Mar 31, 2018
1. SUMMARY OF ACCOUNTING POLICIES FOLLOWED BY THE COMPANY
a. Basis of Preparation and Accounting
The financial statements are prepared under the historical cost convention on accrual basis and in accordance with the requirements of the Companies Act, 2013 and in compliance with the applicable accounting standards. The accounting policies, except otherwise stated, have been consistently applied by the Company.
All assets and liabilities have been classified as current or non-current as per companyâs normal operating cycle of 12 months and other criteria set-out in Schedule-III of the Companies Act, 2013.
b. Use of Estimates
The presentations of financial statements is in conformity with the generally accepted accounting principles which requires estimates and assumptions to be made that affect the reportable amount of assets and liabilities on the date of financial statements and the reportable amount of revenue and expenses during the reporting period. Differences between the actual results and estimates are recognised in the year in which the results are known / materialized.
c. Revenue Recognition
Revenue is recognized on accrual basis in accordance with Accounting Standard (AS-9) âRevenue recognitionâ.
Interest Income is accrued on time proportion basis and recognised only if in the opinion of Management realisation is certain. Profit and loss on sale of investment is recognised on contract date. Dividend income is recognised when right to receive dividend is established.
d. Fixed Assets & Depreciation
Fixed Assets are stated at cost of acquisition, construction less accumulated depreciation. The cost comprises of purchase price and any other directly attributable cost of bringing the assets to working condition for its intended use. Depreciation on assets have been provided on pro-rata basis, for the period of use, on written down value method up to 31.03.2014, Depreciation is calculated at the rates prescribed under schedule XIV to the Companies Act, 1956. From 1.04.2014 depreciation is calculated by allocating the depreciable amount of each assets of its estimated useful life. Depreciation amount of asset is the cost of assets / W.D.V. as on 1.04.2014 less its residual value. Useful life on an asset is taking as prescribed under Schedule II of the Companies Act, 2013.
e. Investments
Long Term Investments are classified into Non current investments and others are classified as current Investment current. Long-term investments are valued at their acquisition cost. Current investments are stated at lower of cost and fair market value. The provision for any diminution in the value of Non current investments is made only if such a decline is other than temporary in the opinion of the management.
f. Inventories
Inventories are valued at lower of cost or net realisable value.
g. Employees Benefits
All employee benefits like salary, bonus, ex-gratia & others accruing & payable within the reporting accounting period are classified as Short Period and recognised on accrual basis.
Retirement benefits for Leave Encashment & Gratuity to employees are insignificant and un-funded Long-Term Term Liability classified as Non-Current. Gratuity payable to an employee is equal to 15 days salary for every completed year of service calculated as per Payment of Gratuity Act, 1972. Leave encashment liability is calculated for the period fixed by Company policy for which daily salary is arrived by dividing the salary last drawn. The liability for retirement benefits are restated on Balance Sheet date and difference with the opening balance is charged in the Profit & Loss Accounts.
h. Taxes on Income Current Tax:
Provision for Taxation is ascertained on the basis of assessable profit computed in accordance with the provisions of Income Tax Act, 1961 & tax advices, wherever considered necessary.
Deferred Tax:
Deferred Tax is recognised, subject to the consideration of prudence, as the tax effect of timing difference between the taxable income & accounting income computed for the current accounting year and reversal of earlier yearsâ timing difference.
Deferred Tax Assets are recognised and carried forward to the extent that there is virtual certainty, that sufficient future taxable income will be available against which such deferred tax assets can be realised.
i. Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised only when there is reliable estimate of present obligation as a result of past events. Contingent Liabilities are disclosed by way of Notes on accounts. Contingent Provision against Standard Assets is accounted as per RBI directive on standard assets. Contingent Assets are neither accounted nor disclosed in the financial statements due to uncertainty of their realisation.
j. Event occurring after the Balance Sheet Date
Event occurring after the Balance Sheet Date and till the date on which the Financial Statement are approved, which are material in nature and indicate the need for adjustments in the financial statement are considered.
