Mar 31, 2015
1.1 basis of preparation of financial statements
The financial statements have been prepared in accordance with the
Generally Accepted Accounting Principles (GAAP) in India under the
historical cost convention on accrual basis.
GAAP comprises applicable Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014. These financial statements comply in all material aspects with
the Accounting Standards (Rules) notified under the companies
(Accounting Standard) Rule, 2006 (as amended), to the extent applicable
and the terms of " Non-Banking Financial (Non-Deposit Accepting or
Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007"
issued by Reserve Bank of India.
All Assets and Liabilities have been classified as current or
non-current as per the Company's normal operating cycle and other
criteria set out in the Schedule III to the Companies' Act, 2013.
Accounting policies not specifically referred to otherwise are
consistent and in accordance with generally accepted accounting
principles.
1.2 USE OF ESTIMATES
The preparation of financial statements in conformity with the GAAP
requires estimates and assumptions to be made that affect the reported
amount of revenues, expenses, assets and liabilities and the disclosure
of contingent liabilities, at the end of the reporting period. Although
these estimates are based on the management's best knowledge of current
events and actions, uncertainty about the assumptions and estimates
could result in outcomes different from the estimates. Different
between actual results and estimates are recognized in the period in
which the results are known or materialize.
1.3 TANGIBLE FIXED ASSETS
Fixed assets are stated at cost, net of accumulated depreciation. The
cost comprises purchase price, borrowing costs if capitalization
criteria are met and directly attributable cost of bringing the asset
to its working condition for the intended use. Any trade discounts and
rebates are deducted in arriving at the purchase price.
Subsequent expenditure related to an item of fixed asset is added to
its book value only if it increases the future benefits from the
existing asset beyond its previously assessed standard of performance.
All other expenses on existing fixed assets, including day-to-day
repair and maintenance expenditure and cost of replacing parts, are
charged to the statement of profit and loss for the period during which
such expenses are incurred.
1.4 DEPRECIATION ON TANGIBLE FIXED ASSETS
Depreciation on tangible fixed assets is calculated on the
straight-line method as per the useful life prescribed in Schedule II
to the Companies Act, 2013.
1.5 INVESTMENT
Investments, which are readily realizable and intended to be held for
not more than one year from the date on which such investments are made
are classified as current investments. All other investments are
classified as long-term investments.
On initial recognition, all investments are measured at cost. The cost
comprises purchase price and directly attributable acquisition charges
such as brokerage, fees and duties. If an investment is acquired, or
partly acquired, by the issue of shares or other securities, the
acquisition cost is the fair value of the securities issued. If an
investment is acquired in exchange for another asset, the acquisition
is determined by reference to the fair value of the asset given up or
by reference to the fair value of the investment acquired, whichever is
more clearly evident.
Current investments are carried in the financial statements at lower of
cost and fair value determined on an individual investment basis.
Long-term investments are carried at cost. However, provision for
diminution in value is made to recognize a decline other than temporary
in the value of the investments.
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.
1.6 INVENTORIES
Inventories are valued at lower of cost or net realizable value.
1.7 INCOME & EXPENDITURE RECOGNITION
Income & Expenditure unless otherwise stated, are accounted for on
accrual basis except income from Dividends which is accounted for as
and when actually received.
The Company has followed the prudential norms for income recognition
and provisioning against non performing assets and Provision on
Standard Assets as prescribed by the Reserve Bank of India for Non
Banking Financial Companies.
1.8 RETIREMENT AND OTHER EMPLOYEE BENEFITS
Retirement benefit to employees such as Employees' Provident Funds and
Miscellaneous Provisions Act, 1952 and The Payment of Gratuity Act,
1972 are not applicable to the "company" as number of employee is below
the Statutory limit as prescribed by the above Acts.
The company does not have the policy of extending leave encashment
benefits to its employees.
1.9 TAXES ON INCOME
Tax expense comprises current and deferred tax. Current income-tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Income-tax Act, 1961 enacted in India. The tax
rates and tax laws used to compute the amount are those that are
enacted or substantively enacted, at the reporting date.
Deferred tax is recognized on timing differences, being the difference
between taxable income and accounting income that originate in the one
period and are capable of reversal in one or more subsequent periods.
Deferred tax assets are recognized only if there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax asset will be realized. Such assets are
reviewed as at Balance Sheet date to reassess realizability thereof.
Deferred tax assets and deferred tax liabilities are offset, if a
legally enforceable right exists to set-off current tax assets against
current tax liabilities and the deferred tax assets and deferred taxes
relate to the same taxable entity and the same taxation authority.
