1 SIGNIFICANT ACCOUNTING POLICIES FOR THE YEAR ENDED 31.03.2024
A Basis of preparation of financial Statements
The standalone Ind AS financial statements of the company have been prepared in accordance with Indian Accounting Standards (Ind AS) under the
historical cost convention on the accrual basis, the provision of the Companies Act, 2013 (to the extent notified) and guideline issued by Securities and
Exchange Board of India (SEBI). The Ind AS are prescribed under section 133 of the Act read with rule 3 of the Companies (Indian Accounting Standards)
Rules, 2015 and Companies (Indian Accounting Standards) Amendment rules, 2016.
The Company has adopted all the Ind AS and the adoption was carried out in accordance with Ind AS 101 first time adoption of Indian Accounting
Standards generally accepted in India as prescribed under section 133 of the Act read with rule 7 of Companies (Accounts) Rules, 2016 which was the
previous GAAP.
The accounting policies adopted in the preparation of standalone Ind AS financial statement are consistent with those of previous year.
B Use Of Estimates
The preparation of the financial statements in conformity with Ind AS requires management to make estimates, judgements and assumptions. These
estimates, judgements and assumptions effect the application of the accounting policies and the reported amounts of assets and liabilities, the disclosures of
contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenditure during the period. Application of
accounting policies that require critical accounting estimates involving complex and subjective judgements and the use of assumptions in these financial
statements have been disclosed below. Accounting estimates could change from period to period. Actual results could differ from those estimates.
Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding these estimates. Changes in estimates
are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial
statements.
C Revenue Recognition
Revenue is recognized to the extent it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
i. Sales are accounted for on dispatch of goods to customers. Sales are accounted for net of Sales return.
ii. Revenue from services are recognised as and when they are rendered.
iii. Interest Income is recognized on accrual basis.
iiii. Dividend Income is accounted on accrual basis when the right to receive the dividend is established.
D Property, plant and equipment:
Fixed assets are stated at cost of acquisition less accumulated depreciation if any. Costs directly attributable to acquisition are capitalized until the
property, plant and equipment are ready to use, as intended by management. The company depreciates property, plant and equipment over their estimated
useful lives using the straight-line method.
E Intangible assets:
Intangible assets are stated at cost less accumulated amortization and impairment .Intangible assets are amortized over the irrespective individual estimated
useful lives on a straight - line basis .from the date that they are available for use The estimated useful life of an identifiable intangible asset is based on a
number of factors including the effects of obsolescence .demand .competition ,and other economic factors (such as the stability of the industry ,and known
technological advances ), and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Amortization
methods and useful lives are reviewed periodically including at each financial year end.
F Foreign Currency
Functional Currency
The functional currency of the company is the Indian Rupee.
Transactions and translations
Foreign-currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the balance
sheet date. The gains or losses resulting from such translations are included in net profit in the Statement of Profit and Loss. Non-monetary assets and non¬
monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair
value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated
at the exchange rate prevalent at the date of the transaction.
Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the
transaction is settled. Revenue, expense and cashflow items denominated in foreign currencies are translated into the relevant functional currencies using
the exchange rate in effect on the date of the transaction.
G Employee Benefits
a. Short Term Employee Benefits are recognized as an expense at the undiscounted amount in the profit and loss account of the year in which the related
service is rendered.
b. Post employment benefits are recognized as an expense in the Profit and Loss account for the year in which the employee has rendered services. The
defined benefit obligation is provided for on the basis of an actuarial valuation on projected unit cost method.
c. Long Term employee benefits are recognized as an expense in the Profit and Loss account for the year in which the employee has rendered services. The
liabilities on account of leave encashment have been provided on basis of an actuarial valuation on projected unit cost method.
E Leases:
The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception of the lease. The
arrangement is, or contains, a lease if fulfillment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a
right to use the asset or assets, even if that right is not explicitly specified in an arrangement.
i. Finance leases:
Leases where the Company has substantially transferred all the risks and rewards of ownership of the related assets are classified as finance leases. Assets
under finance lease are capitalised at the commencement of the lease at the lower of the fair value or the present value of minimum lease payments and a
liability is created for an equivalent amount.
Each lease rental paid is allocated between the liability and the interest cost, so as to obtain a constant periodic rate of interest on the outstanding liability
for each period.
Assets given under a finance lease are recognised as a receivable at an amount equal to the net investment in the lease. Lease income is recognised over the
period of the lease so as to yield a constant rate of return on the net investment in the lease.
it Company under Operating leases:
The leases which are not classified as finance lease are operating leases.
