Mar 31, 2015
A) Basis of Accounting:
The Company maintains its accounts on accrual basis following the
historical cost convention and in accordance with generally accepted
accounting principles ["GAAP"], including the Accounting Standards
notified under the relevant provisions of the Companies Act, 2013.
b) Use of Estimates:
The preparation of financial statements 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 revenue 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.
c) Revenue Recognition:
All Income and expenditure are accounted for on accrual basis. In
accordance with Accounting Standards (AS-9) on "Revenue Recognition"
revenue from interest in case where ultimate collection is uncertain,
is recognized in the year in which such interest is recovered.
d) Inventory:
Closing stock of construction material is valued at lower of cost or
net realizable value.
e) Project Expenses:
Expenditure directly related to carrying out project activity are
debited to the project account.
f) Fixed Assets:
Fixed Assets are stated at original cost less depreciation. Original
cost includes all expenses incurred up to and incidental to the
installation / acquisition.
g) Depreciation:
Depreciation on Fixed Assets is provided as per Straight Line Method
and as per the life provided in Schedule II of the Companies Act, 2013
h) Investments:
All the Investments are long term and carried at cost. However,
provision is made for diminution in the value of investment other than
of temporary nature. Current Investments are carried at lower of cost
or fair value.
i) Employee Benefits:
i. Post-employment benefits under defined plans are recognized as an
expense in the profit and loss account for the year in which the
employee has rendered services. The expense is recognized at the
present value of the amount payable towards contributions. The present
value is determined using the market yields of government bonds, at the
balance sheet date, at the discounting rate.
ii. Short term employee benefits and post-employment benefits under
defined contribution plans are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related services is rendered.
iii. Other long-term employee benefits are recognized as an expense in
the profit and loss account for the period in which the employee has
rendered services. Estimated liability on account of long-term benefits
is discounted to the current value, using the yield on government
bonds, as on the date of balance sheet, at the discounting rate.
iv. Actuarial gains and losses in respect of post-employment and other
long-term benefits are charged to the profit and loss account.
j) Borrowing Costs:
Interest related to project is charged to cost of project and other
interest is charged to revenue.
k) Operating Lease
Rentals are expensed with reference to lease terms and other
considerations.
l) Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the Provisions of the Income tax Act, 1961
Deferred tax resulting from "timing difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognized and carried forward only to the extent
that there is a reasonable certainty that the assets will be realized in
future.
m ) Impairment of fixed assets
At the end of each year, the company determines whether a provision
should be made for impairment loss on fixed assets by considering the
indications that an impairment loss may have occurred in accordance
with the Accounting Standard AS-28 on "Impairment of Assets" issued by
the Institute of Chartered Accountants of India. An impairment loss is
charged to the Profit & Loss Account in the year in which, an asset is
identified as impaired, when the carrying amount value of the asset
exceeds its recoverable value. The impairment loss recognized in prior
accounting periods reversed, if there has been a change in the estimate
of recoverable amount.
n) Provisions, Contingent Liability, Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
o) General:
Accounting policies not specifically referred to are consistent with
generally accepted accounting practice.
Mar 31, 2014
A) Basis of Accounting:
These financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis. GAAP comprises mandatory
accounting standards as prescribed by the Companies (Accounting
Standards) Rules, 2006, the provisions of the Companies Act, 2013 (to
the extent notified) and the Companies Act, 1956 (to the extent
applicable).
b) Use of Estimates:
The preparation of financial statements 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 revenue 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.
c) Revenue Recognition:
All Income and expenditure are accounted for on accrual basis. In
accordance with Accounting Standards (AS-9) on "Revenue Recognition"
revenue from interest in case where ultimate collection is uncertain,
is recognized in the year in which such interest is recovered.
d) Inventory:
Closing stock of construction material is valued at lower of cost or
net realizable value.
e) Project Expenses:
Expenditure directly related to carrying out project activity are
debited to the project account.
f) Fixed Assets:
Fixed Assets are stated at original cost less depreciation. Original
cost includes all expenses incurred up to and incidental to the
installation/acquisition.
