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Accounting Policies of Lords Chloro Alkali Ltd. Company

Mar 31, 2016

1. General

i. The Financial Statements are prepared under the historical cost convention on accrual basis and in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013.

ii. Accounting Policies not specifically referred to otherwise are consistent and in accordance with generally accepted accounting principles.

2. Revenue Recognition

i. Revenue from sale of manufactured goods is recognized on dispatch to customers.

ii. Revenue from consignment sales is recognized after the subsequent sale by consignment agents to customers.

iii. Sales are inclusive of Excise duty but net of rebate & discounts.

iv. Interest Receivable on Inter-Corporate Deposits, due to uncertainty of realization, is consistently accounted for on cash basis.

v. Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable. Dividend income is recognized, when right to receive is established.

3. Fixed Assets and Depreciation

i. Fixed assets (other than those which have been revalued) are stated at cost, net of CENVAT less accumulated depreciation except Leasehold Land which is being stated at revalued cost.

ii. Depreciation on tangible assets is charged on pro-rata basis on straight line method based on the life assigned to each asset in accordance with Schedule II of Companies Act, 2013. Intangible assets are amortized over their respective individual estimated useful life on the basis of straight line method commencing from the date, the asset is available to the Company for its use.

iii. Leasehold Land - Acquisition cost of leasehold land is amortized over the period of lease including the revalued portion.

iv. The cost of Fixed Assets taken on Financial Lease is capitalized and amortized by way of depreciation.

v. Depreciation on the addition due to revaluation of Fixed Assets is amortized against the revaluation reserve.

vi. Assets under installation / construction as at the balance sheet date are shown as Capital work-in-progress and are valued at cost. However advances paid towards acquisition of assets are not included under Capital work-in-progress.

4. Foreign Currency Transactions

i. Monetary assets and liabilities related to foreign currency transactions remaining unsettled at the end of the year are translated at year-end rates.

ii. Any income or expense on account of exchange difference, either on settlement or on translation at balance sheet date, is recognized in the profit and loss as per the revised AS-11.

5. inventory Valuation

i. Inventory of Stores & Spares, Raw Materials, Chemicals & Catalyst and Fuel oil is valued at cost or net realizable value, whichever is lower.

ii. Finished goods & Stock-in-process are valued at cost or net realizable value whichever is lower.

iii. The cost of bought out inventory is computed on the basis of weighted average method.

iv. Scrap/Waste is valued at net realizable value.

6. Employees Retirement Benefits

i. Short term employee benefits obligations are estimated and provided for.

ii. Payments to defined contribution retirement benefit schemes (such as Provident Fund, Employee''s State Insurance Corporation) are charged to the statement of profit and loss of the year in which contribution to such schemes becomes due.

iii. Company''s liability towards gratuity, other retirement benefits and compensated absences are actuarially determined at each balance sheet date using the projected unit credit method. Actuarial gains and losses are recognized in the Statement of Profit and Loss in the period of occurrence.

7. investments

Long Term Investments are stated at cost unless there is a permanent fall in value thereof.

8. Taxation

i. Tax expenses comprise current and deferred taxes. 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. Deferred tax resulting from timing differences between book and tax profits is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future.

ii. CENVAT credit is accounted for by reducing the purchase cost of related materials / services.

iii. In concurrence with the opinion of the ICAI, the Minimum Alternative Tax is considered as current tax for the year in which it arises and is charged to profit & loss account accordingly. In the year in which the MAT credit becomes eligible to be recognized as an asset, the said assets is created by way of a credit to the profit and loss account and shown as ‘MAT credit entitlement'' under Loans & Advances.

9. 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.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

10. Contingent liabilities and provisions

The Company makes a provision when there is a present obligation as a result of a past event where the outflow of economic resources is probable and a reliable estimate of the amount of obligation can be made. A disclosure is made for possible future obligations that may but probably will not require outflow of resources or where a reliable estimate cannot be made, as a contingent liability in the financial statements.

