Mar 31, 2016
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The Financial Statements have been prepared under the historical cost convention, on the accrual basis of accounting and in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 2013, as adopted consistently by the Company.
2. USE OF ESTIMATES:
The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known / materialized.
3. FIXED ASSETS:
Fixed Assets are stated at cost, net of modvat, less accumulated depreciation. All cost including financing costs till commencement of commercial productions, net charges on foreign exchange contracts and adjustments arising from exchange rate variations relating to borrowings attributable to the fixed assets are capitalized.
4. INVESTMENTS:
The Non- Current Investments are stated at cost. Provision for diminution in the value of Investments is made only if; such a decline is other than temporary. In the opinion of the management, there are no diminution in the value of Investment.
5. INVENTORIES:
i. Valuation of Inventories is inclusive of Taxes or Duties incurred and on FIFO basis except otherwise stated.
ii. Finished Stocks are being valued at direct cost or net realizable value whichever is lower.
6. PRELIMINARY EXPENDITURE:
Preliminary Expenses is to be written off in equal installment over 5 years from the date of their incurrence. No preliminary expenses have been written off during the year.
7. REVENUE RECOGNITION:
All incomes and expenditure are accounted on accrual basis except where stated otherwise.. Interest income is recognized on time proportion basis taking in to account the amount outstanding and rate applicable.
8. TAXES ON INCOME:
Provision for the current tax is made after taking into consideration benefit admissible under the provision of the Income Tax Act, 1961. Deferred Tax resulting from difference between depreciation as per Companies Act, 2013 and Income Tax Act, 1961. Deferred Tax Asset is recognized and carried forward only to the extent that there is a virtual certainty that the assets will be realized in future.
No Deferred Tax Assets/Liabilities during the year.
9. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of the estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.
There are no such liabilities during the year.
10. BORROWING COSTS:
The Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying assets is one that necessarily take substantial period of time to get ready for its intended use. All other Borrowing Costs are charged to Profit & Loss Account.
There are no borrowing costs during the year.
11. IMPAIRMENT OF ASSETS:
Consideration is given at each Balance Sheet date to determine whether there is any indication of Impairment of the Carrying Amount of the Company''s Fixed Assets. If any indication exist, an asset''s recoverable is estimated. An Impairment loss is recognized whenever Carrying Amount of an assets exceeds its Recoverable Amount. An asset is treated as impaired when the carrying cost exceeds its recoverable value.
There is no Impairment of assets during the year.
12. FOREIGN CURRENCY TRANSACTIONS:
i. Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of Transactions.
ii. Monetary Items denominated in foreign currency remaining unsettled at the end of the year, are reported using the closing rates. The exchange difference arising as a result of the above is recognized in the Profit and Loss Account.
iii. In case the monetary items are covered by the foreign exchange contracts, the difference between the yearend rate and the exchange rate at the date of the inception of the forward exchange contract is recognized as exchange difference.
iv. In respect of hedging transactions, the premium/discount represented by difference between the exchange rate as the date of inception of the forward exchange contract and forward rate specified in the contract is amortized as expense or income over the life of the contract.
13. GENERAL ACCOUNTING POLICIES:
Accounting policies not specifically referred to are consistent with generally accepted accounting policies.
Mar 31, 2015
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS :
The Financial Statements have been prepared under the historical cost
convention, on the accrual basis of accounting and in accordance with
the generally accepted accounting principles in India and the
provisions of the Companies Act, 2013, as adopted consistently by the
Company.
2. USE OF ESTIMATES :
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known / materialized.
3. FIXED ASSETS :
Fixed Assets are stated at cost, net of modvat, less accumulated
depreciation. All cost including financing costs till commencement of
commercial productions, net charges on foreign exchange contracts and
adjustments arising from exchange rate variations relating to
borrowings attributable to the fixed assets are capitalized.
4. DEPRECIATION :
Depreciation has been provided on Straight Line Method in accordance
with the provision of Section 205(2)(b) of the Companies Act, 2013 at
the rates prescribed in Schedule XIV of the Companies Act, 2013. In
case of addition the depreciation is being provided on pro-rata basis
with reference to the day of Acquisition/Installation.
5. INVESTMENTS :
The Non- Current Investments are stated at cost. Provision for
diminution in the value of Investments is made only if; such a decline
is other than temporary. In the opinion of the management, there is no
diminution in the value of Investment.
6. INVENTORIES :
i. Valuation of Inventories is inclusive of Taxes or Duties incurred
and on FIFO basis except otherwise stated.
ii. Finished Stocks are being valued at direct cost or net realizable
value whichever is lower.
During the Year Company dealt in Trading activities on stock exchange,
hence it has no closing stock.
