
only if there is convincing evidence of realization of the same.
Deferred Tax which is computed on the basis of enacted/substantively
enacted rates, is recognized, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods. 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.
XII IMPAIRMENT OF ASSET
The carrying amount of assets are reviewed at each balance sheet date
for indication of any impairment based on internal / external factors.
An impairment loss is recognized wherever the carrying amount of the
assets exceeds its recoverable amount. Any such impairment loss is
recognized by charging it to the profit and loss account. A previously
recognized impairment loss is reversed where it no longer exists and
the asset is restated to that effect.
XIII LEASES
Assets acquired under finance leases are capitalized at the lower of
the fair value of the leased assets at the inception of the lease term
and the present value of minimum lease payments. Lease payments are
apportioned between the finance charge and the reduction of the
outstanding liability. The finance charge is allocated to periods
during the lease term at constant periodic rate of interest on the
remaining balance of liability.
Operating lease expense is recognized in the Profit and Loss Account on
straight line basis over the lease term.
Mar 31, 2012
I SYSTEM OF ACCOUNTING
(a) The Company follows the mercantile system of accounting and
recognises income and expenditure on accrual basis.
The financial statements have been prepared in all material respects in
accordance with the accounting standards as notified in the Companies
(Accounting Standards) Rules, 2006 and relevant provisions of the
Companies Act, 1956.
(b) Financial statements are prepared on historical cost basis and as a
going concern.
II USE OF ESTIMATES
The preparation of financial statements requires management to make
certain estimates and assumptions that affect the amounts reported in
the financial statements and notes thereto. Differences between actual
results and estimates are recognized in the period in which they
materialize.
III FIXED ASSETS AND DEPRECIATION
(a) Fixed Assets
Fixed assets are stated at cost of acquisition including attributable
expenses and are stated at cost less depreciation.
(b) Depreciation
Depreciation is charged in the Accounts on straight line method in
accordance with the rates and in the manner specified in Schedule XIV
of the Companies Act, 1956 except as follows:
- Licence Fee is depreciated at the rate of 25%
- Leased premises are depreciated at the rate of 20%
IV REVENUE RECOGNITION
Revenue is recognized to the extent that it can be reliably measured
and is probable that the economic benefit will follow to the company.
(a) Sales : Revenue is recognized on accrual basis. Sales comprise of
sale of goods and services and are net of Value Added Tax and Service
Tax.
(b) Interest : Revenue is recognized on time proportion basis taking
into account the outstanding amount and the applicable rate of
interest.
(c) Dividends : Revenue is recognized when the right to receive payment
is established.
V INVESTMENTS
The Company's investments comprise long term and current investments.
Long Term investments are stated at cost less permanent diminution, if
any, in value. Current investments are stated at lower of cost or
market value.
VI INVENTORIES
Inventories are valued at cost. Cost is computed at purchase price and
other related expenses incurred in bringing the inventories to their
present location and condition.
VII FOREIGN CURRENCY TRANSACTIONS
(a) Transactions in Foreign Currency are recorded at the exchange rates
prevailing on the date of Transactions.
(b) Monetary items denominated in foreign currencies (such as cash
receivables , payables, etc.) outstanding at the year end, are
translated at exchange rate applicable as of that date.
(c) Non-monetary items denominated in foreign currency (such as
investments, fixed assets, etc) are valued at the exchange rate
prevailing on the date of transaction.
(d) Any gains or losses arising due to exchange differences at the time
of translation or settlement are accounted in the Profit & Loss
Account, except as indicated in Note B-13 below.
VIII BORROWING COSTS
Borrowing costs attributable to acquisition, construction or production
of a qualifying asset are capitalized as part of the cost of that
asset. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended use. All other borrowing costs
are recognized as an expense in the period in which they are incurred
IX EMPLOYEE BENEFITS
(a) Contributions to Provident Fund are made to Employees Provident
Fund of the Government and are charged to Profit & Loss Account.
(b) The company has created an Employees' Group Gratuity Fund which
has taken a Group Gratuity Assurance Scheme with the Met Life Insurance
Co. Premium charged by the Met Life Insurance Co, based on actuarial
valuation is debited to the Profit and Loss account.
(c) Liability towards Leave Encashment Benefit is provided for based on
actuarial valuation done at the year end.
X PROVISIONS & CONTINGENCIES
(a) A provision arising out of a present obligation is recognized when
it is probable that an outflow of resources will be required to settle
the obligation and the amount can be reasonably estimated.
(b) Wherever there is a possible obligation that may, but probably will
not require an outflow of resources, the same is disclosed by way of
contingent liability.
(c) Show Cause Notices are not considered as Contingent Liabilities
unless converted into demand.
XI TAXES ON INCOME
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income tax
Act, 1961. Credit in respect of Minimum Alternate Tax paid is
recognized only if there is convincing evidence of realization of the
same.
