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Accounting Policies of Waterbase Ltd. Company

Mar 31, 2015

1.1 Basis of Preparation

The financial statements of the company have been prepared under the historical cost convention and in accordance with the provisions of the Companies Act, 2013 and Accounting Standards specified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014. Accounting policies unless specifically stated to be otherwise, are consistent and in consonance with Generally Accepted Accounting Principles in India (Indian GAAP) on accrual basis.

1.2 Use of Estimates

The preparation of financial statements require management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures relating to contingent liabilities and assets as at the Balance Sheet date and the reported amounts of income and expenses during the year.

1.3 Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured when all the significant risks and rewards of ownership of the goods have been passed to the buyer.

Revenues from services are recognized as per the terms of the contract as and when services are rendered.

The Company follows the mercantile system of accounting and recognises income and expenditure on accrual basis except in case of significant uncertainties.

Export sales include benefits extended by the Government and domestic sales are net of taxes.

1.4 Fixed Assets

Fixed Assets are stated at cost of acquisition / revaluation less accumulated depreciation and impairment losses. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Financing cost relating to construction of assets are also included to the extent they relate to the period till such assets are ready to be put to use. Financing cost not relating to construction of assets are charged to the income statements.

Intangible assets acquired separately are measured on initial recognition at cost. Costs incurred towards purchase of computer software are depreciated using the straight-line method over a period of two years based on management's estimate of useful lives of such software, or over the license period of the software, whichever is shorter.

1.5 Research & Development

Research costs are expensed as incurred.

1.6 Depreciation

Depreciation has been provided on straight line method based on useful life specified in Schedule II of the Companies Act, 2013 after retaining residual value of 5% of the original cost of the assets.

1.7 Impairment of assets

The carrying amounts of assets are reviewed at each balance sheet date for any indication of impairment based on internal / external factors. An impairment loss is recognized wherever the carrying cost of an asset / cash generating unit exceeds its recoverable amount and is charged to Statement of Profit & Loss in the year in which the same is identified.

After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life. A previously recognized impairment loss is increased or reversed depending on changes in circumstances. However, the carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging usual depreciation if there was no impairment.

1.8 Borrowing Cost

Borrowing cost incurred on construction or acquiring a qualifying asset, which takes a substantial period of time for construction, is capitalised as cost of that asset. All other borrowing cost is recognised as an expense in the period in which they are incurred.

1.9 Inventories

(a) Raw Materials, components, stores and spares -

Lower of cost and net realisable value. However, materials and other items held for use in the production of inventories are not written below cost if the finished products in which they will be incorporates are expected to be sold at or above cost. Cost is determined on a weighted average basis and includes relevant cost of bringing those materials at their present location and condition.

(b) Work-in-Progress and Finished Goods -

Lower of cost and net realisable value. Cost includes direct materials, labour and a portion of manufacturing overheads based on normal operating capacity or actual production whichever is less.

1.10 Foreign Currency Transactions

(a) Initial recognition

Foreign currency transactions are recorded in the reporting currency by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency, at the date of transaction.

(b) Conversion

Foreign currency monetary items are reported using the closing rate

(c) Exchange Difference

Exchange difference arising on the settlement of monetary items of the company at rates different from those at which they initially recognized during the year or reported in previous financial statements are recognized as income or expenses in the year in which they arise.

1.11 Provisions, Contingencies and Contingent Assets

Liabilities which can be measured only by using a substantial degree of estimation and in respect of which a reliable estimate can be made of the probable outflow of resources are recognized as provisions.

Contingent liabilities in the nature of possible obligations that arise from past events and the existence of which will be confirmed only by the occurrence or otherwise of future events not wholly within the control of the Company and in respect of present obligation arising from the past events for which a reliable estimate of the possible future outflow cannot be made are disclosed by way of Notes to Accounts.

Contingent Assets are neither recognized nor disclosed in the financial statement.

1.12 Investments:

Long-term investments are carried at cost less provision, if any for permanent diminution in value of such investments.

1.13 Employee Benefits:

(1) In the case of defined contribution plans such as Provident Fund etc., the Company's contribution to these plans are charged to statement of Profit and Loss.