11. impairment of Assets

At each Balance Sheet date, the Company reviews whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount. If the carrying amount of the asset exceeds its recoverable amount, an impairment loss is recognized in the Statement of Profit & Loss to the extent the carrying amount exceeds the recoverable amount.

12. Cash Flow Statement

Cash flow statements are reported using the indirect method, whereby profit/ (loss) before extra-ordinary items/exceptional items and tax is adjusted for the effects of transactions of noncash nature and any deferrals or accruals of past or future cash receipt or payments. The cash flows from operating, investing and financing activities of the Group are segregated based on available information including taxes paid relating to these activities.

13. Cash and Cash Equivalents

Cash and Cash Equivalents for the purpose of cash flow statement comprise cash at bank and in hand and short term investments with an original maturity of three months or less.

14. Leases

Leases where the lessor effectively retains substantially all the risk and benefits of ownership of the leased term, are classified as operating leases. Operating lease payments are recognised as an expense in the statement of profit and loss on a straight line basis over the lease term.


Mar 31, 2014

1. General:

(i) The financial statements have been prepared under the historical cost convention, on the accrual basis of accounting & comply with the Companies (Accounting Standards) Rules 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards (NACAS) and relevant provisions of the Companies Act, 1956.

(ii) The financial statements are prepared in accordance with accounting principles generally accepted (GAAP) in India. The accounting treatment and presentation in financial statements have been governed by their substance over form.

2. Revenue Recognition:

(i) Revenue from sale of manufactured goods is recognised on dispatch to customers.

(ii) Revenue from consignment sales is recognised after the subsequent sale by consignment agents to customers.

(iii) Sales are inclusive of Excise Duty but net of rebate & discounts.

(iv) Interest Receivable on Inter-Corporate Deposits, due to uncertainty of realization, is consistently accounted for on cash basis.

3. Fixed Assets and Depreciation:

(i) Fixed assets (other than those which have been revalued) are stated at cost, net of CENVAT less accumulated depreciation except Leasehold Land which is being stated at revalued cost.

(ii) Depreciation is provided on Straight Line Method at the rates prescribed in Schedule XIV to the Companies Act, 1956.

(iii) Depreciation on additions / deletions to fixed assets is provided on prorata basis from the date of addition / till the date of deletion.

(iv) Leasehold Land - Acquisition cost of leasehold land is amortised over the period of lease including the revalued portion.

(v) The cost of Fixed Assets taken on Financial Lease is capitalized and amortised by way of depreciation.

(vi) Depreciation on the addition due to revaluation of Fixed Assets is amortised against the revaluation reserve.

(vii) Assets under installation / construction as at the balance sheet date are shown as Capital work-in-progress and are valued at cost. However advances paid towards acquisition of assets are not included under Capital work-in-progress.

4. Foreign Currency Transactions:

(i) Monetary assets and liabilities related to foreign currency transactions remaining unsettled at the end of the year are translated at year-end rates.

(ii) Any income or expense on account of exchange difference, either on settlement or on translation at balance sheet date, is recognized in the profit and loss as per the revised AS-11.

5. Inventory Valuation:

(i) Inventory of Stores & Spares, Raw Materials, Chemicals & Catalyst and Fuel Oil is valued at cost or net realizable value, whichever is lower.

(ii) Finished goods & Stock-in-process are valued at cost or net realisable value whichever is lower.

(iii) The cost of bought out inventory is computed on the basis of weighted average method.

(iv) Scrap/Waste is valued at net realizable value.

6. Employees Retirement Benefits:

The Company''s contribution to Provident Fund is charged to the Profit & Loss Account. Gratuity and Leave Encashment are accounted for on the basis of actuarial valuation in accordance with AS-15(Revised) issued by NACAS.

7. Investments:

Long Term Investments are stated at cost unless there is a permanent fall in value thereof.

8. Taxation:

(i) CENVAT credit is accounted for by reducing the purchase cost of related materials / services.

