Mar 31, 2015
A) General:
i) Accounting policies not specifically referred to otherwise are in
consistence with earlier year and in consonance with generally accepted
accounting principles.
ii) Expenses and income considered payable and receivable respectively
are accounted for on accrual basis.
b) Sales: Sales are accounted on mercantile basis, when the sale of
goods is completed.
c) Valuation of Inventories: No Inventories during the year.
d) Fixed assets and depreciation:
a. Fixed assets are capitalized at cost inclusive of interest,
freight, duties, taxes and all incidental expenses related thereto.
b. Depreciation on assets has been provided on Written Down Value
Method at the rates prescribed by schedule XIV to the Companies Act
1956 depreciation in respect of additions to / and deletion from assets
has been charged on pro-rata basis to the month of addition or
deletion.
e) Investments: Investments are valued at cost.
f) Foreign currency Transactions: There is no foreign currency
transaction.
g) Retirement Benefits: Provident fund and employees state insurance
scheme contribution is not applicable to the company.
h) Taxes on Income:
Current Tax: Provision for Income-Tax is determined in accordance with
the provisions of Income-tax Act 1961.
Deferred Tax Provision: Deferred tax is recognized, on timing
difference, being the difference between the taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
Mar 31, 2014
A) General:
i) Accounting policies not specifically referred to otherwise are in
consistence with earlier year and in consonance with generally accepted
accounting principles.
ii) Expenses and income considered payable and receivable respectively
are accounted for on accrual basis.
b) Sales: Sales are accounted on mercantile basis, when the sale of
goods is completed.
c) Valuation of Inventories: No Inventories during the year.
d) Fixed assets and depreciation:
a. Fixed assets are capitalized at cost inclusive of interest,
freight, duties, taxes and all incidental expenses related thereto.
b. Depreciation on assets has been provided on Written Down Value
Method at the rates prescribed by schedule XIV to the Companies Act
1956 depreciation in respect of additions to / and deletion from assets
has been charged on pro-rata basis to the month of addition or
deletion.
e) Investments: Investments are valued at cost.
f) Foreign currency Transactions: There is no foreign currency
transaction.
g) Retirement Benefits: Provident fund and employees state insurance
scheme contribution is not applicable to the company.
h) Taxes on Income:
Current Tax: Provision for Income-Tax is determined in accordance with
the provisions of Income-tax Act 1961.
Deferred Tax Provision: Deferred tax is recognized, on timing
difference, being the difference between the taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
Mar 31, 2013
A) General:
i) Accounting policies not specifically referred to otherwise are in
consistence with earlier year and in consonance with generally accepted
accounting principles.
ii) Expenses and income considered payable and receivable respectively
are accounted for on accrual basis.
b) Sales: Sales are accounted on mercantile basis, when the sale of
goods is completed.
c) Valuation of Inventories: No Inventories during the year.
d) Fixed assets and depreciation:
a. Fixed assets are capitalized at cost inclusive of interest,
freight, duties, taxes and all incidental expenses related thereto.
b. Depreciation on assets has been provided on Written Down Value
Method at the rates prescribed by schedule XIV to the Companies Act
1956 depreciation in respect of additions to / and deletion from assets
has been charged on pro-rata basis to the month of addition or
deletion.
e) Investments: Investments are valued at cost.
f) Foreign currency Transactions: There is no foreign currency
transaction.
g) Retirement Benefits: Provident fund and employees state insurance
scheme contribution is not applicable to the company.
h) Taxes on Income:
Current Tax: Provision for Income-Tax is determined in accordance with
the provisions of Income- tax Act 1961.
Deferred Tax Provision: Deferred tax is recognized, on timing
difference, being the difference between the taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
Note: 18 Balances of Sundry Debtors, Creditors, Loans and Advances are
subject to confirmation and reconciliation.
