KYC is one time exercise with a SEBI registered intermediary while dealing in securities markets (Broker/ DP/ Mutual Fund etc.). | No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account.   |   Prevent unauthorized transactions in your account – Update your mobile numbers / email ids with your stock brokers. Receive information of your transactions directly from exchange on your mobile / email at the EOD | Filing Complaint on SCORES - QUICK & EASY a) Register on SCORES b) Mandatory details for filing complaints on SCORE - Name, PAN, Email, Address and Mob. no. c) Benefits - speedy redressal & Effective communication   |   BSE Prices delayed by 5 minutes... << Prices as on Apr 07, 2025 >>  ABB India 4969.1  [ -2.49% ]  ACC 1928.55  [ -1.97% ]  Ambuja Cements 525  [ -0.61% ]  Asian Paints Ltd. 2338.95  [ -0.68% ]  Axis Bank Ltd. 1048.95  [ -3.72% ]  Bajaj Auto 7309.1  [ -4.93% ]  Bank of Baroda 229.25  [ -2.13% ]  Bharti Airtel 1687.85  [ -3.18% ]  Bharat Heavy Ele 207.95  [ -3.01% ]  Bharat Petroleum 274.4  [ -1.79% ]  Britannia Ind. 5056.05  [ 0.62% ]  Cipla 1384.4  [ -2.20% ]  Coal India 377.5  [ -2.01% ]  Colgate Palm. 2389.1  [ -1.38% ]  Dabur India 451.45  [ -2.23% ]  DLF Ltd. 608.15  [ -7.02% ]  Dr. Reddy's Labs 1088.65  [ -1.90% ]  GAIL (India) 168.75  [ -4.53% ]  Grasim Inds. 2508.85  [ -4.12% ]  HCL Technologies 1375.3  [ -3.27% ]  HDFC Bank 1758.15  [ -3.24% ]  Hero MotoCorp 3529.65  [ -3.56% ]  Hindustan Unilever L 2250.15  [ 0.25% ]  Hindalco Indus. 562.4  [ -6.26% ]  ICICI Bank 1287.65  [ -3.54% ]  Indian Hotels Co 751.8  [ -6.04% ]  IndusInd Bank 676.2  [ -0.89% ]  Infosys L 1397.8  [ -3.75% ]  ITC Ltd. 406.05  [ -0.85% ]  Jindal St & Pwr 791.45  [ -6.83% ]  Kotak Mahindra Bank 2039.2  [ -4.40% ]  L&T 3070.85  [ -5.78% ]  Lupin Ltd. 1922.9  [ -2.45% ]  Mahi. & Mahi 2490.9  [ -4.11% ]  Maruti Suzuki India 11327.25  [ -1.34% ]  MTNL 41.14  [ -5.40% ]  Nestle India 2247.7  [ -0.61% ]  NIIT Ltd. 108.2  [ -6.68% ]  NMDC Ltd. 61.34  [ -5.75% ]  NTPC 350  [ -0.13% ]  ONGC 219.9  [ -2.70% ]  Punj. NationlBak 94.92  [ -1.73% ]  Power Grid Corpo 289.35  [ -1.51% ]  Reliance Inds. 1166.2  [ -3.20% ]  SBI 746.75  [ -2.74% ]  Vedanta 373.9  [ -6.90% ]  Shipping Corpn. 156.8  [ -5.34% ]  Sun Pharma. 1668.35  [ -2.40% ]  Tata Chemicals 802.55  [ -1.21% ]  Tata Consumer Produc 1047.85  [ -3.67% ]  Tata Motors 579.85  [ -5.54% ]  Tata Steel 129.6  [ -7.73% ]  Tata Power Co. 354.75  [ -3.85% ]  Tata Consultancy 3276.6  [ -0.69% ]  Tech Mahindra 1288.95  [ -2.47% ]  UltraTech Cement 11192.65  [ -2.65% ]  United Spirits 1401.2  [ -1.96% ]  Wipro 242.85  [ -1.38% ]  Zee Entertainment En 97.18  [ -7.07% ]  

Company Information

Indian Indices

  • Sensex
    73137.9

    -2226.79
    (-2.95 %)