Deferred Tax which is computed on the basis of enacted/substantively
enacted rates, is recognized, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods. 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.
XII IMPAIRMENT OF ASSET
The carrying amount of assets are reviewed at each balance sheet date
for indication of any impairment based on internal / external factors.
An impairment loss is recognized wherever the carrying amount of the
assets exceeds its recoverable amount. Any such impairment loss is
recognized by charging it to the profit and loss account. A previously
recognized impairment loss is reversed where it no longer exists and
the asset is restated to that effect.
XIII LEASES
Assets acquired under finance leases are capitalized at the lower of
the fair value of the leased assets at the inception of the lease term
and the present value of minimum lease payments. Lease payments are
apportioned between the finance charge and the reduction of the
outstanding liability. The finance charge is allocated to periods
during the lease term at constant periodic rate of interest on the
remaining balance of liability.
Operating lease expense is recognized in the Profit and Loss Account on
straight line basis over the lease term.
Mar 31, 2011
SYSTEM OF ACCOUNTING
(a) The Company follows the mercantile system of accounting and
recognises income and expenditure on accrual basis.
The financial statements have been prepared in all material respects
with accounting standards as notified in the Companies (Accounting
Standards) Rules, 2006 and relevant provisions of the Companies Act,
1956.
(b) Financial statements are prepared on historical cost basis and as a
going concern.
II USE OF ESTIMATES
The preparation of financial statements requires management to make
certain estimates and assumptions that affect the amounts reported in
the financial statements and notes thereto. Differences between actual
results and estimates are recognized in the period in which they
materialize.
III FIXED ASSETS AND DEPRECIATION
(a) Fixed Assets
Fixed assets are stated at cost of acquisition including attributable
expenses and are stated at cost less depreciation.
(b) Depreciation
Depreciation is charged in the Accounts on straight line method in
accordance with the rates and in the manner specified in Schedule XIV
of the Companies Act, 1956 except as follows:
- Licence Fee is depreciated at the rate of 25%
- Leased premises are depreciated at the rate of 20%
IV REVENUE RECOGNITION
Revenue is recognized to the extent that it can be reliably measured
and is probable that the economic benefit will follow to the company.
(a) Sales : Revenue is recognized on accrual basis. Sales comprise of
sale of goods and services and are net of Value Added Tax and Service
Tax.
(b) Interest : Revenue is recognized on time proportion basis taking
into account the outstanding amount and the applicable rate of
interest.
(c) Dividends : Revenue is recognized when the right to receive payment
is established.
V INVESTMENTS
The Companys investments comprise long term and current investments.
Long Term investments are stated at cost less permanent diminution, if
any, in value. Current investments are stated at lower of cost or
market value.
VI INVENTORIES
Inventories are valued at cost. Cost is computed at purchase price and
other related expenses incurred in bringing the inventories to their
present location and condition.
VII FOREIGN CURRENCY TRANSACTIONS
(a) Transactions in Foreign Currency are recorded at the exchange rates
prevailing on the date of Transactions.
(b) Monetary items denominated in foreign currencies (such as cash
receivables , payables, etc.) outstanding at the year end, are
translated at exchange rate applicable as of that date.
(c) Non-monetary items denominated in foreign currency (such as
investments, fixed assets, etc) are valued at the exchange rate
prevailing on the date of transaction.
(d) Any gains or losses arising due to exchange differences at the time
of translation or settlement are accounted in the Profit & Loss
Account, except as indicated in Note 4 below.
VIII BORROWING COSTS
Borrowing costs attributable to acquisition, construction or production
of a qualifying asset are capitalized as part of the cost of that
asset. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended use. All other borrowing costs
are recognized as an expense in the period in which they are incurred
IX EMPLOYEE BENEFITS
(a) Contributions to Provident Fund are made to Employees Provident
Fund of the Government and are charged to Profit & Loss Account.
(b) The company has created an Employees Group Gratuity Fund which has
taken a Group Gratuity Assurance Scheme with the Met Life Insurance Co.
Premium charged by the Met Life Insurance Co, based on actuarial
valuation is debited to the Profit and Loss account.
(c) Liability towards Leave Encashment Benefit is provided for based on
actuarial valuation done at the year end.
X PROVISIONS & CONTINGENCIES
(a) A provision arising out of a present obligation is recognized when
it is probable that an outflow of resources will be required to settle
the obligation and the amount can be reasonably estimated.
(b) Wherever there is a possible obligation that may, but probably will
not require an outflow of resources, the same is disclosed by way of
contingent liability.
(c) Show Cause Notices are not considered as Contingent Liabilities
unless converted into demand.
XI TAXES ON INCOME
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income tax
Act,1961. Credit in respect of Minimum Alternate Tax paid is recognized
only if there is convincing evidence of realization of the same.
Deferred Tax which is computed on the basis of enacted/substantively
enacted rates, is recognized, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods. 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.
