Mar 31, 2014
I) METHOD OF ACCOUNTING
The financial statements are prepared under the historical cost
convention in accordance with generally accepted Accounting Principles
in India & the Provisions of the Companies Act, 1956 and the applicable
accounting standards notified under the Companies Accounting Standards
Rule, 2006.
ii) USE OF ESTIMATES
The preparation of the financial statements in conformity with GAPP
requires the Management to make estimates and assumptions that affect
the reported balances of assets and liabilities and disclosures
relating to contingent liabilities as at the date of the financial
statements and reported amounts of income and expenses during the
period. Accounting estimates could change from period to period. Actual
results could differ from those estimates. Appropriate changes in
estimates are made as the Management becomes aware of changes in
circumstances surrounding the estimates. Changes in estimates are
reflected in the financial statements in the period in which changes
are made and, if material, their effects are disclosed in the notes to
the financial statements.
iii) RECOGNITION OF INCOME & EXPENDITURE
Revenues/Incomes and costs / expenditures are generally accounted on
accrual, as they are earned or incurred. Sales are exclusive of Sales
Tax / VAT collected. With regard to sale of product, Sales are
recognised, net of returns and trade discounts, on transfer of
significant risks and rewards of ownership to the buyer, which
generally coincides with the delivery of goods to customers.
iv) FIXED ASSETS
a) Tangible Fixed assets are stated at revalued amount less accumulated
Depreciation. Assets are revalued based on approved valuers report.
b) Capital Work in Progress is stated at cost.
c) Cost Incurred by the company in respect of leased assets is
capitalized.
v) INVESTMENTS
Current investment if any are carried at the lower of cost or
quoted/fair value. Long Term Investments are stated at cost of
acquisition. Provision for diminution in the value of long term
investment is made only if such a decline is other than temporary.
vi) VALUATION OF INVENTORIES
a) Raw materials, Stores& Spares, Chemicals and Trading Goods are
valued at lower of cost or net realizable value .
b) Work in progress is valued at cost of materials and labor charges
together with relevant factory overheads.
c) Finished Goods are valued at lower of cost or net realizable value .
vii) METHOD OF DEPRECIATION
a) Depreciation on tangible fixed assets has been provided on straight
line method in accordance with the provisions of section 205(2)(b) of
the Companies Act, 1956, at the rates specified in Schedule XIV to the
Companies Act, 1956.
b) Depreciation on Plant & Machinery for expansion Project & Vehicles
is provided using Written down value Method at the rates Specified
under Schedule XIV to the Companies Act, 1956.
c) Depreciation in respect of fixed assets put to use during the
year/period is charged on pro-rata basis with reference to the
installation of the assets.
d) Intangible assets are amortized using straight line method over
estimated useful life of 5 years.
e) The incremental depreciation on revalued amount of Assets is
withdrawn from Revaluation Reserve & Credited to Statement of Profit
and Loss account.
f) No depreciation has been provided in respect of Capital Work In
Progress.
g) No depreciation has been provided on self generated intangible
assets.
viii) FOREIGN CURRENCY TRANSACTIONS
Transactions in the foreign currency which are covered by forward
contracts are accounted for at the contracted rate; the difference
between the forward rate and the exchange rate at the date of
transaction is recognized in the Statement of profit & loss over the
life of the contract. Foreign currency denominated monetary assets and
liabilities are translated into the relevant functional currency at
exchange rates in effect at the Balance Sheet date. The gains or losses
resulting from such translations are included in the Statement of
Profit and Loss. Non-monetary assets and non-monetary liabilities
denominated in a foreign currency and measured at fair value are
translated at the exchange rate prevalent at the date when the fair
value was determined. Non-monetary assets and non-monetary liabilities
denominated in foreign currency and measured at historical cost are
translated at the exchange rate prevalent at the date of transaction.
Revenue, expense and cash-flow items denominated in foreign currencies
are translated into the relevant functional currencies using the
exchange rate in effect on the date of the transaction. Transaction
gains or losses realized upon settlement of foreign currency
transactions are included in determining net profit for the period in
which the transaction is settled.
ix) IMPAIRMENT OF ASSETS
The Management periodically assesses using, external and internal
sources, whether there is an indication that an asset may be impaired.
