Mar 31, 2017
(A) Basis of Preparation of Financial Statements
These Financial Statements are prepared in accordance with Indian Generally Accepted Accounting Principles under the historical cost convention, on an accrual basis of accounting. Generally Accepted Accounting Principles comprises of mandatory Accounting Standards as prescribed under Section 133 of the Companies Act, 2013 (''Act'') read with Rule 7 of the Companies (Accounts Rules), 2014 and provisions of the Act to the extent notified.
(B) Fixed Assets & Depreciation
(i) All the fixed assets have been stated at cost less depreciation. Cost includes cost of purchase and other costs attributable to bringing the assets to working condition for intended use.
(ii) Fixed assets are depreciated on straight line method over the useful life of assets as prescribed under Part C of Schedule II of the Companies Act, 2013.
(C) Current Assets
(i) Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.
(ii) Debit and Credit balances are subject to confirmation of parties.
(D) Leases
Leases are accounted for and disclosure made as per the requirements of Accounting Standard 19 - Leases, issued by the Institute of Chartered Accountants of India.
(E) Revenue Recognition
(i) The company''s income from operations is accounted for on accrual basis.
(ii) Service Income is recognized as per the term of the contract/ agreements entered into with the customer when the related services are performed.
(iii) Dividend income is recognized when the right to receive the dividend is established.
(iv) Interest income is recognized on the time proportion basis.
(v) Profit or loss arising on account of sale of trade investments in forward contract in respect of firm commitment were booked as income or expenditure as on the date of such contract entered.
(F) Retirement Benefits
(i) Gratuity is accounted for on accrual basis by way of contribution to Group Gratuity Scheme of Life Insurance Corporation of India.
(ii) The company contributes the employers share of the Provident Fund and the Employees Pension Scheme with the Regional Provident Fund Commissioner and the charges all such amounts to the Statement of Profit and Loss on an accrual basis.
(G) Taxation
(i) Provision for current tax is made on the basis of estimated taxable income for the current accounting year in accordance with the Income tax Act, 1961.
(ii) The deferred tax charge or credit reflects the tax effect of timing differences between the book and the tax profits accounted for using the tax rates and laws that have been substantially enacted as on the Balance Sheet date.
(iii) Deferred Tax Assets arising from timing differences are recognized to the extent there is virtual certainty that these would be realized in future.
(H) Investments
(i) Long term investments are valued at cost.
(ii) Short Term Investments are valued at cost or fair value whichever is lower determined on an individual investment basis.
(iii) Trade investments are valued at cost or fair value whichever is lower determined on an individual investment basis.
(I) Earning per Share
Basic and diluted earnings per share is computed by dividing the net profit attributable to equity shareholders for the year, by the weighted average number of equity shares outstanding during the year.
(J) Foreign Currency Transactions
Transaction in foreign currencies pertaining to revenue accounts are accounted at approximate exchange rate prevalent on the transaction date. Gains and losses arising out of subsequent fluctuations are accounted for on actual payment / realization in Statement of Profit and Loss. The amount outstanding at the yearend are translated at exchange rate prevailing at year end and the profits / loss so determined are recognized in the Statement of Profit and Loss.
(K) Provisions
A provision is recognized when there is a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and in respect of which reliable estimate can be made. Provision is not discounted to its present value and is determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the best current estimate.
(L) Impairment of Assets
The carrying amount of assets are reviewed at each Balance Sheet date if there is any indication of impairment based on internal/ external factors. An impairment loss will be recognized wherever the carrying amount of an asset exceeds its estimated recoverable amount. The recoverable amount is greater of the asset''s net selling price and value in use. In assessing the value in use, the estimated future cash flows are discounted to the present value using the weighted average cost of capital. After impairment, depreciation is provided on the revised carrying amount of the assets over its remaining useful life. Previously recognized impairment loss is further provided or reversed depending on changes in circumstances.
