Mar 31, 2015
1.1 Basis of Preparation
These financial statements have been prepared in accordance with
generally accepted accounting principles in India under the historical
cost convention on accrual basis, except for certain tangible assets
which are being carried at revalued amounts. These financial statements
have been prepared to comply in all material aspects with the
accounting standards notified under Section 211(3C) [Companies
(Accounting Standards) Rules, 2006, as amended] and other applicable
financial reporting framework as per relevant provisions of the
Companies Act, 2013 and Rules thereunder.
The Company has ascertained its operating cycle as 12 months for the
purpose of current/non-current classification of assets and
liabilities. All expenses and income to the extent considered payable
and receivable, respectively, with reasonable certainty are accounted
for on accrual basis.
1.2 Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles (GAAP) requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosures of contingent liabilities on the
date of financial statements and reported amounts of revenue and
expenses for that year. Actual results could differ from these
estimates. Any revision to accounting estimates is recognized
prospectively.
1.3 Fixed Assets
Tangible Fixed Assets are stated at cost of acquisition or revalued
amount, as the case may be, less accumulated depreciation. Depreciation
on all assets is provided on the Straight Line Method at the rates and
in the manner specified in the Schedule II to the Companies Act, 2013.
In respect of revalued assets, the incremental depreciation
attributable to the revalued amount is transferred from "Revaluation
Reserve" to "Surplus".
In case, the recoverable amount of the fixed assets is lower than its
carrying amount, a provision is made for the impairment loss.
1.4 Foreign Currency Transactions
Transactions in foreign currencies are recorded at the exchange rates
prevailing on the date of the transaction and subsequent gains/losses
are recognized on realization/restatement. Year-end monetary assets and
liabilities are restated at year-end exchange rates and the resultant
translation gains/losses are recognized in the profit and loss account.
1.5 Employee Benefits
Short term Employee Benefits are estimated and provided for.
Post-employment benefits and other Long term Employee Benefits are
treated as follows:
Defined Benefits Plans:
(a) Gratuity: Provision for Gratuity is made on the basis of actuarial
valuation on projected Unit Credit Method as at the end of the year.
(b) Long term compensated absences: Provision for Leave Encashment is
made on the basis of actuarial valuation as at the end of the year.
Actuarial gains/losses at the end of the year accrued to the defined
benefit plans are taken to Statement of Profit and Loss for the
respective financial year and are not deferred.
1.6 Investments
Long term Investments are carried at cost. A provision is made for
diminution other than temporary on an individual investment basis.
Current Investments are carried at lower of cost or fair/market value
on an individual investment basis.
1.7 Income Tax
Provision for current tax is made on the basis of relevant provisions
of the Income tax Act, 1961. The deferred tax for timing differences
between the book and tax profits for the year is accounted for, using
the tax rates and laws that have been substantively enacted as of the
balance sheet date. Deferred tax assets arising from timing differences
are recognized to the extent there is virtual or reasonable certainty
that these would be realized in future.
1.8 Borrowing Costs
Borrowing costs attributable to the acquisition or construction of
qualifying assets are capitalized as a part of cost of such assets upto
the date when such assets are ready for its intended use. Other
borrowing costs are charged to revenue.
1.9 Provisions and Contingent Liabilities
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
a) the Company has a present obligation as a result of a past event;
b) a probable outflow of resources is expected to settle the
obligation; and
c) the amount of the obligation can be reliably estimated.
Where some or all of the expenditure required to settle a provision is
expected to be reimbursed by another party, such reimbursement is
recognized to the extent of provision or contingent liability as the
case may be, only when it is virtually certain that the reimbursement
will be received.
Contingent Liability is disclosed in the case of:
a) a present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation;
b) a possible obligation, unless the probability of outflow of
resources is remote.
Mar 31, 2014
1.1 BASIS OF PREPARATION
These financial statements have been prepared in accordance with the
generally accepted accounting principles in India under the historical
cost convention on accrual basis, except for certain tangible assets
which are being carried at revalued amounts. These financial statements
have been prepared to comply in all material aspects with the
accounting standards notified under Section 211(3C) [Companies
(Accounting Standards) Rules, 2006, as amended] and other applicable
financial reporting framework as per relevant provisions of the
Companies Act, 1956.
The Company has ascertained its operating cyde as 12 months for the
purpose of current/non-current classification of assets and
liabilities. All expenses and income to the extent considered payable
and receivable, respectively, with reasonable certainty are accounted
for on accrual basis.
