Mar 31, 2015
A) Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost
convention, in accordance with the provisions of the Companies Act 2013
and the Companies {Accounting Standard) Rules 2006 (Indian GAAP) as
adopted consistently by the Company. All income and expenditure having
a material bearing on the financial statements are recognized on
accrual basis.
B) Use of Estimates
The preparations of financial statements in conformity with Generally
Accepted Accounting Principles requires estimates and assumptions to be
made that effect the reported amounts of assets and liabilities of the
financial statements and the reported amounts of revenues and expenses
during the reporting period . Differences between actual results and
estimates where ever recognized in the financial statements for period
in which such results are known and being material.
C) Revenue Recognition
Income from Hospital collections including the Pharmacy sales are
accounted for on accrual basis on raising the invoices and is exclusive
of tax. The charges recoverable in respect of services rendered by the
company to in-patients till the year end, and not due for billing has
been treated as IP collections Accrued (pending bill) under "other
Current assets".
D) Inventories
inventories are valued at cost or net realizable value whichever is
lower under FIFO method. Inventories include Medicines, Lab Chemicals,
Consumables stores and spares.
E) Fixed Assets
a) Owned Assets
Fixed assets are stated at cost less Accumulated depreciation. Costs
incurred till the asset is ready for use are Capitalized/Allocated to
various items of Fixed assets. The cost of improvement to Leased Assets
are capitalized.
b) Leased Assets
Fixed assets acquired under Hire-Purchase agreements are capitalized to
the extent of Principal value, while finance charges are charged to
revenue on accrual basis.
c) Impairment of Assets
The carrying amount of assets are reviewed at each Balance sheet date
to ascertain if there is any indication of impairment based on
internal/external factors. An asset is treated as impaired when the
carrying cost of such assets exceeds its recoverable value as contained
in AS 28 (Impairment of Assets) issued by the Companies (Accounting
Standard Rules), 2006. An impairment loss is charged to Profit & Loss
Account in the year in which asset is identified as impaired. The
impairment loss recognized during a prior period is reversed if there
has been a change in the estimate of the recoverable amount.
d) Borrowing Cost
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of cost of
such assets. All other borrowing costs are charged to revenue, during
the period in which they are incurred.
F) Depreciation
Depreciation on fixed assets is provided for on straight-line basis, at
the higher of the rates as specified in Schedule 11 to the Act or the
rates derived based on the economic useful life of the asset as
technically ascertained by the management. Cost of improvement to
leased assets are amortized over the period of lease.
H) Employee Benefits
i) Defined Contribution Plan:
Provident Fund / Employee State Insurance Scheme
Contributions to Provident Fund and Employee State Insurance Schemes
are made on monthly basis, at the rate prescribed by the Employees
Provident Fund and Miscellaneous Provisions Act, 1971 and are charged
to Profit and Loss Account in the year of contribution.
ii) Defined Benefit Plan: Gratuity
The accrued liability towards Gratuity due to the employees on their
retirement is ascertained on Actuarial basis using projected unit
credit method and balance in excess of fair value of plan assets as at
the year end is duly provided for.
iii) Compensated absences Accrued Leave Accrued value of compensated
absences is provided for based on actuarial valuations as at the year
end and duly provided for.
I) Earnings Per Share
The number of shares used in computing basic earnings per share is the
Weighted average number of shares outstanding during the year. The
number of shares used in computing diluted earnings per share comprises
of Weighted average shares considered for deriving basic earnings per
share and also the Weighted average number of shares, if any, which
would have been issued on the conversion of all dilutive potential
equity share.
J) Taxation
Provision for current tax is made in accordance with the Provisions of
the Income tax Act, 1961. Timing differences between accounting income
and taxable income capable of being reversed in subsequent years are
recognized as Deferred Tax.
K) Provisions & Contingent Liabilities
Provisions are recognized when the company has a present obligation as
a result of a past event, for which it is probable that a cash outflow
will be required and a reliable estimate can be made of the amount of
the obligation. Contingent Liabilities are not recognized but are
disclosed at their estimate value in the notes to the Accounts.
Contingent Assets are neither recognized nor disclosed in the accounts.
Mar 31, 2014
A) Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost
convention, in accordance with the provisions of the Companies Act 1956
and the Companies (Accounting Standard) Rules 2006 (Indian GAAP) as
adopted consistently by the Company. All income and expenditure having
a material bearing on the financial statements are recognized on
accrual basis.
