Mar 31, 2014
I) Accounting Convention:
The financial statements have been prepared on an accrual basis and
under the historical cost convention, to comply in all material
aspects, with the applicable accounting principles in India, mandatory
Aceounling Standards noli lied by the Companies (Accounting Standards)
Rule. 2006 (as. amended) and.the relevant provisions. oJ''the Companies
Act, 1956.
All the assets and liabilities have been classified as currenl or
non-current as per the Company''s normal operating cycle and other
criteria set out in Schedule VI to the Companies Act, J95f>. Based on
the nature of products and Lhe lime between the acquisition of assets
lor processing and their realisation in cash & cash equivalents, the
company has ascertained its operating cycle as 12 months for the
purpose of currenl/ non-current class i Heat ion of assets and
liabilities.
ii) Use of Estimates:
The prepare ion of financial statements in .conformity with generally
accepted accounting principles requires estimates and assumptions lo be
made, I hat affect the reported amounts of assets and liabilities on
the date of the financial statements and Lhe reported amounts of
revenue and expenses during the reporting year- Differences between
actual results and estimates arc recognized in lhe year in which the
results are known /materialize:
iii) Investments
Lung 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 lhe Income Tax Act 1961.
(b) Deferred fax is recognised on the liming differences, between book
profits and tax profits that originate in one period and arc capable of
reversal in one or more subsequent periods. Deferred tax asset are noi
recognized unless there is virtual certainty thai sufficient future
taxable income would be available against which such deferred lax
assets can be realized,, lhe carrying amount of deferred tax is
reviewed at each balance sheer date.
v) Provisions. Contingent Liabilities & Contigent 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 bul are disclosed in the
nolcs. Contingent Assets arc neither recognized nor disclosed in the
financial statements.
Mar 31, 2013
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 Kstimates:
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 arc 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, 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 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, 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.
Mar 31, 2010
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.
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