(2) Liability for defined benefit plans is provided on the basis of valuations as at the Balance Sheet date, carried out by an actuary using the Projected Unit Credit Method. Actuarial gains and losses arising on such valuation are recognised immediately in the Statement of Profit and Loss.

1.14 Taxes On Income:

Taxes On income for the current period are determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961. Deferred tax is recognized for all timing differences between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

1.15 Segment Reporting:

The Company is engaged in the nature of an integrated system of functioning and thus considered to Constitute one single primary segment. However, information about secondary segment that is geographical revenue by geographical markets is being recorded.

1.16 Provision:

A provision is recognized when an enterprise has a present obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet and adjusted to reflect the current best estimates.

1.17 Events Occurring after Balance Sheet Date:

Material events occurring after the date of balance sheet are recognized and are dealt with appropriately in accordance with generally accepted accounting principles and as provided in Accounting Standard -4 issued by the Institute of Chartered Accountants of India.

1.18 Earnings Per Share

Basic earnings per share are calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares if any.


Mar 31, 2014

1.1 Accounting Convention

The financial statements have been prepared to comply in all material respects with the standards notified under the Companies (Accounting Standards) Rules, 2006 and the relevant provision of the Companies Act, 1956. The financial statements are prepared under the historical cost convention, in accordance with the generally accepted accounting principles, on an accrual basis, except otherwise stated.

1.2 Use of Estimates

The preparation of financial statements are based on management estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures relating to contingent liabilities and assets as at the Balance Sheet date and the reported amounts of revenues and expenses during the year. Differences between the actual results and estimation are recognised in the year in which the results are known / materialised.

1.3 Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. The Company follows the mercantile system of accounting and recognises income and expenditure on accrual basis except in case of significant uncertainties. Export sales include benefits extended by the Government and domestic sales are net of taxes.

1.4 Fixed Assets

Fixed Assets are stated at cost of acquisition / revaluation less accumulated depreciation and impairment losses. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Financing cost relating to construction of assets are also included to the extent they relate to the period till such assets are ready to be put to use. Financing cost not relating to construction of assets are charged to the income statements.

1.5 Depreciation

Depreciation on fixed assets has been provided on straight line method as per the rates prescribed in Schedule XIV ofthe Companies Act, 1956, as amended.

1.6 Inventories

Inventories are valued as follows:

(a) Raw Materials, components, stores and spares -

Lower of cost and net realisable value. However, materials and other items held for use in the production of inventories are not written below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost is determined on a weighted average basis and includes relevant cost of bringing those materials at their present location and condition.

(b) Work-in-Progress and Finished Goods -

Lower of cost and net realisable value. Cost includes direct materials, labour and a portion of manufacturing overheads based on normal operating capacity or actual production whichever is less.

1.7 Foreign Currency

(a) Initial Recognition:

Foreign currency transactions are recorded in the reporting currency by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency, at the date of transaction.

(b) Conversion:

Foreign currency monetary items are reported using the closing rate. c) Exchange Differences:

Exchange differences arising on the settlement of monetary items ofthe Company at rates different from those at which they were initially recorded during the year, or reported in previous financial statements, are recognised as income or expense in the year in which they arise.

1.8 Investments

Long-term investments are carried at cost less provision, if any for permanent diminution in value of such investments.

1.9 Employee Benefits

(I) In the case of defined contribution plans such as Provident Fund etc., the Company''s contribution to these plans are charged to statement of Profit and Loss.

(ii) Liability for defined benefit plans is provided on the basis of valuations as at the Balance Sheet date, carried out by an actuary using the Projected Unit Credit Method. Actuarial gains and losses arising on such valuation are recognised immediately in the Statement of Profit and Loss.

1.10 Taxes on Income

Taxes on income for the current period are determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961. Deferred tax is recognised for all timing differences between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

1.11 Impairment of Fixed Assets

The carrying amounts of Assets are reviewed at each balance sheet date if there is any indication of impairement based on internal/external factors. An asset / cash generating unit is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to Statement of Profit & Loss in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

1.12 Borrowing Cost

Borrowing cost incurred on construction or acquiring a qualifying asset, which takes a substantial period of time for construction, is capitalised as cost of that asset. All other borrowing cost is recognised as an expense in the period in which they are incurred.