XII IMPAIRMENT OF ASSET
The carrying amount of assets are reviewed at each balance sheet date
for indication of any impairment based on internal / external factors.
An impairment loss is recognized wherever the carrying amount of the
assets exceeds its recoverable amount. Any such impairment loss is
recognized by charging it to the profit and loss account. A previously
recognized impairment loss is reversed where it no longer exists and
the asset is restated to that effect.
XIII LEASES
Assets acquired under finance leases are capitalized at the lower of
the fair value of the leased assets at the inception of the lease term
and the present value of minimum lease payments. Lease payments are
apportioned between the finance charge and the reduction of the
outstanding liability. The finance charge is allocated to periods
during the lease term at constant periodic rate of interest on the
remaining balance of liability.
Operating lease expense is recognized in the Profit and Loss Account on
straight line basis over the lease term.
Mar 31, 2010
I SYSTEM OF ACCOUNTING
(a) The Company follows the mercantile system of accounting and
recognises income and expenditure on accrual basis.
The financial statements have been prepared in all material respects
with accounting standards as notified in the Companies (Accounting
Standards) Rules, 2006 and relevant provisions of the Companies
Act,1956.
(b) Financial statements are prepared on historical cost basis and as a
going concern.
II USE OF ESTIMATES
The preparation of financial statements requires management to make
certain estimates and assumptions that affect the amounts reported in
the financial statements and notes thereto. Differences between actual
results and estimates are recognized in the period in which they
materialize.
III FIXED ASSETS AND DEPRECIATION
(a) Fixed Assets
Fixed assets are stated at cost of acquisition including attributable
expenses and are stated at cost less depreciation.
(b) Depreciation
Depreciation is charged in the Accounts on straight line method in
accordance with the rates and in the manner specified in Schedule XIV
of the Companies Act, 1956 except as follows:
- Licence Fee is depreciated at the rate of 25%
- Leased premises are depreciated at the rate of 20%
IV REVENUE RECOGNITION
Revenue is recognized to the extent that it can be reliably measured
and is probable that the economic benefit will follow to the company.
(a) Sales: Revenue is recognized on accrual basis. Sales comprise of
sale of goods and services and are net of Value Added Tax and Service
Tax.
(b) Interest : Revenue is recognized on time proportion basis taking
into account the outstanding amount and the applicable rate of interest
(c) Dividends : Revenue is recognized when the right to receive payment
is established.
V INVESTMENTS
The Companys investments comprise long term and current investments.
Long Term investments are stated at cost less permanent diminution, if
any, in value. Current investments are stated at lower of cost or
market value.
VI INVENTORIES
Inventories are valued at cost. Cost is computed at purchase price and
other related expenses incurred in bringing the inventories to their
present location and condition.
VIII BORROWING COSTS
Borrowing costs attributable to acquisition, construction or production
of a qualifying asset are capitalized as part of the cost of that
asset. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended use.
IX EMPLOYEE BENEFITS
(a) Contributions to Provident are made to Employees Provident Fund of
the Government and are charged to Profit & Loss Account.
(b) The company has created an Employees Group Gratuity Fund which has
taken a Group Gratuity Assurance Scheme with the Met Life Insurance Co.
Premium charged by the Met Life Insurance Co, based on actuarial
valuation is debited to the Profit and Loss account.
(c) Liability towards Leave Encashment Benefit is provided for based on
actuarial valuation done at the year end.
X PROVISIONS & CONTINGENCIES
(a) A provision arising out of a present obligation is recognized when
it is probable that an outflow of resources will be required to settle
the obligation and the amount can be reasonably estimated.
(b) Wherever there is a possible obligation that may, but probably will
not require an outflow of resources, the same is disclosed by way of
contingent liability.
(c) Show Cause Notices are not considered as Contingent Liabilities
unless converted into demand.
XI TAXES ON INCOME
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income tax
Act,1961. Credit in respect of Minimum Alternate Tax paid is recognized
only if there is convincing evidence of realization of the same.
Deferred Tax which is computed on the basis of enacted/substantively
enacted rates, is recognized, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods. 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.
XII IMPAIRMENT OF ASSET
The carrying amount of assets are reviewed at each balance sheet date
for indication of any impairment based on internal/external factors. An
impairment loss is recognized wherever the carrying amount of the
assets exceeds its recoverable amount. Any such impairment loss is
recognized by charging it to the profit and loss account. A previously
recognized impairment loss is reversed where it no longer exists and
the asset is restated to that effect.
XIII LEASES
Assets acquired under finance leases are capitalized at the lower of
the fair value of the leased assets at the inception of the lease term
and the present value of minimum lease payments. Lease payments are
apportioned between the finance charge and the reduction of the
outstanding liability. The finance charge is allocated to periods
during the lease term at constant periodic rate of interest on the
remaining balance of liability.
Operating lease expense is recognized in the Profit and Loss Account on
straight line basis over the lease term.
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