Mar 31, 2015
A Basis of preparation of accounts
The financial statements have been prepared to comply in all material
respects with the Accounting Standards notified by the Companies
Accounting Standards Rules, 2006 and the relevant provisions of the
Companies Act, 2013. The financial statements have been prepared under
the historical cost convention on an accrual basis except in case of
assets for which provision for impairment is made and revaluation is
carried out. The accounting policies applied by the Company 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.
c Fixed Assets
i) Tangible assets
Fixed assets are stated at cost of acquisition inclusive of duties (net
of CENVAT and other credits, wherever applicable), taxes, incidental
expenses, erection / commissioning expenses and borrowing costs etc. up
to the date the assets are ready for their intended use.
Fixed Assets retired from acti've use are valued at net realisable
value.
ii) Intangible assets
Intangible assets are stated at cost.
d Depreciation
Depreciation on Fixed Assets is provided on straight line method at the
rates prescribed in Schedule III of the Companies Act, 2013 or at rates
determined based on the useful life of the assets, whichever is higher.
In case of impairment, if any, depreciation is provided on the revised
carrying amount of the assets over their remaining useful life.
e Impairment of Assets
The carrying amount of assets is reviewed at each balance sheet date to
determine if there is any indication of impairment thereof based on
external / internal factors. An impairment loss is recognized wherever
the carrying amount of an asset exceeds its recoverable amount, which
represents the greater of the net selling price of assets and their
'value in use' The estimated future cash flows are discounted to their
present value at appropriate rate arrived at after considering the
prevailing interest rates and weighted average cost of capital.
f Investments
Investments that are readily realisable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long-term. Current investments are
carried at lower of cost and fair value determined on an individual
investment basis. Long-term investments are carried at cost, but
provision for diminution in value is made to recognise a decline other
than temporary in the value of such investments.
g Inventories
Inventories of shares and securities are valued at lower of cost or
market value.
h Revenue recognition Sale of Service
Revenue is recognised when no significant uncertainty as to its
determination exists.
Sale of Goods
Revenue is recognised when the significant risks and rewards of
ownership of the goods have passed to the buyer.
Insurance and other claims / refunds
Revenue, due to uncertainty in realisation, are accounted for on
acceptance / actual receipt basis.
Interest
Revenue is recognised on a time proportion basis taking into account
the amount outstanding and the rate applicable.
Dividends
Dividend is recognised when the shareholders' right to receive payment
is established by the balance sheet date.
I Retirement and other employee benefits
Retirement benefit in the form of Provident Fund is a defined
contribution scheme and the contributions are charged to the Profit and
Loss Account of the year when the contributions to the respective funds
are accrued. There are no obligations other than the contribution
payable to the respective trusts.
Gratuity liability is a defined benefit obligation and is provided for
on the basis of actuarial valuation made at the end of each financial
year.
Short term compensated absences are provided for based on estimates.
Long term compensated absences are provided for based on actuarial
valuation.
Actuarial gains/losses are immediately taken to profit and loss account
and are not deferred.
j Taxation
Tax expense comprises of current and deferred 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, 1961.
Deferred tax is recognized on a prudent basis for timing differences,
being difference between taxable and accounting income/expenditure that
originate in one period and are capable of reversal in one or more
subsequent period(s). Deferred tax asset is recognised on carry forward
of unabsorbed depreciation and tax losses only if there is virtual
certainty that such asset can be realised against future taxable
income. Unrecognised deferred tax asset of earlier years are
re-assessed and recognised to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised.
MAT credit is recognised as an asset only when and to the extent there
is convincing evidence that the Company will pay normal income tax
during the specified period. In the year in which the Minimum
Alternative tax (MAT) credit becomes eligible to be recognized as an
asset in accordance with the recommendations contained in guidance Note
issued by the Institute of Chartered Accountants of India, the said
asset is created by way of a credit to the profit and loss account and
shown as MAT Credit Entitlement. The Company reviews the same at each
balance sheet date and writes down the carrying amount of MAT Credit
Entitlement to the extent there is no longer convincing evidence to the
effect that Company will pay normal Income Tax during the specified
period.
k Earning per share
Earning per share is calculated by dividing the net profit or loss for
the period attributable to equity shareholders, by the weighted average
number of equity shares outstanding during the period.
l Segment Reporting
i) Identification of segments
The Company has identified that its operating segments are the primary
segments. The Company's operating businesses are organized and managed
separately according to the nature of products, with each segment
representing a strategic business unit and offering different products
and serving different markets.
ii) Allocation of common costs
Common allocable costs are inter-se allocated to segments based on the
basis most relevant to the nature of the cost concerned. Revenue and
expenses, which relate to the enterprise as a whole and are not
allocable to segment on a reasonable basis, are included under the head
unallocated expense / income.
m Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank
and in hand and short-term investments with an original maturity of
three months or less.
n Contingent liabilities
Liabilities which are material and whose future outcome cannot be
ascertained with reasonable certainty, are treated as contingent and
disclosed by way of notes to the accounts.
o Provisions
A provision is recognised when the company has a present obligation as
a result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimate can be made. Provisions (excluding retirement benefits) 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 date and adjusted to reflect the
current best estimates.
p Equity Index/Stock- Futures
Initial margin and additional margin paid, for entering into contracts
for equity index/stock futures, which are released on final
settlement/squaring-up of underlying contracts, are disclosed under
Current Assets, Loans and Advances.
Equity index/stock futures are marked-to-market on a daily basis. Debit
or credit balance disclosed under Current Assets, Loans and Advances or
Current Liabilities, respectively represents the net amount paid or
received on the basis of movement in the prices of index/stock futures
till the balance sheet date.
