Mar 31, 2014
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 the Companies (Accounting Standards) Rules,
2006 and as per the provisions and presentational requirements of the
Companies Act, 1956.
2 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.
3 Recognition of Income
Export Sales represents invoiced Value of goods Sold. Other Income is
recognized and accounted for on accrual basis unless otherwise stated.
4 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.
5 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 incomes 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.
6 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.
7 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.
8 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.
9 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.
Mar 31, 2013
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
recognised 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.
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 resouces 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.
Mar 31, 2012
1 Basts 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 Principies 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.
2 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.
3 Recognition of Income
Export Sales represents invoiced Value of goods Sold. Other Income is
recognised and accounted for on accrual basis unless otherwise stated.
4 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.
4 (A)- Depreciation on tangible fixed assets
No Depreciation has been provided on Land.
5 Taxes on income
Cunent 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
reasonabte certainty of sufficient future profits against which such
DTA can be realised.
Mar 31, 2011
1 BASIS OF ACCOUNTING
Account of the company have been prepared on Historical Cost Convention
and are in accordance with the applicable accounting standards and
generally accepted principles of accounting.
2 REVENUE RECOGNITION
Revenue is recognized on accrual basis in accordance with the
accounting standard.
3. RETIREMENT BENEFIT
No benefits were arised up to 31.03.2011
4. TAXATION Provision for taxation has been made as per the provision
of the Income Tax Act, 1961.
During the year company has accounted for
deferred tax in accordance with the AS-22 "Accounting for Taxation on
Income"