Mar 31, 2015
1.1 Accounting convention
Financial statements are prepared under the historical cost convention
on accrual basis in accordance with the Indian Generally Accepted
Accounting Principles (IGAAP) comprising the Accounting standards
Notified under Companies Accounting Standards Rules 2006 by the Central
Government of India under section 211(3C) of the Companies Act 1956.
1.2 Use of Estimates
The preparation of financial statements in conformity with IGAAP
requires management to make estimates and assumptions that affect the
reported amount of assets, liabilities, revenues and Expenses and
disclosure of contingent liabilities on the date of financial
statements. Examples of such estimates and assumptions include useful
lives of fixed assets and Intangible assets, taxes, Provision for
doubtful debts, anticipated obligations under employee retirement
plans, etc.
The recognition, measurement, classification or disclosures of an item
or information in the financ Statements have been made relying on these
estimates to a greater extent. Actual results could differ from those
estimates
1.3. Revenue Recognition
Income from General Trading of goods, Construction of Housing units as
well as Infrastructure business. Interest Income is recognized based on
time proportion and on gross basis.
1.4. Fixed Assets
Fixed assets are stated at cost less accumulated depreciation. Cost
includes all identifiable Expenditure to bring the assets to its
present location and condition for intended use.
Intangible assets are stated at the consideration paid for the purchase
/acquisition less accumulate Amortization.
1.5. Depreciation
Depreciation on Fixed Assets has been provided on straight-line method
and for certain fixed asset at written down value method at the rates
specified in Schedule XIV of the Companies Act, 1956. Depreciation on
addition/deletion of assets during the year is provided on a pro-rata
basis.
1.6. Investments
Investments are valued at cost of acquisition and include brokerage
fees and incidental expenses, Wherever applicable. Investments are
classified as long term and are carried at cost with an Appropriate
provision of permanent diminution in value. Investments made in the
wholly/partly Owned subsidiaries are valued at cost of acquisition
including the acquisition expenses relating to
1.7. Taxation
Provision for current tax is based on tax liability computed in
accordance with relevant tax rates and tax laws. If/Provision for
deferred tax is made for all timing differences arising between taxabl
incomes and accounting Income at rates that have enacted or
substantively enacted as of the balai
1.8 .Foreign Exchange Transaction
Transactions in Foreign Currency are converted at the rates prevailing
on the date of the transact: Monetary assets and liabilities (for eg.
Cash, receivables, payables etc) denominated in foreign currency are
translated into Indian Rupees at the rate of exchange prevailing at the
balance sheet date.
1.9. Deferred Revenue Expenditure
Amount paid for the purchase of contracts relating to the medical
transcription and coding have be amortized and shall be written off
over a period of 3 years being the period of contract. The expenditure
incurred for the training of the new employees has been amortized and
shall be writte off over a period of 5 years.
1.10. Inventories
Inventories are vaslued at lower cost and net realizable value., cost
being ascertained on the follow basis. Cost includes taxes and is net
of eligible credit under VAT Schemes.
1.11. Lease
Leasees wherein a significant portion of the ricks and reward of
ownership are retained by the less are classified as opreating
leases.Leases rentails in respects of such leases are charged to the
profi loss account.
1.12. Employee benefits
Contrubution to defined contribution scheme such as provident fund,
superannuation fund etc, are charged to statements of Profit and Loss/
cpaital Work in progress, as appliacble. The compnay also provided for
retirment benefit in the form of gratuity and leave incashment. Such
defined ben are charged to Statements of Profit & Loss / Capital Work
-in- Progress, as applicable, based on actuarial valuation, as at the
balance sheet date, made by independent actuaries.
1.13 Financial Statements: Presentation and disclosures
During the year ended March 31,2015 the Revised Shedule VI notified
under the Companies Act, 1956, has become applicable to the Compnay,
for preparation and presantation of its financial statements.