As on the balance sheet date, profit/loss on open positions in
index/stock futures are accounted for as follows :
Profit and loss on hedged transactions are recognized on net basis. In
respect of other transactions, credit balance being anticipated profit
is ignored and no credit for the same is taken in the profit and loss
account. Debit balance being anticipated loss is adjusted in the profit
and loss account.
On final settlement or squaring-up of contracts for equity index/stock
futures, the profit or loss is calculated as the difference between
settlement/squaring-up price and contract price. Accordingly, debit or
credit balance pertaining to the settled/squared- up contract is
recognised in the profit and loss account.
q Equity Index/Stock - Options
Initial margin and additional margin paid for entering into contracts
for equity index/stock options, which are released on final
settlement/squaring-up of underlying contracts, are disclosed under
Current Assets, Loans and Advances.
As at the balance sheet date, profit and loss account on hedged
transactions is recognized on net basis. In case of other transactions,
in the case of long positions, provision is made for the amount by
which the premium paid for those options exceeds the premium prevailing
on the balance sheet date, and in the case of short positions, for the
amount by which premium prevailing on the balance sheet date exceeds
the premium received for those options. The premium paid or received as
the case may be, after the aforesaid provision, is disclosed in Current
Assets or Current Liabilities.
r Foreign Currency Transactions
Transactions denominated in foreign currency are recorded at the
exchange rate prevailing on the date of the transaction. Monetary
assets and liabilities denominated in foreign currency at the balance
sheet date are translated at the year-end rates.
Mar 31, 2014
A Basis of preparation of accounts
The financial statements have been prepared to comply in all material
respects with the Accounting Standards notified by the Companies
Accounting Standards Rules, 2006 and the relevant provisions of the
Companies Act, 1956. The financial statements have been prepared under
the historical cost convention on an accrual basis except in case of
assets for which provision for impairment is made and revaluation is
carried out. The accounting policies applied by the Company 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.
c Fixed assets
i) Tangible assets
Fixed assets are stated at cost of acquisition inclusive of duties (net
of CENVAT and other credits, wherever applicable), taxes, incidental
expenses, erection / commissioning expenses and borrowing costs etc. up
to the date the assets are ready for their intended use.
Fixed Assets retired from active use are valued at net realisable
value.
ii) Intangible assets
Intangible assets are stated at cost.
d Depreciation
Depreciation on Fixed Assets is provided on straight line method at the
rates prescribed in Schedule XIV of the Companies Act, 1956 or at rates
determined based on the useful life of the assets, whichever is higher.
In case of impairment, if any, depreciation is provided on the revised
carrying amount of the assets over their remaining useful life.
e Impairment of assets
The carrying amount of assets is reviewed at each balance sheet date to
determine if there is any indication of impairment thereof based on
external / internal factors. An impairment loss is recognized wherever
the carrying amount of an asset exceeds its recoverable amount, which
represents the greater of the net selling price of assets and their
''value in use''. The estimated future cash flows are discounted to their
present value at appropriate rate arrived at after considering the
prevailing interest rates and weighted average cost of capital.
f Investments
Investments that are readily realisable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long-term. Current investments are
carried at lower of cost and fair value determined on an individual
investment basis. Long-term investments are carried at cost, but
provision for diminution in value is made to recognise a decline other
than temporary in the value of such investments.
g Inventories
Inventories of shares and securities are valued at lower of cost or
market value.
h Revenue recognition
Revenue (income) is recognised when no significant uncertainty as to
determination/ realisation exists.
Sale of goods
Revenue is recognised when the significant risks and rewards of
ownership of the goods have passed on to the buyer.
Insurance and other claims / refunds
Revenue, due to uncertainty in realisation, is accounted for on
acceptance / actual receipt basis.
Interest
Revenue is recognised on a time proportion basis taking into account
the amount outstanding and the rate applicable.
Dividends
Dividend is recognised when the shareholders'' right to receive payment
is established by the balance sheet date.
i Retirement and other employee benefits
Retirement benefit in the form of Provident Fund is a defined
contribution scheme and the contributions are charged to the Profit and
Loss Account of the year when the contributions to the respective funds
are accrued. There are no obligations other than the contribution
payable to the respective trusts.
Gratuity liability is a defined benefit obligation and is provided for
on the basis of actuarial valuation made at the end of each financial
year.
Short term compensated absences are provided for based on estimates.
Long term compensated absences are provided for based on actuarial
valuation.
Actuarial gains/losses are immediately taken to profit and loss account
and are not deferred.
j Taxation
Tax expense comprises of current and deferred 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,1961.
Deferred tax is recognized on a prudent basis for timing differences,
being difference between taxable and accounting income/expenditure that
originate in one period and are capable of reversal in one or more
subsequent period(s). Deferred tax asset is recognised on carry forward
of unabsorbed depreciation and tax losses only if there is virtual
certainty that such asset can be realised against future taxable
income. Unrecognised deferred tax asset of earlier years are
re-assessed and recognised to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised.
MAT credit is recognised as an asset only when and to the extent there
is convincing evidence that the Company will pay normal income tax
during the specified period. In the year in which the Minimum
Alternative tax (MAT) credit becomes eligible to be recognized as an
asset in accordance with the recommendations contained in guidance Note
issued by the Institute of Chartered Accountants of India, the said
asset is created by way of a credit to the profit and loss account and
shown as MAT Credit Entitlement. The Company reviews the same at each
balance sheet date and writes down the carrying amount of MAT Credit
Entitlement to the extent there is no longer convincing evidence to the
effect that Company will pay normal Income Tax during the specified
period.
k Earning per share
Earning per share is calculated by dividing the net profit or loss for
the period attributable to equity shareholders, by the weighted average
number of equity shares outstanding during the period.
l Segment reporting
i) Identification of segments
The Company has identified that its operating segments are the primary
segments. The Company''s operating businesses are
organized and managed separately according to the nature of products,
with each segment representing a strategic business unit and offering
different products and serving different markets.
