Mar 31, 2015
1 Basis of accounting
The accounts of the Company are prepared under the historical cost
convention on accrual basis as a going concern.
2 Revenue Recognition:
Items of income and expenditure are recognized on accrual basis except
for the following, since it is not possible to ascertain with
reasonable accuracy the quantum to be provided in respect of:
a. Interest & delayed payment charges on overdue bills pending as on
Balance Sheet date.
b. The additional liability, if any, arising at the time of assessment
of tax / duty.
c. Insurance and Other claims.
3 Government Grant
Duty Draw Back Income is recognized on accrual basis based on FOB value
of exports.
4 Fixed Assets & Depreciation:
i) Tangible assets are stated at cost net of recoverable taxes, trade
discounts and rebates and include amounts added on revaluation, less
accumulated depreciation and impairment loss, if any. The cost of
tangible assets comprises its purchase price, borrowing cost and any
cost directly attributable to bringing the asset to its working
condition for its intended use.
ii) Subsequent expenditures related to an item of tangible asset are
added to the book value only if they increase the future benefits from
the existing asset beyond its previously assessed standard of
performance.
iii) Projects under which the assets are not ready for their intended
use are shown as Capital Work In Progress.
iv) Change in Accounting Policy for Depreciation pursuant to Schedule
II of the Companies Act, 2013.
Due to application of Schedule II of the Companies Act, 2013 with
effect from 1st April, 2014, the management has adopted the 'useful
lives' as specified in the said Schedule II. The Company has used the
transitional provisions of the Schedule II to adjust the impact arising
from the first time application of the Schedule II. If a fixed asset
has zero remaining useful life as on 1st April, 2014 (the date on which
Schedule II has become effective), its carrying amount, after retaining
5% of the original cost as residual value, is charged to the opening
balance of the retained earnings 'Surplus in the Statement of Profit &
Loss' under 'Reserves & Surplus'. The carrying amount of fixed assets
whose remaining useful life is not 'NIL' as on 1st April, 2014, is
depreciated over the remaining useful life.
Accordingly, depreciation of Rs 6242638/- has been adjusted to the
opening balance of the retained earnings, with the corresponding effect
to the net book value of the tangible assets.
v) Any asset is treated as impaired when the carrying cost of asset
exceeds its recoverable value. Such impairment loss is charged to the
Statement of Profit and Loss in the year in which an asset is
identified as impaired. Any impairment loss recognized in prior
accounting period is reversed if there has been a change in the
estimate of recoverable amount.
5 Investments:
Long term Investments are stated at cost less provision for decline in
value other than temporary. Current investments are stated at lower of
cost and fair market value on category of investment basis.
6 Inventory:
Inventory of raw materials and consumables are valued at cost or net
realizable value, whichever is lower, under FIFO Method. Finished Goods
are valued at cost or net realizable value whichever is lower. Cost for
the purposes of valuation of finished goods includes cost of material,
labour and other direct expenses. Stock-in-process is valued at raw
material cost plus proportionate direct cost, wherever applicable.
7 Foreign Currency Transactions:
Expenditure/Income in foreign currency is converted into Indian rupees
at the rate of exchange prevailing on the date of transaction.
Asset/Liability in respect of foreign exchange transactions outstanding
as at the end of the year is restated at the exchange rate prevailing
on that date.
8 Forward Contracts:
Premium or discount at the inception of forward contract is recognized
as expense or income over the period of contract. Any profit or loss
arising on cancellation or renewal of forward contract is recognized as
income or expense of the year.
9 Deferred tax/Income tax:
Deferred tax is accounted for, by computing the tax effect of timing
differences between taxable income and accounting income.
Provision for Current tax is made on the basis of applicable tax laws
existing in the country.
Minimum Alternative Tax and its credit are accounted based on the
Guidance notes issued by the Institute of Chartered Accountants of
India.
Deferred tax assets are recognized and carried forward to the extent
that there is reasonable certainty that sufficient future taxable
income will be availed against which such deferred tax assets can be
realized.
10 Intangible Assets:
Intangible asset, viz, computer software is stated at cost of
acquisition less accumulated amortization. Computer software is
amortized over a period of 5 Years.
11 Others:
i) Contingent Liabilities are not provided for and are disclosed in
notes to the accounts.
ii) Gratuity and leave encashment liability is worked out based on
actuarial valuation as at the end of the year.
