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Accounting Policies of Alankit Ltd. Company

Mar 31, 2012

A) Accounting Convention: The accompanying financial statements have been prepared in accordance with the historical cost convention.

b) Fixed Assets: These are stated at cost less Depreciation. Cost comprises purchase price, import duties, levies and any directly attributable cost of bringing the assets to its working condition for the intended use.

c) Depreciation: The Depreciation on fixed assets is provided on pro-rata basis, from the date the assets have been installed and put to use on a Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956. However, no depreciation has been claimed during the year under report.

d) Inventories: The company holds inventories in the shape of shares and securities and the same have been verified by the management. The valuation of the same has been considered at cost or market value whichever is lower.

e) Retirement Benefits: Provision for gratuity and leave encashment has not been made. The same will be dealt with as and when paid. However, the amount of gratuity liability as on 31-03-2012 comes to Rs. Nil (P.Y. Rs. Nil) and leave encashment comes to Rs. Nil (P.Y. Rs. Nil)

f) Investments: Long Term Investments (Quoted & Unquoted) are stated at cost. Provision for appreciation/diminution in the book value of the investment have not been made since, in the opinion of the management, the same is temporary in nature.

g) Foreign Currency Transaction: During the year, neither any outgo nor any inflow of foreign currency has taken place.

h) Prior Period Adjustments, Extra-Ordinary Items and Changes in Accounting Policies: Prior period adjustments, Extra-Ordinary Items and changes in accounting policies having material impact on the financial affairs of the company are disclosed.

i) Contingent Liabilities: No provision has been made in the accounts for liabilities, which are contingent in nature, but if material, the same are disclosed by way of Notes to Accounts.


Mar 31, 2011

A) Accounting Convention: The accompanying financial statements have been prepared in accordance with the historical cost convention.

b) Fixed Assets: These are stated at cost less Depreciation. Cost comprises purchase price, import duties, levies and any directly attributable cost of bringing the assets to its working condition for the intended use.

c) Depreciation: The Depreciation on fixed assets is provided on prorata basis, from the date the assets have been installed and put to use on a Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956.

d) Inventories: The company holds inventories in the shape of shares and securities and the same have been verified by the management. The valuation of the same has been considered at cost or market value whichever is lower.

e) Retirement Benefits:Provision for gratuity and leave encashment has not been made. The same will be dealt with as and when paid. However, the amount of gratuity liability as on 31-03-2011 comes to Rs. Nil (P.Y. Rs. Nil) and leave encashment comes to Rs. Nil (P.Y. Rs. Nil)

f) Investments: Long Term Investments (Quoted & Unquoted) are stated at cost. Provision for appreciation/diminution in the book value of the investment have not been made since, in the opinion of the management, the same is temporary in nature.

g) Foreign Currency Transaction: : During the year, neither any outgo nor any inflow of foreign currency has taken place.

h) Prior Period Adjustments, Extra-Ordinary Items and Changes in Accounting Policies: Prior period adjustments, Extra- Ordinary Items and changes in accounting policies having material impact on the financial affairs of the company are disclosed.

i) Contingent Liabilities: No provision has been made in the accounts for liabilities, which are contingent in nature, but if material, the same are disclosed by way of Notes to Accounts.


Mar 31, 2010

A) Accounting Convention: The accompanying financial statements have been prepared in accordance with the historical cost convention.

b) Fixed Assets: These are stated at cost less Depreciation. Cost comprises purchase price, import duties, levies and any directly attributable cost of bringing the assets to its working condition for the intended use.

c) Depreciation: The Depreciation on fixed assets is provided on prorata basis, from the date the assets have been installed and put to use on a Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956.

d) Inventories: The company holds inventories in the shape of shares and securities and the same have been verified by the management. The valuation of the same has been considered at cost or market value whichever is lower.

e) Retirement Benefits: Provision for gratuity and leave encashment has not been made. The same will be dealt with as and when paid. However, the amount of gratuity liability as on 31-03-2010 comes to Rs. Nil (P.Y. Rs. Nil) and leave encashment comes to Rs. Nil (P.Y. Rs. Nil)

f) Investments: Long Term Investments (Quoted & Unquoted) are stated at cost. Provision for appreciation/diminution in the book value of the investment have not been made since, in the opinion of the management, the same is temporary in nature.

g) Foreign Currency Transaction: During the year, neither any outgo nor any inflow of foreign currency has taken place.

h) Prior Period Adjustments, Extra-Ordinary Items and Changes in Accounting Policies: Prior period adjustments, Extra- Ordinary Items and changes in accounting policies having material impact on the financial affairs of the company are disclosed.

i) Contingent Liabilities: No provision has been made in the accounts for liabilities, which are contingent in nature, but if material, the same are disclosed by way of Notes to Accounts.


Mar 31, 2009

A) Accounting Convention: The accompanying financial statements have been prepared in accordance with the historical cost convention.

b) Fixed Assets: These are stated at cost less Depreciation. Cost comprises purchase price, import duties, levies and any directly attributable cost of bringing the assets to its working condition for the intended use.

c) Depreciation: The Depreciation on fixed assets is provided on prorata basis, from the date the assets have been installed and put to use on a straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956.

d) Inventories: The company has no inventories at the end of the period covered by our audit.

e) Retirement Benefits: The Provisions for gratuity and leave encashment are not applicable to the company. The same will be dealt with as and when paid. However, the amount of gratuity liability as on 31-03-2009 comes to Rs. Nil (P.Y. Rs. Nil) and leave encashment comes to Rs. Nil (P.Y, Rs. Nil)

f) Foreign Currency Transaction: Foreign Travelling Expenses Rs, 1,26,566.00 Foreign currency transactions have been transacted at the exchange rate prevalent on the date of transaction,

g) Prior Period Adjustments, Extra-Ordinary Items and Changes in Accounting Policies: Prior period adjustments, Extra- ordinary items and changes in accounting policies having material impact on the financial affairs of the company are disclosed.

h) Contingent Liabilities: No provision has been made in the accounts for liabilities, which are contingent in nature, but if material, the same are disclosed by, way, of Notes to. Accounts i) Investments: Investments are stated at cost. Provision for diminution / appreciation if any, in the book value of Investments, being temporary in nature, in the opinion of the management, has not been made.

 
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