Mar 31, 2014
These financial statements have been prepared in accordance with the
generally accepted accounting principles in India under the historical
cost convention on accrual and prudent basis.
These financial statements have been prepared to comply, in all
material aspects, with the applicable accounting standards notified
under Section 211 (3C) {Companies (Accounting Standard) Rules, 2006 as
amended} and the other relevant provisions of the Companies Act, 1956.
All assets and liabilities have been classified as current or
non-current as per Company''s normal operating cycle and other criteria
set out in the Revised Schedule VI to the Companies Act, 1956.
i) Use of Estimates
The preparation of financial statements in confirmity with indian GAAP
requires the management to make judgements, estimates and assumptions
that effect the reported amount of revenues, expenses, assets and
liabilities and the disclosure of contigent liabilities, at the end of
reporting period. Although these estimates are based on the
management''s best knowledge of current events and actions, uncertainty
about these assumptions and estimate could result in outcomes requiring
a material adjustments to the carrying amount of assets or liabilities
in the future period.
ii) Depreciation
Depreciation, on assets other than leased assets is provided on
straight line method, on prorata basis, in accordance with the Schedule
XIV of the Companies Act, 1956. In respect of additions to the assets
other than leased assets during the year where the cost of each asset
does not exceed Rs.5,000/-, are written off 100%. Improvement on Leased
assets and the assets created on leasehold land are written off over
the primary period of lease. Intangible assets (Goodwill and software)
are accounted at their cost of acquisition and amortized over their
estimated economic life not exceeding 10 years.
iii) Tangible fixed Assets
Fixed assets are stated at cost less accumulated depreciation. Cost is
inclusive of freight, duties, levies and any directly attributable cost
of bringing the assets to their working condition for intended use.
All costs relating to up-gradations/ enhancements are generally charged
off as revenue expenditure unless they bring significant benefits of
lasting nature.
iv) Impairment of Fixed Assets
Consideration is given at each balance sheet date to determine whether
there is any indication of impairment of the carrying amount of the
Company''s fixed assets. If any indication exists, asset''s recoverable
amount is estimated. An impairment loss is recognized whenever the
carrying amount of an asset exceeds its recoverable amount. The
recoverable amount of assets is the value in use. In assessing the
value in use, the estimated future cash flows are discounted to their
present value based on an appropriate discount factor.
Reversal of impairment losses recognized in prior years is recorded
when there is an indication that the impairment losses recognized for
the asset no longer exist or have decreased. However, the increase in
carrying amount of an asset due to reversal of an impairment loss is
recognized to the extent it does not exceed the carrying amount that
would have been determined (net of depreciation) had no impairment loss
been recognized for the asset in prior years.
v) Borrowing Costs
The borrowing cost in respect of loans taken by the Company for
augmenting its resources for carrying out its regular business activity
and capital expenditure, is charged to the revenue as expense in the
period in which they are incurred as the assets acquired does not take
a substantial period of time to get ready for its intended use.
vi) Income Taxes
Tax expense comprises of current and deferred tax. Current income tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Income Tax Act, 1961. Deferred income taxes
reflects the impact of current year timing differences between taxable
income and accounting income for the year and reversal of timing
differences of earlier years.
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the balance sheet date. Deferred
tax assets are recognised only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realised. If the company
has unabsorbed depreciation and carry forward of tax losses, all
deferred tax assets are recognised only if there is virtual certainty
supported by convincing evidence that such deferred tax assets can be
realised against future taxable profits.
vii) Income Recognition:
The Income from operational activities (net of rebate and discounts)
are accounted for on accrual basis.
Income in respect of other heads of Income such as dividend, interest
etc. is accounted for on accrual basis. In cases where there is
uncertainty of collections, the income is accounted on receipt basis.
viii) Investments
Investments are stated at lower of cost or realizable value in
accordance with applicable accounting standards.
ix) Foreign Currency Transactions
Foreign Currency Transactions are recorded in the reporting currency,
by applying to the foreign currency amount the exchange rate between
the reporting currency and the foreign currency at the date of
transaction.
x) Retirement and Other Employee Benefits
Gratuity liability is defined benefit obligation and is so provided for
on the basis of an actuarial valuation on the projected unit credit
method made at the end of each financial year.