1.10 EARNINGS PER SHARE (EPS)
Basic EPS is calculated by dividing the net profit or loss for the
period attributable to equity shareholders by the weighted average
number of equity shares outstanding during the year.
For the purpose of calculating diluted EPS, the net profit or loss for
the period attributable to equity shareholders and the weighted average
number of shares outstanding during the period are adjusted for the
effects of all dilutive potential equity shares, if any.
1.11 PROVISIONS
A provision is recognized when the company has a present obligation as
a result of past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation.
Provisions are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
reporting date. These estimates are reviewed at each reporting date and
adjusted to reflect the current best estimates.
1.12 CONTINGENT LIABILITIES AND CONTINGENT ASSETS
A contingent liability is a possible obligation that arises from past
events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the company or a present obligation that is not recognized
because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises
in extremely rare cases where there is a liability that cannot be
recognized because it cannot be measured reliably. The company does not
recognize a contingent liability but discloses its existence in the
financial statements.
Contingent assets are neither recognized nor disclosed in the financial
statements.
1.13 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 of three months or less.
Mar 31, 2014
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS :
The financial statements have been prepared under the historical cost
convention in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted
consistently by the Company. These financial statements comply in all
material aspects with the Accounting Standards (Rules) notified under
the companies (Accounting Standard) Rules, 2006 (as amended), to the
extent applicable and the terms of "Non-Banking Financial (Non-Deposit
Accepting or Holding) Companies Prudential Norms (Reserve Bank)
Directions, 2007" issued by Reserve Bank of India.
All assets and liabilities have been classified as current or
non-current as per the Company''s normal operating cycle and other
criteria set out in the Schedule VI to the Companies Act, 1956.
Accounting policies not specifically referred to otherwise are
consistent and in accordance with generally accepted accounting
principles.
2.2 USE OF ESTIMATES :
The preparation of financial statements in conformity with the GAAP
requires estimates and assumptions to be made that affect the reported
amount of revenues, expenses, assets and liabilities and the disclosure
of contingent liabilities, at the end of the reporting period. Although
these estimates are based on the management''s best knowledge of current
events and actions, uncertainty about the assumptions and estimates
could result in outcomes different from the estimates. Different
between actual results and estimates are recognized in the period in
which the results are known or materialize.
2.3 TANGIBLE FIXED ASSETS :
Fixed assets are stated at cost, net of accumulated depreciation. The
cost comprises purchase price, borrowing costs if capitalization
criteria are met and directly attributable cost of bringing the asset
to its working condition for the intended use. Any trade discounts and
rebates are deducted in arriving at the purchase price.
Subsequent expenditure related to an item of fixed asset is added to
its book value only if it increases the future benefits from the
existing asset beyond its previously assessed standard of performance.
All other expenses on existing fixed assets, including day-to-day
repair and maintenance expenditure and cost of replacing parts, are
charged to the statement of profit and loss for the period during which
such expenses are incurred.
2.4 DEPRECIATION ON TANGIBLE FIXED ASSETS :
Depreciation on fixed assets is calculated on a straight-line basis
using the rates arrived at based on the useful lives estimated by the
management, or those prescribed under the Schedule XIV to the Companies
Act, 1956, whichever is higher. The company has used the following
rates to provide depreciation on its fixed assets.
2.5 INVESTMENT :
Investments, which are readily realizable and intended to be held for
not more than one year from the date on which such investments are
made, are classified as current investments. All other investments are
classified as long-term investments.
On initial recognition, all investments are measured at cost. The cost
comprises purchase price and directly attributable acquisition charges
such as brokerage, fees and duties. If an investment is acquired, or
partly acquired, by the issue of shares or other securities, the
acquisition cost is the fair value of the securities issued. If an
investment is acquired in exchange for another asset, the acquisition
is determined by reference to the fair value of the asset given up or
by reference to the fair value of the investment acquired, whichever is
more clearly evident.
Current investments are carried in the financial statements at lower of
cost and fair value determined on an individual investment basis.
Long-term investments are carried at cost. However, provision for
diminution in value is made to recognize a decline other than temporary
in the value of the investments.
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.
2.6 INVENTORIES :
Inventories are valued at lower of cost or net realizable value.
2.7 INCOME & EXPENDITURE RECOGNITION :
Income & Expenditure unless otherwise stated, are accounted for on
accrual basis except income from Dividends which is accounted for as
and when actually received.
The Company has followed the prudential norms for income recognition
and provisioning against non performing assets and Provision on
Standard Assets as prescribed by the Reserve Bank of India for Non
Banking Financial Companies.
