Mar 31, 2015
I. BASIS OF ACCOUNTING :
The accounts are maintained under the Historical cost convention on
accrual basis as a going concern and comply with the mandatory
Accounting Standards issued by the Institute of Chartered Accountants
of India.
II. INCOME RECOGNITION :
In respect of other income accrual basis of accounting of such income
is followed.
III. FIXED ASSETS & DEPRECIATION /AMORTISATION :
a. Fixed Assets are stated at cost less accumulated depreciation.
b. Depreciation on Fixed Assets is provided as per written down value
method using useful life prescribed in Part C of Schedule II of the
Companies Act, 2013.
IV. VALUATION OF INVENTORIES :
Inventories are valued at cost or market value whichever is less.
V. RETIREMENT BENEFITS :
a) Contribution to Provident and Leave Encashment are charged to Profit
& Loss Account every year at actual.
b) Liability for gratuity is accounted on estimated basis.
VI. IMPAIRMENT :
The management periodically assesses using internal sources whether
there is any indication that an asset may be impaired. If an asset is
impaired, the group recognizes an impairment loss as the excess of the
carrying amount of the asset over the recoverable amount.
VII. TAXATION :
Income Tax Expense comprises of current tax (i.e. amount of tax for the
period determined in accordance with the income tax law), deferred tax
charge or credit (reflecting the tax effects of timing differences
between accounting income and taxable income for the period). The
deferred tax charge or credit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates that have been
substantially enacted by the balance sheet date. Deferred tax assets
are recognized only to the extent there is reasonable certainty that
the assets can be realized in future; however, where there is
unabsorbed depreciation or carried forward loss under taxation law,
deferred tax assets are recognized only if there is a virtual certainty
of realization of such assets. Deferred tax assets are reviewed as at
each balance sheet date and written down or written up to refect the
amount that is reasonably/ virtually certain (as the case may be ) to
be realised.
Mar 31, 2013
I. BASIS OF ACCOUNTING :
The accounts are maintained under the Historical cost convention on
accrual basis as a going concern and comply with the mandatory
Accounting Standards issued by the Institute of Chartered Accountants
of India.
II. INCOME RECOGNITION :
In respect of other income accrual basis of accounting of such income
is followed.
III. FIXED ASSETS & DEPRECIATION /AMORTISATION :
a. Fixed Assets are stated at cost less accumulated depreciation.
b. Depreciation on Fixed Assets is provided as per written down value
method at the rates specified in schedule XIV to the Companies Act,
1956.
c. Goodwill is amortized over a period of five years.
IV. valuation of inventories :
Inventories are valued at cost or market value whichever is less.
V. RETIREMENT BENEFITS :
a) Contribution to Provident and Leave Encashment are charged to Profit
& Loss Account every year at actual.
b) Liability for gratuity is accounted on estimated basis.
VI. IMPAIRMENT :
The management periodically assesses using internal sources whether
there is any indication that an asset may be impaired. If an asset is
impaired, the group recognizes an impairment loss as the excess of the
carrying amount of the asset over the recoverable amount.
VII. Taxation :
Income Tax Expense comprises of current tax (i.e. amount of tax for the
period determined in accordance with the income tax law), deferred tax
charge or credit (reflecting the tax effects of timing differences
between accounting income and taxable income for the period) and Fringe
Benefit Tax . The deferred tax charge or credit and the corresponding
deferred tax liabilities or assets are recognized using the tax rates
that have been substantially enacted by the balance sheet date.
Deferred tax assets are recognized only to the extent there is
reasonable certainty that the assets can be realized in future;
however, where there is unabsorbed depreciation or carried forward loss
under taxation law, deferred tax assets are recognized only if there is
a virtual certainty of realization of such assets. Deferred tax assets
are reviewed as at each balance sheet date and written down or written
up to reflect the amount that is reasonably/virtually certain (as the
case may be ) to be realized.
Mar 31, 2012
I BASIS OF ACCOUNTING :
The accounts are maintained under the Historical cost convention on
accrual basis as a going concern and comply with the mandatory
Accounting Standards issued by the Institute of Chartered Accountants
of India.
II. INCOME RECOGNITION :
In respect of other income accrual basis of accounting of such income
is followed.
III. FIXED ASSETS & DEPRECIATION /AMORTISATION :
a. Fixed Assets are stated at cost less accumulated depreciation.
b. Depreciation on Fixed Assets is provided as per written down value
method at the rates specified in schedule XIV to the Companies Act,
1956.
c. Goodwill is amortised over a period of five years.
IV. VALUATION OF INVENTORIES :
Inventories are valued at cost or market value whichever is less.
V. RETIREMENT BENEFITS :
a) Contribution to Provident and Leave Encashment are charged to Profit
& Loss Account every year at actual.
b) Liability for gratuity is accounted on estimated basis.
