Mar 31, 2016
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The financial statements of the company have been prepared in accordance with Generally Accepted Accounting Principles in India (Indian GAAP) under the historical cost convention on a going concern basis. Pursuant to Section 133 of the Companies Act, 2013 and Rule 7 of the Companies (Accounts) Rules, 2014, till the standards of accounting or any addendum thereto are prescribed by Central Government in consultation and recommendation of the National Financial Reporting Authority, the Company will continue to apply the Accounting Standards notified under Section 211(3C) of the Companies Act, 1956; the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 2013.
All the assets and Liabilities have been classified as current or non-current as per the criteria set out in Schedule III to the Companies Act, 2013. The accounting policies, in all material respects, have been consistently applied by the Company and are consistent with those used in the previous year.
2. REVENUE RECOGNITION:
Revenue from sale of products is recognized when the risk and rewards of ownership of products are passed on to the customers.
Interest income is recognized on the time proportion basis.
Dividend income is recognized when right to receive is established.
3. FIXED ASSETS:
Fixed Assets, if any, are stated at cost of acquisition and other direct or indirect cost incurred up to the date the assets is put to use. However there were no fixed assets during the year.
4. DEPRECIATION:
Effective from 1st April, 2014 the Company depreciates its fixed assets over the useful life or residual value as in the manner prescribed in Part C of Schedule II to the Companies Act, 2013, as against the earlier practice of depreciating at the rate prescribed in Schedule XIV of the Companies Act, 1956
Depreciation on additions/disposals to the fixed assets during the year is provided on pro-rata basis from/to the date of such additions/disposals as the case may be.
Since the Company has no fixed assets no depreciation has been charged for the Financial Year 2015-16.
5. INVESTMENTS:
Long term Investments are valued at cost. Provision for diminution in value of investment is made to recognize a decline other than temporary.
Current Investments are valued at lower of cost or fair market value.
However, the Company does not have any investments during the year.
6. INVENTORIES:
Stocks of Shares are valued at Cost or Net Realizable Value whichever is lower.
7. MISCELLANEOUS EXPENDITURE:
Miscellaneous Expenditure comprising of share issue expenses and are written off in five equal installments.
8. SUNDRY DEBTORS AND RECEIVABLES:
Sundry Debtors and Loans and Advances are stated at the value if realized in the ordinary course of business. Irrecoverable amounts, if any are accounted and / or provided for as per management''s judgment or only upon final settlement of accounts with the parties.
9. TAXES ON INCOME:
Provision for income tax is made on the basis of estimated taxable income for the current year at current rates.
Current Tax represents the amount of Income Tax payable in respect of the taxable income for the reporting period as determined in accordance with the provisions of the Income Tax Act, 1961.
10. EARNING PER SHARE:
The Company reports basic and diluted Earning Per Share (EPS) in accordance with Accounting Standard 20 on "Earning Per Share". Basic EPS is computed using the weighted average number of equity shares outstanding during the period. Diluted EPS is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding during the year end.
11. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of estimation in measurement are recognized at the balance sheet date when
a) there is a present obligation as a result of past events.
b) there is a probability that there will be an outflow of resources.
c) the amount of obligation can be reliably estimated.
Contingent Liabilities are not recognized but are disclosed in the notes in case of:
a) a present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of obligation cannot be made.
b) a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not within the control of the company.
12. OTHER ACCOUNTING POLICIES:
These are consistent with the generally accepted accounting practices.
Mar 31, 2015
Depreciation on Fixed Assets:
The Schedule II of the Companies Act, 2013 is being implemented from
1st April, 2014 and the Company has adopted the new method of
Depreciation on its Fixed Asset i.e. "Depreciation on the basis of
useful life" as provided in Part C of Schedule II.
However during the reporting period the Company does not hold any fixed
assets.
3. REVENUE RECOGNITION:
Revenue from sale of products is recognized when the risk and rewards
of ownership of products are passed on to the customers.