B) Use of Estimates
The preparations of financial statements in conformity with Generally
Accepted Accounting Principles requires estimates and assumptions to be
made that effect the reported amounts of assets and liabilities of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Differences between actual results and
estimates where ever recognized in the financial statements for period
in which such results are known and being material.
C) Revenue Recognition
Income from Hospital collections including the Pharmacy sales are
accounted for on accrual basis on raising the invoices and is exclusive
of tax. The charges recoverable in respect of services rendered by the
company to in-patients till the year end, and not due for billing has
been treated as IP collections Accrued (pending bill) under "other
Current assets".
D) Inventories
Inventories are valued at cost or net realizable value whichever is
lower under FIFO method. Inventories include Medicines, Lab Chemicals,
Consumables stores and spares.
E) Fixed Assets
a) Owned Assets
Fixed assets are stated at cost less Accumulated depreciation. Costs
incurred till the asset is ready for use are Capitalized/Allocated to
various items of Fixed assets. The cost of improvement to Leased Assets
are capitalized.
b) Leased Assets
Fixed assets acquired under Hire-Purchase agreements are capitalized to
the extent of Principal value, while finance charges are charged to
revenue on accrual basis.
c) Impairment of Assets
The carrying amount of assets are reviewed at each Balance sheet date
to ascertain if there is any indication of impairment based on
internal/external factors. An asset is treated as impaired when the
carrying cost of such assets exceeds its recoverable value as contained
in AS 28 (Impairment of Assets) issued by the Companies (Accounting
Standard Rules), 2006. An impairment loss is charged to Profit 6t Loss
Account in the year in which asset is identified as impaired. The
impairment loss recognized during a prior period is reversed if there
has been a change in the estimate of the recoverable amount.
d) Borrowing Cost
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of cost of
such assets. All other borrowing costs are charged to revenue, during
the period in which they are incurred.
e) Depreciation
Depreciation on Fixed asset is provided on straight line method in
accordance with the Schedule XIV of the Companies Act, 1956. Cost of
improvement to leased assets are amortized over the period of lease.
F) Foreign Currency Transactions
Foreign Currency Transactions are recorded at the Exchange rates
prevailing on the date of transaction. Monetary items appearing in the
Balance sheet as at the year-end are converted at the exchange rate
prevalent as on that date and the difference, if any, is
charged/credited to Profit Et Loss A/c, as the case may be.
G) Employee Benefits
i) Defined Contribution Plan:
Provident Fund / Employee State Insurance Scheme
Contributions to Provident Fund and Employee State Insurance Schemes
are made on monthly basis, at the rate prescribed by the Employees
Provident Fund and Miscellaneous Provisions Act, 1971 and are charged
to Profit and Loss Account in the year of contribution.
ii) Defined Benefit Plan:
Gratuity
The accrued liability towards Gratuity due to the employees on their
retirement is ascertained on Actuarial basis using projected unit
credit method and balance in excess of fair value of plan assets as at
the year end is duly provided for.
iii) Compensated Absences Accrued Leave
Accrued value of compensated absences is provided for based on
actuarial valuations as at the year end and duly provided for.
H) Earnings Per Share
The number of shares used in computing basic earnings per share is the
Weighted average number of shares outstanding during the year. The
number of shares used in computing diluted earnings per share comprises
of Weighted average shares considered for deriving basic earnings per
share and also the Weighted average number of shares, if any, which
would have been issued on the conversion of all dilutive potential
equity share.
I) Taxation
Provision for current tax is made in accordance with the Provisions of
the Income tax Act, 1961. Timing differences between accounting income
and taxable income capable of being reversed in subsequent years are
recognized as Deferred Tax.
J) Provisions 8t Contingent Liabilities
Provisions are recognized when the company has a present obligation as
a result of a past event, for which it is probable that a cash outflow
will be required and a reliable estimate can be made of the amount of
the obligation. Contingent Liabilities are not recognized but are
disclosed at their estimate value in the notes to the Accounts.
Contingent Assets are neither recognized nor disclosed in the accounts.
Mar 31, 2012
A) Basis of Preparation of Financial Statements:
The financial statements are prepared under the historical cost
convention, in accordance with the provisions of the Companies Act,
1956 and the Companies (Accounting Standards) Rules 2006, as adopted
consistently by the Company. All income and expenditure having a
material bearing on the financial statements are recognized on accrual
basis.
B) Use of Estimates:
The preparation of the financial statements in conformity with
generally accepted accounting principles require management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent liabilities on the date of
financial statements and reported amounts of income and expenditure for
the year. Actual results could differ from these estimates. Any
revision in accounting estimates are recognized in the period in which
the results are known / materialized.
