Mar 31, 2015
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared in accordance with the Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention on accrual basis. These financial statements have been
prepared to comply in all material aspects with the accounting
standards as notified under section 133 of the Companies Act, 2013,
read with Rule 7 of [Companies (Accounts) Rules, 2014], and other
relevant provisions of Companies Act, 2013, and the guidelines issued
by the Securities Exchange Board of India. Accounting policies have
been consistently applied except where a newly issued accounting
standard is initially adopted or a revision to an existing accounting
standard requires a change in the accounting policy hitherto in use.
b) USE OF ESTIMATES
The preparation of financial statements is in conformity with the
generally accepted accounting principles requires the management of the
Company to make estimates and assumptions that affect the reported
balances of assets and liabilities and disclosures relating to the
contingent liabilities as at the date of the financial statements and
reported amounts of income and expenses during the reporting period.
Although these estimates are based on the managements' best knowledge
of current events and actions that the Company may undertake in future,
the actual results could differ from those estimates. Any material
changes in estimates are adjusted prospectively.
c) FIXED ASSETS-TANGIBLE
Fixed assets are stated at cost and other incidental expenses, less
accumulated depreciation and impairment losses. The cost com prises
purchase price and any attributable cost incurred in bringing the asset
to its working condition for its intended use.
An item of fixed assets is de-recognised upon disposal or when no
future economic benefits are expected from its use or disposal. Any
gain or loss arising on de-recognition of the fixed asset (calculated
as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the financial statements in the
year the asset is de-recognised.
d) IMPAIRMENT OF ASSETS
Consideration is given at each Balance Sheet date to deter mine whether
there is any indication of impairment of the carrying amount of the
Company's fixed assets. If any indication exists, the recoverable value
of assets is estimated. An impairment loss is recognised whenever the
carrying amount of an asset exceeds its recoverable amount, the latter
being greater of net selling price and value in use.
e) DEPRECIATION
Depreciation on fixed assets is charged in accordance with estimate of
useful life of the assets, on straight line method, at rates specified
in Schedule II of the Companies Act, 2013. Depreciation on assets
purchased during the year is provided pro-rata to the period such asset
was put to use during the year.
In respect of an asset for which impairment loss is recognised,
depreciation is provided on the revised carrying amount of the assets
over its remaining useful life.
f) INVESTMENTS
Trade investments are the investments made to enhance the Company's
business interests. Investments that are intended to be held for more
than a year, from the date of acquisition, are classified as long term
investments and are stated at cost and provision is made when there is
a decline, other than temporary, in the value thereof. Investments
other long term investments, being current investments, are stated at
cost or fair value, whichever is lower.
On disposal of an investment, the difference between its carrying
amount and net disposal proceeds is charged or credited to the
Statement of Profit and Loss.
g) RECOGNITION OF REVENUE AND EXPENDITURE
- Income and expenditure are accounted on accrual basis.
Mar 31, 2014
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared in accordance with the Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention on accrual basis. These financial statements have been
prepared to comply in all material aspects with the accounting
standards as notified under section 211 (c) [Companies (Accounting
Standards) Rules, 2006, as amended], and other relevant provisions of
Companies Act, 1956, and the guidelines issued by the Securities
Exchange Board of India. Accounting policies have been consistently
applied except where a newly issued accounting standard is initially
adopted or a revision to an existing accounting standard requires a
change in the accounting policy hitherto in use.
b) USE OF ESTIMATES
The preparation of financial statements is in conformity with the
generally accepted accounting principles requires the management of the
Company to make estimates and assumptions that affect the reported
balances of assets and liabilities and disclosures relating to the
contingent liabilities as at the date of the financial statements and
reported amounts of income and expenses during the reporting period.
Although these estimates are based on the managements' best knowledge
of current events and actions that the Company may undertake in future,
the actual results could differ from those estimates. Any material
changes in estimates are adjusted prospectively.
c) FIXED ASSETS - TANGIBLE
Fixed assets are stated at cost and other incidental expenses, less
accumulated depreciation and impairment losses. The cost comprises
purchase price and any attributable cost incurred in bringing the asset
to its working condition for its intended use.