The Company as a lessee The Company accounts for each lease component within the contract as a lease separately from non-lease components of the
contract and allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and
the aggregate stand-alone price of the non-lease components.
The Company recognises right-of-use asset representing its right to use the underlying asset for the lease term at the lease commencement date. The cost of
the right-of-use asset measured at inception shall comprise of the amount of the initial measurement of the lease liability adjusted for any lease payments
made at or before the commencement date less any lease incentives received, plus any initial direct costs incurred and an estimate of costs to be incurred by
the lessee in dismantling and removing the underlying asset or restoring the underlying asset or site on which it is located. The right of use assets is
measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the
balance sheet immediately before the date of initial application,
The Company measures the lease liability at the present value of the lease payments that are not paid at the commencement date of the lease. The lease
payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily Determined, the
Company uses incremental borrowing rate. For leases with reasonably similar characteristics, the Company, on a lease by lease basis, may adopt either the
incremental borrowing rate specific to the lease or the incremental borrowing rate for the portfolio as a whole. The lease payments shall include fixed
payments, variable lease payments, residual value guarantees, exercise price of a purchase option where the Company is reasonably certain to exercise that
option and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease liability
is subsequently remeasured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease
payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease
payments. The Company recognises the amount of the re-measurement of lease liability due to modification as an adjustment to the right-of-use asset and
statement of profit and toss depending upon the nature of modification. Where the carrying amount of the right-of-use asset is reduced to zero and there is
a further reduction in the measurement of the lease liability, the Company recognizes any remaining amount of the re-measurement in statement of profit
and loss.
The Company has elected not to apply the requirements of Ind AS 116 Leases to short-term leases of all assets that have a lease term of 12 months or less
and leases for which the underlying asset is of low value. The lease payments associated with these leases are recognised as an expense on a straight-line
basis over the lease term.
F Taxation
a. Provision For current tax is made with reference to taxable income computed for the accounting period, for which the financial statements are prepared
by applying the tax rates as applicable.
b. Deferred tax is recognised subject to the consideration of prudence, on timing differences being the difference between taxable income and accounting
income that originate in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and
laws enacted or substantively enacted as on the Balance Sheet date. Deferred tax assets are recognized and carried forward to extent that there is a
reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.
G Borrowing Cost:
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying
asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.
H Financial instruments:
Financial assets and financial liabilities are recognised in the Company’s balance sheet when the Company becomes a party to the contractual provisions of
the instrument.
Recognised financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or
issue of financial assets and financial liabilities (other than financial assets and financial liabilities at FVTPL) are added to or deducted from the fair value
of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial
assets or financial liabilities at FVTPL are recognised immediately in profit or loss,
A financial asset and a financial liability is offset and presented on net basis in the balance sheet when there is a current legally enforceable right to set-off
the recognised amounts and it is intended to either settle on net basis or to realise the asset and settle the liability' simultaneously.
i) Financial assets
a. Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) if these financial assets are held within a business model
whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates
to cash flows that are solely payments of principal and interest on the principal amount outstanding.
b. Financial assets at fair value through other comprehensive income (FVTOCI)
Financial assets are measured at fair value through other comprehensive income if these financial assets are held within a business model whose objective
is achieved by both collecting contractual cash flows that give rise on specified dates to sole payments of principal and interest on the principal amount
outstanding and by selling financial assets.
c. Debt instruments at amortised cost or at FVTOCI
The Company assesses the classification and measurement of a financial asset based on the contractual cash flow characteristics of the asset and the
Company’s business model for managing the asset.
For an asset to be classified and measured at amortised cost, its contractual terms should give rise to cash flows that are solely payments of principal and
interest on the principal outstanding (SPPI).
For an asset to be classified and measured at FVTOCI, the asset is held within a business model whose objective is achieved both by collecting contractual
cash flows and selling financial assets; and the contractual terms of instrument give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
The Company has more than one business model for managing its financial instruments which reflect how the Company manages its financial assets in
order to generate cash flows. The Company's business models determine whether cash flows will result from collecting contractual cash flows, selling
financial assets or both.