1.13 Segment Reporting

The Company is engaged in the nature of an integrated system of functioning and thus considered to constitute one single primary segment. However, information about secondary segment that is geographical revenue by geographical markets is being recorded.

1.14 Provision

A provision is recognised when an enterprise has a present obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on 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 current best estimates.

1.15 Events Occuring after Balance Sheet Date

Material events occuring after the date of balance sheet are recognised and are dealt with appropriately in accordance with generally accepted accounting principles and as provided in Accounting Standard - 4 issued by The Institute of Chartered Accountants of India.


Mar 31, 2013

1.1 Accounting Convention:

The financial statements have been prepared to comply in all material respects with the standards notified under the Companies (Accounting Standards) Rules, 2006 and the relevant provision of the Companies Act,1956.

The financial statements are prepared under the historical cost convention, in accordance with the generally accepted accounting principles, on an accrual basis, except otherwise stated.

1.2 Use of Estimates:

The preparation of financial statements are based on management estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures relating to contingent liabilities and assets as at the Balance Sheet date and the reported amounts of revenues and expenses during the year. Differences between the actual results and estimation are recognized in the year in which the results are known / materialized.

1.3 Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties. Export sales include benefits extended by the Government and domestic sales are net of taxes.

1.4 Fixed Assets:

Fixed Assets are stated at cost of acquisition / revaluation less accumulated depreciation and impairment losses. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Financing cost relating to construction of assets are also included to the extent they relate to the period till such assets are ready to be put to use. Financing cost not relating to construction of assets are charged to the income statements.

1.5 Depreciation:

Depreciation on fixed assets has been provided on straight line method as per the rates prescribed in Schedule XIV of the Companies Act, 1956, as amended.

1.6 Inventories:

Inventories are valued as follows:

(a) Raw Materials, components, stores and spares -

Lower of cost and net realizable value. However, materials and other items held for use in the production of inventories are not written below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost is determined on a weighted average basis and includes relevant cost of bringing those materials at their present location and condition.

(b) Work-in-Progress and Finished Goods -

Lower of cost and net realizable value. Cost includes direct materials, labour and a portion of manufacturing overheads based on normal operating capacity or actual production whichever is less.

1.7 Foreign Currency:

(a) Initial Recognition:

Foreign currency transactions are recorded in the reporting currency by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency, at the date of transaction.

(b) Conversion:

Foreign currency monetary items are reported using the closing rate.

(c ) Exchange Differences:

Exchange differences arising on the settlement of monetary items of the Company at rates different from those at which they were initially recorded during the year, or reported in previous financial statements, are recognized as income or expenses in the year in which they arise.

1.8 Investments:

Long-term investments are carried at cost less provision, if any for permanent diminution in value of such investments.

1.9 Employee Benefits:

(i) In the case of defined contribution plans such as Provident Fund etc., the Company''s contribution to these plans are charged to statement of Profit and Loss.

(ii) Liability for defined benefit plans is provided on the basis of valuations as at the Balance Sheet date, carried out by an actuary using the Projected Unit Credit Method. Actuarial gains and losses arising on such valuation are recognized immediately in the Statement of Profit and Loss.

1.10 Taxes On Income:

Taxes On income for the current period are determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961. Deferred tax is recognized for all timing differences between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

1.11 Impairment of Fixed Assets:

The carrying amounts of Assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. An asset / cash generating unit is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to Statement of Profit & Loss in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

1.12 Borrowing Cost:

Borrowing cost incurred on construction or acquiring a qualifying asset, which takes a substantial period of time for construction, is capitalized as cost of that asset. All other borrowing cost is recognized as an expense in the period in which they are incurred.

1.13 Segment Reporting:

The Company is engaged in the nature of an integrated system of functioning and thus considered to constitute one single primary segment. However, information about secondary segment that is geographical revenue by geographical markets is being recorded.

