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Accounting Policies of Sundaram Brake Lining Ltd. Company

Mar 31, 2017

1. SIGNIFICANT ACCOUNTING POLICIES

a) Brief description of the Company

Sundaram Brake Linings Limited (''the company'') is a public limited company incorporated in India whose shares are publicly traded. The registered office is located at 180, Anna Salai, Chennai - 600 006, Tamil Nadu, India. The Company manufactures asbestos free friction materials. The company has five manufacturing plants located in Tamil Nadu.

b) Basis of Preparation

The financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the Act) read with Companies (Indian Accounting Standards) Rules, 2015 and other relevant provisions of the Act.

The financial statements have been prepared on historical cost basis under accrual basis of accounting except for certain financial assets and liabilities (as per the accounting policy below), which have been measured at fair value.

The financial statements up to year ended March 31, 2016 were prepared in accordance with the accounting standards notified under Companies (Accounting Standard) Rules, 2006 (as amended) and other relevant provisions of the act.

These financial statements are the first financial statements of the company under Ind AS. Refer Note No.33 for an explanation of how the transition from previous Generally Accepted Accounting Principles (GAAP) to Ind AS has affected the Company''s financial position, financial performance and Cash flow.

c) Basis of accounting

The books of accounts are maintained on accrual basis as a going concern.

d) Valuation of inventories

Inventories other than Finished Goods are valued at cost on Weighted average basis. Finished goods are valued at cost or net realizable value whichever is lower. Work-in-progress is valued at raw material cost plus cost of conversion excluding interest.

e) Cash flow statement

Cash Flow Statement is prepared under "Indirect Method".

f) Property, Plant and Equipment

Recognition and measurement:

Fixed assets are stated at cost less depreciation. All costs relating to the acquisition and installation of fixed assets are capitalized. Interest on loans availed for acquiring fixed assets is capitalized only upto the date the assets are put to use.

The Company adopts component based depreciation wherein each major component item of fixed assets shall be depreciated over its respective useful life different from that of the useful life of fixed assets.

Depreciation:

Depreciation is charged on Useful Life of assets basis at the rates prescribed under Schedule II to the Companies Act, 2013.

g) Impairment of Assets

The Company shall assess at the end of each reporting period whether there exist any indications that an asset may be impaired. If such indication exists, the entity shall estimate the recoverable amount of the asset and treatment shall be given in accordance with Ind AS 36.

h) Revenue recognition

The company records its revenue in accordance with the Ind AS 18 - Revenue and Ind AS 115 - Revenue from Contracts from Customer, where the Company records revenue only when there is no remaining obligations to transfer goods or services to the customer and all consideration promised by the customer has been received.

The sales include sale of products manufactured, bought out components and scrap sales but are net of trade discounts and inclusive of Excise Duty. However Sales are exclusive of Sales Tax, VAT, Service Tax. Interest income is recognized on a time proportion basis. Insurance claims are recognized on certainty of realization.

i) Foreign currency transactions

Foreign currency transactions are accounted at the exchange rates prevailing on the date of the transaction. Transactions in foreign exchange, which are covered by forward contracts, if any, are accounted at the contracted rate. Foreign exchange transactions, which are outstanding as at the year-end are translated at the year-end exchange rate. Exchange gains and losses arising on account of differences in actual realization and year end translation are reflected in the profit and loss statement.

j) Derivatives

The losses / gains, if any, arising under the forward contracts, if any, taken which are not closed as of the year-end, are recognized in the accounts based on Ind AS-32, Ind AS 107 and Ind AS 109.

k) Investments

Investments are accounted in accordance with Ind AS 109 - Financial Instruments.

Investments whether held to maturity or trading are measured at fair value on each reporting date. The fair value is estimated based on the last available Annual Report. The company adjusts for change in fair value of Investments through Other Comprehensive Income as prescribed under Ind AS 109.

l) Employee benefits

Company''s contribution to provident fund, superannuation fund and gratuity fund are made to the respective Trusts and charged to the profit and loss statement. Provision for leave salary in respect of encashable leave is provided for according to the service rules of the Company based on actuarial valuation. The necessary disclosures as per Ind AS 19 are made as part of Notes on Accounts.

