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Accounting Policies of Fortune International Ltd. Company

Mar 31, 2015

A) Fixed Assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of freight, duties, taxes and other incidental expenses. Depreciation is systematically allocated over the useful life of asset as specified in part C of schedule II of Companies Act 2013 as per on WDV basis . However in cases where useful life of asset has expire and WDV as on 1.4.2014 is less than 5% residual value , the same WDV has been carried forward .

b) Investments are stated at cost.

2. Contingent Liabilities

CONTINGENT LIABILITIES CURRENT YEAR PREVIOUS YEAR

In respect of Bank Guarantees Nil Nil

3. Quantitative & Value information: Not Applicable since there is no opening & closing stock.

4. Consumption of imported and indigenous materials and percentage thereof to total consumption, Raw Materials, Sub-assemblies and Components Consumed. - NIL

CURRENT YEAR PREVIOUS YEAR

5. EXPENDITURE IN FOREIGN EXCHANGE Nil Nil

6. EARNING IN FOREIGN EXCHANGE Nil Nil

7. PAYMENT TO AUDITORS

Auditor' Remuneration 19,663 19,663

8 PAYMENT TO DIRECTORS

Directors' Remuneration 1,20,000 1,20,000

9. In Compliance of Accounting Standard -18 on related party disclosures issued by the Institute of Chartered Accountants of India, the required information is given as under.

1. List of Related Parties

a) Directors and Key Managerial Person

1. Mrs. Rekha Shrivastava

2. Mr. Nivedan Bharadwaj

3. Mrs. Ruchika Bharadwaj

4. Mr. Madanlal Jain

5. Mr. Prashant Verma

6. Mr. Anil Kumar Kukreja (C.F.O.)

7. Ms. Megha Chabbra (C.S.)

b) The entities and the associations in which Directors are interested

1. Fortune Stones Ltd

2. ISS International Ltd

11. Deferred tax assets have not been recognized and carried forward as there is no certainty of any further taxable income.

12. Provision for Income tax has not been made in the absence of taxable income.

13. Superannuation Payable Rs 4,06,109/-. has been credited to Profit & Loss Accounts as Misc.Income, because ex-employees have not pressed for release of their dues, due to heavy losses in the Company.

14. Administration Expenses includes Rs. 5604/- towards prior period expenses, Paid to CDSL

15. Prior Period Expenses of Rs. 47,192/- are towards arrears of listing fee to Madras Stock Exchange Ltd.

16. Previous Year figures have been regrouped and re-arranged wherever necessary .


Mar 31, 2014

Not Available.


Mar 31, 2013

1. ACCOUNTING POLICIES PRACTICES

a) Fixed Assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of freight, duties, taxes and other incidental expenses. Depreciation is charged on a pro-rata basis at the WDV rates prescribed in the schedule XIV of the Companies Act, 1956. WDV has been arrived at after charging of depreciation on yearly basis.

b) Stock in trade is valued at cost or market value whichever is lower.

c) Investments are stated at cost.


Mar 31, 2012

A) Fixed Assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of freight, duties, taxes and other incidental expenses. Depreciation is charged on a pro-rata basis at the WDV rates prescribed in the schedule XIV of the Companies Act, 1956. WDV has been arrived at after charging of depreciation on yearly basis.

b) Stock in trade is valued at cost or market value whichever is lower.

c) Investments are stated at cost.


Mar 31, 2011

A) Fixed Assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of freight, duties, taxes and other incidental expenses. Depreciation is charged on a pro-rata basis at the WDV rates prescribed in the schedule XIV of the Companies Act, 1956. WDV has been arrived at after charging of depreciation on yearly basis.

b) Stock in trade is valued at cost or market value whichever is lower.

c) Investments are stated at cost.

 
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