k. Impairment of Assets
At each Balance Sheet Date, the Company assesses whether there is any indication that an assets has impaired. If any such indication exists, the Company estimates the recoverable amount. If the carrying amount of the assets exceeds its recoverable amount, an impairment loss is recognized in the Profit and Loss Account to the extent the carrying amount exceeds recoverable amount.
l. Borrowing Costs
Borrowing cost attributable to acquisition of qualifying assets till date of acquisition is capitalised as part of cost of such assets. All other borrowing costs are classified as revenue expense
m. Earning Per Share
Basic earning per share is calculated by dividing net profit available for distribution to Equity shareholder by weighted Average Number of equity shares outstanding during the year.
Diluted earning per share is calculated by dividing net profit available for distribution to Equity shareholder by weighted Average Number of Potential equity shares outstanding during the year arrived at giving effect to all dilutive options.
n. Research and Developments
Revenue Expenditure on Research & Development is charged in the Statement of Profit & Loss of the year in which it is incurred. Capital Expenditure on Research & Development is capitalised with the cost of asset for which it is incurred.
Mar 31, 2015
A. Basis of Preparation and Accounting
The financial statements are prepared under the historical cost
convention on accrual basis and in accordance with the requirements of
the Companies Act, 2013 and in compliance with the applicable
accounting standards. The accounting policies, except otherwise
stated, have been consistently applied by the Company.
All assets and liabilities have been classified as current or
non-current as per company's normal operating cycle of 12 months and
other criteria set-out in Schedule-III of the Companies Act, 2013.
b. Use of Estimates
The presentations of financial statements is in conformity with the
generally accepted accounting principles which requires estimates and
assumptions to be made that affect the reportable amount of assets and
liabilities on the date of financial statements and the reportable
amount of revenue and expenses during the reporting period. Differences
between the actual results and estimates are recognised in the year in
which the results are known / materialized.
c. Revenue Recognition
Revenue is recognized on accrual basis in accordance with Accounting
Standard (AS-9) "Revenue recognition".
Interest Income is accrued on time proportion basis and recognised only
if in the opinion of Management realisation is certain. Profit and loss
on sale of investment is recognised on contract date. Dividend income
is recognised when right to receive dividend is established.
d. Fixed Assets & Depreciation
Fixed Assets are stated at cost of acquisition, construction less
accumulated depreciation. The cost comprises of purchase price and any
other directly attributable cost of bringing the assets to working
condition for its intended use. Depreciation on assets have been
provided on pro-rata basis, for the period of use, on written down
value method up to 31.03.2014, Depreciation is calculated at the rates
prescribed under schedule XIV to the Companies Act, 1956. From
1.04.2014 depreciation is calculated by allocating the depreciable
amount of each assets of its estimated useful life. Depreciation amount
of asset is the cost of assets / W.D.V.as on 1.04.2014 less its
residual value. Useful life of an asset is taking as prescribed under
Schedule III of the Companies Act, 2013.
e. Investments
Long Term Investments are classified into Non current investments and
others are classified as current Investment current. Long-term
investments are valued at their acquisition cost. Current investments
are stated at lower of cost and fair market value. The provision for
any diminution in the value of Non current investments is made only if
such a decline is other than temporary in the opinion of the
management.
f. Inventories
Inventories are valued at lower of cost or net realisable value.
g. Employees Benefits
All employee benefits like salary, bonus, ex-gratia & others accruing &
payable within the reporting accounting period are classified as Short
Period and recognised on accrual basis.
Retirement benefits for Leave Encashment & Gratuity to employees are
insignificant and un-funded Long-Term Term Liability classified as
Non-Current. Gratuity payable to an employee is equal to 15 days salary
for every completed year of service calculated as per Payment of
Gratuity Act, 1972. Leave encashment liability is calculated for the
period fixed by Company policy for which daily salary is arrived by
dividing the salary last drawn. The liability for retirement benefits
are restated on Balance Sheet date and difference with the opening
balance is charged in the Profit & Loss Accounts.
h. Taxes on Income
Current Tax:
Provision for Taxation is ascertained on the basis of assessable profit
computed in accordance with the provisions of Income Tax Act, 1961 &
tax advices, wherever considered necessary.