g) Depreciation:
Depreciation on Fixed Assets is provided on Straight Line Method at the
rates and in Other manner prescribed in Schedule XIV to the Companies
Act, 1956.
h) Investments:
All the Investments are long term and carried at cost. However,
provision is made for diminution in the value of investment other than
of temporary nature. Current Investments are carried at lower of cost
or fair value.
i) Employee Benefits:
i. Post employment benefits under defined plans are recognized as an
expense in the profit and loss account for the year in which the
employee has rendered services. The expense is recognized at the
present value of the amount payable towards contributions. The present
value is determined using the market yields of government bonds, at the
balance sheet date, at the discounting rate.
ii. Short term employee benefits and post employment benefits under
defined contribution plans are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related services is rendered.
iii. Other long-term employee benefits are recognized as an expense in
the profit and loss account for the period in which the employee has
rendered services. Estimated liability on account of long-term benefits
is discounted to the current value, using the yield on government
bonds, as on the date of balance sheet, at the discounting rate.
iv. Actuarial gains and losses in respect of post employment and other
long-term benefits are charged to the profit and loss account.
j) Borrowing Costs:
Interest related to project is charged to cost of project and other
interest is charged to revenue.
k) Operating Lease
Rentals are expensed with reference to lease terms and other
considerations.
l) Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the Provisions of the Income tax Act, 1961.
Deferred tax resulting from "timing difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognized and carried forward only to the extent
that there is a reasonable certainty that the assets will be realized
in future.
m) Impairment of fixed assets
At the end of each year, the company determines whether a provision
should be made for impairment loss on fixed assets by considering the
indications that an impairment loss may have occurred in accordance
with the Accounting Standard AS-28 on "Impairment of Assets" issued by
the Institute of Chartered Accountants of India. An impairment loss is
charged to the Profit & Loss Account in the year in which, an asset is
identified as impaired, when the carrying amount value of the asset
exceeds its recoverable value. The impairment loss recognized in prior
accounting periods reversed, if there has been a change in the estimate
of recoverable amount.
n) Provisions, Contingent Liability, Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
o) General:
Accounting policies not specifically referred to are consistent with
generally accepted accounting practice.
Mar 31, 2013
A) Basis of Accounting:
These accounts are prepared on historical cost basis.
b) Use of Estimates:
The preparation of financial statements 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 revenue 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.
c) Revenue Recognition:
All Income and expenditure are accounted for on accrual basis. In
accordance with Accounting Standards (AS-9) on "Revenue Recognition"
revenue from interest in case where ultimate collection is uncertain,
is recognized in the year in which such interest is recovered.
d) Inventory:
Closing stock of construction material is valued at lower of cost or
net realizable value.
e) Project Expenses:
Expenditure directly related to carrying out project activity are
debited to the project account.
f) Fixed Assets:
Fixed Assets are stated at original cost less depreciation. Original
cost includes all expenses incurred up to and incidental to the
installation/acquisition.
g) Depreciation:
Depreciation on Fixed Assets is provided on Straight Line Method at the
rates and in Other manner prescribed in Schedule XIV to the Companies
Act, 1956.
h) Investments:
All the Investments are long term and carried at cost. However,
provision is made for diminution in the value of investment other than
of temporary nature. Current Investments are carried at lower of cost
or fair value.
i) Employee Benefits:
i. Post employment benefits under defined plans are recognized as an
expense in the profit and loss account for the year in which the
employee has rendered services. The expense is recognized at the
present value of the amount payable towards contributions. The present
value is determined using the market yields of government bonds, at the
balance sheet date, at the discounting rate.
ii. Short term employee benefits and post employment benefits under
defined contribution plans are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related services is rendered.
iii. Other long-term employee benefits are recognized as an expense in
the profit and loss account for the period in which the employee has
rendered services. Estimated liability on account of long-term benefits
is discounted to the current value, using the yield on government
bonds, as on the date of balance sheet, at the discounting rate.
iv. Actuarial gains and losses in respect of post employment and other
long-term benefits are charged to the profit and loss account.
j) Borrowing Costs:
Interest related to project is charged to cost of project and other
interest is charged to revenue.
k) Operating Lease
Rentals are expensed with reference to lease terms and other
considerations.
I) Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the Provisions of the Income tax Act, 1961.
Deferred tax resulting from "timing difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognized and carried forward only to the extent
that there is a reasonable certainty that the assets will be realized
in future.
m) Impairment of fixed assets
At the end of each year, the company determines whether a provision
should be made for impairment loss on fixed assets by considering the
indications that an impairment loss may have occurred in accordance
with the Accounting Standard AS-28 on "Impairment of Assets" issued by
the Institute of Chartered Accountants of India. An impairment loss is
charged to the Profit & Loss Account in the year in which, an asset is
identified as impaired, when the carrying amount value of the asset
exceeds its recoverable value. The impairment loss recognized in prior
accounting periods reversed, if there has been a change in the estimate
of recoverable amount.
n) Provisions, Contingent Liability, Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
o) General:
Accounting policies not specifically referred to are consistent with
generally accepted accounting practice.
Mar 31, 2012
A) Basis of Accounting:
These accounts are prepared on historical cost basis.
b) Use of Estimates:
The preparation of financial statements 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 revenue 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.
c) Revenue Recognition:
All Income and expenditure are accounted for on accrual basis. In
accordance with Accounting Standards (AS- 9) on "Revenue Recognition"
revenue from interest in case where ultimate collection is uncertain,
is recognized in the year in which such interest is recovered.
d) Inventory:
Closing stock of construction material is valued at lower of cost or
net realizable value.
e) Project Expenses:
Expenditure directly related to carrying out project activity are
debited to the project account.
f) Fixed Assets:
Fixed Assets are stated at original cost less depreciation. Original
cost includes all expenses incurred up to and incidental to the
installation/acquisition.
g) Depreciation:
Depreciation on Fixed Assets is provided on Straight Line Method at the
rates and in Othe manner prescribed in Schedule XIV to the Companies
Act, 1956.
h) Investments:
All the Investments are long term and carried at cost. However,
provision is made for diminution in the value of investment other than
of temporary nature. Current Investments are carried at lower of cost
or fair value.
i) Employee Benefits:
i. Post employment benefits under defined plans are recognized as an
expense in the profit and loss account for the year in which the
employee has rendered services. The expense is recognized at the
present value of the amount payable towards contributions. The present
value is determined using the market yields of government bonds, at the
balance sheet date, at the discounting rate.
ii. Shortterm employee benefits and post employment benefits under
defined contribution plans are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related services is rendered.
iii. Other long-term employee benefits are recognized as an expense in
the profit and loss account for the period in which the employee has
rendered services. Estimated liability on account of long-term benefits
is discounted to the current value, using the yield on government
bonds, as on the date of balance sheet, at the discounting rate.
iv. Actuarial gains and losses in respect of post employment and other
long-term benefits are charged to the profit and loss account.
j) Borrowing Costs:
Interest related to project is charged to cost of project and other
interest is charged to revenue.
k) Operating Lease
Rentals are expensed with reference to lease terms and other
considerations.
I) Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the Provisions of the Income tax Act, 1961.
Deferred tax resulting from "timing difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognized and carried forward only to the extent
that there is a reasonable certainty that the assets will be realized
in future.
m) Impairment of fixed assets
At the end of each year, the company determines whether a provision
should be made for impairment loss on fixed assets by considering the
indications that an impairment loss may have occurred in accordance
with the Accounting Standard AS-28 on "Impairment of Assets" issued by
the Institute of Chartered Accountants of India. An impairment loss is
charged to the Profit & Loss Account in the year in which, an asset is
identified as impaired, when the carrying amount value of the asset
exceeds its recoverable value. The impairment loss recognized in prior
accounting periods reversed, if there has been a change in the estimate
of recoverable amount.
n) Provisions, Contingent Liability, Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
o) General:
Accounting policies not specifically referred to are consistent with
generally accepted accounting practice.
Mar 31, 2011
1. Basis of Accounting:
These accounts are prepared on historical cost basis.
2. Use of Estimates:
The preparation of financial statements 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 revenue 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.
3. Revenue Recognition:
All Income and expenditure are accounted for on accrual basis. In
accordance with Accounting Standards (AS-9) on "Revenue Recognition"
revenue from interest in case where ultimate collection is uncertain,
is recognized in the year in which such interest is recovered.
