Mar 31, 2015
Backgroud
Ramsons Projects Limited ('the Company') was incorporated on 22-12-1994
as Ramsons Finlease Ltd. The name of the company was changed from
Ramsons Finlease Ltd. to Ramsons Projects Ltd. on 28-10-1997. The
company holds a Certificate of Registration (COR) as Non-Banking
Financial Institution, without accepting public deposits, registered
with the Reserve Bank of India ('RBI') under section 451A of the
Reserve Bank of India Act, 1934 and is primarily engaged in lending and
investment activities.
1. Basis of preparation of Financial Statements
The accompanying financial statements are prepared on an accrual basis
under the historical cost convention and in accordance with the
applicable mandatory accounting standards and relevant guidance notes
issued by the Institute of Chartered Accountants of India and the
relevant provisions of the Companies Act, 1956.
The Company complies in all material respects, with the prudential
norms relating to income recognition, asset classification and
provisioning for bad and doubtful debts and other matters, specified in
the directions issued by the Reserve Bank of India (RBI) in terms of
Non-Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 2007, as applicable to it.
2. Use of Estimates:
The preparation of financial statements are in conformity with
generally accepted accounting principles that require management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent liabilities as on
the date of financial statements and the reported amount of revenues
and expenses during the reporting period. Actual results could differ
from those estimates and any revision to accounting estimates is
recognized prospectively in the current and future periods. Difference
between the actual results and estimates is recognized in the period in
which the results are known /materialized.
3. Extraordinary and Exceptional Items:
Extraordinary items are income or expense that arise from transactions
that are clearly distinct from ordinary activities. They are not
expected to recur frequently or regularly. The nature and amount of
extraordinary items are separately disclosed in Profit and Loss account
so that its impact on current profit or loss can be perceived.
However when items of Income and Expenditure from ordinary activities
are of such size and nature that their disclosure is relevant to
explain the performance of the enterprises for the period, the nature
and amount of such items is also separately disclosed in the Profit and
Loss account. These items are generally referred as exceptional items.
4. Fixed Assets and Depreciation:
Fixed Assets are stated at historical cost less depreciation.
Consideration is given at each Balance sheet date to determine whether
there is any impairment of the carrying amount of Company's fixed
Assets. If any indication exists, an asset recoverable amount is
estimated and impairment loss is recognized, whenever the carrying
amount of an asset exceeds its recoverable amount. Depreciation is
provided on fixed assets on straight-line method at the rates
prescribed in schedule XIV of Companies Act, 1956.
5. Investments:
Long Term Investments in shares and securities are stated at carrying
costs. A provision for 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.
6. Inventory:
The company is not having any inventory as on the date of the Balance
Sheet.
7. Borrowing Costs:
Borrowing costs attributable to the acquisition and construction of
assets are capitalized as part of the cost of such asset up to the date
when such asset is ready for its intended use. Other borrowing costs
are treated as revenue/deferred revenue expenses as considered
appropriately by the management.
8. Retirement Benefits Gratuity:
Provisions of the Payment of Gratuity Act, 1972 and the Employees State
Insurance Act, 1948 and Employees Provident Fund and Miscellaneous
Provisions Act, 1952 are not applicable to the Company therefore; no
such expenses on account of employee benefits were booked.
9. Earning Per Share:
Basic Earnings Per Share is calculated by dividing the net
profit/(loss) for the period attributable to equity share holders by
the weighted average number of equity share outstanding during the
period.
Diluted Earning per Share is calculated by dividing the net
profit/(loss) attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period (adjusted
for the effects of dilutive options).
10. Taxation:
Provision for taxation is based on assessable profits of the company as
determined under the Income Tax Act, 1961.
Deferred Taxation is provided using the liability method in respect of
the taxation effect arising from all material timing difference between
the accounting and tax treatment for Income and Expenditure, which are
expected with reasonable probability to crystallize in the foreseeable
future.
Deferred Tax benefits are recognized in the financial statements only
to the extent of any deferred tax liability or when such benefits are
reasonably expected to be realizable in the near future.