Actuarial gains or losses are recognized in other comprehensive income net of Deferred taxes. Re-measurements comprising actuarial gains or losses are not reclassified to profit or loss in subsequent periods.

m) Borrowing cost

Borrowing cost is treated in accordance with the Ind AS 23 on Borrowing Cost. n) Excise duty

Excise duty in respect of closing inventory of finished goods is included as part of inventory. The amount of CENVAT credits in respect of materials consumed is deducted from the cost of materials consumed.

o) Segment reporting

The operations of the Company relate only to one segment viz., friction materials which is covered in this report.

p) Related party transactions

The information on Related Party transactions is compiled based on Ind AS 24 on Related Party Disclosures.

q) Leases

Leases involving both land and building elements are classified as finance or operating lease.

The company''s lease agreements wherein the assets that are to be returned to the Lessor at the end of the lease period are classified as Operating Leases and the Cost of those assets and rentals are recognized in the statement of profit and loss over the lease term as prescribed in Ind AS 17.

r) Taxes on income Deferred income tax

Deferred income tax is recognized using the balance sheet approach. Deferred income tax assets and liabilities are recognized for deductible and taxable temporary differences arising between the tax base of assets and liabilities and their carrying amount in financial statements.

Deferred income tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.

The carrying amount of deferred income tax assets is reviewed at each reporting date. s) Investment Property

The Company recognizes investment property held to earn rentals or for capital appreciation or both rather than use in the product or sale as provided in Ind AS 40.

t) Financial Assets & Liabilities

The Company identifies and categorizes its financial assets and liabilities and accounted on the fair value as prescribed under Ind AS 32, Ind AS 107 and Ind AS 109 - Financial Instruments.

The Company recognizes Financial Assets & Financial Liabilities on the following methods as required:

Amortized Cost

Fair Value through Profit and Loss account Fair value through Other Comprehensive Income

The transaction cost relating to the Financial Assets and Financial Liabilities are treated as prescribed under Ind AS.

Financial Assets and Financial Liabilities are recognized at Fair Value based on Effective Interest rate wherever applicable.

u) Intangible Assets

Intangible assets are stated at cost less accumulated amortization and impairment if any. Intangible assets are amortized over their respective estimated useful lives on a straight line basis, from the date that they are available for use.

v) Provisions

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period.

w) Other Comprehensive Income

The statement of Profit and Loss is bifurcated into two sections. One is the traditional Profit and Loss statement and other one is Other Comprehensive Income wherein the company recognizes the fair value and other adjustments as required under Ind AS 101, 107 & 109.

x) First Time Adoption Exemption under Ind AS 101

Estimates made by management under Indian GAAP are not changed as a result of Ind AS implementation. A first-time adopter applies the de-recognition requirements in Ind AS 109 prospectively to transactions occurring on or after transition date.

The Company assesses the financial asset and measures at amortized cost or a financial asset is measured at fair value through other comprehensive income on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

a) The Company has issued only one class of shares referred to as equity shares having a par value of Rs. 10/-.

b) Each holder of equity shares is entitled to one vote per share.

c) The Company declares and pays dividends in Indian Rupees.

d) Except interim dividend which is declared and paid based on the decision of the Board of Directors, all other dividends are proposed by the Board of Directors and paid on approval of the shareholders at the Annual General Meeting.

e) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

f) During the last five years immediately preceding the date of the Balance Sheet, the Company has not issued any shares as bonus shares or without payment being received in cash nor has bought back any shares.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by an actuary.


Mar 31, 2016

1. SIGNIFICANT ACCOUNTING POLICIES

a) Basis of accounting

The books of accounts are maintained on accrual basis as a going concern.

b) Valuation of Inventories

Inventories other than Finished Goods are valued at cost on Weighted average basis. Finished goods are valued at cost or net realizable value whichever is lower. Work-in-progress is valued at raw material cost plus cost of conversion excluding interest.

c) Cash flow statement

Cash Flow Statement has been prepared under "Indirect Method".

d) Depreciation

Depreciation has been charged on Useful Life of assets basis at the rates prescribed under Schedule II to the Companies Act, 2013.