4. Inventory:
Closing stock of construction material is valued at lower of cost or
net realizable value.
5. Project Expenses:
Expenditure directly related to carrying out project activity are
debited to the project account.
6. Fixed Assets:
Fixed Assets are stated at original cost less depreciation. Original
cost includes all expenses incurred up to and incidental to the
installation/acquisition.
7. Depreciation:
Depreciation on Fixed Assets is proved on Straight Line Method at the
rates and in the manner prescribed in Schedule XIV to the Companies
Act, 1956.
8. Investments:
All the Investments are long term and carried at cost. However,
provision is made for diminution in the value of investment other than
of temporary nature. Current Investments are carried at lower of cost
or fair value.
9. Employee Benefits:
i. Post employment benefits under defined plans are recognized as an
expense in the profit and loss account for the year in which the
employee has rendered services. The expense is recognized at the
present value of the amount payable towards contributions. The present
value is determined using the market yields of government bonds, at the
balance sheet date, at the discounting rate.
ii. Short term employee benefits and post employment benefits under
defined contribution plans are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related services is rendered.
iii. Other long-term employee benefits are recognized as an expense in
the profit and loss account for the period in which the employee has
rendered services. Estimated liability on account of long-term benefits
is discounted to the current value, using the yield on government
bonds, as on the date of balance sheet, at the discounting rate.
iv. Actuarial gains and losses in respect of post employment and other
long-term benefits are changed to the profit and loss account.
10. Borrowing Costs:
Interest related to project is charged to cost of project and other
interest is charged to revenue.
11. Operating Lease
Rentals are expensed with reference to lease terms and other
considerations.
12. Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the Provisions of the Income tax Act, 1961.
Deferred tax resulting from "timing difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the balance sheet date.
The deferred tax asset is recognized and carried forward only to the
extent that there is a reasonable certainty that the assets will be
realized in future.
13. Impairment of fixed assets
At the end of each year, the company determines whether a provision
should be made for impairment Loss on fixed assets by considering the
indications that an impairment loss may have occurred in accordance
with the Accounting Standard AS-28 on "Impairment of Assets" issued by
the Institute of Chartered Accountants of India. An impairment loss is
charged to the Profit & Loss Account in the year in which, an asset is
identified as impaired, when the carrying amount value of the asset
exceeds its recoverable value. The impairment loss recognized in prior
accounting periods reversed, if there has been a change in the estimate
of recoverable amount.
14. Provisions, Contingent Liability, Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
15. General:
Accounting policies not specifically referred to are consistent with
generally accepted accounting practice.
Mar 31, 2010
1. Basis of Accounting:
These accounts are prepared on historical cost basis.
2. Use of Estimates:
The preparation of financial statements 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 revenue 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.
3. Revenue Recognition:
All Income and expenditure are accounted for on accrual basis. In
accordance with Accounting Standards (AS-9) on "Revenue Recognition"
revenue from interest in case where ultimate collection is uncertain,
is recognized in the year in which such interest is recovered.
4. Inventory:
Closing stock of construction material is valued at lower of cost or
net realizable value.
5. Project Expenses:
Expenditure directly related to carrying out project activity are
debited to the project account.
6. Fixed Assets:
Fixed Assets are stated at original cost less depreciation. Original
cost includes all expenses incurred up to and incidental to the
installation/acquisition.
7. Depreciation:
Depreciation on Fixed Assets is proved on Straight Line Method at the
rates and in the manner prescribed in Schedule XIV to the Companies
Act, 1956.
8. Investments:
All the Investments are long term and carried at cost. However,
provision is made for diminution in the value of investment other than
of temporary nature. Current Investments are carried at lower of cost
or fair value.
9. Employee Benefits:
i. Post employment benefits under defined plans are recognized as an
expense in the profit and loss account for the year in which the
employee has rendered services. The expense is recognized at the
present value of the amount payable towards contributions. The present
value is determined using the market yields of government bonds, at the
balance sheet date, at the discounting rate.
ii. Short term employee benefits and post employment benefits under
defined contribution plans are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related services is rendered.
iii. Other long-term employee benefits are recognized as an expense in
the profit and loss account for the period in which the employee has
rendered services. Estimated liability on account of long-term benefits
is discounted to the current value, using the yield on government
bonds, as on the date of balance sheet, at the discounting rate.
iv. Actuarial gains and losses in respect of post employment and other
long-term benefits are changed to the profit and loss account.
