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Accounting Policies of Sumuka Agro Industries Ltd. Company

Mar 31, 2016

A. Basis of preparation of Financial Statements

(a) Basic Principles - These financial statements are prepared under the historical cost convention, on a going concern basis and they comply in material aspects with the accounting principles generally accepted in India (Indian GAAP), including the accounting standards notified under the relevant provisions of the Companies Act, 2013 (hereafter the Act).

(b) Use of Estimates - The preparation of the financial statements entail the management to make certain estimates and assumptions that affect the facts and figures reported. Disparities between actual result and estimates are recognized in the period in which they are identified or materialized.

(c) Method of Accounting - All revenues and expenses having a material bearing on the financial statements are generally recognized on accrual basis, and subject to the extent of determinability of these accruals and keeping the materiality concept in view. All assets and liabilities are classified into current and non-current, based on the criteria of realization or settlement within twelve months period from the balance sheet date.

B. Revenue Recognition

(a) Sale of investments in securities is accounted on delivery and receipt of broker contracts or debit notes. Dividend and interest are recorded in books as and when the right to receive it is established.

(b) Receipts from training & consultancy activity are recorded on provision of service and issue of invoice.

(c) Revenue is generally recognized when risks and rewards in the goods or services are transferred to third party.

C. Fixed Assets - The Company has not acquired any fixed assets during the year.

D. Inventories - The Company has not acquired any inventories during the year.

E. Cash Flow Statement - Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the information made available to us.

F. Tax Expense

(a) Current Tax - Tax expense for the period, comprising of current tax (which includes MAT) is charged to the profits for the year. Current tax is measured at the amount expected to be paid to the revenue authorities in accordance with the prevailing tax laws. Minimum alternate tax (MAT), if paid, is recognized as an asset as it shall accrue future benefit in the form of a set off against tax expense.

(b) Deferred Tax - Pursuant to Accounting Standard (AS) 22 - "Accounting for Taxes on Income", there is no deferment of tax on account of temporary timing differences.

G. Foreign Currency Transactions - The Company has not entered into any foreign currency transactions during the year.

H. Earnings Per Share - Disclosure pursuant to Accounting Standard 20 - "Earnings Per Share".

I. Investments

(a) The investments comprise of quoted and unquoted equity shares. These investments include investments in group companies and concerns.

(b) These investments were physically verified by the management during the year and no material discrepancies were noticed on such verification.

(c) The investments comprises of equity shares of companies listed on stock exchanges as well as delisted companies.

K. Contingent Liability

(a) The Company has accumulated losses of Rs.3,91,53,146/- (Rs.3,94,68,901/-) as on 31-3-2016, as against a net worth (Capital plus Capital Reserves) ofRs.5,93,45,132/- (Rs.5,93,45,132/-), illustrating a significant erosion in its net worth. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Company''s ability to continue as a going concern. However, the financial statements of the Company have been prepared on a going concern basis, as per the decision of the management and the Board of Directors have worked out a future strategic plan for accelerating the growth.

(b) The Company had made loans/advances of Rs.65,65,500/- to M/s. Nirzari Organisers Pvt. Ltd., Surat, Gujarat and Rs.70,86,800/- to M/s. Treasure Chest Investments Pvt. Ltd., Surat, Gujarat. The names of both these Companies are stricken-off from the list of registered companies, by the Registrar of Companies, Ministry of Corporate Affairs. However the management of the Company is confident of recovering these amounts from the said companies.

(c) In the opinion of the management no provision for diminution in the value of investment, in respect of suspended scripts amounting to Rs.35,90,484.20 (Rs.35,90,084.20) and delisted scripts amounting to Rs.5,970/- (Rs.5,500/-), is required to be made in the accounts.

(d) Besides above, all disputed and/or contingent liabilities are either provided for or disclosed as such, on the basis of mutual acceptances or depending on the management''s perception of its potential outcome.

(a) There are no reportable secondary segments.

(b) The primary segments have been identified & reported considering the nature of products & services, their risks and returns, the organization structure and the internal management reporting system. Investment, interest and consulting activities are clubbed under ''finance Segment''.

(c) Due to changes in the primary segments, the previous year figures may not correlate with that of current years.

(d) Segmental information includes the respective amounts identifiable or allocable. Other amounts are reported at corporate level.