Deferred Tax Assets and liabilities are measured at tax rates that have
been enacted or substantively enacted by the balance sheet date.
11. Contingent Liabilities:
Depending on facts of each case and after due evaluation of relevant
legal aspects, claims not acknowledged as debts in the accounts are
regarded as contingent liabilities. In respect of statutory matters,
contingent liabilities are recognized/disclosed based on demand(s) that
are contested.
Mar 31, 2014
1. Basis of preparation of Financial Statements
The accompanying financial statements are prepared on an accrual basis
under the historical cost convention and in accordance with the
applicable mandatory accounting standards and relevant guidance notes
issued by the Institute of Chartered Accountants of India and the
relevant provisions of the Companies Act, 1956.
The Company complies in all material respects, with the prudential
norms relating to income recognition, asset classification and
provisioning for bad and doubtful debts and other matters, specified in
the directions issued by the Reserve Bank of India (RBI) in terms of
Non-Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 2007, as applicable to it.
2. Use of Estimates:
The preparation of financial statements are in conformity with
generally accepted accounting principles that require management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent liabilities as on
the date of financial statements and the reported amount of revenues
and expenses during the reporting period. Actual results could differ
from those estimates and any revision to accounting estimates is
recognized prospectively in the current and future periods. Difference
between the actual results and estimates is recognized in the period in
which the results are known /materialized.
3. Extraordinary and Exceptional Items:
Extraordinary items are income or expense that arise from transactions
that are clearly distinct from ordinary activities. They are not
expected to recur frequently or regularly. The nature and amount of
extraordinary items are separately disclosed in Profit and Loss account
so that its impact on current profit or loss can be perceived.
However when items of Income and Expenditure from ordinary activities
are of such size and nature that their disclosure is relevant to
explain the performance of the enterprises for the period, the nature
and amount of such items is also separately disclosed in the Profit and
Loss account. These items are generally referred as exceptional items.
4. Fixed Assets and Depreciation:
Fixed Assets are stated at historical cost less depreciation.
Consideration is given at each Balance sheet date to determine whether
there is any impairment of the carrying amount of Company''s fixed
Assets. If any indication exists, an asset recoverable amount is
estimated and impairment loss is recognized, whenever the carrying
amount of an asset exceeds its recoverable amount. Depreciation is
provided on fixed assets on straight-line method at the rates
prescribed in schedule XIV of Companies Act, 1956.
5. Investments:
Long Term Investments in shares and securities are stated at carrying
costs. A provision for 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.
6. Inventory:
The company is not having any inventory as on the date of the Balance
Sheet.
7. Borrowing Costs:
Borrowing costs attributable to the acquisition and construction of
assets are capitalized as part of the cost of such asset up to the date
when such asset is ready for its intended use. Other borrowing costs
are treated as revenue/deferred revenue expenses as considered
appropriately by the management.
8. Retirement Benefits Gratuity:
Provisions of the Payment of Gratuity Act, 1972 and the Employees State
Insurance Act, 1948 and Employees Provident Fund and Miscellaneous
Provisions Act, 1952 are not applicable to the Company therefore; no
such expenses on account of employee benefits were booked.
9. Earning Per Share:
Basic Earnings Per Share is calculated by dividing the net
profit/(loss) for the period attributable to equity share holders by
the weighted average number of equity share outstanding during the
period.
Diluted Earning per Share is calculated by dividing the net profit/
(loss) attributable to equity shareholders by the weighted average
number of equity shares outstanding during the period (adjusted for the
effects of dilutive options).
10. Taxation:
Provision for taxation is based on assessable profits of the company as
determined under the Income Tax Act, 1961.
Deferred Taxation is provided using the liability method in respect of
the taxation effect arising from all material timing difference between
the accounting and tax treatment for Income and Expenditure, which are
expected with reasonable probability to crystallize in the foreseeable
future.
Deferred Tax benefits are recognized in the financial statements only
to the extent of any deferred tax liability or when such benefits are
reasonably expected to be realizable in the near future.
Deferred Tax Assets and liabilities are measured at tax rates that have
been enacted or substantively enacted by the balance sheet date.
