Mar 31, 2015
A) Basis of preparation of financial statements
These financial statements have been prepared in accordance with the
Generally Accepted Accounting Principles in India ('Indian GAAP') to
comply with the Accounting Standards specified under Section 133 of the
Companies Act, 2013, read with Rule 7 of the Companies (Accounts)
Rules, 2014 and the relevant provisions of the Companies Act, 2013. The
accounting policies have been consistently applied by the Company and
are consistent with those used in the previous year.
b) Inventory Valuation
Items of inventories are measured at lower of cost and net realisable
value after providing for obsolescence. Cost of inventories comprises
of cost of purchase, cost of conversion bringing them to their
respective present location and condition. Inventories are determined
on First-in-First-Out (FIFO) basis.
c) Use of Estimates
The preparation of financial statements requires the management of the
Company to make estimates and assumptions that affect the reported
balances of assets and liabilities and disclosures relating to the
contingent liabilities as at the date of the financial statements and
reported amounts of income and expense during the year. Examples of
such estimates include provisions for doubtful receivables, employee
benefits, provision for income taxes, accounting for contract costs
expected to be incurred, the useful lives of depreciable fixed assets
and provisions for impairment. Future results could differ due to
changes in these estimates and the difference between the actual result
and the estimates are recognised in the period in which the results are
known / materialise.
d) Revenue recognition
1. Income from Operation is recognised upon transfer of significant
risks and rewards of ownership to the buyer.
2. Other Income is recognised to the extent that it is probable that
the economic benefits will flow to the Company and the revenue can be
reliably measured.
3. Dividend is recognised when the shareholders' right to receive
payment is established at the balance sheet date.
e) Fixed Assets
Tangible Assets
Fixed assets are stated at cost, less accumulated depreciation and
impairment losses if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which takes substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use. Capital work in progress
includes expenditure incurred till the assets are put into intended
use.
Intangible Assets
Intangible Assets are stated at cost of acquisition net of recoverable
taxes less accumulated amortisation / depletion and impairment loss, if
any. The cost comprises purchase price, borrowing costs, and any cost
directly attributable to bringing the asset to its working condition
for the intended use and net charges on foreign exchange contracts and
adjustments arising from exchange rate variations attributable to the
intangible assets.
f) Depreciation
Depreciation on tangible assets is provided using the Straight Line
Method over the useful lives of the assets estimated by the Management.
Depreciation for the assets purchased / sold during the year is
proportionately charged as prescribed in Schedule II to the Companies
Act, 2013. Intangible assets are amortised over their respective
individual estimated useful lives on a straight line basis, commencing
from the date the asset is available to the Company for its use.
g) Impairment of assets
The carrying amounts of assets are reviewed at each balance sheet dates
and if there is any indication of impairment based on internal/external
factors. An impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the asset's net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital. If at
the balance sheet date, there is an indication that a previously
assessed impairment loss no longer exists, then such loss is reversed
and the asset is restated to extent of the carrying value of the asset
that would have been determined (net of amortization / depreciation),
had no impairment loss been recognized.
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful life.
h) Investments
Investments that are readily realizable and intended to be held for not
more than one year are classified as current investments. All other
investments are classified as long-term investments. Current
investments are carried at lower of cost or fair value determined on
individual investment basis. Long-term investments are carried at cost.
However, provision for diminution in value is made to recognize a
decline other than temporary decline in the value of the investments.
i) Taxation
Tax expense comprises of current income tax and deferred income tax.
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Indian Income Tax Act. Deferred
income taxes reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the balance sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised. In situations where the company has unabsorbed
depreciation or carry forward tax losses, all deferred tax assets are
recognised only if there is virtual certainty supported by convincing
evidence that they can be realised against future taxable profits. At
each balance sheet date, the Company re-assesses unrecognised deferred
tax assets. It recognizes unrecognized deferred tax assets to the
extent that it has become reasonably certain, as the case may be, that
sufficient future taxable income will be available against which such
deferred tax assets can be realized. Minimum Alternative Tax
(MAT) credit is recognised as an asset and carried forward only if
there is a reasonable certainty of it being set off against regular tax
payable within the stipulated statutory period.
j) Earnings Per Share
Basic earnings per share is calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
preference dividends and attributable taxes) by the weighted average
number of equity shares outstanding during the year. The weighted
average number of equity shares outstanding during the year is adjusted
for events of bonus issue, bonus element in a rights issue to existing
shareholders, share split and reverse share split (consolidation of
shares).