Retirement benefits in the form of Provident Fund is a defined
contribution scheme and the contributions are charged to the Statement
of Profit & Loss Account of the year when the contributions to the fund
are due. There are no other obligations other than the contribution
payable to the respective authorities.
Short term/ Long tern compensated absences are provided for, based on
actuarial valuation carried by an actuary as at the end of the year.
Actuarial gains/ losses are immediately taken to Statement of Profit
and Loss account and are not deferred.
xi) Earning Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable of equity shareholders (after deducting
attributable taxes) 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 year 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.
xii) Impairment of Assets
As stipulated in accounting standard -28 on Impairment of Assets issued
by the Institute of Chartered Accountants of India, the Company
assessed potential generation of economic benefits from its business
units and is of the view that assets employed in continuing business
are capable of generating adequate returns over their useful lives in
the usual course of business, there is no indication to the contrary
and accordingly the management is of the view that no impairment
provision is called for in these accounts.
xiii) Claims are accounted for at the time of settlement.
Mar 31, 2012
The financial statements are prepared under the historical cost
convention in accordance with applicable Accounting Standards based on
prudential accounting norms and relevant provisions of the Companies
Act, 1956. The significant accounting policies foil owed are as under:
i) Depreciation
Depreciation, on assets other than leased assets is provided on
straight line method, on prorate basis, in accordance with the Schedule
XIV of the Companies Act, 1956. In respect of additions to the assets
other than leased assets during the year where the cost of each asset
does not exceed Rs. 5,000/-, are written off 100% Improvement on Leased
assets and the assets created on leasehold land are written off over
the primary period of lease. Intangible assets (Goodwill and software)
are accounted at their cost of acquisition and amortized over their
estimated economic life not exceeding 10 years.
ii) Fixed Assets
Fixed assets are stated at cost less accumulated depreciation. Cost is
inclusive of freight, duties, levies and any directly attributable cost
of bringing the assets to their working condition for intended use. All
costs relating to up-gradations/ enhancements are generally charged off
as revenue expenditure unless they bring significant benefits of
lasting nature.
iii) Impairment of Fixed Assets
Consideration is given at each balance sheet date to determine whether
there is any indication of impairment of the carrying amount of the
Company's fixed assets. If any indication exists, asset's recoverable
amount is estimated. An impairment loss is recognized whenever the
carrying amount of an asset exceeds its recordable amount. The
recoverable around of assets is the value in use. In assessing the
value in use, the estimated future cash flows are discounted to their
present value based on an appropriate discount factor.
Reversal of impairment losses recognized in prior years is recorded
when there is an indication that the impairment losses recognized for
the asset no longer exist or have decreased. However, the increase in
carrying amount of an asset due to reversal of an impairment loss is
recognized to the extent it does not exceed the carrying amount that
would have been determined (net of depreciation) had no impairment loss
been recognized for the asset in prior years.
iv) Borrowing Costs
The borrowing cost in respect of loans taken by the Company for
augmenting its resources for carrying out its regular business activity
and capital expenditure, is charged to the revenue as expense in the
period in which they are incurred as the assets acquired does not take
a substantial period of time to get ready for its intended use
v) Provision for Tax
Current tax is determined as the amount of tax payable in respect of
estimated taxable income for the yearend in accordance with the
provisions of Income Tax Act, 1961. Deferred tax is recognized using
the enacted tax rates and laws as on the Balance Sheet date, subject to
the consideration of prudence in respect of deferred tax assets, on all
timing differences, between taxable income and accounting income that
originate in one period and are capable of reversal in one or crore
' The Income from operational activities (net of rebate and discounts)
are accounted for on accrual basis.
Income in respect of other heads of Incurred such as dividend, interest
etc. is accounted for on accrual basis. In cases where there is
uncertainty of collections, the income is accounted on receipt basis.
" Investments are stated at lower of cost or realizable value in
accordance with applicable accounting
" Foreign Currency Transactions are recorded in the reporting currency,
by applying to the foreign currency amount the exchange rate between
the reporting currency and the foreign currency at the
vi) Retirement and Other Employee Benefits
Gratuity liability is defined benefit obligation and is so provided for
on the basis of an actuarial valuation on the projected unit credit
retched made at the end of each financial year.