Note: 19 In the opinion of the Board of directors, the current assets,
Loans & advances are approximately of the value stated if realized in
the ordinary course of business. The provision of all known liabilities
is adequate and not in excess of the amount reasonably necessary.
Mar 31, 2012
A) General:
i) Accounting policies not specifically referred to otherwise are in
consistence with earlier year and in consonance with generally accepted
accounting principles.
ii) Expenses and income considered payable and receivable respectively
are accounted for on accrual basis.
b) Sales: Sales are accounted on mercantile basis, when the sale of
goods is completed.
c) Valuation of Inventories: No Inventories during the year .
d) Fixed assets and depreciation:
a. Fixed assets are capitalized at cost inclusive of interest,
freight, duties, taxes and all incidental expenses related thereto.
b. Depreciation on assets has been provided on Written Down Value
Method at the rates prescribed by schedule XIV to the Companies Act
1956 depreciation in respect of additions to / and deletion from assets
has been charged on pro-rata basis to the month of addition or
deletion.
e) Investments: Investments are valued at cost.
f) Foreign currency Transactions: There is no foreign currency
transaction.
g) Retirement Benefits: Provident fund and employees state insurance
scheme contribution is not applicable to the company.
h) Taxes on Income:
Current Tax: Provision for Income-Tax is determined in accordance with
the provisions of Income-tax Act 1961.
Deferred Tax Provision: Deferred tax is recognized, on timing
difference, being the difference between the taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
Mar 31, 2010
A) General:
i) Accounting policies not specifically referred to otherwise are in
consistence with earlier year and in consonance with generally accepted
accounting principles.
ii) Expenses and income considered payable and receivable respectively
are accounted for on accrual basis.
b) Sales:
Sales are accounted on mercantile basis, when the sale of goods is
completed.
c) Valuation of Inventories:
Inventories are valued at cost .
d) Fixed assets and depreciation:
a. Fixed assets are capitalized at cost inclusive of interest,
freight, duties, taxes and all incidental expenses related thereto.
b. Depreciation on assets has been provided on Written Down Value
Method at the rates prescribed by schedule XIV to the Companies Act
1956 depreciation in respect of additions to / and deletion from assets
has been charged on pro-rata basis to the month of addition or
deletion.
e) Investments:
Investments are valued at cost.
f) Foreign currency Transactions:
There is no foreign currency transaction.
g) Retirement Benefits:
Provident fund and employees state insurance scheme contribution is not
applicable to the company.
h) Taxes on Income:
Current Tax : Provision for Income-Tax is determined in accordance with
the provisions of Income-tax Act 1961.
Deferred Tax Provision: Deferred tax is recognized, on timing
difference, being the difference between the taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
Mar 31, 2009
1. Method of Accounting:
1.1 The Company follows the mercantile system of Accounting.
1.2 Financial Statements are based on historical cost. The costs are
not adjusted to reflect the impact of the changing value in the
purchasing power of money.
2. Fixed Assets and Depreciation:
2.1 Fixed Assets are stated at the cost of acquisition or construction
including expenses.
2.2 The company has not charged depreciation on its Fixed Assets. This
is contrary to Accounting Standard 6 ÃDepreciation AccountingÃ. The
profit of the company has been overstated to that extent.
4. Taxes on Income:
Taxes on income is computed using the tax effect accounting method
whereby such taxes are accrued in the same period as the revenue and
expense to which they relate.
Current tax liability is measured using the applicable tax rate and tax
laws and the necessary provision is made annually. In the absence of
timing difference, there is no deferred tax asset/liability for the
year under consideration.
5. Segmental Reporting:
As explained to us, there is no business segment or geographical
segment identified as per the meanings assigned to them respectively
under Accounting Standard 17 ÃSegment ReportingÃ. Therefore, there is
no reportable segment so as to comply with the disclosure requirements
as contemplated by Accounting Standard 17.
6. Retirement Benefits : N/A
7. Foreign Currency Transactions : Nil