  • NSE Index
    22161.6

    -742.85
    (-3.24 %)

  • BSE 100LCTMC
    8181.79

    -269.28
    (-3.19 %)

  • BSE Auto
    44388.57

    -1738.26
    (-3.77 %)

  • BSE Bharat22
    7751.13

    -220.82
    (-2.77 %)

  • BSE CPSE
    3391.79

    -97.91
    (-2.81 %)

  • BSE DFRGI
    1351.5

    -50.13
    (-3.58 %)

  • BSE DSI
    894.03

    -24.66
    (-2.68 %)

  • BSE EVI
    821.74

    -28.20
    (-3.32 %)

  • BSE Infra
    531.6

    -17.78
    (-3.24 %)

  • BSE IPO
    12655.98

    -497.46
    (-3.78 %)

  • BSE LVI
    1640.01

    -36.65
    (-2.19 %)

  • BSE Metal
    26680.16

    -1770.28
    (-6.22 %)

  • BSE Midcap
    39107.96

    -1400.57
    (-3.46 %)

  • BSE Momen
    1842.8

    -69.36
    (-3.63 %)

  • BSE Oil&Gas
    23549.59

    -681.88
    (-2.81 %)

  • BSE PBI
    17540.52

    -567.18
    (-3.13 %)

  • BSE Power
    6331.52

    -135.14
    (-2.09 %)

  • BSE Quality
    1570.8

    -59.08
    (-3.62 %)

  • BSE Realty
    6015.56

    -363.06
    (-5.69 %)

  • BSE Sensex50
    23141.12

    -758.32
    (-3.17 %)

  • BSE Smallcap
    43974.36

    -1892.81
    (-4.13 %)

  • BSE SME IPO
    82206.14

    -3870.66
    (-4.50 %)

  • BSE_Bankex
    57160.07

    -1996.03
    (-3.37 %)

  • BSE_CDS
    52119.14

    -1108.26
    (-2.08 %)

  • BSE_CGS
    57055.91

    -2587.66
    (-4.34 %)

  • BSE_FMCG
    19262.44

    -252.19
    (-1.29 %)

  • BSE_HCS
    39280.31

    -1251.27
    (-3.09 %)

  • BSE_IT
    32110.12

    -965.46
    (-2.92 %)

  • BSE_PSU
    17320.24

    -507.29
    (-2.85 %)

  • BSE100ESG
    370.5

    -12.10
    (-3.16 %)

  • BSE150MC
    13571.77

    -488.18
    (-3.47 %)

  • BSE200
    9998.81

    -334.36
    (-3.24 %)

  • BSE200EQUALW
    11267.63

    -392.83
    (-3.37 %)

  • BSE250LMC
    9458.59

    -316.97
    (-3.24 %)

  • BSE250SC
    5690.16

    -218.56
    (-3.70 %)

  • BSE400MSC
    10142.89

    -373.34
    (-3.55 %)

  • BSE500
    31664.36

    -1075.52
    (-3.29 %)

  • BSECMINSURAN
    1822.54

    -62.02
    (-3.29 %)

  • BSEDollex30
    6992.48

    -259.18
    (-3.57 %)

  • BSEINTERNECO
    2465.49

    -67.02
    (-2.65 %)

  • BSENAT
    23182.38

    -765.40
    (-3.20 %)

  • BSEPOWENERGY
    3487.92

    -84.95
    (-2.38 %)

  • BSESELECTBG
    3636.67

    -162.43
    (-4.28 %)

  • BSESELIPO
    3999.79

    -146.00
    (-3.52 %)

  • BSESEN606535
    30164.47

    -1050.50
    (-3.37 %)

  • BSESENSEX60
    29907.62

    -986.96
    (-3.19 %)

  • BSESENSEXEW
    70789.41

    -1882.50
    (-2.59 %)

  • BSESensexN30
    33537.64

    -1439.78
    (-4.12 %)

  • BSESensexN50
    73496.14

    -2503.38
    (-3.29 %)

  • BSETECk
    15859.59

    -464.42
    (-2.85 %)