N. The financial assets of the Company forms 96% of the total assets (not considering the liabilities) and the financial income comprise about 7% of the total income. Hence both the Income and Asset criteria specified under the ''Non Banking Financial or Investment Company (NBFC)'' Regulations issued by the Reserve Bank of India (RBI), are not satisfied. In light of the foregoing, the Company is not registered as a ''Non Banking Financial or Investment Company (NBFC)'' under the Reserve Bank of India Act, 1934 since the management of the Company is of the opinion that the core business activity of the Company is ''Education'' and is only intermittently carrying on funding and investment activities to optimally utilize spare funds.

O. In respect of certain payments made for expenses or otherwise where, the payees'' acknowledgements and/or other supporting evidences of payments were not available for our verification, the management confirms the propriety of the payments and of the debits given to the respective account heads. None of the revenue expenses are capitalized during the year or vice versa.

P. Books of Account

(a) The balances of receivables and payables are subject to third party confirmations. The management has taken adequate steps to provide sufficiently for all known and anticipated liabilities. All the liabilities (including the Capital Reserve of Rs.49,40,132/-) and assets, are approximately of the value stated in the accounts and payable or receivable in the ordinary course of business.

(b) Certain old credit accounts amounting toRs.4,22,829/- (Rs.26,48,328/-) were written back during the year, as in the opinion of the management of the Company, these have become fragile and do not appear to be of the value stated, in the ordinary course of business.

(c) The Company has trade advances amounting Rs.53,00,000/- which are outstanding for more than a year, and during the year however a repayment of Rs.10,00,000/- was made, and the balance Rs.43,00,000/- remaining unpaid, have been accounted as long term liabilities. Certain other old credit balances and debit balances in the accounts are retained, as in the opinion of the management these are payable or receivable as the case may be.

Q. Prior Period Items - The Company follows the accrual system of accounting, but provision for expenses is made on the basis of the materially concept and where ever ascertainable.

R. Retirement Benefits - The management of the Company is of the opinion that provisions for employees retirement benefits are not required to be made.

S. Subsequent Events - The management is of the opinion that, all events occurring after the balance sheet date up to the date of adoption of the financial statements (if any), having a material bearing on the financial position, are considered while preparing the financial statements.

T. In the opinion of the management, there are no outstanding dues towards suppliers as defined under the "Micro, Small & Medium Enterprises Development Act, 2006".

U. Managerial Remuneration - The management has not been paid any remuneration except sitting feesRs.78000/- (Rs. Nil) during the year.

V. Additional Information - Additional information pursuant to the applicable provisions of note 5 of Part II of Schedule III to the Act, to the extent not already reported elsewhere:

W. Previous year figures are regrouped or reclassified wherever necessary. Figures in brackets pertain to previous year. All figures have been rounded off to the nearest rupee.


Mar 31, 2014

A. Basis of preparation of Financial Statements

(a) Basic Principles - The financial statements are prepared under the historical cost convention, on a going concern basis and they comply in all material aspects with the accounting principles generally accepted in India (Indian GAAP), the prescribed accounting standards and the relevant provisions of the Companies Act, 1956 (the Act).

(b) Use of Estimates - The preparation of the financial statements entail the management to make certain estimates and assumptions that affect the facts and figures reported. Disparities between actual result and estimates are recognised in the period in which they materialise.

(c) Method of Accounting - The Company generally follows the accrual method of accounting subject to the extent of determinability of accruals and keeping the materiality concept in view. All assets and liabilities are classified into current and non- current, based on the criteria of realisation or settlement within twelve months period from the balance sheet date.

B. Revenue Recognition

(a) Sale of investments in securities is accounted on delivery and receipt of contracts or debit notes.

(b) Receipts from training & consultancy activity are recorded on issue of invoice.

(c) Revenue is otherwise generally recognised on accrual basis.

C. Fixed Assets - The Company has not acquired any fixed assets during the year.

D. Inventories - The Company has not acquired any inventories during the year.

E. Cash Flow Statement - Cash flows are reported using the indirect method, whereby profit/(loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the information made available to us.

F. Tax Expense

(a) Current Tax - Tax expense for the period, comprising of current tax (which includes MAT) is charged to the profits for the year. Current tax is measured at the amount expected to be paid to the revenue authorities in accordance with the prevailing tax laws. Minimum alternate tax (MAT), if paid, is recognised as an asset as it shall accrue future benefit in the form of a set off against tax expense.

(b) Deferred Tax - Pursuant to Accounting Standard (AS) 22 - "Accounting for Taxes on Income", there is no deferment of tax on account of account of temporary timing differences.

