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Accounting Policies of IFM Impex Global Ltd. Company

Mar 31, 2014

1. ACCOUNTING POLICIES

i) Basis for preparation of financial statements

The financial statements are prepared under the historical cost conventions on accrual basis in accordance with generally accepted accounting principles and Accounting standards referred to in section 211(3C) of the Companies Act, 1956. The company has not provided for the deferred tax assets, as the company does not expect to make sufficient profit for set off the brought forward losses and unabsorbed depreciation.

ii) Inventories

There is no closing stock as on 31.03.2014.

iii) Items Accounted For on Cash Basis: ROC filling fee

iv) Fixed Assets

The valuation put on fixed assets includes cost of acquisition, installation charges & all cost incidental thereto. Depreciation on fixed assets is provided on W.D.V. method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

v) Foreign currency transactions

The foreign currency transactions are accounted on the basis of exchange rates prevailing on the date of respective transactions. Difference, if any, as realization are treated as gain/loss on exchange.

vi) Retirement Benefits:

Gratuity is not provided in the accounts, as none of the employees are eligible for payment of gratuity under the Gratuity Act, 1972.

Leave encashment paid is charged to Profit & Loss Account and the accrued liability is not provided since the same is negligible.

vii) Contingent Liabilities not provided for: Nil

viii) Related Party Disclosure

The company has not granted any unsecured loans to the related parties:


Mar 31, 2012

1. ACCOUNTING POLICIES

i) Basis for preparation of financial statements

The financial statements are prepared under the historical cost conventions on accrual basis in accordance with generally accepted accounting principles and Accounting standards referred to in section 211(3C) of the Companies Act, 1956. The company has not provided for the deferred tax assets, as the company does not expect to make sufficient profit for set off the brought forward losses and unabsorbed depreciation.

ii) Inventories

There is no closing stock as on 31.03.2012.

iii) Items Accounted For on Cash Basis: -

ROC filling fee

iv) Fixed Assets

The valuation put on fixed assets includes cost of acquisition, installation charges & all cost incidental thereto. Depreciation on fixed assets is provided on W.D.V. method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

v) Foreign currency transactions

The foreign currency transactions are accounted on the basis of exchange rates prevailing on the date of respective transactions. Difference, if any, as realization are treated as gain/loss on exchange.

vi) Retirement Benefits:

Gratuity is not provided in the accounts, as none of the employees are eligible for payment of gratuity under the Gratuity Act, 1972.

Leave encashment paid is charged to Profit & Loss Account and the accrued liability is not provided since the same is negligible.

vii) Contingent Liabilities not provided for:

Nil

viii) Related Party Disclosure

(a) The company has not granted any unsecured loans to the related parties:

(b) The company has taken unsecured loans form the following related parties:


Mar 31, 2010

I) Basis for preparation of financial statements

The financial statements are prepared under the historical cost conventions on accrual basis in accordance with generally accepted accounting principles and Accounting standards referred to in section 211(3C) of the Companies Act, 1956. The company has not provided for the deferred tax assets, as the company does not expect to make sufficient profit for set off the brought forward losses and unabsorbed depreciation.

ii) Inventories

There is no closing stock as on 31.03.2010.

iii) Items Accounted For on Cash Basis:-

ROC filling fee

iv) Fixed Assets

The valuation put on fixed assets includes cost of acquisition, installation charges & all cost incidental thereto.

Depreciation on fixed assets is provided on W.D.V. method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

v) Foreign currency transactions

The foreign currency transactions are accounted on the basis of exchange rates prevailing on the date of respective transactions. Difference, if any, as realization are treated as gain/loss on exchange. However, there is no such transaction during the year.

vi) Retirement Benefits:

Gratuity is not provided in the accounts, as none of the employees are eligible for payment of gratuity under the Gratuity Act, 1972.

Leave encashment paid is charged to Profit & Loss Account and the accrued liability is not provided since the same is negligible.

vii) Contingent Liabilities not provided for:

The Company has not provided for bank interest following the accounting practice adopted by the company in preceding years on packing credit Loan account of the bank, in view of counter claim suit filed by the company for monetary compensation from the bank before the DRT, New Delhi.

viii) Related Party Disclosure

(a) The company has not granted any unsecured loans to the related parties:

 
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