  • DOLLEX
    1938.57

    -77.69
    (-3.85 %)

  • Dollex 100
    2792.76

    -110.74
    (-3.81 %)

  • CNX 100
    22677.9

    -755.35
    (-3.22 %)

  • CNX 200
    12242.35

    -416.35
    (-3.28 %)

  • CNX Auto
    19815.55

    -777.60
    (-3.77 %)

  • CNX Bank
    49860.1

    -1642.60
    (-3.18 %)

  • CNX Commo
    7849.6

    -301.20
    (-3.69 %)

  • CNX Consum
    10450.85

    -292.00
    (-2.71 %)

  • CNX DOI
    5496.9

    -132.60
    (-2.35 %)

  • CNX Energy
    31414.55

    -894.35
    (-2.76 %)

  • CNX Fin
    23908.45

    -865.85
    (-3.49 %)

  • CNX FMCG
    53241.15

    -589.55
    (-1.09 %)

  • CNX HighBeta
    3144.45

    -139.55
    (-4.24 %)

  • CNX Infra
    7959.95

    -271.70
    (-3.30 %)

  • CNX IT
    32668.8

    -842.60
    (-2.51 %)

  • CNX LVI
    22584.85

    -584.95
    (-2.52 %)

  • CNX Media
    1429.9

    -58.60
    (-3.93 %)

  • CNX Metal
    7846.35

    -568.10
    (-6.75 %)

  • CNX Midcap
    48809.45

    -1836.50
    (-3.62 %)

  • CNX MNC
    25025.7

    -400.30
    (-1.57 %)

  • CNX Pharma
    19995.5

    -564.50
    (-2.74 %)

  • CNX PSE
    8891.5

    -227.10
    (-2.49 %)

  • CNX PSU Bank
    6089.2

    -177.75
    (-2.83 %)

  • CNX Realty
    776.2

    -46.85
    (-5.69 %)

  • CNX Shar 500
    6269.25

    -197.40
    (-3.05 %)

  • CNX Smallcap
    15067.9

    -608.05
    (-3.87 %)

  • CNX SSI
    29566.1

    -914.95
    (-3.00 %)

  • CNX500
    20105.7

    -699.65
    (-3.36 %)

  • CPSE
    5820.65

    -111.50
    (-1.87 %)

  • LIX 15
    6164.95

    -239.00
    (-3.73 %)

  • LIX15 Midcap
    12051.3

    -470.20
    (-3.75 %)

  • N500MC502525
    13823.95

    -502.55
    (-3.50 %)

  • N500MOM50
    44049.25

    -1680.55
    (-3.67 %)

  • N500MUCIFFTT
    12256.15

    -428.30
    (-3.37 %)

  • N500MUCIMFTT
    12791.75

    -493.40
    (-3.71 %)

  • N5HMFMQVLv50
    27077.8

    -801.05
    (-2.87 %)

  • NI 15
    10068.1

    -260.05
    (-2.51 %)

  • NIF Mobility
    17319.95

    -562.90
    (-3.14 %)

  • NIF100A30
    15456.05

    -668.75
    (-4.14 %)

  • NIF200A30
    20983.25

    -843.85
    (-3.86 %)

  • NIF200MOME30
    25997.45

    -937.65
    (-3.48 %)

  • NIF500LMSECW
    15104.9

    -564.50
    (-3.60 %)

  • NIF500LOWV50
    19212.65

    -527.50
    (-2.67 %)

  • NIF500QLTY50
    16145.95

    -607.25
    (-3.62 %)

  • NIF500VAL50
    12407.05

    -460.75
    (-3.58 %)

  • NIFALV30
    24063.45

    -545.35
    (-2.21 %)

  • NIFAQLV30
    19948.6

    -376.70
    (-1.85 %)

  • NIFAQVLV30
    18136.2

    -459.05
    (-2.46 %)

  • NIFCOREHOUSE
    14298.85

    -441.75
    (-2.99 %)

  • NIFCORPMAATR
    31062.7

    -1277.55
    (-3.95 %)

  • NIFEVNAA
    2443.05

    -102.05
    (-4.00 %)