1.2 USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles (GAAP) requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosures of contingent liabilities on the
date of financial statements and reported amounts of revenue and
expenses for that year. Actual results could differ from these
estimates. Any revision to accounting estimates is recognized
prospectively.
1.3 FIXED ASSETS
Tangible Fixed Assets are stated at cost of acquisition or revalued
amount, as the case may be, less accumulated depreciation. Depreciation
on all assets is provided on the Straight Line Method at the rates and
in the manner specified in the Schedule XIV to the Companies Act, 1956.
In respect of revalued assets, the incremental depreciation
attributable to the revalued amount is transferred from the Revaluation
Reserve to depreciation. In case, the recoverable amount of the fixed
assets is lower than its carrying amount, a provision is made for the
impairment loss.
1.4 FOREIGN CURRENCY TRANSACTIONS
Transactions in foreign currencies are recorded at the exchange rates
prevailing on the date of the transaction and subsequent gains/losses
are recognized on realization/ restatement. Year-end monetary assets
and liabilities are restated at year-end exchange rates and the
resultant translation gains/losses are recognized in the profit and
loss account.
1.5 EMPLOYEE BENEFITS
Short term Employee Benefits are estimated and provided for.
Post-employment benefits and other Long term Employee Benefits are
treated as follows:
Defined Benefits Plans:
(a) Gratuity: Provision for Gratuity is made on the basis of actuarial
valuation on projected Unit Credit Method as at the end of the year.
(b) Long term compensated absences: Provision for Leave encashment is
made on the basis of actuarial valuation as at the end of the year.
Actuarial gains/losses at the end of the year accrued to the defined
benefit plans are taken to Statement of Profit and Loss for the
respective financial year and are not deferred.
1.6 INVESTMENTS
Long term Investments are carried at cost. A provision is made for
diminution other than temporary on an individual investment basis.
Current Investments are carried at lower of cost or fair/market value
on an individual investment basis.
1.7 INCOME TAX
Provision for current tax is made on the basis of relevant provisions
of the Income tax Act, 1961. The deferred tax for timing differences
between the book and tax profits for the year is accounted for, using
the tax rates and laws that have been substantively enacted as of the
balance sheet date. Deferred tax assets arising from timing differences
are recognized to the extent there is virtual or reasonable certainty
that these would be realized in future.
1.8 BORROWING COSTS
Borrowing costs attributable to the acquisition or construction of
qualifying assets are capitalized as a part of cost of such assets upto
the date when such assets are ready for its intended use. Other
borrowing costs are charged to revenue.
1.9 PROVISIONS AND CONTINGENT LIABILITIES
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
a) the Company has a present obligation as a result of a past event; bj
a probable outflow of resources is expected to settle the obligation;
and
c) the amount of the obligation can be reliably estimated.
Where some or all of the expenditure required to settle a provision is
expected to be reimbursed by another party, such reimbursement is
recognized to the extent of provision or contingent liability as the
case may be, only when it is virtually certain that the reimbursement
will be received.
Contingent Liability is disclosed in the case of:
a} a present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation;
b) a possible obligation, unless the probability of outflow of
resources is remote.
Mar 31, 2013
1.1 BASIS OF PREPARATION
These financial statements have been prepared in accordance with the
generally accepted accounting principles in India under the historical
cost convention on accrual basis, except for certain tangible assets
which are being carried at revalued amounts. These financial statements
have been prepared to comply in all material aspects with the
accounting standards notified under Section 211(3C) [Companies
(Accounting Standards) Rules, 2006, as amended] and other applicable
financial reporting framework as per relevant provisions of the
Companies Act, 1956.
The Company has ascertained its operating cycle as 12 months for the
purpose of current/non-current classification of assets and
liabilities. All expenses and income to the extent considered payable
and receivable, respectively, with reasonable certainty are accounted
for on accrual basis.
1.2 USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles (GAAP) requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosures of contingent liabilities on the
date of financial statements and reported amounts of revenue and
expenses for that year. Actual results could differ from these
estimates. Any revision to accounting estimates is recognized
prospectively.
1.3 FIXED ASSETS
Tangible Fixed Assets are stated at cost of acquisition or revalued
amount, as the case may be, less accumulated depreciation. Depreciation
on all assets is provided on the Straight Line Method at the rates and
in the manner specified in the Schedule XIV to the Companies Act, 1956.
In respect of revalued assets, the incremental depreciation
attributable to the revalued amount is transferred from the Revaluation
Reserve to depreciation. In case, the recoverable amount of the fixed
assets is lower than its carrying amount, a provision is made for the
impairment loss.
