Mar 31, 2015
1. Basis of Preparation of Financial Statement
The company follows mercantile system of accounting , recognition
income and expenditure on accrual basis. The accounts are prepared on
historical cost convention and as a going concern and in accordance
with the provision of the companies act, 1956 as adopted consistently
by the company. Accounting policies not referred to specifically
otherwise are consistent and in consonance with generally accepted
accounting policies.
2. Fixed Assets
Fixed Assets which have been put to use are shown at cost or
acquisition (including expenses related to installation and
proportionate share of Preoperative expenses top the relative assets)
less depreciation. No depreciation has been provided on fixed assets
which are under installation or installed but not put to use.
3. Depreciation
(1) Depreciation is provided on pro-rata basis, from the data on which
assets have been put to use.
(2) Depreciation is provided on Written Down value basis at the rates
as prescribed u/s. XIV to the Co. Act' 1956.
4. Related Party Disclosure
There is no related party transactions took place during the year.
5. The company has not made any provision for deferred tax liability
arising out of timing difference on account of depreciation as per
companies act and Income Tax Act as per Accounting Standard AS-22
prescribed ICAI
Mar 31, 2014
[1] BASIS OF ACCOUNTING:
The financial statement are prepared under historical cost convention
on accrual method of accounting and are in accordance with the
requirements of the Companies Act, 1956.
[2] FIXED ASSETS:
Capitalisation at acquisition cost including directly attributable cost
such as freight, insurance, and specific installation charges for
bringing the assets to its working condition.
Depreciation is provided on the Fixed assets on SLM in the manner
specified in schedule XIV of the Co. Act, 1956 for the full year.
Depreciation is not provided on the Assets sold during the year.
[3] VALUATION OF INVENTORY:
Stock of Raw Material have been valued at fixed cost.
[4] RECOGNITION OF INCOME AND EXPENDITURE
Revenue/Incomes and Costs/Expenditures are accounted on accrual basis.
[5] CONTINGENT LIABILITY
Contingent liability is provided on the basis demand made upon the
Company.
[6] INVESTMENTS
Investments are valued at the acquisition cost and includes brokerage
and other expenses on purchase.
[7] DEFERRED TAX
No provision made.
[8] RELATED PARTY DISCLOSURES
As per Accounting Standard 18 as issued by ICAI, there is no
transaction of any related party.
Mar 31, 2010
[1] BASIS OF ACCOUNTING:
The financial statement are prepared under historical cost convention
on accrual method of accounting and are in accordance with the
requirements of the Companies Act, 1956.
[2] FIXED ASSETS:
Capitalisation at acquisition cost including directly attributable cost
such as freight, insurance, and specific installation charges for
bringing the assets to its working condition.
Depreciation is provided on the Fixed assets on SLM in the manner
specified in schedule XIV of the Co. Act, 1956 for the full year.
Depreciation is not provided on the Assets sold during the year.
[3] VALUATION OF INVENTORY:
Stock of Raw Material have been valued at fixed cost.
[4] RECOGNITION OF INCOME AND EXPENDITURE
Revenue/Incomes and Costs/Expenditures are accounted on accrual basis.
[5] CONTINGENT LIABILITY
Contingent liability is provided on the basis demand made upon the
Company.
[6] INVESTMENTS
Investments are valued at the acquisition cost and includes brokerage
and other expenses on purchase.
[7] DEFERRED TAX
No provision made.
[8] RELATED PARTY DISCLOSURES
As per Accounting Standard 18 as issued by ICAI, there is no
transaction of any related party.