Mar 31, 2015
A) BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS
The financial statements of the Company have been prepared to comply
with the Generally Accepted Accounting Principles in India (Indian
GAAP) including the Accounting Standards notified under the Relevant
Provisions of the Companies Act, 2012 The financial statements have
been prepared on accrual basis under the historical cost convention.
The accounting policies adopted in the preparation of the financial
statements are consistent with those followed in the previous year.
b) USE OF ESTIMATES
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimate 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 / materialise.
c) CASH AND CASH EQUIVALENT
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an origins maturity three
months or less the date of acquisition), highly liquid investments that
are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
d) CASH FLOW STATEMENT
Cash (lows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted fo the effects of
transactions of non-cash nature and any deferrals or accruals of past
or future cash receipts or payments. cash Hows from operating,
investing and financing activities of the Company are segregated based
on the available information.
e) FIXED ASSET'S
TANGIBLE ASSETS
Tangible Assets are stated at cost ,less accumulated depreciation and
impairment loss, if any. The cost of Tangible Asset; comprises its
purchase price and any cost directly attributable to bringing the asset
to its working condition for its intended use except Registration
expenses on vehicle purchases and Vehicle insurance expenses charged to
Statement of Profit & Los; without adjustment for prepaid expenses.
Subsequent expenditures related to an item of Tangible Asset are added
to its bool value only if they increase the future benefits from the
existing asset beyond its previously assessed standard of performance.
f) DEPRECIATION/ AMORTISATION TANGIBLE ASSETS
Depreciation on Fixed Assets is provided as per the provisions
contained in Schedule II of the Companies Act 2013 and the net carrying
amount of the fixed assets is amortised over their useful lifes as
specified in Part C of the Schedule II of the Act or Straight Line
Method.
g) INVESTMENTS
Long-term Investments are stated at cost. Provision for diminution in
the value of long-term investments is made only if such a decline is
other than temporary in the opinion of the management.
h) Defined Contribution Plan
a) in accordance with the provisions of Employees Provident Funds and
Miscellaneous Provisions Act,1952, eligible employees of the company
are entitled to receive benefits with respect to provident fund, a
defined contribution plan in which both the company and the employee
contribute monthly at a determined rate (currently 12% of employee's
basic salary). Company's contribution to provident fund is charged to
statement of profit and loss.
b) The Company has taken a Policy with Life Insurance Corporation of
India for the payment of gratuity, a defined contribution plan and
premium paid on the policy has been charged to statement of profit &
loss in the year of payment.
Defined Benefit Plan
As per Leave encashment policy, are required to encash accumulated
leave before the end of accounting year and accordingly form the part
of expenses under the head Salaries and wages. However, liability
towards leave encashment benefits in respect of unveiled leave at the
end of their tenure is accounted on cash basis.
i) FOREIGN CURRENCY TRANSACTIONS
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transaction. In case of liabilities
incurred for the acquisition of fixed assets, the loss or gain on
conversion (at the rate prevailing at the year end) is recognized as
income or expenses in the statement of profit and loss. Current assets
and liabilities (other than those relating to fixed assets) are
restated at the rate prevailing at the year end. The difference between
the year end rate and the exchange rate at the date of the transaction
is recognized as income or expense in the statement of profit and loss.
j) TAXATION
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. recognised, subject to the consideration
of prudence in respect of deferred tax assets, on timing between
taxable income and accounting income that originate in one period and
are capable of reversal in one or periods except for carried forward
losses, which are recognized only if there is virtual certain their
k) REVENUE RECOGNITION
Income from car rental is recognized when service rendered and in
accordance with agreement wherever applicable and other income is
accounted on accrual basis. Insurance claims are accounted for on the
claims admitted / expected to be admitted and to the extent that there
is no uncertainty in receiving
l) IMPAIRMENT
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Statement in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
m) PROVISIONS AND CONTINGENT LIABILITIES
A provision is recognized when there is a present obligation as a
result of past events for which it is probable that an outflow of
resources will be required to settle the obligation and in respect of
which a reliable estimate can be made. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimates.
Contingent liabilities are disclosed after an evaluation of the facts
and legal aspects of the matters involved.
Mar 31, 2013
1.1 BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared under the historical cost
convention, in accordance with applicable accounting standards notified
by the companies (Accounting Standards) ''Rules, 2006 and the relevant
provisions of the Companies Act, 1956.
1.2 FIXED ASSETS
Fixed Assets are stated at cost less accumulated depreciation.
1.3 DEPRECIATION/AMORTISATION
Depreciation is provided on written down method at the rates and in the
manner specified in Schedule XIV of the Companies Act, 1956.
1.4 INVESTMENTS
Long-term Investments are stated at cost. Provision for diminution in
the value of long-term investments is made only if such a decline is
other than temporary in the opinion of the management.
1.5 EMPLOYEE BENEFITS
a) The Company has taken a Policy with Life Insurance Corporation of
India for the payment of gratuity, a defined contribution plan and
premium paid on the policy has been charged to Profit & Loss Account in
the year of payment.
b) Liability for employees'' leave encashment benefits has been
provided as calculated as per rules of the Company.
1.6 FOREIGN CURRENCY TRANSACTIONS
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transaction. In case of liabilities
incurred for the acquisition of fixed assets, the loss or gain on
conversion (at the rate prevailing at the yearend) is recognized as
income or expenses in the profit & loss account. Current Assets and
Liabilities (Other than those relating to fixed assets) are restated at
the rate prevailing at the year end. The difference between the year
end rate and the exchange rate at the date of the transaction is
recognized as income or expense in the profit and loss account.
