Mar 31, 2014
Inani Securities Limited, a company incorporated in the year 1994 under
Companies Act, 1956, is listed on Bombay Sock Exchange. The company
commenced its operations as an independent provider of information
analysis and research covering Indian businesses, financial markets and
economy to institutional clients. Over a period, Inani Securities Ltd
expanded its service offerings in the financial services space
providing equity/ currency in NSE/BSE and MCX-SX, Depository
Participant services, portfolio management services and distribution of
Mutual Funds and bonds etc., The Company has its presence in the states
of Telangana and Maharashtra. The Company is one of the oldest and
reliable players in the Indian Financial service space.
The accompanying financial statements are prepared under the historical
cost convention in accordance with the Indian Generally Accepted
Accounting Principles ("GAAP") comprising the mandatory accounting
standards issued by the Institute of Chartered Accountants of India and
the provisions of the Companies Act, 1956, on accrual basis. These
accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted by the company.
All assets and liabilities have been classified as current or
noncurrent as per the Company''s normal operating cycle and other
criteria set out in the Schedule VI to the companies Act, 1956.
The presentation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognized in the period in
which the results are known/materialized.
All Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. Cost is inclusive of freight, installation cost, duties,
taxes and other direct incidental expenses.
Subsequent expenditure relating to an item of fixed asset are added to
its book value only if they increase the future benefits from the
existing asset beyond its previously assessed standard of performance.
Intangible assets are stated at cost of acquisition, net of accumulated
amortization and accumulated impairment loss if any. Intangible assets
are amortised on straight line basis over their estimated useful lives.
Capital Work-in-progress is carried at cost, comprising direct cost and
related incidental expenses.
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment based on internal/external factors. An
impairment loss is recognized wherever the carrying amount of an asset
materially exceeds its recoverable amount. The recoverable amount is
the greater of the assets net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
Depreciation has been provided on straight line method on pro-rata
basis at the rates prescribed in Schedule XIV of the Companies Act,
1956.
Stocks of Shares are valued at lower of Cost or Estimated Net
realisable Value.
Estimated Net Realisable Value: In case realisable value is not
ascertainable due to non-availability of Quotation in the Stock
Markets, the value of such Shares is adopted at Re.1.00 per Share.
Cost: In case, Cost is not ascertainable due to non availability of lot
details and its cost, the cost of such shares are adopted at previous
year value.
Unquoted Investments: In the opinion of the management Investment in
the Unquoted Investment in Associates and other Companies are of Long
Term nature meant to be held permanently and any diminution in the
latest available book value as compared to the cost of such shares is
considered temporary by the management and hence not provided (not
ascertained).
Revenue is recognized to the extent it is probable that the economic
benefits will flow to the company and the revenue can be reliably
measured.
a. Brokerage income earned on Secondary market operations is accounted
(inclusive method) on trade dates.
b. Depository & related income is accounted on accrual basis.
x. Other Income:
a. Interest income is recognized on time proportion basis taking into
account the amount outstanding and the rate applicable.
b. Dividend income is recognized when right to receive dividend is
established.
Employee Benefits such as salaries, allowances, Provident fund and
non-monetary benefits which fall due for payment within a period of
twelve months after rendering of services, are charged as expense to
the Statement of profit and loss in the period in which the service is
rendered.
Employee Benefits under defined benefit plans, such as gratuity which
falls due for payment after a period of twelve months from rendering
services or after completion of employment, are measured by projected
unit credit method, on the basis of actuarial valuations carried out by
third party actuaries at each balance sheet date. The Company''s
obligation recognized in the balance sheet represents the present value
of obligations as reduced by the fair value of plan assets, where
applicable. Actuarial Gains and losses are recognized immediately in
the Statement of Profit and Loss .
Termination benefits in the nature of voluntary retirement benefits are
recognized in the statement of profit and loss as and when incurred.
Tax expenses comprise current and deferred. Current Tax is measured at
the amount expected to be paid to the tax authorities in accordance
with the Indian Income Tax Act, 1961. Provision for current tax is made
on the basis of Taxable Income of the Current Accounting Year in
accordance with Income Tax Act, 1961.
Deferred Tax is recognized for all the timing differences. The Company
is providing and recognizing deferred tax on timing differences between
taxable income and accounting income subject to consideration of
prudence.
Current tax assets and current tax liabilities are offset when there is
a legally enforceable right to set off the recognized amounts and there
is an intention to settle the asset and liability on a net basis.