Deferred Tax:
Deferred Tax is recognised, subject to the consideration of prudence,
as the tax effect of timing difference between the taxable income &
accounting income computed for the current accounting year and reversal
of earlier years' timing difference.
Deferred Tax Assets are recognised and carried forward to the extent
that there is virtual certainty, that sufficient future taxable income
will be available against which such deferred tax assets can be
realised.
i. Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised only when there is reliable estimate of
present obligation as a result of past events. Contingent Liabilities
are disclosed by way of Notes on accounts. Contingent Provision against
Standard Assets is accounted as per RBI directive on standard assets.
Contingent Assets are neither accounted nor disclosed in the financial
statements due to uncertainty of their realisation.
j. Event occurring after the Balance Sheet Date
Event occurring after the Balance Sheet Date and till the date on which
the Financial Statement are approved, which are material in nature and
indicate the need for adjustments in the financial statement are
considered.
k. Impairment of Assets
At each Balance Sheet Date, the Company assesses whether there is any
indication that an assets has impaired. If any such indication exists,
the Company estimates the recoverable amount. If the carrying amount of
the assets exceeds its recoverable amount, an impairment loss is
recognized in the Profit and Loss Account to the extent the carrying
amount exceeds recoverable amount.
l. Borrowing Costs
Borrowing cost attributable to acquisition of qualifying assets till
date of acquisition is capitalised as part of cost of such assets. All
other borrowing costs are classified as revenue expense
m. Earning Per Share
Basic earning per share is calculated by dividing net profit available
for distribution to Equity shareholder by weighted Average Number of
equity shares outstanding during the year.
Diluted earning per share is calculated by dividing net profit
available for distribution to Equity shareholder by weighted Average
Number of Potential equity shares outstanding during the year arrived
at giving effect to all dilutive options.
n. Research and Developments
Revenue Expenditure on Research & Development is charged in the
Statement of Profit & Loss of the year in which it is incurred. Capital
Expenditure on Research & Development is capitalised with the cost of
asset for which it is incurred.
Mar 31, 2014
A. Basis of Preparation and Accounting
The financial statements are prepared under the historical cost
convention on accrual basis and in accordance with the requirements of
the Companies Act, 1956 and in compliance with the applicable
accounting standards referred to in sub-section (3C) of the section 211
of the said Act. The accounting policies, except otherwise stated, have
been consistently applied by the Company.
All assets and liabilities have been classified as current or
non-current as per company''s normal operating cycle of 12 months and
other criteria set-out in Revised Schedule-VI of the Companies Act,
1956.
b. Use of Estimates
The presentations of financial statements is in conformity with the
generally accepted accounting principles which requires estimates and
assumptions to be made that affect the reportable amount of assets and
liabilities on the date of financial statements and the reportable
amount of revenue and expenses during the reporting period. Differences
between the actual results and estimates are recognised in the year in
which the results are known / materialized.
c. Revenue Recognition
Revenue is recognized on accrual basis in accordance with Accounting
Standard (AS-9) "Revenue recognition".
Interest Income is accrued on time proportion basis and recognised only
if in the opinion of Management realisation is certain. Profit and loss
on sale of investment is recognised on contract date. Dividend income
is recognised when right to receive dividend is established.
d. Fixed Assets & Depreciation
Fixed Assets are stated at cost of acquisition, construction less
accumulated depreciation. The cost comprises of purchase price and any
other directly attributable cost of bringing the assets to working
condition for its intended use. Depreciation on assets have been
provided on pro-rata basis, for the period of use, on written down
value method at the rates prescribed under schedule XIV to the
Companies Act, 1956, as amended till date.
e. Investments
Long Term Investments are classified into Non current investments and
others are classified as current Investment. Non-current investments
are valued at their acquisition cost. Current investments are stated at
lower of cost and fair market value. The provision for any diminution
in the value of Non current investments is made only if such a decline
is other than temporary in the opinion of the management.
f. Inventories
Inventories are valued at lower of cost or net realisable value.
g. Employees Benefits
All employee benefits like salary, bonus, ex-gratia & others accruing &
payable within the reporting accounting period are classified as Short
Period and recognised on accrual basis.