G. Foreign Currency Transactions - The Company has not entered into any foreign currency transactions during the year.

H. Retirement Benefits - The management is of the opinion that provisions for employees retirement benefits are not required to be made.

I. Contingent Liability & Subsequent Events - All disputed and/or contingent liabilities are either provided for or disclosed as such, on the basis of mutual acceptances or depending on the management''s perception of its potential outcome. The management has taken adequate steps to provide sufficiently for all known, anticipated or contingent liabilities. Events occurring after the balance sheet date up to the date of adoption of the financial statements, having a material bearing are considered while preparing the financial statements.

J. Investments

(a) The investment comprises of equity shares of various companies and convertible equity warrants of a listed company. These investments include investments in group companies and concerns.

(b) These investments were physically verified by the management during the year and no material discrepancies were noticed on such verification.

(c) The investments comprises of equity shares of companies listed on stock exchanges as well as delisted companies.

K. Segmental Information - Disclosures pursuant to AS 17:

Notes:

(a) There are no reportable secondary segments.

(b) The primary segments have been identified & reported considering the nature of products & services, their risks and returns, the organisation structure and the internal management reporting system. Loss from investment activity and interest are clubbed under ''Others Segment''.

(c) The accounting principles consistently used for preparation of financial statements are also applied to the segmental reporting.

(d) Segmental information includes the respective amounts identifiable or allocable. Other amounts are reported at corporate level.

L. In respect of certain payments made for expenses or otherwise where, the payees'' acknowledgements and/or other supporting evidences of payments were not available for our verification, the management confirms the propriety of the payments and of the debits given to the respective account heads. None of the revenue expenses are capitalised during the year or vice versa.

M. The balances of receivables and payables are subject to third party confirmations. The management has taken adequate steps to provide sufficiently for all known, anticipated or contingent liabilities. The liabilities including the Capital Reserve of Rs. 49,40,132/- and the current assets, loans, advances and others receivables, are approximately of the value stated in the accounts and payable or receivable in the ordinary course of business. Certain old debit accounts pertaining to Gujarat Electricity Board Deposit of Rs. 4,06,230/-, Telephone Deposit of Rs. 29,000/- and Excise Duty Credits of Rs. 50,885/-, were written off during the year and certain old credit accounts pertaining to Provisions Rs. 49,635/- and Advances Rs. 60,000/- were written back during the year, as in the opinion of the management of the Company these have become fragile and do not appear to be of the value stated, if realised in the ordinary course of business.

N. Prior Period Items - The Company follows the accrual system of accounting, but provision for expenses is made on the basis of the materially concept and where ever ascertainable.

O. In the opinion of the management, there are no outstanding dues towards suppliers as defined under the "Micro, Small & Medium Enterprises Development Act, 2006".

P. Managerial Remuneration - The management has been paid a remuneration of Rs. Nil (Rs. 1,20,000/-) during the year.

Q. Additional Information - Additional information pursuant to the applicable provisions of paragraph 5 of Part II of Schedule VI to the Act, to the extent not already reported elsewhere:

(1) Purchases, Sales (trading) and Revenues (services)

The company is engaged in providing services and the gross revenues earned from various segments.

R. Previous year figures are regrouped or reclassified wherever necessary. Figures in brackets pertain to previous year. All figures have been rounded off to the nearest rupee.


Mar 31, 2013

A. Basis of preparation of Financial Statements

(a) Basic Principles - The financial statements are prepared under the historical cost convention, on a going concern basis and they comply in all material aspects with the accounting principles generally accepted in India (Indian GAAP), the pre- scribed accounting standards and the relevant provisions of the Companies Act, 1956 (the Act).

(b) Use of Estimates - The preparation of the financial statements entail the manage- ment to make certain estimates and assumptions that affect the facts and figures reported. Disparities between actual result and estimates are recognised in the period in which they materialise.

(c) Method of Accounting - The Company generally follows the accrual method of accounting subject to the extent of determinability of accruals and keeping the materiality concept in view. All assets and liabilities are classified into current and non-current, based on the criteria of realisation or settlement within twelve months period from the balance sheet date.

(d) Accounting Standards Disclosures - The Company has complied with the requirements of Companies (Accounting Standards) Rules, 2006, to the extent applicable.

B. Revenue Recognition -

(a) Sale of investments in securities is accounted on issue of contracts or debit notes.

(b) Receipts from training & consultancy activity are recorded on issue of invoice.

