Mar 31, 2015
A). Basis of Preparation of Financial Statement
i). The Standalone Financial Statements of the company have been
prepared and presented in accordance with the Generally Accepted
Accounting Principles in India (Indian GAAP) under the historical cost
convention on an accrual basis. The company has prepared these
standalone financial statements to comply in all material respects with
the Accounting Standards notified under the Companies (Accounting
Standard) Rules, 2006 (as amended) and the relevant provisions of the
Companies Act, 2013. The accounting policies adopted in the preparation
of the consolidated financial statements are consistent with those of
previous year.
ii) Use of Estimates
The preparation of the standalone financial statements in conformity
with Indian GAAP requires the management to make judgment, estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosures of contingent liabilities on the date of
consolidated financial statements and reported amounts of revenues and
expenses for the year. Although these estimates are based on
Management's best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes
different from the estimates. Estimates and underlying assumptions are
reviewed on an ongoing basis. Any revision to accounting estimates is
recognized prospectively in the current and future periods.
iii). Current & Non-Current Classification
All the 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 Schedule III to the Companies Act, 2013. Based on
the nature of activities and time between the activities performed and
their subsequent realization in cash or cash equivalents, the company
has ascertained its operating cycle as 12 months for the purpose of
current/ non -current classification of assets and liabilities.
b) Inventories
Inventories (Stock-In-Trade, if any) are valued at lower of Cost or Net
Realisable Value by following FIFO Method.
c) Cash Flow Statement
i) Cash & cash Equivalents (for purpose of cash flow statement)
Cash comprises cash on hand and demand deposit with banks. Cash
Equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
ii) Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit/
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from regular
revenue generating, financing and investing activities of the company
are segregated.
d) Prior Period and Exceptional items
i) All identifiable items of income and expenditure pertaining to prior
period are accounted through "Prior Period items".
ii) Exceptional items are generally non-recurring items of income and
expense within profit or loss from ordinary activities, which are of
such size, nature or incidence that their disclosure is relevant to
explain the performance of the Company for the year.
e) Fixed Assets
Tangible fixed assets.
Fixed assets are stated at cost of acquisition or construction. They
are stated at historical cost less accumulated depreciation and
Impairment losses, if any. Cost comprises the purchase price, import
duty and other non- refundable taxes or levies and any directly
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing cost relating to acquisition /construction
of fixed assets which take substantial period time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
f) Depreciation
Depreciation on fixed Assets is provided on written-down method taking
useful lives and in the manner specified in Schedule II to the
Companies Act, 2013 read with the relevant circulars issued by the
Ministry of Corporate Affairs.
g) Revenue Recognition:
Revenue is recognised when consideration can be reasonably measured and
there exists reasonable certainty of its recovery.
i) Sales of Goods are recognised when the significant risk and rewards
of ownership of the goods have been passed to the customer and net of
Value added tax and return.
ii) Other Incomes are recognised on receipt of confirmation regarding
acceptance of claim form the counterpart or when it is a part of oral
expressed understanding.
iii) Interest Income is recognised on time proportion basis taking into
account the amount outstanding and the rate applicable.
h) Foreign Currency Transactions
There are no Foreign Currency Transactions in the company during the
year,
i) Investments
i) Long term investments are stated at cost. Provisions for diminution
in the value of long term investments are made only if such a decline
is other than temporary in nature in the opinion of the management.
j) Employee Benefits Shortterm Employee Benefits
Short term employee benefits are recognised as an expense at the
undiscounted amount in the Statement of Profit and loss of the year in
which the related services is rendered.
k) Borrowing costs
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 asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to Statement of Profit and loss.
l) Segment Accounting
There is no requirement of Segment Reporting as Company doesn't have
any other branch.
m) Related Party transactions
Disclosure of transactions with related parties, as required by
Accounting Standard 18 "Related Party Disclosure" as specified in the
Companies (Accounting Standard) Rules, 2006 (as amended), has been set
out in a separate statement annexed to this note. Related parties as
defined under clause 3 of the Accounting Standard 18 have been
identified on the basis of representation made by the management and
information available with the company.
n) Leases
There is no lease agreement from the Company's side during the year.
o) Earning Per Share
The company reports basic and diluted earnings per share (EPS) in
accordance with the Accounting Standard 20 as specified in the Companies
(Accounting Standard)Rules,2006 (as amended). The Basic EPS has been
computed by dividing the income available to equity shareholders by the
weighted average number of equity shares outstanding during the
accounting year. There are no dilutive potential equity shares so
Diluted EPS is same as Basis EPS.
p) Provision for Tax
Tax expenses comprises of current tax and deferred tax.