e) Revenue recognition

The sales include sale of products manufactured, bought out components and scrap sales but are net of trade discounts and exclusive of sales tax / VAT where applicable. Interest income is recognized on a time proportion basis. Insurance claims are recognized on certainty of realization.

f) Fixed assets

Fixed assets are stated at cost less depreciation. All costs relating to the acquisition and installation of fixed assets are capitalized. Interest on loans availed for acquiring fixed assets is capitalized only up to the date the assets are put to use.

g) Foreign currency transactions

Foreign currency transactions are accounted at the exchange rates prevailing on the date of the transaction. Transactions in foreign exchange, which are covered by forward contracts, if any, are accounted at the contracted rate., Foreign exchange transactions, which are outstanding as at the year-end are translated at the year-end exchange rate. Exchange gains and losses arising on account of differences in actual realization and year end translation are reflected in the profit and loss statement.

h) Derivatives

The losses / gains, if any, arising under the forward contracts, if any, taken which are not closed as of the year-end, are recognized in the accounts based on Accounting Standards AS-1, AS-11 and AS-30 as well as the press note issued by the Institute of Chartered Accountants of India.

i) Investments

Investments are accounted at cost.

j) Retirement benefits

Company''s contribution to provident fund, superannuation fund and gratuity fund are made to the respective Trusts and charged to the profit and loss statement. Provision for leave salary in respect of encashable leave has been provided for according to the service rules of the Company based on actuarial valuation. The necessary disclosures as per Revised AS 15 have been made as part of Notes on Accounts.

k) Borrowing cost

Borrowing cost has been treated in accordance with the Accounting Standard on Borrowing Cost (AS - 16) issued by the Institute of Chartered Accountants of India.

l) Excise duty

Excise duty in respect of closing inventory of finished goods is included as part of inventory. The amount of CENVAT credits in respect of materials consumed is deducted from the cost of materials consumed.

m) Segment reporting

The operations of the Company relate only to one segment viz., friction materials which is covered in this report.

n) Related party transactions

The information on related party transactions is compiled based on the guidelines issued by The Institute of Chartered Accountants of India under Accounting Standard on Related Party Transactions (AS -18).

o) Leases

The Company has entered into a lease agreement for acquiring land which is exempt from the coverage of Accounting Standard 19 on Lease.

p) Taxes on income

Provision for income tax is made on the basis of estimated taxable income for the year. Deferred tax resulting from timing differences between the book and the tax profits is accounted at the current rate of tax to the extent that the time differences are expected to crystallize. Deferred tax asset and liability are set off and net amount is shown in the Balance Sheet. Provision for Income Tax made in earlier years net of payment are retained even after favourable appeal orders if there is uncertainty of final outcome of disputed issues pending in further appeals.


Mar 31, 2013

A. Basis of accounting

The books of accounts are maintained on accrual basis as a going concern.

b) Valuation of Inventories

Inventories other than Finished Goods are valued at cost on Weighted average basis. Finished goods are valued at cost or net realisable value whichever is lower. Work-in-progress is valued at raw material cost plus cost of conversion excluding interest.

c) Cash flow statement

Cash Flow Statement has been prepared under "Indirect Method”.

d) Depreciation

Depreciation has been charged on Straight Line Method at the rates prescribed under Schedule XIV to the Companies Act, 1956.

e) Revenue recognition

The sales include sale of products manufactured, bought out components and scrap sales but are net of trade discounts and exclusive of sales tax / VAT where applicable. Interest income is recognised on a time proportion basis. Insurance claims are recognised on certainty of realisation.

f) Fixed assets

Fixed assets are stated at cost less depreciation. All cost relating to the acquisition and installation of fixed assets are capitalized. Interest on loans availed for acquiring fixed assets is capitalized only upto the date the assets are put to use.

g) Foreign currency transactions

Foreign currency transactions are accounted at the exchange rates prevailing on the date of the transaction. Transactions in foreign exchange, which are covered by forward contracts, are accounted at the contracted rate, the difference between the forward rate and the exchange rate at the date of transaction being recognized in the profit and loss account. Foreign exchange transactions, which are outstanding as at the year-end and not covered by the forward contracts, are translated at the year-end exchange rate. Gains and losses arising on account of such revisions are reflected in the profit and loss statement.

