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Accounting Policies of Axis Rail India Ltd. Company

Mar 31, 2014

Accounting Policies:

a) The financial statements have been prepared to comply in all material respects with the accounting standards notified by Companies (Accounting Standard) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956 The accounts of the Company are prepared under the Historical Cost Convention and in accordance with applicable accounting Standards except otherwise Stated Though the accumulated losses of the Company are in excess of the Paid up Capital, the Company does not have intention to suspend the operational activities. Therefore, the accounts are being prepared on 'going concern basis' and Accounting Standards of Materiality and Prudence has been taken into consideration in preparing the accounts.

b) Inventory Valuation:

i Raw Materials, Consumable, Stores & Spares at cost price

ii Finished Goods at cost of production or at realizable value by applying accepted cost methods.

c) Fixed Assets:

Fixed Assets are valued at cost less accumulated depreciation. The cost of the asset comprises its purchase price and any directly attributable cost of bringing the assets into working condition for its intended use

d) Depreciation:

Depreciation on fixed assets is being provided on the fixed assets on straight line method at the rates prescribed under schedule XIV of the Companies Act, 1956 In view of NIL depreciable Assets as on 31.03.2014 no depreciation for the period stood provided.

e) Revenue Recognition;

The revenue is recognized to the extent it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

f) Retirements and other Employee Benefits :

The company does not have any employee / staff during the year.

g) Earning Per Share

Basic earning per share has been calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

For calculating the diluted earning per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of equity share outstanding during the year are adjusted to the effect of all dilutive potential equity shares


Mar 31, 2013

A) The financial statements have been prepared to comply in all material respects with the accounting standards notified by Companies (Accounting Standard) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The accounts of the Company are prepared under the Historical Cost Convention and in accordance with applicable accounting Standards except otherwise Stated. Though the accumulated losses of the Company are in excess of the Paid up Capital, the Company does not have intention to suspend the operational activities. Therefore, the accounts are being prepared on ''going concern

I basis'' and Accounting Standards of Materiality and Prudence has been | taken into consideration in preparing the accounts,

b) Inventory Valuation

i Raw Materials, Consumable, Stores & Spares at cost price '' ii Finished Goods at cost of production or at realizable value by applying accepted cost methods.

c) Fixed Assets:

Fixed Assets are valued at cost less accumulated depreciation. The cost of the asset comprises its purchase price and any directly attributable cost of bringing the assets into working condition for its intended use

d) Depreciation:

I Depreciation on fixed assets is being provided on the fixed assets on i straight line method at the rates prescribed under schedule XIV of the | Companies Act, 1956. In view of NIL depreciable Assets as on 31.03.2013 no depreciation for the period stood provided.

e) Revenue Recognition:

The revenue is recognized to the extent it is probable that the economic '' benefits will flow to the company and the revenue can be reliably | measured.

f) Retirements and other Employee Benefits :

The company does not have any employee / staff during the year.

g) Earning Per Share

Basic earning per share has been calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted


Mar 31, 2009

A) The accounts of the Company are prepared under the Historical Cost Convention and in accordance with applicable accounting Standards except otherwise - Stated. Though the accumulated losses of the Company are in excess of the Paid up Capital, the Company does not have intention to suspend the operational activities. Therefore, the accounts are being prepared on going concern basis and Accounting Standards of Materiality and Prudence has been taken into consideration in preparing the accounts.

b) Inventory Valuation:

i Raw Materials, Consumable, Stores & Spares at cost price.

ii Finished Goods at cost of production or at realizable value by applying accepted cost methods.

c) Fixed Assets:

Fixed Assets are valued at cost less accumulated depreciation. The cost of the asset comprises its purchase price and any directly attributable cost of bringing the assets into working condition for its intended use

d) Depreciation:

Depreciation on fixed assets is being provided on the fixed assets on straight line method at the rates prescribed under schedule XIV of the Companies Act, 4956. In view of NIL depreciable Assets as on 31.03.2007, no depreciation for the period stood provided.

e) Gratuity:

Gratuity is accounted for on payment basis. The company does not have any staff during the year.


Mar 31, 2008

A) The accounts of the Company are prepared under the Historical Cost Convention and in accordance with applicable accounting Standards except otherwise Stated. Though the accumulated losses of the Company are in excess of the Paid up Capital, the Company does not have intention to suspend the operational activities. Therefore, the accounts are being prepared on going concern basis and Accounting Standards of Materiality and Prudence has been taken into consideration in preparing the accounts.

b) Inventory Valuation:

i Raw Materials, Consumable, Stores & Spares at cost price.

ii Finished Goods at cost of production or at realizable value by applying accepted cost methods.

c) Fixed Assets:

Fixed Assets are valued at cost less accumulated depreciation. The cost of the asset comprises its purchase price and any directly attributable cost of bringing the assets into working condition for its intended use

d) Depreciation:

Depreciation on fixed assets is being provided on the fixed assets on straight line method at the rates prescribed under schedule XIV of the Companies Act, 1956. In view of NIL depreciable Assets as on 31.03.2007, no depreciation for the period stood provided.

e) Gratuity:

Gratuity is accounted for on payment basis. The company does not have any staff during the year.



 
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