| NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2009 | ||||
| 1. | Significant Accounting Policies | |||
| l. | Government Grants | |||
| Grants of Capital nature and related to specific Fixed Assets are deducted from gross value of assets. Other grants of capital nature are credited to Capital Reserve. Grant related to revenue are recognised in the Profit and Loss Account on a systematic basis to match them with related costs. | ||||
| m. | Goodwill on Consolidation | |||
| Goodwill arising on consolidation are stated at cost. | ||||
| 2. | a. | The Consolidated Financial Statements have been prepared in accordance with Accounting Standard (AS) 21 'Consolidated Financial Statements' notified under Section 211(3C) of the Companies Act, 1956. | ||
| b. | The subsidiary [which along with Kesoram Industries Limited (Parent Company) constitute the Group] considered in the preparation of these Consolidated Financial Statements is - | |||
| Name | Country of Incorporation | Proportion of Ownership Interest as at 31st March, 2009 |
||
| Bulland Buildmart Private Limited | India | 100%# | ||
| # Subsidiary effective 1st July, 2008 | ||||
| c. | For preparation of these Consolidated Financial Statements, uniform accounting policies for like transactions and other events in similar circumstances have been adopted and presented to the extent possible, in the same manner as the Parent Company's separate Financial Statements. | |||
| d. | The financial statements of the Parent Company and its subsidiary have been combined on a line-by-line basis by adding together the book values of like items of assets, liabilities, income and expense, after adjustments / elimination of inter-company balances. | |||
