Mar 31, 2014
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared as per historical cost convention
and in accordance with the generally accepted accounting principle in
India, the provisions of the Companies Act, 1956 and the applicable
accounting standards issued by the ICAI.
2. INVESTMENTS
Long Term Investments are carried at cost. No provision is made for
diminution in value of such investments where, in opinion of the board,
such diminution is temporary.
3. CLOSING STOCK
Closing Stock is valued at cost or market price whichever is lower.
4. REVENUE RECOGNITION
Income and Expenditure are generally recognized on accrual basis.
5. FIXED ASSETS
Fixed Assets have been stated at historical cost inclusive of
incidental expenses, less accumulated depreciation.
6. DEPRECIATION / AMORTISATION
Depreciation has been provided on written down value as per the rate
prescribed in Schedule XIV of the Companies Act, 1956. It is provided
proportionately from the date of acquisition in respect of assets
acquired during the year.
7. EMPLOYEE BENEFITS
Gratuity / Retirement Benefits are accounted for on payment basis.
8. TAXATION
Tax expenses for a year comprise of current tax and deferred tax.
Current tax is measured after taking into consideration, the deductions
and exemptions admissible under the provision of Income Tax Act, 1961
and in accordance with Accounting Standard 22 on "Accounting for Taxes
on Income", issued by ICAI.
Deferred Tax assets or liabilities are recognized for further tax
consequence attributable to timing difference between taxable income
and accounting income that are measured at relevant enacted tax rates.
At each Balance Sheet date the company reassesses unrecognized deferred
tax assets, to the extent they become reasonably certain or virtually
certain of realization, as the case may be.
Mar 31, 2013
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared as per historical cost convention
and in accordance with the generally accepted accounting principle in
India, the provisions of the Companies Act, 1956 and the applicable
accounting standards issued by the ICAI.
2. INVESTMENTS
Long Term Investments are carried at cost. No provision is made for
diminution in value of such investments where, in opinion of the board,
such diminution is temporary.
3. CLOSING STOCK
Closing Stock is valued at cost or market price whichever is lower.
4. REVENUE RECOGNITION
Income and Expenditure are generally recognized on accrual basis.
5. FIXED ASSETS
Fixed Assets have been stated at historical cost inclusive of
incidental expenses, less accumulated depreciation.
6. DEPRECIATION / AMORTISATION
Depreciation has been provided on written down value as per the rate
prescribed in Schedule XIV of the Companies Act, 1956. It is provided
proportionately from the date of acquisition in respect of assets
acquired during the year.
7. EMPLOYEE BENEFITS
Gratuity / Retirement Benefits are accounted for on payment basis.
8. TAXATION
Tax expenses for a year comprise of current tax and deferred tax.
Current tax is measured after taking into consideration, the deductions
and exemptions admissible under the provision of Income Tax Act, 1961
and in accordance with Accounting Standard 22 on "Accounting for
Taxes on Income", issued by ICAI.
Deferred Tax assets or liabilities are recognized for further tax
consequence attributable to timing difference between taxable income
and accounting income that are measured at relevant enacted tax rates.
At each Balance Sheet date the company reassesses unrecognized deferred
tax assets, to the extent they become reasonably certain or virtually
certain of realization, as the case may be.
Mar 31, 2012
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared as per historical cost convention
and in accordance with the generally accepted accounting principle in
India, the provisions of the Companies Act, 1956 and the applicable
accounting standards issued by the ICAI.
2. INVESTMENTS
Long Term Investments are carried at cost. No provision is made for
diminution in value of such investments where, in opinion of the board,
such diminution is temporary.
3. CLOSING STOCK
Closing Stock is valued at cost or market price whichever is lower.
4. REVENUE RECOGNITION
Income and Expenditure are generally recognized on accrual basis.
5. FIXED ASSETS
Fixed Assets have been stated at historical cost inclusive of
incidental expenses, less accumulated depreciation.
6. DEPRECIATION / AMORTISATION
Depreciation has been provided on written down value as per the rate
prescribed in Schedule XIV of the Companies Act, 1956. It is provided
proportionately from the date of acquisition in respect of assets
acquired during the year.
7. EMPLOYEE BENEFITS
Gratuity / Retirement Benefits are accounted for on payment basis.
8. TAXATION
Tax expenses for a year comprise of current tax and deferred tax.
Current tax is measured after taking into consideration, the deductions
and exemptions admissible under the provision of Income Tax Act, 1961
and in accordance with Accounting Standard 22 on "Accounting for Taxes
on Income", issued by ICAI.
Deferred Tax assets or liabilities are recognized for further tax
consequence attributable to timing difference between taxable income
and accounting income that are measured at relevant enacted tax rates.
At each Balance Sheet date the company reassesses unrecognized deferred
tax assets, to the extent they become reasonably certain or virtually
certain of realization, as the case may be.
Mar 31, 2010
A. BASIS OF ACCOUNTING.
The financial statement are prepared in accordance with historical cost
convention, income/revenue and cost/expenditure are generally accounted
for on accrual basis except in the case of non performing assets where
interest is accounted for on receipt basis. Gratuity and leave
encashment are also provided for, as per notes.
FIXED ASSETS
Fixed Assets are stated at cost of acquisition, inclusive of duties
taxes and incidental expenses and interest upto date of commissioning.
DEPRECIATION
Depreciation is calculated on Fixed Assets at straight line method in
accordance with schedule XIV of the Companies Act, 1956.
INVESTMENTS & STOCK IN TRADE
Investments are classified into current investments and long term
investments. Current investments are reflected as stock in trade and
valued at lower of cost or market value. Long term investments are
valued at cost and depletion is provided for in case of fall in
valuations which are more of permanent nature.
REVENUE RECOGNITION
Dividends on Investments are accounted on receipt basis.
Interest is not provided for in case of advances which are
non-performing assets.
CONTINGENT LIABILITIES
These are disclosed by way of notes in the Balance Sheet. Provision is
made in the accounts in respect of those liabilities which are likely
to materialized after the year end till realization of accounts and
have material effect on the position stated in the Balance Sheet.
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