An impairment loss is recognized wherever the carrying value of an
asset exceeds its recoverable amount. The recoverable amount is higher
of the asset''s net selling price and value in use, which means the
present value of future cash flows expected to arise from the
continuing use of the asset and its eventual disposal. An impairment
loss for an asset other than goodwill is reversed if, and only if, the
reversal can be related objectively to an event occurring after the
Impairment loss recognized. The carrying amount of an asset other than
goodwill is increased to its revised recoverable amount that would have
been determined (net of any accumulated amortization or depreciation)
had no impairment losses been recognized for the asset in prior years.
x) TAXATION
Income-tax expense comprise of current tax, wealth tax and deferred tax
charge or credit.
Provision for current tax is made on the basis of the assessable income
at the tax rate applicable for the relevant assessment year.
The deferred tax asset and deferred tax liability is calculated by
applying tax rate and tax laws that have been enacted or substantively
enacted by the balance sheet date. Deferred tax assets arising mainly
on account of brought forward losses and unabsorbed depreciation under
tax laws, are recognized, only if there is a virtual certainty of its
realization, supported by convincing evidence. Deferred tax assets on
account of other timing differences are recognized only to the extent
there is a reasonable certainty of its realization. At each balance
sheet date, the carrying amounts of deferred tax assets are reviewed to
reassure realization.
xi) RETIREMENT BENEFITS
a) Short Term
Short term employee benefits are recognized as an expense at the
undiscounted amount expected to be paid over the period of services
rendered by the employees to the company.
b) Long Term
The company has both defined contribution and defined benefit plans, of
which some have assets in approved funds. These plans are financed by
the Company in the case of defined contribution plans.
c) Defined Contribution Plans
These are the plans in which the Company pays pre-defined amounts to
separate funds and does not have any legal or informal obligation to
pay additional sums. These comprise of contribution to Employees
Provident Fund. The Company''s payments to the defined contribution
plans are reported as expenses during the period under which an
employee perform the services that the payment covers.
d) Defined Benefits Plans
Expenses for defined benefit gratuity payment plans are calculated as
at the balance sheet date by independent actuaries in the manner that
distributes expenses over the employees working life. These commitments
are valued at the present value of the expected future payments, with
consideration for calculated future salary increase, using a discounted
rate corresponding to the interest rate estimated by the actuary having
regard to the interest rate on Government Bonds with a remaining terms
i.e. almost equivalent to the average balance working period of
employees.
e) Leave Encashment
The company has Defined Benefit plan for Post employment benefit in the
form of Leave Encashment for all the employees.
xii) CONTINGENT LIABILITY / CONTINGENT ASSETS
a) Contingent liabilities are disclosed by way of note in the Balance
Sheet.
b) Contingent Assets are neither recognized nor disclosed in the
Financial Statements.
xiii) CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby 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 of the Group are segregated.
Cash and Cash equivalents presented in the Cash Flow Statement consist
of cash on hand and demand deposits with banks.
xiv) EARNING PER SHARE :
Basic earning per share is calculated by dividing the net profit after
tax for the year attributable to Equity Shareholders of the Company by
the weighted average number of Equity Shares in issue during the year.
Diluted earning per Share is calculated by dividing net profit
attributable to equity Shareholders (after adjustment for diluted
earnings) by average number of weighted equity shares outstanding
during the year.
Mar 31, 2013
Basis of preparation of financial statements
The financial statements are prepared and presented under the
historical cost convention on the accrual basis of accounting and
comply with the Accounting Standards issued under Companies (Accounting
Standards) Rules, 2006 and the relevant provisions of the Companies
Act, 1956, to the extent applicable, except in respect of export
benefits and employee benefits.
Use of estimates
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles in India requires management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities on the date of the
financial statements. Actual results may differ from those estimates.
Any revision to accounting estimates is recognized prospectively in
current and future periods.
Fixed assets and depreciation/amortisation
Tangible fixed assets
Tangible fixed assets are stated at revalued amount less accumulated
depreciation. Cost comprises purchase price, duties, levies and other
directly attributable expenses of bringing the asset to its working
condition for the intended use. Assets are revalued based on approved
valuer''s report.