(ii) In concurrence with the opinion of the ICAI, the Minimum Alternative Tax is considered as current tax for the year in which it arises and is charged to profit & loss account accordingly. In the year in which the MAT credit becomes eligible to be recognised as an asset, the said assets is created by way of a credit to the profit and loss account and shown as ''MAT credit entitlement'' under Loans & Advances.

(iii) Deferred tax resulting from timing differences between book and tax profits is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future.

9. Earnings per Share:

Basic EPS is computed using the weighted average number of equity shares outstanding during the year in accordance with AS-20.

10. Contingent liabilities and provisions

The Company makes a provision when there is a present obligation as a result of a past event where the outflow of economic resources is probable and a reliable estimate of the amount of obligation can be made. A disclosure is made for possible future obligations that may but probably will not require outflow of resources or where a reliable estimate cannot be made, as a contingent liability in the financial statements.


Mar 31, 2013

1. General:

(i) The fnancial statements have been prepared under the historical cost convention, on the accrual basis of accounting & comply with the Companies (Accounting Standards) Rules 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards (NACAS) and relevant provisions of the Companies Act, 1956.

(ii) The fnancial statements are prepared in accordance with accounting principles generally accepted (GAAP) in India. The accounting treatment and presentation in fnancial statements have been governed by their substance over form.

2. Revenue Recognition:

(i) Revenue from sale of manufactured goods is recognised on dispatch to customers.

(ii) Revenue from consignment sales is recognised after the subsequent sale by consignment agents to customers.

(iii) Sales are inclusive of Excise Duty but net of rebate & discounts.

(iv) Interest Receivable on Inter-Corporate Deposits, due to uncertainty of realization, is consistently accounted for on cash basis.

3. Fixed Assets and Depreciation:

(i) Fixed assets (other than those which have been revalued) are stated at cost, net of CENVAT less accumulated depreciation except Leasehold Land which is being stated at revalued cost.

(ii) Depreciation is provided on Straight Line Method at the rates prescribed in Schedule XIV to the Companies Act, 1956.

(iii) Depreciation on additions / deletions to fxed assets is provided on prorata basis from the date of addition / till the date of deletion.

(iv) Leasehold Land – Acquisition cost of leasehold land is amortised over the period of lease including the revalued portion.

(v) The cost of Fixed Assets taken on Financial Lease is capitalized and amortised by way of depreciation.

(vi) Depreciation on the addition due to revaluation of Fixed Assets is amortised against the revaluation reserve.

(vii) Assets under installation / construction as at the balance sheet date are shown as Capital work-in-progress and are valued at cost. However advances paid towards acquisition of assets are not included under Capital work-in-progress.

4. Foreign Currency Transactions:

(i) Monetary assets and liabilities related to foreign currency transactions remaining unsettled at the end of the year are translated at year-end rates.

(ii) Any income or expense on account of exchange difference, either on settlement or on translation at balance sheet date, is recognized in the proft and loss as per the revised AS–11.

5. Inventory Valuation:

(i) Inventory of Stores & Spares, Raw Materials, Chemicals & Catalyst and Fuel Oil is valued at cost or net realizable value, whichever is lower.

(ii) Finished goods & Stock-in-process are valued at cost or net realisable value whichever is lower.

(iii) The cost of bought out inventory is computed on the basis of weighted average method.

(iv) Scrap/Waste is valued at net realizable value.

6. Employees Retirement Benefts:

The Company''s contribution to Provident Fund is charged to the Proft & Loss Account. Gratuity and Leave Encashment are accounted for on the basis of actuarial valuation in accordance with AS-15 (Revised) issued by NACAS.

7. Investments:

Long Term Investments are stated at cost unless there is a permanent fall in value thereof.