h) Derivatives

The Company deals in derivative instruments, viz., forward contracts, to hedge its exposures against movements in parity rates of the currencies. The use of these forward contracts to some extent reduces the impact arising out of the adverse movement of currencies. The losses / gains, if any, arising under the contracts which are not closed as of the year-end, are recognized in the accounts based on Accounting Standards AS-1, AS-11 and AS-30 as well as the press note issued by the Institute of Chartered Accountants of India.

i) Investments

Investments are accounted at cost.

j) Retirement benefits

Company''s contribution to provident fund, superannuation fund and gratuity fund are made to the respective Trusts and charged to the profit and loss statement. Provision for leave salary in respect of encashable leave has been provided for according to the service rules of the Company based on actuarial valuation. The necessary disclosures as per Revised AS 15 have been made as part of Notes on Accounts.

k) Borrowing cost

Borrowing cost has been treated in accordance with the Accounting Standard on Borrowing Cost (AS – 16) issued by the Institute of Chartered Accountants of India.

l) Excise duty

Excise duty in respect of closing inventory of finished goods is included as part of inventory. The amount of CENVAT credits in respect of materials consumed is deducted from the cost of materials consumed.

m) Segment reporting

The operations of the Company relate only to one segment viz., friction materials which is covered in this report.

n) Related party transactions

The information on related party transactions furnished in this report was compiled based on the guidelines issued by The Institute of Chartered Accountants of India under Accounting Standard on Related Party Transactions (AS –18).

o) Leases

The Company has entered into a lease agreement for acquiring land which is exempt from the coverage of Accounting Standard 19 on Lease.

p) Taxes on income

Provision for income tax is made on the basis of estimated taxable income for the year. Deferred tax resulting from timing differences between the book and the tax profits is accounted at the current rate of tax to the extent that the time differences are expected to crystallise. Deferred tax asset and liability are set off and net amount is shown in the Balance Sheet.


Mar 31, 2012

A. Basis of accounting

The books of accounts are maintained on accrual basis as a going concern.

b) Valuation of Inventories

Inventories other than Finished Goods are valued at cost on Weighted average basis. Finished goods are valued at cost or net realisable value whichever is lower. Work-in-progress is valued at raw material cost plus cost of conversion excluding interest.

c) Cash flow statement

Cash Flow Statement has been prepared under "Indirect Method".

d) Depreciation

Depreciation has been charged on Straight Line Method at the rates prescribed under Schedule XIV to the Companies Act, 1956.

e) Revenue recognition

The sales include sale of products manufactured, bought out components and scrap sales but are net of trade discounts and exclusive of sales tax / VAT where applicable. Interest income is recognised on a time proportion basis. Insurance claims are recognised on certainty of realisation.

f) Fixed assets

Fixed assets are stated at cost less depreciation. All costs relating to the acquisition and installation of fixed assets are capitalized. Interest on loans availed for acquiring fixed assets is capitalized only upto the date the assets are put to use.

g) Foreign currency transactions

Foreign currency transactions are accounted at the exchange rates prevailing on the date of the transaction. Transactions in foreign exchange, which are covered by forward contracts, are accounted at the contracted rate, the difference between the forward rate and the exchange rate at the date of transaction being recognized in the profit and loss account. Foreign exchange transactions, which are outstanding as at the year-end and not covered by the forward contracts, are translated at the year-end exchange rate. Gains and losses arising on account of such revisions are reflected in the profit and loss statement.

h) Derivatives

The Company deals in derivative instruments, viz., forward contracts, to hedge its exposures against movements in parity rates of the currencies. The use of these forward contracts to some extent reduces the impact arising out of the adverse movement of currencies. The losses / gains, if any, arising under the contracts which are not closed as of the year-end, are recognized in the accounts based on Accounting Standards AS-1, AS-11 and AS-30 as well as the press note issued by the Institute of Chartered Accountants of India.

i) Investments

Investments are accounted at cost.