Borrowing costs directly attributable to acquisition or construction of
those tangible fixed assets, which necessarily take a substantial
period of time to get ready for their intended use, are capitalised.
Advances paid towards acquisition of fixed assets and the cost of
assets acquired but not ready for use as at the balance sheet date are
disclosed under capital work-in-progress.
Cost incurred by the company in respect of leased assets is
capitalized.
Assets costing individually Rs 5,000 or less are depreciated fully in
the year of purchase.
Depreciation on tangible fixed assets is provided using the Straight
Line Method at the rates specified under Schedule XIV to the Companies
Act, 1956.
Depreciation on Plant & Machineries for expansion project and Vehicles
is provided using the Written down Value Method at the rates specified
under Schedule XIV to the Companies Act, 1956.
In respect of fixed assets purchased during the year, depreciation is
provided on a pro-rata basis from the date on which such asset is ready
to be put to use.
The Incremental depreciation on revalued amount of assets is withdrawn
from revaluation Reserve and credited to profit and loss account.
Impairment of assets
In accordance with accounting standard 28 on ''Impairment of
assets'', the Company assess at each balance sheet date whether there
is an indication that assets of the Company may be impaired. Where any
such indication exists the company estimates the recoverable amount of
the assets. The recoverable amount of the assets (or where applicable
that of the cash generating unit to which the asset belongs) is
estimated at the higher of its net selling price and its value in use.
An impairment charge is recognised whenever the carrying amount of the
asset or cash-generating unit exceeds its recoverable amount.
Investments
Long-term investments are carried at cost less any other than temporary
diminution in value, determined separately for each individual
investment. Current investments are carried at lower of cost and fair
value.
Inventories
Inventories are valued at lower of cost and net realisable value. Cost
is determined under the first-in, first-out method and includes all
costs incurred in bringing the inventories to their present location
and condition. Finished goods and Work-in-progress include appropriate
proportion of costs of conversion. By product is valued at net
realizable value.
Revenue recognition
Revenue from Job Work is recognised on completion of work.
Revenue from sale of goods is recognised on transfer of all significant
risks and rewards of ownership to the buyer. Export sales is recognised
on the basis of date of shipment based on date of Bill of Lading.
Income from export benefits is accounted for based on reasonable
certainty of receipt.
Employee Benefits
(i) Post-employment Benefits:
(a) Defined Contribution Plans:
The Company has Defined Contribution Plans for post employment
benefits, charged to Profit & Loss Account, in form of:
Provident Fund / Employee''s Pension Fund administered by the Regional
Provident Fund Commissioner,
(b) Defined Benefit Plans:
Unfunded Plan:
(i) The Company has Defined Benefit Plan for post employment benefits
in the form of Gratuity for all employees
(ii) The Company has Defined Benefit Plan for post employment benefits
in the form of Leave Encashment for all employees.
Liability for the above Defined Benefit Plan is provided on the basis
of actuarial valuation as at the balance sheet date, carried out by
independent actuary. The actuarial method used for measuring the
liability is the Projected-
(iii) The actuarial gains and losses arising during the year are
recognized in the Profit & Loss Account for the year. Foreign currency
transactions
In respect of monetary current assets and liabilities denominated in
foreign currencies the overall net gain or loss, if any, on conversion
at the exchange rates prevailing on the date of the balance sheets
charged to revenue.
Taxation
Income tax expense comprises current tax expense and deferred tax
expense/credit.
Current tax
Provision for current tax is calculated in accordance with the
provisions of the Income-Tax Act 1961 and is made annually based on the
tax liability computed after considering tax allowances and exemptions.
Assets and liabilities representing current tax is disclosed on a net
basis when there is a legally enforceable right to set off and where
the management intends to settle the asset and liability on a net
basis.
Deferred tax
Deferred tax liability or asset is recognised for timing differences
between the profits/losses offered for income taxes and profits/losses
as per the financial statements. Deferred tax assets and liabilities
are measured using the tax rates and tax laws that have been enacted or
substantially enacted at the balance sheet date.