ii) Allocation of common costs
Common allocable costs are inter-se allocated to segments based on the
basis most relevant to the nature of the cost concerned. Revenue and
expenses, which relate to the enterprise as a whole and are not
allocable to segment on a reasonable basis, are included under the head
unallocated expense / income.
m Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank
and in hand and short-term investments with an original maturity of
three months or less.
n Contingent liabilities
Liabilities which are material and whose future outcome cannot be
ascertained with reasonable certainty are treated as contingent and
disclosed by way of notes to the accounts.
o Provisions
A provision is recognised when the Company has a present obligation as
a result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimate can be made. Provisions (excluding retirement benefits) 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 date and adjusted to reflect the
current best estimates.
p Equity index/stock- Futures
Initial margin and additional margin paid, for entering into contracts
for equity index/stock futures, which are released on final
settlement/squaring-up of underlying contracts, are disclosed under
Current Assets, Loans and Advances.
Equity index/stock futures are marked-to-market on a daily basis. Debit
or credit balance disclosed under Current Assets, Loans and Advances or
Current Liabilities, respectively represents the net amount paid or
received on the basis of movement in the prices of index/stock futures
till the balance sheet date.
As on the balance sheet date, profit/loss on open positions in
index/stock futures are accounted for as follows :
Profit and loss on hedged transactions are recognized on net basis. In
respect of other transactions, credit balance being anticipated profit
is ignored and no credit for the same is taken in the profit and loss
account. Debit balance being anticipated loss is adjusted in the profit
and loss account.
On final settlement or squaring-up of contracts for equity index/stock
futures, the profit or loss is calculated as the difference between
settlement/squaring-up price and contract price. Accordingly, debit or
credit balance pertaining to the settled/squared- up contract is
recognised in the profit and loss account.
q Equity index/stock - Options
Initial margin and additional margin paid for entering into contracts
for equity index/stock options, which are released on final
settlement/squaring-up of underlying contracts, are disclosed under
Current Assets, Loans and Advances.
As at the balance sheet date, profit and loss account on hedged
transactions is recognized on net basis. In case of other transactions,
in the case of long positions, provision is made for the amount by
which the premium paid for those options exceeds the premium prevailing
on the balance sheet date, and in the case of short positions, for the
amount by which premium prevailing on the balance sheet date exceeds
the premium received for those options. The premium paid or received as
the case may be, after the aforesaid provision, is disclosed in Current
Assets or Current Liabilities.
r Foreign currency transactions
Transactions denominated in foreign currency are recorded at the
exchange rate prevailing on the date of the transaction. Monetary
assets and liabilities denominated in foreign currency at the balance
sheet date are translated at the year-end rates.
1.2 Rights, preferences and restrictions attached to shares
The Company has only one class of issued shares i.e. Equity Shares
having par value of Rs.10 per share. Each holder of Equity Shares is
entitled to one vote per share held. In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the
Company after payment of all preferential amounts, in proportion to
their shareholding.
Additional Information:
A. State Bank of Hyderabad
(i) Primarily secured by equitable mortage of unit no. C-703 in Wing C
alongwith Car Parking (2 nos.) of Marathon Innova IT Part situated at
Off G. K. Marg, Lower Parel (W), Mumbai.
(ii) Secondary security provided by the way of Pledge of TDR worth Rs.
0.44 Crores.
(iii) Personal Guarantee by Mr. Vijay Maheshwari (iv) Rate of interest
is 10.40% p.a. with an option to reset the interest every two years.
B. HDFC Bank
(i) Secured by hypothecation of the corresponding vehicle (ii) Rate of
interest is 10.75% p.a.
C. Canara Bank
(i) Secured by hypothecation of the corresponding vehicle
(ii) Rate of interest is 10.70% p.a.
23 DISCLOSURES OF RELATED PARTY TRANSACTIONS (AS IDENTIFIED & CERTIFIED
BY THE MANAGEMENT):
a As per Accounting Standard-18- '' Related Party Disclosures'' issued by
the Institute of Chartered Accountants of India, the names of the
related parties are given below :
b List of related parties with whom the Company has transacted during
the year
i Subsidiary Company SFSL Commodity Trading (P) Ltd.
ii Associate /Joint Venture Concerns
SFSL Insurance Advisory Services (P) Ltd. SFSL Risk Management
Services (P) Ltd. Capita Finance Services Ltd. U.S. Infotech (P) Ltd.
iii Key Management Personnel
Mr. Bhawani Sankar Rathi (Wholetime Director)
Mr. Rajesh Kumar Gupta (Wholetime Director)
Mr. Vijay Maheshwari ( Director)
Mr. Bijay Murmuria ( Director)
iv Enterprise owned or significantly influenced by Superb Estate
Services Pvt. Ltd.
Key Management Personnel and their relatives
24 GRATUITY AND POST-EMPLOYMENT BENEFITS PLANS
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service is entitled to gratuity on
terms not less favourable than ''The provisions of Gratuity Act, 1972''.
The above said scheme is funded. The following table summarises the
components of net benefits / expense recognised in the profit and loss
account and the balance sheet for the respective plans.
28 Quoted Equity Instruments held as stock in trade includes shares
which the Company has pledged with Stock Holding Corporation of India
Limited amounting to Rs. 1,06,97,248/-.
29 Balances of some of the trade receivables, trade payable, loans and
advances incorporated in the books as per balances appearing in the
relevant subsidiary records, are subject to confirmation from the
respective parties and consequential adjustments arising from
reconciliation, if any. The management, however, is of the view that
there will be no material discrepancies in this regard.
