Mar 31, 2014
1 ACCOUNTING CONVENING
The PniTiKal stiucoems are ptcparcU imikr hniu'iv.dl ta*£ axnaiinzk in
axrdance with the generally accepted accounting principles mandatory
accohniing stoBdardi and prminiions of tile <*cmpan$es -Vei, 1956
2 INVENTORY
No Inventory were held by the ' V-fflfany dsmnu, the year
3. INVESTMENT
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 uAccoumm® 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 i«ourc«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.
2. INVENTORIES
No Inventory were add by the Company dung the year
3. INISTMEMS
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 '
e.INTANGIBLE ASSETS
There are no Intangible Assets held by the Company.
f. INVENTORIES
None
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
vi. INVESTMENTS
Investment in NSC's is stated at Face Value.
vii. DEPRECIATION
No Depreciation has been provided during the year. Since, there was no
Manufacturing activity during the year.
viii. SALES
NONE
ix. INVENTORIES
NONE
x. GRATUITY/RETIREMENT BENEFITS
NONE
xi. CONTINGENT LIABILITIES
Contingent liabilities are not provided for in the accounts and are
shown separately in notes.
Mar 31, 2010
I).ACCOUNTING CONCEPTS
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
NONE
vi)INVESTMENTS
Investments in NSc's is stated at Face Value
vii) DEPRECIATION
No Depreciation has been provided during the year, Since was noi
manufacturing activity during the year.
viii) SALES
NONE
ix) INVENTORIES
NONE
x. GRATUITY/RETIREMENR BENEFITS
NONE