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Accounting Policies of Aikyam Intellectual Property Consultancy Ltd. Company

Mar 31, 2014

A. Basis of preparation of Financial Statements:

The financial statements have been prepared as for a Going Concern on historical cost convention and on accrual method of accounting in accordance with the generally accepted accounting principles and the provisions of Companies Act, 1956.

b. Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. As informed to us the company has closed down all its operations in 31st July 2005.The Company has sold out its fixed assets. However the assets have been sold off in the previous Year, hence no depreciation has been charged.

c. Inventories:

Inventories are valued at cost or market price whichever is lower. The values of the stock of finished goods have been taken to be nil. In the opinion of the management the stock of finished goods as held has no realizable value.

d. Revenue Recognition:

(i) There are no sales as the working of the company ended w.e.f 31.07.2005

(ii) The claims are accounted for on accrual basis, except Insurance claims, which are accounted for on settled basis.

e. Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

For calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

2. The valuation of inventories consisting of raw material, work in progress, stores and spares parts, packing material and goods in transit, continues to be on the basis of "Cost or Market Price, whichever is lower".


Mar 31, 2013

A. Basis of preparation of Financial Statements:

The financial statements have been prepared as for a Going Concern on historical cost convention and on accrual method of accounting in accordance with the generally accepted accounting principles and the provisions of Companies Act, 1956.

b. Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. As informed to us the company has closed down all its operations in 31st July 2005.The Company has sold out its fixed assets. However the assets have been sold off in the previous Year, hence no depreciation has been charged.

c. Inventories:

Inventories are valued at cost or market price whichever is lower. The values of the stock of finished goods have been taken to be nil. In the opinion of the management the stock of finished goods as held has no realizable value.

d. Revenue Recognition:

(i) There are no sales as the working of the company ended w.e.f 31.07.2005

(ii) The claims are accounted for on accrual basis, except Insurance claims, which are accounted for on settled basis.

e. Business Segments:

The reportable operating segment consists of manufacturing of BOPP Film and MPP Film. The company is exclusively engaged in the business of manufacturing and sale of BOPP and MPP Films, which are considered by the management to constitute a single segment. In view of the same, no revenue expenses, assets and liabilities are allocable. However the Company has closed down all its operations w.e.f. 31st July 2005.

f. Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

For calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

g. The company has shut down its production on 31.07.2005 and thereafter it had no production/processing activity. The company has been ordered for winding up. In view of these facts the management has not made provision for deferred tax liability in accordance with Accounting Standard – AS (22) issued by the Institute of Chartered Accountants of India.

h. Disclosure required by Clause of the Listing Agreement. The required information was not furnished be fore us.


Mar 31, 2011

1. SIGNIFICANT ACCOUNTING POLICIES FOLLOWED BY THE COMPANY

(a) Fixed Assets:

Fixed Assets (Other than those which have been revalue) are stated at cost less accumulated depreciation. In the case of revalued assets in hand as at the close of the year the book value is inclusive of revaluation factor with corresponding credit under revaluation reserve. Loss or gain on conversion of foreign currency liability for acquisition of fixed assets are added to or deducted from the cost of the fixed assets.

As informed to us the company has closed down all its operations in 31st July 2005. It has been reported to us that the plant and machineries and other equipments is likely to have been reduced substantially due to non user and keeping them idle.

(b) Depreciation:

Depreciation has been provided on the assets by the company on straight-line basis at the rates specified in schedule XIV of the Companies (Amendment) Act, 1956 for the entire financial year.

(c) Inventories:

Inventories are valued at cost or Market price whichever is lower. The value of the stock of finished goods have been taken to be nil. In the opinion of the management the stock of finished goods as held has no realizable value. The technical verification has been done by the management only with regard to the raw material, stores consumables and spares, the same are valued at cost ascertained on the basis of FIFO method. The said method is being continued and there is no change during this financial year. We have not verified physically the closing stock at the year end.

(d) Revenue Recognition

(i) Sales are inclusive of Excise duty and inter division transfers. The sales are accounted for net of returns and discounts.

(ii) The claims are accounted for on accrual basis, except Insurance claims, which are accounted for on settled basis.

(e) Accounts Written Off:-

There were certain liabilities, which were provided for, in previous accounting years, which remained unpaid for past more than ten years. The management is not aware about the final liability, which has to be paid finally against the liabilities provided for under various heads. Therefore the management has decided to write back all such liabilities within the year. The actual liabilities as and when the same is paid, shall be recorded in the year of payment. Such written off accounts are as under:-

(f) Business Segments

The reportable operating segment consists of manufacturing of BOPP Film and MPP Film. The company is exclusively engaged in the business of manufacturing and sale of BOPP and MPP Films, which are considered by the management to constitute a single segment. In view of the same, no revenue expenses, assets and liabilities are allocable.

(g) Method of Accounting

The company maintains its books of accounts on accrual basis of accounting.

(h) Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

For calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

(i) The company has shut down its production on 31.07.2005 and thereafter it had no production/processing activity. The company has been ordered for winding up. In view of these facts the management has not made provision for deferred tax liability in accordance with Accounting Standard - AS(22) issued by the Institute of Chartered Accountants of India.

