Mar 31, 2018
1 SIGNIFICANT ACCOUNTING POLICIES
1.1 Basis of Accounting
The financial statements are prepared under the historical cost convention on the concept of a going concern, in accordance with the Generally Accepted Accounting Principles and mandatory Accounting Standards as notified under Rule 7 of the Companies (Accounts) Rules, 2014 which is similar to provisions and presentational requirements of the Companies Act, 2013.
1.2 Recognition of Income
Sales represents invoiced Value of goods Sold and services provided. Other Income is recognized and accounted for on accrual basis unless otherwise stated.
1.3 Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.
1. 4 Taxes on Income
Current tax is determined and provided for on the amount of taxable income at the applicable rates for the relevant financial year. Deferred Tax Assets and Liabilities (DTA/ DTL) are recognized, subject to consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods. The DTA is recognized only to the extent that there is reasonable certainty of sufficient future profits against which such DTA can be realized.
1. 5 Contingent Liability
The contingent liabilities, if any, are disclosed in the Notes to Accounts. Provision is made in the accounts, if it becomes probable that there will be outflow of resources for settling the obligation.
1. 6 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring after the balance sheet date to provide additional information materially affecting the determination of the amounts of assets or liabilities relating to conditions existing at the balance sheet date.
1. 7 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year/ period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year/ period.
1. 8 Use of estimates
The preparation of financial statements, in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities on the date of the financial statements and the results of operations during the reporting year. Actual results could differ from those estimates. Any revision to accounting estimates is recognized prospectively in current and future periods.
1. 9 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction. Monetary items denominated in foreign currencies at the year-end are translated at the rate ruling at the yearend rate.
1-10 Depreciation
Depreciation on Fixed Assets is provided to the extent of depreciable amount on the Written Down Value (WDV) Method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.
2 NOTES TO THE ACCOUNTS
2. 1 The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.
2. 2 All the investments made by the company are valued at Cost .
2.3
Managerial Remuneration: 198,000
2.4 The Company does not have any inventory as at 31.03.2016.
2.5 Differed tax arising on account of timing difference and which are capable of reversal in one or more subsequent periods is recognized using the tax rates and tax laws that have been enacted or substantively enacted. Differed tax assets are recognized unless there is virtual certainty with respect to the reversal of the same in future years.
2.6 All schedules annexed to and from integral part of the Balance Sheet and Profit & Loss Account.
2.7 Minimum Alternative Tax (MAT) is recognized as an asset only when and to the extent there is convincing evidence that the company will pay normal income tax during the specified period. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that company will pay normal Income Tax during the specified period.
2.8 Related party transaction:
As per AS-18-"Related Party Disclosure" the disclosures of transactions with the related parties are given below:
2.9 Contingent Liability not provided for:
Income tax matters in dispute/under Appeal:
The Income Tax assessment for the company have been completed up to the financial year ended 31st March 2012, arising from the completed assessment there is net demand of Rs. 2,11,71,420 (excluding interest). The company have gone on further appeal on this matter. Due to pending progress in appeal, the liability for the demand has not been recognized in the accounts.
2.11 Company has followed ICDS which has notified by the CBDT Notification No. 87/ 2016 dt. 29 Sept. 2016
Mar 31, 2015
1.1 Basis of Accounting
The financial statements are prepared under the historical cost
convention o n the concept of a going concern, in accordance with the
Generally
Accepted Accounting Principles and mandatory Accounting Standards as
notified under Rule 7 of the Companies (Accounts) Rules, 2014 which is
similar to provisions and presentational requirements of the Companies
Act, 2013.
1.2 Recognition of Income
Sales represents invoiced Value of goods Sold and services provided.
Other Income is recognized and accounted for on accrual basis unless
otherwise stated.
1.3 Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and
impairment losses, if any. Cos t comprises the pur chase price and any
a attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which take substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
1.4 Taxes on Income
Current tax is determined and provided for on the amount of taxable
income at the applicable rates for the relevant financial year.
Deferred Tax
Assets and Liabilities (DTA/ DTL) are recognized, subject to
consideration of prudence, on timing differences, being the difference
between taxable income and accounting income that originate in one
period and is capable of reversal in one or more subsequent periods.
The DTA is recognized only to the extent that there is reasonable
certainty of sufficient future profits against which such DTA can be
realized.
1.5 Contingent Liability
The contingent liabilities, if any, are disclosed in the Notes to
Accounts. Provision is made in th e accounts, if it becomes probable
that th ere will be outflow of resources for settling the obligation.
1.6 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring
after the balance sheet date to provide additional information
materially affecting the determination of the amounts of assets or
liabilities relating to conditions existing at the balance sheet date.
1.7 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year/ period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year/
period.