Interest income is recognized on the time proportion basis.
Dividend income is recognized when right to receive is established.
4. FIXED ASSETS:
Fixed Assets, if any, are stated at cost of acquisition and other
direct or indirect cost incurred up to the date the assets is put to
use. However there were no fixed assets during the year.
5. DEPRECIATION:
Since the Company has no fixed assets no depreciation has been charged
for the Financial Year 2014-2015.
6. INVESTMENTS:
Long term Investments are valued at cost. Provision for diminution in
value of investment is made to recognize a decline other than
temporary.
Current Investments are valued at lower of cost or fair market value.
However, the company does not have any investments during the year.
7. INVENTORIES:
Stocks of Shares are valued at Cost or Net Realizable Value whichever
is lower.
8. MISCELLANEOUS EXPENDITURE:
Miscellaneous Expenditure comprising of share issue expenses and are
written off in five equal installments.
9. SUNDRY DEBTORS AND RECEIVABLES:
Sundry Debtors and Loans and Advances are stated at the value if
realized in the ordinary course of business. Irrecoverable amounts, if
any are accounted and / or provided for as per management's judgment
or only upon final settlement of accounts with the parties.
10. TAXES ON INCOME:
Provision for income tax is made on the basis of estimated taxable
income for the current year at current rates.
Current Tax represents the amount of Income Tax payable in respect of
the taxable income for the reporting period as determined in accordance
with the provisions of the Income Tax Act, 1961.
11. EARNING PER SHARE:
The Company reports basic and diluted Earning Per Share (EPS) in
accordance with Accounting Standard 20 on "Earning Per Share".
Basic EPS is computed using the weighted average number of equity
shares outstanding during the period. Diluted EPS is computed using the
weighted average number of equity and dilutive equity equivalent shares
outstanding during the year end.
12. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of estimation in measurement
are recognized at the balance sheet date when
a) there is a present obligation as a result of past events.
b) there is a probability that there will be an outflow of resources.
c) the amount of obligation can be reliably estimated.
Contingent Liabilities are not recognized but are disclosed in the
notes in case of:
a) a present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount of obligation cannot be
made.
b) a possible obligation arising from past events, the existence of
which will be confirmed only by the occurrence or non-occurrence of one
or more uncertain future events not within the control of the company.
13. OTHER ACCOUNTING POLICIES:
These are consistent with the generally accepted accounting practices
Mar 31, 2014
1. GENERAL:
a) Financial statements of the Company have been prepared in accordance
with the Generally Accepted Accounting Principles in India (Indian
GAAP) to comply with the Accounting Standards notified under the
Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956.
b) Financial Statements are prepared on historical cost basis and in
consonance with the Generally Accepted Accounting Principles.
c) All revenues and expenses are accounted on accrual basis except to
the extent stated otherwise.
2. REVENUE RECOGNITION:
Revenue from sale of products is recognized when the risk and rewards
of ownership of products are passed on to the customers. Interest
income is recognized on the time proportion basis.Dividend income is
recognized when right to receive is established.
3. FIXED ASSETS:
Fixed Assets, if any, are stated at cost of acquisition and other
direct cost incurred up to the date the assets is put to use. However
there were no fixed assets during the year.
4. DEPRECIATION:
Since the Company has no fixed assets no depreciation has been charged
for the Financial Year 2013-2014.
5. INVESTMENTS:
Long term Investments are valued at cost. Provision for diminution in
value of investment is made to recognize a decline other than
temporary.
6. INVENTORIES:
Stocks of Shares are valued at Cost or Net Realizable Value whichever
is lower.
7. MISCELLANEOUS EXPENDITURE:
Miscellaneous Expenditure comprising of share issue expenses and are
written off in five equal installments.