Retirement benefits in the form of Provident Fund is a defined
contribution scherre and the contributions are charged to the Profit &
Loss Account of the year when the contributions to the fund are due.
There are no other obligations other than the contribution payable to
the respective
Mar 31, 2010
The financial statements are prepared under the historical cost
convention in accordance with applicable Accounting Standards based on
prudential accounting norms and relevant provisions of the Companies
Act, 1956. The significant accounting policies followed are as under:
i) Depreciation, on assets other than leased assets is provided on
straight line method, on prorata basis, in accordance with the Schedule
XIV of the Companies Act, 1956. In respect of additions tothe assets
other than leased assets during the year where the cost of each asset
does not exceed Rs.5,000/-, are written off 100%. Improvement on Leased
assets and the assets created on leasehold land are written off over
the primary period of lease. Intangible assets (Goodwill and software)
are accounted at their cost of acquisition and amortized over their
estimated economic life not exceeding 10 years.
ii) Fixed Assets: Fixed assets are stated at cost less accumulated
depreciation. Cost is inclusive of freight, duties, levies and any
directly attributable cost of bringing the assets to their working
condition for intended use. All costs relating to up-
gradations/enhancements are generally charged off as revenue
expenditure unless they bring significant benefits of lasting nature.
iii) Consideration is given at each balance sheet date to determine
whether there is any indication of impairment of the carrying amount of
the Companys fixed assets. If any indication exists, assets
recoverable amount is estimated. An impairment loss is recognized
whenever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount of assets is the value in use. In
assessing the value in use, the estimated future cash flows are
discounted to their present value based on an appropriate discount
factor.
Reversal of impairment losses recognized in prior years is recorded
when there is an indication that the impairment losses recognized for
the asset no longer exist or have decreased. However, the increase in
carrying amount of an asset due to reversal of an impairment loss is
recognized to the extent it does not exceed the carrying amount that
would have been determined (net of depreciation) had no impairment loss
been recognized for the asset in prior years.
iv) Borrowing Costs: The borrowing cost in respect of loans taken by
the Company for augmenting its resources for carrying out its regular
business activity and capital expenditure, is charged to the revenue as
expense in the period in which they are incurred as the assets acquired
does not take a substantial period of time to get ready for its
intended use.
v) Provision for Tax : Current tax is determined as the amount of tax
payable in respect of estimated taxable income for the year and in
accordance with the provisions of Income Tax Act, 1961. Deferred tax is
recognized using the enacted tax rates and laws as on the Balance Sheet
date, subject to the consideration of prudence in respect of deferred
tax assets, on all timing differences, between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
vi) Income Recognition:
a) The Income from operational activities (net of rebate and discounts)
are accounted for on accrual basis.
b) Income in respect of other heads of Income such as dividend,
interest etc. is accounted for on accrual basis. In cases where there
is uncertainty of collections, the income is accounted on receipt
basis.
vii) Investments are stated at lower of cost or realizable value in
accordance with applicable accounting standards.
viii) Foreign Currency Transactions:
Foreign Currency Transactions are recorded in the reporting currency,
by applying to the foreign currency amount the exchange rate between
the reporting currency and the foreign currency at the sate of
transaction.
ix) Retirement and Other Employee Benefits:
Gratuity liability is defined benefit obligation and is so provided for
on the basis of an actuarial valuation on the projected unit credit
method made at the end of each financial year.
Retirement benefits in the form of Provident Fund is a defined
contribution scheme and the contributions are charged to the Profit &
Loss Account of the year when the contributions to the fund are due.
There are no other obligations other than the contribution payable to
the respective authorities.
Short term/ Long tern compensated absences are provided for, based on
actuarial valuation carried by an actuary as at the end of the year.
Actuarial gains/ losses are immediately taken to Profit and Loss
account and are not deferred.
x) Earning Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable of equity shareholders (after deducting
attributable taxes) 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 year 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.
xi) Impairment of Assets
As stipulated in accounting standard - 28 on Impairment of Assets
issued by the Institute of Chartered Accounts of India, the Company
assessed potential generation of economic benefits from its business
units and is of the view that assets employed in continuing business
are capable of generating adequate returns over their useful lives in
the usual course of business, there is no indication to the contrary
and accordingly the management is of the view that no impairment
provision is called for in these accounts.
xii) Claims are accounted for at the time of settlement.