The Company considers all relevant information available when making the business model assessment. However this assessment is not performed on the
basis of scenarios that the Company does not reasonably expect to occur, such as so-called worst case’ or 'stress case' scenarios. The Company takes info
account all relevant evidence available such as:
i. how the performance of the business model and the financial assets held within that business model are evaluated and reported to the entity's key
management personnel;
ii. the risks that affect the performance of the business model (and the financial assets held within that business model) and, in particular, the way in which
those risks are managed; and
iii. how managers of the business are compensated (e.g. whether the compensation is based on the fair value of the assets managed or on the contractual
cash flows collected).
The Company reassess its business models each reporting period to determine whether the business models have changed since the preceding period. For
the current and prior reporting period the Company has not identified a change in its business models.
When a debt instrument measured at FVTOCI is derecognised, the cumulative gain/loss previously recognised in OCl is reclassified from equity to profit
or loss. In contrast, for an equity investment designated as measured at FVTOCI, the cumulative gain/loss previously recognised in OCI is not subsequently
Debt instruments that are subsequently measured at amortised cost or at FVTOCI are subject to impairment.
d. Financial assets at fair value through profit or loss (FVTPL)
Financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through other comprehensive
income on initial recognition. The transaction costs directly attributable to the acquisition of financial assets and liabilities at fair value through profit or
loss are immediately recognised in profit or loss.
e. De-recognition
A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar financial assets) is primarily de-recognised when:
i. The rights to receive cash flows from the asset have expired, or
ii. The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without
iii. Either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained
The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.
ii) Financial liabilities
a. Financial liabilities, including derivatives, which are designated for measurement at FVTPL are subsequently measured at fair value. Financial guarantee
contracts are subsequently measured at the amount of impairment loss allowance or the amount recognised at inception net of cumulative amortisation,
whichever is higher.
b. A financial liability is derecognised when the related obligation expires or is discharged or cancelled.
I Impairment:
The Company recognises loss allowances for ECLs on the following financial instruments that are not measured at FVTPL:
i. Loans and advances to customers;
ii. Debt investment securities;
iii. Trade and other receivable;
iv. Lease receivables;
v. Irrevocable loan commitments issued; and
vi. Financial guarantee contracts issued.
Credit-impaired financial assets
A financial asset is 'credit-impaired' when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have
occurred. Credit-impaired financial assets are referred to as Stage 3 assets. Evidence of credit impairment includes observable data about the following
events:
i. significant financial difficulty of the borrower or issuer;
ii. a breach of contract such as a default or past due event;
iii. the lender of the borrower, for economic or contractual reasons relating to the borrower's financial difficulty, having granted to the borrower a
iv. the disappearance of an active market for a security because of financial difficulties; or
v. the purchase of a financial asset at a deep discount that reflects the incurred credit losses.
It may not be possible to identify a single discrete event-instead, the combined effect of several events may have caused financial assets to become credit-
impaired. The Company assesses whether debt instruments that are financial assets measured at amortised cost or FVTOCI are credit-impaired at each
reporting date. To assess if corporate debt instruments are credit impaired, the Company considers factors such as bond yields, credit ratings and the ability
of the borrower to raise funding.
A loan is considered credit-impaired when a concession is granted to the borrower due to a deterioration in the borrower's financial condition, unless there
is evidence that as a result of granting the concession the risk of not receiving the contractual cash flows has reduced significantly and there are no other
indicators of impairment. For financial assets where concessions are contemplated but not granted the asset is deemed credit impaired when there is
observable evidence of credit-impairment including meeting the definition of default. The definition of default (see below) includes unlikeliness to pay
indicators and a back-stop if amounts are overdue for 90 days or more.
Significant increase in credit risk
The Company monitors all financial assets and financial guarantee contracts that are subject to the impairment requirements to assess whether there has
been a significant increase in credit risk since initial recognition. If there has been a significant increase in credit risk the Company will measure the loss
allowance based on lifetime rather than 12-month ECL.
In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Company compares the risk of a
default occurring on the financial instrument at the reporting date based on the remaining maturity of the instrument with the risk of a default occurring
that was anticipated for the remaining maturity at the current reporting date when the financial instrument was first recognised. In making this assessment,
the Company considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-
looking information that is available without undue cost or effort, based on the Company's historical experience and expert credit assessment.
Given that a significant increase in credit risk since initial recognition is a relative measure, a given change, in absolute terms, in the Probability of Default
will be more significant for a financial instrument with a lower initial PD than compared to a financial instrument with a higher PD.
