Mar 31, 2015
1. Basis of Preparation of Financial Statement:-
These financial statements have been prepared to comply in all material
aspects with applicable accounting principles in India, the applicable
Accounting Standards prescribed under Section 133 of the Companies Act,
2014 ('Act') read with Rule 7 of the Companies (Accounts) Rules,
2015, the provisions of the Act (to the extent notified) and other
accounting principles generally accepted in India, to the extent
applicable. All assets and liabilities have been classified as current
or noncurrent as per the Company's normal operating cycle and other
criteria set out in the Schedule 111 to the Companies Act, 2014. Based
on the nature of products and the time between acquisition of assets
for processing and their realization in cash and cash equivalents, the
Company has ascertained its operating cycle as 12 months for the
purpose of current/non- current classification
2. Use of Estimates:-
The preparation of financial statement requires the management of the
Company to make estimates and assumptions to be made that affect the
reported amount of assets and liabilities and disclosures relating to
the contingent liabilities as at the date of the financial statement of
and reported amounts of income and expenses during the period. Examples
of such estimate includes provision for doubtful debts, future
obligation, employees retirement benefit plans, provision for income
taxes, useful lives of fixed assets and intangible assets.
Contingencies are recorded when it is probable that a liability will be
incurred and the amount can be reasonably estimated. Actual results may
differ from such estimates.
3. Fixed Assets:-
All fixed assets are valued at cost (including adjustment on
revaluation) less accumulated depreciation. Cost of acquisition is
inclusive of fright, duties and other incidental expenses incurred
during construction period and exclusive of cenvat credit availed
thereon.
4. Depreciation:-
During the year, the Company has adopted estimated useful life of fixed
assets as stipulated by schedule II to the Companies Act, 2013.
Accordingly, on account of assets whose useful life is already
exhausted on April 01, 2014 has been adjusted against general reserves.
5. Inventories:-
Inventory is valued at lower of cost or net realizable value.
6. Provision for Current and Deferred Taxi-
Provision for current tax made after taking into consideration benefits
admissible under the provisions of the Income-Tax Act, 1961. Deferred
tax resulting from "timing difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred tax asset is recognized and carried forward only to extent
that there is virtual certainty that the asset will be realized in
future.
7. Revenue Recognition:-
Tn appropriate circumstance, revenue is recognized when no significant
uncertainty as to determination or realisation exists.
8. Contingent Liability:-
These are disclosed by way of notes on the Balance Sheet date.
Provision is made wherever applicable for those contingencies which are
likely to materialise into liabilities after the year end till the
finalization of accounts and have material effect on the position
stated in Balance Sheet.
9. Impairment:-
At each Balance Sheet date, the Company reviews the carrying amounts of
its assets to determine whether there is any indication that those
assets suffered an impairment loss. If any such indication exists, the
recoverable amount of the assets is estimated in order to determine the
extent of impairment loss. Recoverable amount is the higher of assets
net selling price and value in use. In assessing value in use, the
estimated future cash flow expected from the continuing use of the
assets and from its disposal is discounted to their present value using
a pre-tax discount rate that reflects the current market assessments of
time value of money and risks specific to the assets. Reversal of
impairment loss is recognized immediately as income in the Profit and
Loss Statement.
10. Earning Per Share:-
The earning considered in ascertaining EPS comprise the Net Profit
after Tax. The number of shares used in computing basic EPS is the
weighted average number of shares outstanding during the year.
Mar 31, 2014
1. Basis of Preparation of Financial Statement:-
The financial statements are prepared under the historical cost
convention on accrual basis in accordance with the generally accepted
accounting principles and provision of the Companies Act, 1956 as
adopted consistently by the Company.
2. Use of Estimates:-
The preparation of financial statement requires the management of the
Company to make estimates and assumptions to be made that affect the
reported amount of assets and liabilities and disclosures relating to
the contingent liabilities as at the date of the financial statement of
and reported amounts of income and expenses during the period. Examples
of such estimate includes provision for doubtful debts, future
obligation, employees retirement benefit plans, provision for income
taxes, useful lives of fixed assets and intangible assets.
Contingencies are recorded when it is probable that a liability will be
incurred and the amount can be reasonably estimated. Actual results may
differ from such estimates.
3. Fixed Assets:-
All fixed assets are valued at cost (including adjustment on
revaluation) less accumulated depreciation. Cost of acquisition is
inclusive of fright, duties and other incidental expenses incurred
during construction period and exclusive of cenvat credit availed
thereon.
4. Depreciation:-
Depreciation on Fixed Assets is provided on WDV Method in accordance
with the rate specified in the Schedule XIV of the Companies Act, 1956
on pro-rata basis.
5. Inventories:-
Inventory is valued at lower of cost or net realizable value.
6. Provision for Current and Deferred Tax:- Provision for current tax
made after taking into consideration benefits admissible under the
provisions of the Income-Tax Act, 1961. Deferred tax resulting from
"timing difference" between taxable and accounting income is accounted
for using the tax rates and laws that are enacted or substantively
enacted as on the balance sheet date. Deferred tax asset is recognized
and carried forward only to extent that there is virtual certainty that
the asset will be realized in future.
7. Revenue Recognition:-
In appropriate circumstance, revenue is recognized when no significant
uncertainty as to determination or realisation exists.
8. Contingent Liability:-
These are disclosed by way of notes on the Balance Sheet date.
Provision is made wherever applicable for those contingencies which are
likely to materialise into liabilities after the year end till the
finalization of accounts and have material effect on the position
stated in Balance Sheet.
