|
1. (i) LONG-TERM PROVISIONS :
(ii) The Accounting Standard-15 "Employee benefits", prescribed by the
Central Government, has become applicable to the company in its
entirety as our company is listed Company.
In formulating the accounting policy regarding employee benefits, we
were motivated by the fact that average number of employees during the
financial year, were 19 i.e. less than 50.
In similar circumstances, unlisted companies have been permitted to
calculate and account for the accrued liability under the head
"Gratuity", by some other rational method. Provisions of The Payment of
Gratuity Act, 1972 gives one such method. This is based on the
assumption that such benefits are payable to all employees at the end
of the accounting year.
The management still feels that the size of the company does not make
it feasible to provide Gratuity by way of actuarial valuation. Hence,
it is decided to continue with the same accounting policy.
2. DEFERRED TAX ASSETS / (LIABILITIES) (NET):
(a) Deferred tax is calculated and determined in accordance with the
requirements of Accounting Standard - 22 "Accounting for Taxes on
Income" and is subject to the concept of prudence, on timing difference
being the difference between taxable income and accounting income that
originate in one period and is capable of reversal in one or more
subsequent periods. Deferred tax assets are reviewed for their carrying
values at each balance sheet date and recognised only if there is
'reasonable certainty' that they will be realised in future. As at
31.03.2015 the recognised deferred tax liability/asset is as follows:-
(b) Net Deferred Tax Assets/(Liabilityj Rs. 440594/- (Previous Year Rs.
523325/-)
3. ADDITIONAL NOTES :
(i) (a) The company follows the Reserve Bank of India guidelines
applicable to Non Banking Financial Companies regarding assets
classification, provisioning and income recognition on non performing
assets and accounting for Investments.
(b) Information required to be disclosed in terms of paragraph 13 of
Non Banking Financial (Non Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007 is as under
4. In the financial year 2014-15, the Company has operated in only
one business segment, hence compliance of AS-17 regarding "Segment
Reporting" is not necessary.
5. Related party transactions:
There are no related party as described in Clauses (a) to (e) of
paragraph 3 of the Accounting Standard-18 "Related party disclosures"
issued by the Institute of Chartered Accountants of India.
6. CONTINGENT LIABILITIES:
CONTINGENT LIABILITY NOT PROVIDED FOR (2014-15) (2013-14)
Claims against the Company not acknowledged as debt Rs. NIL Rs. NIL
7. The figures have been rounded off to the nearest rupee.
8. Last year's figures have been regrouped and re-arranged wherever
necessary to conform to the figures of the current year.
|