As a back-stop when loan asset not being a corporate loans becomes 30 days past due, the Company considers that a significant increase in credit risk has
occurred and the asset is in stage 2 of the impairment model, i.e. the loss allowance is measured as the lifetime ECL in respect of all retail assets. In respect
of the corporate loan assets, shifting to Stage 2 has been rebutted using historical evidence from own portfolio to a threshold of 60 days past due, which is
reviewed annually.
Purchased or originated credit-impaired (POCI) financial assets
POCl financial assets are treated differently because the asset is credit-impaired at initial recognition. For these assets, the Company recognises all changes
in lifetime ECL since initial recognition as a loss allowance with any changes recognised in profit or loss. A favourable change for such assets creates an
impairment gain.
Definition of default
Critical to the determination of ECL is the definition of default The definition of default is used in measuring the amount of ECL and in the determination
of whether the loss allowance is based on 12-month or lifetime ECL, as default is a component of the probability of default (PD) which affects both the
measurement of ECLs and the identification of a significant increase in credit risk.
The Company considers the following as constituting an event of default:
i. the borrower is past due more than 90 days on any material credit obligation to the Company; or
ii. the borrower is unlikely to pay its credit obligations to the Company in full.
The definition of default is appropriately tailored to reflect different characteristics of different types of assets.
When assessing if the borrower is unlikely to pay its credit obligation, the Company takes into account both qualitative and quantitative indicators. The
information assessed depends on the type of the asset, for example in corporate lending a qualitative indicator used is the admittance of bankruptcy petition
by National Company Law Tribunal, which is not relevant for retail lending. Quantitative indicators, such as overdue status and non-payment on another
obligation of the same counterparty are key inputs in this analysis. The Company uses a variety of sources of information to assess default which are either
developed internally or obtained from external sources. The definition of default is applied consistently to all financial instruments unless information
becomes available that demonstrates that another default definition is more appropriate for a particular financial instrument.
With the exception of POCI financial assets (which are considered separately below), ECLs are required to be measured through a loss allowance at an
amount equal to:
i. 12-month ECL, i.e. lifetime ECL that result from those default events on the financial instrument that are possible within 12 months after the reporting
date, (referred to as Stage 1); or
ii. full lifetime ECL, i.e. lifetime ECL that result from all possible default events over the life of the financial instrument, (referred to as Stage 2 and Stage
A loss allowance for full lifetime ECL is required for a financial instrument if the credit risk on that financial instrument has increased significantly since
initial recognition (and consequently to credit impaired financial assets). For all other financial instruments, ECLs are measured at an amount equal to the
12-month ECL.
ECLs are a probability-weighted estimate of the present value of credit losses. These are measured as the present value of the difference between the cash
flows due to the Company under the contract and the cash flows that the Company expects to receive arising from the weighting of multiple future
economic scenarios, discounted at the asset's EIR.
For financial guarantee contracts, the ECL is the difference between the expected payments to reimburse the holder of the guaranteed debt instrument less
any amounts that the Company expects to receive from the holder, the debtor or any other party.
The Company measures ECL on an individual basis, or on a collective basis for portfolios of loans that share similar economic risk characteristics.
J Modification and derecognition of financial assets:
A modification of a financial asset occurs when the contractual terms governing the cash flows of a financial asset are renegotiated or otherwise modified
between initial recognition and maturity of the financial asset. A modification affects the amount and/or timing of the contractual cash flows either
immediately or at a future date. In addition, the introduction or adjustment of existing covenants of an existing loan may constitute a modification even if
these new or adjusted covenants do not yet affect the cash flows immediately but may affect the cash flows depending on whether the covenant is or is not
met (e.g. a change to the increase in the interest rate that arises when covenants are breached).
The Company renegotiates loans to customers in financial difficulty to maximise collection and minimise the risk of default. A loan forbearance is granted
in cases where although the borrower made all reasonable efforts to pay under the original contractual terms, there is a high risk of default or default has
already happened and the borrower is expected to be able to meet the revised terms. The revised terms in most of the cases include an extension of the
maturity of the loan, changes to the timing of the cash flows of the loan (principal and interest repayment), reduction in the amount of cash flows due
(principal and interest forgiveness) and amendments to covenants.
When a financial asset is modified the Company assesses whether this modification results in derecognition. In accordance with the Company's policy a
modification results in derecognition when it gives rise to substantially different terms. To determine if the modified terms are substantially different from
the original contractual terms the Company considers the following:
i. Qualitative factors, such as contractual cash flows after modification are no longer SPPI,
ii. Change in currency or change of counterparty,
iii. The extent of change in interest rates, maturity, covenants.