1.7 TAXATION
Deferred tax is recognized subject to the consideration of prudence in
respect of deferred tax assets, on timing difference, being the
differences between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods except for carried forward losses, which are recognized only if
there is virtual certainty of their realization.
1.8 REVENUE RECOGNITION
Income from car rental is recognized in accordance with the terms of
respective agreement and other income is accounted on accrual basis.
1.9 IMPAIRMENT
An asset is treated as Impaired when the carrying cost of assets
exceeds its recoverable value.
An impairment loss is charged to the Profit & Loss Account in the year
in which an asset is identified as impaired. The impairment loss
recognized in prior accounting periods is reversed if there has been a
change in the estimate of recoverable amount.
1.10 PROVISIONS AND CONTINGENT LIABILITIES
A provision is recognized when there is a present obligation as a
result of past events for which it is probable that an outflow
of resources will be required to settle the obligation and in respect of
which a reliable estimate can be made. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimates.
Contingent liabilities are disclosed after an evaluation of the facts and
legal aspects of the matters involved.
Mar 31, 2012
1.1 BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared under the historical cost
convention, in accordance with applicable accounting standards notified
by the companies (Accounting Standards) Rules, 2006 and the relevant
provisions of the Companies Act, 1956.
1.2 FIXED ASSETS
Fixed Assets are stated at cost less accumulated depreciation.
1.3 DEPRECIATION I AMORTISATION .
Depreciation is provided on written down method at the rates and in the
manner specified in Schedule XIV of the Companies Act, 1956.
1.4 INVESTMENTS
Long-term Investments are stated at cost. Provision for diminution in
the value of long-term investments is made only if such a decline is
other than temporary in the opinion of the management
1.5 EMPLOYEE BENEFITS
Defined Contribution Plan:
a) The Company has taken a Policy with Life Insurance Corporation of
India for the payment of gratuity, a defined contribution ; plan and
premium paid on the policy has been charged to Profit & Loss Account in
the year of payment.
Defined Benefit Plan:
a) Liability for employees'' leave encashment benefits has been
provided.
1.6 FOREIGN CURRENCY TRANSACTIONS
transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transaction. In case of liabilities
incurred for the acquisition of fixed assets, the lofs or gain on
conversion (at the rate prevailing at the year end) is recognized as
income or expenses in the profit & loss account. Current Assets and
Liabilities (Other than those relating to fixed assets) are restated at
the rate prevailing at the year end. The difference between the year
end rate and the exchange rate at the date of the transaction is
recognized as income or expense in the profit and loss account.
1.7 TAXATION
Deferred tax is recognised subject to the consideration of prudence in
respect of deferred tax assets, qn timing difference, being the
differences between taxable income and accounting income that originate
in one period and are capable of reversal irf one or more subsequent
periods except for carried forward losses, which are recognized only
Aere is virtual certainty of their realization.
1.8 Revenue recognition
Income from car rental is recognized in accordance with the terms of
respective agreement and Other income is accounted on accrual basis. .
1.9 IMPAIRMENT
Art asset is treated as Impaired when the carrying (post of assets
exceeds its recoverable valuej. An impairment loss is charged tf !the
Profit & Loss Account in the year in which an ajsset is identified as
impaired. The impairment loss recognised in prior accounting
periods is reversed if there has been a change in the estimate of
recoverable amount
1.10 PROVISIONS AND CONTINGENT LIABILITIES
A provision is recognized when there is a present obligation as a
result of past events for which it is probable thalran outflow of
resources will be required to settle the obligation arid in respect of
which a reliable estimate can be made. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimates.
Contingent liabljties are disclosed after an evaluation of the facts
and legal aspects of the matters involved.
Mar 31, 2010
A. Accounting Convention
The financial statements are prepared under the historical cost
convention, in accordance with applicable accounting standards notified
by the Companies (Accounting Standards) Rules, 2006 and the relevant
provisions of the Companies Act, 1956.
b. Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation.
c. Depreciation
Depreciation on Fixed Assets is provided on written down value method
at the rate and in the manner prescribed under the Schedule XTV to the
Companies Act, 1956.
d. Investments
Long Term Investments are stated at cost Provision for diminution in
the value of long term investments is made only is such a decline is
other than temporary in the opinion of the management.
e. Employee Benefit
i) Defined Contribution Plan:
The Company has taken a Policy with Life Insurance Corporation of India
for the payment of gratuity, a defined contribution plan and premium
paid on the policy has been charged to Profit & Loss Account in the
year of payment. ii) Defined Benefit Plan:
Liability for employees leave encashment benefits has been provided
for on the basis of Acturial valuation.
i. Foreign Currency Transactions
Transaction in foreign currency are recorded at the exchange rate
prevailing on the date of the transaction. In case of liabilities
incurred for the acquisition of fixed assets, the loss or gain on
conversion (at the rate prevailing at the year end) is recognized as
income or expenses in the profit & loss account. Current Assets and
liabilities (other than those relating to fixed assets) are restated at
the rate prevailing at the year end. The difference between the year
end rate and the exchange rate at the date of the transaction is
recognized as income or expense in the profit and loss account.
g. Revenue Recognition
Income from car rentals is recognized in accordance with the terms of
the respective agreement and other income is accounted on accrual
basis.
h. Impairment
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss Account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting periods is
reversed if there has been a change in the estimate of recoverable
amount
i. Provisions and Contingent Liabilities
A Provision is recognized when there is a present obligation as a
result of past events for which it is probable that an outflow of
resources will be required to settle the obligation and in respect of
which a reliable estimate can be made. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimates.
Contingent liabilities are disclosed after an evaluation of the facts
and legal aspects of the matters involved.