  • NIFFINSEREXB
    24993.95

    -937.75
    (-3.61 %)

  • NIFFS2550
    25399.55

    -965.35
    (-3.66 %)

  • NIFINDIADIGI
    7639.35

    -222.60
    (-2.83 %)

  • NIFINDIAMANU
    12109

    -464.20
    (-3.69 %)

  • NIFINDIANAC
    9925.5

    -404.00
    (-3.91 %)

  • NIFMC150M50
    51602.5

    -2034.45
    (-3.79 %)

  • NIFMC150Q50
    20510.85

    -742.00
    (-3.49 %)

  • NIFMCSELECT
    10769.5

    -412.30
    (-3.68 %)

  • NIFMICCAP250
    19549.9

    -884.05
    (-4.32 %)

  • NIFMIDSMLFS
    14413.85

    -513.10
    (-3.43 %)

  • NIFMIDSMLHC
    38480.45

    -1354.45
    (-3.40 %)

  • NIFMIDSMLITT
    8248.15

    -321.25
    (-3.74 %)

  • NIFMSINDCONS
    17648

    -570.00
    (-3.12 %)

  • NIFNONCYCSMR
    14656.8

    -354.55
    (-2.36 %)

  • NIFQLV30
    15585.9

    -313.25
    (-1.97 %)

  • NIFSC250Q50
    22648.05

    -881.35
    (-3.74 %)

  • NIFTOP15EW
    9222.75

    -269.15
    (-2.83 %)

  • NIFTOP20EW
    8219.6

    -236.20
    (-2.79 %)

  • NIFTOTALMAR
    11293.2

    -397.25
    (-3.39 %)

  • Nifty CD
    34008.7

    -763.95
    (-2.19 %)

  • Nifty CM
    3211.2

    -133.90
    (-4.00 %)

  • NIFTY DEF
    5972.1

    -288.35
    (-4.60 %)

  • Nifty Health
    13048.9

    -377.90
    (-2.81 %)

  • Nifty IPO
    1709.6

    -72.75
    (-4.08 %)

  • Nifty LMC250
    13963.95

    -492.40
    (-3.40 %)

  • Nifty MCap50
    13756.6

    -482.15
    (-3.38 %)

  • Nifty MSC400
    16633.35

    -644.60
    (-3.73 %)

  • NIFTY OILGAS
    9851.5

    -282.60
    (-2.78 %)

  • Nifty PBI
    24768.55

    -891.30
    (-3.47 %)

  • Nifty Rural
    13430

    -357.35
    (-2.59 %)

  • Nifty SCap50
    7275.35

    -247.15
    (-3.28 %)

  • NIFTY SME
    12631.99

    -539.19
    (-4.09 %)

  • Nifty TG25
    13648.7

    -713.70
    (-4.96 %)

  • Nifty TL
    19144

    -613.70
    (-3.10 %)

  • Nifty100 EWI
    28632.6

    -941.15
    (-3.18 %)

  • Nifty100LV30
    17967.7

    -410.85
    (-2.23 %)

  • Nifty200Q30
    18170.55

    -408.70
    (-2.19 %)

  • Nifty50 EWI
    27618.8

    -931.95
    (-3.26 %)

  • NIFTY500EW
    11956.35

    -471.05
    (-3.79 %)

  • NiftyAlpha50
    42772.7

    -1923.30
    (-4.30 %)

  • NiftyHousing
    10220.15

    -402.65
    (-3.79 %)

  • NiftyMCap150
    18005.1

    -670.20
    (-3.58 %)

  • NiftySCap250
    14190.2

    -590.30
    (-3.99 %)

  • NIFTYTOP10EW
    8742.65

    -299.00
    (-3.30 %)

  • NiftyTourism
    8455.1

    -214.70
    (-2.47 %)

  • NMSC400MQ100
    40873.1

    -1609.75
    (-3.78 %)

  • NSC250MQ100
    39302.35

    -1507.10
    (-3.69 %)

  • NSEMID
    59546.2

    -1922.50
    (-3.12 %)

  • NSEQuality30
    4972

    -104.00
    (-2.04 %)

  • NV 20
    11703.4

    -315.70
    (-2.62 %)