30 During the year unpaid dividend amounting to Rs. 1,72,765 relating to
financial year 2005-06 has been transferred to the Investor Education
and Protection Fund as per Section 205C of the Companies Act, 1956.
31 Historically, the Company''s investment in unquoted shares has been
done with a view to hold them for long term and thereby earn capital
gains, since dividend payout on such investments has generally been
irregular. The aforesaid policy has been taken into consideration while
computing the provision for income-tax as applicable.
Mar 31, 2013
A Basis of preparation of accounts
The financial statements have been prepared to comply in all material
respects with the Accounting Standards notified by the Companies
Accounting Standards Rules, 2006 and the relevant provisions of the
Companies Act, 1956. The financial statements have been prepared under
the historical cost convention on an accrual basis except in case of
assets for which provision for impairment is made and revaluation is
carried out. The accounting policies applied by the Company 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.
c Fixed assets
i) Tangible assets
Fixed assets are stated at cost of acquisition inclusive of duties (net
of CENVAT and other credits, wherever applicable), taxes, incidental
expenses, erection / commissioning expenses and borrowing costs etc. up
to the date the assets are ready for their intended use.
Fixed Assets retired from active use are valued at net realisable
value.
ii) Intangible assets
Intangible assets are stated at cost.
d Depreciation
Depreciation on Fixed Assets is provided on straight line method at the
rates prescribed in Schedule XIV of the Companies Act, 1956 or at rates
determined based on the useful life of the assets, whichever is higher.
In case of impairment, if any, depreciation is provided on the revised
carrying amount of the assets over their remaining useful life.
e Impairment of assets
The carrying amount of assets is reviewed at each balance sheet date to
determine if there is any indication of impairment thereof based on
external / internal factors. An impairment loss is recognized wherever
the carrying amount of an asset exceeds its recoverable amount, which
represents the greater of the net selling price of assets and their
''value in use''. The estimated future cash flows are discounted to their
present value at appropriate rate arrived at after considering the
prevailing interest rates and weighted average cost of capital.
f Investments
Investments that are readily realisable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long-term. Current investments are
carried at lower of cost and fair value determined on an individual
investment basis. Long-term investments are carried at cost, but
provision for diminution in value is made to recognise a decline other
than temporary in the value of such investments.
g Inventories
Inventories of shares and securities are valued at lower of cost or
market value.
h Revenue recognition
Revenue (income) is recognised when no significant uncertainty as to
determination/realisation exists.
Sale of goods
Revenue is recognised when the significant risks and rewards of
ownership of the goods have passed to the buyer.
Insurance and other claims /refunds
Revenue, due to uncertainty in realisation, is accounted for on
acceptance / actual receipt basis.
Interest
Revenue is recognised on a time proportion basis taking into account
the amount outstanding and the rate applicable. Dividends
Dividend is recognised when the shareholders'' right to receive payment
is established by the balance sheet date.
i Retirement and other employee benefits
Retirement benefit in the form of Provident Fund is a defined
contribution scheme and the contributions are charged to the Profit and
Loss Account of the year when the contributions to the respective funds
are accrued. There are no obligations other than the contribution
payable to the respective trusts.
Gratuity liability is a defined benefit obligation and is provided for
on the basis of actuarial valuation made at the end of each financial
year.
Short term compensated absences are provided for based on estimates.
Long term compensated absences are provided for based on actuarial
valuation.
Actuarial gains/losses are immediately taken to profit and loss account
and are not deferred.
j Taxation
Tax expense comprises of current and deferred 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,1961.
Deferred tax is recognized on a prudent basis for timing differences,
being difference between taxable and accounting income/expenditure that
originate in one period and are capable of reversal in one or more
subsequent period(s). Deferred tax asset is recognised on carry forward
of unabsorbed depreciation and tax losses only if there is virtual
certainty that such asset can be realised against future taxable
income. Unrecognised deferred tax asset of earlier years are
re-assessed and recognised to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised.
MAT credit is recognised as an asset only when and to the extent there
is convincing evidence that the Company will pay normal income tax
during the specified period. In the year in which the Minimum
Alternative tax (MAT) credit becomes eligible to be recognized as an
asset in accordance with the recommendations contained in guidance Note
issued by the Institute of Chartered Accountants of India, the said
asset is created by way of a credit to the profit and loss account and
shown as MAT Credit Entitlement. The Company reviews the same at each
balance sheet date and writes down the carrying amount of MAT Credit
Entitlement to the extent there is no longer convincing evidence to the
effect that Company will pay normal Income Tax during the specified
period.
k Earning per share
Earning per share is calculated by dividing the net profit or loss for
the period attributable to equity shareholders, by the weighted average
number of equity shares outstanding during the period.
l Segment reporting
i) Identification of segments
The Company has identified that its operating segments are the primary
segments. The Company''s operating businesses are organized and managed
separately according to the nature of products, with each segment
representing a strategic business unit and offering different products
and serving different markets.
ii) Allocation of common costs
Common allocable costs are inter-se allocated to segments based on the
basis most relevant to the nature of the cost concerned. Revenue and
expenses, which relate to the enterprise as a whole and are not
allocable to segment on a reasonable basis, are included under the head
unallocated expense / income.
m Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank
and in hand and short-term investments with an original maturity of
three months or less.
n Contingent liabilities
Liabilities which are material and whose future outcome cannot be
ascertained with reasonable certainty, are treated as contingent and
disclosed by way of notes to the accounts.
o Provisions
A provision is recognised when the company has a present obligation as
a result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimate can be made. Provisions (excluding retirement benefits) 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 date and adjusted to reflect the
current best estimates.
p Equity index/stock- Futures
Initial margin and additional margin paid, for entering into contracts
for equity index/stock futures, which are released on final
settlement/squaring-up of underlying contracts, are disclosed under
Current Assets, Loans and Advances.
