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Accounting Policies of Aarti Drugs Ltd. Company

Mar 31, 2017

a. Basis of Preparation

The financial statement have been prepared and presented under the historical cost convention on as accrual basis of accounting and in accordance with generally accepted accounting principles in India and comply in all material aspects with the applicable accounting standards notified under the relevant provisions of the Companies Act, 2013.

b. Fixed Assets and Depreciation

i) Fixed assets include all expenditure of capital nature and are stated at cost of acquisition, installation and commissioning and related borrowing cost less depreciation. Fixed asset values are stated at historical cost. Depreciation on fixed assets other than land is charged under the straight-line method in accordance with Schedule II of the Companies Act, 2013. Product/Process development costs arising out of R&D are carried forward when their future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortized over the period of expected future economic benefit, from the related project, not exceeding ten years.

ii) Impairment loss indicates the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of the net selling price of an asset or its value in use. Value in use is present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. The Company will recognize such losses whenever they arise.

c. Investments

Investments are classified into Current and Non-Current Investment. Current Investments are valued at lower of cost or fair value. Non- Current Investments are stated at cost. Provisions are made for diminution in value of investments, if any, other than those of temporary nature.

d. Valuation of Inventories

Inventories are stated at lower of cost or net realizable value, on the following basis:

i) Raw materials, packing materials, stores and spares - At cost on FIFO Method

ii) Work in process - At cost plus appropriate allocation of overheads

iii) Finished Goods - At cost plus appropriate allocation of Overheads or net realizable value whichever is lower

e. Retirement Benefits

I In respect of Gratuity and Superannuation fund, the Company’s contribution to group insurance scheme of Life Insurance Corporation of India & Birla Sun life Insurance Company Ltd are charged against revenue.

II. Provision for incremental liability in respect of encashable privilege leave on separation benefit is made as per independent actuarial valuation at the year end.

f. Revenue Recognition

Revenue is recognized to the extent that probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

- Sales of Goods

Revenue from sale of goods is recognized when significant risks and rewards of ownership of the goods have been passed to the buyer and is stated net of excise duty, sales tax, returns and trade discounts.

- Export Benefits

Export Benefits available under prevalent schemes are accrued in the year in which the goods are exported and are accounted to the extent considered receivable.

- Interest income is recognized using the time proportionate method, based on rates implicit in the transaction.

- Dividend income is recognized when the right to receive is established.

g. Borrowing Cost

Borrowing costs that are directly attributable to acquisition construction, or production of qualifying assets are capitalized as a part of the cost of such assets, up to the date such assets are ready for their intended use. Other borrowing costs are recognized as an expense in the period in which they are incurred.

h. Foreign Currency Transactions

Transaction denominated in foreign currencies is recorded at the exchange rate that approximates the actual rate prevailing at the date of the transaction. Monetary item denominated in foreign currency at the yearend are translated at year end rates. Non monetary items which are carried in terms of historical cost denominated in foreign currency are reported using the exchange rate at the date of transactions. The premium in case of forward contracts is dealt with in the Profit and Loss Account proportionately over the period of contracts. The exchange differences arising on settlement/translation are dealt with in the Statement of Profit and Loss.

i. Research & Development Expenditure:

Revenue expenditure on Research and Development is recognized as expense in the year in which it is incurred.

Capital expenditure on Research and Development is included as part of fixed assets and depreciation is provided on the same basis as for other fixed assets.

j. Income Tax

Tax expenses comprise of current tax and deferred tax, current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act.

Deferred income taxes reflect the impact of timing differences between taxable income and accounting income of the year and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted as at the Balance Sheet date.

k. Leases

Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognized as operating lease. Operating Lease payments are recognized as an expense in the Profit and Loss Account of the year to which they relate.

24.2 Contingent Liabilities:

a. In respect of bank guarantees issued and L/C opened by the Company’s bankers Rs.1894.99/- Lakhs (As at 31st March, 2016 Rs.3785.03 Lakhs)

b. Demand in respect of additional income tax disputed in appeal Rs.293.25/- Lakhs (As at 31st March, 2016 Rs.351.41/- Lakhs) ,sales tax demand Rs.15.18/- Lakhs (As at 31st March, 2016 Rs.15.18/- Lakhs) and demand in respect of additional Excise, custom duty, service tax, fine & penalty in appeal Rs.66.73/- Lakhs ( As at 31st March, 2016 Rs.38.88/- Lakhs)

c. Liability for duty on raw material imported under advance license benefit scheme against which export obligation remained to be fulfilled Rs.260.52/- Lakhs (As at 31st March, 2016 Rs.259.45/- Lakhs)

d. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs.177.09/- Lakhs.( As at 31st March, 2016 Rs.303.49/- Lakhs)

e. The Company has given corporate guarantee for borrowing facilities of Rs.3565/- Lakhs from The Saraswat Co-Op. Bank Limited for its only subsidiary Pinnacle Life Science Private Ltd. ( As at 31st March, 2016 Rs.1854.00/- Lakhs)