For the purpose of calculating diluted earnings per share, the net
profit or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
k) Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when an enterprise has a present obligation
as a result of past event it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to reflect the current best
estimates.
Possible future obligations or present obligations that may but will
probably not require outflow of resources or where the same cannot be
reliably estimated, is disclosed as contingent liabilities in the notes
to accounts of financial statements.
Contingent Assets are neither recognized nor disclosed in the financial
statements.
l) Cash Flow Statement
Cash flow statement has been prepared under the 'Indirect Method'. Cash
and cash equivalents, in the cash flow statement comprise unencumbered
cash and bank balances.
Mar 31, 2014
A) Basis of preparation of financial statements
The financial statements are prepared in accordance with Generally
Accepted Accounting Principles ("GAAP") in India under the historical
cost convention, on accrual basis. GAAP comprises mandatory Accounting
Standards issued by the Companies (Accounting Standards) Amendment
Rules, 2008 and the relevant provisions of the Companies Act, 1956. The
accounting policies have been consistently applied by the Company and
are consistent with those used in the previous year.
b) Use of Estimates
The Preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Although these estimates are based upon management''s best
knowledge of current events and actions, actual results could differ
from these estimates. Any revision to the accounting estimates is
recognized prospectively.
c) Revenue recognition
1. Income from Operation is recognised upon transfer of significant
risks and rewards of ownership to the buyer.
2. Other Income is recognized to the extent that it is probable that
the economic benefits will flow to the Company and the revenue can be
reliably measured.
3. Dividend is recognized when the shareholders'' right to receive
payment is established at the balance sheet date.
d) Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation and
impairment losses if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which takes substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use. Capital work in progress
includes expenditure incurred till the assets are put into intended
use.
e) Depreciation
Depreciation is provided using the Straight Line Method at the rates
and in the manner as prescribed under schedule XIV of the Companies
Act, 1956. In case of Software, the same is amortized over a period of
five years. Fixed Assets costing Rs. 5,000/- or less are fully
depreciated in the year of acquisition.
f) Impairment of assets
The carrying amounts of assets are reviewed at each balance sheet dates
and if there is any indication of impairment based on internal/external
factors. An impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the asset''s net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital. If at
the balance sheet date, there is an indication that a previously
assessed impairment loss no longer exists,
then such loss is reversed and the asset is restated to extent of the
carrying value of the asset that would have been determined (net of
amortization / depreciation), had no impairment loss been recognized.
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful life.
g) Investments
Investments that are readily realizable and intended to be held for not
more than one year are classified as current investments. All other
investments are classified as long-term investments. Current
investments are carried at lower of cost or fair value determined on
individual investment basis. Long-term investments are carried at cost.
However, provision for diminution in value is made to recognize a
decline other than temporary decline in the value of the investments.
h) Taxation
Tax expense comprises of current income tax and deferred income tax.
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Indian Income Tax Act. Deferred
income taxes reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the balance sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised. In situations where the company has unabsorbed
depreciation or carry forward tax losses, all deferred tax assets are
recognised only if there is virtual certainty supported by convincing
evidence that they can be realised against future taxable profits. At
each balance sheet date, the Company re-assesses unrecognised deferred
tax assets. It recognizes unrecognized deferred tax assets to the
extent that it has become reasonably certain, as the case may be, that
sufficient future taxable income will be available against which such
deferred tax assets can be realized. Minimum Alternative Tax (MAT)
credit is recognised as an asset and carried forward only if there is a
reasonable certainty of it being set off against regular tax payable
within the stipulated statutory period.
i) Earnings Per Share
Basic earnings per share is calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
preference dividends and attributable taxes) by the weighted average
number of equity shares outstanding during the year. The weighted
average number of equity shares outstanding during the year is adjusted
for events of bonus issue, bonus element in a rights issue to existing
shareholders, share split and reverse share split (consolidation of
shares).