Global Indices

  • DOW Jones
    37965.6

    -349.26
    (-0.91 %)

  • Nasdaq
    15603.26

    + 15.48
    (+ 0.10 %)

  • S&P 500
    5062.25

    -11.83
    (-0.23 %)

  • Nikkei 225
    33030.66

    + 1894.08
    (+ 6.08 %)

  • Hang Seng
    20113.83

    + 285.53
    (+ 1.44 %)

  • Shanghai Composite
    3111.98

    + 15.41
    (+ 0.50 %)

  • Straits Times
    3488.93

    -51.57
    (-1.46 %)

  • FTSE 100
    7675.91

    -379.07
    (-4.71 %)

Forex

  • USDINR 85.2281
    -0.48
    GBPINR 111.5295
    -0.54
  • JPYINR 58.4100
    0.42
    EURINR 94.3401
    0.63

TRANSWORLD SHIPPING LINES LTD.

07 April 2025 | 12:00

Industry >> Shipping

Select Another Company

ISIN No INE757B01015 BSE Code / NSE Code 520151 / TRANSWORLD Book Value (Rs.) 359.91 Face Value 10.00
Bookclosure 14/09/2023 52Week High 492 EPS 0.00 P/E 0.00
Market Cap. 548.39 Cr. 52Week Low 234 P/BV / Div Yield (%) 0.69 / 0.00 Market Lot 1.00
Security Type Other

ACCOUNTING POLICY

You can view the entire text of Accounting Policy of the company for the latest year.
Year End :2024-03 

3. Material accounting policies

(a) Revenue recognition

The Company earns revenue from shipping/vessel operations, comprising charter hire of vessels and freight revenue. The Company offers its vessels on time-charter for transportation of cargo in coastal and international waterways.

Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable consideration) allocated to that performance obligation. The transaction price of services rendered is net of variable consideration on account of adjustments due to current prevailing freight rates, the cost of operation, vessel performance, pool points earned, service level credits, price concessions and incentives and number of days in operation as applicable, if any, as part of the contract and recognized as follows;

(i) Charter Hire - The Company earns charter hire revenue by placing its vessels on time charter, and in pool arrangements. The performance obligations within pool and time-charter contracts include the operation of the vessel. Charter hire revenue is recognised over time as the Company satisfies its obligation based on the time elapsed between the delivery of a vessel to a charterer and the redelivery of a vessel from the charterer. For time charter contracts, charter hire is typically invoiced as per the terms of charter hire agreement and charter hire revenue is accrued based on the daily hire rates. Other variable hire components of the contract, such as off-hire and speed claims, are recognised only to the extent that it is highly probable that a significant reversal will not occur when the uncertainty is subsequently resolved.

For pool arrangements, the Company only has pool arrangements operated by third parties in which the Company's owned vessels are deployed. The Company recognises revenue from these pool arrangements based on its portion of the net distributions reported by the relevant pool, which represents the total earnings of the pool after voyage expenses and pool manager fees. The net distribution is computed based on (a). pool points and the participation days of the Company's vessels in these third party pool arrangements or (b). net revenue / net earning sharing as per the contractual terms.

(ii) Freight revenue - Ocean freight income from transportation of cargo by coastal and international waterways respectively is recognised following the proportionate completion method on time basis. In case of end-to-end logistics service under multimodal transport, the revenue is recognized following the proportionate completion method on time basis for each mode.

(iii) Other operating income in nature of documentation charges is recognised upon delivery of such services to the customers.

(b) Other Income Interest income

Interest income, except for on income tax refund, is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition. Interest income on an income tax refund is accrued when it is awarded per order received from a competent authority under Income Tax Act 1961.

For accounting policies related to Gain / (loss) arising sale of assets, refer to paragraph (c) below.

(c) Property, plant and equipment

Property, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses, if any. Historical cost comprises its purchase price net of any trade discounts and rebates, import duties and other taxes (other than those subsequently recoverable from tax authorities), any directly attributable expenditure on making the asset ready for its intended use at the location and condition necessary for it to be capable of operating in the matter intended by the Company, including relevant borrowing costs for qualifying asset.