12 Impairment of assets
Subsequent to Board's decision to close down its Duplex Board Division,
Company has re-assessed the market value of assets of Chalakudy unit.
Impairment is done to Plant & Machinery and building by comparing the
value given by the approved valuer and carrying amount outstanding in
books after providing depreciation as per the Companies Act 2013.
13 Additional Disclosures
1 Most of the balances of Sundry Debtors, Sundry Creditors, Advances
and Deposits are subject to confirmation.
2 Previous year figures have been re-cast, wherever necessary to comply
with the requirements of Revised Schedule VI of The Companies Act 1956.
3 Assets, Loans and advances are in realizable state in the ordinary
course of business.
4 Lease Transactions :
All assets acquired under finance lease basis are capitalized with
corresponding liability recognizing the future liability on leases. The
total minimum lease payments as on the balance sheet date, interest
embedded in such payments and present value of lease payments are as
follows:
(i) Total minimum
lease payments Nil (Previous Year Nil)
(ii) Future interest
embedded in i) Nil (Previous Year Nil)
(iii) Present value of
lease payments (i-ii) Nil (Previous Year Nil)
Finance charges on lease payments amounting to (Previous Year Nil) for
the year has been debited to profit and loss account under the head
interest and bank charges. Lease expenses under non cancelable operating
lease during the year amounts to Rs NIL (Previous Year Rs Nil)
Future minimum lease payments under non cancellable operating lease as
on 31-03-2015 is as follows
Payable within One year NIL
Payable after one year
but before five years NIL
Mar 31, 2014
1 Basis of accounting
The accounts of the Company are prepared under the historical cost
convention on accrual basis as a going concern.
2 Revenue Recognition:
Items of income and expenditure are recognized on accrual basis except
for the following, since it is not possible to ascertain with
reasonable accuracy the quantum to be provided in respect of:
a. Interest & delayed payment charges on overdue bills pending as on
Balance Sheet date.
b. The additional liability, if any, arising at the time of assessment
of tax / duty.
c. Insurance and Other claims.
3 Government Grant
Duty Draw Back Income is recognised on accrual basis based on FOB value
of exports.
4 Fixed Assets & Depreciation:
Depreciation on fixed assets is provided on pro-rata basis on
straight-line method at the rates prescribed under Schedule XIV of the
Companies Act, 1956. Cost of Fixed Assets has been taken at net of
CENVAT availed. Depreciation on additions/deletions is calculated on a
monthly pro-rata basis, month of addition is included and month of sale
is excluded.
The cost of fixed assets other than those included in the specific
project comprises, its purchase price including import duty and other
non - refundable taxes or levies, cost directly attributable to bring
the asset to its working condition for its intended use, start up and
commissioning expenses on test runs and experimental production and
finance cost up to the date of capitalization but excluding
administration and other general overheads.
Cost of fixed assets under specific project includes all the above and
directly relatable administrative and other general overheads.
5 Investments:
Long term Investments are stated at cost less provision for decline in
value other than temporary. Current investments are stated at lower of
cost and fair market value on category of investment basis.
6 Inventory:
Inventory of raw materials and consumables are valued at cost or net
realizable value, whichever is lower, under FIFO Method. Finished Goods
are valued at cost or net realizable value whichever is lower. Cost for
the purposes of valuation of finished goods includes cost of material,
labour and other direct expenses. Stock-in-process is valued at raw
material cost plus proportionate direct cost, wherever applicable.
7 Foreign Currency Transactions:
Expenditure/Income in foreign currency is converted into Indian rupees
at the rate of exchange prevailing on the date of transaction.
Asset/Liability in respect of foreign exchange transactions outstanding
as at the end of the year is restated at the exchange rate prevailing
on that date.
8 Forward Contracts:
Premium or discount at the inception of forward contract is recognised
as expense or income over the period of contract. Any profit or loss
arising on cancellation or renewal of forward contract is recognised as
income or expense of the year.
9 Forex Trading
a) Premium paid at the time of hedging of forex liability is accounted
as expense proportionately for the reporting period.
b) Premium received for trading of option is accounted as income on the
date of receipt.
c) Profit/loss on outstanding futures'' contracts are recognised at the
closing rate of reporting period using MTM.
10 Deferred tax/Income tax:
Deferred tax is accounted for, by computing the tax effect of timing
differences between taxable income and accounting income.
