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Notes to Accounts of Roselabs Ltd.

Mar 31, 2015

Not available


Mar 31, 2014

1. CONTINGENT LIABILITIES:

The income tax assessment completed for the assessment year 2007-08 has been disputed and demand if Rs 701810/- for the same is outstanding. Based on the decision of the appellant authority and provision the company has been legally advised that the demand . likely to be deleted hence the provision has been not made.

2. DISCLOSURE PURSUANT TO ACCOUNTING STANDARD (AS) 17 "SEGMENTATION REPORTING":

Primary Segment Reporting (Business Segment):

The Company has indentified its Primary business segment as Trading and therefore, segment reporting in terms of accounting standard 17 on primary segmental reporting is not applicable.

Secondary Segment (Geographical Segment):

In respect of secondary segment information the company has identified into geographical segment as domestic and overseas. The company as only single segment domestic sales.

3. RELATED PARTY DISCLOSURES:

During the year the company entered into transaction with the related parties. Those transactions along with related balances as at 31$t March, 2014 and for the year ended are presented in the following.

4. As per Accounting Standard (AS-28) impairment of assets the company has carried the impairment test during the year. Resultant it is found that there is no material impairment loss in the carried cost in the assets in the books. The recoverable amount is not material lower than the carrying amount in the accounts hence the same is not considered.


Mar 31, 2013

1.1 Contingent Liabilities:

The income tax assessment completed for the assessment year 2007-08 has been disputed and demand of Rs. 701810/- for the same is outstanding. Based on the decision of the appellant authority and interpretation of the relevant provision the company has been legally advised that the demand is likely to be deleted hence the provision has been not made.

1.2 Disclosure pursuant to Accounting Standard (AS) 17 " Segmentation Reporting" :

Primary Segment Reporting (Business Segment):

The Company has indentified its Primary business segment as Trading and therefore, segment reporting in terms of accounting Standard 17 on primary Segmental Reporting is not applicable

Secondary Segment (Geographical Segment)

In respect of secondary segment information the company has identified into geographical segment as domestic and Overseas. The company has only single segment domestic sales.

1.3 Related Party Disclosures:

During the year the company entered into transaction with the related parties. Those transactions along with related balances as at 31 st March, 2013 and for the year ended are presented in the following.

1.4 As per Accounting Standard (AS-28) impairment of assets the company has carried the impairment test during the year. Resultant it is found that there is no material impairment loss in the carried cost in the assets in the books. The recoverable amount is not material lower than the carrying amount in the accounts hence the same is not considered.

 
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