Mar 31, 2013
(i) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost
convention, in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956, as adopted consistently by the company. All income
and expenditure having a material bearing on the financial statements
are recognized on accrual basis.
(ii) REVENUE RECOGNITION.
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties. The Principles of revenue recognition are given below:
- Revenue from the sale of services is recognized when service is
provided to customer and in accordance with the term of sales of
service to the customers.
(iii) FIXED ASSETS AND DEPRECIATION
- Fixed Assets are stated at the cost of acquisition less accumulated
depreciation.
Cost includes all identifiable expenditure incurred to bring the asset
to its present condition and location.
- Depreciation on fixed asset is provided at the rates and in the
manner specified in schedule XIV to £he Companies Act, 1956 on strait
line method on value of the asset.
(iv) INVENTORIES
- Company has no closing stock.
(v) INCOME TAX
- Deferred Tax resulting from timing differences are expected to
crystallize in case of deferred tax liabilities with reasonable
certainty and in case of deferred tax asset with virtual certainty that
there would be adequate future taxable income against which such
deferred tax assets can be realized. The tax effect is calculated on
the accumulated timing differences at the end of an accounting period
based on prevailing enacted regulations.
Mar 31, 2012
A) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost
convention, in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956, as adopted consistently by the company. All income
and expenditure having a material bearing on the financial statements
are recognized on accrual basis.
b) REVENUE RECOGNITION.
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties. The Principles of revenue recognition are given below:
- Revenue from the sale of services is recognized when service is
provided to customer and in accordance with the term of sales of
service to the customers.
c) FIXED ASSETS AND DEPRECIATION
- Fixed Assets are stated at the cost of acquisition less accumulated
depreciation. Cost includes all identifiable expenditure incurred to
bring the asset to its present condition and location.
- Depreciation on fixed asset is provided at the rates and in the
manner specified in schedule XIV to the Companies Act, 1956 on strait
line method on value of the asset.
d) INVENTORIES
- Company has no closing stock,
e) INCOME TAX
- Provision for taxation is made on the basis of the taxable profits
computed for the current accounting period in accordance with the
Income Tax Act, 1961.
- Deferred Tax resulting from timing differences are expected to
crystallize in case of deferred tax liabilities with reasonable
certainty and in case of deferred tax asset with virtual certainty that
there would be adequate future taxable income against which such
deferred tax assets can be realized. The tax effect is calculated on
the accumulated timing differences at the end of an accounting period
based on prevailing enacted regulations.
Mar 31, 2010
A) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost
convention, in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of. India and the provisions of the
Companies Act, 1956, as adopted consistently by the company. All income
and expenditure having a material bearing on the financial Statements
are recognized on accrual basis.
b) REVENUE RECOGNITION.
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties. The Principles of revenue recognition are given below:
- Revenue from the sale of goods is recognized when supply of goods
takes place in accordance with the term of sales and on passing of
title to the customers.
c) FIXED ASSETS AND DEPRECIATION
- Fixed Assets are stated at the cost of acquisition less accumulated
depreciation. Cost includes all identifiable expenditure incurred to
bring the asset to its present condition and location.
- Depreciation on fixed asset is provided at the rates and in the
manner specified in schedule XIV to the Companies Act, 1956 on written
down value of the asset.
d) INVENTORIES
- Co has no closing stock.
e) INCOME TAX
- Provision for taxation is made on the basis of the taxable profits
computed for the current accounting period in accordance with the
Income Tax Act, 1961.
- Deferred Tax resulting from timing differences are expected to
crystallize in case of deferred tax liabilities with reasonable
certainty and in case of, deferred tax asset with virtual certainty
that there would be adequate future taxable income against which such
deferred tax assets can be realized. The fax effect is calculated on
the accumulated timing differences at the end of an accounting period
based on prevailing enacted regulations.