Deferred tax assets are recognised only to the extent there is a
reasonable certainty that the assets can be realised in future; however
where there is unabsorbed depreciation or carried forward loss under
taxation laws, deferred tax assets are recognised only if there is a
virtual certainty of realisation of such assets. Deferred tax assets
are reviewed as at each balance sheet date and written down or
written-up to reflect the amount that is reasonably/virtually certain
(as the case may be) to be realised.
Earnings per share (''EPS'')
Basic EPS is computed using the weighted average number of equity
shares outstanding during the year Diluted EPS is computed using the
weighted average number of equity and dilutive equity equivalent shares
outstanding during the year except where the results would be anti
dilutive. The number of equity shares is adjusted for any share splits
and bonus shares issued effected prior to the approval of the financial
statements by the Board of Directors.
Mar 31, 2012
Basis of preparation of financial statements
The financial statements are prepared and presented under the
historical cost convention on the accrual basis of * accounting and
comply with the Accounting Standards issued under Companies (Accounting
Standards) Rules, 2006 and the relevant provisions of the Companies
Act, 1956, to the extent applicable, except in respect of export
benefits and employee benefits.
Use of estimates
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles in India requires management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities on the date of the
financial statements. Actual results may differ from those estimates.
Any revision to accounting estimates is recognized prospectively in
current and future periods.
Fixed assets and depreciation/amorfisation
Tangible fixed assets
Tangible fixed assets are stated at revalued amount less accumulated
depreciation. Cost comprises purchase price, duties, levies and other
directly attributable expenses of bringing the asset to its working
condition for the intended use. Assets are revalued based on approved
valuer''s report.
Borrowing costs directly attributable to acquisition or construction of
those tangible fixed assets, which necessarily take a substantial
period of time to get ready for their intended use, are capitalised.
Advances paid towards acquisition of fixed assets and the cost of
assets acquired but not ready for use as at the balance sheet date are
disclosed under capital work-in-progress.
Cost incurred by the company in respect of leased assets is
capitalized.
Assets costing individually Rs 5,000 or less are depreciated fully in
the year of purchase.
Depreciation on tangible fixed assets is provided using the Straight
Line Method at the rates specified under Schedule XIV to the Companies
Act, 1956.
Depreciation on Plant & Machineries for expansion project and Vehicles
is provided using the Written down Value Method at the rates specified
under Schedule XIV to the Companies Act, 1956.
In respect of fixed assets purchased during the year, depreciation is
provided on a pro-rata basis from the date on which such asset is ready
to be put to use.
The Incremental depreciatoin on revalued amount of asstes is withdrawn
from revaluation Reserve and credited to profit and loss account.
Impairment of assets
In accordance with accounting standard 28 on ÂImpairment of
assets'', the Company assess at each balance sheet date whether there
is an indication that assets of the Company may be impaired. Where any
such indication exists the company estimates the recoverable amount of
the assets. The recoverable amount of the assets (or where - applicable
that of the cash generating unit to which the asset belongs) is
estimated at the higher of its net selling price and its value in use.
An impairment charge is recognised whenever the carrying amount of the
asset or cashgenerating unit exceeds its recoverable amount.
Investments
Long-term investments are carried at cost less any other than temporary
diminution in value, determined separately for each individual
investment. Current investments are carried at lower of cost and fair
value.
Inventories
Inventories are valued at lower of cost and net realisable value. Cost
is determined under the first-in, first-out method and includes all
costs incurred in bringing the inventories to their present location
and condition. Finished and Work-in-progress include appropriate
proportion of costs of conversion. By product is valued at net
realiable value.
Revenue recognition
Revenue from Job Work is recognised on completion of work.
Revenue from sale of goods is recognised on transfer of all significant
risks and rewards of ownership to the buyer.
Export sales is recognised on the basis of date of shipment based on
date of Bill of Lading.
Income from export benefits is accounted for based on reasonable
certainty of receipt.
Employee Benefits
(i) Post-employment Benefits:
(a) Defined Contribution Plans:
The company has Defined Contribution Plans for post employment
benefits, charged to Profit & Loss Account, in form of:
Provident Fund / Employee''s Pension Fund administered by the Regional
Provident Fund Commissioner,
(b) Defined Benefit Plans:
Unfunded Plan:
(i) The Company has Defined Benefit Plan for post employment benefits
in the form of Gratuity for all employees.
