Mar 31, 2014
1. BASIS OF PREPARATION OF ACCOUNTS
i) Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles.
ii) The accounts of the Company are prepared under the historical cost
convention on accrual basis and as per applicable mandatory accounting
standards issued by the Institute of Chartered Accountants of India and
disclosures requirement of schedule VI to the Companies Act 1956.
2. FIXED ASSETS AND DEPRECIATION
Fixed assets are stated at cost of acquisition less accumulated
depreciation. Depreciation on fixed assets has been provided on written
down value method at the rate and in the manner prescribed in Schedule
XIV to Companies Act, 1956.
Depreciation on any addition in fixed assets during the year has been
charged on pro-rata basis.
3. TAXES ON INCOME/DEFERRED TAX
The current Corporate Tax of Rs. 1,71,093/- is calculated as per
applicable tax rates and laws.
Deferred Tax is provided on timing differences between tax and
accounting treatment that originate in one period and are expected to
be reversed or settled in subsequent periods.
4. REVENUE RECOGNITION
Revenue in respect of sale of goods is recognised at the point of
despatch to customers in case of direct sale and at the point when the
sales report is received from the consignee agents in case of
consignment sales.
5. EMPLOYEE BENEFITSGRATUITY
No provision has been made in the accounts against the liability in
respect of future payment of gratuity to employees as the same is
accounted for on cash basis. No actuarial valuation of gratuity is done
and as such liability is unascertained.
6. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities and Contingent Assets are neither recognized nor
disclosed in the financial statements.
Mar 31, 2013
1. BASIS OF PREPARATION OF ACCOUNTS
i) Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles.
ii) The accounts of the Company are prepared under the historical cost
convention on accrual basis and as per applicable mandatory accounting
standards issued by the Institute of Chartered Accountants of India and
disclosures requirement of schedule VI to the Companies Act 1956.
2. FIXED ASSETS AND DEPRECIATION
Fixed assets are stated at cost of acquisition less accumulated
depreciation. Depreciation on fixed assets has been provided on written
down value method at the rate and in the manner prescribed in Schedule
XIV to Companies Act, 1956.
Depreciation on any addition in fixed assets during the year has been
charged on pro-rata basis.
3. TAXES ON INCOME/DEFERRED TAX
The current Corporate Tax of Rs. 35,004/- is calculated as per
applicable tax rates and laws.
Deferred Tax is provided on timing differences between tax and
accounting treatment that originate in one period and are expected to
be reversed or settled in subsequent periods.
4. REVENUE RECOGNITION
Revenue in respect of sale of goods is recognised at the point of
despatch to customers in case of direct sale and at the point when the
sales report is received from the consignee agents in case of
consignment sales.
5. EMPLOYEE BENEFITS GRATUITY
No provision has been made in the accounts against the liability in
respect of future payment of gratuity to employees as the same is
accounted for on cash basis. No actuarial valuation of gratuity is done
and as such liability is unascertained.
6. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS Provisions
involving substantial degree of estimation in measurement are
recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities and Contingent Assets are neither recognized nor
disclosed in the financial statements.
Mar 31, 2012
1. BASIS OF PREPARATION OF ACCOUNTS
i) Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles.
ii) The accounts of the Company are prepared under the historical cost
convention on accrual basis and as per applicable mandatory accounting
standards issued by the Institute of Chartered Accountants of India and
disclosures requirement of schedule VI to the Companies Act 1956.
2. FIXED ASSETS AND DEPRECIATION
Fixed assets are stated at cost of acquisition less accumulated
depreciation. Depreciation on fixed assets has been provided on written
down value method at the rate and in the manner prescribed in Schedule
XIV to Companies Act, 1956.
Depreciation on any addition in fixed assets during the year has been
charged on pro-rata basis.
3. TAXES ON INCOME/DEFERRED TAX
The current Corporate Tax of Rs. 5,042/- is calculated as per
applicable tax rates and laws.
Deferred Tax is provided on timing differences between tax and
accounting treatment that originate in one period and are expected to
be reversed or settled in subsequent periods.
4. REVENUE RECOGNITION
Revenue in respect of sale of goods is recognised at the point of
despatch to customers in case of direct sale and at the point when the
sales report is received from the consignee agents in case of
consignment sales.
5. EMPLOYEE BENEFITS GRATUITY
No provision has been made in the accounts against the liability in
respect of future payment of gratuity to employees as the same is
accounted for on cash basis. No actuarial valuation of gratuity is done
and as such liability is unascertained.
6. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities and Contingent Assets are neither recognized nor
disclosed in the financial statements.
Mar 31, 2011
1. BASIS OF PREPARATION OF ACCOUNTS
a) The Financial statements have been prepared under the Historical
cost convention on accrual basis and in accordance with generally
accepted accounting principles and the provisions of Companies Act,
1956, subject to what is stated herein below as adopted consistently by
the Company.
b) The Company generally follows mercantile system of accounting and
recognizes significant item of income and expenditure on accrual basis.
c) Accounting policies not specifically referred to otherwise be
consistent and in consonance with generally accepted accounting
principles.
2. FIXED ASSETS
Fixed assets are stated at cost of acquisition less accumulated
depreciation.
3. DEPRECIATION
Depreciation on fixed assets has been provided on Written Down Value
method as per the rates prescribed in Schedule XIV to the Companies
Act, 1956.
4. RETIREMENT BENEFITS
No provision is made for gratuity as the provisions of payment of
Gratuity Act, 1972 are not applicable to the Company.
5. TAX ON INCOME
i) Current Corporate Tax of Rs. 19,044/- is provided as per applicable
tax rates & laws.
ii) Deferred tax is provided on timing differences between tax and
accounting treatment that originate in one period and are expected to
be reversed or settled in subsequent period.
The break-up of net deferred tax assets as at 31st March 2011 is as
under:-
Deferred Tax
Timing difference on account of: As on 31.03.2011
Assets Liability
Difference between book depreciation
and depreciation under the Income Tax 266 Nil
Act 1961
Expenditure under Section 43B of the
Income Tax Act, 1961 Nil Nil
Lease Finance Nil Nil
Provisions for doubtful debts and
advances Nil Nil
Others Nil Nil
Net Deferred Tax Assets 266 Nil
Deferred Tax
Timing difference on account of: As on 31.03.2010
Assets Liability
Difference between book depreciation
and depreciation under the Income Tax 288 Nil
Act 1961
Expenditure under Section 43B of the
Income Tax Act, 1961 Nil Nil
Lease Finance Nil Nil
Provisions for doubtful debts and
advances Nil Nil
Others Nil Nil
Net Deferred Tax Assets 288 Nil