Mar 31, 2014
Not Available
Mar 31, 2013
1 Balances of Trade Receivables, Trade Payables and Loans and Advances
are subject to the confirmation of the parties and provisions for all
liabilities are adequate in opinion of the company.
2 During the year, the company has incurred Rs.3,71,102/- towards
Misc.Expenditure and the same has been transferred to Other Current
Assets.
3 The previous year figures have been regrouped/reclassified, wherever
necessary to confirm to the current presentation as per the revised
schedule VI.
Mar 31, 2012
Note No.1.1: Accounting Policy of Deferred Tax
The deferred tax for timing differences between the book profits and
tax profits for the year is accounted for using the tax rates and laws
that have been enacted or substantially enacted as at the Balance Sheet
date. Deferred tax assets arising from timing differences are
recognised to the extent there is virtual certainty that these would be
realised in future and are reviewed for the appropriatness of their
respective carrying values at each Balance Sheet date.
Note No.2.1:
The Company has not received information from vendors regarding their
status under the Micro, small and Medium Enterprises Development Act,
2006 and hence disclosures relating to amounts unpaid as at the year
end together with interest paid/payable under this Act, have not been
given. The same has been relied upon by the Auditors.
Mar 31, 2010
A. Provisions and Contingent Liabilities:
Provisions are recognized in the accounts in respect of present
probable obligations, the amount of which can be reliably estimated.
Contingent Liabilities are disclosed in respect of possible obligations
that arised from past events but their existence is confirmed by the
occurrence or non occurrence of one or more uncertain future events not
wholly within the control of the Company.
B. Impairment of Assets:
An assets is treated as impaired when the carrying cost to assets
exceeds its recoverable value. An impairment loss is charged to profit
and loss account in the year in which asset is identified as impaired.
C. Provision for Taxation:
Tax expense comprises of current tax & deferred tax.
a) Provision for current income tax is made on the basis of the
assessable income under the Income Tax Act, 1961.
b) Deferred income tax is recognized on timing difference, between
taxable income and accounting income which originates in one period and
are capable of reversal in one or more subsequent periods. The tax
effect is calculated on the accumulated timing difference at the year
end based on tax rates and laws, enacted or substantially enacted as of
the Balance Sheet date.
D. Segment Reporting:
The Company is mainly engaged only in one segment i.e. Trading of high
pressure industrial cleaners, laptops and other accessories, etc. and
there are no separate reportable segments as per Accounting Standard
(AS) 17.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article