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Accounting Policies of Inertia Steel Ltd. Company

Mar 31, 2014

1.01 BASIS OF ACCOUNTING :

The Financial Statements are prepared under the historic cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956.

1.02 REVENUE RECOGNITION :

Income and expenses are recognised on an accrual basis. Revenue from services is recognized when it is earned and no significant uncertainty exists as to its ultimate collection.

1.03 PROVISION FOR CURRENT TAX AND DEFERRED TAX :

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. The Company has no Deferred Tax Liability.

1.04 In the opinion of the Board, Current Assets, Loan and advances are approximately of the value stated, if realised in the ordinary course of business. The provisions for all known liablities is adequate and neither in excess nor in short of the amount reasonably necessary.

d) Rights of Equity Shareholders

The company is having only one class of equity shares having face value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.


Mar 31, 2011

1. Basis for Preparation of Financial Statements :

The financial statements are prepared under historical cost convention, income and expenses are recognised on an accrual basis and are in accordance with the requirements of the Companies Act, 1956 and are consistent with generally accepted accounting principles.

2. The Company has no Deferred Tax Liability.

3. In the opinion of the Board, Current Assets, Loan and advances are approximately of the value stated, if realised in the ordinary course of business. The provisions for all known liabilities is adequate and neither in excess nor in short of the amount reasonably necessary.

4. As the company has not carried out any manufacturing or trading activities, there is no information which is required to be given pursuant to para (3) and para (4) of schedule VI of the companies act, 1956.


Mar 31, 2010

1. Basis for Preparation of Financial Statements :

The financial statements are prepared under historical cost convention, income and expenses are recognised on an accrual basis and are in accordance with the requirements of the Companies Act, 1956 and are consistent with generally accepted accounting principles.

2. The Company has no Deferred Tax Liability.

3. In the opinion of the Board, Current Assets, Loan and advances are approximately of the value stated, if realised in the ordinary course of business. The provisions for all known liablities is adequate and neither in excess nor in short of the amount reasonably necessary.

4. As the company has not carried out any manufacturing or trading activities, there is no information which is required to be given persuant to para (3) and para (4) of schedule VI of the companies act, 1956.

 
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