For the purpose of calculating diluted earnings per share, the net
profit or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
j) Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when an enterprise has a present obligation
as a result of past event it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to reflect the current best
estimates.
Possible future obligations or present obligations that may but will
probably not require outflow of resources or where the same cannot be
reliably estimated, is disclosed as contingent liabilities in the notes
to accounts of financial statements.
Contingent Assets are neither recognized nor disclosed in the financial
statements.
k) Cash Flow Statement
Cash flow statement has been prepared under the ''Indirect Method''. Cash
and cash equivalents, in the cash flow statement comprise unencumbered
cash and bank balances.
Mar 31, 2013
A) Basis of preparation of financial statements
The financial statements are prepared in accordance with Generally
Accepted Accounting Principles ("GAAP") in India under the
historical cost convention, on accrual basis. GAAP comprises mandatory
Accounting Standards issued by the Companies (Accounting Standards)
Amendment Rules, 2008 and the relevant provisions of the Companies Act,
1956. The accounting policies have been consistently applied by the
Company and are consistent with those used in the previous year.
b) Use of Estimates
The Preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Although these estimates are based upon management''s best
knowledge of current events and actions, actual results could differ
from these estimates. Any revision to the accounting estimates is
recognized prospectively.
c) Revenue recognition
1. Income from Operation is recognized upon transfer of significant
risks and rewards of ownership to the buyer.
2. Other Income is recognized to the extent that it is probable that
the economic benefits will flow to the Company and the revenue can be
reliably measured.
3. Dividend is recognized when the shareholders'' right to receive
payment is established at the balance sheet date.
d) Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation and
impairment losses if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which takes substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use. Capital work in progress
includes expenditure incurred till the assets are put into intended
use.
e) Depreciation
Depreciation is provided at the rates and in the manner as prescribed
under schedule XIV of the Companies Act, 1956. In case of Software, the
same is amortized over a period of five years. Fixed Assets costing Rs.
5,000/- or less are fully depreciated in the year of acquisition.
f) Impairment of assets
The carrying amounts of assets are reviewed at each balance sheet dates
and if there is any indication of impairment based on internal/external
factors. An impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the asset''s net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital. If at
the balance sheet date, there is an indication that a previously
assessed impairment loss no longer exists, then such loss is reversed
and the asset is restated to extent of the carrying value of the asset
that would have been determined (net of amortization / depreciation),
had no impairment loss been recognized.
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful life.
g) Investments
Investments that are readily realizable and intended to be held for not
more than one year are classified as current investments. All other
investments are classified as long-term investments. Current
investments are carried at lower of cost or fair value determined on
individual investment basis. Long-term investments are carried at cost.
However, provision for diminution in value is made to recognize a
decline other than temporary decline in the value of the investments.
h) Taxation
Tax expense comprises of current income tax and deferred income tax.
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Indian Income Tax Act. Deferred
income taxes reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the balance sheet date. Deferred tax assets are recognized only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realized. In situations where the company has unabsorbed
depreciation or carry forward tax losses, all deferred tax assets are
recognized only if there is virtual certainty supported by convincing
evidence that they can be realized against future taxable profits. At
each balance sheet date, the Company re-assesses unrecognized deferred
tax assets. It recognizes unrecognized deferred tax assets to the
extent that it has become reasonably certain, as the case may be, that
sufficient future taxable income will be available against which such
deferred tax assets can be realized. Minimum Alternative Tax (MAT)
credit is recognized as an asset and carried forward only if there is a
reasonable certainty of it being set off against regular tax payable
within the stipulated
i) Earnings Per Share
Basic earnings per share is calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
preference dividends and attributable taxes) by the weighted average
number of equity shares outstanding during the year. The weighted
average number of equity shares outstanding during the year is adjusted
for events of bonus issue, bonus element in a rights issue to existing
shareholders, share split and reverse share split (consolidation of
shares).