Deferred tax assets and deferred tax liability are offset when there is
legally enforceable right to set off assets against liabilities
representing current tax and where the deferred tax assets and the
deferred tax liabilities relate to taxes on income levied by the same
governing taxation laws.
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation.
A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may, but probably will
not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
In determining Earnings per share, the company considers the net profit
after tax and includes the post tax effect of any extra ordinary items.
The number of shares used in computing basic earnings per share is the
weighted average number of shares outstanding during the period.
3.1 During the year there was no fresh issue of equity shares, hence
balance at the begining of the year and at the end of the year remains
the same i.e. 50,21,900 shares.
3.2 Details of shares held by shareholders holding more than 5% of the
aggregate shares in the company.
5.1 The Company has obtained a term loan of Rs. 1,03,81,294/- from
ICICI Bank for purchase of Flat at Bangalore in the last year, it is
secured by mortagage of Flat which is repayable in 180 months 11% of
ROI
5.2 Deposits includes deposits received from clients as security
deposits for their trades.
7.1 Working capital loan from HDFC bank is secured aganist pledge of
equity shares belonging to the directors, relatives & associated
concerns and aganist mortagage of FDR worth Rs. 2.30 Crores.
8.1 As confirmed by the management, there are no dues above Rs. 1.00
Lakh outstanding for more than 45 days to Micro and Small Scale
Undertakings.
9.1 Other Payable includes Statutory Dues and outstanding Liabilities
Mar 31, 2013
I. Basis of preparation of financial statements:
The accompanying financial statements are prepared under the historical
cost convention in accordance with the Indian Generally Accepted
Accounting Principles ("GAAP") comprising the mandatory accounting
standards issued by the Institute of Chartered Accountants of India and
the provisions of the Companies Act, 1956, on accrual basis. These
accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted by the company.
All assets and liabilities have been classified as current or
noncurrent as per the Company''s normal operating cycle and other
criteria set out in the Schedule VI to the companies Act, 1956.
II. Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognized in the period in
which the results are known/materialized.
III. Fixed Assets:
All Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. Cost is inclusive of freight, installation cost, duties,
taxes and other direct incidental expenses.
Subsequent expenditure relating to an item of fixed asset are added to
its book value only if they increase the future benefits from the
existing asset beyond its previously assessed standard of performance.
Intangible assets are stated at cost of acquisition, net of accumulated
amortization and accumulated impairment loss if any. Intangible assets
are amortised on straight line basis over their estimated useful lives.
IV. Capital Work-in-progress
Capital Work-in-progress is carried at cost, comprising direct cost and
related incidental expenses.
V. Impairment:
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment based on internal/external factors. An
impairment loss is recognized wherever the carrying amount of an asset
materially exceeds its recoverable amount. The recoverable amount is
the greater of the assets net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
VI. Depreciation:
Depreciation has been provided on straight line method on pro-rata
basis at the rates prescribed in Schedule XIV of the Companies Act,
1956.
VII. Inventories:
Stocks of Shares are valued at lower of Cost or Estimated Net
realisable Value.
Estimated Net Realisable Value: In case realisable value is not
ascertainable due to non-availability of Quotation in the Stock
Markets, the value of such Shares is adopted at Rs.1.00 per Share.
Cost: In case, Cost is not ascertainable due to non availability of lot
details and its cost, the cost of such shares are adopted at previous
year value.
VIII. Investments:
Unquoted Investments: In the opinion of the management Investment in
the Unquoted Investment in Associates and other Companies are of Long
Term nature meant to be held permanently and any diminution in the
latest available book value as compared to the §ost of such shares is
considered temporary by the management and hence not provided (not
ascertained).
IX. Revenue Recognition :
Revenue is recognized to the extent it is probable that the economic
benefits will flow to the company and the revenue can be reliably
measured.
a. Brokerage income earned on Secondary market operations is accounted
(inclusive method) on trade dates.
b. Depository & related income is accounted on accrual basis.
X. Other Income:
a. Interest income is recognized on time proportion basis taking into
account the amount outstanding and the rate applicable.
b. Dividend income is recognized when right to receive dividend is
established.