(M) Employee Stock Option
Measurement and disclosure of the employee share-based payment plans is done in accordance with the Guidance Note on Accounting for Employee Share based Payments, issued by The Institute of Chartered Accountants of India. Compensation expenses is amortized over he vesting period of the option on a straight line basis. The Company measures compensation cost relating to employee stock options using the intrinsic value method.
Mar 31, 2015
(A) Basis of Preparation of Financial Statements
These Financial Statements are prepared in accordance with Indian
Generally Accepted Accounting Principles under the historical cost
convention, on an accrual basis of accounting. Generally Accepted
Accounting Principles comprises of mandatory Accounting Standards as
prescribed under Section 133 of the Companies Act, 2013 ('Act') read
with Rule 7 of the Companies (Accounts Rules), 2014 and provisions of
the Act to the extent notified.
(B) Fixed Assets & Depreciation
(i) All the fixed assets have been stated at cost less depreciation.
Cost includes cost of purchase and other costs attributable to bringing
the assets to working condition for intended use.
(ii) Fixed assets are depreciated on straight line method over the
useful life of assets as prescribed under Part C of Schedule II of the
Companies Act, 2013.
(C) Current Assets
(i) Current Assets, Loans and Advances are approximately of the value
stated, if realized in the ordinary course of business.
(ii) Debit and Credit balances are subject to confirmation of parties.
(D) Leases
Leases are accounted for and disclosure made as per the requirements of
Accounting Standard 19 - Leases, issued by the Institute of Chartered
Accountants of India.
(E) Revenue Recognition
(i) The company's income from operations is accounted for on accrual
basis.
(ii) Service Income is recognized as per the term of the contract/
agreements entered into with the customer when the related services are
performed.
(iii) Dividend income is recognized when the right to receive the
dividend is established.
(iv) Interest income is recognized on the time proportion basis.
(v) Profit or loss arising on account of sale of trade investments in
forward contract in respect of firm commitment were booked as income or
expenditure as on the date of such contract entered.
(F) Retirement Benefits
(i) Gratuity is accounted for on accrual basis by way of contribution
to Group Gratuity Scheme of Life Insurance Corporation of India.
(ii) The company contributes the employers share of the Provident Fund
and the Employees Pension Scheme with the Regional Provident Fund
Commissioner and the charges all such amounts to the Statement of
Profit and Loss on an accrual basis.
(G) Taxation
(i) Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the Income
tax Act, 1961.
(ii) The deferred tax charge or credit reflects the tax effect of
timing differences between the book and the tax profits accounted for
using the tax rates and laws that have been substantially enacted as on
the Balance Sheet date.
(iii) Deferred Tax Assets arising from timing differences are
recognized to the extent there is virtual certainty that these would be
realized in future.
(H) Investments
(i) Long term investments are valued at cost.
(ii) Short Term Investments are valued at cost or fair value whichever
is lower determined on an individual investment basis.
(iii) Trade investments are valued at cost or fair value whichever is
lower determined on an individual investment basis.
(I) Earning per Share
Basic and diluted earnings per share is computed by dividing the net
profit attributable to equity shareholders for the year, by the
weighted average number of equity shares outstanding during the year.
(J) Foreign Currency Transactions
Transaction in foreign currencies pertaining to revenue accounts are
accounted at approximate exchange rate prevalent on the transaction
date. Gains and losses arising out of subsequent fluctuations are
accounted for on actual payment / realization in Statement of Profit
and Loss. The amount outstanding at the year end are translated at
exchange rate prevailing at year end and the profits / loss so
determined are recognized in the Statement of Profit and Loss.
(K) Provisions
A provision is recognized when there is a present obligation as a
result of a past event, it is probable that an outflow of resources
will be required to settle the obligation and in respect of which
reliable estimate can be made. Provision is not discounted to its
present value and is determined based on the best estimate required to
settle the obligation at the Balance Sheet date. These are reviewed at
each Balance Sheet date and adjusted to reflect the best current
estimate.
