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Accounting Policies of Ashram Online.com Ltd. Company

Mar 31, 2012

A. BASIS OF PREPATION OF FINANCIAL STATEMENTS

1. The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956.

2. Method of Accounting - The Company maintains its accounts on accrual basis

3. The Accounting Standards recommended by The Institute of Chartered Accountants of India have been followed wherever applicable to the Company.

B. FIXEDASSETS, DEPRECIATION & IMPAIRMENT

1. The Fixed Assets are stated at cost of their acquisition less depreciation.

2. Depreciation provided on fixed assets , on written down value method, as per the rates specified Scheduled XIV of the Companies Act 1956.

C. VALUATION OF CLOSING STOCK

There are no closing stock of inventories at the end of the year. Hence the valuation of the same at the end of the year is not called for.

D . PRE OPERATIVE / MISCELLANEOUS EXPENSES

Pre- operating Expenses and related expenses incurred for the project are written off over a period of five years commence from the year and has been disclosed under Non - current assets.

E. INVESTMENTS

Investments are classified as long- term and current investments . Long - term investments are shown at cost, or written down value ( in case of other than temporary diminution ) and there are no current investments in the company .

F IMPAIRMENT OF ASSETS

As required AS-28 issued the institute of Chartered Accountants of India, Provision for impairment loss of assets is not required to be made as the estimated realizable value of such assets will be more equal to the carrying amount stated in the Balance Sheet.

G. RETIRMENT BENEFITS

Contribution of Provident fund, Gratuity and leave encashment benefits wherever applicable is being accounted on actual liability basis as currently the company does not fall within the purview of the respective acts and not contributions were required to be made either by company or any its employee''s.

H. TAX ON INCOME

a. Tax on income for the current period is determined on the basis of Taxable Income Computed in accordance with the provisions of the Income Tax Act 1961.

b. Deferred Tax on timing differences between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date as per the Accounting Standard (AS 22) laid down by the Institute of Chartered Accountants of India (ICAI)

I. EARNING PER SHARE

The earning considered in ascertaining the Company''s earning per share is net profit after tax. The earning per share for the year is Rs -0.12 as compared to the previous year of Rs -0.15 the EPS reported is basic and diluted.

J. SEGMENTAL REPORTING

The Company is engaged primarily in the one segment, accordingly there are no separate reportable segments as per the accounting standard 17 (Segmental Reporting) issue by the Institute of Chartered Accountants of India.

K. RELATED PARTY DISCLOSURES

The Company had no transactions with the related parties during the year under review other than temporary current account transactions

L. DUES TO SME''S

Management has determined that there were no balances outstanding as at the beginning of the year and no transactions entered with micro, small and medium enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006, during the current year, based on the information available with the company as at March 31, 2012.

M. GENERAL

a. The Figures for the previous year figures have been regrouped / reclassified where ever necessary with the conformity with current year figures for facilitating proper comparisons.

b. The figures have been rounded off to the nearest rupee.


Mar 31, 2010

Brief description of the Company and its Business

ASHRAM ONLINE.COM LIMITED was incorporated in India, and is engaged in the Business of building high class Infrastructure for promoting health, sports, tourism and providing wide range of infrastructure facilities for the corporate and business organisations

A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared to comply in all material respects With the standards notified under the Companies (Accounting Standard)) Rules.2006 and the relevant provisions of the Companies Act,1956 The financial Statements have been prepared under the historical cost convention on an accrual basis The accounting policies have been consistently applied by the company and except for the changes in accounting policy discussed ore fully blow if any, are consistent with those used in previous year

REVENUE RECOGNITION

Incomes have been recorded on the basis of accrual system of accounting.

B. USE OF ESTIMATES

The preparation of financial statement sin conformity with the Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, disclosures relating to contingent liabilities and assets as at the balance sheet date and the reported amounts of income and expenses during the year Difference between the actual amounts and the estimates are recognized in the year in which the events become known / are materialize..

C. FIXED ASSETS AND DEPRECIATION

1. The Fixed Assets are stated at cost of their acquisition less depreciation.

2. Depreciation is provided on fixed assets, on written down value method, as per the rates specified in Schedule XIV of the Companies Act, 1956. Depreciation on fixed assets added / disposed off/discarded during the year has been provided on pro-rata basis with reference to the date of addition/discarding.

D. VALUATION OF CLOSING STOCK

There are no Closing Stock of Inventories at the end of the year, hence the valuation of the same at the end of the year is not called for

E PREOPERATING EXPENSES

Pre-Operating Expenses and related expenses incurred for the project are written off over a period of ten years commencing from current year

F.INVESTMENTS

Investments are classified as long-term and current investments Long-term investments are shown at cost, or written down value (in case of other than temporary diminuiion) and there are no Current Investments in the company. The market value of the long term investments is not readily available and under given case the book value per share (NAV basis) has been determined on the basis of available latest financial statements of the respective company and the same has been treated as market value.

G RETIREMENT BENEFITS

Contribution of Provident fund, Graluity and Leave encashment benefits wherever applicable is being accounted on actual liability basis as and when arises However the above referred provisions are not applicable to the company as it does not have employess who have served minimum period to become eligible for retirement benefits.

H. TAX ON INCOME

a. Tax on income for the current period is determined on the basis of Taxable Income computed in accordance with the provisions of the Income Tax Act 1961

b. Deferred Tax on timing differences between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date as per the Accounting Standard (AS 22) laid down by the Institute of Chartered Accountants of India (ICAI)

LEARNINGS PER SHARE (EPS)

The earnings considered in ascertaining the Companys earrngs per share is net profit after tax. The earmgs per share for the year is Rs -0.107 as compared to the previous year of Rs -0151 The EPS reported is basic and diluted.