1) CurrentTax
Provision for taxation has been made in accordance with the direct tax
laws prevailing for the relevant assessment years.
2) Deferred Tax
In accordance with the Accounting Standard 22- Accounting for Taxes on
Income, as specified in the Companies (Accounting Standard) Rules 2006
(as amended), the deferred tax for timing differences between the book
and tax profits for the year is accounted for by using the tax rates
and Laws that have been enacted or substantively enacted as of the
Balance Sheet Date.
Deferred tax assets arising from timing differences are recognised to
the extent there is virtual certainty that the assets can be realized
in future.
Net outstanding balance in Deferred Tax account is recognized as
deferred tax liability/asset. The deferred tax account is used solely
for reversing timing difference as and when crystallized.
q) Impairment of Fixed Assets
1) The carrying amount of assets, other than inventories, is reviewed
at each balance sheet date to determine whether there is any indication
of impairment. If any such indication exists, the assets recoverable
amount is estimated.
2) The impairment loss is recognized whenever the carrying amount of an
asset or its cash generation unit exceeds its recoverable amount. The
recoverable amount is the greater of the asset's net selling price and
value in the uses which is determined based on the estimated future
cash flow discounted to their present values. All impairment losses are
recognized in the statement of Profit and Loss.
3) An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount and is recognised in
the Statement of Profit and Loss.
r) Provision, Contingent Liabilities and Contingent Assets
Provision are recognized for when the company has at present, legal or
contractual obligation as a result of Past events, Only if it is
probable that an outflow of resources embodying economic outgo or loss
will be required and if the amount involved can be measured reliably.
Contingent liabilities being a possible obligation as a result of Past
events, the existence of which will be confirmed only by the occurrence
or non occurrence of one or more future events not wholly in control of
the company are not recognized in the accounts. The company doesn't
have any Contingent Liability Contingent assets are neither recognized
nor disclosed in the financial statements.
s) Expenditure
Expenses are net of taxes recoverable, where applicable.
t) Accounting of claims
Claims received are accounted at the time of lodgment depending on the
certainty of receipt and claims payable are accounted at the time of
acceptance.
u) Doubtful debts. Advances
There are no doubtful debts in the books of company during the year
v) DETAILS OF LOANS GIVEN, INVESTMENTS MADE AND GUARANTEE GIVEN COVERED
U/S 186 (4) OF THECOMPANIES ACT, 2013
There are no Loans or Guarantees given by the company during the year.
Mar 31, 2014
1 Basis of Accounting
The financial statements are prepared under the historical cost
convention on the accrual basis of accounting and comply with the
mandatory accounting standards and statements issued by the ICAI
2 Inventories
Inventories are valued at cost or Market Value whichever is lower
3 Revenue Recognisation
All Income & Expenditures are accounted for on accrual basis
4 Fixed Assets
The Gross Block of Fixed Assets is stated at original cost of
acquisition which includes any cost directly attributable to bringing
the Assets to their working condition for their intended use.
5 Depreciation
Depreciation on Fixed Assets has been provided on written down method
at the rates and manner prescribed in schedule XIV of the Companies
Act, 1956, where as the according to Schedule XIV, 100% amount is
written off in respect of asset having net block value of Rs 5,000/- or
less.
6 Investment
Investment is for Long Term and stated at cost, except where there is
reduction in the value of investment is other than temporary.
7 Income Tax
Income Tax comprises the current tax provision and the net change in
the deferred tax assets or liability in the year. Deferred Tax Assets
and Liabilities are recognized for the future tax consequences of
temporary differences between the carrying values of assets and
liabilities and their respective tax, bases and operating loss carry
forwards, deferred tax assets are recognized subject to management's
judgment that realization is more likely than not taxable income in the
years in which the temporary differences are expected to be received or
settled. The effect on deferred tax assets and liabilities of a change
in tax rates is recognized in the income statement in the period of
enactment of the change.
8. Extraordinary Items
This year company has sold its Fixed Asset of Office Premises at
Sahajanand Complex for profit of Rs. 1883675 which is not in the normal
course of the business of company. Hence it is shown as an
Extraordinary item in the Profit & Loss a/c.