(ii)The Company has Defined Benefit Plan for post employment benefits
in the form of Leave Encashment for all employees.
Liability for the above Defined Benefit Plan is provided on the basis
of actuarial valuation, as at the balance sheet date, carried out by
independent actuary. The actuarial method used for measuring the
liability is the Projected Unit Credit Method.
(ii) The actuarial gains and losses arising during the year are
recognized in the Profit & Loss Account for the year.
Foreign currency transactions
Foreign currency transactions are recorded at exchange rates prevailing
on the date of the transaction. The difference between the actual rate
of settlement and the rate on the date of the transaction is charged or
credited to profit and loss account.
In respect of monetary current assets and liabilities denominated in
foreign currencies, the overall net gain or loss, if any, on conversion
at the exchange rates prevailing on the date of the balance sheet is
charged to revenue.
Taxation
Income tax expense comprises current tax expense and deferred tax
expense/credit
Current tax
Provision for current tax is calculated in accordance with the
provisions of the income-Tax Act, 1961 and is made annually based on
the tax liability computed after considering tax allowances and
exemptions.
Assets and liabilities representing current tax is disclosed on a net
basis when there is a legally enforceable right to set off and where
the management intends to settle the asset and liability on a net
basts.
Deferred tax
Deferred tax liability or asset is recognised for timing differences
between the profits/losses offered for income taxes and profits/losses
as per the financial statements. Deferred tax assets and liabilities
are measured using the tax rates and tax laws that have been enacted or
substantially enacted at the balance sheet date.
Deferred tax assets are recognised only to the extent there is a
reasonable certainty that the assets can be realised in where there is
unabsorbed depreciation or carried forward loss under taxation laws,
deferred tax assets nly if there is a virtual certainty of realisation
of such assets. Deferred tax assets are reviewed as at et date and
written down or written-up to reflect the amount that is
reasonably/virtually certain (as the e realised.
Earnings per share (ÂEPS'')
Basic EPS is computed using the weighted average number of equity
shares outstanding during the year. Diluted EPS is computed using the
weighted average number of equity and dilutive equity equivalent shares
outstanding during the year except where the results would be anti
dilutive. The number of equity shares is adjusted for any share splits
and bonus shares issued effected prior to the approval of the financial
statements by the Board of Directors.
Contingencies and provisions
The Company creates a provision when there is 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. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
Mar 31, 2010
Basis of preparation of financial statements
The financial statements are prepared and presented under the
historical cost convention on the accrual basis of accounting and
comply with the Accounting Standards issued under Companies (Accounting
Standards) Rules, 2006 and the relevant provisions of the Companies
Act, 1956, to the extent applicable, except in respect of export
benefits and employee benefits.
Use of estimates
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles in India requires management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities on the date of the
financial statements. Actual results may differ from those estimates.
Any revision to accounting estimates is recognized prospectively in
current and future periods.
Fixed assets and depreciation/amortisation
Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated
depreciation. Cost comprises purchase price, duties, levies and other
directly attributable expenses of bringing the asset to its working
condition for the intended use.
Borrowing costs directly attributable to acquisition or construction of
those tangible fixed assets, which necessarily take a substantial
period of time to get ready for their intended use, are capitalised.
Advances paid towards acquisition of fixed assets and the cost of
assets acquired but not ready for use as at the balance sheet date are
disclosed under capital work-in-progress.
Cost incurred by the company in respect of leased assets is
capitalized.
Assets costing individually Rs 5,000 or less are depreciated fully in
the year of purchase.
Depreciation on tangible fixed assets (purchased up to 30th September,
2005), is provided using the Straight Line Method at the rates
specified under Schedule XIV to the Companies Act, 1956.
Depreciation on tangible fixed assets for expansion project is provided
using the Written down Value Method at the rates specified under
Schedule XIV to the Companies Act, 1956.
In respect of fixed assets purchased during the year, depreciation is
provided on a pro-rata basis from the date on which such asset is ready
to be put to use.