Note:

1) Above term loan are secured by pari-passu first charge by way of mortgage of immovable properties and hypothecation of moveable fixed assets, both present and future situated at MIDC Boisar, viz Plot No N-198, G-60, E-1, E9/3, E9/4, E21, E22, E120, K-40, K-41 W-60(B), W61(B),W62(A),W71(B),W72(B)W73(B) & T-150 and MIDC Turbhe Plot No D-277 & D-278 in Maharashtra and at GIDC, Sarigam, Bhilad- Gujarat Viz. Plot No 2902, 2904, 211,13, 2601, 2602, 2603, 2520, 2522 and 3325. The working Directors of the Company have personally guaranteed corporate loan of Rs.416.00 Lakhs (Previous Year Rs.1,516.40) from State Bank of India.

2) Loan from Kotak Mahindra Bank, Standard Chartered Bank, The Shamrao Vithal Co-op Bank Ltd is also secured by second charge on current assets of the Company both present and future.

b. Loans from Scheduled Banks Payable on Demand of Rs.13,079.42 lakhs (Previous Year Rs.15,004.37) are secured by hypothecation of Company’s raw materials stock, stock-in-process, finished goods, packing materials, stores & spares, book debts, and all other current assets including goods in transit governed by documents of title and also pari-passu second charge by way of mortgage of immovable properties and hypothecation of movable fixed assets. both present and future situated at MIDC Boisar, Maharashtra viz. Plot No N-198, G-60, E-1, E9/3, E9/4, E21, E22, E120, K-40, K-41 W-60(B), W61(B),W62(A),W71(B),W72(B)W73(B) & T-150 and MIDC Turbhe Plot No D-277 & D-278 in Maharashtra and at GIDC, Sarigam, Bhilad- Gujarat Viz. Plot No 2902, 2904, 211,13, 2601, 2602, 2603, 2520, 2522 and 3325.

24.4. The Company has foreign exchange exposure because of its trade related (export/import) fund related function. The Company uses forward contracts, Options and Swaps to hedge against its foreign exchange exposures relating to underlying transactions. The Company does not enter into any derivatives instruments for trading or speculation purposes. During the year ended 31.03.2017, the Company had hedge in aggregate an amount of Rs.34,800.84/-Lakhs (previous year Rs.28,728.66/-Lakhs) out of its annual trade related operations (export& import) aggregating to Rs.81,033.65/-Lakhs (previous year Rs.80,179.21/-Lakhs) after considering natural hedge.

24.5. There are no Micro and Small Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2017. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

24.6. In the opinion of the Board, the Current Assets and Loans and Advances have a value on realization at least equal to the amounts at which they are stated in the Balance Sheet.

24.7 Segment-wise Disclosure as per Accounting Standard: 17.

I BUSINESS SEGMENTS AS PRIMARY SEGMENTS

The Company is considered to be a single segment Company engaged in pharmaceuticals business, hence the disclosure requirement as per AS-17 ‘Business Segments as Primary Segment’ is not attracted.

Segmental capital employed:

Fixed assets used in the Company’s business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and services are used interchangeably between segments. The Company believes that currently it is not practicable to provide segment disclosures relating to total assets and liabilities.

24.8 Related party transactions:

Related party transactions disclosure as required by Accounting Standard - 18. ‘Related Party Disclosures’ issued by The Institute of Chartered Accountants of India are given below:

A. Name and Relationship of the Related Parties:

3(a) Subsidiary - Wholly owned

Pinnacle Life Science Private Ltd.

3(c) Individuals owning directly or indirectly, an interest in the voting power of the reporting enterprise that gives them control or significant influence over the enterprise and relatives of such individual.

3(e) Enterprise/firms over which controlling individuals have significant influence.

- Aarti Industries Ltd.

- Rupal Drugs LLP

- Alchemie Gases & Chemicals Pvt. Ltd.

- Alchemie Financial Services Ltd.

- Alchemie Laboratories

Note: Sr. 3(a), 3(c),3(d),3(e) refer to the relevant Para’s of AS 18.