(c) Revenue is otherwise generally recognised on accrual basis.

C. Fixed Assets-The Company has not acquired any fixed assets during the year.

D. Inventories-The Company has not acquired any inventories during the year.

E. Cash Flow Statement - Cash flows are reported using the indirect method, whereby profit/ (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financ- ing activities of the Company are segregated based on the information made available to us.

F. Tax Expense

(a) Current Tax - Tax expense for the period, comprising of current tax (which includes MAT) is charged to the profits for the year. Current tax is measured at the amount expected to be paid to the revenue authorities in accordance with the prevailing tax laws. Minimum alternate tax (MAT), if paid, is recognised as an asset as it shall accrue future benefit in the form of a set off against tax expense.

(b) Deferred Tax - Pursuant to Accounting Standard (AS) 22 - "Accounting for Taxes on Income", there is no deferment of tax on account of account of temporary timing differences.

G. Earnings Per Share - Disclosure pursuant to Accounting Standard 20 "Earnings Per Share":

SN Particulars 31-03-2013 31-03-2012

a. Net profit or loss available for equity shareholders -3331698 30138

b. Nominal value of equity shares (Rs.) 10 10

c. Adjusted weighted average number of equity shares outstanding during the period 5440500 5440500

d. Potential equity shares outstanding during the period 0 0

e. Basic EPS (Rs.) — 0.0055

H. Foreign Currency Transactions - The Company has not entered into any foreign currency transactions during the year.

I. Retirement Benefits - The management is of the opinion that provisions for employees retirement benefits are not required to be made.

J. Investments -

(a) The investment comprises of equity shares of various companies and convertible equity warrants of a listed company. These investments include investments in group companies and concerns.

(b) These investments were physically verified by the management during the year and no material discrepancies were noticed on such verification.

(c) The investments comprises of equity shares of companies listed on stock exchanges as well as delisted companies.

K. Prior Period Items - The Company follows the accrual system of accounting, but provision for expenses is made on the basis of the materially concept and where ever ascertainable.

L. Managerial Remuneration - The management has been paid a remuneration of Rs. 120000/- (Rs. 110000/-) during the year.

M. Contingencies & Subsequent Events - All disputed and/or contingent liabilities are either provided for or disclosed as such, on the basis of mutual acceptances or depending on the management''s perception of its potential outcome. Events occurring after the balance sheet date up to the date of adoption of the financial statements, having a material bearing are considered while preparing the financial statements.

N. In respect of certain payments made for expenses or otherwise where, the payees'' acknowledgements and/or other supporting evidences of payments were not available for our verification, the management confirms the propriety of the payments and of the debits given to the respective account heads. None of the revenue expenses are capitalised during the year or vice versa.

O. In the opinion of the management, there are no outstanding dues towards suppliers as defined under the "Micro, Small & Medium Enterprises Development Act, 2006".

P. The balances of receivables and payables are subject to third party confirma- tions. The management has taken adequate steps to provide sufficiently for all known, anticipated or contingent liabilities. The liabilities including the Capital Reserve of Rs. 4940132/-, are of the value stated and payable in the ordinary course of business. Current assets, loans, advances and receivables including Gujarat Electricity Board Deposit of Rs. 406230/-, Telephone Deposit of Rs. 29000/- and Excise Duty Credits of Rs. 50885/-, are of the value stated, if realised in the ordinary course of business.

Q. Previous year figures may be regrouped, recast or reclassified wherever neces- sary. Figures in brackets are pertaining to previous year. All figures are rounded off to the nearest rupee.


Mar 31, 2012

A. Basis of Accounting & Financial Statements -

a. The accounts have been prepared to comply in all material aspects with the accounting principles generally accepted in India, the accounting standards issued by the Institute of Chartered Accountants of India and the relevant provi- sions of the Companies Act. The accounts are drawn up on the basis of the historical cost convention.

b. The Company generally follows the accrual method of accounting.

c. Provision for expenses is considered with regards to the materially concept and wherever ascertainable.

B. Revenue Recognition -

a. Sale of goods is accounted on dispatches to customers and includes sales tax and duties.

b. Receipts from training & consultancy activity are recorded on issue of invoice,

c. Revenue is otherwise generally recognized on accrual basis.