VI. IMPAIRMENT :
The management periodically assesses using internal sources whether
There is any indication that an asset may be impaired. If an asset is
impaired, the group recognizes an impairment loss as the excess of the
carrying amount of the asset over the recoverable amount.
VII. TAXATION :
Income Tax Expense comprises of current tax (i.e. amount of tax for the
period determined in accordance with the income tax law), deferred tax
charge or credit (reflecting the tax effects of timing differences
between accounting income and taxable income for the period) and Fringe
Benefit Tax. The deferred tax charge or credit and the corresponding
deferred tax liabilities or assets are recognized using the tax rates
that have been substantially enacted by the balance sheet date. Deferred
tax assets are recognized only to the extent there is reasonable
certainty that the assets can be realized in future; however, where
there is unabsorbed depreciation or carried forward loss under taxation
law, deferred tax assets are recognized only if there is a virtual
certainty of realization of such assets. Deferred tax assets are
reviewed as at each balance sheet date and written down or written up
to reflect the amount that is reasonably/virtually certain (as the
case may be ) to be realised.
Mar 31, 2011
1. Basis of Accounting:
The accounts are maintained under the Historical cost convention on
accrual basis as a going concern and comply with the mandatory
Accounting Standards issued by the Institute of Chartered Accountants
of India.
2. Fixed Assets & Depreciation:
a) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation.
b) Depreciation:
Depreciation on Fixed Assets is provided as per written down value
method at the rates specified in schedule XIV to the Companies Act,
1956.
3. Inventories:
Inventories are valued at cost or market value whichever is less.
4. Income Recognition:
In respect of other income accrual basis of accounting of such income
is followed.
5. Retirement Benefits :
a) Contribution to Provident and Leave Encashment are charged to Profit
& Loss Account every year at actual.
b) Liability for gratuity is accounted on estimated basis.
6. Impairment
The management periodically assesses using internal sources whether
there is any indication that an asset may be impaired. If an asset is
impaired, the group recognizes an impairment loss as the excess of the
carrying amount of the asset over the recoverable amount.
7. Taxation:
Income Tax Expense comprises of current tax (i.e. amount of tax for the
period determined in accordance with the income tax law), deferred tax
charge or credit (reflecting the tax effects of timing differences
between accounting income and taxable income for the period) and Fringe
Benefit Tax . The deferred tax charge or credit and the corresponding
deferred tax liabilities or assets are recognized using the tax rates
that have been substantially enacted by the balance sheet date.
Deferred tax assets are recognized only to the extent there is
reasonable certainty that the assets can be realized in future;
however, where there is unabsorbed depreciation or carried forward loss
under taxation law, deferred tax assets are recognized only if there is
a virtual certainty of realization of such assets. Deferred tax assets
are reviewed as at each balance sheet date and written down or written
up to reflect the amount that is reasonably/ virtually certain ( as the
case may be ) to be realised.
Mar 31, 2010
1. Basis of Accounting:
The accounts are maintained under the Historical cost convention on
accrual basis as a going concern and comply with the mandatory
Accounting Standards issued by the Institute of Chartered Accountants
of India.
2. Fixed Assets & Depreciation:
a) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation.
b) Depreciation:
Depreciation on Fixed Assets is provided as per written down value
method at the rates specified in schedule XIV to the Companies Act,
1956.
3. Inventories:
Inventories are valued at cost or market value whichever is less.
4. Investment:
Long term Quoted & Unquoted Investment are stated at cost of
acquisition. Any decline in the value of the said Investments,
otherthan a temporary decline, is recognised and charged to the Profit
and Loss a/c.
5. Income Recognition:
i) Profit & Loss from shares are recognised on settlement dates.
ii) Dividend Income is accounted on receipt basis.
iii) In respect of other income accrual basis of accounting of such
income is followed.
6. Retirement Benefits:
a) Contribution to Provident and Leave Encashment are charged to Profit
& Loss Account every year at actuals.
b) Liability for gratuity is accounted on estimated basis.
7. Impairment
The management periodically assesses using internal sources whether
there is any indication that an asset may be impaired. If an asset is
impaired, the group recognizes an impairment loss as the excess of the
carrying amount of the asset overthe recoverable amount.
8. Taxation.
Income Tax Expense comprises of current tax (i.e. amount of tax for the
period determined in accordance with the income tax law), deferred tax
charge or credit (reflecting the tax effects of timing differences
between accounting income and taxable income for the period) and Fringe
Benefit Tax. The deferred tax charge or credit and the corresponding
deferred tax liabilities or assets are recognised using the tax rates
that have been substantially enacted by the balance sheet date.
Deferred tax assets are recognised only to the extent there is
reasonable certainty that the assets can be realised in future;
however, where there is unabsorbed depreciation or carried forward loss
under taxation law, deferred tax assets are recognised only if there is
a virtual certainty of realization of such assets. Deferred tax assets
are reviewed as at each balance sheet date and written down or written
up to reflect the amount that is reasonably/virtually certain (as the
case may be) to be realised.