Retirement benefits for Leave Encashment & Gratuity to employees are
insignificant and un-funded Long-Term Term Liability classified as
Non-Current. Gratuity payable to an employee is equal to 15 days salary
for every completed year of service calculated as per Payment of
Gratuity Act, 1972. Leave encashment liability is calculated for the
period fixed by Company policy for which daily salary is arrived by
dividing the salary last drawn. The liability for retirement benefits
are restated on Balance Sheet date and difference with the opening
balance is charged in the Profit & Loss Accounts.
h. Taxes on Income Current Tax :
Provision for Taxation is ascertained on the basis of assessable profit
computed in accordance with the provisions of Income Tax Act, 1961 &
tax advices, wherever considered necessary.
Deferred Tax :
Deferred Tax is recognised, subject to the consideration of prudence,
as the tax effect of timing difference between the taxable income &
accounting income computed for the current accounting year and reversal
of earlier years'' timing difference.
Deferred Tax Assets are recognised and carried forward to the extent
that there is virtual certainty, that sufficient future taxable income
will be available against which such deferred tax assets can be
realised.
i. Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised only when there is reliable estimate of
present obligation as a result of past events. Contingent Liabilities
are disclosed by way of Notes on accounts. Contingent Provision against
Standard Assets is accounted as per RBI directive on standard assets.
Contingent Assets are neither accounted nor disclosed in the financial
statements due to uncertainty of their realisation.
j. Event occurring after the Balance Sheet Date
Event occurring after the Balance Sheet Date and till the date on which
the Financial Statement are approved, which are material in nature and
indicate the need for adjustments in the financial statement are
considered.
k. Impairment of Assets
At each Balance Sheet Date, the Company assesses whether there is any
indication that an assets has impaired. If any such indication exists,
the Company estimates the recoverable amount. If the carrying amount of
the assets exceeds its recoverable amount, an impairment loss is
recognized in the Profit and Loss Account to the extent the carrying
amount exceeds recoverable amount.
l. Borrowing Costs
Borrowing cost attributable to acquisition of qualifying assets till
date of acquisition is capitalised as part of cost of such assets. All
other borrowing costs are classified as revenue expense.
m. Earning Per Share
Basic earning per share is calculated by dividing net profit available
for distribution to Equity shareholder by weighted Average Number of
equity shares outstanding during the year.
Diluted earning per share is calculated by dividing net profit
available for distribution to Equity shareholder by weighted Average
Number of Potential equity shares outstanding during the year arrived
at giving effect to all dilutive options.
n. Research and Developments
Revenue Expenditure on Research & Development is charged in the
Statement of Profit & Loss of the year in which it is incurred. Capital
Expenditure on Research & Development is capitalised with the cost of
asset for which it is incurred.
b Equity shareholders have no right to repayment of capital except,
distribution of surplus assets on liquidation.
c List of persons holding more than 5% equity shares of Rs 10/- each of
the company:
Mar 31, 2013
A. Basis of Preparation and Accounting
The financial statements are prepared under the historical cost
convention on accrual basis and in accordance with the requirements of
the Companies Act, 1956 and in compliance with the applicable
accounting standards referred to in sub-section (3C) of the section 211
of the said Act. The accounting policies, except otherwise stated, have
been consistently applied by the Company.
