Mar 31, 2014
1.1 Basis of Accounting
The financial statements are prepared under the historical cost
convention on the concept of a going concern, in accordance with the
Generally Accepted Accounting Principles and mandatory Accounting
Standards as notified under the Companies (Accounting Standards) Rules,
2006 and as per the provisions and presentational requirements of the
Companies Act, 1956.
1.2 Changes in Accounting policies
The accounting policies adopted are consistent with those of previous
financial year. The management assures that there has been no change in
accounting policies as compared to that of previous year which would
have any significant effect on these financials.
1.3 Recognition of Income
Sales represents invoiced Value of goods Sold. Other Income is
recognised and accounted for on accrual basis unless otherwise stated.
1.4 Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and
impairment losses, if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which take substantial period of 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.
1.5 Taxes on Income
Current tax is determined and provided for on the amount of taxable
income at the applicable rates for the relevant financial year.
Deferred Tax Assets and Liabilities (DTA/ DTL) are recognised, subject
to consideration of prudence, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and is capable of reversal in one or more subsequent
periods.The DTA is recognised only to the extent that there is
reasonable certainty of sufficient future profits against which such
DTA can be realised.
1.6 Contingent Liability
The contingent liabilities, if any, are disclosed in the Notes to
Accounts. Provision is made in the accounts, if it becomes probable
that there will be outflow of resources for settling the obligation.
1.7 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring
after the balance sheet date to provide additional information
materially affecting the determination of the amounts of assets or
liabilities relating to conditions existing at the balance sheet date.
1.8 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year/ period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year/
period.
1.9 Use of estimates
The preparation of financial statements, in conformity with generally
accepted accounting principles, requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities on
the date of the financial statements and the results of operations
during the reporting year. Actual results could differ from those
estimates. Any revision to accounting estimates is recognised
prospectively in current and future periods.
1.10 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction. Monetary
items denominated in foreign currencies at the year end are translated
at the rate ruling at the year end rate.
Mar 31, 2013
A) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, Investor education
and protection fund, employees'' state insurance, income-tax, sales-tax,
wealth-tax, service tax, customs duty, excise duty, cess and other
material statutory dues applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, employees''
state insurance, income-tax, wealth- tax, customs duty, cess and other
undisputed statutory dues were outstanding, at the year end, for a
period of more than six months from the date they became payable.
c) According to the records of the Company, no dues outstanding of
sales-tax, Investor education and protection fund, income-tax, custom
duty, wealth-tax, excise duty and cess on account of any dispute.
j) The Company has no accumulated losses at the end of the financial
year.
k) Based on our audit procedures and as per the information and
explanations given by the management, the Company did not have any dues
to a financial institution, bank or debenture holders.
l) According to the information and explanations given to us and based
on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
m) In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 (as amended) are not
applicable to the Company.
n) In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 (as amended) are not applicable to the Company.
o) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
p) Since the company has not taken any term loan so this clause is not
applicable.
q) According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, we report that
no funds raised on short-term basis have been used for long-term
investment
r) The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
s) The company has not issued any debentures. Accordingly, clause
4(xix) of the order is not applicable.
t) The company has not raised any money by public issue during the
year. Accordingly, clause 4(xx) of the order is not applicable.
u) Based upon the audit procedures performed for the purpose of
reporting true and fair view othe financial statements and as per the
information and explanations given by the management, we report that no
fraud on or by the company has been noticed or reported during the
course of audit.
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