10. Borrowing Costs:
Interest related to project is charged to cost of project and other
interest is charged to revenue.
11. Operating Lease:
Rentals are expensed with reference to lease terms and other
considerations.
12. Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the Provisions of the Income tax Act, 1961.
Deferred tax resulting from "timing difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognised and carried forward only to the extent
that there is a reasonable certainty that the assets will be realised
in future.
13. Impairment of fixed assets
At the end of each year, the company determines whether a provision
should be made for impairment loss on fixed assets by considering the
indications that an impairment loss may have occurred in accordance
with the Accounting Standard AS-28 on "Impairment of Assets" issued by
the Institute of Chartered Accountants of India. An impairment loss is
charged to the Profit & Loss Account in the year in which, an asset is
identified as impaired, when the carrying amount value of the asset
exceeds its recoverable value. The impairment loss recognised in prior
accounting periods reversed, if there has been a change in the estimate
of recoverable amount.
14. Provisions, Contingent Liability, Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
15. General:
Accounting policies not specifically referred to are consistent with
generally accepted accounting practice.
Mar 31, 2009
1. Basis of Accounting :
These accounts are prepared on historical cost basis.
2. Use of Estimates :
The preparation of financial statements 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 revenue 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.
3. Revenue Recognition :
All Income and expenditure are accounted for on accrual basis. In
accordance with Accounting Standards(AS- 9) on "Revenue Recognition "
revenue from interest in case where ultimate collection is uncertain,
is recognised in the year in which such interest is recovered.
4. Interest on Housing Loans :
Repayment of Housing Loans is by way of Equated Monthly Installments
(EMIs) comprising of principal and interest. Interest is calculated on
the outstanding balance at the beginning of the year. EMIs commence
once the entire loan is disbursed.
5. Provisions in respect of Housing Loans :
The Company has adopted the policy to write of specific debts which, in
the opinion of the management, based on the available information, are
considered fully irrecoverable. Further in respect of housing loans
which are identified as Non Performing Assets (NPA), provision is made
in respect thereof as per prudential norms prescribed by National
Housing Bank.
6. Inventory:
Closing stock of construction material is valued at lower of cost or
net realisable value.
7. Project Expense :
Expenditure directly related to carrying out project activity are
debited to the project account.
8. Fixed Assets :
Fixed Assets are stated at original cost less depreciation. Original
cost includes all expenses incurred upto and incidental to the
installation/acquisition.
9. Depreciation:
Depreciation on Fixed Assets is proved on Straight Line Method at the
rates and in the manner prescribed in Schedule XIV to the Companies
Act, 1956.
10. Investments :
Investments in Shares are long term and are valued at cost.
11. Employee Benefits :
a) Post employment benefits under defined plans are recognized as an
expense in the profit and loss account for the year in which the
employee has rendered services. The expense is recognized at the
present value of the amount payable towards contributions. The present
value is deiermined using the market yields of government bonds, at the
balance sheet date, at the discounting rate.
b) Short term employee benefits and post employment benefits under
defined contribution plans are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related services is rendered.
c) Other long-term employee benefits are recognized as an expense in
the profit and loss account for the period in which the employee has
rendered services. Estimated liability on account of long-term benefits
is discounted to the current value, using the yield on government
bonds, as on the date of balance sheet, at the discounting rate.
d) Actuarial gains and losses in respect of post employment and other
long-term benefits are changed to the profit and loss account.
12. Taxation :
Provision for Taxation has been made in accordance with Income Tax laws
prevailing for the relevant assessment year.
13. Deferred Taxation :
Deferred tax is recognized if there is virtual certainly that there
will be sufficient future taxable income available against which such
deffered tax assets can be realized.
14. General:
Accounting Policies not specifically referred to above areconsistent
with the generaly accepted accounting practices.