1.8 Use of estimates
The preparation of financial statements, in conformity with generally
accepted accounting principles, requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities on
the date of the financial statements and the results of operations
during the reporting year. Actual results could differ from those
estimates. Any revision to accounting estimates is recognized
prospectively in current and future periods.
1.9 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction. Monetary
items denominated in foreign currencies at the yearend are translated
at the rate ruling at the yearend rate.
1.10 Depreciation
Depreciation on Fixed Assets is provided to the extent of depreciable
amount on the Written Down Value (WDV) Method. Depreciation is provided
based on useful life of the assets as prescribed in Schedule II to the
Companies Act, 2013.
Mar 31, 2014
Basis of Accounting
The financial statements are prepared under the historical cost
convention on the concept of a going concern, in accordance with the
Generally Accepted Accounting Principles and mandatory Accounting
Standards as notified under the Companies (Accounting Standards) Rules,
2006 and as per the provisions and presentational requirements of the
Companies Act, 1956.
Changes in Accounting policies
The accounting policies adopted are consistent with those of previous
financial year. The management assures that there has been no change in
accounting policies as compared to that of previous year which would
have any significant effect on these financials.
Recognition of Income
Export Sales represents invoiced Value of goods Sold. Other Income is
recognized and accounted for on accrual basis unless otherwise stated.
Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and
impairment losses, if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which take substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
Depreciation on tangible fixed assets
No Depreciation has been provided on Land.
Taxes on Income
Current tax is determined and provided for on the amount of taxable
income at the applicable rates for the relevant financial year.
Deferred Tax Assets and Liabilities (DTA/ DTL) are recognised, subject
to consideration of prudence, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and is capable of reversal in one or more subsequent
periods.The DTA is recognised only to the extent that there is
reasonable certainty of sufficient future profits against which such
DTA can be realised.
Contingent Liability
The contingent liabilities, if any, are disclosed in the Notes to
Accounts. Provision is made in the accounts, if it becomes probable
that there will be outflow of resources for settling the obligation.
Events occurring after the balance sheet date
Adjustments to assets and liablities are made for events occurring
after the balance sheet date to provide additional information
materially affecting the determination of the amounts of assets or
liabilities relating to conditions existing at the balance sheet date.
Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year/ period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year/
period.
Use of estimates
The preparation of financial statements, in conformity with generally
accepted accounting principles, requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities on
the date of the financial statements and the results of operations
during the reporting year. Actual results could differ from those
estimates. Any revision to accounting estimates is recognised
prospectively in current and future periods.
Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction. Monetary
items denominated in foreign currencies at the year end are translated
at the rate ruling at the year endrate.
Mar 31, 2013
Basis of Accounting
The financial statements are prepared under the historical cost
convention on the concept of a going concern, in ac cordance with the
Generally Accepted Accounting Principles and mandatory Accounting
Standards as notified under the Companies (Accounting Standards) Rules,
2006 and as per the provisions and presentational requirements of the
Companies Act, 1956.
Changes in Accounting policies
The accounting policies adopted are consistent with those of previous
financ ial year. The management assures that there has been no change
in accounting policies as compared to that of previous year which would
have any significant effect on these financials.
Recognition of Income
Export Sales represents invoiced Value of goods Sold. Other Income is
recog nized and accounted for on accrual basis unless otherwise stated.
Tangible Fixed Assets
Fixed assets are stated at cost less a ccumulated depreciation and
impairment losses, if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which take substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
Depreciation on tangible fixed assets
No Depreciation has been provided on Land.
Taxes on Income
Current tax is determined and provide d for on the amount of taxable
income at the applicable rates for the relevant financial year.
Deferred Tax Assets and Liabilities (DTA/ DTL) are recognised, subject
to consideration of prudence, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and is capable of reversal in one or more subsequent
periods.The DTA is recognised only to the extent that there is
reasonable certainty of sufficient future profits against which such
DTA can be realised.
Contingent Liability
The contingent liabilities, if any, are d isclosed in the N otes to
Accounts. Prov ision is made in the accounts, if it beco mes probable
that there will be outflow of resources for settling the obligation.
Events occurring after the balance sheet date
Adjustments to assets and liablities are made for events occu rring
after the balance sheet date to provide additional information
materially affecting the determination of the amounts of assets or
liabilities relating to conditions existing at the balance sheet date.
Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year/ period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year/
period.
Use of estimates
The preparation of financial statements, in conformit y with generally
accepted accounting principles, requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities on
the date of the financial statements and the results of operations
during the reporting year. Actual results could differ from those
estimates. Any revision to accounting estimates is recognised
prospectively in current and future periods.
Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction. Monetary
items denominated in foreign currencies at the year end are translated
at the rate ruling at the year end rate.
Mar 31, 2012
Not Applicable