Mar 31, 2014
I Accounting Convention
The financial statements have been prepared on an accrual basis arid
under Ihc historical cost ton vent ion to comply in all material
aspects, with the applicable. accounting principles ''in India,
mandatory Accounting Standards notified by the Companies (Accounting
Standards) Rule. %$$ (as amended) anil the relevant provisions of the
Companies Act.
All the assets and liabilities have been clarified Sis current or
non-current as per Ihc Company''s norma I operating cycle and other
criteria set out in Schedule VI to the Companies Act, 1956. Based Oh
the nature of products and the time between the acquisition of assets
tor processing and their realisation in cash & cash equivalents. the
company has ascertained its operating cycle as 12 months for the
purpose of current/non-eurrent classification of assets and
liabilities;
ii) Losss of Estimates:
The preparation of financial statements In conformity with generally
accepted accounting principles requires estimates and assumptions to be
made, that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenue
and expenses during the reporting year. Differences between actual
results and estimates are recognized in the year in which (he results
are known /materialize.
in) Investments
I ong term investments are valued at cost after deducting provision, if
any made for permanent diminution in the value. Dividend income is
accounted for on receipt basis.
iv) Taxes on Income
(a) Provision for current tax liability, if any. is provided in
accordance with the Income Tax Act, 1961.
(bj Deferred Tax is recognised on the timing differences, between book
profits and tax profits that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax asset are not recognized unless there is virtual certainty that sufficient future
taxable income would be available against which such deferred tax
assets can be realized, the carrying amount of deferred lax is reviewed
at each balance sheet date.
V) Provisions. Contingent Liabilities & Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recosmi/ed when there is a present obligation as''a result of past
events and il is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized bui are disclosed in the
notes: Contingent Assets are neither recognized,^ nor disclosed in the
financial statement,
3) Deferred Taxation :
a.. In the absence of block of assets no provision fot deferred tax
hay been made. us required by the. Accounting Standard - 22 "Accounting
for Taxes on Income" issued by the Institute of Chartered Accountants
of India.
b. Provision for Current Year Income fax if any has been made in
the-accounts for the financial year as per Ineomc Tax Act 1961.
Mar 31, 2013
1) Basis of Accounting:
Tbc financial statements are prepared under historical cost convention
on an accrual basis and arc in accordance with the requirements of the
Companies Act, 1956.
ii) Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made, that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenue
and expenses during the reporting year. Differences between actual
results and estimates are recognized in the year in which the results
are known /materialize.
iii) Investments
Long term investments are valued at cost after deducting provision, if
any made for permanent diminution in the value. Dividend income is
accounted for on receipt basis.
iv) Taxes on Income
(a) Provision for current tax liability, if any, is provided in
accordance with the Income Tax Act. 1961.
(b) Deferred Tax is recognised on the timing differences, between book
profits and tax profits that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax asset are not
recognized unless there is virtual certainty thai sufficient future
taxable income would be available against which such deferred tax
assets can be realized. The carrying amount of deferred tax is reviewed
at each balance sheet date.
v) Provisions. Contingent Liabilities & 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 statement.
Mar 31, 2012
I) Basis of Accounting:
The financial statements are prepared under historical cost convention
on an accrual basis and are in accordance with the requirements of the
Companies Act, 1956.
ii) Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made, that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenue
and expenses during the reporting year. Differences between actual
results and estimates are recognized in the year in which the results
are known /materialize.
iii) Investments
Long term investments are valued at cost after deducting provision, if
any made for permanent diminution in the value. Dividend income is
accounted for on receipt basis.
iv) Taxes on Income
(a) Provision for current tax liability, if any, is provided in
accordance with the Income Tax Act, 1961.
(b) Deferred Tax is recognized on the timing differences, between book
profits and tax profits that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax asset are not
recognized unless there is virtual certainty that sufficient future
taxable income would be available against which such deferred tax
assets can be realized. The carrying amount of deferred tax is reviewed
at each balance sheet date.
v) Provisions, Contingent Liabilities & 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 statement.
Mar 31, 2011
I) Basis of Accounting:
The financial statements are prepared under historical cost convention
on an accrual basis and are in accordance with the requirements of the
Companies Act. 1956.
ii) Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made, that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenue
and expenses during the reporting year. Differences between actual
results and estimates are recognized in the year in which the results
are known /materialize.
iii) Investments
Long term investments are valued at cost after deducting provision, if
any made for permanent diminution in the value. Dividend income is
accounted for on receipt basis.
iv) Taxes on Income
(a) Provision for current tax liability, if any, is provided in
accordance with the Income Tax Act, 1961.
(b) Deferred Tax is recognised on the timing differences, between book
profits and tax profits that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax asset are not
recognized unless there is virtual certainty that sufficient future
taxable income would be available against which such deferred tax
assets can be realized. The carrying amount of deferred tax is reviewed
at each balance sheet date.
v) Provisions, Contingent Liabilities & 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 statement.
1) Deferred Taxation:
a. In the absence of block of assets no provision for deferred tax has
been made as required by the Accounting Standard - 22 "Accounting for
Taxes on Income" issued by the Institute of Chartered Accountants of
India.
b. Provision for Current Year Income Tax if any has been made in the
accounts for the financial year as per Income Tax Act 1961.
Mar 31, 2010
A. ACCOUNTING POLICIES
i) Basis of Accounting:
The financial statements are prepared under historical cost convention
on an accrual basis and are in accordance with the requirements of the
Companies Act, 1956.
ii) Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made, that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenue
and expenses during the reporting year. Differences between actual
results and estimates are recognized in the year in which the results
are known /materialize.
iii) Investments
Long term investments are valued at cost after deducting provision, if
any made for permanent diminution in the value. Dividend income is
accounted for on receipt basis.
iv) Taxes on Income
(a) Provision for current tax liability, if any, is provided in
accordance with the Income Tax Act, 1961.
(b) Deferred Tax is recognised on the timing differences, between book
profits and tax profits that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax asset are not
recognized unless there is virtual certainty that sufficient future
taxable income would be available against which such deferred tax
assets can be realized. The carrying amount of deferred tax is reviewed
at each balance sheet date.
v) Provisions. Contingent Liabilities & 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 statement.
Mar 31, 2009
I) Basis of Accounting:
The financial statements are prepared under historical cost convention
on an accrual basis and are in accordance with the requirements of the
Companies Act, 1956.
ii) Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made, that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenue
and expenses during the reporting year. Differences between actual
results and estimates are recognized in the year in which the results
are known /materialize.
iii) Investments
Long term investments are valued at cost after deducting provision, if
any made for permanent diminution in the value. Dividend income is
accounted for on receipt basis.
iv) Taxes on Income
(a) Provision for current tax liability, if any, is provided in
accordance with the Income Tax Act, 1961.
(b) Deferred Tax is recognised on the timing differences, between book
profits and tax profits that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax asset are not
recognized unless there is virtual certainty that sufficient future
taxable income would be available against which such deferred tax
assets can be realized. The carrying amount of deferred tax is reviewed
at each balance sheet date.
v) Provisions. Contingent Liabilities & 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 statement.
a. Provisions for current year Income Tax has been made in the accounts
for the current year as per income Tax Act 1961