7. PRELIMINARY EXPENDITURE :
Preliminary Expenses is to be written off in equal installment over 5
years from the date of their incurrence.
8. REVENUE RECOGNITION :
All incomes and expenditure are accounted on accrual basis except where
stated otherwise. Dividend income is recognized when right to receive
is established. Interest income is recognized on time proportion basis
taking in to account the amount outstanding and rate applicable.
9. TAXES ON INCOME :
Provision for the current tax is made after taking into consideration
benefit admissible under the provision of the Income Tax Act, 1961.
Deferred Tax resulting from difference between depreciation as per
Companies Act, 2013 and Income Tax Act, 1961. Deferred Tax Liability is
recognized and carried forward only to the extent that there is a
virtual certainty that the assets will be realised in future.
10. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS :
Provisions involving substantial degree of the estimation in
measurement are recognized when there is a present obligation as a
result of past events and it is probable that there will be an outflow
of resources. There are no such liabilities during the year.
11. BORROWING COSTS :
The Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying assets is one that necessarily take
substantial period of time to get ready for its intended use. All other
Borrowing Costs are charged to Profit & Loss Account.
There are no borrowing costs during the year.
12. IMPAIRMENT OF ASSETS :
Consideration is given at each Balance Sheet date to determine whether
there is any indication of Impairment of the Carrying Amount of the
Company's Fixed Assets. If any indication exist, an asset's recoverable
is estimated.
An Impairment loss is recognized whenever Carrying Amount of an assets
exceeds its Recoverable Amount.An asset is treated as impaired when the
carrying cost exceeds its recoverable value.
There is no Impairment of assets during the year.
13. FOREIGN CURRENCY TRANSACTIONS :
i. Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of Transactions.
ii. Monetary Items denominated in foreign currency remaining unsettled
at the end of the year, are reported using the closing rates. The
exchange difference arising as a result of the above is recognized in
the Profit and Loss Account.
iii. In case the monetary items are covered by the foreign exchange
contracts, the difference between the year end rate and the exchange
rate at the date of the inception of the forward exchange contract is
recognized as exchange difference.
iv. In respect of hedging transactions, the premium/discount
represented by difference between the exchange rate as the date of
inception of the forward exchange contract and forward rate specified
in the contract is amortized as expense or income over the life of the
contract.
There are no Foreign Currency Transactions during the year.
14. GENERAL ACCOUNTING POLICIES :
Accounting policies not specifically referred to are consistent with
generally accepted accounting policies.
Mar 31, 2013
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The Financial Statements have been prepared under the historical cost
convention, on the accrual basis of accounting and in accordance with
the generally accepted accounting principles in India and the
provisions of the Companies Act, 1956, as adopted consistently by the
Company.
2. USE OF ESTIMATES:
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known / materialized.
3. FIXED ASSETS:
Fixed Assets are stated at cost, net of modvat, less accumulated
depreciation. All cost including financing costs till commencement of
commercial productions, net charges on foreign exchange contracts and
adjustments arising from exchange rate variations relating to
borrowings attributable to the fixed assets are capitalized.
4. DEPRECIATION:
Depreciation has been provided on Straight Line Method in accordance
with the provision of Section 205(2)(b) of the Companies Act, 1956 at
the rates prescribed in Schedule XIV of the Companies Act, 1956. In
case of addition the depreciation is being provided on pro-rata basis
with reference to the day of Acquisition/Installation.
5. INVESTMENTS:
The Non- Current Investments are stated at cost. Provision for
diminution in the value of Investments is made only if; such a decline
is other than temporary. In the opinion of the management, there is no
diminution in the value of Investment.
6. INVENTORIES:
i. Valuation of Inventories is inclusive of Taxes or Duties incurred
and on
FIFO basis except otherwise stated. ii. Finished Stocks are being
valued at direct cost or net realizable value whichever is lower.
There is no Inventories at the beginning as well as at the end of the
year.
7. PRELIMINARY EXPENDITURE:
Preliminary Expenses is to be written off in equal installment over 5
years from the date of their incurrence.
8. REVENUE RECOGNITION:
All incomes and expenditure are accounted on accrual basis except where
stated otherwise. Dividend income is recognized when right to receive
is established. Interest income is recognized on time proportion basis
taking in to account the amount outstanding and rate applicable.
9. TAXES ON INCOME:
Provision for the current tax is made after taking into consideration
benefit admissible under the provision of the Income Tax Act, 1961.
Deferred Tax resulting from difference between depreciation as per
Companies Act, 1956 and Income Tax Act, 1961. Deferred Tax Liability is
recognized and carried forward only to the extent that there is a
virtual certainty that the assets will be realised in future.
10. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of the estimation in
measurement are recognized when there is a present obligation as a
result of past events and it is probable that there will be an outflow
of resources. There are no such liabilities during the year.
11. BORROWING COSTS
The Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying assets is one that necessarily take
substantial period of time to get ready for its intended use. All other
Borrowing Costs are charged to Profit & Loss Account.
There are no borrowing costs during the year.
12. IMPAIRMENT OF ASSETS
Consideration is given at each Balance Sheet date to determine whether
there is any indication of Impairment of the Carrying Amount of the
Company''s Fixed Assets. If any indication exist, an asset''s recoverable
is estimated. An Impairment loss is recognized whenever Carrying Amount
of an assets exceeds its Recoverable Amount. An asset is treated as
impaired when the carrying cost exceeds its recoverable value.
There is no Impairment of assets during the year.
13. FOREIGN CURRENCY TRANSACTIONS:
i. Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of Transactions.
ii. Monetary Items denominated in foreign currency remaining unsettled
at the end of the year, are reported using the closing rates. The
exchange difference arising as a result of the above is recognized in
the Profit and Loss Account.
iii. In case the monetary items are covered by the foreign exchange
contracts, the difference between the year end rate and the exchange
rate at the date of the inception of the forward exchange contract is
recognized as exchange difference.
iv. In respect of hedging transactions, the premium/discount
represented by difference between the exchange rate as the date of
inception of the forward exchange contract and forward rate specified
in the contract is amortized as expense or income over the life of the
contract.
There are no Foreign Currency Transactions during the year.
14. GENERAL ACCOUNTING POLICIES
Accounting policies not specifically referred to are consistent with
generally accepted accounting policies.
Mar 31, 2012
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The Financial Statements have been prepared under the historical cost
convention, on the accrual basis of accounting and in accordance with
the generally accepted accounting principles in India and the
provisions of the Companies Act, 1956, as adopted consistently by the
Company.
2. USE OF ESTIMATES:
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known / materialized.
3. FIXED ASSETS:
Fixed Assets are stated at cost, net of modvat, less accumulated
depreciation. All cost including financing costs till commencement of
commercial productions, net charges on foreign exchange contracts and
adjustments arising from exchange rate variations relating to
borrowings attributable to the fixed assets are capitalized.
4. DEPRECIATION:
Depreciation has been provided on Straight Line Method in accordance
with the provision of Section 205(2)(b) of the Companies Act, 1956 at
the rates prescribed in Schedule XIV of the Companies Act, 1956. In
case of addition the depreciation is being provided on pro-rata basis
with reference to the month of Acquisition/Installation.
5. INVESTMENTS:
The Non- Current Investments are stated at cost. Provision for
diminution in the value of Investments is made only if; such a decline
is other than temporary. In the opinion of the management, there are no
diminutions in the value of Investment.
6. INVENTORIES:
i. Valuation of Inventories is inclusive of Taxes or Duties incurred
and on FIFO basis except otherwise stated.
ii. Finished Stocks are being valued at direct cost or net realizable
value whichever is lower. There are no Inventories at the beginning as
well as at the end of the year.
7. PRELIMINARY EXPENDITURE:
Preliminary Expenses is to be written off in equal installment over 5
years from the date of their incurrence.
8. REVENUE RECOGNITION:
All incomes and expenditure are accounted on accrual basis except where
stated otherwise. Dividend income is recognized when right to receive
is established. Interest income is recognized on time proportion basis
taking in to account the amount outstanding and rate applicable.
9. TAXES ON INCOME:
Provision for the current tax is made after taking into consideration
benefit admissible under the provision of the Income Tax Act, 1961.
Deferred Tax resulting from difference between depreciation as per
Companies Act, 1956 and Income Tax Act, 1961. Deferred Tax Asset is
recognized and carried forward only to the extent that there is a
virtual certainty that the assets will be realised in future.
10. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of the estimation in
measurement are recognized when there is a present obligation as a
result of past events and it is probable that there will be an outflow
of resources. There are no such liabilities during the year.
11. BORROWING COSTS:
The Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying assets is one that necessarily take
substantial period of time to get ready for its intended use. All other
Borrowing Costs are charged to Profit & Loss Account.
There are no borrowing costs during the year.
12. IMPAIRMENT OF ASSETS
Consideration is given at each Balance Sheet date to determine whether
there is any indication of Impairment of the Carrying Amount of the
Company's Fixed Assets. If any indication exists, an asset's
recoverable is estimated. An Impairment loss is recognized whenever
Carrying Amount of an asset exceeds its Recoverable Amount. An asset is
treated as impaired when the carrying cost exceeds its recoverable
value.
There is no Impairment of assets during the year.
