Mar 31, 2014
A) Basis of Accounts
The financial statements have been prepared under the Historical Cost
Convention in accordance with normally accepted accounting principles
and the provisions of the Companies Act, 1956 as adopted consistently
by the company.
b) Fixed Assets
Fixed Assets arc stated at Acquisition Cost less accumulated
Depreciation.
c) Depreciation
Depreciation on Fixed Assets is provided on the Written Down Value
Method at the rates and in the manner prescribed by Schedule XIV to the
Companies Act, 1956.
d) Investments
Long term Investments are stated at cost. Provision for diminution in
the value of investments is made only if such diminution is not of
temporary in the opinion of the Management.
e) Revenue Recognition
All Income and expenditure items having a material bearing on the
Financial Statements are generally recognised on accrual basis except
export incentive which is accounted on cash basis.
f) Accounting for Foreign Currency Transaction:
i) Transactions denominated in foreign currencies are normally recorded
at the exchange rates prevailing at the date of transaction. Any gain
or toss arising on settlement is transferred to Profit & Loss Account.
ii) Monetary items denominated in foreign currencies at the year end
and not covered by the forward exchange contracts are translated at the
year end rates. Any gain or loss on settlement of transaction of
foreign currency is transferred to Profit & Loss Statement.
g) Provision for Taxation
i) Provision for Taxation is made on the basis of Current Tax Payable
method as calculated on the basis of provision of the Income Tax Act,
1961.
ii) Deferred tax is recognised on timing difference, being the
difference between taxable income and accounting income that originates
in one period and or capable of reversal in one or more subsequent
periods.
Mar 31, 2013
A) Basis of Accounts
The financial statements have been prepared under the Historical Cost
Convention in accordance with normally accepted accounting principles
and the provisions of the Companies Act, 1956 as adopted consistently
by the company.
b) Fixed Assets
Fixed Assets are stated at Acquisition Cost less accumulated
Depreciation.
c) Depredation
Depreciation on Fixed Assets is provided on the Written- Down Value
Method at the rates and in the manner prescribed by Schedule XIV to the
Companies Act, 1956.
d) Investments
Long term Investments are stated at cost. Provision for diminution in
the value of investments is made only if such diminution is not of
temporary in the opinion of the Management.
e) Revenue Recognition
Alt income and expenditure items having a material bearing on the
Financial Statements are generous recognised on accrual basis except
export incentive which is accounted on cash basis.
f) Accounting for Foreign Currency Transaction:
i) Transactions denominated in foreign currencies are normally recorded
at the exchange rates prevailing at the date of transaction. Any gain
or loss arising on settlement is transferred to Profit 6 Loss Account.
ii) Monetary items denominated in foreign currencies at the year end
and not covered by the forward exchange contracts are translated at the
year end rates. Any gain or loss on settlement of transaction of
foreign currency is transferred to Profit & Loss Statement
g) Provision for Taxation
i) Provision for Taxation is made on the basis of Current Tax Payable
method as calculated on the basis of provision of the Income Tax Act,
1961.
ii) Deferred tax is recognised on timing difference, being the
difference between taxable income and accounting income that originates
in one period and or capable of reversal in one or more subsequent
periods.
Mar 31, 2012
A) Basts of Accounts
The financial statements have been prepared under the Historical Cost
Convention in accordance with normally accepted accounting principles
and the provisions of the Companies Act, 1956 as adopted consistently
by the company.
b) Fixed Assets
Fixed Assets are stated at Acquisition Cost less accumulated
Depreciation.
c) Depredation
Depreciation on Fixed Assets is provided on the Written Down Value
Method at the rates and in the manner audited by Schedule XIV to the
Companies Act, 1956.
d) Investments
tons trail investments are stated at cost. Provision for diminution in
the value of Investments is made only if such diminution is not of
temporary in the opinion of the Management,
e) Revenue Recognition
All income and expenditure items having a material bearing on the
Financial Statements are generally recognized on accrual basis except
export incentive with attuned 011 cash basis.
f) Accounting for Forging Currency Transaction:
f) Transactions denominated in foreign currents are normally recorded
at the exchange rates prevailing at the dare of transaction. Any gain
or loss arising on settlement is transferred to Profit & Loss Account.
ii) Monetary items denominated in foreign currencies at the year end
and not covered by the forward exchange contracts are translated at the
year end rates. Any gain or loss on settlement of transaction of
foreign currency is transferred to Profit & Loss Statement.
g) Provision for Taxation
i) Provision for Taxation is made on the basis of Current Tax Payable
method as calculated on the basis of provision of the Income Tax Act,
1961.
ii) Deferred tax is recognized on timing difference, being the
difference between taxable income and accounting income that originates
in one period and or capable of reversal in one or more subsequent
periods.
Mar 31, 2010
A) Basis of Accounts
The financial statements have been prepared under the Historical Cost
Convention in accordance with normally accepted accounting principles
and the provisions of the Companies Act, 1956 as adopted consistently
by the company.
b) Fixed Assets
Fixed Assets are stated at Acquisition Cost less accumulated
Depreciation.
c) Depreciation
Depreciation on Fixed Assets is provided on the Written Down Value
Method at the rates and in the manner prescribed by Schedule XIV to the
Companies Act, 1956.
d) Investments
Long term Investments are stated at cost. Provision for diminution in
the value of investments is made only if such diminution is not of
temporary in the opinion of the Management.
e) Revenue Recognition
All income and expenditure items having a material bearing on the
Financial Statements are generally recognised on accrual basis except
export incentive which is accounted on cash basis.
f accounting for Foreign Currency Transaction:
i) transactions denominated in foreign currencies are normally recorded
at the exchange rates prevailing at the date of transaction. Any gain
or loss arising on settlement is transferred to Profit & Loss Account.
ii) Monetary items denominated in foreign currencies at the year end
and not covered by the forward exchange contracts are translated at the
year end rates. Any gain or loss on settlement of transaction of
foreign currency is transferred to Profit & Loss Account.
g) Provision for Taxation
i) Provision for Taxation is made on the basis of Current Tax Payable
method as calculated on the basis of provision of the Income Tax Act,
1961.
ii) Deferred tax is recognised on timing difference, being the
difference between taxable income and accounting income that originates
in one period and or capable of reversal in one or more subsequent
periods.
Notes: 1) The company has not received information front vendors
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosure relating to amount unpaid as
at the year end together with interest paid/payable under this act have
not been given
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