Mar 31, 2016
A. These financial statements have been prepared in accordance with generally accepted accounting principles in India under historical cost convention on accrual basis. These financial statements have been prepared to comply in all materials aspects with accounting standards notified under Section 133 of the Companies Act 2013 read with Companies (Accounts) Rules 2014.
B. Revenue Recognition
Dividend on Investments is accounted when the right to receive payment is established.
C. Investments
Investments being long-term are stated at cost less diminution, other than temporary, in the value of investments if any.
D. Taxes on Income
(I) Current Tax: Provision for Income Tax is determined in accordance with the provision of Income Tax Act, 1961.
(II) Deferred Tax Provision: Deferred Tax is recognized on timing differences between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or subsequently enacted on the Balance Sheet date. Deferred Tax Assets are recognized and carried forward against which deferred tax assets can be realized.
E. Employee Benefits
Short Term employee benefits are recognized as a expense in the statement of Profit and Loss Account of the year in which the employee render the related services.
Mar 31, 2015
A. These financial statements have been prepared in accordance with
generally accepted accounting principles in India under historical cost
convention on accural basis. These financial statements have been
prepared to comply in all materials aspects with accounting standards
notified under Section 133 of the Companies Act 2013 read with
Companies (Accounts) Rules 2014.
B. Revenue Recognition
Dividend on Investments is accounted when the right to receive payment
is established.
C. Investments
Investments being long-term are stated at cost less diminuition, other
than temporary, in the value of investments if any.
D. Taxes on Income
(a) Current Tax: Provision for Income Tax is determined in accordance
with the provision of Income Tax Act, 1961.
(b) Deferred Tax Provision: Deferred Tax is recognised on timing
differences between the accounting income and taxable income for the
year and quantified using the tax rates and laws enacted or
subsequently enacted on the Balance Sheet date. Deferred Tax Assets are
recognized and carried forward against which deferred tax assets can be
realised.
Mar 31, 2014
A. These financial statements have been prepared in accordance with
generally accepted accounting principles in India under historical cost
convention on accural basis. These financial statements have been
prepared to comply in all materials aspects with accounting standards
notified under Section 211(3C) [Companies (Accounting Standards) Rules,
2006, as amended] and the other relevant provision of the Companies
Act, 1956.
B. Revenue Recognition : Dividend on Investments is accounted when the
right to receive payment is established.
C. Investments : Investments being long-term are stated at cost less
diminuition, other than temporary, in the value of investments if any.
D. Taxes on Income
(a) Current Tax: Provision for Income Tax is determined in accordance
with the provision of Income Tax Act, 1961.
(b) Deferred Tax Provision : Deferred Tax is recognised on timing
differences between the accounting income and taxable income for the
year and quantified using the tax rates and laws enacted or
subsequently enacted on the Balance Sheet date. Deferred Tax Assets are
recognized and carried forward against which deferred tax assets can be
realised.
Mar 31, 2012
A. The financial statements are prepared on the accrual basis of
accounting and in accordance with the standard on accounting notified
by the Companies (Accounting Standards) Rules, 2006 and referred to in
Section 211 (3C) of the Companies Act, 1956.
B. Revenue Recognition
Dividend on Investments is accounted when the right to receive payment
is established.
C. Investments
Investments being long term are stated at cost less diminution in the
value of investments if any.
D. Taxes on Income
(a) Current Tax : Provision for Income Tax is determined in accordance
with the provision of Income Tax Act, 1961.
(b) Deferred Tax Provision : Deferred Tax is recognised on timing
differences between the accounting income and taxable income for the
year and quantified using the tax rates and laws enacted or
subsequently enacted on the Balance Sheet date. Deferred Tax Assets are
recognised and carried forward against which deferred tax assets can be
realised.
Mar 31, 2010
A. System of Accounting
The financial statements are prepared under Historical cost convention
on an accrual basis.
B. Investments
Investments being long term are stated at cost less diminution in the
value of investments if any.
C. Taxes on Income
(a) Current Tax : Provision for Income Tax is determined in accordance
with the provision of Income Tax Act, 1961.
(b) Deferred Tax Provision : Deferred Tax is recognised on timing
differences between the accounting income and the taxable income for
the year and quantified using the tax rates and laws enacted or
subsequently enacted on the Balance Sheet date. Deferred Tax Assets are
recognised and carried forward to the extent that there is a reasonable
certainty that sufficient future taxable income will be available
against which deferred tax assets can be realised.
Mar 31, 2009
Investments
Investments being long term are stated at cost less diminution in the
value of Investments if any.
2. Scheme of Arrangement between the Company and Futura Polyesters
Limited Pursuant to the Scheme of Arrangement (the Scheme) between the
Company and Futura Polyesters Limited (FPL) which was sanctioned by the
Honble High Court of Judicature at Bombay, vide its Order dated 4th
July, 2008 (filed with the Registrar of Companies, Maharashtra, Mumbai
on 16th July, 2008), the Scheme has been given effect to in the
Accounts as under :
(i) Investments have been recorded at the book value in the Company as
recorded in the book of FPL,
3. Miscellaneous Expenditure has been written-off during the current
year.