Mar 31, 2014
1) The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.
2) All the investments made by the company are valued at Cost.
Managerial Remuneration: -
4) The inventories of the company are valued as per cost price and market price which everis less.
5) Deferred tax arising on account of timing difference and which are capable of reversal in one or more subsequent periods is recognised using the tax rates and tax laws that have been enacted or substantively enacted. Deferred tax assests are recognised unless there is virtual certainty with respect to the reversal of the same in future years.
6) The revised Schedule VI as notified under the companies Act,1956, has become applicable to the company for the presentation of its financial statements for the year ending January 31,2013. The adoptation of the revised Schedule VI requirements has significantly modified the presentation and disclosurs which have been complied with in these financial statements Previous year figures have been reclassified in accordance with current year requirements.
7) All schedules annexed to and form integral part of the Balance Sheet and Profit & Loss Account.
8) Minimum Alternative Tax (MAT) is recognised 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.
9) Value of Import on CIF Basis Nil
10) Earnings in Foreign Exchange (FOB Value) Nil
Expenditure in Foreign Currency Nil
12) The Company has no employee to whom the provision s of section 217 (2A) of the Companies Act, 1956 are applicable.