Mar 31, 2014
1. Use Of Estimates:
The preparation of financial statements in conformity with the Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation
of the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialised.
2. Cash and cash equivalents (for purposes of Cash Flow Statement):
Cash comprises cash on hand and current bank accounts.
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
3. Revenue Recognition:
Sales are recognised, net of returns and trade discounts, on transfer
of significant risks and rewards of ownership to the buyer, which
generally coincides with the delivery of goods to customers.
4. Investments :
Long term Investments are stated at cost.
Current Investments are carried at lower of cost and quoted/fair value.
5. Related Party Disclosures:
Related party Disclosure (where transactions have taken place): In
terms of Accounting Standard AS- 18, all related parties have been
identified by management and relied upon by the auditors.
. Key Management Personnel:
Mr. Kushal Shah - Director
Mr. Manoj Shah - Director
Mr. Hemen Shah - Director
Mr. Dumpy Gangar - Director
. Related Parties where control exist
- Maximaa Systems Limited
. Transactions with related party as at 31st March 2014 -
- Maximaa Systems Limited - Loan given - Rs. 50,00,000/-
6. Earnings Per Share (EPS):
Basic earning per share are calculated by dividing the net profit/
(loss) for the year attributable to equity shareholders by weighted
average number of equity share outstanding during the period.
7. Provision for Current Tax:
Provision for current tax is made after considering benefits admissible
under the provisions of Income Tax Act, 1961.
8. Contingent Liabilities:
There are no contingent liabilities as on the Balance Sheet date.
Mar 31, 2013
1. Use Of Estimates:
The preparation of financial statements in conformity with the Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialised.
2. Cash and cash equivalents (for purposes of Cash Flow Statement):
Cash comprises cash on hand and current bank accounts. Cash flows are
reported using the indirect method, whereby profit / (loss) before
extraordinary items and tax is adjusted for the effects of transactions
of non-cash nature and any deferrals or accruals of past or future cash
receipts or payments. The cash flows from operating, investing and
financing activities of the Company are segregated based on the
available information.
3. Revenue Recognition:
Sales are recognised, net of returns and trade discounts, on transfer
of significant risks and rewards of ownership to the buyer, which
generally coincides with the delivery of goods to customers.
4. Investments :
Long term Investments are stated at cost.
Current Investments are carried at lower of cost and quoted/fair value.
5. Related Party Disclosures:
Related party Disclosure (where transactions have taken place): In
terms of Accounting Standard AS-18, all related parties have been
identified by management and relied upon by the auditors.
- Key Management Personnel:
Mr. Kushal Shah - Director
Mr. Manoj Shah - Director
Mr. Hemen Shah - Director
Mr. Dumpy Gangar - Director
- Related Parties where control exist - N.A.
- Transactions with related party as at 31st March 2013 - None
6. Earnings Per Share (EPS):
Basic earning per share are calculated by dividing the net profit/
(loss) for the year attributable to equity shareholders by weighted
average number of equity share outstanding during the period.
7. Provision for Current Tax:
Provision for current tax is made after considering benefits admissible
under the provisions of Income Tax Act, 1961.
8. Contingent Liabilities:
There are no contingent liabilities as on the Balance Sheet date.
Mar 31, 2012
AS 1.1 2.1 Change in accounting policies
Presentation and disclosure of financial statements:
During the year ended 31st March 2012, the revised Schedule VI notified
under the Companies Act, 1956 has become applicable to the Company, for
preparation and presentation of its financial statements.
The adoption of revised Schedule VI does not impact recognition and
measurement principles followed for preparation of financial
statements. However, it has significant impact on presentation and
disclosures made in the financial statements. The Company has also
reclassified the previous year figures in accordance with the
requirements applicable in the current year.
AS 1.1 2.2 Use of Estimates
The preparation of financial statements in conformity with the Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialised.
Mar 31, 2010
AS-1 DISCLOSURE OF ACCOUNTING POLICIES
The accounts are prepared in accordance with the accounting principles
generally accepted in India and are in line with the relevant Laws as
well as guidelines prescribed by the Department of Company Affairs and
the Institute of Chartered Accountants of India.
1. Basis of preparation
a) The financial statements have been prepared in accordance with the
Generally Accepted Accounting Principles in India ("GAAP") under the
historical cost convention on an accrual basis and comply in all
material respects with the mandatory Accounting Standards prescribed in
the Companies (Accounting Standards) Rules, 2006 issued by the Central
Government in consultation with the National Advisory Committee on
Accounting Standards. The accounting policies have been consistently
applied by the Company and are consistent with those used in the
previous period.
b) Accounting policies not specifically referred to otherwise are
consistent with the generally accepted accounting principles followed
by the Company.
c) Use of estimates
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, the disclosure of contingent liabilities on the date
of the financial statements and the reported amounts of revenues and
expenses during the period reported. Actual results could differ from
those estimates. Any revision to accounting estimates is recognised in
accordance with the requirements of the respective accounting standard.
AS-3 CASH FLOW STATEMENTS
Cash flow statement has been prepared under Indirect Method. Cash and
Cash Equivalents comprise cash in hand, Current and other accounts
including term deposits held with banks.
AS-4 CONTINGENCIES AND EVENTS OCCURING AFTER THE BALANCE SHEET DATE
There have been no changes In Accounts Receivable (Sundry Debtors)
compared to previous year, therefore impairment of financial assets in
respect of receivables doesnt arise.
AS-5 PRIOR PERIOD ITEMS AND CHANGES IN ACCOUNTING POLICIES
Prior period expenses amounting to Rs.33,161/- and Prior Period Income
of Rs.NILAhave been accounted in the current year, thereby overstating
the net profits for the year by Rs.33,161/-
AS-6 DEPRECIATION ACCOUNTING
Depreciation is provided under Written Down Value (W.D.V) Method at the
rate specified in the Income Tax Act, 1961.
AS-9 REVENUE RECOGNITION
No sales have been made in current Financial Year.
Other items of revenue are recognized in accordance with the accounting
standard.
AS-10 FIXED ASSETS
Fixed Assets are capitalized at cost inclusive of interest, freight,
duties, taxes and all incidental expenses related thereto.
AS-11 FOREIGN EXCHANGE TRANSACTION
There are no transactions incurred in Foreign Currency.
AS-12 ACCOUNTING FOR GOVERNMENT GRANTS
No Government Grants were granted to the company.
AS-13 INVESTMENTS
Unquoted investments are stated at cost.
All the Quoted Investments have been Revalued as at 26 August, 2009 at
the market value prevailing on that date. As a result, the aggregate
value of the quoted investments increased as compared to their total
book value by Rs. 4,08,91,813/- and this amount has been Debited to
Investment Account and Credited to Revaluation Reserve.
AS-15 EMPLOYEE BENEFITS
As per the management the provisions of Gratuity Act, Provident Fund
Act and Employees state insurance scheme are not applicable to the
company at present.
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