24.20. Proposed Dividend:

Board of Directors in its meeting held on 23rd May, 2017, recommended a final dividend of Rs.1 /- per equity share for the financial year ended 31st March, 2017. The recommendation is subject to the approval of the shareholders at forthcoming Annual General Meeting and if approved, would result in a cash outflow of approximately Rs.287.14 (in lakhs) including corporate dividend tax.

24.21. Figures of the previous year have been regrouped and rearranged wherever necessary.


Mar 31, 2014

A. recognition of Income and expenditure

These accounts are prepared under the historical cost convention on accrual basis and under the going concern assumption in accordance with the accounting principles generally accepted in India and the relevant provisions of the Companies Act, 1956.

b. Fixed assets and depreciation

i) Fixed assets include all expenditure of capital nature and are stated at cost of acquisition, installation and commissioning and related borrowing cost less depreciation. Fixed asset values are stated at historical cost. Depreciation on fixed assets other than land is charged under the straight-line method in accordance with Schedule XIv of the Companies Act, 1956. Product/Process development costs arising out of R&D are carried forward when their future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortized over the period of expected future economic benefit, from the related project, not exceeding ten years.

ii) Impairment loss indicates the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of the net selling price of an asset or its value in use. value in use is present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. The Company will recognize such losses whenever they arise.

c. Investments

Long Term Investments are stated at cost. Provisions are made for diminution in value of investments, if any, other than those of a temporary nature.

d. Valuation of Inventories

Inventories are stated at lower of cost or net realisable value, on the following basis:

i) Raw materials, packing materials, stores and spares – At cost on FIFO Method

ii) Work in process – At cost plus appropriate allocation of overheads

iii) Finished Goods – At cost plus appropriate allocation of overheads or net realizable value whichever is lower

e. Retirement Benefits

I. In respect of Gratuity and Superannuation fund, the Company''s contribution to group insurance scheme of Life Insurance Corporation of India are charged against revenue.

II. Provision for incremental liability in respect of encashable privilege leave on separation benefit is made as per independent actuarial valuation at the year end.

f. revenue recognition

Revenue is recognized to the extent that it can be reliably measured and is probable that the economic benefit will flow to the Company

- Sale of Goods :

Revenue from sale of goods is recognized when the significant risks and rewards of ownership of the goods are transferred to the customer and is stated net of excise duty, sale returns and VAT.

- Export Benefits :

Export benefits available under prevalent schemes are accrued in the year in which the goods are exported and are accounted to the extent considered receivable.

g. Borrowing Cost

Borrowing costs that are directly attributable to the acquisition, construction or production of a Qualifying asset are capitalized as part of the cost of that asset. The amounts of borrowing cost eligible for capitalization are determined in accordance with Accounting Standard-16. Other borrowing cost are recognized as an expense in the period in which they are incurred.

h. Foreign Currency Transactions

All exchange differences arising from foreign currency transactions are dealt with in the Company''s profit and loss account.

i. research & Development Expenditure

Revenue Expenses are accounted under the head "Research & Development" and Capital Expenses are Accounted under the head Fixed Assets.

j. Deferred Taxation

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted or substantially enacted on the Balance Sheet date.


Mar 31, 2013

A. Recognition of Income and expenditure

These accounts are prepared under the historical cost convention on accrual basis and under the going concern assumption in accordance with the accounting principles generally accepted in India and the relevant provisions of the Companies Act, 1956.

b. Fixed assets and depreciation

i) Fixed assets include all expenditure of capital nature and are stated at cost of acquisition, installation and commissioning and related borrowing cost less depreciation. Fixed asset values are stated at historical cost. Depreciation on fixed assets other than land is charged under the straight-line method in accordance with Schedule XIV of the Companies Act, 1956. Product/Process development costs arising out of R&D are carried forward when their future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortized over the period of expected future economic benefit, from the related project, not exceeding ten years.

ii) Impairment loss indicates the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of the net selling price of an asset or its value in use. Value in use is present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. The Company will recognize such losses whenever they arise.

c. Investments

Long Term Investments are stated at cost. Provisions are made for diminution in value of investments, if any, other than those of a temporary nature.

d. Valuation of Inventories

Inventories are stated at lower of cost or net realisable value, on the following basis: i) Raw materials, packing materials, stores and spares - At cost on FIFO Method

ii) Work in process - At cost plus appropriate allocation of overheads

iii) Finished Goods -At cost plus appropriate allocation of Overheads or net realizable value Whichever is lower

e. Retirement Benefits

I In respect of Gratuity and Superannuation fund, the Company''s contribution to group insurance scheme of Life Insurance Corporation of India are charged against revenue.