(L) Impairment of Assets
The carrying amount of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal/ external
factors. An impairment loss will be recognized wherever the carrying
amount of an asset exceeds its estimated recoverable amount. The
recoverable amount is greater of the asset's net selling price and
value in use. In assessing the value in use, the estimated future cash
flows are discounted to the present value using the weighted average
cost of capital.
After impairment, depreciation is provided on the revised carrying
amount of the assets over its remaining useful life. Previously
recognized impairment loss is further provided or reversed depending on
changes in circumstances.
(M) Employee Stock Option
Measurement and disclosure of the employee share-based payment plans is
done in accordance with the Guidance Note on Accounting for Employee
Share based Payments, issued by The Institute of Chartered Accountants
of India. Compensation expenses is amortised over he vesting period of
the option on a straight line basis. The Company measures compensation
cost relating to employee stock options using the intrinsic value
method.
Mar 31, 2014
(A) Basis of Preparation of Financial Statements
The Financial Statements are prepared and presented under the hist
-orical cost convention, on an accrual basis of accounting in
accordance with the accounting principles generally accepted in
India and comply with Accounting Standards issued by the Institute
of Chartered Accountants of India (ICAI) and relevant provisions of
Companies Act, 1956 to the extent applicable.
(B) Fixed Assets
(i) All the fixed assets have been stated at cost less depreciation.
Cost includes cost of purchase and other costs attributable to bringing
the assets to working condition for intended use.
(ii) Fixed assets are adequately depreciated on written down value
basis in accordance with the provisions of Section 205(2)(a) and at the
rates specified in Schedule XIV to the Companies Act,1956
(C) Current Assets
(i) Current Assets, Loans and Advances are approximately of the value
stated, if realized in the ordinary course of business.
(ii) Debit and Credit balances are subject to confirmation of parties.
(D) Leases
Disclosures as required by Accounting Standard 19, "Leases" issued by
the Institute of Chartered Accountants of India,
are given below :
(i) The company has taken various offices and a godown premises under
leave and license agreements. These are generally not non- Cancelable
and range between 11 months and 3 years and are renewable by mutual
consent on mutually agreeable terms.
(ii) Lease payments are recognized in the Statement of Profit and Loss
under ''Rent''.
(E) Revenue Recognition
(i) The company''s income from operations is accounted for on accrual
basis.
(ii) Service Income is recognized as per the term of the contract/
agreements entered into with the customer when the related services are
performed.
(iii) Dividend income is recognized when the right to receive the
dividend is established.
(iv) Interest income is recognized on the time proportion basis.
(v) Profit or loss arising on account of sale of trade investments in
forward contract in respect of firm commitment were booked as income or
expenditure as on the date of such contract entered.
(F) Retirement Benefits
(i) Gratuity is accounted for on accrual basis by way of contribution
to Group Gratuity Scheme of Life Insurance Corporation of India.
(ii) The company contributes the employers share of the Provident Fund
and the Employees Pension Scheme with the Regional Provident Fund
Commissioner and the charges all such amounts to the Statement of
Profit and Loss on an accrual basis.
(G) Taxation
(i) Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the Income
tax Act, 1961.
(ii) The deferred tax charge or credit reflects the tax effect of
timing differences between the book and the tax profits accounted for
using the tax rates and laws that have been substantially enacted as on
the Balance Sheet date.
(iii) Deferred Tax Assets arising from timing differences are
recognized to the extent there is virtual certainty that these would be
realized in future.
(H) Investments
(i) Long term investments are valued at cost.
(ii) Short Term Investments are valued at cost or fair value whichever
is lower determined on an individual investment basis.
(iii) Trade investments are valued at cost or fair value whichever is
lower determined on an individual investment basis.
(I) Earning per Share
Basic and diluted earnings per share is computed by dividing the net
profit attributable to equity shareholders for the year, by the
weighted average number of equity shares outstanding during the year.
(J) Foreign Currency Transactions
Transaction in foreign currencies pertaining to revenue accounts are
accounted at approximate exchange rate prevalent on the transaction
date. Gains and losses arising out of subsequent fluctuations are
accounted for on actual payment / realization in Statement of Profit
and Loss. The amount outstanding at the year end are translated at
exchange rate prevailing at year end and the profits / loss so
determined are recognized in the Statement of Profit and Loss.