11. Contingent Liabilities:
Depending on facts of each case and after due evaluation of relevant
legal aspects, claims not acknowledged as debts in the accounts are
regarded as contingent liabilities. In respect of statutory matters,
contingent liabilities are recognized/disclosed based on demand(s) that
are contested.
Mar 31, 2013
1. Basis of preparation of Financial Statements
The accompanying financial statements are prepared on an accrual basis
under the historical cost convention and in accordance with the
applicable mandatory accounting standards and relevant guidance notes
issued by the Institute of Chartered Accountants of India and the
relevant provisions of the Companies Act, 1956.
The Company complies in all material respects, with the prudential
norms relating to income recognition, asset classification and
provisioning for bad and doubtful debts and other matters, specified in
the directions issued by the Reserve Bank of India (RBI) in terms of
Non-Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 2007, as applicable to it.
2. Use of Estimates:
The preparation of financial statements are in conformity with
generally accepted accounting principles that require management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent liabilities as on
the date of financial statements and the reported amount of revenues
and expenses during the reporting period. Actual results could differ
from those estimates and any revision to accounting estimates is
recognized prospectively in the current and future periods. Difference
between the actual results and estimates is recognized in the period in
which the results are known /materialized.
3. Extraordinary and Exceptional Items:
Extraordinary items are income or expense that arise from transactions
that are clearly distinct from ordinary activities. They are not
expected to recur frequently or regularly. The nature and amount of
extraordinary items are separately disclosed in Profit and Loss account
so that its impact on current profit or loss can be perceived.
However when items of Income and Expenditure from ordinary activities
are of such size and nature that their disclosure is relevant to
explain the performance of the enterprises for the period, the nature
and amount of such items is also separately disclosed in the Profit and
Loss account. These items are generally referred as exceptional items.
4. Fixed Assets and Depreciation:
Fixed Assets are stated at historical cost less depreciation.
Consideration is given at each Balance sheet date to determine whether
there is any impairment of the carrying amount of Company''s fixed
Assets. If any indication exists, an asset recoverable amount is
estimated and impairment loss is recognized, whenever the carrying
amount of an asset exceeds its recoverable amount. Depreciation is
provided on fixed assets on straight-line method at the rates
prescribed in schedule XIV of Companies Act, 1956.
5. Investments:
Long Term Investments in shares and securities are stated at carrying
costs. A provision for 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.
6. Inventory:
The company is not having any inventory as on the date of the Balance
Sheet.
7. Borrowing Costs:
Borrowing costs attributable to the acquisition and construction of
assets are capitalized as part of the cost of such asset up to the date
when such asset is ready for its intended use. Other borrowing costs
are treated as revenue/deferred revenue expenses as considered
appropriately by the management.
8. Retirement Benefits Gratuity:
Provisions of the Payment of Gratuity Act, 1972 and the Employees State
Insurance Act, 1948 and Employees Provident Fund and Miscellaneous
Provisions Act, 1952 are not applicable to the Company therefore; no
such expenses on account of employee benefits were booked.
9. Earning Per Share:
Basic Earnings Per Share is calculated by dividing the net
profit/(loss) for the period attributable to equity share holders by
the weighted average number of equity share outstanding during the
period.
Diluted Earning per Share is calculated by dividing the net
profit/(loss) attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period (adjusted
for the effects of dilutive options).
10. Taxation:
Provision for taxation is based on assessable profits of the company as
determined under the Income Tax Act, 1961.
Deferred Taxation is provided using the liability method in respect of
the taxation effect arising from all material timing difference between
the accounting and tax treatment for Income and Expenditure, which are
expected with reasonable probability to crystallize in the foreseeable
future.
Deferred Tax benefits are recognized in the financial statements only
to the extent of any deferred tax liability or when such benefits are
reasonable expected to be realizable in the near future.
Deferred Tax Assets and liabilities are measured at tax rates that have
been enacted or substantively enacted by the balance sheet date.