XI. Employee Benefits :
a) Short term employee benefits:
Employee Benefits such as salaries, allowances, Provident fund and
non-monetary benefits which fall due for payment within a period of
twelve months after rendering of services, are charged as expense to
the profit and loss account in the period in which the service is
rendered.
b) Post- employment benefits :
Employee Benefits under defined benefit plans, such as gratuity which
falls due for payment after a period of twelve months from rendering
services or after completion of employment, are measured by projected
unit credit method, on the basis of actuarial valuations carried out by
third party actuaries at each balance sheet date. The Company''s
obligation recognized in the balance sheet represents the present value
of obligations as reduced by the fair value of plan assets, where
applicable. Actuarial Gains and losses are recognized immediately in
the statement of Profit and Loss.
c) Termination benefits:
Termination benefits in the nature of voluntary retirement benefits are
recognized in the statement of profit and loss as and when incurred.
XII. Taxation :
Tax expenses comprises of current, and deferred. Current Tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act, 1961. Provision for current
tax is made on the basis of Taxable Income of the Current Accounting
Year in accordance with Income Tax Act, 1961.
Deferred Tax is recognized for all the timing differences. The Company
is providing and recognizing deferred tax on timing differences between
taxable income and accounting income subject to consideration of
prudence.
Current tax assets and current tax liabilities are offset when there is
a legally enforceable right to set off the recognized amounts and there
is an intention to settle the asset and liability on a net basis.
Deferred tax assets and deferred tax liability are offset when there is
legally enforceable right to set off assets against liabilities
representing current tax and where the deferred tax assets and the
deferred tax liabilities relate to taxes on income levied by the same
governing taxation laws.
XIII. Provisions and Contingent Liabilities:
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation.
A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may, but probably will
not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
XIV. Earnings per share:
In determining Earnings per share, the company considers the net profit
after tax and includes the post tax effect of any extra ordinary items.
The number of shares used in computing basic earnings per share is the
weighted average number of shares outstanding during the period.
Mar 31, 2012
I. Basis of preparation of financial statements:
The accompanying financial statements are prepared under the historical
cost convention in accordance with the Indian Generally Accepted
Accounting Principles (GAAP) comprising the mandatory accounting
standards issued by the Institute of Chartered Accountants of India and
the provisions of the Companies Act, 1956, on accrual basis. These
accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted by the company.
All assets and liabilities have been classified as current or
noncurrent as per the Company's normal operating cycle and other
criteria set out in the Schedule VI to the Companies Act, 1956.
ii. Use of Estimates:
The presentation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognized in the period in
which the results are known/materialized.
iii. Fixed Assets :
All Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. Cost is inclusive of freight, installation cost, duties,
taxes and other direct incidental expenses.
Subsequent expenditure relating to an item of fixed asset are added to
its book value only if they increase the future benefits from the
existing asset beyond its previously assessed standard of performance.
Intangible assets are stated at cost of acquisition, net of accumulated
amortization and accumulated impairment loss if any. Intangible assets
are amortised on straight line basis over their estimated useful lives.
iv. Capital Work-in-progress
Capital Work-in-progress is carried at cost, comprising direct cost and
related incidental expenses.
v. Impairment:
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment based on internal/external factors. An
impairment loss is recognized wherever the carrying amount of an asset
materially exceeds its recoverable amount. The recoverable amount is
greater of assets net selling price and value in use. In assessing
value in use, the estimated future cash flows are discounted to their
present value at the weighted average cost of capital.
vi. Depreciation:
Depreciation has been provided on straight line method on pro-rata
basis at the rates prescribed in Schedule XIV of the Companies Act,
1956.
vii. Inventories:
Stocks of Shares are valued at lower of Cost or Estimated Net
Realisable Value.
Estimated Net Realisable Value: In case realisable value is not
ascertainable due to non- availability of Quotation in the Stock
Markets, the value of such Shares is adopted at Rs.1.00 per Share.
Cost: In case, Cost is not ascertainable due to non availability of lot
details and its cost, the cost of such shares are adopted at previous
year value.
viii. Investments:
Unquoted Investments: In the opinion of the management Investment in
the Unquoted Investment in Associates and other Companies are of Long
Term nature meant to be held permanently and any diminution in the
latest available book value as compared to the cost of such shares is
considered temporary by the management and hence not provided (not
ascertained).
ix. Revenue Recognition :
Brokerage income earned on Secondary market operations is accounted
(inclusive method) on trade dates.
Depository & related income is accounted (inclusive method) on accrual
basis.
x. Other Income:
Interest income is recognized on time proportion basis taking into
account the amount outstanding and the rate applicable.