Provision for Current tax is made on the basis of applicable tax laws
existing in the country.
Minimum Alternative Tax and its credit are accounted based on the
Guidance notes issued by the Institute of Chartered Accountants of
India.
Deferred tax assets are recognized and carried forward to the extent
that there is reasonable certainty that sufficient future taxable
income will be availed against which such deferred tax assets can be
realised.
11 Intangible Assets:
Intangible asset, viz, computer software is stated at cost of
acquisition less accumulated amortization. Computer software is
amortized over a period of 5 Years.
12 Borrowing Costs
Borrowing Costs charged to Profit & Loss Account include interest on
short and long term bank borrowings. Borrowing costs attributable to
qualifying assets up to the date of capitalization are included in the
cost of the asset.
13 Others:
i) Contingent Liabilities are not provided for and are disclosed in
notes to the accounts.
ii) Gratuity and leave encashment liability is worked out based on
actuarial valuation as at the end of the year.
14 Impairment
At each Balance sheet date the management reviews the carrying amount
of the assets to ascertain impairment loss, if any, to its assets and
such losses are appropriately recognized in the accounts.
15 Additional Diclosures
1 Most of the balances of Sundry Debtors, Sundry Creditors, Advances
and Deposits are subject to confirmation.
2 Previous year figures have been re-cast, wherever necessary to comply
with the requirements of Revised Schedule VI of The Companies Act 1956.
3 Assets, Loans and advances are in realizable state in the ordinary
course of business.
4 Lease Transactions :
All assets acquired under finance lease basis are capitalized with
corresponding liability recognizing the future liability on leases. The
total minimum lease payments as on the balance sheet date, interest
embedded in such payments and present value of lease payments are as
follows :
(i) Total minimum lease payments Nil (PreviousYear Nil)
(ii) Future interest embedded in i) Nil (PreviousYear Nil)
(iii) Present value of lease payments (i-ii) Nil (Previous Year Nil)
Finance charges on lease payments amounting to (Previous Year Nil) for
the year has been debited to profit and loss account under the head
interest and bank charges. Lease expenses under non cancelable
operating lease during the year amounts to Rs NIL(Previous Year Rs Nil)
Future minimum lease payments under non cancellable operating lease as
on 31-03-2014 is as follows Payable within One year NIL Payable after
one year but before five years NIL
Mar 31, 2013
1 Basis of accounting
The accounts of the Company are prepared under the historical cost
convention on accrual basis as a going concern.
2 Revenue Recognition:
Items of income and expenditure are recognized on accrual basis except
for the following, since it is not possible to ascertain with
reasonable accuracy the quantum to be provided in respect of:
a. Interest & delayed payment charges on overdue bills pending as on
Balance Sheet date.
b. The additional liability, if any, arising at the time of assessment
of tax / duty.
c. Insurance and Other claims.
3 Government Grant
Duty Draw Back Income is recognised on accrual basis based on FOB value
of exports.
4 Fixed Assets & Depreciation:
Depreciation on fixed assets is provided on pro-rata basis on
straight-line method at the rates prescribed under Schedule XIV of the
Companies Act, 1956. Cost of Fixed Assets has been taken at net of
CENVAT availed. Depreciation on additions/deletions is calculated on a
monthly pro-rata basis, month of addition is included and month of sale
is excluded.
The cost of fixed assets other than those included in the specific
project comprises, its purchase price including import duty and other
non  refundable taxes or levies, cost directly attributable to bring
the asset to its working condition for its intended use, start up and
commissioning expenses on test runs and experimental production and
finance cost up to the date of capitalization but excluding
administration and other general overheads.
Cost of fixed assets under specific project includes all the above and
directly relatable administrative and other general overheads.
5 Investments:
Long term Investments are stated at cost less provision for decline in
value other than temporary. Current investments are stated at lower of
cost and fair market value on category of investment basis.
6 Inventory:
Inventory of raw materials and consumables are valued at cost or net
realizable value, whichever is lower, under FIFO Method. Finished Goods
are valued at cost or net realizable value whichever is lower. Cost for
the purposes of valuation of finished goods includes cost of material,
labour and other direct expenses. Stock-in-process is valued at raw
material cost plus proportionate direct cost, wherever applicable.
7 Foreign Currency Transactions:
Expenditure/Income in foreign currency is converted into Indian rupees
at the rate of exchange prevailing on the date of transaction.