If these do not clearly indicate a substantial modification, then;
a. In the case where the financial asset is derecognised the loss allowance for ECL is remeasured at the date of derecognition to determine the net carrying
amount of the asset at that date. The difference between this revised carrying amount and the fair value of the new financial asset with the new terms will
lead to a gain or loss on derecognition. The new financial asset will have a loss allowance measured based on 12-month ECL except in the rare occasions
where the new loan is considered to be originated-credit impaired. This applies only in the case where the fair value of the new loan is recognised at a
significant discount to its revised par amount because there remains a high risk of default which has not been reduced by the modification. The Company
monitors credit risk of modified financial assets by evaluating qualitative and quantitative information, such as if the borrower is in past due status under
the new terms.
b. When the contractual terms of a financial asset are modified and the modification does not result in derecognition, the Company determines if the
financial asset's credit risk has increased significantly since initial recognition by comparing:
i. the remaining lifetime PD estimated based on data at initial recognition and the original contractual terms; with
ii. the remaining lifetime PD at the reporting date based on the modified terms.
For financial assets modified, where modification did not result in derecognition, the estimate of PD reflects the Company’s ability to collect the modified
cash flows taking into account the Company's previous experience of similar forbearance action, as well as various behavioural indicators, including the
borrower's payment performance against the modified contractual terms. If the credit risk remains significantly higher than what was expected at initial
recognition the loss allowance will continue to be measured at an amount equal to lifetime ECL. The loss allowance on forborne loans will generally only
be measured based on 12-month ECL when there is evidence of the borrower's improved repayment behaviour following modification leading to a reversal
of the previous significant increase in credit risk.
Where a modification does not lead to derecognition the Company calculates the modification gain/loss comparing the gross carrying amount before and
after the modification (excluding the ECL allowance). Then the Company measures ECL for the modified asset, where the expected cash flows arising
from the modified financial asset are included in calculating the expected cash shortfalls from the original asset.
The Company derecognises a financial asset only when the contractual rights to the asset’s cash flows expire (including expiry arising from a modification
with substantially different terms), or when the financial asset and substantially all the risks and rewards of ownership of the asset are transferred to
another entity. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred
asset, the Company recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains
substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also
recognises a collateralised borrowing for the proceeds received.
On derecognition of a financial asset in its entirety, the difference between the asset's carrying amount and the sum of the consideration received and
receivable and the cumulative gain/loss that had been recognised in OCI and accumulated in equity is recognised in profit or loss, with the exception of
equity investment designated as measured at FVTOCI, where the cumulative gain/loss previously recognised in OCI is not subsequently reclassified to
profit or loss.
On derecognition of a financial asset other than in its entirety (e.g. when the Company retains an option to repurchase part of a transferred asset), the
Company allocates the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the
part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount
allocated to the part that is no longer recognised and the sum of the consideration received for the part no longer recognised and any cumulative gain/loss
allocated to it that had been recognised in OCI is recognised in profit or loss. A cumulative gain/loss that had been recognised in OCI is allocated between
the part that continues to be recognised and the part that is no longer recognised on the basis of the relative fair values of those parts. This does not apply
for equity investments designated as measured at FVTOCI, as the cumulative gain/loss previously recognised in OCI is not subsequently reclassified to
profit or loss.
K Presentation of allowance for ECL in the Balance Sheet
Loss allowances for ECL are presented in the statement of financial position as follows:
i. for financial assets measured at amortised cost: as a deduction from the gross carrying amount of the assets;
ii. for debt instruments measured at FVTOO: no loss allowance is recognised in Balance Sheet as the carrying amount is at fair value.
L Cash and bank balances:
Cash and bank balances also include fixed deposits, margin money deposits, earmarked balances with banks and other bank balances which have
restrictions on repatriation. Short term and liquid investments being subject to more than insignificant risk of change in value, are not included as part of
cash and cash equivalents.
M Statement of cash flows:
Statement of cash flows is prepared segregating the cash flows into operating, investing and financing activities cash flow from operating activities is
reported using indirect method adjusting the net profit for the effects of:
i. changes during the period in operating receivables and payables transactions of a non-cash nature;
ii. non-cash items such as depreciation, provisions, deferred taxes, unrealised gains and losses; and
iii. all other items for which the cash effects are investing and financing cash flows.
N Earnings per share:
The Company presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss
attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per
share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding,
adjusted for own shares held, for the effects of all dilutive potential ordinary shares.
|