h. Revenue recognition :
Net value of sales of goods and services are considered under revenue from operation.
Income from services: Revenues from contracts priced on a time and material basis are recognized when services are rendered and related costs are incurred.
Other income:
Interest Income is accounted on accrual basis.
i. Foreign currency transactions and translations:
The foreign exchange earnings was Rs. Nil
The foreign exchange outgo was Rs. 149,43.15/- Lakhs (USD $ 1,77,84,539.64)
j. Earnings per share :
Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.
k. Taxes on income :
Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.
Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognized for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognized only if there is virtual certainty that there will be sufficient future taxable income available to realize such assets. Deferred tax assets are recognized for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realized. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their reliability Current and deferred tax relating to items directly recognized in equity is recognized in equity and not in the Statement of Profit and Loss.
m. Micro, Small and Medium Enterprises
According to the information and explanation provided to us, the Division has no amounts due to suppliers under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) as at 31-03-2024 to the extent such parties have been identified by the management.
p. The Contingent liability in respect of bill discounted under LC as on 31st March, 2024 amounts to Rs. 5,57.31/- Lakhs.
q. Previous Year Figures have been regrouped re-casted wherever necessary.
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