All assets and liabilities have been classified as current or
non-current as per company''s normal operating cycle of 12 months and
other criteria set-out in Revised Schedule-VI of the Companies Act,
1956.
b. Use of Estimates
The presentations of financial statements is in conformity with the
generally accepted accounting principles which requires estimates and
assumptions to be made that affect the reportable amount of assets and
liabilities on the date of financial statements and the reportable
amount of revenue and expenses during the reporting period.
Differences between the actual results and estimates are recognised in
the year in which the results are known / materialized.
c. Revenue Recognition
Revenue is recognized on accrual basis in accordance with Accounting
Standard (AS-9) "Revenue recognition".
Interest Income is accrued on time proportion basis and recognised only
if in the opinion of Management realisation is certain. Profit and loss
on sale of investment is recognised on contract date. Dividend income
is recognised when right to receive dividend is established.
d. Fixed Assets & Depreciation
Fixed Assets are stated at cost of acquisition, construction less
accumulated depreciation. The cost comprises of purchase price and any
other directly attributable cost of bringing the assets to working
condition for its intended use. Depreciation on assets have been
provided on pro-rata basis, for the period of use, on written down
value method at the rates prescribed under schedule XIV to the
Companies Act, 1956, as amended till date.
e. Investments
Long Term Investments are classified into Non-current investments and
others are classified as current Investment. Non-current investments
are valued at their acquisition cost. Current investments are stated at
lower of cost and fair market value. The provision for any diminution
in the value of Non-current investments is made only if such a decline
is other than temporary in the opinion of the management.
f. Inventories
Inventories are valued at lower of cost or net realisable value.
g. Employees Benefits
All employee benefits like salary, bonus, ex-gratia & others accruing &
payable within the reporting accounting period are classified as Short
Period and recognised on accrual basis.
Retirement benefits for Leave Encashment & Gratuity to employees are
insignificant and un-funded Long-Term Liability classified as
Non-Current. Gratuity payable to an employee is equal to 15 days salary
for every completed year of service calculated as per Payment of
Gratuity Act, 1972. Leave encashment liability is calculated for the
period fixed by Company policy for which daily salary is arrived by
dividing the salary last drawn. The liability for retirement benefits
are restated on Balance Sheet date and difference with the opening
balance is charged in the Profit & Loss Accounts.
h. Taxes on Income
Current Tax:
Provision for Taxation is ascertained on the basis of assessable profit
computed in accordance with the provisions of Income Tax Act, 1961 &
tax advices, wherever considered necessary.
Deferred Tax:
Deferred Tax is recognised, subject to the consideration of prudence,
as the tax effect of timing difference between the taxable income &
accounting income computed for the current accounting year and reversal
of earlier years'' timing difference.
Deferred Tax Assets are recognised and carried forward to the extent
that there is virtual certainty, that sufficient future taxable income
will be available against which such deferred tax assets can be
realised.
i. Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised only when there is reliable estimate of
present obligation as a result of past events. Contingent Liabilities
are disclosed by way of Notes on accounts. Contingent Provision against
Standard Assets is accounted as per RBI directive on standard assets.
Contingent Assets are neither accounted nor disclosed in the financial
statements due to uncertainty of their realisation.
j. Event occurring after the Balance Sheet Date
Event occurring after the Balance Sheet Date and till the date on which
the Financial Statement are approved, which are material in nature and
indicate the need for adjustments in the financial statement are
considered.
k. Impairment of Assets
At each Balance Sheet Date, the Company assesses whether there is any
indication that an assets has impaired. If any such indication exists,
the Company estimates the recoverable amount. If the carrying amount of
the assets exceeds its recoverable amount, an impairment loss is
recognized in the Profit and Loss Account to the extent the carrying
amount exceeds recoverable amount.
I. Borrowing Costs
Borrowing cost attributable to acquisition of qualifying assets till
date of acquisition is capitalised as part of cost of such assets. All
other borrowing costs are classified as revenue expense
m. Earning Per Share
Basic earning per share is calculated by dividing net profit available
for distribution to Equity shareholder by weighted Average Number of
equity shares outstanding during the year.