C. Fixed Assets-The Company has not acquired any fixed assets during the year.

D. Inventories-The Company has not acquired any inventories during the year.

E. Tax Expense

a. Current Tax - Tax expense for the period, comprising of current tax (which includes MAT) is charged to the profits for the year. Current tax is measured at the amount expected to be paid to the revenue authorities in accordance with the prevailing tax laws. Minimum alternate tax (MAT), if paid, is recognized as an asset as it shall accrue future benefit in the form of a set off against tax expense.

b. Deferred Tax- Pursuantto Accounting Standard (AS) 22 - "Accounting for Taxes on Income", there is no deferment of tax on account of account of temporary timing.

F. Borrowing Costs - Generally the borrowing costs attributable to acquisition and construction of qualifying assets are capitalized as a part of the cost of such assets, upto the date such assets are ready for their intended use. Other borrowing costs are charged to the statement of profit and loss. During the year the Company has not acquired any eligible assets.

G. Investments-

a. The investments comprises of equity shares of various companies and convertible equity warrants of a listed company. These investments include investments in group companies and concerns,

b. These investments were physically verified by the management during the year and no material discrepancies were noticed on such verification,

c. The investments comprises of equity shares of companies listed on a stock exchange and companies which are de-listed form any stock exchange as well as unlisted companies,

d. The details of these investments with market prices as on 31 -3-2012 (as applica- ble), are given below

I. Retirement Benefits - The management is of the opinion that provisions for retirement benefits are not required to be made.


Mar 31, 2011

A. Method of Accounting

a. The accounts have been prepared to comply in all material aspects with the accounting principles generally accepted in India, the accounting standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act. The accounts are drawn up on the basis of the historical cost convention.

b. The Company generally follows the accrual method of accounting.

c. Provision for expenses is considered with regards to the materially concept and wherever ascertainable.

B. Revenue Recognition

a. Sale of goods is accounted on dispatches to customers and includes sales tax and duties.

b. Receipts from training & consultancy activity are recorded on issue of invoice.

c. Revenue is otherwise generally recognised on accrual basis.

C. FixedAssets There were no fixed assets owned by the company.

D. Inventories The Company has not acquired any inventories during the year.

E. Investments

a. The investments comprises of equity shares of various companies. It also includes investments in group companies and concerns.

b. These investments were physically verified by the management during the year and no material discrepancies were noticed on such verification.

d. During the year, the Company has applied for 8,37,500 preferential warrants of'' 16/- per warrant of "Vantage Corporate Services Ltd." for which* 4/- has been paid as an application money, pending allotment.

e. During the year, the Company has applied for 60,000 equity shares of" 10/- each in "Vicinity RFID Solutions Pvt. Ltd.", pending allotment.

F. Foreign Currency Transactions The Company has not entered into any foreign currency transactions during the year.

G. Retirement Benefits The management is of the opinion that no provisions for employ- ees retirement benefits are required to be made.

H. Borrowing Costs Generally the borrowing costs attributable to acquisition and construction of assets are capitalised as a part of the cost of such asset upto the date when such asset is ready for its intended use. Other borrowing costs are charged to the profit and loss account. During the year no fixed assets were acquired by the company.

I. Segmental Information Pursuant to Accounting Standard 17 - "Segmental Reporting" issued by the Institute of Chartered Accountants of India, the management is of the opinion that, since there is no significant revenue from the principle operating segment, reporting under the said accounting standard is not necessary.


Mar 31, 2010

A. Method of Accounting The accounts have been prepared to comply in all material aspects with the accounting principles generally accepted in India, the accounting standards issued by the Institute of Chartered Accountants of India and relevant provisos of the Income Tax and Companies Laws. The accounts are drawn up on the basis ofthe basis of the historicalcostconvention.

The accounts of the Company pertaining to prior years were not prepared on a going concern assumption as there was no business activity nor any machinery or any other assets. Butduring the current year under review the Company has revivedit soperational status and has managed to achieve modest business activity. Hence the accounts pertaining to the currentfmancialyear are drawn on the basis ofthe going concern concept. However there is no significant impact on the profit or loss of the Company by virtue of this change in accountingmethod.

B. Revenue Recognition

a. Sale of goods is accounted on dispatches to customers and includes sales tax and duties.

b. Receipts from training & consult ancyactivit yarerecordedonissue of invoice. C. Revenueisotherwisegenerallyrecognisedonaccrualbasis.

C. FixedAssets There were no fixed assets owned by the company.

D. Investments The investment comprises ofequity shares of The BardoliNagrikSahakari Bank Ltd. which are unquoted. These investments were physically verified by the manage- ment during the year andno material discrepancies were noticed on such verification.