1.14 Related Party Disclosure
1) Group Copanies where common control exit.
a) Shri. Ramdeobaba Charitable Society
b) Asahi Pre- Fab Private Ltd
c) Assara
2) Key Management Personnel
a) Laxminarayan J.Rathi :- Managing Director
b) Paresh L. Rathi :- Whole Time Director
c) Yasmin Khan :- Director
d) Venketrao Karri :- Director
e) Nilesh Bhaiya :- Director
1.15 Director Remuneration/Allowances
a) Laxminarayan J.Rathi :- Managing Director :- Rs.2400000/- 1.15
(b) Director Sitting Fees
a) Yasmin Khan :- Director :- Rs.40000/-
b) Venketrao Karri :- Director :- Rs.40000/-
c) Nilesh Bhaiya :- Director :-Rs.40000/-
Mar 31, 2014
1.1 Accounting convention
Financial statements are prepared under the historical cost convention
on accrual basis in accordance with the Indian Generally Accepted
Accounting Principles (IGAAP) comprising the Accounting standards
Notified under Companies Accounting Standards Rules 2006 by the Central
Government of India under section 211(3C) of the Companies Act 1956.
1.2 Use of Estimates
The preparation of financial statements in conformity with IGAAP
requires management to make estimates and assumptions that affect the
reported amount of assets, liabilities, revenues and Expenses and
disclosure of contingent liabilities on the date of financial
statements. Examples of such estimates and assumptions include useful
lives of fixed assets and Intangible assets, taxes, Provision for
doubtful debts, anticipated obligations under employee retirement
plans, etc. The recognition, measurement, classification or
disclosures of an item or information in the financial Statements have
been made relying on these estimates to a greater extent. Actual
results could differ from those estimates
1.3. Revenue Recognition
Income from General Trading of goods, Construction of Housing units as
well as Infrastructure business. Interest Income is recognized based on
time proportion and on gross basis.
1.4. Fixed Assets
Fixed assets are stated at cost less accumulated depreciation. Cost
includes all identifiable Expenditure to bring the assets to its
present location and condition for intended use.
Intangible assets are stated at the consideration paid for the purchase
/acquisition less accumulated Amortization.
1.5. Depreciation
Depreciation on Fixed Assets has been provided on straight-line method
and for certain fixed assets at written down value method at the rates
specified in Schedule XIV of the Companies Act, 1956. Depreciation on
addition/deletion of assets during the year is provided on a pro-rata
basis.
1.6. Investments
Investments are valued at cost of acquisition and include brokerage
fees and incidental expenses, Wherever applicable. Investments are
classified as long term and are carried at cost with an Appropriate
provision of permanent diminution in value. Investments made in the
wholly/ partly Owned subsidiaries are valued at cost of acquisition
including the acquisition expenses relating to it.
1.7. Taxation
Provision for current tax is based on tax liability computed in
accordance with relevant tax rates and tax laws. If/Provision for
deferred tax is made for all timing differences arising between taxable
incomes and accounting Income at rates that have enacted or
substantively enacted as of the balance sheet.
1.8 .Foreign Exchange Transaction
Transactions in Foreign Currency are converted at the rates prevailing
on the date of the transaction. Monetary assets and liabilities (for
eg. Cash, receivables, payables etc) denominated in foreign currency
are translated into Indian Rupees at the rate of exchange prevailing at
the balance sheet date.
1.9. Deferred Revenue Expenditure
Amount paid for the purchase of contracts relating to the medical
transcription and coding have been amortized and shall be written off
over a period of 3 years being the period of contract. The expenditure
incurred for the training of the new employees has been amortized and
shall be written off over a period of 5 years.
1.10. Inventories
Inventories are vaslued at lower cost and net realizable value., cost
being ascertained on the following basis. Cost includes taxes and is
net of eligible credit under VAT Schemes.
1.11. Lease
Leasees wherein a significant portion of the ricks and reward of
ownership are retained by the lessor are classified as opreating
leases.Leases rentails in respects of such leases are charged to the
profit and loss account.
1.12. Employee benefits
Contrubution to defined contribution scheme such as provident fund,
superannuation fund etc, are charged to statements of Profit and Loss/
cpaital Work in progress, as appliacble. The compnay also provided for
retirment benefit in the form of gratuity and leave incashment. Such
defined benefit are charged to Statements of Profit & Loss / Capital
Work -in- Progress, as applicable, based on actuarial valuation, as at
the balance sheet date, made by independent actuaries.
1.13 Financial Statements: Presentation and disclosures
During the year ended March 31,2014 the Revised Shedule VI notified
under the Companies Act, 1956, has become applicable to the Compnay,
for preparation and presantation of its financial statements.
