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Accounting Policies of Dynamic Microsteppers Ltd. Company

Mar 31, 2014

(a) Accounting Convention:

The financial statements are prepared on historical cost convention and going concern basis.

(b) Fixed Assets:

Fixed assets are stated at cost of acquisition or construction less accumulated depreciation/ amortization and accumulated impairment losses, if any.

(c) Depreciation:

Depreciation is not provided for the year due to the fact that the assets were not utilized because there was no manufacturing activities carried out.

(d) Impairment of Assets:

An asset is treated as impaired when the carrying cost of an asset exceeds its recoverable value. An impairment loss is charged to Profit & Loss account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

(e) Investments:

There are no investments with the company.

(f) Inventories:

There are no inventories with the company.

(g) Revenue Recognition:

i) All Income and expenses are accounted on accrual basis.

ii) Scrap where not significant is accounted for when sold.

(h) Retirement benefits:

During the year there were no employees with the company.

(i) Foreign Currency Transaction:

There was no foreign currency transactions during the year.


Mar 31, 2013

A) Accounting Convention:

The financial statements are prepaid cm historical cost convention and going concern basis.

a} Fixed Assets

Fixed assets are stalled at cost of acquisition or construction less accumulated depreciation

c) Depreciation:

Depredation is not provided for the year due to (the fact that the asses Is we''re not utilized because There was no manufacturing activities carried out

d) Investments:

There are no investments with the company,

e) inventories

There are no inventories worth the company.

f) Revenue Recognition:

i) All income and expenses are accounted on accrual basis

ii] Scrap where not significant is accounted for when sold.

g) Retirement benefits:

Dung the year there were no employees with the company


Mar 31, 2012

1 Accounting Policies :

a ) Accounting Convention :

The financial statements are prepared on historical cost convention and ongoing concern basis

b ) Fixed Assets :

Fixed assets are stated at cost of acquisition or construction less accumulated depreciation.

C) Depreciation ;

Depreciation is not provided for the year due to the fact that the assets were not utilised because there was no manufacturing activities carried out.

d) Investments:

There are no investments with the company.

e) Inventories :

There are no inventories with the company.

f) Revenue Recognition :

i All Income and Expenses are accounted on accrual basis.

ii Scrap where not significant is accounted for when sold.

g ) Retirement benefits:

During the year there were no employees with the Company.

b) Contingent Liabilities : NIL

2 Due to no trading and manufacturing activities, additional information as per schedule VI of the Companies Act, 1956, is not applicable.

3 Since the company''s accumulated losses are more than paid up capital and reserves and surplus and also in absence of business activity, applicable statutory compliances were not met with.

4 Auditors remuneration is Rs.20000/= ( Previous Year Rs.5000/= )

5 Previous year figures are regrouped / rearranged wherever necessary.

 
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