11. Contingent Liabilities:
Depending on facts of each case and after due evaluation of relevant
legal aspects, claims not acknowledged as debts in the accounts are
regarded as contingent liabilities. In respect of statutory matters,
contingent liabilities are recognized/disclosed based on demand(s) that
are contested.
Mar 31, 2012
1. Backgroud
Ramsons Projects Limited. ('the Company') is registered as a
Non-Banking Financial Company ('NBFC') as defined under Section
45-IA of the Reserve Bank of India Act, 1934. The Company is
principally engaged in lending and investment activities.
2. Basis of preparation of Financial Statements
The accompanying financial statements are prepared on an accrual basis
under the historical cost convention and in accordance with the
applicable mandatory accounting standards and relevant guidance notes
issued by the Institute of Chartered Accountants of India and the
relevant provisions of the Companies Act, 1956.
The Company complies in all material respects, with the prudential
norms relating to income recognition, asset classification and
provisioning for bad and doubtful debts and other matters, specified in
the directions issued by the Reserve Bank of India (RBI) in terms of
Non-Banking Financial Companies Prudential Norms (Reserve Bank)
Directions, 2007, as applicable to it.
3. Use of Estimates:
The preparation of financial statements are in conformity with
generally accepted accounting principles that require management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent liabilities as on
the date of financial statements and the reported amount of revenues
and expenses during the reporting period. Actual results could differ
from those estimates and any revision to accounting estimates is
recognized prospectively in the current and future periods. Difference
between the actual results and estimates is recognized in the period in
which the results are known /materialized.
4. Extraordinary and Exceptional Items:
Extraordinary items are income or expense that arise from transactions
that are clearly distinct from ordinary activities. They are not
expected to recur frequently or regularly. The nature and amount of
extraordinary items are separately disclosed in Profit and Loss account
so that its impact on current profit or loss can be perceived.
However when items of Income and Expenditure from ordinary activities
are of such size and nature that their disclosure is relevant to
explain the performance of the enterprises for the period, the nature
and amount of such items is also separately disclosed in the Profit and
Loss account. These items are generally referred as exceptional items.
5. Fixed Assets and Depreciation:
Fixed Assets are stated at historical cost less depreciation.
Consideration is given at each Balance sheet date to determine whether
there is any impairment of the carrying amount of Company's fixed
Assets. If any indication exists, an asset recoverable amount is
estimated and impairment loss is recognized, whenever the carrying
amount of an asset exceeds its recoverable amount. Depreciation is
provided on fixed assets on straight-line method at the rates
prescribed in schedule XIV of Companies Act, 1956.
6. Investments:
Long Term Investments in shares and securities are stated at carrying
costs. A provision for 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.
7. Inventory:
The company is not having any inventory as on the date of the Balance
Sheet.
8. Borrowing Costs:
Borrowing costs attributable to the acquisition and construction of
assets are capitalized as part of the cost of such asset up to the date
when such asset is ready for its intended use. Other borrowing costs
are treated as revenue/deferred revenue expenses as considered
appropriately by the management.
9. Retirement Benefits Gratuity:
Provisions of the Payment of Gratuity Act, 1972 and the Employees State
Insurance Act, 1948 and Employees Provident Fund and Miscellaneous
Provisions Act, 1952 are not applicable to the Company therefore; no
such expenses on account of employee benefits were booked.
10. Earnings Per Share:
Basic Earnings Per Share is calculated by dividing the net
profit/(loss) for the period attributable to equity share holders by
the weighted average number of equity share outstanding during the
period.
Diluted Earnings per Share is calculated by dividing the net profit/
(loss) attributable to equity shareholders by the weighted average
number of equity shares outstanding during the period (adjusted for the
effects of dilutive options).
11. Taxation:
Provision for taxation is based on assessable profits of the company as
determined under the Income Tax Act, 1961.
Deferred Taxation is provided using the liability method in respect of
the taxation effect arising from all material timing difference between
the accounting and tax treatment for Income and Expenditure, which are
expected with reasonable probability to crystallize in the foreseeable
future.
Deferred Tax benefits are recognized in the financial statements only
to the extent of any deferred tax liability or when such benefits are
reasonable expected to be realizable in the near future.