1.4 FOREIGN CURRENCY TRANSACTIONS
Transactions in foreign currencies are recorded at the exchange rates
prevailing on the date of the transaction and subsequent gains/losses
are recognized on realization/restatement. Year-end monetary assets and
liabilities are restated at year-end exchange rates and the resultant
translation gains/losses are recognized in the statement of profit and
loss.
1.5 EMPLOYEE BENEFITS
Short term Employee Benefits are estimated and provided for.
Post-employment benefits and other Long term Employee Benefits are
treated as follows:
Defined Benefits Plans:
(a) Gratuity: Provision for Gratuity is made on the basis of actuarial
valuation on projected Unit Credit Method as at the end of the year.
(b) Long term compensated absences: Provision for Leave encashment is
made on the basis of actuarial valuation as at the end of the year.
Actuarial gains/losses at the end of the year accrued to the defined
benefit plans are taken to Statement of Profit and Loss for the
respective financial year and are not deferred.
1.6 INVESTMENTS
Long term Investments are carried at cost. A provision is made for
diminution other than temporary on an individual investment basis.
Current Investments are carried at lower of cost or fair/market value
on an individual investment basis.
1.7 INCOME TAX
Provision for current tax is made on the basis of relevant provisions
of the Income tax Act, 1961. The deferred tax for timing differences
between the book and tax profits for the year is accounted for, using
the tax rates and laws that have been substantively enacted as of the
balance sheet date. Deferred tax assets arising from timing differences
are recognized to the extent there is virtual or reasonable certainty
that these would be realized in future.
1.8 BORROWING COSTS
Borrowing costs attributable to the acquisition or construction of
qualifying assets are capitalized as a part of cost of such assets upto
the date when such assets are ready for its intended use. Other
borrowing costs are charged to revenue.
1.9 PROVISIONS AND CONTINGENT LIABILITIES
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
a) the Company has a present obligation as a result of a past event;
b) a probable outflow of resources is expected to settle the
obligation; and
c) the amount of the obligation can be reliably estimated.
Where some or all of the expenditure required to settle a provision is
expected to be reimbursed by another party, such reimbursement is
recognized to the extent of provision or contingent liability as the
case may be, only when it is virtually certain that the reimbursement
will be received.
Contingent Liability is disclosed in the case of:
a) a present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation;
b) a possible obligation, unless the probability of outflow of
resources is remote.
Mar 31, 2012
1.1) BASIS OF PREPARATION
These financial statements have been prepared in accordance with the
generally accepted accounting principles in India under the historical
cost convention on accrual basis, except for certain tangible assets
which are being carried at revalued amounts. These financial statements
have been prepared to comply in all material aspects with the
accounting standards notified under Section 211(3C) [Companies
(Accounting Standards) Rules, 2006, as amended] and the other relevant
provisions of the Companies Act, 1956.
The Company has ascertained its operating cycle as 12 months for the
purpose of current/non-current classification of assets and
liabilities. All expenses and income to the extent considered payable
and receivable, respectively, with reasonable certainty are accounted
for on accrual basis.
1.2) USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles (GAAP) requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosures of contingent liabilities on the
date of financial statements and reported amounts of revenue and
expenses for that year. Actual results could differ from these
estimates. Any revision to accounting estimates is recognized
prospectively.
1.3) FIXED ASSETS
Tangible Fixed Assets are stated at cost of acquisition less
depreciation and adjusted by revaluation in case of certain , assets.
Depreciation on all assets is provided on the Straight Line Method at
the rates and in the manner specified in the Schedule XIV to the
Companies Act, 1956. Leasehold Improvements are amortised over a period
of 60 months. In respect of revalued assets, the incremental
depreciation attributable to the revalued amount is transferred from
the Revaluation Reserve. In case, the recoverable amount of the fixed
assets is lower than its carrying amount, a provision is made for the
impairment loss.
1.4) FOREIGN CURRENCY TRANSACTIONS
Transactions in foreign currencies are recorded at the exchange rates
prevailing on the date of the transaction and subsequent gains/losses
are recognized on realization/updation. Year-end monetary assets and
liabilities are translated at year-end exchange rates and the resultant
translation gains/losses are recognized in the statement of profit and
loss.
1.5) EMPLOYEE BENEFITS ,
Shortterm Employee Benefits are estimated and provided for.
Post-employment benefits and other Long term Employee Benefits are
treated as follows: .