An item of fixed assets is de-recognised upon disposal or when no
future economic benefits are expected from its use or disposal. Any
gain or loss arising on de-recognition of the fixed asset (calculated
as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the financial statements in the
year the asset is de- recognised.
d) IMPAIRMENT OF ASSETS
Consideration is given at each Balance Sheet date to determine whether
there is any indication of impairment of the carrying amount of the
Company's fixed assets. If any indication exists, the recoverable value
of assets is estimated. An impairment loss is recognised whenever the
carrying amount of an asset exceeds its recoverable amount, the latter
being greater of net selling price and value in use.
e) DEPRECIATION
Depreciation on fixed assets is charged on the straight line method at
rates as specified in Schedule XIV of the Companies Act, 1956.
Depreciation on the acquisition/purchase of assets during the year has
been provided on pro-rata basis according to the period each asset was
put to use during the year.
In respect of an asset for which impairment loss is recognised,
depreciation is provided on the revised carrying amount of the assets
over its remaining useful life.
f) INVESTMENTS
Trade investments are the investments made to enhance the Company's
business interests. Investments that are intended to be held for more
than a year, from the date of acquisition, are classified as long term
investments and are stated at cost and provision is made when there is
a decline, other than temporary, in the value thereof. Investments
other long term investments, being current investments, are stated at
cost or fair value, whichever is lower.
On disposal of an investment, the difference between its carrying
amount and net disposal proceeds is charged or credited to the
Statement of Profit and Loss.
g) RECOGNITION OF REVENUE AND EXPENDITURE
- Income and expenditure are accounted on accrual basis.
- Interest income is recognised on time proportion basis taking into
account the amount outstanding and the applicable rate of interest.
- Dividend on shares earned are accounted in the year of receipt.
h) FOREIGN CURRENCY TRANSLATIONS AND TRANSACTIONS
Revenue and expenditure items, current assets, current liabilities, if
any, appearing/outstanding at the year end, are converted into
equivalent Indian Rupees at the exchange rate prevailing at the year
end except in cases where actual amount has been ascertained by the
time of finalization of accounts.
Transactions in foreign currencies are accounted at the exchange rate
prevailing at the time of transaction. Foreign currency monetary assets
and liabilities are translated at year end exchange rates. Exchange
difference arising on settlement of transactions and translation of
monetary items are recognised as income or expense in the year in which
they arise.
i) TAXES ON INCOME
Provision for current income tax is made as per the provisions of the
Income tax Act, 1961.
Deferred tax resulting from "timing difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred tax asset is recognised and carried forward only to the extent
that there is a virtual certainty that the asset will be realised in
future.
j) EARNINGS PER SHARE
The Company reports basic and diluted per equity share in accordance
with Accounting Standard (AS) 20, "Earnings per Share" notified
pursuant to the Companies (Accounting Standard) Rules, 2006. Basic
earnings per equity share is computed by dividing net income by the
weighted average number of equity shares outstanding for the year.
Diluted earnings per equity share is computed by dividing net income by
the weighted average number of equity shares outstanding including
shares pending allotment.
k) CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby net profit
before tax is adjusted for the effects of transactions of a non-cash
nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating, investing and
financing activities of the Company are segregated.
l) CASH AND CASH EQUIVALENTS
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand, and short term investments with an
original maturity period of three months or less.
m) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provision involving substantial degree of estimation in measurement are
recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognised but are disclosed in the
notes. Contingent assets are neither recognised nor disclosed in the
financial statements.
n) RETIREMENT BENEFITS
In accordance with the Accounting Standard -15 on "Employee Benefits",
the Company provides for gratuity covering eligible employees on the
basis of actuarial valuation as carried out by an Actuary. The
liability is unfunded.
Liability in respect of leave encashment is accounted for at the time
of termination of service.
o) SHARE ISSUE EXPENSES
Expenditure incurred in connection with and connected with issue of
shares is amortised against premium received on issue of shares.
Mar 31, 2013
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared in accordance with the Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention on accrual basis. GAAP comprises mandatory accounting
standards as notified by the Companies (Accounting Standards) Rules,
2006, the provisions of Companies Act, 1956, and guidelines issued by
the Securities Exchange Board of India. Accounting policies have been
consistently applied except where a newly issued accounting standard is
initially adopted or a revision to an existing accounting standard
requires a change in the accounting policy hitherto in use.
b) USE OF ESTIMATES
The preparation of financial statements is in conformity with the
generally accepted accounting principles requires the management of the
Company to make estimates and assumptions that affect the reported
balances of assets and liabilities and disclosures relating to the
contingent liabilities as at the date of the financial statements and
reported amounts of income and expenses during the reporting period.