Dividend income is recognized when right to receive dividend is
established.
xi. Employee Benefits :
a) Short term employee benefits :
Employee Benefits such as salaries, allowances, provident fund and
non-monetary benefits which fall due for payment within a period of
twelve months after rendering of services, are charged as expense to
the statement of profit and loss in the period in which the service is
rendered.
b) Post- employment benefits :
Employee Benefits under defined benefit plans, such as gratuity which
falls due for payment after a period of twelve months from rendering
services or after completion of employment, are measured by projected
unit credit method, on the basis of actuarial valuations carried out by
third party actuaries at each balance sheet date. The Company's
obligation recognized in the balance sheet represents the present value
of obligations as reduced by the fair value of plan assets, where
applicable.
Actuarial Gains and losses are recognized immediately in the Profit and
Loss Statement.
c) Termination benefits:
Termination benefits in the nature of voluntary retirement benefits are
recognized in the statement of profit and loss as and when incurred.
Xii. Taxation :
Tax expenses comprises of current and deferred. Current Tax is measured
at the amount expected to be paid to the tax authorities in accordance
with the Indian Income Tax Act, 1961. Provision for current tax is made
on the basis of Taxable Income of the current accounting year in
accordance with Income Tax Act, 1961.
Deferred Tax is recognized for all the timing differences. The Company
is providing and recognizing deferred tax on timing differences between
taxable income and accounting income subject to consideration of
prudence.
Current tax assets and current tax liabilities are offset when there is
a legally enforceable right to set off the recognized amounts and there
is an intention to settle the asset and liability on a net basis.
Deferred tax assets and deferred tax liability are offset when there is
legally enforceable right to set off assets against liabilities
representing current tax and where the deferred tax assets and the
deferred tax liabilities relate to taxes on income levied by the same
governing taxation laws.
Xiii. Provisions and Contingent Liabilities:
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation.
A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may, but probably will
not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
Xiv. Earnings per share:
In determining Earnings per share, the company considers the net profit
after tax and includes the post tax effect of any extra ordinary items.
The number of shares used in computing basic earnings per share is the
weighted average number of shares outstanding during the period.
Mar 31, 2011
1) Basis of preparation of financial statements :
The accompanying financial statements are prepared under the historical
cost convention in accordance with the Indian Generally Accepted
Accounting Principles ("GAAP") comprising the mandatory accounting
standards issued by the Institute of Chartered Accountants of India and
the provisions of the Companies Act, 1956, on accrual basis. These
accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted by the company.
2) Use of Estimates :
The presentation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognized in the period in
which the results are known/materialised.
3) Fixed Assets :
All Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. Cost is inclusive of freight, installation cost, duties,
taxes and other direct incidental expenses.
4) Capital Work-in-progress
Capital Work-in-progress is carried at cost, comprising direct cost and
related incidental expenses.
5) Impairment:
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment based on internal/external factors. An
impairment loss is recognized wherever the carrying amount of an asset
materially exceeds its recoverable amount. The recoverable amount is
the greater of the assets net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
6) Depreciation :
Depreciation has been provided on straight line method on pro-rata
basis at the rates prescribed in Schedule XIV of the Companies Act,
1956.
7) Inventories:
Stock of Shares is valued at lower of Cost or Estimated Net realisable
Value.
Estimated Net Realisable Value: In case realisable value is not
ascertainable due to non-availability of Quotation in the Stock
Markets, the value of such Shares are adopted at Rs.1.00 per Share.
Cost: In case, Cost is not ascertainable due to non availability of lot
details and its cost, the cost of such shares are adopted at previous
year value.
8) Investments : Unquoted Investments: In the opinion of the management
Investment in the Unquoted Investment in Associates and other Companies
are of Long Term nature meant o be held permanently and any diminution
in the latest available book value as compared to the cost of such
shares is considered temporary by the management and hence not provided
(not ascertained).
9) Revenue Recognition :
Brokerage income earned on Secondary market operations is accounted
(inclusive method) on trade dates. Depository & related income is
accounted (inclusive method) on accurual basis.
10) Employee Benefits :
a) Short term employee benefits :
Employee Benfits such as salaries, allowances, and non-monetary
benefits which fall due for payment within a period of twelve months
after rendering of services, are charged as expense to the profit and
loss account in the period in which the service is rendered.
b) Post-employment benefits :
Employee Benefits under defined benefit plans, such as gratuity which
falls due for payment after a period of twelve months from rendering
services or after completion of employement ,are measured by projected
unit credit method, on the basis of actuarial valuations carried out by
third party actuaries at each balance sheet date. The Companys
obligation recognized in the balance sheet represents the present value
of obligation as reduced by the fair value of plan assets where
applicable.