An item of property, plant and equipment is derecognized upon disposal (upon delivery to the buyer) or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in the Statement of Profit and Loss.

For transition to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant and equipment recognized as of April 1, 2016 (transition date) measured as per the previous GAAP and use that carrying value as its deemed cost as of the transition date.

Depreciation commences when the assets are ready for their intended use. The depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value. Depreciation is recognized so as to write off the depreciable amount of assets over their useful lives, using the straight-line method as per the useful life prescribed in Schedule II to the Companies Act, 2013 except in respect of the following categories of assets, in whose case the life of the assets has been assessed as under based on technical advice, taking into account the nature of the asset, the expected usage of the asset, the operating conditions

of the asset, past history of replacement, anticipated technological changes, manufacturers warranties and maintenance support, etc.

(1) A shipping company on periodic basis is required to bring all ships into dry dock for major inspection and overhaul. The Company capitalises the costs associated with drydocking as they occur and depreciates these costs on a straight-line basis over 2.5/5 years depend upon ship durability, which is generally the period until the next scheduled drydocking occurs.

Where the cost of a part of the asset ("asset component”) is significant to the total cost of the asset and the useful life for that part is different from the useful life of the remaining asset, useful life of that significant part is determined separately, and such asset component is depreciated over its separate useful life.

The Company reviews the residual value, useful lives and depreciation method annually and, if expectations differ from previous estimates, the change is accounted for as a change in accounting estimate on a prospective basis.

(d) Intangible assets

Intangible assets purchased are carried at cost as of the date of acquisition less accumulated amortisation and accumulated impairment losses, if any. Intangible asset in the nature of computer software is amortised on a straight line basis over the estimated useful life of 6 years.

The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.

An intangible assets is derecognized on disposal, or when no future economic benefits are expected to arise from continued use of asset. Gains or losses arising from de-recognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognized in the Statement of Profit and Loss.

For transition to Ind AS, the Company has elected to continue with the carrying value of all of its intangible assets recognised as of April 1, 2016 (transition date) measured as per the Previous GAAP and use that carrying value as its deemed cost as of the transition date.

(e) Foreign exchange transactions

The functional and presentation currency of the Company is Indian Rupee.

Income and expenses in foreign currencies are recorded at exchange rates prevailing on the date of the transaction. Foreign currency denominated monetary assets and liabilities are translated at the exchange rate prevailing on the Balance Sheet date and exchange gains and losses arising on settlement and restatement are recognised in the Statement of Profit and Loss.

Non-monetary items denominated in a foreign currency are measured at historical cost and translated at the exchange rate prevalent at the date of transaction.

Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for the exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings.

Exchange differences arising on settlement/restatement of long-term foreign currency monetary items recognized in the Standalone Financial Statements for the year ended March 31, 2017 prepared under Previous GAAP, are

capitalized as a part of the depreciable fixed assets to which the monetary item relates and depreciated over the remaining useful life of such assets.

(f) Borrowing costs

Borrowing costs that are directly attributable to the acquisition or construction of a qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use.

Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All the other borrowing costs are recognised in the Statement of Profit and Loss in the period in which they are incurred.

(g) Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

Current tax:

The Company has opted for Tonnage Tax for the shipping / vessel operation income. Current tax for the current period is the aggregate of Tonnage Tax on shipping income determined in accordance with the provisions of Section 115VT of the income tax Act,1961 ("IT Act”) and tax on non-shipping income determined based on taxable income and tax credit computed in accordance with the relevant provisions of IT Act.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle the asset and the liability on a net basis.

Deferred tax:

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Standalone Financial Statements and the corresponding tax bases used in the computation of taxable profit adjusted for assets and liabilities used in generation of income on which Tonnage Tax is paid.

Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised.

Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which is likely to give future economic benefits in the form of availability of set off against future income tax liability. Accordingly, MAT is recognised as deferred tax asset in the balance sheet when the asset can be measured reliably and it is probable that the future economic benefit associated with asset will be realised.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current and deferred tax is recognised in profit and loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting of a business combination, the tax effect is included in the accounting for the business combination.