Although these estimates are based on the managements' best knowledge
of current events and actions that the Company may undertake in future,
the actual results could differ from those estimates. Any material
changes in estimates are adjusted prospectively.
c) FIXED ASSETS - TANGIBLE
Fixed assets are stated at cost and other incidental expenses, less
accumulated depreciation and impairment losses. The cost comprises
purchase price and any attributable cost incurred in bringing the asset
to its working condition for its intended use.
An item of fixed assets is de-recognised upon disposal or when no
future economic benefits are expected from its use or disposal. Any
gain or loss arising on de-recognition of the fixed asset (calculated
as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the financial statements in the
year the asset is de-recognised.
d) IMPAIRMENT OF ASSETS
Consideration is given at each Balance Sheet date to determine whether
there is any indication of impairment of the carrying amount of the
Company's fixed assets. If any indication exists, the recoverable value
of assets is estimated. An impairment loss is recognised whenever the
carrying amount of an asset exceeds its recoverable amount, the latter
being greater of net selling price and value in use.
e) DEPRECIATION
Depreciation on fixed assets is charged on the straight line method at
rates as specified in Schedule XIV of the Companies Act, 1956.
Depreciation on the acquisition/purchase of assets during the year has
been provided on pro- rata basis according to the period each asset was
put to use during the year.
In respect of an asset for which impairment loss is recognised,
depreciation is provided on the revised carrying amount of the assets
over its remaining useful life.
f) INVESTMENTS
Trade investments are the investments made to enhance the Company's
business interests. Investments that are intended to be held for more
than a year, from the date of acquisition, are classified as long term
investments and are stated at cost and provision is made when there is
a decline, other than temporary, in the value thereof. Investments
other long term investments, being current investments, are stated at
cost or fair value, whichever is lower.
On disposal of an investment, the difference between its carrying
amount and net disposal proceeds is charged or credited to the
Statement of Profit and Loss.
g) RECOGNITION OF REVENUE AND EXPENDITURE
Income and expenditure are accounted on accrual basis.
Interest income is recognised on time proportion basis taking into
account the amount outstanding and the applicable rate of interest.
Dividend on shares earned are accounted in the year of receipt.
h) FOREIGN CURRENCY TRANSLATIONS AND TRANSACTIONS
Revenue and expenditure items, current assets, current liabilities, if
any, appearing/outstanding at the year end, are converted into
equivalent Indian Rupees at the exchange rate prevailing at the year
end except in cases where actual amount has been ascertained by the
time of finalization of accounts.
Transactions in foreign currencies are accounted at the exchange rate
prevailing at the time of transaction. Foreign currency monetary assets
and liabilities are translated at year end exchange rates. Exchange
difference arising on settlement of transactions and translation of
monetary items are recognised as income or expense in the year in which
they arise.
i) TAXES ON INCOME
Provision for current income tax is made as per the provisions of the
Income tax Act, 1961.
Deferred tax resulting from "timing difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred tax asset is recognised and carried forward only to the extent
that there is a virtual certainty that the asset will be realised in
future.
j) EARNINGS PER SHARES
The Company reports basic and diluted per equity share in accordance
with Accounting Standard (AS) 20, "Earnings per Share" issued by the
Institute of Chartered Accountants of India. Basic earnings per equity
share is computed by dividing net income by the weighted average number
of equity shares outstanding for the year. Diluted earning per equity
share is computed by dividing net income by the weighted average number
of equity shares outstanding including shares pending allotment.
k) CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby net profit
before tax is adjusted for the effects of transactions of a non-cash
nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating, investing and
financing activities of the Company are segregated.
l) CASH AND CASH EQUIVALENTS
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand, and short term investments with an
original maturity period of three months or less.
m) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provision involving substantial degree of estimation in measurement are
recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognised but are disclosed in the
notes. Contingent assets are neither recognised nor disclosed in the
financial statements.
n) RETIREMENT BENEFITS
In accordance with the Accounting Standard -15 on "Employee Benefits",
the Company provides for gratuity covering eligible employees on the
basis of actuarial valuation as carried out by an Actuary. The
liability is unfunded.
Liability in respect of leave encashment is accounted for at the time
of termination of service.
o) SHARE ISSUE EXPENSES
Expenditure incurred in connection with and connected with issue of
shares is amortised against premium received on issue of shares.
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