Equity index/stock futures are marked-to-market on a daily basis. Debit
or credit balance disclosed under Current Assets, Loans and Advances or
Current Liabilities, respectively represents the net amount paid or
received on the basis of movement in the prices of index/stock futures
till the balance sheet date.
As on the balance sheet date, profit/loss on open positions in
index/stock futures are accounted for as follows :
Profit and loss on hedged transactions are recognized on net basis. In
respect of other transactions, credit balance being anticipated profit
is ignored and no credit for the same is taken in the profit and loss
account. Debit balance being anticipated loss is adjusted in the profit
and loss account.
On final settlement or squaring-up of contracts for equity index/stock
futures, the profit or loss is calculated as the difference between
settlement/squaring-up price and contract price. Accordingly, debit or
credit balance pertaining to the settled/squared- up contract is
recognised in the profit and loss account.
q Equity index/stock - Options
Initial margin and additional margin paid for entering into contracts
for equity index/stock options, which are released on final
settlement/squaring-up of underlying contracts, are disclosed under
Current Assets, Loans and Advances.
As at the balance sheet date, profit and loss account on hedged
transactions is recognized on net basis. In case of other transactions,
in the case of long positions, provision is made for the amount by
which the premium paid for those options exceeds the premium prevailing
on the balance sheet date, and in the case of short positions, for the
amount by which premium prevailing on the balance sheet date exceeds
the premium received for those options. The premium paid or received as
the case may be, after the aforesaid provision, is disclosed in Current
Assets or Current Liabilities.
When the option contracts are squared-up before expiry of the options,
the profit and loss on account of difference in the premium paid /
received is recognized in Profit and Loss Account. On expiry of the
contracts and on exercising the options, the difference between final
settlement price and the strike price is transferred to the profit and
loss account. In, both the above cases premium paid or received for
buying or selling the option, as the case may be, is recognised in the
profit and loss account for all squared- up/stetted contracts.
Mar 31, 2012
A Basis of preparation of accounts
The financial statements have been prepared to comply in all material
respects with the Accounting Standards notified by the Companies
Accounting Standards Rules, 2006 and the relevant provisions of the
Companies Act, 1956. The financial statements have been prepared under
the historical cost convention on an accrual basis except in case of
assets for which provision for impairment is made and revaluation is
carried out. The accounting policies applied by the Company 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.
c Fixed assets
Tangible assets
Fixed assets are stated at cost of acquisition inclusive of duties (net
of CENVAT and other credits, wherever applicable), taxes, incidental
expenses, erection / commissioning expenses and borrowing costs etc. up
to the date the assets are ready for their intended use.
Fixed Assets retired from active use are valued at net realizable
value. d Depreciation
Depreciation on Fixed Assets is provided on straight line method at the
rates prescribed in Schedule XIV of the Companies Act, 1956 or at rates
determined based on the useful life of the assets, whichever is higher.
In case of impairment, if any, depreciation is provided on the revised
carrying amount of the assets over their remaining useful life. e
Impairment of assets
The carrying amount of assets is reviewed at each Balance Sheet date to
determine if there is any indication of impairment thereof based on
external / internal factors. An impairment loss is recognized wherever
the carrying amount of an asset exceeds its recoverable amount, which
represents the greater of the net selling price of assets and their
'value in use'. The estimated future cash flows are discounted to their
present value at appropriate rate arrived at after considering the
prevailing interest rates and weighted average cost of capital.
f Investments
Investments that are readily realizable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long-term. Current investments are
carried at lower of cost and fair value determined on an individual
investment basis. Long-term investments are carried at cost, but
provision for diminution in value is made to recognize a decline other
than temporary in the value of such investments.
g Inventories
Inventories of shares and securities are valued at lower of cost or
market value.
h Revenue recognition
Revenue (income) is recognized when no significant uncertainty as to
determination/realization exists.
Sale of Services
Revenue from services rendered is recognized as the services are
performed based on the agreement/arrangement with the concerned
parties.
Insurance and other claims / refunds
Revenue, due to uncertainty in realization, is accounted for on
acceptance / actual receipt basis.
Interest
Revenue is recognized on a time proportion basis taking into account
the amount outstanding and the rate applicable. Dividends
Dividend is recognized when the shareholders' right to receive payment
is established by the Balance Sheet date.
i Retirement and other employee benefits
Retirement benefit in the form of Provident Fund is a defined
contribution scheme and the contributions are charged to the Profit and
Loss Account of the year when the contributions to the respective funds
are accrued. There are no obligations other than the contribution
payable to the respective trusts.
Gratuity liability is a defined benefit obligation and is provided for
on the basis of actuarial valuation made at the end of each financial
year.
Short term compensated absences are provided for based on estimates.
Long term compensated absences are provided for based on actuarial
valuation.
Actuarial gains/losses are immediately taken to Profit and Loss
statement and are not deferred.
j Taxation
Tax expense comprises of current and deferred 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,1961.
Deferred tax is recognized on a prudent basis for timing differences,
being difference between taxable and accounting income/expenditure that
originate in one period and are capable of reversal in one or more
subsequent period(s). Deferred tax asset is recognized on carry forward
of unabsorbed depreciation and tax losses only if there is virtual
certainty that such asset can be realized against future taxable
income. Unrecognized deferred tax asset of earlier years are
re-assessed and recognized to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realized.
