Mar 31, 2014
1 ACCOUNTING CONVENING
The PniTiKal stiucoems are ptcparcU imikr hniu'iv.dl ta*Â£ axnaiinzk in axrdance with the generally accepted accounting principles mandatory accohniing stoBdardi and prminiions of tile <*cmpan$es -Vei, 1956
No Inventory were held by the ' V-fflfany dsmnu, the year
a) Lons Term investments are valued at cost -Xny dunumiicn m value, ether than lorpcnuy, i% duly accounted for
b) C urre/ti investments. are valued a: Lawa cf east or nutlel plices fair values
4 DFFFRRFD TAX ASSET
In pursuance of Amunims Standard AS-22 uAccoummÂ® for taxes on Ineame* notified pursuant to ihc Companies (Accounting Siantbmii) Rides, 2l)06 deferred tax; a reee-gjuwrd on; toning difference amtng between book ineemc and Humble income Cot the year and quantified usmg the Ux and laws enacted or substantively enacted eon the Balance Sheet date
5.CONTIGENT LIABILITES CONTIINGEST ASSETS & PROVISIONS
* Provisions are recognised far present obligations of uncertain timing or amount aramg m a rodl of past even: where a reliable estimate can he made and it is probable that art outflow of iÂ«ourcÂ«rt economic; benefits will he required to scale 'the obligation
* Where ti a nm probable Uui an nrnEfiW of resources embodying eccncmic benefits will be required ot the arnourn can not be estimated reliably. the obligation tO disclosed u a amiingrm liability, unless the possibility' of outflow of resources embodying economic benefits is remote
Possible obLiyatiara. whose oaiicr.ee will only be confirmed by the ocemrcncc or non-occurrence of erne or marc uncertain events are also disclosed as contingent liabilities unless ihc possibility of outflow of resources embodying economic benefits is
6.Earning PER SHARE
Annualised mmmgs / floss) par equity share (basic and diluted) is arrived at based cm Net Profit/ (Loss) after taxation to the weighted average number of equity shares
7 REITNTE RECOGNITION
Sales compnsev sale of goods and services. nei of trade discounts and include exchange differences armng on sales transactions
*EMPLOYESE & RETIREMT BENEFITS
All employee & tvuremcjii benefits ire accounted foi on accrual basis
Mar 31, 2013
1. ACCOUNTING CONSVENTION
The financial statement are prepared under histories cost convention in accordance with the generally accepted accounting principal mandatory accounting standard and provided of the companies Act,1956.
No Inventory were add by the Company dung the year
a) Current investments are valued as lowers of cost or market price/fair values.
b) Current investments are valued at lower of cost or merits price fair values
4. DEFERRED TAX ASSET
In pursuance of Accounting standard As-22 Accounting for taxes on income notified pursuit to the companies (Accounting standards rules 2006 deferred tax is recognizes on timing difference arising between book income taxable income for the year quantified using the tax and and laws caned or substantively an acted as on the balanced sheet date.
5. CONTIGENT LIABILITY CONTINENT ASSETS & PROVISIONS
Provisions are recognized for present obligations of timing or amount arising as a result of past event a reliable estimate can be made and it is probable that an outflow of resources account benefit will be required to settle the obligation.
Where it is problem that an outflow of resources embodying economic benefits will be required amount cannot be estimated libellees the obligation id disclosed as a contingent liability unless the possibility of outflow of rescuers an bodying economic benefits is remote.
Possible obligations whose existence will only be confined by the occurrence or non- occurrence of one more uncertain events are also disclosed as contingent liability unless the possibility of outflow of resource embodying benefit is denote.
Mar 31, 2012
A. BASIS OF ACCOUNTING
The Financial Statements are prepared under the historical cost convention and on accrual basis of accounting subject to Note 2(iii) below regarding non provision of interest on unsecured loans of ! Rs.175 lacs from Premier Finance & Trading Co. Ltd. and in accordance with generally accepted i accounting principles in India and comply in material aspect with the measurement and recognition principles of Accounting Standards referred to in Section 211 (3C) of the Companies Act 1956 of !' India (the "Act") read with Companies (Accounting Standards) Rules 2006 to the extent applicable. i: 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 ! Based on the nature of products provided and the time between the acquisition of assets and their I realization in cash and cash equivalents' the Company has ascertained its operating cycle as 12 months for the purpose of current-non current classification of assets and other liabilities !;
b. USE OF ESTIMATES I
The presentation of Financial Statements requires estimates and assumptions to be made that ! affect the reported amount of assets and liabilities on the date of financial statements and the ! reported amount of revenue and expenses during the reporting period. Difference between the ' actual results and estimates are recognized in the period in which results are known/materialized.