Diluted earning per share is calculated by dividing net profit
available for distribution to Equity shareholder by weighted Average
Number of Potential equity shares outstanding during the year arrived
at giving effect to all dilutive options.
n. Research and Developments
Revenue Expenditure on Research & Development is charged in the
Statement of Profit & Loss of the year in which it is incurred. Capital
Expenditure on Research & Development is capitalised with the cost of
asset for which it is incurred.
Mar 31, 2012
A. Basis of Preparation and Accounting
The financial statements are prepared under the historical cost
convention on accrual basis and in accordance with the requirements of
the Companies Act, 1956 and in compliance with the applicable
accounting standards referred to in sub-section (3C) of the Section 211
of the said Act. The accounting policies, except otherwise stated, have
been consistently applied by the Company.
All assets and liabilities have been classified as current or
non-current as per company's normal operating cycle of 12 months and
other criteria set-out in Revised Schedule-VI of the Companies Act,
1956.
b. Use of Estimates
The presentations of financial statements is in conformity with the
generally accepted accounting principles which requires estimates and
assumptions to be made that affect the reportable amount of assets and
liabilities on the date of financial statements and the reportable
amount of revenue and expenses during the reporting period.
Differences between the actual results and estimates are recognised in
the year in which the results are known / materialized.
c. Revenue Recognition
Revenue is recognized on accrual basis in accordance with Accounting
Standard (AS-9) "Revenue recognition".
Interest Income is accrued on time proportion basis and recognised only
if in the opinion of Management, realisation is certain. Profit and
loss on sale of investment is recognised on contract date. Dividend
income is recognised when right to receive dividend is established.
d. Fixed Assets & Depreciation
Fixed Assets are stated at cost of acquisition, construction less
accumulated depreciation. The cost comprises of purchase price and any
other directly attributable cost of bringing the assets to working
condition for its intended use. Depreciation on assets have been
provided on pro-rata basis, for the period of use, on written down
value method at the rates prescribed under schedule XIV to the
Companies Act, 1956, as amended till date.
e. Investments
Long Term Investments are classified into Non current investments and
others are classified as current Investment current. Long-term
investments are valued at their acquisition cost. Current investments
are stated at lower of cost and fair market value. The provision for
any diminution in the value of Non current investments is made only if
such a decline is other than temporary in the opinion of the
management.
f. Employees Benefits
All employee benefits like salary, bonus, ex-gratia & others accruing &
payable within the reporting accounting period are classified as short
period and recognised on accrual basis.
Retirement benefits for Leave Encashment & Gratuity to employees are
insignificant and un-funded Long-Term Term Liability classified as
Non-Current. Gratuity payable to an employee is equal to 15 days salary
for every completed year of service calculated as per Payment of
Gratuity Act, 1972. Leave encashment liability is calculated for the
period fixed by Company policy for which daily salary is arrived by
dividing the salary last drawn by 26 (being the number of working days
in a month). The liability for retirement benefits are restated on
Balance Sheet date and difference with the opening balance is charged
in the Profit & Loss Accounts.
g. Taxes on Income
Current Tax:
Provision for Taxation is ascertained on the basis of assessable profit
computed in accordance with the provisions of Income Tax Act, 1961 &
tax advices, wherever considered necessary.
Deferred Tax:
Deferred Tax is recognised, subject to the consideration of prudence,
as the tax effect of timing difference between the taxable income &
accounting income computed for the current accounting year and reversal
of earlier years' timing difference.
Deferred Tax Assets are recognised and carried forward to the extent
that there is virtual certainty, that sufficient future taxable income
will be available against which such deferred tax assets can be
realised.
h. Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised only when there is reliable estimate of
present obligation as a result of past events. Contingent Liabilities
are disclosed by way of notes on accounts. Contingent Provision against
Standard Assets is accounted as per RBI directive on standard assets.