8. Taxation:

(i) CENVAT credit is accounted for by reducing the purchase cost of related materials / services.

ii) In concurrence with the opinion of the ICAI, the Minimum Alternative ax is considered as current tax for the year in which it arises and is charged to proft & loss account accordingly. In the year in which the MAT credit becomes eligible to be recognised as an asset, the said assets is created by way of a credit to the proft and loss account and shown as ''MAT credit entitlement'' under Loans & Advances.

iii) Deferred tax resulting from timing differences between book and tax profts is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future.

9. Earnings per Share:

Basic EPS is computed using the weighted average number of equity shares outstanding during the year in accordance with AS-20.

10. Contingent liabilities and provisions:

The Company makes a provision when there is a present obligation as a result of a past event where the outfow of economic resources is probable and a reliable estimate of the amount of obligation can be made. A disclosure is made for possible future obligations that may but probably will not require outfow of resources or where a reliable estimate cannot be made, as a contingent liability in the fnancial statements.


Mar 31, 2012

1. General:

(i) The financial statements have been prepared under the historical cost convention, on the accrual basis of accounting & comply with the Companies (Accounting Standards) Rules 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards (NACAS) and relevant provisions of the Companies Act, 1956.

(ii) The financial statements are prepared in accordance with accounting principles generally accepted (GAAP) in India. The accounting treatment and presentation in financial statements have been governed by their substance over form.

2. Revenue Recognition:

(i) Revenue from sale of manufactured goods is recognised on dispatch to customers.

(ii) Revenue from consignment sales is recognised after the subsequent sale by consignment agents to customers.

(iii) Sales are inclusive of Excise Duty but net of rebate & discounts.

(iv) Interest Receivable on Inter-Corporate Deposits, due to uncertainty of realization, is consistently accounted for on cash basis.

3. Fixed Assets and Depreciation:

(i) Fixed assets (other than those which have been revalued) are stated at cost, net of CENVAT less accumulated depreciation except Leasehold Land which is being stated at revalued cost.

(ii) Depreciation is provided on Straight Line Method at the rates prescribed in Schedule XIV to the Companies Act, 1956.

(iii) Depreciation on additions / deletions to fixed assets is provided on prorata basis from the date of addition / till the date of deletion.

(iv) Leasehold Land - Acquisition cost of leasehold land is amortised over the period of lease including the revalued portion.

(v) The cost of Fixed Assets taken on Financial Lease is capitalized and amortised by way of depreciation.

(vi) Depreciation on the addition due to revaluation of Fixed Assets is amortised against the revaluation reserve.

(vii) Assets under installation / construction as at the balance sheet date are shown as Capital work-in-progress and are valued at cost. However advances paid towards acquisition of assets are not included under Capital work-in-progress.

4. Foreign Currency Transactions:

(i) Monetary assets and liabilities related to foreign currency transactions remaining unsettled at the end of the year are translated at year-end rates.

(ii) Any income or expense on account of exchange difference, either on settlement or on translation at balance sheet date, is recognized in the profit and loss as per the revised AS-11.

5. Inventory Valuation:

(i) Inventory of Stores & Spares, Raw Materials, Chemicals & Catalyst and Fuel Oil is valued at cost or net realizable value, whichever is lower.

(ii) Finished goods & Stock-in-process are valued at cost or net realisable value whichever is lower.

(iii) The cost of bought out inventory is computed on the basis of weighted average method.

(iv) Scrap/Waste is valued at net realizable value.

6. Employees Retirement Benefits:

The Company's contribution to Provident Fund is charged to the Profit & Loss Account. Gratuity and Leave Encashment are accounted for on the basis of actuarial valuation in accordance with AS-15(Revised) issued by NACAS.

7. Investments:

Long Term Investments are stated at cost unless there is a permanent fall in value thereof.

8. Taxation:

(i) CENVAT credit is accounted for by reducing the purchase cost of related materials / services.

(ii) In concurrence with the opinion of the ICAI, the Minimum Alternative Tax is considered as current tax for the year in which it arises and is charged to profit & loss account accordingly. In the year in which the MAT credit becomes eligible to be recognised as an asset, the said assets is created by way of a credit to the profit and loss account and shown as 'MAT credit entitlement' under Loans & Advances.