(K) Provisions
A provision is recognized when there is a present obligation as a
result of a past event, it is probable that an outflow of resources
will be required to settle the obligation and in respect of which
reliable estimate can be made. Provision is not discounted to its
present value and is determined based on the best estimate required to
settle the obligation at the Balance Sheet date. These are reviewed at
each Balance Sheet date and adjusted to reflect the best current
estimate.
(L) Impairment of Assets
The carrying amount of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal/ external
factors. An impairment loss will be recognized wherever the carrying
amount of an asset exceeds its estimated recoverable amount. The
recoverable amount is greater of the asset''s net selling price and
value in use. In assessing the value in use, the estimated future cash
flows are discounted to the present value using the weighted average
cost of capital. After impairment, depreciation is provided on the
revised carrying amount of the assets over its remaining useful life.
Previously recognized impairment loss is further provided or reversed
depending on changes in circumstances.
(M) Employee Stock Option
Measurement and disclosure of the employee share-based payment plans is
done in accordance with the Guidance Note on Accounting for Employee
Share based Payments, issued by The Institute of Chartered Accountants
of India. Compensation expenses is amortised over he vesting period of
the option on a straight line basis. The Company measures compensation
cost relating to employee stock options using the intrinsic value
method.
Mar 31, 2013
(A) Basis of Preparation of Financial Statements
The Financial Statements are prepared and presented under the
historical cost convention, on an accrual basis of accounting in
accordance with the accounting principles generally accepted in India
and comply with Accounting Standards issued by the Institute of
Chartered Accountants of India (ICAI) and relevant provisions of
Companies Act, 1956 to the extent applicable.
(B) Fixed Assets
(i) All the fixed assets have been stated at cost less depreciation.
Cost includes cost of purchase and other costs attributable to bringing
the assets to working condition for intended use.
(ii) Fixed assets are adequately depreciated on written down value
basis in accordance with the provisions of Section 205(2)(a) and at the
rates specified in Schedule XIV to the Companies Act,1956
(C) Current Assets
(i) Current Assets, Loans and Advances are approximately of the value
stated, if realized in the ordinary course of business.
(ii) Debit and Credit balances are subject to confirmation of parties.
(D) Leases
Disclosures as required by Accounting Standard 19, "Leases" issued by
the Institute of Chartered Accountants of India, are given below :
(i) The company has taken various offices and a godown premises under
leave and license agreements. These are generally not non- Cancelable
and range between 11 months and 3 years and are renewable by mutual
consent on mutually agreeable terms.
(ii) Lease payments are recognized in the Statement of Profit and Loss
under ''Rent''.
(E) Revenue Recognition
(i) The company''s income from operations is accounted for on accrual
basis.
(ii) Service Income is recognized as per the term of the contract/
agreements entered into with the customer when the related services are
performed.
(iii) Dividend income is recognized when the right to receive the
dividend is established.
(iv) Interest income is recognized on the time proportion basis.
(v) Profit or loss arising on account of sale of trade investments in
forward contract in respect of firm commitment were booked as income or
expenditure as on the date of such contract entered.
(F) Retirement Benefits
(i) Gratuity is accounted for on accrual basis by way of contribution
to Group Gratuity Scheme of Life Insurance Corporation of India.
(ii) The company contributes the employers share of the Provident Fund
and the Employees Pension Scheme with the Regional Provident Fund
Commissioner and the charges all such amounts to the Statement of
Profit and Loss on an accrual basis.
(G) Taxation
(i) Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the Income
tax Act, 1961.
(ii) The deferred tax charge or credit reflects the tax effect of
timing differences between the book and the tax profits accounted for
using the tax rates and laws that have been substantially enacted as on
the Balance Sheet date.
(iii) Deferred Tax Assets arising from timing differences are
recognized to the extent there is virtual certainty that these would be
realized in future.