Mar 31, 2013
1 Basis of Accounting
The financial statements are prepared under the historical cost
convention on the accrual basis of accounting and comply with the
mandatory accounting standards and statements issued by the ICAI
2 Inventories
Inventories are valued at cost or Market Value whichever is lower
3 Revenue Recognisation
All Income & Expenditures are accounted for on accrual basis
4 Fixed Assets
The Gross Block of Fixed Assets is stated at original cost of
acquisition which includes any cost directly attributable to bringing
the Assets to their working condition for their intended use.
5 Depreciation
Depreciation on Fixed Assets has been provided on written down method
at the rates and manner prescribed in schedule XIV of the Companies
Act, 1956, where as the according to Schedule XIV, 100% amount is
written off in respect of asset having net block value of Rs 5,000/- or
less.
6 Investment
Investment is for Long Term and stated at cost, except where there is
reduction in the value of investment is other than temporary.
7 Income Tax
Income Tax comprises the current tax provision and the net change in
the deferred tax assets or liability in the year. Deferred Tax Assets
and Liabilities are recognized for the future tax consequences of
temporary differences between the carrying values of assets and
liabilities and their respective tax, bases and operating loss carry
forwards, deferred tax assets are recognized subject to management's
judgment that realization is more likely than not taxable income in the
years in which the temporary differences are expected to be received or
settled. The effect on deferred tax assets and liabilities of a change
in tax rates is recognized in the income statement in the period of
enactment of the change.
Mar 31, 2012
1 Basis of Accounting
The financial statements are prepared under the historical cost
convention on the accrual basis of accounting and comply with the
mandatory accounting standards and statements issued by the ICAI
2 Inventories
Inventories are valued at cost or Market Value whichever is lower
3 Revenue Recognisation
All Income & Expenditures are accounted for on accrual basis
4 Fixed Assets
The Gross Block of Fixed Assets is stated at original cost of
acquisition which includes any cost directly attributable to bringing
the Assets to their working condition for their intended use.
5 Depreciation
Depreciation on Fixed Assets has been provided on written down method
at the rates and manner prescribed in schedule XIV of th Companies Act,
1956, where as the according to Schedule XIV, 100% amount is written
off in respect of asset having net block vlue of Rs 5,000/- or less.
6 Investment
Investment is for Long Term and stated at cost, except where there is
reduction in the value of investment is other than temporary.
7 Income Tax
Income Tax comprises the current tax provision and the net change in
the deferred tax assets or liability in the year. Deferred Tax Assets
and Liabilities are recognized for the future tax consequences of
temporary differences between the carrying values of assets and
liabilities and their respective tax, bases and operating loss carry
forwards, deferred tax assets are recognized subject to management's
judgement that realization is more likely than not taxable income in
the years in which the temporary differences are expected to be
received or settled. The effect on deferred tax assets and liabilities
of a change in tax rates is recognized in the income statement in the
period of enactment of the change
Mar 31, 2011
1. BASIS OF ACCOUNTING :
The financial Statements are Prepared under the historical cost
convention on the accrual basis of accounting and comply with the
mandatory accounting standards and statements issued by the ICAI.
2. INVENTORIES:
Inventories are valued at cost or market price whichever is lower.
3. REVENUE RECOGNITION:
All Income & expenditures are accounted for on accrual basis.
4. FIXED ASSETS :
The Gross Block of Fixed Assets is stated at original cost of
acquisition which including any cost directly attribution to brining
the Assets to their working condition for their intended use.
5. DEPRECIATION:
Depreciation on Fixed Assets has been provided on written down method
at the rates and manner prescribed in schedule XIV of the Companies
Act, 1956, where as the according to Schedule XIV, 100% amount is
written off in respect of asset having net block value of Rs 5000/- or
less.
6. INVESTMENT:
Investment is for Long Term and stated at cost, except where there is
reduction in the value of investment is other than temporary.
7. INCOME TAX:
Income Tax comprises the current tax provision and the net change in
the deferred tax assets or liability in the year. Deferred tax assets
and liabilities are recognized for the future tax consequences of
temporary differences between the carrying values of assets and
liabilities and their respective tax, bases and operating loss carry
forwards, deferred tax assets are recognized subject to management's
judgment that realization is more likely than not taxable income in the
years in which the temporary differences are expected to be received or
settled. The effect on deferred tax assets and liabilities of a change
in tax rates is recognized in the income statement in the period of
enactment of the change.