(iii) Deferred tax resulting from timing differences between book and tax profits is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future.

9. Earnings per Share:

Basic EPS is computed using the weighted average number of equity shares outstanding during the year in accordance with AS-20.

10. Contingent liabilities and provisions

The Company makes a provision when there is a present obligation as a result of a past event where the outflow of economic resources is probable and a reliable estimate of the amount of obligation can be made. A disclosure is made for possible future obligations that may but probably will not require outflow of resources or where a reliable estimate cannot be made, as a contingent liability in the financial statements.

The Company has only one class of share refered as equity share having at par value Rs. 10/-. Each holder of equity share is entitled to same right in all respect.


Mar 31, 2011

1. Significant Accounting Policies & Practices:

1. General:

(i) The financial statements have been prepared under the historical cost convention, on the accrual basis of accounting & comply with the Companies (Accounting Standards) Rules 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards (NACAS) and relevant provisions of the Companies Act, 1956.

(ii) The financial statements are prepared in accordance with accounting principles generally accepted (GAAP) in India. The accounting treatment and presentation in financial statements have been governed by their substance over form.

2. Revenue Recognition:

(i) Revenue from sale of manufactured goods is recognized on dispatch to customers.

(ii) Revenue from consignment sales is recognized after the subsequent sale by consignment agents to customers.

(iii) Sales are inclusive of Excise Duty but net of rebate & discounts.

(iv) Interest Receivable on Inter-Corporate Deposits, due to uncertainty of realization, is consistently accounted for on cash basis.

3. Fixed Assets and Depreciation:

(i) Fixed assets (other than those which have been revalued) are stated at cost, net of CENVAT less accumulated depreciation except Leasehold Land which is being stated at revalued cost.

(ii) Depreciation is provided on Straight Line Method at the rates prescribed in Schedule XIV to the Companies Act, 1956.

(iii) Depreciation on additions / deletions to fixed assets is provided on prorate basis from the date of addition / till the date of deletion.

(iv) Leasehold Land - Acquisition cost of leasehold land is mortised over the period of lease including the revalued portion.

(v) The cost of Fixed Assets taken on Financial Lease is capitalized and mortised by way of depreciation.

(vi) Depreciation on the addition due to revaluation of Fixed Assets is mortised against the revaluation reserve.

(vii) Assets under installation / construction as at the balance sheet date are shown as Capital work-in-progress and are valued at cost. However advances paid towards acquisition of assets are not included under Capital work-in-progress.

4. Foreign Currency Transactions:

(i) Monetary assets and liabilities related to foreign currency transactions remaining unsettled at the end of the year are translated at year-end rates.

(ii) Any income or expense on account of exchange difference, either on settlement or on translation at balance sheet date, is recognized in the profit and loss as per the revised AS-11.

5. Inventory Valuation:

(i) Inventory of Stores & Spares, Raw Materials, Chemicals & Catalyst and Fuel Oil is valued at cost or net realizable value, whichever is lower.

(ii) Finished goods & Stock-in-process are valued at cost or net realizable value whichever is lower.

(iii) The cost of bought out inventory is computed on the basis of weighted average method.

(iv) Scrap/Waste is valued at net realizable value.

6. Employees Retirement Benefits:

The Company's contribution to Provident Fund is charged to the Profit & Loss Account. Gratuity and Leave Encashment are accounted for on the basis of actuarial valuation in accordance with AS-15(Revised) issued by NACAS.

7. Investments:

Long Term Investments are stated at cost unless there is a permanent fall in value thereof.

8. Taxation:

(i) CENVAT credit is accounted for by reducing the purchase cost of related materials / services.

(ii) In concurrence with the opinion of the ICAI, the Minimum Alternative Tax is considered as current tax for the year in which it arises and is charged to profit & loss account accordingly. In the year in which the MAT credit becomes eligible to be recognized as an asset, the said assets is created by way of a credit to the profit and loss account and shown as 'MAT credit entitlement' under Loans & Advances.