13. FOREIGN CURRENCY TRANSACTIONS:
i. Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of Transactions.
ii. Monetary Items denominated in foreign currency remaining unsettled
at the end of the year, are reported using the closing rates. The
exchange difference arising as a result of the above is recognized in
the Profit and Loss Account.
iii. In case the monetary items are covered by the foreign exchange
contracts, the difference between the year end rate and the exchange
rate at the date of the inception of the forward exchange contract is
recognized as exchange difference.
iv. In respect of hedging transactions, the premium/discount
represented by difference between the exchange rate as the date of
inception of the forward exchange contract and forward rate specified
in the contract is amortized as expense or income over the life of the
contract.
There are no Foreign Currency Transactions during the year.
14. GENERAL ACCOUNTING POLICIES:
Accounting policies not specifically referred to are consistent with
generally accepted accounting policies.
Mar 31, 2010
I. Basis of Preparation of Financial Statements :
The financial statements have been prepared under the historical cost
convention, on the accrual basis of accounting and in accordance with
the generally accepted accounting principles in India and the
provisions of the Companies Act, 1956, as adopted consistently by the
Company.
II. Use of Estimates :
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognised in the period in
which the results are known / materialized.
III. Fixed Assets :
Fixed Assets are stated at cost, net of modvat, less accumulated
depreciation. All cost including financing costs till commencement of
commercial production, net charges on foreign exchange contracts and
adjustments arising from exchange rate variations relating to
borrowings attributable to the fixed assets are capitalized.
IV. Depreciation :
Depreciation has been provided on Straight Line method in accordance
with the provision of Section 205(2)(b) of the Companies Act, 1956 at
the rates prescribed in Schedule XIV of the Companies Act, 1956. In
case of addition the depreciation is being provided on pro-rata basis
with reference to the month of acquisition/ installation.
V. Investments :
Long-term investments are stated at cost. Provision for diminution in
the value of long-term investments is made only if; such a decline is
other than temporary, in the opinion of the management.
VI. Inventories :
(i) Valuation of Inventories is inclusive of taxes or duties incurred
and on FIFO basis except otherwise stated.
(ii) Finished Stocks are being valued at direct cost or net realisable
values whichever is lower.
VII. Impairment of Fixed Assets :
(i) Consideration is given at each balance sheet date to determine
whether there is any indication of impairment of the carrying amount of
the companyÃs fixed assets. If any indication exists, an assetÃs
recoverable amount is estimated. An impairment loss is recognized
whenever the carrying amount of an aseet exceeds its recoverable
amount.
(ii) Reversal of impairment losses recognized in prior years is
recorded when there is an indication that the impairment losses
recognized for the asset no longer exists or has decreased.
VIII. Revenue Recognition :
(i) Sales are inclusive of all the duties and taxes.
(ii) Revenue in respect of other income is recognized when a reasonable
certainty as to its realization exists.
IX. Foreign Currency Transactions :
(i) Transactions including transactions of acquiring fixed assets, in
foreign currency are recorded by applying the exchange rates at the
date of the transactions.
(ii) Monetary Items denominated in foreign currency remaining unsettled
at the end of the year, are reported using the closing rates. The
exchange difference arising as a result of the above is recognised in
the profit and loss account.
(iii) In case the monetary items are covered by the foreign exchange
contracts, the difference between the year end rate and the exchange
rate at the date of the inception of the forward exchange contract is
recognised as exchange difference.
(iv) In respect of hedging transactions, the premium/discount
represented by difference between the exchange rate at the date of the
inception of the forward exchange contract and forward rate specified
in the contract is amortised as expense or income over the life of the
contract.
X. Borrowing costs :
The company capitalises interest and other costs incurred by it in
connection with funds borrowed for the acquisition of fixed assets.
Where specific borrowings are identified to a fixed asset or a new
unit, the company uses the interest rates applicable to that specific
borrowing as the capitalisation rate. Where borrowing cannot be
specifically indentified to fixed assets, the capitalisation rate
applied is the interest rate applicable to working capital loans of the
company. Capitalisation of borrowing costs ceases when all the
activities necessary to prepare the fixed assets for their intended use
are substantially complete. Other borrowing costs are charged to
profit and loss account.
XI. Taxes on Income :
Income tax expense for the year comprises of current tax, and fringe
benefit tax. Current tax provision is determined on the basis of
reliefs deductions etc. available under the income tax act. No
Provision is required for deferred tax as the depreciation as per
Companies Act is higher than the depreciation as per Income Tax Act.
XII. Preliminary Expenses :
Preliminary expenses have been amortised in equal installment over a
period of ten years.
XIII. General Accounting Policies:
Accounting policies not specifically referred to are consistent with
generally accepted accounting practices.