Mar 31, 2014
(a) Basis of accounting :
The financial statements have been prepared under the historical cost
convention on the accrual basis of accounting and in accordance with
the Accounting Standards prescribed in the Companies (Accounting
Standards) Rules, 2006 and relevant provisions of the Companies Act,
1956. The accounting policies have been consistently applied by the
company and are consistent with those used in the previous year unless
otherwise stated.
(b) Accounting Estimates :
The preparation of financial statements in conformity with the
generally accepted accounting principles (GAAP) requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities on
the date of the financial statements. Actual results could differ from
those estimates. Any difference between the actual result and estimates
are recognised in the period in which the results are known /
materialised. Any revision to accounting estimates is recognised
prospectively in current and future periods.
(c) Going Concern:
There is no business activity carried out by the company. The
management does not forsee any prospect of carrying out any business
during the near future till the financial position of the company has
been improved. The management of the company has decided to run the
company as going concern. In view of the above, the accounts of the
company have been prepared as going concern.
(d) Taxes :
Provision for tax is made for both current and deferred taxes.
Provisions for current income tax is made at current tax rates based on
assessable income. The Company provides for deferred tax based on the
tax effect of timing difference resulting from the recognition of items
in the financial statement and in estimating it''s current tax
provision. Deferred tax assets are recognised if there is a reasonable
certainty of realisation.
(e) Employees Benefits :
The Company has no employee and hence Accounting Standard (AS-15) on
Employees Benefits is not applicable.
(f) 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
(a) Basis of accounting :
The financial statements have been prepared under the historical cost
convention on the accrual basis of accounting and in accordance with
the Accounting Standards prescribed in the Companies (Accounting
Standards) Rules, 2006 and relevant provisions of the Companies Act,
1956. The accounting policies have been consistently applied by the
company and are consistent with those used in the previous year unless
otherwise stated.
(b) Accounting Estimates:
The preparation of financial statements in conformity with the
generally accepted accounting principles (GAAP) requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities on
the date of the financial statements. Actual results could differ from
those estimates. Any difference between the actual result and estimates
are recognized in the period in which the results are known
/materialized. Any revision to accounting estimates is recognized
prospectively in current and future periods.
(c) Going Concern:
There is no business activity carried out by the company. The
management does not for see any prospect of carrying out any business
during the near future till the financial position of the company has
been improved. The management of the company has decided to run the
company as going concern. In view of the above, the accounts of the
company have been prepared as going concern.
(d) Taxes:
Provision for tax is made for both current and deferred taxes.
Provisions for current income tax is made at current tax rates based on
assessable income. The Company provides for deferred tax based on the
tax effect of timing difference resulting from the recognition of items
in the financial statement and in estimating its current tax
provision. Deferred tax assets are recognized if there is a reasonable
certainty of realization.
(e) Employees Benefits:
The Company has no employee and hence Accounting Standard (AS-15) on
Employees Benefits is not applicable.
(f) 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, 2012
(a) Basis of accounting :
The financial statements have been prepared under the historical cost
convention on the accrual basis of accounting and in accordance with
the Accounting Standards prescribed in the Companies (Accounting
Standards) Rules, 2006 and relevant provisions of the Companies Act,
1956. The accounting policies have been consistently applied by the
company and are consistent with those used in the previous year unless
otherwise stated.
(b) Change in accounting policy:-
During the year ended 31 March 2012, the revised Schedule VI notified
under the Companies Act 1956, has become applicable to the company, for
preparation and presentation of its financial statements. The adoption
of revised Schedule VI does not impact recognition and measurment
principles followed for preparation of financial statements. However,
it has significant impact on presentation and disclosures made in the
financial statements. The company has also reclassified the previous
year figures in accordance with the requirements applicable in the
current year.
(c) Accounting Estimates :
The preparation of financial statements in conformity with the
generally accepted accounting principles (GAAP) requiresmanagement to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and thedisclosure of contingent liabilities on
the date of the financial statements. Actual results could differ from
those estimates.Any difference between the actual result and estimates
are recognised in the period in which the results are known
/materialised. Any revision to accounting estimates is recognised
prospectively in current and future periods.
(d) Fixed assets & Depreciation :
(i) Tangible fixed assets
Fixed assets are stated at cost, net of accumulated depreciation and
accumulated impairment losses, if any. The costcomprises purchase price
and directly attributable cost of bringing the asset to its working
condition for the intended use. Anytrade discounts and rebates are
deducted in arriving at the purchase price.
Gains or losses arising from derecognition of fixed assets are measured
as the difference between the net disposalproceeds and the carrying
amount of the asset and are recognized in the statement of profit and
loss when the asset isderecognized.
(ii) Depreciation and Amortisation
Depreciation on fixed assets leased out has been provided on straight
line method at the rate prescibed in schedule XIV of the Companies Act,
1956.
The company is not following Prudential Provisioning Norms for
Accounting for lease transactions as prescribed by the RBI under
Prudential Norms (Reserve Bank) Direction ,1998
(e) Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value and accordingly charge to Profits Loss Account.
(f) Taxes:
Provision for tax is made for both current and deferred taxes.
Provisions for current income tax is made at current tax ratesbased on
assessable income. The Company provides for deferred tax based on the
tax effect of timing difference resultingfrom the recognition of items
in the financial statement and in estimating it's current tax
provision. Deferred tax assets arerecognised if there is a reasonable
certainty of realisation. The effect on deferred taxes of a change in
tax rates is recognisedin the Profit & Loss Account in the period in
which it has been enacted.
(g) Employees Benefits :
The Company has no employee and hence Accounting Standard (AS-15) on
Employees Benefits is not applicable.
(h) Cash and cash equivalents:
Cash and cash equivalents for the purposes of cash-flow statement
comprise cash at bank and in hand and short- terminvestments with an
original maturity of three months or less.
Mar 31, 2011
I) System of Accounting :
The Company generally follows the mercantile system of accounting and
recognises income and expenditure on an accrual basis except those with
significant uncertainties. Financial statements are based on historical
costs.
ii) Fixed Assets and Depreciation :
Fixed assets including leased assets are shown at cost less
depreciation. None of the fixed assets have been revalued during the
year. Depreciation on the fixed assets leased out has been provided on
straight line method at the rate prescribed in Schedule XIV of the
Companies Act, 1956 on pro-rata basis with reference to the actual
month of Purchase/installation/Sale, which is not according to the
guidelines issued by the Institute of Chartered Accountants' of India
in respect of leasing & hire purchase assets.
Mar 31, 2010
I) System of Accounting :
The Company generally follows the mercantile system of accounting and
recognises income and expenditure on an accrual basis except those with
significant uncertainties. Financial statements are based on historical
costs..
ii) Fixed Assets and Depreciation :
Fixed assets including leased assets are shown at cost less
depreciation. None of the fixed assets have been revalued during the
year. Depreciation on the fixed assets leased out has been provided on
straight line method at the rate prescribed in Schedule XIV of the
Companies Act, 1956 on pro-rata basis with reference to the actual
month of Purchase/Installation/Sale, which is not according to the
guidelines issued by the Institute of Chartered Accountants of India
In respect of leasing & hire purchase assets.