Asset/Liability in respect of foreign exchange transactions outstanding
as at the end of the year is restated at the exchange rate prevailing
on that date.
8 Forward Contracts:
Premium or discount at the inception of forward contract is recognised
as expense or income over the period of contract. Any profit or loss
arising on cancellation or renewal of forward contract is recognised as
income or expense of the year.
9 Forex Trading
a) Premium paid at the time of hedging of forex liability is accounted
as expense proportionately for the reporting period.
b) Premium received for trading of option is accounted as income on the
date of receipt.
c) Profit/loss on outstanding futures'' contracts are recognised at the
closing rate of reporting period using MTM.
10 Deferred tax/Income tax:
Deferred tax is accounted for, by computing the tax effect of timing
differences between taxable income and accounting income.
Provision for Current tax is made on the basis of applicable tax laws
existing in the country.
Minimum Alternative Tax and its credit are accounted based on the
Guidance notes issued by the Institute of Chartered Accountants of
India.
Deferred tax assets are recognized and carried forward to the extent
that there is reasonable certainty that sufficient future taxable
income will be availed against which such deferred tax assets can be
realised.
11 Intangible Assets:
Intangible asset, viz, computer software is stated at cost of
acquisition less accumulated amortization. Computer software is
amortized over a period of 5 Years.
12 Borrowing Costs
Borrowing Costs charged to Statement of Profit & Loss include interest
on short and long term bank borrowings. Borrowing costs attributable to
qualifying assets up to the date of capitalization are included in the
cost of the asset.
13 Others:
i) Contingent Liabilities are not provided for and are disclosed in
notes to the accounts.
ii) Gratuity and leave encashment liability is worked out based on
actuarial valuation as at the end of the year.
14 Impairment
At each Balance sheet date the management reviews the carrying amount
of the assets to ascertain impairment loss, if any, to its assets and
such losses are appropriately recognized in the accounts.
Mar 31, 2012
1 Basis of accounting
The accounts of the Company are prepared under the historical cost
convention on accrual basis as a going concern.
2 Revenue Recognition:
Items of income and expenditure are recognized on accrual basis except
for the following, since it is not possible to ascertain with
reasonable accuracy the quantum to be provided in respect of:
a. Interest & delayed payment charges on overdue bills pending as on
Balance Sheet date.
b. The additional liability, if any, arising at the time of assessment
of tax / duty.
c. Insurance and Other claims.
3 Fixed Assets & Depreciation:
Depreciation on fixed assets is provided on pro-rata basis on
straight-line method at the rates prescribed under Schedule XIV of the
Companies Act, 1956. Cost of Fixed Assets has been taken at net of
CENVAT availed. Depreciation on additions/deletions is calculated on a
monthly pro-rata basis, month of addition is included and month of sale
is excluded.
The cost of fixed assets other than those included in the specific
project comprises, its purchase price including import duty and other
non - refundable taxes or levies, cost directly attributable to bring
the asset to its working condition for its intended use, start up and
commissioning expenses on test runs and experimental production and
finance cost up to the date of capitalization but excluding
administration and other general overheads.
Cost of fixed assets under specific project includes all the above and
directly relatable administrative and other general overheads.
4 Investments:
Long term Investments are stated at cost less provision for decline in
value other than temporary. Current investments are stated at lower of
cost and fair market value on category of investment basis.
5 Inventory:
Inventory of raw materials and consumables are valued at cost or net
realizable value, whichever is lower, under FIFO Method. Finished Goods
are valued at cost or net realizable value whichever is lower. Cost for
the purposes of valuation of finished goods includes cost of material,
labour and other direct expenses. Stock-in-process is valued at raw
material cost plus proportionate direct cost, wherever applicable.
6 Foreign Currency Transactions:
Expenditure/Income in foreign currency is converted into Indian rupees
at the rate of exchange prevailing on the date of transaction.
Asset/Liability in respect of foreign exchange transactions outstanding
as at the end of the year is reinstated at the exchange rate prevailing
on that date.
7 Forward Contracts:
Premium or discount at the inception of forward contracts is recognized
as expense or income over the period of contract. Any profit or loss
arising on cancellation or renewal of forward contract is recognized as
income or expense of the year.
8 Deferred tax/Income tax:
Deferred tax is accounted for, by computing the tax effect of timing
differences between taxable income and accounting income.
