Mar 31, 2012
1.1 Basis of accounting and preparation of financial statements
The financial statements have been prepared on the accrual basis of
accounting, under the historical cost convention, in accordance with
the accounting principles generally accepted in India and comply with
the Companies (Accounting Standards) Rules, 2006 and the relevant
provisions of the Companies Act, 1956.
1.2 Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent liabilities as at the date
of financial statements and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ from
these estimates. Any revision to accounting estimates is recognized in
the period in which the results are known/materialized.
1.3 Cash and cash equivalents
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
1.4 Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. Cost includes all expenses, direct and indirect,
specifically attributable to its acquisition and bringing it to its
current location and working condition for its intended use.
1.5 Depreciation and Amortisation
Depreciation on Fixed Assets has been provided on Straight Line Method
at the rates and in the manner specified in tee Schedule XIV of the
Companies Act, 1956.
1.4 Revenue recognition
Both income and expenditure items are recognized on accrual and prudent
basis.
1.5 Income Tax
Income Tax expense comprises of current tax and deferred charge or
credit. Current tax is determined as the amount of tax payable in
respect of taxable income for the year.
1.6 Earnings per share
Basic earnings per share is computed by dividing the profit l (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year.
Mar 31, 2011
(a) Basis of Accounting ; The financial statements are prepared under
the historical cost convention and comply with the mandatory Accounting
Standards and Statements issued by The Institute of Chartered
Accountants of India and The Companies Act, 1956. Ail income and
expenditure having a material bearing on the financial statements are
recognised on accrual basis.
(b) Fixed Assets : Fixed Assets are stated at cost of acquisition. Cost
comprises purchase price and attributable cost.
(c) Depreciation : Depreciation on Straight Line Method basis is
provided on tangible Fixed Assets in the manner and at the rates as per
Schedule XIV to the rates applicable in The Companies Act, 1956.
(d) investments ; The investments are valued at cost.
(e) Inventories : The inventory items are stated at cost
Mar 31, 2010
(a) Basis of Accounting : The financial statements are prepared under
the historical cost convention and comply with
the mandatory Accounting Standards and Statements issued by The
Institute of Chartered Accountants of India and The Companies Act,
1956. All income and expenditure having a material bearing on the
financial statements are recognised on accrual basis.
(b) Fixed Assets : Fixed Assets are stated at cost of acquisition. Cost
comprises purchase price and attributable cost.
(c) Depreciation : Depreciation on Straight Line Method basis is
provided on tangible Fixed Assets in the manner and at the rates as per
Schedule XIV to the rates applicable in The Companies Act, 1956.
(d) Investments : The investments are valued at cost.
(e) Inventories : The inventory items are stated at cost.