(H) Investments
(i) Long term investments are valued at cost.
(ii) Short Term Investments are valued at cost or fair value whichever
is lower determined on an individual investment basis.
(iii) Trade investments are valued at cost or fair value whichever is
lower determined on an individual investment basis.
(I) Earning per Share
Basic and diluted earnings per share is computed by dividing the net
profit attributable to equity shareholders for the year, by the
weighted average number of equity shares outstanding during the year.
(J) Foreign Currency Transactions
Transaction in foreign currencies pertaining to revenue accounts are
accounted at approximate exchange rate prevalent on the transaction
date. Gains and losses arising out of subsequent fluctuations are
accounted for on actual payment / realization in Statement of Profit
and Loss. The amount outstanding at the year end are translated at
exchange rate prevailing at year end and the profits / loss so
determined are recognized in the Statement of Profit and Loss.
(K) Provisions
A provision is recognized when there is a present obligation as a
result of a past event, it is probable that an outflow of resources
will be required to settle the obligation and in respect of which
reliable estimate can be made. Provision is not discounted to its
present value and is determined based on the best estimate required to
settle the obligation at the Balance Sheet date. These are reviewers at
each Balance Sheet date and adjusted to reflect the best current
estimate.
(L) Impairment of Assets
The carrying amount of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal/ external
factors. An impairment loss will be recognized wherever the carrying
amount of an asset exceeds its estimated recoverable amount. The
recoverable amount is greater of the asset''s net selling price and
value in use. In assessing the value in use, the estimated future cash
flows are discounted to the present value using the weighted average
cost of capital. After impairment, depreciation is provided on the
revised carrying amount of the assets over its remaining useful life.
Previously recognized impairment loss is further provided or reversed
depending on changes in circumstances.
(M) Employee Stock Option
Measurement and disclosure of the employee share-based payment plans is
done in accordance with the Guidance Note on Accounting for Employee
Share based Payments, issued by The Institute of Chartered Accountants
of India. Compensation expenses is amortised over he vesting period of
the option on a straight line basis. The Company measures compensation
cost relating to employee stock options using the intrinsic value
method.
Mar 31, 2012
(A) Basis of Preparation of Financial Statements
The Financial Statements are prepared and presented under the
historical cost convention, on an accrual basis of accounting in
accordance with the accounting principles generally accepted in India
and comply with Accounting Standards issued by the Institute of
Chartered Accountants of India (ICAI) and relevant provisions of
Companies Act, 1956 to the extent applicable.
(B) Fixed Assets
(i) All the fixed assets have been stated at cost less depreciation.
Cost includes cost of purchase and other costs attributable to bringing
the assets to working condition for intended use.
(ii) Fixed assets are adequately depreciated on written down value
basis in accordance with the provisions of Section 205(2)(a) and at the
rates specified in Schedule XIV to the Companies Act,1956
(C) Current Assets
(i) Current Assets, Loans and Advances are approximately of the value
stated, if realized in the ordinary course of business.
(ii) Debit and Credit balances are subject to confirmation of parties.
(D) Leases
Disclosures as required by Accounting Standard 19, "Leases" issued by
the Institute of Chartered Accountants of India, are given below :
(i) The company has taken various offices and a godown premises under
leave and license agreements. These are generally not non- Cancelable
and range between 11 months and 3 years and are renewable by mutual
consent on mutually agreeable terms.
(ii) Lease payments are recognized in the Profit and Loss Account under
'Rent1.
(E) Revenue Recognition
(i) The company's income from operations is accounted for on accrual
basis.
(ii) Service Income is recognized as per the term of the contract/
agreements entered into with the customer when the related services are
performed.
(iii) Dividend income is recognized when the right to receive the
dividend is established.
(iv) Interest income is recognized on the time proportion basis.
(v) Profit or loss arising on account of sale of trade investments in
forward contract in respect of firm commitment were booked as income or
expenditure as on the date of such contract entered.