Provision for Current tax is made on the basis of applicable tax laws
existing in the country. Minimum Alternative Tax and its credit are
accounted based on the Guidance notes issued by the Institute of
Chartered Accountants of India.
Deferred tax assets are recognized and carried forward to the extent
that there is reasonable certainty that sufficient future taxable
income will be availed against which such deferred tax assets can be
realized.
9 Intangible Assets:
Intangible asset, viz, computer software is stated at cost of
acquisition less accumulated amortization. Computer software is
amortized over a period of 5 Years. Public issue expenses are written
off over a period of 5 years from the year in which the proceeds are
substantially utilized.
10 Borrowing Costs
Borrowing Costs charged to Statement of Profit & Loss include interest
on short and long term bank borrowings. Borrowing costs attributable to
qualifying assets up to the date of capitalization are included in the
cost of the asset.
11 Others:
i) Contingent Liabilities are not provided for and are disclosed in
notes to the accounts.
ii) Gratuity and leave encashment liability is worked out based on
actuarial valuation as at the end of the year.
12 Impairment
At each Balance sheet date the management reviews the carrying amount
of the assets to ascertain impairment loss, if any, to its assets and
such losses are appropriately recognized in the accounts.
13. Additional Disclosures
1 Most of the balances of Sundry Debtors, Sundry Creditors, Advances
and Deposits are subject to confirmation.
Mar 31, 2011
1) Basis of Accounting:
The accounts of the Company are prepared under the historical cost
convention on accrual basis as a going concern.
2) Revenue Recognition:
Items of income and expenditure are recognized on accrual basis except
for the following, since it is not possible to ascertain with
reasonable accuracy the quantum to be provided in respect of:
a. Interest & delayed payment charges on overdue bills pending as on
Balance Sheet date.
b. The additional liability, if any, arising at the time of assessment
of tax / duty.
c. Insurance and Other claims.
3) Fixed Assets & Depreciation:
Depreciation on fixed assets is provided on pro-rata basis on
straight-line method at the rates prescribed under Schedule XIV of the
Companies Act, 1956. Cost of Fixed Assets has been taken at net of
CENVAT availed. Depreciation on additions/deletions is calculated on a
monthly pro-rata basis, month of addition is included and month of sale
is excluded.
The cost of fixed assets other than those included in the specific
project comprises, its purchase price including import duty and other
non - refundable taxes or levies, cost directly attributable to bring
the asset to its working condition for its intended use, start up and
commissioning expenses on test runs and experimental production and
finance cost up to the date of capitalization but excluding
administration and other general overheads.
Cost of fixed assets under specific project includes all the above and
directly relatable administrative and other general overheads.
4) Investments:
Long term Investments are stated at cost less provision for decline in
value other than temporary. Current investments are stated at lower of
cost and fair market value on category of investment basis.
5) Inventory:
Inventory of raw materials and consumables are valued at cost or net
realizable value, whichever is lower, under FIFO Method. Finished Goods
are valued at cost or net realizable value whichever is lower. Cost for
the purposes of valuation of finished goods includes cost of material,
labour and other direct expenses. Stock- in-process is valued at raw
material cost plus proportionate direct cost, wherever applicable.
6) Foreign Currency Transactions: Expenditure/Income in foreign
currency is converted into Indian rupees at the rate of exchange
prevailing on the date of transaction. Asset/Liability in respect of
foreign exchange transactions outstanding as at the end of the year is
restated at the exchange rate prevailing on that date.
7) Forward Contracts:
Premium or discount at the inception of forward contracts is recognised
as expense or income over the period of contract. Any profit or loss
arising on cancellation or renewal of forward contract is recognized as
income or expense of the year.
8) Deferred tax/Income tax:
Deferred tax is accounted for, by computing the tax effect of timing
differences between taxable income and accounting income.
Provision for Current tax is made on the basis of applicable tax laws
existing in the country.
Minimum Alternative Tax and its credit are accounted based on the
Guidance notes issued by the Institute of Chartered Accountants of
India.
Deferred tax assets are recognized and carried forward to the extent
that there is reasonable certainty that sufficient future taxable
income will be availed against which such deferred tax assets can be
realised.
9) Intangible Assets:
Intangible asset, viz, computer software is stated at cost of
acquisition less accumulated amortization. Computer software is
amortized over a period of 5 Years. Public issue expenses are written
off over a period of 5 years from the year in which the proceeds are
substantially utilized.