c. REVENUE RECOGNITION
i. Income from operations is recognized on Billing to customers
ii. Interest Income on Advances and Deposits is recognized on accrual basis.
d. TANGIBLE FIXED ASSETS
Fixed Assets are stated at cost less accumulated depreciation. Cost for this purpose includes I purchase price' non refundable taxes or levies and other directly attributable cos's of brlging the !: asset to its working condition for its intended use. waging me '
There are no Intangible Assets held by the Company.
g. FOREIGN CURRENCY TRANSACTIONS
h. EMPLOYEE BENEFITS
The Company has an obligation towards gratuity. However due provision for the same has been made in the Balance Sheet.
i. TAXES ON INCOME
i. Current tax is determined as per amount of tax payable in respect of taxable income for the year.
ii. Provisions for taxation for the period are ascertained on the basis of assessable profits computed in accordance with the provisions of the Income Tax Act' 1961
j. Balances of Trade Payables' Trade Receivables' Loans & Advances and Banks are subject to confirmation & reconciliation.
k. In the opinion of the directors Current Assets have a value on realization in the ordinary course of business at least equal to the value at which these have been stated in foreaoina Balance Sheet.
l. Labour cases are pending against the company in the courts. The total approx liabilitv against the company is to the tune of Rs.48'43'000/-.
The company has borrowed a sum of Rs. 175 lacs on interest payable @ 16% on quarterly rests. Due to a dispute no interest has been provided on this loan amounting to Rs 1 63 29 858/ for the year ended 31.03.2012. In addition to this total interest of Rs.7 86 37 967/-' oertainina to year 31.03.2001 to 31.03.2011 have not been provided for. Hence loss during the yTa? s understated by Rs. 1'63'29'858/-.
The company has incurred huge financial losses during the current financial year It has neither sold nor acquired any fixed assets during the financial year 2011-12.
m. CONTINGENT LIABILITIES
Contingent liabilities are not provided for in the accounts and are shown separately in notes.
Mar 31, 2011
I. ACCOUNTING CONCEPTS
The company follows the mercantile system of Accounting and recognizes Income & Expenditure on accrual basis, subject to Note 2(iii) below regarding non provision of interest on unsecured loans of Rs.175 lacs from Premier Finance & Trading Co. Ltd.
ii. FIXED ASSETS
Fixed Assets are stated at cost of acquisition including relative freight, duties and taxes and other acquisition related incidental expenses less accumulated depreciation thereon.
iii. ACCOUNTING CONVENTION
The financial statements have been prepared on historical cost convention, in accordance with elegant presentational requirements of the Companies Act, 1956 and applicable mandatory accounting standards.
iv GRATUITY/RETIREMENT BENEFITS
No provision for statutory/contractual liabilities arising on retirement has been made.
v FOREIGN EXCHANGE TRANSACTIONS NONE
Investment in NSC's is stated at Face Value.
No Depreciation has been provided during the year. Since, there was no Manufacturing activity during the year.
x. GRATUITY/RETIREMENT BENEFITS
xi. CONTINGENT LIABILITIES
Contingent liabilities are not provided for in the accounts and are shown separately in notes.
Mar 31, 2010
The company follows the mercantile systems of accounting and recognized income & Expenditure on accrual basis, subject to Note 2(iii) below regarding non provisions of interest on unsecured loans of Rs.175 lacss from premier Finance & Trading Co. Ltd.
ii) FIXED ASSETS
Fixed assets are stated at cost of acquisition including relative freight duties and taxes and other acquisition related incidental express less accumulated depreciation thereon.
iii) ACCOUNTING CONVENTION
The financial statements have been prepared on historical cost convention in accordance with relevant presentational requirements of the companies Act, 1956 and applicable mandatory accounting standards.
iv) GRATUITY/RETIREMENT BENEFITS
No provisions for statutory contractual liabilities arising on retirement has been made.
v)FOREIGN EXCHANGE TRANSACTIONS
Investments in NSc's is stated at Face Value
No Depreciation has been provided during the year, Since was noi manufacturing activity during the year.
x. GRATUITY/RETIREMENR BENEFITS