For the purpose of calculating diluted earnings per share, the net
profit or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
j) Provisions. Contingent Liabilities and Contingent Assets
A provision is recognized when an enterprise has a present obligation
as a result of past event it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to reflect the current best
estimates.
Possible future obligations or present obligations that may but will
probably not require outflow of resources or where the same cannot be
reliably estimated, is disclosed as contingent liabilities in the notes
to accounts of financial statements.
k) Cash Flow Statement
Cash flow statement has been prepared under the ''Indirect Method''.
Cash and cash equivalents, in the cash flow statement comprise
unencumbered cash and bank balances.
Mar 31, 2012
A) Basis of preparation of financial statements
The financial statements are prepared in accordance with Generally
Accepted Accounting Principles ("GAAP") in India under the historical
cost convention, on accrual basis. GAAP comprises mandatory Accounting
Standards issued by the Companies (Accounting Standards) Amendment
Rules, 2008 and the relevant provisions of the Companies Act, 1956. The
accounting policies have been consistently applied by the Company and
are consistent with those used in the previous year.
b) Use of Estimates
The Preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Although these estimates are based upon management's best
knowledge of current events and actions, actual results could differ
from these estimates. Any revision to the accounting estimates is
recognized prospectively.
c) Revenue recognition
1. Income from Operation is recognised upon transfer of significant
risks and rewards of ownership to the buyer.
2. Other Income is recognized to the extent that it is probable that
the economic benefits will flow to the Company and the revenue can be
reliably measured.
3. Dividend is recognised when the shareholders' right to receive
payment is established at the balance sheet date.
d) Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation and
impairment losses if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which takes substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use. Capital work in progress
includes expenditure incurred till the assets are put into intended
use.
e) Depreciation
Depreciation is provided using the Straight Line Method at the rates
and in the manner as prescribed under schedule XIV of the Companies
Act, 1956. In case of Software, the same is amortized over a period of
five years.
f) Impairment of assets
The carrying amounts of assets are reviewed at each balance sheet dates
and if there is any indication of impairment based on internal/external
factors. An impairment ioss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the asset's net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital. If at
the balance sheet date, there is an indication that a previously
assessed impairment loss no longer exists, then such loss is reversed
and the asset is restated to extent of the carrying value of the asset
that would have been determined (net of amortization / depreciation),
had no impairment loss been recognized.
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful life.
g) Investments
Investments that are readily realizable and intended to be held for not
more than one year are classified as current investments. All other
investments are classified as long-term investments. Current
investments are carried at lower of cost or fair value determined on
individual investment basis. Long-term investments are carried at cost.
However, provision for diminution in value is made to recognize a
decline other than temporary decline in the value of the investments.
h) Employee benefits
Provision for retirement benefits to employees was not provided on
accrual basis, which is not in conformity with Accounting Standard-15
issued by ICAI and the amount has not been quantified because actuarial
valuation report is not available. However, in the opinion of the
management the amount involved is negligible and has no material impact
on the Profit & Loss Account.
i) Taxation
Tax expense comprises of current income tax and deferred income tax.
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Indian Income Tax Act. Deferred
income taxes reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the balance sheet date. Deferred tax assets are recognised only to the
extent that there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax assets
can be realised. In situations where the company has unabsorbed
depreciation or carry forward tax losses, all deferred tax assets are
recognised only if there is virtual certainty supported by convincing
evidence that they can be realised against future taxable profits. At
each balance sheet date, the Company re-assesses unrecognised deferred
tax assets. It recognizes unrecognized deferred tax assets to the
extent that it has become reasonably certain, as the case may be, that
sufficient future taxable income will be available against which such
deferred tax assets can be realized. Minimum Alternative Tax (MAT)
credit is recognised as an asset and carried forward only if there is a
reasonable certainty of it being set off against regular tax payable
within the stipulated statutory period.
j) Foreign Currency Transactions
Transactions in foreign currency are recorded at the rate of exchange
in force on the date of the transactions. Current assets and Current
liabilities in foreign currency are translated at the exchange rate
prevalent at the date of the Balance Sheet.