(F) Retirement Benefits '
(i) Gratuity is accounted for on accrual basis by way of contribution
to Group Gratuity Scheme of Life Insurance Corporation of India.
(ii) The company contributes the employers share of the Provident Fund
and the Employees Pension Scheme with the Regional Provident Fund
Commissioner and the charges all such amounts to the Profit and Loss
Account on an accrual basis.
(G) Taxation
(i) Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the Income
tax Act, 1961.
(ii) The deferred tax charge or credit reflects the tax effect of
timing differences between the book and the tax profits accounted for
using the tax rates and laws that have been substantially enacted as on
the Balance Sheet date.
(iii) Deferred Tax Assets arising from timing differences are
recognized to the extent there is virtual certainty that these would be
realized in future.
(H) Investments
(i) Long term investments are valued at cost.
(ii) Short Term Investments are valued at cost or fair value whichever
is lower determined on an individual investment basis.
(iii) Trade investments are valued at cost or fair value whichever is
lower determined on an individual investment basis.
(I) Earning per Share
Basic and diluted earnings per share is computed by dividing the net
profit attributable to equity shareholders for the year, by the
weighted average number of equity shares outstanding during the year.
(J) Foreign Currency Transactions
Transaction in foreign currencies pertaining to revenue accounts are
accounted at approximate exchange rate prevalent on the transaction
date. Gains and losses arising out of subsequent fluctuations are
accounted for on actual payment / realization in Profit & Loss Account.
The amount outstanding at the year end are translated at exchange rate
prevailing at year end and the profits / loss so determined are
recognized in the Profit & Loss Account.
(K) Provisions
A provision is recognized when there is a present obligation as a
result of a past event, it is probable that an outflow of resources
will be required to settle the obligation and in respect of which
reliable estimate can be made. Provision is not discounted to its
present value and is determined based on the best estimate required to
settle the obligation at the Balance Sheet date. These are reviewers at
each Balance Sheet date and adjusted to reflect the best current
estimate.
(L) Impairment of Assets
The carrying amount of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal/ external
factors. An impairment loss will be recognized wherever the carrying
amount of an asset exceeds its estimated recoverable amount. The
recoverable amount is greater of the asset's net selling price and
value in use. In assessing the value in use, the estimated future cash
flows are discounted to the present value using the weighted average
cost of capital. After impairment, depreciation is provided on the
revised carrying amount of the assets over its remaining useful life.
Previously recognized impairment loss is further provided or reversed
depending on changes in circumstances.
(M) Employee Stock Option
Measurement and disclosure of the employee share-based payment plans is
done in accordance with the Guidance Note on Accounting for Employee
Share based Payments, issued by The Institute of Chartered Accountants
of India. Compensation expenses is amortised over he vesting period of
the option on a straight line basis. The Company measures compensation
cost relating to employee stock options using the intrinsic value
method.
Mar 31, 2011
(A) Basis of Preparation of Financial Statements
The Financial Statements are prepared and presented under the
historical cost convention, on the accrual basis of accounting in
accordance with the accounting principles generally accepted in India
and comply with Accounting Standards issued by the Institute of
Chartered Accountants of India (ICAI) and relevant provisions of
Companies Act, 1956 to the extent applicable.
(B) Fixed Assets
(i) All the fixed assets have been stated at cost less depreciation.
Cost includes cost of purchase and other costs attributable to bringing
the assets to working condition for intended use.
(ii) Fixed assets are adequately depreciated on written down value
basis in accordance with the provisions of Section 205(2)(a) and at the
rates specified in Schedule XIV to the Companies Act,1956
(C) Current Assets
(i) Current Assets, Loans and Advances are approximately of the value
stated, if realized in the ordinary courseof business. (ii) Debit and
Credit balances are subject to confirmation of parties.
(D) Leases
Disclosures as required by Accounting Standard 19, "Leases" issued by
the Institute of Chartered Accountants of India, are given below :
(i) The company has taken various offices and a godown premises under
leave and license agreements. These are generally not non- Cancelable
and range between 11 months and 3 years and are renewable by mutual
consent on mutually agreeable terms.
