Statement of Assets and Liabilities for last Five Years and Latest ...

c) In respect of forward exchange contracts entered into by the company, the differencebetween forward rate and exchange rate on the date of transaction are recognised asincome or expense over the life of the contract.d) The portion of the Foreign Currency Loans swapped into Indian Rupee is stated at thereference rate fixed in the swap transactions, and not translated at the year end rate.e) Increase/Decrease in foreign currency loans and interest liability thereon on accountof exchange rate variation relating to Leased assets, if not recoverable separately fromthe lessee under the lease agreements, is adjusted in the Profit & Loss Account.4) InvestmentsInvestments are classified into long term investments and current investments based onintent of management at the time of making the investment. Investments intended to beheld for more than one year, are classified as long-term investments.Current investments are valued at lower of cost or market value. Long-term investmentsare valued at cost unless there is depreciation, other than temporary, in their value.5) Leased AssetsLease arrangements where the risks and rewards incidental to ownership of an assetsubstantially vest with the lessee , are recognised as financial leases and are shown asReceivable in the Balance Sheet at an amount equal to the net investment in the lease,as per Accounting Standard-19 ‘Leases’ issued by the Institute of CharteredAccountants of India.6) Fixed AssetsFixed assets are stated at cost, less accumulated depreciation. Costs include all expensesincurred to bring the assets to their present location and condition.Depreciation on fixed assets is charged on straight line method at the rates prescribed inSchedule XIV to the Companies Act, 1956, on pro-rata basis.7) Assignment of Lease Receivables:Gain or loss resulting from Assignment of an identified stream of Lease Receivables infavour of an investor is accounted for in the year of transaction.8) Bond Issue Expenses and Expenses on Loans, Leasesa) Bond Issue expenses including management fee on issue of bonds (except discount ondeep discount bonds) incurred during the year are charged to Profit and Loss Account.Upfront discount on deep discount bonds is amortised over the tenor of the bonds.b) Documentation, processing & other charges paid on Long Term Loans are charged tothe Profit & Loss Account in the year loan is sanctioned / availed.9) Taxes on IncomeProvision for current tax is made in accordance with the provisions of the Income TaxAct, 1961.Deferred tax expense or benefit is recognised on timing differences, being thedifference between taxable income and accounting income, that originate in one period