Basis of brparation

The financial statements have been brpared and brsented under the historical cost convention, on the accrual basis of accounting and in accordance with the provisions of the Companies Act, 1956 (to the extent applicable), Companies Act 2013 (to the extent notified and applicable), the accounting principles generally accepted in India and comply with the accounting standards brscribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013, to the extent applicable.

All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle and other criteria set out in the revised Schedule VI.

Use of estimates

The brparation of financial statements in conformity with generally accepted accounting principles (‘GAAP’) in India requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and disclosure of contingent liabilities on the date of the financial statements. The estimates and assumptions used in the accompanying financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the date of financial statements which in management's opinion are prudent and reasonable. Actual results may differ from the estimates used in brparing the accompanying financial statements. Any revision to accounting estimates is recognised prospectively in current and future periods.

Basis of brparation

The financial statements have been brpared and brsented under the historical cost convention, on the accrual basis of accounting and in accordance with the provisions of the Companies Act, 1956 (to the extent applicable), Companies Act 2013 (to the extent notified and applicable), the accounting principles generally accepted in India and comply with the accounting standards brscribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013, to the extent applicable.

All assets and liabilities have been classified as current or non-current as per the Companys normal operating cycle and other criteria set out in the revised Schedule VI.

Use of estimates

The brparation of financial statements in conformity with generally accepted accounting principles (GAAP) in India requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and disclosure of contingent liabilities on the date of the financial statements. The estimates and assumptions used in the accompanying financial statements are based upon managements evaluation of the relevant facts and circumstances as of the date of financial statements which in management's opinion are prudent and reasonable. Actual results may differ from the estimates used in brparing the accompanying financial statements. Any revision to accounting estimates is recognised prospectively in current and future periods.

Short-term employee benefits:

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits.  These benefits include compensated absences such as paid privilege leave.  The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees is recognized during the year.

Post employment benefits:

            Defined benefit plans:

The Company’s gratuity benefit scheme is a defined benefit plan. The Company’s net obligation in respect of the gratuity benefit scheme is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its brsent value, and the fair value of any plan assets is deducted.

The brsent value of the obligation under such defined benefit plan is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. 

The obligation is measured at the brsent value of the estimated future cash flows. The discount rate used for determining the brsent value of the obligation under defined benefit plan, are based on the market yields on Government securities as at the balance sheet date. Short term portion of the provision is included in short term provisions as determined by the actuary.

Actuarial gains and losses are recognised immediately in the statement of profit and loss.