Defined Benefits Plans:
(a) Gratuity: Provision for Gratuity is made on the basis of actuarial
valuation on projected Unit Credit Method as at the end of the year.
(b) Long term compensated absences: Provision for Leave encashment is
made on the basis of actuarial valuation as at the end of the year.
Actuarial gains/losses at the end of the year accrued to the defined
benefit plans are credited/charged to Statement of Profit & Loss for
the respective financial year and are not deferred.
1.6) INVESTMENTS
Long term Investments are carried at cost. A provision is made for
diminution other than temporary on an individual investment basis.
Current Investments are carried at lower of cost or fair/market value
on a category basis; (e.g. Investment in Mutual Fund, Shares).
1.7) INCOME TAX
Provision for current tax is made on the basis of relevant provisions
of the Income Tax Act, 1961. The deferred tax for timing differences
between the book and tax profits for the year is accounted for, using
the tax rates and laws that have been substantively enacted as of the
balance sheet date. Deferred tax assets arising from timing differences
are recognized to the extent there is virtual or reasonable certainty
that these would be realized in future.
1.8) LEASES
Lease arrangements where the risks and rewards incidental to ownership
of an. asset substantially vests with the lessor, are recognized as
operating lease. Lease rentals under operating lease are recognized in
the statement of profit and loss on a straight-line basis.
1.9) BORROWING COSTS
Borrowing costs attributable to the acquisition or construction of
qualifying assets are capitalized as a part of cost of such assets upto
the date when such assets are ready for its intended use. Other
borrowing costs are charged to revenue.
1.10) PROVISIONS AND CONTINGENT LIABILITIES
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
a) the Company has a present obligation as a result of a past event;
b) a probable outflow of resources is expected to settle the
obligation; and
c) the amount of the obligation can be reliably estimated.
Where some or all of the expenditure required to settle a provision is
expected to be reimbursed by another party, such reimbursement is
recognized to the extent of provision or contingent liability as the
case may be, only when it is virtually certain that the reimbursement
will be received.
Contingent Liability is disclosed in the case of:
a) a present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation;
b) a possible obligation, unless the probability of outflow of
resources is remote.
Mar 31, 2011
1) GENERAL
The financial statements are prepared on historical cost basis except
for revaluation of certain fixed assets, on the accounting principles
of a going concern and in accordance with the applicable accounting
standards. All expenses and income to the extent considered payable and
receivable, respectively, with reasonable certainty are accounted for
on accrual basis.
2) USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles (GAAP) requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosures of contingent liabilities on the
date of financial statements and reported amounts of revenue and
expenses for that year. Actual results could differ from these
estimates. Any revision to accounting estimates is recognised
prospectively.
3) FIXED ASSETS
Fixed Assets are stated at cost of acquisition less depreciation and
adjusted by revaluation in case of certain assets. Depreciation on all
assets is provided on the Straight Line Method at the rates and in the
manner specified in the Schedule XIV to the Companies Act, 1956. In
respect of revalued assets, the incremental depreciation attributable
to the revalued amount is transferred from the Revaluation Reserve. In
case, the recoverable amount of the fixed assets is lower than its
carrying amount, a provision is made for the impairment loss.
4) FOREIGN CURRENCY TRANSACTIONS
Transactions in foreign currencies are recorded at the exchange rates
prevailing on the date of the transaction and subsequent gains/losses
are recognised on realisation/ updation. Year-end monetary assets and
liabilities are translated at year-end exchange rates and the resultant
translation gains/losses are recognized in the profit and loss account.
5) EMPLOYEE BENEFITS
Short term Employee Benefits are estimated and provided for.
Post-employment benefits and other Long term Employee Benefits are
treated as follows. :
Defined Benefits Plans:
(a) Gratuity: Provision for Gratuity is made on the basis of actuarial
valuation on projected Unit Credit Method as at the end of the year.
(b) Long term compensated absences: Provision for Leave entitlements is
made on the basis of actuarial valuation as at the end of the year.
Actuarial gains/losses at the end of the year accrued to the defined
benefit plans are taken to Profit & Loss Account for the respective
financial year and are not deferred.
6) INVESTMENTS
Long Term Investments are stated at cost unless there is a diminution
in the value of investments, other than of temporary nature, in which
case, the investments are stated at their fair values.
7) INCOME TAX
Provision for current tax is made on the basis of relevant provisions
of the Income tax Act, 1961. The deferred tax for timing differences
between the book and tax profits for the year is accounted for, using
the tax rates and laws that have been substantively enacted as of the
balance sheet date. Deferred tax assets arising from timing differences
are recognized to the extent there is virtual or reasonable certainty
that these would be realised in future.