8. SUNDRY DEBTORS AND RECEIVABLES:
Sundry Debtors and Loans and Advances are stated at the value if
realized in the ordinary course of business. Irrecoverable amounts, if
any are accounted and / or provided for as per management''s judgment or
only upon final settlement of accounts with the parties.
9. TAXES ON INCOME:
Provision for income tax is made on the basis of estimated taxable
income for the current year at current rates.
Current Tax represents the amount of Income Tax payable in respect of
the taxable income for the reporting period as determined in accordance
with the provisions of the Income Tax Act, 1961.
10. EARNING PER SHARE:
The Company reports basic and diluted Earning Per Share (EPS) in
accordance with Accounting Standard 20 on "Earning Per Share". Basic
EPS is computed using the weighted average number of equity shares
outstanding during the period. Diluted EPS is computed using the
weighted average number of equity and dilutive equity equivalent shares
outstanding during the year end.
11. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of estimation in measurement
are recognized at the balance sheet date when
a) there is a present obligation as a result of past events.
b) there is a probability that there will be an outflow of resources.
c) the amount of obligation can be reliably estimated.
Contingent Liabilities are not recognized but are disclosed in the
notes in case of:
a) a present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount of obligation cannot be
made.
b) a possible obligation arising from past events, the existence of
which will be confirmed only by the occurrence or non-occurrence of one
or more uncertain future events not within the control of the company.
12. OTHER ACCOUNTING POLICIES:
These are consistent with the generally accepted accounting practices
Mar 31, 2012
1. GENERAL:
a) Financial statements of the Company have been prepared in accordance
with the Generally Accepted Accounting Principles in India (Indian
GAAP) to comply with the Accounting Standards notified under the
Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956.
b) Financial Statements are prepared on historical cost basis and in
consonance with the Generally Accepted Accounting Principles.
c) All revenues and expenses are accounted on accrual basis except to
the extent stated otherwise.
2. FIXED ASSETS:
Fixed Assets are stated at cost of acquisition and other direct cost
incurred up to the date the assets is put to use. However there were no
fixed assets during the year.
3. DEPRECIATION:
Since the Company has no fixed assets no depreciation has been charged
for the Financial Year 2011-2012.
4. INVENTORIES:
Inventories are valued at lower of Cost or Net Realizable Value.
5. MISCELLANEOUS EXPENDITURE:
Miscellaneous Expenditure comprising of share issue expenses and are
written off in five equal installments.
6. SUNDRY DEBTORS AND RECEIVABLES:
Sundry Debtors and Loans and Advances are stated at the value if
realized in the ordinary course of business. Irrecoverable amounts, if
any are accounted and / or provided for as per management's judgment
or only upon final settlement of accounts with the parties.
7. TAXES ON INCOME:
Provision for income tax is made on the basis of estimated taxable
income for the current year at current rates.
Current Tax represents the amount of Income Tax payable in respect of
the taxable income for the reporting period as determined in accordance
with the provisions of the Income Tax Act, 1961.
8. EARNING PER SHARE
The Company reports basic and diluted Earning Per Share (EPS) in
accordance with Accounting Standard 20 on "Earning Per Share".
Basic and Diluted EPS are Computed by dividing the net profit for the
year attributable to equity share holders by the number of equity
shares outstanding during the year.
Mar 31, 2010
A) RECOGNIATION OF REVENUE:
The Financial statements are prepared under the historical cost
convention, on accrual basis of accounting, in conformity with the
accounting principles generally accepted in India and comply with the
accounting standards referred to in Section 211 (3C) of the Companies
Act, 1956 of India.
B) FIXED ASSETS :
Fixed Assets are stated at historical cost of acquisition/ construction
less depreciation, attributable interest and expenses of bringing the
respective assets working condition for their intended commercial use
are capitalised.
C) DEPRECIATION
Depreciation is charged at written down value method at the rates
prescribed in Schedule XIV of the Companies Act1956.
D) SYSTEM OF ACCOUNTING :
Company has followed Mercantile Method of Accounting.