Mar 31, 2012
1.1 Accounting convention
Financial statements are prepared under the historical cost convention
on accrual basis in accordance with the Indian Generally Accepted
Accounting Principles (IGAAP) comprising the Accounting standards
Notified under Companies Accounting Standards Rules 2006 by the Central
Government of India under section 211(3C) of the Companies Act 1956.
1.2 Use of Estimates
The preparation of financial statements in conformity with IGAAP
requires management to make estimates and assumptions that affect the
reported amount of assets, liabilities, revenues and expenses and
disclosure of contingent liabilities on the date of financial
statements. Examples of such estimates and assumptions include useful
lives of fixed assets and Intangible assets, taxes, provision for
doubtful debts, anticipated obligations under employee retirement
plans, etc. The recognition, measurement, classification or disclosures
of an item or information in the financial statements have been made
relying on these estimates to a greater extent. Actual results could
differ from those estimates.
1.3. Revenue Recognition
Income from General Trading of goods, Construction of Housing units as
well as Infrastructure business. Interest Income is recognized based on
time proportion and on gross basis. Â
1.4. Fixed Assets
Fixed assets are stated at cost less accumulated depreciation. Cost
includes all identifiable expenditure to bring the assets to its
present location and condition for intended use.
Intangible assets are stated at the consideration paid for the purchase
/acquisition less accumulated amortization.
1.5. Depreciation
Depreciation on Fixed Assets has been provided on straight-line method
and for certain fixed assets at written down value method at the rates
specified in Schedule XIV of the Companies Act, 1956. Depreciation on
addition/deletion of assets during the year is provided on a pro-rata
basis.
1.6. Investments
Investments are valued at cost of acquisition and include brokerage
fees and incidental expenses, wherever applicable. Investments are
classified as long term and are carried at cost with an appropriate
provision of permanent diminution in value. Investments made in the
wholly/partly owned subsidiaries are valued at cost of acquisition
including the acquisition expenses relating to it.
1.7. Taxation
Provision for current tax is based on tax liability computed in
accordance with relevant tax rates and tax laws. If/Provision for
deferred tax is made for all timing differences arising between taxable
incomes and accounting Income at rates that have enacted or
substantively enacted as of the balance sheet date. Deferred tax assets
are recognized only if there is a reasonable certainty that they will
be realized in feature.
1.8 .Foreign Exchange Transaction
Transactions in Foreign Currency are converted at the rates prevailing
on the date of the transaction. Monetary assets and liabilities (for
eg. Cash, receivables, payables etc) denominated in foreign currency
are translated into Indian Rupees at the rate of exchange prevailing at
the balance sheet date.
1.9. Deferred Revenue Expenditure
Amount paid for the purchase of contracts relating to the medical
transcription and coding have been amortized and shall be written off
over a period of 3 years being the period of contract. The expenditure
incurred for the training of the new employees has been amortized and
shall be written off over a period of 5 years.
1.10. Inventories
Inventories are valued at lower cost and net realizable value. Cost
being ascertained on the following basis. Cost includes taxes and is
net of eligible credit under VAT Schemes.
1.11. Lease
Leases wherein a significant portion of the ricks and reward of
ownership are retained by the lesser are classified as operating
leases. Leases rentals in respects of such leases are charged to the
profit and loss account.
1.12. Employee benefits
Contribution to defined contribution scheme such as provident fund,
superannuation fund etc, are charged to statements of Profit and Loss/
capital Work in progress, as applicable. The company also provided for
retirement benefit in the form of gratuity and leave encashment. Such
defined benefit are charged to Statements of Profit & Loss / Capital
Work -in- Progress, as applicable, based on actuarial valuation, as at
the balance sheet date, made by independent actuaries.
1.13 Financial Statements: Presentation and disclosures
During the year ended March 31, 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.
Mar 31, 2010
1. Foreign exchange loss is re cognized to the extent of amount
repatriated to India.
2. Miscellaneous & preliminary expense arising of account of GDR
issued and training expense amounting to Rs. 1,31,26,185 for current
year have not been amortized for the year and would be amortized from
Financial year 2010-2011 on words.