Contingent Assets are neither accounted nor disclosed in the financial
statements due to uncertainty of their realisation.
i. Event occurring after the Balance Sheet Date
Event occurring after the Balance Sheet Date and till the date on which
the Financial Statement are approved, which are material in nature and
indicate the need for adjustments in the financial statement are
considered.
j. Impairment of Assets
At each Balance Sheet date, the Company assesses whether there is any
indication that an assets has impaired. If any such indication exists,
the Company estimates the recoverable amount. If the carrying amount of
the assets exceeds its recoverable amount, an impairment loss is
recognized in the Profit and Loss Account to the extent the carrying
amount exceeds recoverable amount.
k. Borrowing Costs
Borrowing cost attributable to acquisition of qualifying assets till
date of acquisition is capitalised as part of cost of such assets. All
other borrowing costs are classified as revenue expense
l. Earning Per Share
Basic earning per share is calculated by dividing net profit available
for distribution to Equity shareholder by weighted Average Number of
equity shares outstanding during the year.
Diluted earning per share is calculated by dividing net profit
available for distribution to Equity shareholder by weighted Average
Number of Potential equity shares outstanding during the year arrived
at giving effect to all dilutive options.
m. Research and Developments
Revenue Expenditure on Research & Development is charged in the
Statement of Profit & Loss of the year in which it is incurred. Capital
Expenditure on Research & Development is capitalised with the cost of
asset for which it is incurred.
Mar 31, 2010
A. Accounting Conventions
The financial statements are prepared under the historical cost
convention on accrual basis and in accordance with the requirements of
the Companies Act, 1956 and in compliance with the applicable
accounting standards referred to in sub-section (3C) of the section 211
of the said Act. The accounting policies, except otherwise stated, have
been consistently applied by the Company.
b. Use of Estimates
The presentations of financial statements is in conformity with the
generally accepted accounting principles which requires estimates and
assumptions to be made that affect the reportable amount of assets and
liabilities on the date of financial statements and the reportable
amount of revenue and expenses during the reporting period.
Differences between the actual results and estimates are recognised in
the year in which the results are known / materialized.
c. Revenue Recognition
Revenue is recognized on accrual basis in accordance with Accounting
Standard (AS-9) ÃRevenue recognition".
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
d. Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation and
impairment losses, if any. Cost comprises the cost of acquisition /
purchase price inclusive of duties, taxes (net of credit availed if
any) and incidental expenses up to the date the asset is ready for
intended use.
e. Investments
Investments are classified into long term investments or current.
Long-term investments are valued at their acquisition cost. Current
investments are stated at lower of cost and fair market value. The
provision for any diminution in the value of Long-term investments is
made only if such a decline is other than temporary in the opinion of
the management.
f. Retirement Benefits
Retirement benefits for Leave Encashment & Gratuity to employees has
been accounted for on accrual basis in conformity with the Accounting
Standard for retirement benefits issued by the Institute of Chartered
Accountants of India and the basis has been disclosed in the Notes on
Accounts.
g. Taxes on Income
Current Tax:
Provision for Taxation is ascertained on the basis of assessable profit
computed in accordance with the provisions of Income Tax Act, 1961 &
tax advices, wherever considered necessary.
Deferred Tax:
Deferred Tax is recognised, subject to the consideration of prudence,
as the tax effect of timing difference between the taxable income &
accounting income computed for the current accounting year and reversal
of earlier yearsà timing difference.
Deferred Tax Assets are recognised and carried forward to the extent
that there is a reasonable certainty, except arising from unabsorbed
depreciation and carry forward losses, which are recognised to the
extent that there is virtual certainty, that sufficient future taxable
income will be available against which such deferred tax assets can be
realised.
h. Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised only when there is reliable estimate of
present obligation as a result of past events. Contingent Liabilities
are disclosed by way of notes on accounts. Contingent Assets are
neither accounted nor disclosed in the financial statements due to
uncertainty of their realisation.
i. Event occurring after the Balance Sheet Date
Event occurring after the Balance Sheet Date and till the date on which
the Financial Statement are approved, which are material in nature and
indicate the need for adjustments in the financial statement are
considered.
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