1.14 Provision:

A provision is recognized when an enterprise has a present obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on 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 current best estimates.

1.15 Events Occurring after Balance Sheet Date:

Material events occurring after the date of balance sheet are recognized and are dealt with appropriately in accordance with generally accepted accounting principles and as provided in Accounting Standard – 4 issued by the Institute of Chartered Accountants of India.


Mar 31, 2012

1.1 Accounting Convention:

The financial statements have been prepared to comply in all material respects with the standards notified under the Companies (Accounting Standards) Rules, 2006 and the relevant provision of the Companies Act,1956.

The financial statements are prepared under the historical cost convention, in accordance with the generally accepted accounting principles, on an accrual basis, except otherwise stated.

1.2 Use of Estimates:

The preparation of financial statements are based on management estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures relating to contingent liabilities and assets as at the Balance Sheet date and the reported amounts of revenues and expenses during the year. Differences between the actual results and estimation are recognized in the year in which the results are known / materialized.

1.3 Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties. Export sales include benefits extended by the Government, and domestic sales are net of taxes.

1.4 Fixed Assets:

Fixed Assets are stated at cost of acquisition / revaluation less accumulated depreciation and impairment losses. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Financing cost relating to construction of assets are also included to the extent they relate to the period till such assets are ready to be put to use. Financing cost not relating to construction of assets are charged to the income statements.

1.5 Depreciation:

Depreciation on fixed assets has been provided on straight line method as per the rates prescribed in Schedule XIV of the Companies Act, 1956, as amended.

1.6 Inventories:

Inventories are valued as follows:

(a) Raw Materials, components, stores and spares -

Lower of cost and net realizable value. However, materials and other items held for use in the production of inventories are not written below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost is determined on a weighted average basis and includes relevant cost of bringing those materials at their present location and condition.

(b) Work-in-Progress and Finished Goods -

Lower of cost and net realizable value. Cost includes direct materials, labour and a portion of manufacturing overheads based on normal operating capacity or actual production whichever is less.

1.7 Foreign Currency:

(a) Initial Recognition:

Foreign currency transactions are recorded in the reporting currency by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency, at the date of transaction.

(b) Conversion:

Foreign currency monetary items are reported using the closing rate.

(c ) Exchange Differences:

Exchange differences arising on the settlement of monetary items of the Company at rates different from those at which they were initially recorded during the year, or reported in previous financial statements, are recognized as income or expenses in the year in which they arise.

1.8 Investments:

Long-term investments are carried at cost less provision, if any for permanent diminution in value of such investments.

1.9 Employee Benefits:

(i) In the case of defined contribution plans such as Provident Fund etc., the Company's contribution to these plans are charged to statement of Profit and Loss.

(ii) Liability for defined benefit plans is provided on the basis of valuations as at the Balance Sheet date, carried out by an actuary using the Projected Unit Credit Method. Actuarial gains and losses arising on such valuation are recognized immediately in the Statement of Profit and Loss.

1.10 Taxes On Income:

Taxes On income for the current period are determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961. Deferred tax is recognized for all timing differences between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

1.11 Impairment of Fixed Assets:

The carrying amounts of Assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. An asset / cash generating unit is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to Statement of Profit & Loss in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

1.12 Borrowing Cost:

Borrowing cost incurred on construction or acquiring a qualifying asset, which takes a substantial period of time for construction, is capitalized as cost of that asset. All other borrowing cost is recognized as an expense in the period in which they are incurred.

1.13 Segment Reporting:

The Company is engaged in the nature of an integrated system of functioning and thus considered to constitute one single primary segment. However, information about secondary segment that is geographical revenue by geographical markets is being recorded.

1.14 Provision:

A provision is recognized when an enterprise has a present obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on 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 current best estimates.

1.15 Events Occurring after Balance Sheet Date:

Material events occurring after the date of balance sheet are recognized and are dealt with appropriately in accordance with generally accepted accounting principles and as provided in Accounting Standard - 4 issued by the Institute of Chartered Accountants of India.