MAT credit is recognized as an asset only when and to the extent there
is convincing evidence that the Company will pay normal income tax
during the specified period. In the year in which the Minimum
Alternative Tax (MAT) credit becomes eligible to be recognized as an
asset in accordance with the recommendations contained in Guidance Note
issued by the Institute of Chartered Accountants of India, the said
asset is created by way of a credit to the Profit and Loss account and
shown as MAT Credit Entitlement. The Company reviews the same at each
Balance Sheet date and writes down the carrying amount of MAT Credit
Entitlement to the extent there is no longer convincing evidence to the
effect that Company will pay normal Income Tax during the specified
period.
k Earning per share
Earning per share is calculated by dividing the net profit or loss for
the period attributable to equity shareholders, by the weighted average
number of equity shares outstanding during the period.
l Segment reporting
i) Identification of segments
The Company has identified that its operating segments are the primary
segments. The Company's operating businesses are organized and managed
separately according to the nature of products, with each segment
representing a strategic business unit and offering different products
and serving different markets.
ii) Allocation of common costs
Common allocable costs are inter-se allocated to segments based on the
basis most relevant to the nature of the cost concerned. Revenue and
expenses, which relate to the enterprise as a whole and are not
allocable to segment on a reasonable basis, are included under the head
unallocated expense / income.
m Cash and cash equivalents
Cash and cash equivalents in the Balance Sheet comprise cash at bank
and in hand and short-term investments with an original maturity of
three months or less.
n Contingent liabilities
Liabilities which are material and whose future outcome cannot be
ascertained with reasonable certainty, are treated as contingent and
disclosed by way of notes to the accounts.
o Provisions
A provision is recognized when the Company has a present obligation as
a result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimate can be made. Provisions (excluding retirement benefits) 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 date and adjusted to reflect the
current best estimates.
p Equity index/stock- Futures
Initial margin and additional margin paid, for entering into contracts
for equity index/stock futures, which are released on final
settlement/squaring-up of underlying contracts, are disclosed under
Current Assets.
Equity index/stock futures are marked-to-market on a daily basis. Debit
or credit balance disclosed under Current Assets, Loans and Advances or
Current Liabilities, respectively represents the net amount paid or
received on the basis of movement in the prices of index/stock futures
till the Balance Sheet date.
As on the Balance Sheet date, profit/loss on open positions in
index/stock futures are accounted for as follows :
Profit and loss on hedged transactions are recognized on net basis. In
respect of other transactions, credit balance being anticipated profit
is ignored and no credit for the same is taken in the Profit and Loss
statement. Debit balance being anticipated loss is adjusted in the
Profit and Loss statement.
On final settlement or squaring-up of contracts for equity index/stock
futures, the profit or loss is calculated as the difference between
settlement/squaring-up price and contract price. Accordingly, debit or
credit balance pertaining to the settled/squared- up contract is
recognised in the Profit and Loss statement.
q Equity index/stock - Options
Initial margin and additional margin paid for entering into contracts
for equity index/stock options, which are released on final
settlement/squaring-up of underlying contracts, are disclosed under
Current Assets.
As at the Balance Sheet date, Profit and Loss statement on hedged
transactions is recognized on net basis. In case of other transactions,
in the case of long positions, provision is made for the amount by
which the premium paid for those options exceeds the premium prevailing
on the Balance Sheet date, and in the case of short positions, for the
amount by which premium prevailing on the Balance Sheet date exceeds
the premium received for those options. The premium paid or received as
the case may be, after the aforesaid provision, is disclosed in Current
Assets.
When the option contracts are squared-up before expiry of the options,
the profit and loss on account of difference in the premium paid /
received is recognized in Profit and Loss statement. On expiry of the
contracts and on exercising the options, the difference between final
settlement price and the strike price is transferred to the Profit and
Loss statement. In, both the above cases premium paid or received for
buying or selling the option, as the case may be, is recognised in the
Profit and Loss statement for all squared- up/stetted contracts.
Mar 31, 2010
A Basis of preparation of accounts
The financial statements have been prepared to comply in all material
respects with the Accounting Standards notified by the Companies
Accounting Standards Rules, 2006 and the relevant provisions of the
Companies Act, 1956. The financial statements have been prepared under
the historical cost convention on an accrual basis except in case of
assets for which provision for impairment is made and revaluation is
carried out. The accounting policies applied by the Company 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 managements best
knowledge of current events and actions, actual results could differ
from these estimates.
c Fixed Assets
i) Tangible assets
Fixed Assets are stated at cost of acquisition inclusive of duties (net
of CENVAT and other credits, wherever applicable), taxes, incidental
expenses, erection / commissioning expenses and borrowing costs etc. up
to the date the assets are ready for their intended use. Fixed Assets
retired from active use are valued at net realisable value.
ii) Intangible assets
Intangible assets are stated at cost less accumulated amortisation.
d Depreciation
Depreciation on Fixed Assets is provided on straight line method at the
rates prescribed in Schedule XIV of the Companies Act, 1956 or at rates
determined based on the useful life of the assets, whichever is higher.
In case of impairment, if any, depreciation is provided on the revised
carrying amount of the assets over their remaining useful life.
e Impairment of assets
The carrying amount of assets is reviewed at each Balance Sheet date to
determine if there is any indication of impairment thereof based on
external / internal factors. An impairment loss is recognized wherever
the carrying amount of an asset exceeds its recoverable amount, which
represents the greater of the net selling price of assets and their
Ãvalue in use. The estimated future cash flows are discounted to their
present value at appropriate rate arrived at after considering the
prevailing interest rates and weighted average cost of capital.
f Investments
Investments that are readily realisable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long-term. Current investments are
carried at lower of cost and fair value determined on an individual
investment basis. Long-term investments are carried at cost, but
provision for diminution in value is made to recognise a decline other
than temporary in the value of such investments.
g Inventories
Inventories of shares and securities are valued at lower of cost or
market value and inventory of property is valued at lower of cost or
net realizable value.
h Revenue recognition
Revenue (income) is recognised when no significant uncertainty as to
determination/realisation exists.
Sale of goods
Revenue is recognised when the significant risks and rewards of
ownership of the goods have passed to the buyer.