(j) Related party Disclosures for the year ended March 31, 2011

(i) Related Party and their relationship Associates United Towers(I) Pvt. Ltd R.K Towers(I) Pvt. Ltd.

United Builders Constructions(I) Pvt. Ltd.

United Health Care Ltd.

United Diagnostics Intnl. Ltd.

Coloumbia Electronics Ltd.

Smt. Achla Gupta (W/o Sh. Raj Kumar Gupta)

(ii) Transactions with the related parties

The required information was not furnished before us.

iii) Disclosure required by Clause of the Listing Agreement

The required information was not furnished before us.


Mar 31, 2010

1. SIGNIFICANT ACCOUNTING POLICIES FOLLOWED BY THE COMPANY

(a) Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. As informed to us the company has closed down all its operations from 31st July 2005. It has been reported to us that the value of plant and machinery and other equipments is likely to be reduced substantially in the imminent years due to non usage.

(i) Fundamental Accounting Assumptions

The company has closed down its operations from 31st July 2005. The enterprise has no intention to continue its operations in the foreseeable future.

(b) Depreciation:

Depreciation has been provided on the assets by the company on straight-line basis at the rates specified in schedule XIV of the Companies (Amendment) Act, 1956 for the entire financial year.

(c) Inventories:

Inventories are valued at cost or Market price whichever is lower. The value of the stock of finished goods have been taken to be nil. The technical verification has been done by the management only with regard to the raw material, stores consumables and spares, the same are valued at cost ascertained on the basis of FIFO method. The said method is being continued and there is no change during this financial year. We have not verified physically the closing stock at the year end.

(d) Business Segments

The reportable operating segment consists of manufacturing of BOPP Film and MPP Film. The company is exclusively engaged in the business of manufacturing and sale of BOPP and MPP Films, which are considered by the management to constitute a single segment. In view of the same, no revenue expenses, assets and liabilities are allocable.

(e) Method of Accounting

The company maintains its books of accounts on accrual basis of accounting.

(f) Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

For calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

(g) The company has shut down its production on 31.07.2005 and thereafter it had no production/processing activity. The company has been ordered for winding up. In view of these facts the management has not made provision for deferred tax liability in accordance with Accounting Standard - AS(22) issued by the Institute of Chartered Accountants of India.

(h) Related party Disclosures for the year ended March 31, 2009

(i) Related Party and their relationship Associates

United Towers(I) Pvt. Ltd R.K Towers(I) Pvt. Ltd.

United Builders Constructions(I) Pvt. Ltd.

United Health Care Ltd.

United Diagnostics Intnl. Ltd.

Coloumbia Electronics Ltd.

Smt. Achla Gupta (W/o Sh. Raj Kumar Gupta)

(ii) Transactions with the related parties

The required information was not furnished before us.

iii) Disclosure required by Clause of the Listing Agreement

The required information was not furnished before us.


Mar 31, 2009

(a) Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation. As informed to us the company has closed down all its operations from 31st July 2005. It has been reported to us that the value of plant and machinery and other equipments is likely to be reduced substantially in the imminent years due to non usage.

(i) Fundamental Accounting Assumptions

The company has closed down its operations from 31st July 2005. The enterprise has no intention to continue its operations in the foreseeable future.

(b) Depreciation:,

Depreciation has been provided on the assets by the company on straight-line basis at the rates specified in schedule XIV of the Companies (Amendment) Act, 1956 for the entire financial year.

(c) Inventories:

Inventories are valued at cost or Market price whichever is lower. The value of the stock of finished goods have been taken to be nil. The technical verification has been done by the management only with regard to the raw material, stores consumables and spares, the same are valued at cost ascertained on the basis of FIFO method. The said method is being continued and there is no change during this financial year. We have not verified physically the closing stock at the year end.

(d) Business Segments

The reportable operating segment consists of manufacturing of BOPP Film and MPP Film. The company is exclusively engaged in the business of manufacturing and sale of BOPP and MPP Films, which are considered by the management to constitute a single segment. In view of the same, no revenue expenses, assets and liabilities are allocable.

(e) Method of Accounting

The company maintains its books of accounts on accrual basis Of accounting.

(f) Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

For calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

(g) The company has shut down its production on 31.07.2005 and thereafter it had no production/processing activity. The company has been ordered for winding up. In view of these facts the management has not made provision for deferred tax liability in accordance with Accounting Standard - AS(22) issued by the Institute of Chartered Accountants of India.

(h) Related party Disclosures for the year ended March 31, 2009

(i) Related Party and their relationship Associates

United Towers(I) Pvt. Ltd

R.K Towers(I) Pvt. Ltd.

United Builders Constructions(I) Pvt. Ltd.

United Health Care Ltd. ,

United Diagnostics Intnl. Ltd.

Coloumbia Electronics Ltd.

Smt. Achla Gupta (W/o Sh. Raj Kumar Gupta)

(ii) Transactions with the related parties

The required information was not furnished before us.

(iii) Disclosure required by Clause of the Listing Agreement The required information was not furnished before us.

 
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