Mar 31, 2011

(a) Accounting Convention: The Financial Statements are prepared under the historical cost convention, in accordance with the Generally Accepted Accounting Principles and the provisions of the Companies Act 1956. The preparation of Financial Statements requires estimates and assumptions that affect the reported amount of assets and liabilities and disclosures relating to contingent liabilities and assets as at the Balance sheet date and the reported amounts of income and expenses during the year. Differences between the actual results and estimation are recognized in the year in which the results are known / materialized.

(b) Revenue Recognition: The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties.

(c) Fixed Assets: Fixed Assets are stated at cost of acquisition / revaluation.

(d) Depreciation: Depreciation on fixed assets has been provided on straight line method as per the rates prescribed in Schedule XIV of the Companies Act 1956, as amended.

(e) Inventories: Inventories are valued at the lower of cost (Raw materials and Stores determined on Weighted Average Basis) or net realizable value, whichever is lower.

(f) Foreign Currency: Transaction in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Foreign Currency monetary assets and liabilities are translated at the year-end exchange rate. Exchange differences arising on settlement of transaction and translation of monetary items are recognized as income or expense in the year in which they arise.

(g) Investment: Long-term investments are carried at cost less provision, if any for permanent diminution in value of such investments.

(h) Employee Benefits:

(i) In the case of defined contribution plans such as Provident Fund etc., the Company's contribution to these plans are charged to Profit and Loss Account as incurred.

(ii) Liability for Defined benefit plans is provided on the basis of valuations as at the Balance Sheet date, carried out by an actuary using the Projected Unit credit method. Actuarial gains and losses arising on such valuation are recognized immediately in the Profit and Loss Account.

(i) Taxes on income: Taxes on income for the current period are determined on the basis of taxable income and tax credits computed in accordance with provision of the Income Tax Act, 1961. Deferred tax is recognized for all timing differences between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

(j) Impairment of Assets: The carrying amounts of Assets are reviewed at each balance sheet date if there is any indication of impairment based on internal /external factors. An asset / cash- generating unit is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to Profit & Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.


Mar 31, 2010

(a) Accounting Convention: The Financial Statements are prepared under the historical cost convention in accordance with the Generally Accepted Accounting Principles and the provisions of the Companies Act 1956. The preparation of Financial Statements requires estimates and assumptions that affect the reported amount of assets and liabilities and disclosures relating to contingent liabilities and assets as at the Balance sheet date and the reported amounts of income and expenses during the year. Differences between the actual results and estimation are recognized in the year in which the results are known/materialized.

(b) Revenue Recognition: The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties.

(c) Fixed Assets: Fixed Assets are stated at cost of acquisition/revaluation.

(d) Depreciation: Depreciation on fixed assets has been provided on straight line method as per the rates prescribed in Schedule XIV of the Companies Act 1956, as amended.

(e) Inventories:Inventones are valued at the lower of cost (Raw matenals and Stores determined on Weighted Average Basis) or net realizabl evalue, whichever is lower.

(f) Foreign Currency: Transaction in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Foreign Currency monetary assets and liabilities are translated at the year-end exchange rate. Exchange differences arising on settlement of transaction and translation of monetary items are recognized as income or expense in the year in which they arise.

(g) Investment: Long-term investments are earried at cost less provision, if any for permanent diminution in value of such investments.

(h) Employee Benefits:

(i) In the case of defined contribution plans such as Provident Fund etc., the companys contribution to these plans are charged to Profit and Loss Account as incurred.

(ii) Liability for Defined benefit plans is provided on the basis of valuations as at the Balance Sheet date, carried out by an actuary using the Projected Unit credit method. Actuarial gains and losses arising on such valuation are recognized immediately in the Profit and Loss Account.

(j) Taxes on income: Taxes on income for the current period are determined on the basis of taxable income and tax credits computed in accordance with provision of the Income Tax Act, 1961. Deferred tax is recognized for all timing differences between the taxable income and accounting income that originate m one period and are capable of reversal in one or more subsequent periods.

G) Impairment of Assets: The carrying amounts of Assets are reviewed at each balance sheet date if there is any indication of impairment based on internal /external factors. An asset / cash- generating unit is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to Profit & Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

 
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