Insurance and other claims / refunds
Revenue, due to uncertainty in realisation, are accounted for on
acceptance / actual receipt basis.
Interest
Revenue is recognised on a time proportion basis taking into account
the amount outstanding and the rate applicable.
Dividends
Dividend is recognised when the shareholders right to receive payment
is established by the Balance Sheet date.
i Retirement and other employee benefits
Retirement benefit in the form of Provident Fund is a defined
contribution scheme and the contributions are charged to the Profit and
Loss Account of the year when the contributions to the respective funds
are accrued. There are no obligations other than the contribution
payable to the respective trusts. Gratuity liability is a defined
benefit obligation and is provided for on the basis of actuarial
valuation made at the end of each financial year. Short term
compensated absences are provided for based on estimates. Long term
compensated absences are provided for based on actuarial valuation.
Actuarial gains/losses are immediately taken to profit and loss account
and are not deferred.
j Taxation
Tax expense comprises of current and deferred tax. Current income-tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Ta x Act,1961.
Deferred tax is recognized on a prudent basis for timing differences,
being difference between taxable and accounting income/expenditure that
originate in one period and are capable of reversal in one or more
subsequent period(s). Deferred tax asset is recognised on carry
forward of unabsorbed depreciation and tax losses only if there is
virtual certainty that such asset can be realised against future
taxable income. Unrecognised deferred tax asset of earlier years are
re-assessed and recognised to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised.
MAT credit is recognised as an asset only when and to the extent there
is convincing evidence that the Company will pay normal income tax
during the specified period. In the year in which the Minimum
Alternative Ta x (MAT) credit becomes eligible to be recognized as an
asset in accordance with the recommendations contained in guidance Note
issued by the Institute of Chartered Accountants of India, the said
asset is created by way of a credit to the profit and loss account and
shown as MAT Credit Entitlement. The Company reviews the same at each
Balance Sheet date and writes down the carrying amount of MAT Credit
Entitlement to the extent there is no longer convincing evidence to the
effect that Company will pay normal Income Ta x during the specified
period.
k Earning per share
Earning per share is calculated by dividing the net profit or loss for
the period attributable to equity shareholders, by the weighted average
number of equity shares outstanding during the period.
l Segment reporting
i) Identification of segments
The Company has identified that its operating segments are the primary
segments. The Companys operating businesses are organized and managed
separately according to the nature of products, with each segment
representing a strategic business unit and offering different products
and serving different markets.
ii) Allocation of common costs
Common allocable costs are inter-se allocated to segments based on the
basis most relevant to the nature of the cost concerned. Revenue and
expenses, which relate to the enterprise as a whole and are not
allocable to segment on a reasonable basis, are included under the head
unallocated expense / income.
m Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank
and in hand and short-term investments with an original maturity of
three months or less.
n Contingent liabilities
Liabilities which are material and whose future outcome cannot be
ascertained with reasonable certainty, are treated as contingent and
disclosed by way of notes to the accounts.
o Provisions
A provision is recognised when the company has a present obligation as
a result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimate can be made. Provisions (excluding retirement benefits) 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 date and adjusted to reflect the
current best estimates.
p Equity index/stock- Futures
Initial Margin and additional margin paid, for entering into contracts
for equity index/stock futures, which are released on final
settlement/squaring-up of underlying contracts, are disclosed under
Current Assets, Loans and Advances. Equity index/stock futures are
marked-to-market on a daily basis. Debit or credit balance disclosed
under Current Assets, Loans and Advances or Current Liabilities,
respectively represents the net amount paid or received on the basis of
movement in the prices of index/stock futures till the Balance Sheet
date.
As on the Balance Sheet date, profit/loss on open positions in
index/stock futures are accounted for as follows : Profit and loss on
hedged transactions are recognized on net basis. In respect of other
transactions, credit balance being anticipated profit is ignored and no
credit for the same is taken in the profit and loss account. Debit
balance being anticipated loss is adjusted in the Profit and Loss
Account.
On final settlement or squaring-up of contracts for equity index/stock
futures, the profit or loss is calculated as the difference between
settlement/squaring-up price and contract price. Accordingly, debit or
credit balance pertaining to the settled/squared-up contract is
recognised in the Profit and Loss Account.
q Equity index/stock - Options
Initial margin and additional margin paid for entering into contracts
for equity index/stock options, which are released on final
settlement/squaring-up of underlying contracts, are disclosed under
Current Assets, Loans and Advances.
As at the Balance Sheet date, Profit and Loss Account on hedged
transactions is recognized on net basis. In case of other transactions,
in the case of long positions, provision is made for the amount by
which the premium paid for those options exceeds the premium prevailing
on the Balance Sheet date, and in the case of short positions, for the
amount by which premium prevailing on the Balance Sheet date exceeds
the premium received for those options. The premium paid or received
as the case may be, after the aforesaid provision, is disclosed in
Current Assets or Current Liabilities.
When the option contracts are squared-up before expiry of the options,
the Profit and Loss on account of difference in the premium paid /
received is recognized in Profit and Loss Account. On expiry of the
contracts and on exercising the options, the difference between final
settlement price and the strike price is transferred to the Profit and
Loss Account. In both the above cases, premium paid or received for
buying or selling the option, as the case may be, is recognised in the
Profit and Loss Account for all squared-up/stetted contracts.
Mar 31, 2009
A Basis of preparation of accounts
The financial statements have been prepared to comply in all material
respects with the Accounting Standards notified by the Companies
Accounting Standards Rules, 2006 and the relevant provisions of the
Companies Act, 1 956. The financial statements have been prepared under
the historical cost convention on an accrual basis except in case of
assets for which provision for impairment is made and revaluation is
carried out. The accounting policies applied by the Company 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 managements best
knowledge of current events and actions, actual results could differ
from these estimates.
c Fixed Assets
i) Tangible Assets
Fixed Assets are stated at cost of acquisition inclusive of duties (net
of CENVAT and other credits, wherever applicable), taxes, incidental
expenses, erection / commissioning expenses and borrowing costs etc. up
to the date the assets are ready for their intended use.