8) BORROWING COSTS
Borrowing costs attributable to the acquisition or construction of
qualifying assets are capitalized as a part of cost of such assets upto
the date when such assets are ready for its intended use. Other
borrowing costs are charged to revenue.
9) PROVISIONS AND CONTINGENT LIABILITIES
Provisions are recognised for liabilities that can be measured only by
using a substantial degree of estimation, if a) the Company has a
present obligation as a result of a past event;
b) a probable outflow of resources is expected to settle the
obligation; and
c) the amount of the obligation can be reliably estimated.
Where some or all of the expenditure required to settle a provision is
expected to be reimbursed by another party, such reimbursement is
recognised to the extent of provision or contingent liability as the
case may be, only when it is virtually certain that the reimbursement
will be received.
Contingent Liability is disclosed in the case of:
a) present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation.
b) a possible obligation, unless the probability of outflow of
resources is remote.
Mar 31, 2010
1) GENERAL
The financial statements are prepared on historical cost basis except
for revaluation of certain fixed assets, on the accounting principles
of a going concern and in accordance with the applicable accounting
standards. All expenses and income to the extent considered payable and
receivable, respectively, with reasonable certainty are accounted for
on accrual basis.
2) USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles (GAAP) requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosures of contingent liabilities on the
date of financial statements and reported amounts of revenue and
expenses for that year. Actual results could differ from these
estimates. Any revision to accounting estimates is recognised
prospectively.
3) FIXED ASSETS
Fixed Assets are stated at cost of acquisition less depreciation and
adjusted by revaluation in case of certain assets. Depreciation on all
assets is provided on the Straight Line Method at the rates and in the
manner specified in the Schedule XIV to the Companies Act, 1956. In
respect of revalued assets, the incremental depreciation attributable
to the revalued amount is transferred from the Revaluation Reserve. In
case, the recoverable amount of the fixed assets is lower than its
carrying amount, a provision is made for the impairment loss.
4) FOREIGN CURRENCY TRANSACTIONS
Transactions in foreign currencies are recorded at the exchange rates
prevailing on the date of the transaction and subsequent gains/losses
are recognised on realisation/updation. Year-end monetary assets and
liabilities are translated at year-end exchange rates and the resultant
translation profits/losses are recognized in the profit and loss
account.
5) EMPLOYEE BENEFITS
Short term Employee Benefits are estimated and provided for. Post
Employment benefits and other Long term Employee Benefits are treated
as follows:
Defined Benefits Plans:
(a) Gratuity: Provision for Gratuity is made on the basis of actuarial
valuation on projected Unit Credit Method as at the end of the year.
(b) Long term compensated absences: Provision for Leave encashment is
made on the basis of actuarial valuation as at the end of the year.
Actuarial gains/losses at the end of the year accrued to the defined
benefit plans are taken to Profit & Loss Account for the respective
financial year and are not deferred.
6) INVESTMENTS
Investments are stated at cost unless there is a diminution in the
value of investments, other than of temporary nature; in which case,
the investments are stated at their fair values.
7) INCOME TAX
Provision for current tax is made on the basis of relevant provisions
of the Income Tax Act, 1961. The deferred tax for timing differences
between the book and tax profits for the year is accounted for, using
the tax rates and laws that have been substantively enacted as of the
balance sheet date. Deferred tax assets arising from timing differences
are recognized to the extent there is virtual/reasonable certainty that
these would be realised in future.
8) BORROWING COSTS
Borrowing costs attributable to the acquisition or construction of
qualifying assets are capitalized as a part of cost of such assets upto
the date when such assets are ready for its intended use. Other
borrowing costs are charged to revenue.
9) PROVISIONS AND CONTINGENT LIABILITIES
Provisions are recognised for liabilities that can be measured only by
using a substantial degree of estimation, if
a) the Company has a present obligation as a result of a past event,
b) a probable outflow of resources is expected to settle the obligation
and
c) the amount of the obligation can be reliably estimated.
Where some or all of the expenditure required to settle a provision is
expected to be reimbursed by another party, such reimbursement is
recognised to the extent of provision or contingent liability as the
case may be, only when it is virtually certain that the reimbursement
will be received.
Contingent Liability is disclosed in the case of:
a) a present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation.
b) a possible obligation, unless the probability of outflow of
resources is remote.
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