Deferred Tax Assets and liabilities are measured at tax rates that have
been enacted or substantively enacted by the balance sheet date.
12. Contingent Liabilities:
Depending on facts of each case and after due evaluation of relevant
legal aspects, claims not acknowledged as debts in the accounts are
regarded as contingent liabilities. In respect of statutory matters,
contingent liabilities are recognized/disclosed based on demand(s) that
are contested.
Mar 31, 2011
1. Basis of Accounting:
The financial statements are prepared on an accrual basis under the
historical cost convention and in accordance with the applicable
mandatory accounting standards and relevant guidance notes issued by
the Institute of Chartered Accountants of India and the relevant
provisions of the Companies Act, 1956.
2. Use of Estimates:
The preparation of financial statements are in conformity with
generally accepted accounting principles that require management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent liabilities as on
the date of financial statements and the reported amount of revenues
and expenses during the reporting period. Actual results could differ
from those estimates and any revision to accounting estimates is
recognized prospectively in the current and future periods. Difference
between the actual results and estimates is recognized in the period in
which the results are known /materialized.
3. Fixed Assets and Depreciation:
Fixed Assets are stated at historical cost less depreciation.
Consideration is given at each Balance sheet date to determine whether
there is any impairment of the carrying amount of Company's fixed
Assets. If any indication exists, an asset recoverable amount is
estimated and impairment loss is recognized, whenever the carrying
amount of an asset exceeds its recoverable amount. Depreciation is
provided on fixed assets on straight-line method at the rates
prescribed in schedule XIV of Companies Act, 1956.
4. Investments:
Long Term Investments in shares and securities are stated at carrying
costs. A provision for 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.
5. Inventory:
The company is not having any inventory as on the date of the Balance
Sheet.
6. Borrowing Costs:
Borrowing costs attributable to the acquisition and construction of
assets are capitalized as part of the cost of such asset up to the date
when such asset is ready for its intended use. Other borrowing costs
are treated as revenue/deferred revenue expenses as considered
appropriately by the management.
7. Retirement Benefits Gratuity:
Provisions of the Payment of Gratuity Act, 1972 and the Employees State
Insurance Act, 1948 and Employees Provident Fund and Miscellaneous
Provisions Act, 1952 are not applicable to the Company therefore; no
such expenses on account of employee benefits were booked.
8. Earning Per Share:
Basic Earnings Per Share is calculated by dividing the net
profit/(loss) for the period attributable to equity share holders by
the weighted average number of equity share outstanding during the
period.
Diluted Earning per Share is calculated by dividing the net
profit/(loss) attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period (adjusted
for the effects of dilutive options).
9. Taxation:
Provision for taxation is based on assessable profits of the company as
determined under the Income Tax Act, 1961.
Deferred Taxation is provided using the liability method in respect of
the taxation effect arising from all material timing difference between
the accounting and tax treatment for Income and Expenditure, which are
expected with reasonable probability to crystallize in the foreseeable
future.
Deferred Tax benefits are recognized in the financial statements only
to the extent of any deferred tax liability or when such benefits are
reasonable expected to be realizable in the near future.
Deferred Tax Assets and liabilities are measured at tax rates that have
been enacted or substantively enacted by the balance sheet date.
10. Contingent Liabilities:
Depending on facts of each case and after due evaluation of relevant
legal aspects, claims not acknowledged as debts in the accounts are
regarded as contingent liabilities. In respect of statutory matters,
contingent liabilities are recognized/disclosed based on demand(s) that
are contested.
Mar 31, 2010
1. Basis of Accounting:
The financial statements are prepared on an accrual basis under the
historical cost convention and in accordance with the applicable
mandatory accounting standards and relevant guidance notes issued by
the Institute of Chartered Accountants of India and the relevant
provisions of the Companies Act, 1956.
2. Use of Estimates:
The preparation of financial statements are in conformity with
generally accepted accounting principles that require management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities as
on the date of financial statements. Actual results could differ from
those estimates and any revision to accounting estimates is recognized
prospectively in the current and future periods.