C) Revenue Recognition:
Income from Hospital collections including the Pharmacy sales are
accounted for on accrual basis on raising the invoices and is exclusive
of Tax. The charges recoverable in respect of services rendered by the
Company to in-patients till the year end, and not due for billing has
been treated as IP Collections Accrued (pending bill) under'Other
Current Assets'.
D) Inventories:
Inventories are valued at cost or net realizable value whichever is
lower under FIFO method. Inventories include Medicines, Lab Chemicals,
Consumables stores and spares.
E) Cash Flow statement:
Cash flows from operating activities are reported using the indirect
method, whereby net profit before tax is adjusted for the effects of
transactions of a non-cash nature and any deferrals or accruals of past
or future cash receipts or payments. The cash flows from regular
revenue generating, investing and financing activities of the company
are segregated.
F) Fixed Assets:
i) Owned Assets:
Fixed Assets are stated at cost less Accumulated Depreciation. Costs
incurred till the asset is ready for use are Capitalized / Allocated to
various items of Fixed Assets. The costs of improvement to Leased
Assets are capitalized.
ii) Leased Assets:
Fixed Assets acquired under Hire- Purchase agreements are capitalized
to the extent of principal value, while finance charges are charged to
revenue on accrual basis.
iii) Impairment of Assets:
The carrying amounts of Assets are reviewed at each Balance Sheet date
to ascertain if there is any indication of impairment based on
internal/external factors. An asset is treated as impaired when the
carrying cost of such asset exceeds its recoverable value as contained
in AS 28 (Impairment of Assets) issued by the Companies (Accounting
Standard Rules), 2006. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognized during a prior accounting period is
reversed if there has been a change in the estimate of the recoverable
amount.
iv) Borrowing Cost:
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. All other borrowing costs are charged to revenue,
during the period in which they are incurred.
v) Depreciation:
Depreciation on Fixed Asset is provided on straight-line method in
accordance with the Schedule XIV of the Companies Act 1956. Costs of
Improvement to leased Assets are amortized over the period of the
Lease.
G) Foreign Currency Transactions:
Foreign Currency transactions are recorded at the Exchange rates
prevailing on the date of transaction. Monetary items appearing in the
Balance Sheet as at the year-end are converted at the exchange rate
prevalent as on that date and the difference, if any, is
charged/credited to Profit and loss A/C, as the case may be.
H) Employee Benefits:
a. Defined Contribution
Contribution to the Provident Fund is made on monthly basis, at the
rate prescribed by the Employees' Provident Fund and Miscellaneous
Provisions Act, 1971 and is charged to the Revenue. _
b. Defined Benefit
The Accrued liability towards gratuity due to employees on their
retirement is ascertained on the basis of actuarial valuation as at the
year end and duly provided for.
c. Compensated Absences
Liability towards Long Term Compensated absences is determined on the
basis of actuarial valuation as at the year end and duly provided for.
I) Earnings Per Share:
The number of shares used in computing basic earnings per share is the
weighted average number of shares outstanding during the year. The
number of shares used in computing diluted earnings per share comprises
the weighted average shares considered for deriving basic earnings per
share and also the weighted average number of shares, if any, which
would have been issued on the conversion of all dilutive potential
equity shares.
J) Taxation:
Provision for Current Tax is made in accordance with the Provisions of
the Income Tax Act, 1961. Timing differences between accounting income
and taxable income capable of being reversed in subsequent years are
recognized as Deferred Tax.
K) Provisions, Contingent Liabilities and Contingent Assets:
A provision is recognized when the company has a present obligation as
a result of past event and it is probable that an out flow of resources
will be required to settle such obligation, in respect of which a
reliable estimate can be made. Contingent Liabilities are not
recognized but are disclosed at their estimated value in the notes to
the Accounts. Contingent Assets are neither recognized nor disclosed in
the financial statements.