Any income or expenses on account of exchange difference either on
settlement or on translation is reconginsed in the Profit and Loss
account except in case of long term liabilities, where they relate to
acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
k) Earnings Per Share
Basic earnings per share is calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
preference dividends and attributable taxes) by the weighted average
number of equity shares outstanding during the year. The weighted
average number of equity shares outstanding during the year is adjusted
for events of bonus issue, bonus element in a rights issue to existing
shareholders, share split and reverse share split (consolidation of
shares). For the purpose of calculating diluted earnings per share,
the net profit or loss for the year attributable to equity shareholders
and the weighted average number of shares outstanding during the year
are adjusted for the effects of all dilutive potential equity shares.
l) Provisions. Contingent Liabilities and Contingent Assets
A provision is recognized when an enterprise has a present obligation
as a result of past event it is probable that an outflow' of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to reflect the current best
estimates.
Possible future obligations or present obligations that may but will
probably not require outflow of resources or where the same cannot be
reliably estimated, is disclosed as contingent liabilities in the notes
to accounts of financial statements.
Contingent Assets are neither recognized nor disclosed in the financial
statements.
m) Cash Flow Statement
Cash flow statement has been prepared under the 'Indirect Method'. Cash
and cash equivalents, in the cash flow statement comprise unencumbered
cash and bank balances.
Mar 31, 2010
(a) Basis of Preparation of Financial Statements
The financial statements have been prepared on a going concern basis
and on accrual basis, under the historical cost convention and in
accordance with the generally accepted accounting principles, the
accounting standards issued by the Institute of Chartered Accountants
of India and provisions of the Companies Act, 1956, which have been
adopted consistently by the Company.
(b) Use of Estimates
The preparation of financial statements requires estimates and
assumption to be made that affect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenues and expenses during the reporting period Difference between
the actual results and estimates are recognized in the period in which
the results are known/ materialized.
(c) Revenue recognition
Revenue from sale of goods is recognized when significant risk and
rewards of ownership are transferred to the customers. Sales are net of
sales return and trade discount.
(d) Fixed Assets
Fixed Assets are stated at their historical costs less depreciation and
upon provision of Impairment Losses duly recognized as per the
provisions of AS2S issued by the Institute of Chartered Accountants of
India. Cost of Acquisition is inclusive of taxes and other incidental
expenses up to date, the assets are put to use.
(e) Depreciation
Depreciation on Fixed Assets has been provided on SLM basis for the
period of use at the rates prescribed in Schedule XIV to the Companies
Act, 1956.
(f) Investments
Long term investments are stated at cost, Provision for diminution in
the value of long term investments is made only if such decline is of a
permanent nature.
(g) Inventories
Inventories are valued at cost or net realizable value whichever is
lower
(h) Retirement Benefits
Provision for retirement benefits to employees was not provided on
accrual basis, which is not in conformity with Accounting Standard-15
issued by ICAI and the amount has not been quantified because actuarial
valuation report is not available However, in the opinion of the
management the amount involved is negligible and has no material impact
on the Profit & Loss Account.
(i) Foreign Currency Transactions
During the period under review company has not entered into any foreign
currency transaction
(j) Taxation
Deferred tax for the year is recognized on timing difference, being the
difference between taxable incomes and accounting income that
originates in one period and is capable of reversal in one or more
subsequent periods.
The deferred tax charge or credit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates that have been
enacted or substantively enacted by the balance sheet date. Deferred
tax assets are recognized only to the extent there is a reasonable
certainty that the assets can be realized in future, however when there
is unabsorbed depreciation or carry forward loss under taxation laws,
deferred tax assets are recognized only if there is a virtual certainty
of realization of such assets.
(k) Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
Notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.