10) Borrowing Costs.
Borrowing Costs charged to Profit & Loss Account include interest on
short and long term bank borrowings. Borrowing costs attributable to
qualifying assets up to the date of capitalization are included in the
cost of the asset.
11) Others:
i) Contingent Liabilities are not provided for and are disclosed in
notes to the accounts.
ii) Gratuity and leave encashment liability is worked out based on
actuarial valuation as at the end of the year.
12) Impairment
At each Balance sheet date the management reviews the carrying amount
of the assets to ascertain impairment loss, if any, to its assets and
such losses are appropriately recognized in the accounts.
Mar 31, 2010
1. Basis of Accounting:
The accounts of the Company are prepared under the historical cost
convention on accrual basis as a going concern.
2. Revenue Recognition:
Items of income and expenditure are recognized on accrual basis except
for the following since it is not possible to ascertain with reasonable
accuracy the quantum to be provided in respect of:
a. Interest & delayed payment charges on overdue bills pending as on
Balance Sheet date.
b. The additional liability, if any, arising at the time of assessment
of tax / duty.
c. Insurance and Other claims.
3. Fixed Assets & Depreciation:
Depreciation on fixed assets is provided on pro-rata basis on
straight-line method at the rates prescribed under Schedule XIV of the
Companies Act, 1956. Cost of Fixed Assets has been taken at net of
CENVAT availed. Depreciation on additions/deletions is calculated on a
monthly pro-rata basis, month of addition is included and month of sale
is excluded.
The cost of fixed assets other than those included in the specific
project comprises, its purchase price including import duty and other
non - refundable taxes or levies, cost directly attributable to bring
the asset to its working condition for its intended use, start up and
commissioning expenses on test runs and experimental production and
finance cost up to the date of capitalization but excluding
administration and other general overheads.
Cost of fixed assets under specific project includes all the above and
directly relatable administrative and other general overheads.
4. Investments:
Long term Investments are stated at cost less provision for decline in
value other than temporary. Current investments are stated at lower of
cost and fair market value on category of investment basis.
5. Inventory:
Inventory of raw materials and consumables are valued at cost or net
realizable value whichever is lower under FIFO Method. Finished Goods
are valued at cost or net realizable value whichever is lower. Cost for
the purposes of valuation of finished goods includes cost of material,
labour and other direct overheads. Stock-in-process is valued at raw
material cost plus proportionate direct cost, wherever applicable.
6. Foreign Currency Transactions:
Expenditure in foreign currency is converted into Indian rupees at the
rate of exchange prevailing on the date of the remittance. Liability in
respect of foreign exchange transactions outstanding as at the end of
the year is restated at the exchange rate prevailing on that date.
7. Forward Contracts:
Premium or discount arising at the inception of forward contracts is
recognized as expense or income over the period of contract. Any profit
or loss arising on cancellation or renewal of forward contract is
recognized as income or expense of the year.
8. Deferred tax/Income tax:
Deferred tax is accounted for, by computing the tax effect of timing
differences between taxable income and accounting income.
Provision for current tax is made on the basis of applicable tax laws
existing in the country.
Minimum Alternative Tax and its credit are accounted based on the
Guidance notes issued by the Institute of Chartered Accountants of
India.
Deferred tax assets are recognized and carried forward to the extent
that there is reasonable certainly that suffifient future taxable
income will be availed against which such deferred tax assets can be
realised.
9. Intangible Assets:
Intangible asset, viz, computer software is stated at cost of
acquisition less accumulated amortization. Computer software is
amortized over a period of 5 Years. Public issue expenses are written
off over a period of 5 years from the year in which the proceeds are
substantially utilized.
10. Borrowing Costs.
Borrowing Costs charged to Profit & Loss Account include interest on
short and long term bank borrowings. Borrowing costs attributable to
qualifying assets up to the date of capitalization are included in the
cost of the asset.
11.Others:
i) Contingent Liabilities are not provided for and are disclosed in
notes to the accounts.
ii) Gratuity and leave encashment liability is worked out based on
actuarial valuation as at the end of the year.
12. Impairment
At each of the Balance sheet date the management reviews the carrying
amount of the assets to ascertain impairment, if any, to its assets and
such losses are appropriately recognized in accounts.