j) Retirement benefits

Company's contribution to Provident Fund, Superannuation Fund and Gratuity Fund are made to the respective Trusts and charged to the profit and loss statement. Provision for leave salary in respect of encashable leave has been provided for according to the service rules of the Company based on actuarial valuation. The necessary disclosures as per Revised AS 15 have been made as part of Notes on Accounts.

k) Borrowing cost

Borrowing cost has been treated in accordance with the Accounting Standard on Borrowing Cost (AS - 16) issued by the Institute of Chartered Accountants of India.

l) Excise duty

Excise duty in respect of closing inventory of finished goods is included as part of inventory. The amount of CENVAT credits in respect of materials consumed is deducted from the cost of materials consumed.

m) Segment reporting

The operations of the Company relate only to one segment viz., friction materials which is covered in this report.

n) Related party transactions

The information on related party transactions furnished in this report was compiled based on the guidelines issued by The Institute of Chartered Accountants of India under Accounting Standard on Related Party Transactions (AS -18).

o) Leases

The Company has entered into a lease agreement for acquiring land which is exempt from the coverage of Accounting Standard 19 on Lease.

p) Taxes on income

Provision for income tax is made on the basis of estimated taxable income for the year. Deferred tax resulting from timing differences between the book and the tax profits is accounted at the current rate of tax to the extent that the time differences are expected to crystallise. Deferred tax asset and liability are set off and net amount is shown in the Balance Sheet.


Mar 31, 2011

1. Basis of accounting:

The books of accounts are maintained on accrual basis as a going concern.

2. Valuation of Inventories:

Inventories are valued at lower of cost or net realisable value and in accordance with the method of valuation prescribed by the Institute of Chartered Accountants of India in Accounting Standard 2 at weighted average rates. Work-in-progress and Finished Goods are valued at raw material cost plus cost of conversion excluding interest.

3. Cash Flow Statement:

Cash Flow Statement has been prepared under "Indirect Method".

4. Depreciation:

Depreciation has been charged on Straight Line Method at the rates prescribed under Schedule XIV to the Companies Act 1 956.

5. Revenue recognition:

The sales include sale of products manufactured and bought out components but are net of trade discounts and exclusive of excise duty and sales tax / VAT where applicable. Interest income is recognised on a time proportion basis. Insurance claims are recognised on certainty of realisation.

6. Fixed assets:

Fixed assets are stated at cost less depreciation. All cost relating to the acquisition and installation of fixed assets are capitalized. Interest on loans availed for acquiring fixed assets is capitalized only upto the date the assets are put to use.

7. Foreign currency transactions:

Foreign currency transactions are accounted at the exchange rates prevailing on the date of the transaction. Transactions in foreign exchange, which are covered by forward contracts, are accounted at the contracted rate, the difference between the forward rate and the exchange rate at the date of transaction being recognized in the profit and loss account. Foreign exchange transactions, which are outstanding as at the year-end and not covered by the forward contracts, are translated at the year-end exchange rate. Gains and losses arising on account of such revisions are reflected in the profit and loss account.

8. Derivatives:

The Company deals in derivative instruments, viz., forward contracts, to hedge its exposures against movements in parity rates of the currencies. The use of these forward contracts to some extent reduces the impact arising out of the adverse movement of currencies. The losses/gains, if any, arising under the contracts which are not closed as of the year-end, are recognized in the accounts based on Accounting Standards AS-1, AS-11 and AS-30 as well as the press note issued by the Institute of Chartered Accountants of India.

9. Investments:

Investments are accounted at cost.

10. Retirement benefits:

Companys contribution to provident fund, superannuation fund and gratuity fund are made to the respective Trusts and charged to the profit and loss account. Provision for leave salary in respect of encashable leave has been provided for according to the service rules of the Company based on actuarial valuation. The necessary disclosures as per Revised AS 15 have been made as part of Notes on Accounts.

11. Borrowing cost:

The borrowing cost has been treated in accordance with the Accounting Standard on Borrowing Cost (AS - 1 6) issued by the Institute of Chartered Accountants of India.

12. Excise Duty:

The excise duty in respect of closing inventory of finished goods is included as part of inventory. The amount of CENVAT credits in respect of materials consumed is deducted from the cost of materials consumed.