(ii) Lease payments are recognized in the Profit and Loss Account under
'Rent'.
(E) Revenue Recognition
(i) The company's income from operations is accounted for on accrual
basis.
(ii) Service Income is recognized as per the term of the contract/
agreements entered into with the customer when the related services are
performed.
(iii) Dividend income is recognized when the right to receive the
dividend is established.
(iv) Interest income is recognized on the time proportion basis.
(v) Profit or loss arising on account of sale of trade investments in
forward contract in respect of firm commitment were booked as income or
expenditure as on the date of such contract entered.
(F) Retirement Benefits
(i) Gratuity is accounted for on accrual basis by way of contribution
to Group Gratuity Scheme of Life Insurance Corporation of India.
(ii) The company contributes the employers share of the Provident Fund
and the Employees Pension Scheme with the Regional Provident Fund
Commissioner and the charges all such amounts to the Profit and Loss
Account on an accrual basis.
(G) Taxation
(i) Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the Income
tax Act, 1961.
(ii) The deferred tax charge or credit reflects the tax effect of
timing differences between the book and the tax profits accounted for
using the tax rates and laws that have been substantially enacted as on
the Balance Sheet date.
(iii) Deferred Tax Assets arising from timing differences are
recognized to the extent there is virtual certainty that these would be
realized in future.
(H) Investments
(i) Long term investments are valued at cost.
(ii) Short Term Investments are valued at cost or fair value whichever
is lower determined on an individual investment basis.
(iii) Trade investments are valued at cost or fair value whichever is
lower determined on an individual investment basis.
(I) Earning per Share
Basic and diluted earnings per share is computed by dividing the net
profit attributable to equity shareholders for the year, by the
weighted average number of equity shares outstanding during the year.
(J) Foreign Currency Transactions
Transaction in foreign currencies pertaining to revenue accounts are
accounted at approximate exchange rate prevalent on the transaction
date. Gains and losses arising out of subsequent fluctuations are
accounted for on actual payment / realization in Profit & Loss Account.
The amount outstanding at the year end are translated at exchange rate
prevailing at year end and the profits / loss so determined are
recognized in the Profit & Loss Account.
(K) Provisions
A provision is recognized when there is a present obligation as a
result of a past event, it is probable that an outflow of resources
will be required to settle the obligation and in respect of which
reliable estimate can be made. Provision is not discounted to its
present value and is determined based on the best estimate required to
settle the obligation at the Balance Sheet date. These are reviewers at
each Balance Sheet date and adjusted to reflect the best current
estimate.
(L) Impairment of Assets
The carrying amount of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal/ external
factors. An impairment loss will be recognized wherever the carrying
amount of an asset exceeds its estimated recoverable amount. The
recoverable amount is greater of the asset's net selling price and
value in use. In assessing the value in use, the estimated future cash
flows are discounted to the present value using the weighted average
cost of capital. After impairment, depreciation is provided on the
revised carrying amount of the assets over its remaining useful life.
Previously recognized impairment loss is further provided or reversed
depending on changes in circumstances.
(M) Employee Stock Option
Measurement and disclosure of the employee share-based payment plans is
done in accordance with the Guidance Note on Accounting for Employee
Share based Payments, issued by The Institute of Chartered Accountants
of India. Compensation expenses is amortised over the vesting period of
the option on a straight line basis. The Company measures compensation
cost relating to employee stock options using the intrinsic value
method.
Mar 31, 2010
(A) Basis of preparation of financial Statements
the Financial Statements are prepared and presented under the
historical cost convention, on the accrual basis of accounting in
accordance with the accounting principles generally accepted in India
and comply with Accounting Standards issued by the Institute of
Chartered Accountants of India (ICAI) and relevant provisions of
Companies Act, 1956 to the extent applicable.
(B) fixed Assets
(i) All the fixed assets have been stated at cost less depreciation.
Cost includes cost of purchase and other costs attributable to bringing
the assets to working condition for intended use.