9. Impairment:-
At each Balance Sheet date, the Company reviews the carrying amounts of
its assets to determine whether there is any indication that those
assets suffered an impairment loss. If any such indication exists, the
recoverable amount of the assets is estimated in order to determine the
extent of impairment loss. Recoverable amount is the higher of assets
net selling price and value in use. In assessing value in use, the
estimated future cash flow expected from the continuing use of the
assets and from its disposal is discounted to their present value using
a pre-tax discount rate that reflects the current market assessments of
time value of money and risks specific to the assets. Reversal of
impairment loss is recognized immediately as income in the Profit and
Loss Statement.
10. Earning Per Share:-
The earning considered in ascertaining EPS comprise the Net Profit
after Tax. The number of shares used in computing basic EPS is the
weighted average number of shares outstanding during the year.
Mar 31, 2013
1. Basis of Preparation of Financial Statement:-
The financial statements are prepared under the historical cost
convention on accrual basis in accordance with the generally accepted
accounting principles and provision of the Companies Act, 1956 as
adopted consistently by the Company.
2. Use of Estimates:-
The preparation of financial statement requires the management of the
Company to make estimates and assumptions to be made that affect the
reported amount of assets and liabilities and disclosures relating to
the contingent liabilities as at the date of the financial statement of
and reported amounts of income and expenses during the period. Examples
of such estimate includes provision for doubtful debts, future
obligation, employees retirement benefit plans, provision for income
taxes, useful lives of fixed assets and intangible assets.
Contingencies are recorded when it is probable that a liability will be
incurred and the amount can be reasonably estimated. Actual results may
differ from such estimates.
3. Fixed Assets:-
All fixed assets are valued at cost (including adjustment on
revaluation) less accumulated depreciation. Cost of acquisition is
inclusive of fright, duties and other incidental expenses incurred
during construction period and exclusive of cenvat credit availed
thereon.
4. Depreciation:-
Depreciation on Fixed Assets is provided on WDV Method in accordance
with the rate specified in the Schedule XIV of the Companies Act, 1956
on pro-rata basis.
5. Inventories:-
Inventory is valued at lower of cost or net realizable value.
6. Provision for Current and Deferred Tax:-
Provision for current tax made after taking into consideration benefits
admissible under the provisions of the Income-Tax Act, 1961. Deferred
tax resulting from "timing difference" between taxable and accounting
income is accounted for using the tax rates and laws that are enacted
or substantively enacted as on the balance sheet date. Deferred tax
asset is recognized and carried forward only to extent that there is
virtual certainty that the asset will be realized in future.
7. Revenue Recognition: -
In appropriate circumstance, revenue is recognized when no significant
uncertainty as to determination or realisation exists.
8. Contingent Liability:-
These are disclosed by way of notes on the Balance Sheet date.
Provision is made wherever applicable for those contingencies which are
likely to materialise into liabilities after the year end till the
finalization of accounts and have material effect on the position
stated in Balance Sheet.
9. Impairment:-
At each Balance Sheet date, the Company reviews the carrying amounts of
its assets to determine whether there is any indication that those
assets suffered an impairment loss. If any such indication exists, the
recoverable amount of the assets is estimated in order to determine the
extent of impairment loss. Recoverable amount is the higher of assets
net selling price and value in use. In assessing value in use, the
estimated future cash flow expected from the continuing use of the
assets and from its disposal is discounted to their present value using
a pre-tax discount rate that reflects the current market assessments of
time value of money and risks specific to the assets. Reversal of
impairment loss is recognized immediately as income in the Profit and
Loss Statement.
10. Earning Per Share:-
The earning considered in ascertaining EPS comprise the Net Profit
after Tax. The number of shares used in computing basic EPS is the
weighted average number of shares outstanding during the year,
Mar 31, 2010
(a) Basis of Preparation of financial statements:
The financial statements are prepared under the historical cost
convention, on accrual basis; in accordance with applicable mandatory
accounting standards issued by the Institute of Chartered Accountants
of. India and the relevant provisions of the Companies Act, 1956.
(b) Revenue recognition:
Company follows accrual system of accounting and takes into account
expense and incomes as accrued..
(c) Investment:
Investments are of long-term nature and are valued at cost, and Include
all other expenses incurred on its acquisition and interest accrued
thereon, if any less any permanent diminishing in the value of
investment.
(d) Use of estimates
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities on the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates and
differences between actual results and estimates are recognized in the
period in which the results are known / materialize
(e) Contingent Liabilities:
Contingent Liability, if any, are generally not provided for in the
accounts and is shown separately as a note to the accounts.
(f) Taxation:
Income-tax expenses comprises of Current Tax, and Deferred Tax charge
or credit. Provision of Current Tax is made on the assessable income at
the tax rate applicable to the relevant assessment year.
Deferred Tax is recognised, subject to the consideration of prudence,
on timing differences, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
Mar 31, 2009
A. Revenue Recognition:
Items of income and expenditure recognised on accrual basis except
rates & taxes. & filing fees which are accounted for on cash basis.
b. Fixed Asset:
There are no Fixed Asset with the Company.
c. Depreciation of fixed asset: There is no Depreciation during the
year.
d. Investments:
The Investments are stated at cost.
e. Retirement Benefit:
Provision for retirement benefit is not made and accounted on payment
basis.
f. Taxation:
Income-tax expenses comprise current tax. Deferred Tax are not
provided.