Fixed Assets retired from active use are valued at net realisable
value.
ii) Intangible Assets
Intangible Assets are stated at cost less accumulated amortisation.
Goodwill arising on amalgamation is amortised over a period of ten
years.
d Depreciation
Depreciation on Fixed Assets is provided on straight line method at the
rates prescribed in Schedule XIV of the Companies Act, 1 956 or at
rates determined based on the useful life of the assets, whichever is
higher.
In case of impairment, if any, depreciation is provided on the revised
carrying amount of the assets over their remaining useful life.
Assets created but not owned by the Company are amortised over a period
of five years.
e Impairment of Assets
The carrying amount of assets is reviewed at each balance sheet date to
determine if there is any indication of impairment thereof based on
external / internal factors. An impairment loss is recognised wherever
the carrying amount of an asset exceeds its recoverable amount, which
represents the greater of the net selling price of assets and their
value in use. The estimated future cash flows are discounted to their
present value at appropriate rate arrived at after considering the
prevailing interest rates and weighted average cost of capital.
f Investments
Investments that are readily realisable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long-term. Current investments are
carried at lower of cost and fair value determined on an individual
investment basis. Long-term investments are carried at cost, but
provision for diminution in value is made to recognise a decline other
than temporary in the value of such investments.
g Inventories
Inventories of shares and securities are valued at lower of cost or
market value and inventory of property is valued at lower of cost or
net realisable value.
h Revenue recognition
Revenue (income) is recognised when no significant uncertainty as to
determination/realisation exists.
Sale of goods
Revenue is recognised when the significant risks and rewards of
ownership of the goods have passed to the buyer.
Insurance and other claims / refunds
Revenue, due to uncertainty in realisation, are accounted for on
acceptance / actual receipt basis.
Interest
Revenue is recognised on o time proportion basis taking into account
the amount outstanding and the rate applicable.
Dividends
Dividend is recognised when the shareholders right to receive payment
is established by the Balance Sheet date. Dividend from subsidiaries
is recognised even if same are declared after the Balance Sheet date
but pertains to period on or before the dtae of Balance Sheet as per
the requirement of schedule VI of the Companies Act, 1956.
i Retirement and other employee benefits
Retirement benefit in the form of Provident Fund is a defined
contribution scheme and the contributions are charged to the Profit and
Loss Account of the year when the contributions to the respective funds
are accrued. There are no obligations other than the contribution
payable to the respective trusts.
Gratuity liability is a defined benefit obligation and is provided for
on the basis of actuarial valuation made at the end of each financial
year.
Short term compensated absences are provided for based on estimates.
Long term compensated absences are provided for based on actuarial
valuation.
Actuarial gains/losses are immediately taken to Profit and Loss Account
and are not deferred.
j Borrowing costs
Borrowing costs relating to the acquisition / construction of
qualifying assets are capitalised until the time all substantial
activities necessary to prepare the qualifying assets for their
intended use are complete. A qualifying asset is one that necessarily
takes substantial period of time to get ready for its intended use. All
other borrowing costs are charged to revenue.
k Taxation
Tax expense comprises of current, deferred and fringe benefits tax.
Current income-tax and fringe benefit tax are measured at the amount
expected to be paid to the tax authorities in accordance with the
Indian Income Tax Act, 1961.
Deferred tax is recognised on a prudent basis for timing differences,
being difference between taxable and accounting income/expenditure that
originate in one period and are capable of reversal in one or more
subsequent period(s). Deferred tax asset is recognised on carry
forward of unabsorbed depreciation and tax losses only if there is
virtual certainty that such asset can be realised against future
taxable income. Unrecognised deferred tax asset of earlier years are
re-assessed and recognised to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised.
MAT credit is recognised as an asset only when and to the extent there
is convincing evidence that the Company will pay normal income tax
during the specified period. In the year in which the Minimum
Alternative Tax (MAT) credit becomes eligible to be recognised as an
asset in accordance with the recommendations contained in guidance Note
issued by the Institute of Chartered Accountants of India, the said
asset is created by way of a credit to the Profit and Loss Account and
shown as MAT Credit Entitlement. The Company reviews the same at each
Balance Sheet date and writes down the carrying amount of MAT Credit
Entitlement to the extent there is no longer convincing evidence to the
effect that Company will pay normal Income Tax during the specified
period.
I Earnings per share
Earnings per share is calculated by dividing the net profit or loss for
the period attributable to equity shareholders, by the weighted average
number of equity shares outstanding during the period.
m Segment reporting
i) Identification of segments
The Company has identified that its operating segments are the primary
segments. The Companys operating businesses are organised and managed
separately according to the nature of products, with each segment
representing a strategic business unit and offering different products
and serving different markets.
ii) Allocation of common costs
Common allocable costs are inter-se allocated to segments based on the
basis most relevant to the nature of the cost concerned. Revenue and
expenses, which relate to the enterprise as a whole and are not
allocable to segment on a reasonable basis, are included under the head
unallocated expense / income.
n Cash and cash equivalents
Cash and cash equivalents in the Balance Sheet comprise cash at bank
and in hand and short-term investments with an original maturity of
three months or less.
o Contingent liabilities
Liabilities which are material and whose future outcome cannot be
ascertained with reasonable certainty, are treated as contingent and
disclosed by way of notes to the accounts.
p Provisions
A provision is recognised when the company has a present obligation as
a result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimate can be made. Provisions (excluding retirement benefits) 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.
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