(iii) Deferred tax resulting from timing differences between book and tax profits is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future.

9. Earnings per Share:

Basic EPS is computed using the weighted average number of equity shares outstanding during the year in accordance with AS-20.


Mar 31, 2010

1. General:

(i) The financial statements have been prepared under the historical cost convention, on the accrual basis of accounting & comply with the Companies (Accounting Standards) Rules 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards (NACAS) and relevant provisions of the Companies Act, 1956.

(ii) The financial statements are prepared in accordance with accounting principles generally accepted (GAAP) in India. The accounting treatment and presentation in financial statements have been governed by their substance over form.

2. Revenue Recognition:

(i) Revenue from sale of manufactured goods is recognised on dispatch to customers.

(ii) Revenue from consignment sales is recognised after the subsequent sale by consignment agents to customers.

(iii) Sales are inclusive of Excise Duty but net of rebate & discounts.

(iv) Interest Receivable on Inter-Corporate Deposits, due to uncertainty of realization, is consistently accounted for on cash basis.

3. Fixed Assets and Depreciation:

(i) Fixed assets (other than those which have been revalued) are stated at cost, net of CENVAT less accumulated depreciation except Leasehold Land which is being stated at revalued cost.

(ii) Depreciation is provided on Straight Line Method at the rates prescribed in Schedule XIV to the Companies Act, 1956.

(iii) Depreciation on additions / deletions to fixed assets is provided on prorata basis from the date of addition / till the date of deletion.

(iv) Leasehold Land – Acquisition cost of leasehold land is amortised over the period of lease including the revalued portion.

(v) The cost of Fixed Assets taken on Financial Lease is capitalized and amortised by way of depreciation.

(vi) Depreciation on the addition due to revaluation of Fixed Assets is amortised against the revaluation reserve.

(vii) Assets under installation / construction as at the balance sheet date are shown as Capital work- in-progress and are valued at cost. However advances paid towards acquisition of assets are not included under Capital work-in-progress.

4. Foreign Currency Transactions:

(i) Monetary assets and liabilities related to foreign currency transactions remaining unsettled at the end of the year are translated at year-end rates.

(ii) Any income or expense on account of exchange difference, either on settlement or on translation at balance sheet date, is recognized in the Profit and loss as per the revised AS–11.

5. Inventory Valuation:

(i) Inventory of Stores & Spares, Raw Materials, Chemicals & Catalyst and Fuel Oil is valued at cost or net realizable value, whichever is lower.

(ii) Finished goods & Stock-in-process are valued at cost or net realisable value whichever is lower.

(iii) The cost of bought out inventory is computed on the basis of weighted average method.

(iv) Scrap/Waste is valued at net realizable value.

6. Employees Retirement Benefits:

The Companys contribution to Provident Fund is charged to the Profit & Loss Account. Gratuity and Leave Encashment are accounted for on the basis of actuarial valuation in accordance with AS-15(Revised) issued by NACAS.

7. Investments:

Long Term Investments are stated at cost unless there is a permanent fall in value thereof.

8. Taxation:

(i) CENVAT credit is accounted for by reducing the purchase cost of related materials / services.

(ii) In concurrence with the opinion of the ICAI, the Minimum Alternative Tax is considered as current tax for the year in which it arises and is charged to Profit & loss account accordingly. In the year in which the MAT credit becomes eligible to be recognised as an asset, the said assets is created by way of a credit to the Profit and loss account and shown as MAT credit entitlement under Loans & Advances.

(iii) Deferred tax resulting from timing differences between book and tax Profits is accounted for under the liability method, at the current rate of tax, to the extent that the timing differences are expected to crystallize. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future.

9. Earnings per Share:

Basic EPS is computed using the weighted average number of equity shares outstanding during the year in accordance with AS-20.

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