13. Segment Reporting:

The operations of the Company relate only to one segment viz., friction materials which is covered in this report.

14. Related party transactions:

The information on related party transactions furnished in this report was compiled based on the guidelines issued by The Institute of Chartered Accountants of India under Accounting Standard on Related Party Transactions (AS -1 8).

15. Leases:

The Company has entered into a lease agreement for acquiring land which is exempt from the coverage of Accounting Standard 19 on Lease. • ; -

16. Taxes on Income:

Provision for income tax is made on the basis of estimated taxable income for the year. Deferred tax resulting from timing differences between the book and the tax profits is accounted, at the current rate of tax, to the extent that the time differences are expected to crystallise.


Mar 31, 2010

1. Basis of accounting:

The books of accounts are maintained on accrual basis as a going concern.

2. Valuation of Inventories:

Inventories are valued at lower of cost or net realisable value and in accordance with the method of valuation prescribed by the Institute of Chartered Accountants of India in Accounting Standard 2 at weighted average rates. Work-in-progress and Finished Goods are valued at raw material cost plus cost of conversion excluding interest.

3. Cash Flow Statement:

Cash Flow Statement has been prepared under "Indirect Method".

4. Depreciation:

Depreciation has been charged on Straight Line Method at the rates prescribed under Schedule XIV to the Companies Act, 1956.

5. Revenue recognition:

The sales include sale of products manufactured and bought out components but are net of trade discounts and exclusive of excise duty and sales tax where applicable. Interest income is recognised on a time proportion basis. Insurance claims are recognised on certainty of realisation.

6. Fixed assets:

Fixed assets are stated at cost less depreciation. All cost relating to the acquisition and installation of fixed assets are capitalized. Interest on loans availed for acquiring fixed assets is capitalized only upto the date the assets are put to use.

7. Foreign currency transactions:

Foreign currency transactions are accounted at the exchange rates prevailing on the date of the transaction. Transactions in foreign exchange, which are covered by forward contracts, are accounted at the contracted rate, the difference between the forward rate and the exchange rate at the date of transaction being recognized in the profit and loss account. Foreign exchange transactions, which are outstanding as at the year-end and not covered by the forward contracts, are translated at the year-end exchange rate. Gains and losses arising on account of such revisions are reflected in the profit and loss account.

8. Derivatives:

The Company deals in derivative instruments, viz., forward contracts, to hedge its exposures against movements in parity rates of the currencies. The use of these forward contracts to some extent reduces the impact arising out of the adverse movement of currencies. The losses / gains, if any, arising under the contracts which are not closed as of the year-end, are recognized in the accounts based on Accounting Standards AS-1, AS-11 and AS-30 as well as the press note issued by the Institute of Chartered Accountants of India.

9. Investments:

Investments are accounted at cost.

10. Retirement benefits:

Companys contribution to provident fund, superannuation fund and gratuity fund are made to the respective Trusts and charged to the profit and loss account. Provision for leave salary in respect of encashable leave has been provided for according to the service rules of the Company based on actuarial valuation. The necessary disclosures as per Revised AS 15 have been made as part of Notes on Accounts.

11. Borrowing cost

The borrowing cost has been treated in accordance with the Accounting Standard on Borrowing Cost (AS - 16) issued by the Institute of Chartered Accountants of India.

12. Excise Duty:

The excise duty in respect of closing inventory of finished goods is included as part of inventory. The amount of CENVAT credits in respect of materials consumed is deducted from the cost of materials consumed.

13. Segment Reporting:

The operations of the Company relate only to one segment viz., friction materials which is covered in this report.

14. Related party transactions:

The information on related party transactions furnished in this report was compiled based on the guidelines issued by The Institute of Chartered Accountants of India under Accounting Standard on Related Party Transactions (AS -18).

15. Leases:

The Company has entered into a lease agreement for acquiring land which is exempt from the coverage of Accounting Standard 19 on Lease.

16. Taxes on Income:

Provision for income tax is made on the basis of estimated taxable income for the year. Deferred tax resulting from timing differences between the book and the tax profits is accounted, at the current rate of tax, to the extent that the time differences are expected to crystallise.

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