Actuarial Gains and losses are recognized immediately in the Profit and
Loss Account.
11) Taxation :
Tax expenses comprises of current and deferred. Current Income Tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act, 1961.
Provision for current tax is made on the basis of Taxable Income of the
Current Accounting Year in accordance with Income Tax Act, 1961. The
Company is providing and recognizing deferred tax on timing differences
between taxable income and accounting income subject to consideration
of prudence.
12) Provisions and Contingent Liabilities :
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
13) Earnings per share :
In determining Earnings per share, the company considers the net profit
after tax and includes the post tax effect of any extra ordinary items.
The number of shares used in computing basic earnings per share is the
weighted average number of shares outstanding during the period.
Mar 31, 2010
1) Basis of preparation of financial statements :
The accompanying financial statements are prepared under the historical
cost convention in accordance with the Indian Generally Accepted
Accounting Principles ("GAAP") comprising the mandatory accounting
standards issued by the Institute of Chartered Accountants of India and
the provisions of the Companies Act, 1956, on accrual basis. These
accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted by the company.
2) Use of Estimates :
The presentation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognized in the period in
which the results are known/materialised.
3) Fixed Assets :
All Fixed Assets are stated at cost of acquisition, less accumulated
depreciation. Cost is inclusive of freight, installation cost, duties,
taxes and other direct incidental expenses.
4) Capital Work-in-progress
Capital Work-in-progress is carried at cost, comprising direct cost and
related incidental expenses.
5) Impairment :
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment based on internal/external factors. An
impairment loss is recognized wherever the carrying amount of an asset
materially exceeds its recoverable amount. The recoverable amount is
the greater of the assets net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital.
6) Depreciation :
Depreciation has been provided on straight line method on pro-rata
basis at the rates prescribed in Schedule XIV of the Companies Act,
1956.
7) Inventories :
Stock of Shares, is valued at lower of Cost or Estimated Net realisable
Value.
Estimated Net Realisable Value: In case realisable value is not
ascertainable due to non- availability of Quotation in the Stock
Markets, the value of such Shares are adopted at Rs.1.00 per Share.
Cost: In case, Cost is not ascertainable due to non availability of lot
details and its cost, the cost of such shares are adopted at previous
year value.
8) Investments : Unquoted Investments: In the opinion of the management
Investment in the Unquoted Investment in Associates and other Companies
are of Long Term nature meant to be held permanently and any diminution
in the latest available book value as compared to the cost of such
shares is considered temporary by the management and hence not provided
(not ascertained).
9) Revenue Recognition :
Brokerage income earned on Secondary market operations is accounted
(inclusive method) on trade dates. Depository & related income is
accounted (inclusive method) on accurual basis.
10) Employee Benefits :
a) Short term employee benefits :
Employee Benfits such as salaries, allowances, and non-monetary
benefits which fall due for payment within a period of twelve months
after rendering of services, are charged as expense to the profit and
loss account in the period in which the service is rendered.
b) Post-employment benefits :
Employee Benefits under defined benefit plans, such as gratuity which
falls due for payment after a period of twelve months from rendering
services or after completion of employement ,are measured by projected
unit credit method, on the basis of actuarial valuations carried out by
third party actuaries at each balance sheet date. The Companys
obligation recognized in the balance sheet represents the present value
of obligation recognized in the balance sheet represents the present
value of obligations as reduced by the fairyalue of plan assets where
applicable. Actuarial Gains and losses are recognized immediately in
the Profit and Loss
Account.
11) Taxation :
Tax expenses comprises of current and deferred. Current Income Tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act, 1961.
Provision for current tax is made on the basis of Taxable Income of the
Current Accounting Year in accordance with Income Tax Act, 1961. The
Company is providing and recognizing deferred tax on timing differences
between taxable income and accounting income subject to consideration
of prudence.
12) Provisions and Contingent Liabilities :
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
13) Earnings per share :
In determining Earnings per share, the company considers the net profit
after tax and includes the post tax effect of any extra ordinary items.
The number of shares used in computing basic earnings per share is the
weighted average number of shares outstanding during the period.
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