II. Provision for incremental liability in respect of encashable privilege leave on separation benefit is made as per independent actuarial valuation at the year end.

f. Revenue Recognition

Revenue is recognized to the extent that it can be reliably measured and is probable that the economic benefit will flow to the Company

- Sale of Goods :

Revenue from sale of goods is recognized when the significant risks and rewards of ownership of the goods are transferred to the customer and is stated net of excise duty, sale returns and VAT.

- Export Benefits :

Export benefits available under prevalent schemes are accrued in the year in which the goods are exported and are accounted to the extent considered receivable.

g. Borrowing Cost

Borrowing costs that are directly attributable to the acquisition, construction or production of a Qualifying asset are capitalized as part of the cost of that asset. The amounts of borrowing cost eligible for capitalization are determined in accordance with Accounting Standard-16. Other borrowing cost are recognized as an expense in the period in which they are incurred

h. Foreign Currency Transactions

All exchange differences arising from foreign currency transactions are dealt with in the Company''s profit and loss account.

i. Research & Development Expenditure:

Revenue Expenses are accounted under the head "Research & Development" and Capital Expenses are Accounted under the head Fixed Assets.

j. Deferred Taxation

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted or substantially enacted on the Balance Sheet date.


Mar 31, 2012

A) Recognition of Income and expenditure

These accounts are prepared under the historical cost convention on accrual basis and under the going concern assumption in accordance with the accounting principles generally accepted in India and the relevant provisions of the Companies Act, 1956.

b) Fixed assets and depreciation

i) Fixed assets include all expenditure of capital nature and are stated at cost of acquisition, installation and commissioning and related borrowing cost less depreciation. Fixed asset values are stated at historical cost. Depreciation on fixed assets other than land is charged under the straight-line method in accordance with Schedule XIV of the Companies Act, 1956. Product/Process development costs arising out of R&D are carried forward when their future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortized over the period of expected future economic benefit, from the related project, not exceeding ten years.

ii) Impairment loss indicates the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of the net selling price of an asset or its value in use. Value in use is present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. The Company will recognize such losses whenever they arise.

c) Investments

Long Term Investments are stated at cost. Provisions are made for diminution in value of investments, if any, other than those of a temporary nature.

d) Valuation of Inventories

Inventories are stated at lower of cost or net realisable value, on the following basis:

i) Raw materials, packing materials, stores and spares - At cost on FIFO Method

ii) Work in process - At cost plus appropriate allocation of Overheads

iii) Finished Goods - At cost plus appropriate allocation of Overheads or net realizable value, Whichever is lower

e) Retirement Benefits

1 In respect of Gratuity and Superannuation fund, the Company's contribution to group insurance scheme of Life Insurance Corporation of India are charged against revenue.

II. Provision for incremental liability in respect of encashable privilege leave on separation benefit is made as per independent actuarial valuation at the year end.

f) Revenue Recognition

Revenue is recognized to the extent that it can be reliably measured and is probable that the economic benefit will flow to the Company

1. Sale of Goods :

Revenue from sale of goods is recognized when the significant risks and rewards of ownership of the goods are transferred to the customer and is stated net of excise duty, sale returns and VAT.

2 Export Benefits :

Export benefits available under prevalent schemes are accrued in the year in which the goods are exported and are accounted to the extent considered receivable.

g) Borrowing Cost

Borrowing costs that are directly attributable to the acquisition, construction or production of a Qualifying asset are capitalized as part of the cost of that asset. The amount of borrowing cost eligible for capitalization are determined in accordance with Accounting Standard -16. Other borrowing cost are recognized as an expense in the period in which they are incurred

h) Foreign Currency Transactions

All exchange differences arising from foreign currency transactions are dealt with in the Company's statement of profit and loss.

i) Research & Development Expenditure:

Revenue Expenditure are accounted under the head "Research & Development" and Capital Expenditure are Accounted under the head Fixed Assets.

j) Deferred Taxation

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted or substantially enacted on the Balance Sheet date.