Mar 31, 2010
A) Basis Of Preparation Of Financial Statements:
The financial statements are prepared under the historical cost
convention, in accordance with the provisions of the Companies Act,
1956 and the Companies (Accounting Standards) Rules 2006, as adopted
consistently by the Company. All income and expenditure having a
material bearing on the financial statements are recognized on accrual
basis.
b) Use of Estimates:
The preparation of the financial statements in conformity with
generally accepted accounting principles require management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent liabilities on the date of
financial statements and reported amounts of income and expenditure for
the year. Actual results could differ from these estimates. Any
revision in accounting estimates are recognized in the period in which
the results are known / materialized.
c) Revenue Recognition:
Income from Hospital collections including the Pharmacy sales are
accounted for on accrual basis on raising the invoices and is exclusive
of Value Added Tax (for pharmacy sales) and net of discounts. The
service rendered by the Company to in-patients till the year end, and
not due for billing has been treated as IP Collection Accrued (pending
bill) underOther Current Assets.
d) Inventories:
Inventories are valued at cost or net realizable value whichever is
lower. Inventories include Medicines, Lab Chemicals, Consumables stores
and spares.
e) Cash Flow statement:
Cash flows from operating activities are reported using the indirect
method, whereby net profit before tax is adjusted for the effects of
transactions of a non-cash nature and any deferrals or accruals of past
or future cash receipts or payments. The cash flows from regular
revenue generating, investing and financing activities of the company
are segregated.
f) Prior Period Items and Extraordinary Items:
Prior period items and extraordinary items are separately classified,
identified and dealt with as required under Accounting Standard 5 on
"Net Profit or Loss for the Period , Prior Period items and Changes in
Accounting Policies" specified by the Companies (Accounting Standards)
Rules, 2006.
g) Fixed Assets:
a) Fixed Assets:
Fixed Assets are stated at cost less Accumulated Depreciation. All
costs including financial costs till the asset is ready for use are
Capitalized / Allocated to various items of Fixed Assets. The costs of
improvement to Leased Assets are capitalized.
Capital work-in-progress comprises of advances paid to acquire fixed
assets and amounts expended on development/acquisition of fixed assets
that are not yet ready for their intended use at the Balance sheet
date. Expenditure during construction period incurred on projects
pending implementation is included under capital work-in- progress.
b) Leased Assets:
Fixed Assets acquired under Hire-Purchase agreements are capitalized to
the extent of principal value, while finance charges are charged to
revenue on accrual basis.
c) Impairment of Assets:
The carrying amounts of Assets are reviewed at each Balance sheet date
to ascertain if there is any indication of impairment based on
internal/external factors. An asset is treated as impaired when the
carrying cost of such asset exceeds its recoverable value as contained
in AS 28 (Impairment of Assets) issued by the Companies (Accounting
Standard Rules), 2006. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognized during a prior accounting period is
reversed if there has been a change in the estimate of the recoverable
amount.
d) Borrowing Cost:
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. All other borrowing costs are charged to revenue,
during the period in which they are incurred.
e) Depreciation:
Depreciation on Fixed Asset is provided on straight-line method in
accordance with the Schedule XIV of the Companies Act 1956. Costs of
Improvement to leased Assets are amortized over the period of the
Lease.
h) Foreign Currency Transactions:
Foreign Currency transactions are recorded at the Exchange rates
prevailing on the date of transaction. Monetary items appearing in the
Balance Sheet as at the year-end are converted at the exchange rate
prevalent as on that date and the difference, if any, is
charged/credited to Profit and loss A/C, as the case may be.
i) Employee Benefits:
a. Defined Contribution
Contribution to the Provident Fund is made on monthly basis, at the
rate prescribed by the Employees Provident Fund and Miscellaneous
Provisions Act, 1971 and is charged to the Revenue.
b. Defined Benefit
The Accrued liability towards gratuity due to employees on their
retirement is ascertained on the basis of actuarial valuation as at the
year end and duly provided for.
c. Compensated Absences
Liability towards Long Term Compensated absences is determined on the
basis of actuarial valuation as at the year end and duty provided for.
j) Earnings Per Share
The number of shares used in computing basic earnings per share is the
weighted average number of shares outstanding during the year. The
number of shares used in computing diluted earnings per share comprises
the weighted average shares considered for deriving basic earnings per
share and also the weighted average number of shares, if any, which
would have been issued on the conversion of all dilutive potential
equity shares.
k) Taxation:
Provision for Current Tax is made in accordance with the Provisions of
the Income Tax Act, 1961. Timing differences between accounting income
and taxable income capable of being reversed in subsequent years are
recognized as Deferred Tax.
l) Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when the company has a present obligation as
a result of past event and it is probable that an out flow of resources
will be required to settle such obligation, in respect of which a
reliable estimate can be made. Contingent Liabilities are not
recognized but are disclosed at their estimated value in the notes to
the Accounts. Contingent Assets are neither recognized nor disclosed in
the financial statements.
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