3. Fixed Assets and Depreciation:
Fixed Assets are stated at historical cost less depreciation.
Consideration is given at each Balance sheet date to determine whether
there is any impairment of the carrying amount of Companys fixed
Assets. If any indication exists, an asset recoverable amount is
estimated and impairment loss is recognized, whenever the carrying
amount of an asset exceeds its recoverable amount. Depreciation is
provided on fixed assets on straight-line method at the rates
prescribed in schedule XIV of Companies Act, 1956.
4. Investments:
Long Term Investments in shares and securities are stated at carrying
costs. A provision for 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.
5. Inventory:
The company is not having any inventory as on the date of the balance
sheet.
60 Borrowing Costs:
Borrowing costs attributable to the acquisition and construction of
assets are capitalized as part of the cost of such asset up to the date
when such asset is ready for its intended use. Other borrowing costs
are treated as revenue/deferred revenue expenses as considered
appropriately by the management.
7. Retirement Benefits Gratuity:
Provisions of the Payment of Gratuity Act, 1972 and the Employees State
Insurance Act, 1948 and Employees Provident Fund and Miscellaneous
Provisions Act, 1952 are not applicable to the Company therefore; no
such expenses on account of employee benefits were booked.
8. Earning Per Share:
Basic Earnings Per Share is calculated by dividing the net profit for
the year attributable to equity share holders by the weighted average
number of equity share outstanding during the year.
Diluted Earning per Share is calculated by dividing the net profits
attributable to equity shareholders by the weighted average number of
equity shares outstanding during the year (adjusted for the effects of
dilutive options).
9. Taxation:
Provision for taxation is based on assessable profits of the company as
determined under the Income Tax Act, 1961.
Deferred Taxation is provided using the liability method in respect of
the taxation effect arising from all material timing difference between
the accounting and tax treatment for Income and Expenditure, which are
expected with reasonable probability to crystallize in the foreseeable
future.
Deferred Tax benefits are recognized in the financial statements only
to the extent of any deferred tax liability or when such benefits are
reasonable expected to be realizable in the near future.
Deferred Tax Assets and liabilities are measured at tax rates that have
been enacted or substantively enacted by the balance sheet date.
10. Contingent Liabilities:
Depending on facts of each case and after due evaluation of relevant
legal aspects, claims not acknowledged as debts in the accounts are
regarded as contingent liabilities. In respect of statutory matters,
contingent liabilities are recognized/disclosed based on demand(s) that
are contested.
Mar 31, 2002
1. Basis of Accounting : The Accounts have been prepared under the
historic cost convention on accrual basis and in accordance with the
applicable accounting standards except where otherwise stated.
2. Fixed Assets and Depreciation : Fixed Assets are stated at
historical cost less depreciation. Depreciation is provided on fixed
assests on straight line method at the rates prescribed in Schedule XIV
of the Companies Act, 1956.
3. Investments : Long Term Investments in shares and securities are
stated at carrying cost. Provision for dimunition in value of Long-Term
investments is made only if such a decline is other than temporary, in
the opinion of the management.
4. Amortisation of Miscellaneous Expenses :-
(a) Preliminary Expenses : Preliminary expenses being written off over
a period of 10 years equally from the year in which these are incured.
(b) Public Issue Expenses : Public issue expenses are written off
equally over a period of 10 years from the year in which public issue
is subscribed.
5. Borrowing Costs : Borrowing costs attributable to the acquisition
and construction of asset are capitalised as part of the cost of such
asset upño the date when such asset is ready for its intended use.
Other borrowing costs are treated as revenue/ deferred revenue
expenditure as considered appropriate by the Management.
6. Bonus : There is a change of accounting policy of charging bonus on
accrual basis from payment due basis. Hence, bonus of Rs.46,389/-
includes Rs. 18,500/- which pertains to F.Y.2000-01 but charged in
current year. Consequent to such change, the net profit has decreased
by Rs.27,889/-.
7. Gratuity : Gratuity is accounted for as and when it is paid . and
no provision has been made in this regard.
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