2.8 RETIREMENT AND OTHER EMPLOYEE BENEFITS :
Retirement benefit to employees such as Employees'' Provident Funds and
Miscellaneous Provisions Act, 1952 and The Payment of Gratuity Act,
1972 are not applicable to the "company" as number of employee is below
the Statutory limit as prescribed by the above Acts.
The company does not have the policy of extending leave encashment
benefits to its employees.
2.9 TAXES ON INCOME :
Tax expense comprises current and deferred tax. Current income-tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Income-tax Act, 1961 enacted in India. The tax
rates and tax laws used to compute the amount are those that are
enacted or substantively enacted, at the reporting date.
Deferred tax is recognized on timing differences, being the difference
between taxable income and accounting income that originate in the one
period and are capable of reversal in one or more subsequent periods.
Deferred tax assets are recognized only if there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax asset will be realized. Such assets are
reviewed as at Balance Sheet date to reassess realizability thereof.
Deferred tax assets and deferred tax liabilities are offset, if a
legally enforceable right exists to set-off current tax assets against
current tax liabilities and the deferred tax assets and deferred taxes
relate to the same taxable entity and the same taxation authority.
2.10 EARNINGS PER SHARE (EPS) :
Basic EPS is calculated by dividing the net profit or loss for the
period attributable to equity shareholders by the weighted average
number of equity shares outstanding during the year.
For the purpose of calculating diluted EPS, the net profit or loss for
the period attributable to equity shareholders and the weighted average
number of shares outstanding during the period are adjusted for the
effects of all dilutive potential equity shares, if any.
2.11 PROVISIONS :
A provision is recognized when the company has a present obligation as
a result of past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation.
Provisions are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
reporting date. These estimates are reviewed at each reporting date and
adjusted to reflect the current best estimates.
2.12 CONTINGENT LIABILITIES AND CONTINGENT ASSETS :
A contingent liability is a possible obligation that arises from past
events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the company or a present obligation that is not recognized
because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises
in extremely rare cases where there is a liability that cannot be
recognized because it cannot be measured reliably. The company does not
recognize a contingent liability but discloses its existence in the
financial statements.
Contingent assets are neither recognized nor disclosed in the financial
statements.
2.13 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 of three months or less.
Mar 31, 2013
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The financial statements have been prepared under the historical cost
convention in accordance with the generally accepted accounting
principles and the provisions of the Companies Act. 1956 as adapted
consistently by the Company. These financial statements comply in all
material aspects with the Accounting Standards (Rules) notified under
the companies (Accounting Standards) Rules, 2006(as amended), to the
extent applicable, and the terms of "Non-Banking Financial (Non-Deposit
Accepting or Holding) Companies Prudential Norms (Reserve Bank)
Directions, "2007" issued by Reserve Bank of India
All assets and liabilities have been classified as current or
Non-currenl as per the Company''s normal operating cycle and other
criteria set out in the Schedule V! to the Companies Act. 1956.
Accounting policies not specifically referred to otherwise are
consistent and in accordance with generally accepted accounting
principles.
1.2 USE OF ESTIMATES
The preparation of financial statements in conformity with the GAAP
requires estimates and assumptions to be made that affect the reported
amount of revenues, expenses, assets and liabilities and the disclosure
of contingent liabilities, at the end of the reporting period. Although
these estimates are based on the management''s best knowledge of current
events and actions, uncertainty about the assumptions and estimates
could result in outcomes different from the estimates. Difference
between actual results and estimates are recognized in the period in
which the results are known or materialize,
1.3 TANGIBLE FIXED ASSETS :
Fixed assets are stated at cost, net to accumulated depreciation. The
cost comprises purchase price, borrowing costs if capitalization
criteria are met and directly attributable cost of bringing the asset
to its working condition for the intended use. Any trade discounts and
rebates are deducted in arriving at the purchase price
Subsequent expenditure related to an item of fixed asset is added lo
its book value only if it increases the future benefits from the
existing asset beyond its previously assessed standard of performance
All other expenses on existing fixed assets, including day-to-day
repair and maintenance expenditure and cost of replacing parts, are
charged to the statement of profit and loss for the period during which
such expenses are
1.5 INVESTMENT : ''
Investments, which are readily realizable and intended to be head for
not more than one year from the date on which such investments are
made, are classified as current investments All other investments are
classified as long-term investments.
On initial recognition, all investments are measured al cost. The cost
comprises purchase price and directly attributable acquisition charges
such as brokerage, fees and duties. It an investment is acquired, or
partly acquired by the issue of sharer or other securities the
acquisition cost is the fair value of the issued if an investment is
acquired in exchanges for another assets the acquaint which ever is more
clearly evident.