Impairment of assets
In accordance with accounting standard 28 on Impairment of assets,
the Company assess at each balance sheet date whether there is an
indication that assets of the Company may be impaired. Where any such
indication exists the company estimates the recoverable amount of the
assets. The recoverable amount of the assets (or where applicable that
of the cash generating unit to which the asset belongs) is estimated at
the higher of its net selling price and its value In use. An impairment
charge is recognised whenever the carrying amount of the asset or cash-
generating unit exceeds its recoverable amount.
Investments
Long-term investments are carried at cost less any other than temporary
diminution in value, determined separately for each individual
investment. Current investments are carried at lower of cost and fair
value.
Inventories
Inventories are valued at lower of cost and net realisable value. Cost
is determined under the first-in, first-out method and includes all
costs incurred in bringing the inventories to their present location
and condition. Finished goods and Work-in-progress include appropriate
proportion of costs of conversion. By product is valued at net
realizable value.
Revenue recognition
Revenue from Job Work is recognised on completion of work.
Revenue from sale of goods is recognised on transfer of all significant
risks and rewards of ownership to the buyer.
Export sales is recognised on the basis of date of shipment based on
date of Bill of Lading.
Income from export benefits is accounted for based on reasonable
certainty of receipt.
Employee Benefits
(i) Post-employment Benefits:
(a) Defined Contribution Plans:
The company has Defined Contribution Plans for post employment
benefits, charged to Profit & Loss Account, in form of:
Provident Fund / Employees Pension Fund administered by the Regional
Provident Fund Commissioner,
(b) Defined Benefit Plans:
Unfunded Plan :
(i) The Company has Defined Benefit Plan for post employment benefits
in the form of Gratuity for all employees.
(ii) The Company has Defined Benefit Plan for post employment benefits
in the form of Leave Encashment for all employees.
Liability for (he above Defined Benefit Plan is provided on the basis
of actuarial valuation, as at the balance sheet date, carried out by
independent actuary. The actuarial method used for measuring the
liability is the Projected Unit Credit Method.
(ii) The actuarial gains and losses arising during the year are
recognized in the Profit S Loss Account for the year.
Foreign currency transactions
Foreign currency transactions are recorded at exchange rates prevailing
on the date of the transaction. The difference between the actual rate
of settlement and the rate on the date of the transaction is charged or
credited to profit and loss account.
In respect of monetary current assets and liabilities denominated in
foreign currencies, the overall net gain or loss, if any, on conversion
at the exchange rates prevailing on the date of the balance sheet is
charged to revenue.
Taxation
Income tax expense comprises current tax expense and deferred tax
expense/credit.
Current tax
Provision for current tax is calculated in accordance with the
provisions of the Income-Tax Act, 1961 and is made annually based on
the tax liability computed after considering tax allowances and
exemptions.
Assets and liabilities representing current tax is disclosed on a net
basis when there is a legally enforceable right to set off and where
the management intends to settle the asset and liability on a net
basis.
Deferred tax
Deferred tax liability or asset is recognised for timing differences
between the profits/losses offered for income taxes and profits/losses
as per the financial statements. Deferred tax assets and liabilities
are measured using the tax rates and tax laws that have been enacted or
substantively enacted at the balance sheet date.
Deferred tax assets are recognised only to the extent there is a
reasonable certainty that the assets can be realised in future; however
where there is unabsorbed depreciation or carried forward loss under
taxation laws, deferred tax assets are recognised only if there is a
virtual certainty of realisation of such assets. Deferred tax assets
are reviewed as at each balance sheet date and written down or
written-up to reflect the amount that is reasonably/ virtually certain
(as the case may be) to be realised.
Earnings per share (EPS)
Basic EPS is computed using the weighted average number of equity
shares outstanding during the year. Diluted EPS is computed using the
weighted average number of equity and dilutive equity equivalent shares
outstanding during the year except where the results would be anti
dilutive. The number of equity shares is adjusted for any share splits
and bonus shares issued effected prior to the approval of the financial
statements by the Board of Directors.
Contingencies and provisions
The Company creates a provision when there is 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. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.