Mar 31, 2015
A) Basis Of Preparation:
The accounts have been prepared as per mercantile system of accounting
and on the basis of Going Concern, in conformity with the accounting
principles generally accepted in India and comply with the accounting
standards referred to in Section. 211(3C) of the Companies Act, 1956 of
India.
b) Taxes on Income
Current Tax is determined as the amount of Tax payable in respect of
Taxable Income for the year.
c) General
Accounting Policies not specifically mentioned herewith are consistent
with generally accepted accounting practice.
Mar 31, 2014
Not Available.
Mar 31, 2012
A) The financial statements have been prepared under the historical
cost convention and on the basis of going concern. The system of
accounting followed is mercantile system in accordance with generally
accepted Accounting Principles and the provisions of the Companies Act,
1956 not specifically referred to, are consistent with Generally
Accepted Accounting Principles followed by the Company The Company has
complied with the Accounting standards referred to in sub- section (3C)
of section 211 of the Companies Act, 1956 in the preparation of its
profit and Loss Account and the Balance Sheet.
b) Fixed Assets / Depreciation During the year, all the Fixed Assets
have been sold. Under the circumstances, the matters of showing costs
and the method of calculation of depreciation is not applicable to the
company for current year.
c) Foreign Currency Transactions :
Foreign exchange transactions are normally recorded at the exchange
rate prevailing at the time of transaction. Any Income or Expenditure
on account of exchange difference either on settlement or on
Translation is recognized in Profit or Loss Account. However there are
no such transaction during the year.
d) Inventories There being no stocks as on date of Balance Sheet, this
matter is also not applicable.
e) Sundry Creditors / Debtors As mentioned in last year's report, the
details of Sundry Creditors & Deb for's were not available with the
company. During the year the company has gathered such details and have
cleared all those accounts. Thus, at the close of the year, no amounts
are outstanding under the these heads. The creditors, which are shown
in the Balance Sheet are for the current activities of the company.
f) Retirement Benefits
No employee of the company is eligible for cover under the Employees
Provident Fund Schemes administered by the Regional Provident Fund
Commissioner and also the provisions of the Payment of Gratuity Act and
hence no provision for the same is made in the accounts. The Employees
State Insurance Scheme is not applicable to the Company.
g) Accounting for Taxes on Income :
Provision for income tax is not made, due to loss of the year.
Mar 31, 2010
Accounting Policy
a) The financial statements have been prepared under the historical
cost convention and on the basis of going concern. The system of
accounting followed is mercantile system in accordance with generally
accepted Accounting Principles and the provisions of the Companies Act,
1956 not specifically referred to, are consistent with Generally
Accepted Accounting Principles followed by the Company The Company has
complied with the . Accounting standards referred to in sub- section
(3C) of section 211 of the Companies Act, 1956 in the preparation of
its profit and Loss Account and the Balance Sheet.
b) Fixed Assets.
Fixed Assets are accounted for on historical basis inclusive of inward
freight, duties, taxes and incidental expenses relating to acquisition,
installation erection etc, less accumulated depreciation. Fixed Assets
whose individual cost does not exceed an amount of Rs.5,000/- are
depreciated fully in the year of acquisition. Software which does not
have any enduring benefit is expensed in the year of purchase.
c) Depreciation
Depreciation on Fixed Assets has been provided on Straight Line method
in accordance with Schedule XIV of Companies Act, 1956. Depreciation on
addition/ deletion during the period is provided on pro-rata basis.
d) Foreign Currency Transactions
Foreign exchange transactions are normally recorded at the exchange
rate prevailing at the time of transaction. Any Income or Expenditure
on account of exchange difference either on settlement or on
Translation is recognized in Profit or Loss Account.
e) Inventories
Inventories are valued at lower of cost and net realisable value after
providing for obsolescence. In the case of raw materials, Stores &
Spares, Cost represents purchase price and, other cost incurred for
bringing inventories up to their present location and condition. In the
case of manufacturing work in process and finished goods, cost
represents the cost of Raw material and the cost of conversion such as
direct labour, direct expenses attributable to the units of production.
Cost of raw materials, packing materials and consumable stores are
determined on FIFO basis. Damaged, unserviceable and inert stocks are
suitably valued at bring it to realizable value.
i Raw materials and Consumable - At cost
ii Semi finished Goods - At cost or net realizable value
iii Finished Goods - At lower of cost or net realizable value
iv Traded Goods - At lower of cost (including all local taxes) or net
realizable value
f) Recognition of Income & Expenditure
All expenses and income are accounted for on mercantile basis except
accounting of relief, incentives and concessions, which are accounted
for as and when the amount finally receivable against these, are
ascertained.
g) Retirement Benefits
No employee of the company is eligible for cover under the Employees
Provident Fund Schemes administered by the Regional Provident Fund
Commissioner and also the provisions of the Payment of Gratuity Act and
hence no provision for the same is made in the accounts. The Employees
State Insurance Scheme is not applicable to the Company.
h) Accounting for Taxes on Income
Current Tax
Provision for income tax tax is determined in accordance with the
provisions of Income-tax Act, 1961
Deferred Tax
Tax expense comprises of current and deferred tax. Current income tax
and fringe benefit tax is measured at the amount expected to be paid to
the tax authorities in accordance with the Indian Income tax Act.
Deferred income taxes reflects the impact of current year timing
differences between taxable income and accounting income for the year
and reversal of timing differences of earlier years.
Deferred tax is recognized on timing differences between the taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax is
measured based on the tax rates and tax laws enacted or substantively
enacted at the balance sheet date. At each balance sheet date the
Company reassesses unrecognized deferred tax assets. It recognizes
unrecognized deferred tax assets or liabilities to the extent that it
has become reasonably certain or virtually certain, as the case may be
that sufficient future taxable income will be available against which
such deferred tax assets can be realized.
i) Earnings Per Share
Earnings considered in ascertaining the Companies earnings per share
comprise of the net profit after tax. The number of shares used in
computing the basic earnings per share is weighted average number of
shares outstanding during the year. The number of shares used in
computing diluted earnings per share comprises the weighted average
share considered for deriving basic earnings per share, and also the
weighted average number of shares, if any, which would have been issued
on the conversion of dilutive potential equity shares, if any.
j) Provisions
A provision is recognized when an enterprise has a potential obligation
as a result of past event, it is probable that an outflow of resources
will be required to settle the obligation, in
respect of which a reliable estimate can be made. Provisions are not
discounted to its present value and are determined based on best
estimate required to settle the obligation at the balance sheet date
These are reviewed at each balance sheet date and adjusted to the
current best estimates. All liabilities have been provided for in the
accounts except liabilities of a contingent nature, which have been
disclosed at their estimated value in the Notes on accounts.
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