Mar 31, 2014
I) Accuunting Convention:
The financial statements ''iave neen prepared on an accrual basis and
under the historical cost convention to comply in all material aspects,
with llie applicable accounting principles in India. mandatory
Accounting Standards notified by the Companies (Accounting Standards)
Rule, 2006 (as amended) and the relevant provisions nf the Companies
Act,
Ail the assets and liabilities have been classified as currenl or
non-currenl as per the Company''s nomial operating cycle and other,
criteria set OLil in Schedule VI 10 the Companies Act_ 1956. Based on
the nature of products and the time between the acquisition of assets
for processing and their realisation in cash &. cash equivalents, [he
company has ascertained its operating cycle: as 12 months for the
purpose of curreni/ non-currenl classification of assets and
liabilities
ii) Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles- requires estimates and assumptions to
be madeT thai aifect the reported amounts of assets and liabilities on
the date of the financial statements and the reported amounts of
revenue and expenses during the reporting year. Differences., between,
actual results and estimates are recognized in the year in which the
results are known /''materialize,
iiii Investments
Long lems investments arc valued al cost after deducting provision, if
any made for permanent diminution in the value. Dividend income ii
accounted for on receipt basis.
iv) Taxes on Income
(a) Provision for current tax liability, if any, is provided in
accordance, with the Income Tax Act.
(b) Deferred Tax is recognised on ttw timirtg differences, hcl^een book
profits and lay profits that originate in one period and arc capable of
reversal in one or more subscqueni periods, Deferred lax as.sei are not
recognized unfess there ii virtual certainly lhat sufficient future
taxable income would be available againsl which sueh deferred, tax
assets ean.be realized, The-carrying amount of deferred .tax is
reviewed at each balance sheet date.
v) Provisions, Contingent Liabilities Contingent Assets
Provisions in voicing-substantial degree uf estimation in measurement
are recognized when there is present obligation because of past
events and ii is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recogni7.ed nor disclosed in tile
financial statement.
Mar 31, 2013
I) Basis of Accounting:
The financial statements arc prepared under historical cost convention
on an accrual basis and are in accordance with the requirements of the
Companies Act, 1956.
ii) Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made, that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenue
and expenses during the reporting year. Differences between actual
results and estimates arc recognized in the year in which the results
are known /materialize.
iii) Investments
Long term investments are valued at cost after deducting provision, if
any made for permanent diminution in the value. Dividend income is
accounted for on receipt basis.
iv) Taxes on Income
(a) Provision for current tax liability, if any, is provided in
accordance with the Income Tax Act. 1961.
(b) Deferred Tax is recognised on the timing differences, between book
profits and tax profits that originate in one period and arc capable of
reversal in one or more subsequent periods. Deferred tax asset are not
recognized unless there is virtual certainty that sufficient future
taxable income would be available against which such deferred tax
assets can be realized. The carrying amount of deferred tax is reviewed
at each balance sheet date.
v) Provisions. Contingent Liabilities & Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation because of past
events and it is probable thai there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets arc neither recognized nor disclosed in the
financial statement.
Mar 31, 2012
1) Basis of Accounting:
The financial statements are prepared under historical cost convention
on an accrual basis and are in accordance with the requirements of the
Companies Act, 1956
ii) Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made, that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenue
and expenses during the reporting year Differences between actual
results and estimates are recognized in the year in which the results
are known /materialize
iii) Investments
Long term investments are valued at cost after deducting provision, if
any made for permanent diminution in the value Dividend income is
accounted for on receipt basis
iv) Taxes on Income
(a) Provision for current tax liability, if any, is provided in
accordance with the Income Tax Act, 1961
(b) Deferred Tax is recognised on the timing differences, between book
profits and tax profits that originate in one period and are capable of
reversal in one or more subsequent periods Deferred tax asset are not
recognized unless there is virtual certainty that sufficient future
taxable income would be available against which such deferred tax
assets can be realized The carrying amount of deferred tax is reviewed
at each balance sheet date
v) Provisions, Contingent Liabilities & Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation because of past
events and it is probable that there will be an outflow of resources
Contingent Liabilities are not recognized but are disclosed in the
notes Contingent Assets are neither recognized nor disclosed in the
financial statement.
Mar 31, 2011
I) Basis of Accounting:
The financial statements are prepared under historical cost convention
on an accrual basis and are in accordance with the requirements of the
Companies Act, 1956.
ii) Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made, that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenue
and expenses during the reporting year. Differences between actual
results and estimates are recognized in the year in which the results
are known /materialize.
iii) Investments
Long term investments are valued at cost after deducting provision, if
any made for permanent diminution in the value. Dividend income is
accounted for on receipt basis.
iv) Taxes on Income
(a) Provision for current tax liability, if any. is provided in
accordance with the Income Tax Act, 1961
(b) Deferred Tax is recognised on the timing differences, between book
profits and tax profits that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax asset are not
recognized unless there is virtual certainty that sufficient future
taxable income would be available against which such deferred tax
assets can be realized. The carrying amount of deferred tax is
reviewed at each balance sheet date.
v) Provisions. Contingent Liabilities & Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation because of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statement.
Mar 31, 2010
I) Basis of Accounting:
The financial statements are prepared under historical cost convention
on an accrual basis and are in accordance with the requirements of the
Companies Act, 1956.
ii) Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made, that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenue
and expenses during the reporting year. Differences between actual
results and estimates are recognized in the year in which the results
are known /materialize.
iii) Investments
Long term investments are valued at cost after deducting provision, if
any made for permanent diminution in the value. Dividend income is
accounted for on receipt basis.
iv) Taxes on Income
(a) Provision for current tax liability, if any, is provided in
accordance with the Income Tax Act, 1961.
(b) Deferred Tax is recognised on the timing differences, between book
profits and tax profits that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax asset are not
recognized unless there is virtual certainty that sufficient future
taxable income would be available against which such deferred tax
assets can be realized. The carrying amount of deferred tax is
reviewed at each balance sheet date.
v) Provisions, Contingent Liabilities & Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation because of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statement.
Mar 31, 2009
I) Basis of Accounting:
The financial statements are prepared under historical cost convention
on an accrual basis and are in accordance with the requirements of the
Companies Act, 1956.
ii) Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made, that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenue
and expenses during the reporting year. Differences between actual
results and estimates are recognized in the year in which the results
are known /materialize.
iii) Investments
Long term investments are valued at cost after deducting provision, if
any made for permanent diminution in the value. Dividend income is
accounted for on receipt basis.
iv) Taxes on Income
(a) Provision for current tax liability, if any, is provided in
accordance with the Income Tax Act, 1961.
(b) Deferred Tax is recognised on the timing differences, between book
profits and tax profits that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax asset are not
recognized unless there is virtual certainty that sufficient future
taxable income would be available against which such deferred tax
assets can be realized. The carrying amount of deferred tax is
reviewed at each balance sheet date.
v) Provisions, Contingent Liabilities & Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation because of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statement.