1.6 INVESTORIES:
invest TORIES ARE VALUED AT LOWER OF COST OR NET REALIZABLE VALUE.
1.7 INCOME & EXPENDITTURE RECOGNITION:
Income & Expenditure unless otherwise stated are accounted for on
accrual basis except income from dividends which is accounted for as
and when actually received.
The Company has followed the prudential norms for income recognition
and provisioning against non performing assets and provision on
standard assets as prescribed by the reserve bank of India for non
banking FINACIAL COAMPNIES
1.8 RETIREMENT AND OTHER EMPLOYEE BENEFITS.
Retirement benefit to employees such as employees provident funds and
miscellanies provisions Act 1952 and the payment of gratuity Act,1972
are not applicable to the company as number of employees is below the
stature limit as prescribed by the above Acts.
1.9 TAXES ON INCOME
Tax expense companies current and differed tax current income tax is
measured at the amount expected to be paid to the authorities in
account either the income Act,1961 enacted in India the tax rates and tax
laws used to compute the amount are those are enacted sustain enacted
reporting
1.10 EARNINGS PER SHARE (EPS)
Basic EPS is calculated by dividing the net profit or loss for the
period to equity shareholders by the weighted average number of equity
share outstanding during the year.
1.11 PROVISIONS
A provision is recognized when the company has a present as a result of
post event it is problem that an outflow of resources am bodying economic
to settle obligation and a reliable estimate can be made of the amount
of the obligation provision are not discounted to their present value
and are determined based on the best estimate required to settle the
obligation at the reporting date these estimates are reviewed at each
reporting date and adjusted to relief the current best estimate.
1.12 CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Contingent Liabilities and Contingent Assets is possible
that arises from past event whose existence will be confirmed by
the occurrence or non-occurrence of one or more uncertain events
beyond the control of the company or a present obligation that is
not recognized he cause it is nil probable that an outflow of
resources will be contingent! liability also arises in extremely
rare cases where there is a abate that cannot be recognized because
it cannot be measured reliably. The company does not recognize a
contingent liability but discloses its existence in the financial
statements. recognize Contingent assets are neither recognized nor
disclosed in the financial statements.
1.13 CASH AND CASH EQUIVALENTS
chantry Cash (equivalents for the Purposes of cash flow statement
comprise cash a! bank and in hand and short-term investments with an
original maturity of three months or less
Mar 31, 2010
1.1 BASIS 0F PHEPARATION OF FINANCIAL STATEMENTS :
1.1.1 The financial statements have been prepared under the fianicial
cost convention art accordance with the generally accepted accounting
principles and the provisions of the Companies Act. 1956 as adopted
consiciently by the Company.
1.1.2 Accounting policies not specifically referred to otherwise are
consistent and in accordance with generally accepted accounting
principles-
1.2 INCOME & EXPENDITURE RECOGNITION :
Income & Expenditure unless otherwise stared, are accounted for on
accrual basis except income from Dividends which is accounted for as
and when actually received.
1.3 EMPLOYEE BENEFITS :
Relurement benelit to employees such as Employees Provident Funds and
Miscellaneous Provisions Act, 1952 and The Payment of Gratuity Act.
1972 are not applicable to the company as number of employee is below
the Staiutory tinit as prescribed by the above Acts. However. Company
is contrbuting, in Pubic Provident Fund and equal amount is being
contnbuied by the employee(s) on every month and deposited in a
Scheduled Bank.
The company does not have the policy of extending leave encashment
benefits to its employees.
1.4 FIXED ASSETS :
Fixed Assets are stated at Cost, including cost of installation, less
depreciation.
1.5 DEPRECIATION :
Depreciation has been provided on assets as per straight the fates as
specified in Schedule XIV of the Companies Act. 1956.
1.6 INVESTMENT:
investments are being long term in nature, are elated at cost.
Diminution in their values, unless considered to be of permanent
nature, is not recognized and provided for in the accounts.
1.7 INVENTORIES
Inventories are valued at lower of cost or net realizable value.
1.8 TAXES ON INCOME :
Income tax expense comprises Currant tax and deferred tax change.
Deferred tax is recognized on timing differences, being the difference
between taxable income and accounting income that originate in the One
period and are capable of reversal in one or more subsequent periods.
Deferred tax assets are recognized Only if there is reasonable
certarity that sufficient future laxable income will be available
against which such deferred tan asset will be resized. Such assets are
reviewed as at Balance Sheet date to reassess realisability thereof-