(ii) Fixed assets are adequately depreciated on written down value
basis in accordance with the provisions of Section 205(2)(a) and at the
rates specified in Schedule XIV to the Companies Act,1956.
(C) Current Assets
(i) Current Assets, loans and Advances are approximately of the value
stated, if realized in the ordinary course of business. (ii) Debit and
Credit balances are subject to confirmation of parties.
(D) Leases
Disclosures as required by Accounting Standard 19, "leases" issued by
the Institute of Chartered Accountants of India, are given below :
(i) the company has taken various offices and a godown premises under
leave and license agreements. these are generally not non-Cancelable
and range between 11 months and 3 years and are renewable by mutual
consent on mutually agreeable terms.
(ii) lease payments are recognized in the profit and loss Account under
Rent.
(e) Revenue Recognition
(i) the companys income from operations is accounted for on accrual
basis.
(ii) Service Income is recognized as per the term of the contract/
agreements entered into with the customer when the related services are
performed.
(iii) Dividend income is recognized when the right to receive the
dividend is established.
(iv) Interest income is recognized on the time proportion basis.
(v) proft or loss arising on account of sale of trade investments in
forward contract in respect of firm commitment were booked as income or
expenditure as on the date of such contract entered.
(f) Retirement Benefits
(i) Gratuity is accounted for on accrual basis by way of contribution
to Group Gratuity Scheme of life Insurance Corporation of India.
(ii) the company contributes the employers share of the provident Fund
and the employees pension Scheme with the Regional provident Fund
Commissioner and the charges all such amounts to the profit and loss
Account on an accrual basis.
(G) Taxation
(i) provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the Income
tax Act, 1961.
(ii) the deferred tax charge or credit refects the tax effect of timing
differences between the book and the tax profits accounted for using
the tax rates and laws that have been substantially enacted as on the
Balance Sheet date.
(iii) Deferred tax Assets arising from timing differences are
recognized to the extent there is virtual certainty that these would be
realized in future.
(H) investments
(i) long term investments are valued at cost.
(ii) Short term Investments are valued at cost or fair value whichever
is lower determined on an individual investment basis. (iii) trade
investments are valued at cost or fair value whichever is lower
determined on an individual investment basis.
(i) earning per Share
Basic and diluted earnings per share is computed by dividing the net
proft attributable to equity shareholders for the year, by the weighted
average number of equity shares outstanding during the year.
(J) foreign Currency Transactions
transaction in foreign currencies pertaining to revenue accounts are
accounted at approximate exchange rate prevalent on the transaction
date. Gains and losses arising out of subsequent fluctuations are
accounted for on actual payment / realization in profit & loss Account.
the amount outstanding at the year end are translated at exchange rate
prevailing at year end and the profits / loss so determined are
recognized in the profit & loss Account.
(K) provisions
A provision is recognized when there is a present obligation as a
result of a past event, it is probable that an outflow of resources
will be required to settle the obligation and in respect of which
reliable estimate can be made. provision is not discounted to its
present value and is determined based on the best estimate required to
settle the obligation at the Balance Sheet date. these are reviewers at
each Balance Sheet date and adjusted to refect the best current
estimate.
(L) impairment of Assets
the carrying amount of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal/ external
factors. An impairment loss will be recognized wherever the carrying
amount of an asset exceeds its estimated recoverable amount. the
recoverable amount is greater of the assets net selling price and
value in use. In assessing the value in use, the estimated future cash
flows are discounted to the present value using the weighted average
cost of capital. After impairment, depreciation is provided on the
revised carrying amount of the assets over its remaining useful life.
previously recognized impairment loss is further provided or reversed
depending on changes in circumstances.
(m) employee Stock Option
Measurement and disclosure of the employee share-based payment plans is
done in accordance with the Guidance note on Accounting for employee
Share based payments, issued by the Institute of Chartered Accountants
of India. Compensation expenses is amortised over vesting period of the
option on a straight line basis. the Company measures compensation cost
relating to employee stock options using the intrinsic value method.