Mar 31, 2011

A) Recognition of Income and expenditure

These accounts are prepared under the historical cost convention on accrual basis and under the going concern assumption in accordance with the accounting principles generally accepted in India and the relevant provisions of the Companies Act, 1956.

b) Fixed assets and depreciation

i) Fixed assets include all expenditure of capital nature and are stated at cost of acquisition, installation and commissioning and related borrowing cost less depreciation. Fixed asset values are stated at historical cost. Depreciation on fixed assets other than land is charged under the straight-line method in accordance with Schedule XIV of the Companies Act, 1956. Product/Process development costs arising out of R&D are carried forward when their future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised over the period of expected future economic benefit, from the related project, not exceeding ten years.

ii) Impairment loss, indicates the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of the net selling price of an asset or its value in use. Value in use is present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. The Company will recognize such losses whenever they arise.

c) Investments

Long Term Investments are stated at cost. Provisions are made for diminution in value of investments, if any, other than those of a temporary nature.

d) Valuation of Inventories

Inventories are stated at lower of cost or net realisable value, on the following basis:

i) Raw materials, packing materials, stores and spares - At cost on FIFO Method

ii) Work-in-process - At cost plus appropr iate allocation of overheads

iii) Finished Goods - At cost plus appropr iate allocation of overheads or net realizable value, whichever is lower

e) Retirement Benefits

1 In respect of Gratuity and Superannuation fund, the Company's contribution to group insurance scheme of Life Insurance Corporation of India are charged against revenue.

II. Provision for incremental liability in respect of encashable privilege leave on separation benefit is made as per independent actuarial valuation at the year end.

f) Revenue Recognition

Revenue is recognized to the extent that it can be reliably measured and is probable that the economic benefit will flow to the Company.

1. Sale of Goods :

Revenue from sale of goods is recognized when the significant risks and rewards of ownership of the goods are transferred to the customer and is stated net of excise duty, sale returns and VAT.

2 Export Benefits :

Export benefits available under prevalent schemes are accrued in the year in which the goods are exported and are accounted to the extent considered receivable.

g) Borrowing Cost

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset. The amount of borrowing cost eligible for capitalization are determined in accordance with Accounting Standard -16. Other borrowing cost are recognized as an expense in the period in which they are incurred.

h) Foreign Currency Transactions

All exchange differences arising from foreign currency transactions are dealt with in the Company's profit and loss account.

i) Research & Development Expenditure

Revenue Expenses are accounted under the head “Research & Development” and Capital Expenses are Accounted under the head Fixed Assets.

j) Deferred Taxation

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted or substantially enacted on the Balance Sheet date.


Mar 31, 2010

A) Recognition of Income and expenditure

These accounts are prepared under the historical cost convention on accrual basis and under the going concern assumption in accordance with the accounting principles generally accepted in India and the relevant provisions of the Companies Act, 19S6.

b) Fixed assets and depreciation

i) Fixed assets include all expenditure of capital nature and are stated at cost of acquisition, installation and commissioning and related borrowing cost less depreciation. Fixed asset values are stated at historical cost. Depreciation on fixed assets other than land is charged under the straight-line method in accordance with Schedule XIV of the Companies Act, 1 956. Product/Process development costs arising out of R&D are carried forward when their future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised over the period of expected future economic benefit, from the related project, not exceeding ten years.

ii) Impairment loss, if any, is provided to the extent, the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of the net selling price of an asset or its value in use. Value in use is present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.

c) Investments

Long Term Investments are stated at cost. Provisions are made for diminution in value of investments, if any, other than those of a temporary nature.

d) Valuation of Inventories

Inventories are stated at lower of cost or net realisable value, on the following basis:

i) Raw materials, packing materials, stores and spares

- At cost on FIFO Method

ii) Work in process - At cost plus appropriate allocation of overheads

iii) Finished Goods . - At cost plus appropriate allocation of overheads

or net realizable value, whichever is lower

e) Retirement Benefits

I. In respect of Gratuity and Superannuation fund, the Companys contribution to group insurance scheme of Life Insurance Corporation of India are charged against revenue.

II. Provision for incremental liability in respect of encashable privilege leave on separation benefit is made as per independent actuarial valuation at the year end.

f) Revenue Recognition

Revenue is recognized to the extent that it can be reliably measured and is probable that the economic benefit will flow to the Company.

1. Sale of Goods

Revenue from sale of goods is recognized when the significant risks and rewards of ownership of the goods are transferred to the customer and is stated net of excise duty, sale returns and VAT.

2. Export Benefits

Export benefits available under prevalent schemes, are accrued in the year in which the goods are exported and are accounted to the extent considered receivable.

g) Borrowing Cost

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset. The amount of borrowing cost eligible for capitalization are determined in accordance with Accounting Standard -16. Other borrowing cost are recognized as an expense in the period in which they are incurred.

h) Foreign Currency Transactions

All exchange differences arising from foreign currency transactions are dealt with in the Companys profit and loss account.

i) Research & Development Expenditure

Revenue Expenses are accounted under the head "Research & Development" and Capital Expenses are Accounted under the head Fixed Assets.

j) Deferred Taxation

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year and quantified using the tax rates and laws enacted or substantially enacted on the Balance Sheet date.

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