E. Inventories The Company has not acquired any inventories during the year.

F. Prior Period Items The Company follows the accrual system of accounting, but provision for expenses is made on the basis ofthe materially concept and where ever ascertainable.

G. Foreign Currency Transactions The Company has not entered into any foreign currency transactions during the year.

H. RetirementBenefits The management is of the opinion that no provisions for employ- ees refee^be^sTre requiredtobemade.

I. Borrowing Costs Generally the borrowing costs attributable to acquisition and con- struction of assets are capitalised as a part of the cost of such asset upto the date when such asset is ready for its intended use. Other borrowing costs are charged to the profit and loss account. During the year no fixed assets were acquired by the company.

J. Segmental Information Pursuant to Accounting Standard 17 - "Segmental Reporting" issuedbythelnstituteofCharteredAccountants of India, the management is of the opinion that, since there is no significant revenue from the principle operating segment, reporting underthesaidaccountingstandardisnotnecessary.

K. Related Party Transactions Pursuant to Accounting Standard 18 - "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, the details are

L. EarningsPerShare Pursuant to the requirements of Accounting Standard 20 - "Earn- ings Per Share" issuedby the Institute of CharteredAccountants of India, the calculations of earningsper share (EPS) are specified below:

M. Deferred Taxes The specification of details pursuant to Accounting Standard 22 -

"Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of

India, is not applicable to the Company since there is no deferment of taxes arising on accountoftiming differences.

N. Managerial Remuneration The management has not been paid any remuneration during the year.

O. There are no outstanding dues towards suppliers as defined under the "Micro, Small & Medium Enterprises Development Act,2006".

P. During the year the Company has repaid/received back following loans taken/ given, eitherbyway of cash or cash equivalent or otherwise written back/written off in thebooks as managementis of the opinion that theseareno long erpayable/receivable.

Q. In respect of certain payments made for expenses or otherwise where, the payees'' acknowledgements and/or other supporting evidences of payments were not available for our verification, the management confirms the propriety of the payments and of the debits given to the respective accountheads. R. None of the revenue expenses are capitalized during the year or viesversa.

S. Third party confirmations of receivables and payables were not immediately available forourverification.

T. Previous year figures may be regrouped, recast or reclassified wherever necessary.


Mar 31, 2009

A) Basis of Accounting:

The company maintains its accounts on accrual basis following the historical cost convention in accordance with Accounting Standards referred to in Section 211(3C) and other requirement of the Companies Act, 1956.

b) Investments:

Investments are stated at cost.

c) Recognition of Income & Expenditure:

All Incomes & Expenditures are accounted on accrual basis.

d) Taxes on Income:

Deferred tax liability / assets has to be recognized on timing difference between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted as on the Balance Sheet date.

However, deferred tax asset is not recognized on prudent basis.


Mar 31, 2008

A) Basis of Accounting:

The company maintains its accounts on accrual basis following the historical cost convention in accordance with Accounting Standards referred to in Section 211(3C) and other requirement of the Companies Act, 1956.

b) Investments:

Investments are stated at cost.

c) Recognition of Income & Expenditure:

All Incomes & Expenditures are accounted on accrual basis.

d) Taxes on Income:

Deferred tax liability / assets has to be recognized on timing difference between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted as on the Balance Sheet date.

However, deferred tax asset is not recognized on prudent basis.


Mar 31, 2007

A) Basis of Accounting:

The company maintains its accounts on accrual basis following the historical cost convention in accordance with Accounting Standards referred to in Section 211(3C) and other requirement of the Companies Act, 1956.

b) Investments: Investments are stated at cost.

c) Recognition of Income & Expenditure:

All Incomes & Expenditures are accounted on accrual basis.

d) Taxes on Income:

Deferred tax liability / assets has to be recognized on timing difference between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted as on the Balance Sheet date.

However, deferred tax asset is not recognized on prudent basis.


Mar 31, 2006

A) Basis of Accounting:

The company maintains its accounts on accrual basis following the historical cost convention in accordance with Accounting Standards referred to in Section 211(3C) and other requirement of the Companies Act, 1956.

b) Investments: Investments are stated at cost.

c) Recognition of Income & Expenditure:

All Incomes & Expenditures are accounted on accrual basis.

d) Taxes on Income:

Deferred tax liability / assets has to be recognized on timing difference between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted as on the Balance Sheet date.

However, deferred tax asset is not recognized on prudent basis.

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