Mar 31, 2015
A. BASIS OF PREPARATION
The financial statements are prepared under the historical cost
convention on an accrual & going concern basis of accounting, in
accordance with the generally accepted Accounting Principles,
Accounting Standards notified under the Companies Act, 2013 and the
relevant provisions thereof.
b. USE OF ESTIMATES
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities and the disclosure of contingent liabilities, at the end of
the reporting period. Although these estimates are based on assumptions
and estimates could result in the outcomes requiring a material
adjustment to the carrying amounts of assets or liabilities in future
periods.
c. TANGIBLE FIXED ASSETS & DEPRECIATION
Tangible Fixed Assets, if any, are stated at cost of acquisition net of
accumulated depreciation. Cost comprises purchase price and directly
attributable cost incurred for bringing the asset for its intended use.
Depreciation on fixed assets, if any, shall be provided as per Straight
Line Method at the rates and in the manner specified in Schedule II of
the Companies Act, 2013.
d. REVENUE RECOGNITION
The Revenue is recognized on accrual basis. However, the recognition of
revenue is restricted to the extent it is probable or there is a
certainty that the economic benefits will flow to the Company and the
revenue can be reliably measured. The Revenue shall be accounted on the
basis of prudence to the extent it is quantifiable.
Interest is recognized on a time proportionate basis taking into
account the amount outstanding and the rate as applicable.
Dividend is recognized when Company''s right to receive dividend is
established and / or receipts, whichever is earlier.
e. INVESTMENTS
Investments, which are readily realizable and intended to be held for
not more than 12 months from the date on which such investments are
made, are classified as Current Investments. All other Investments are
classified as Non-current investments.
On initial recognition, all investments are measured at cost. The cost
comprises purchase price and directly attributable acquisition charges
such as brokerage, fees and duties.
Non-current Investments are carried at cost. However, provision in
diminution in the value is made to recognize a decline, other than
temporary, in the carrying value of each investment.
Profit or Loss on sale of investments is recorded at the time of
transfer of title from the company and is determined as the amount of
difference between the sale proceeds and the carrying value of
investment as on that date.
f. TAX EXPENSES
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Income Tax Act, 1961 enacted in
India and tax laws prevailing in the respective tax jurisdictions where
the company operates. The tax rates and laws used to compute the amount
are those that are enacted or substantively enacted, at the reporting
date.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
gives future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal income tax. Accordingly, MAT
is recognized as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the Company
g. RETIREMENT AND OTHER EMPLOYEE BENEFITS
The provisions of Provident Fund Act, 1952 and Payment of Gratuity Act,
1972 are not applicable to the Company at present as the number of
employees does not exceed the statutory limits prescribed in the Act.
h. EVENTS OCCURRING AFTER THE BALANCE SHEET DATE
Where material, events occurring after the Balance Sheet Date are
considered up to the date of approval of accounts by the Board of
Directors
i. PROVISIONS
A provision is recognized when the company has a present obligation as
a result of past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation.
These estimates are reviewed at the required to settle the obligation
at the reporting date. These estimates are reviewed at each reporting
date and adjusted to reflect the current best estimates.
j. CONTINGENT LIABILITIES
The company does not recognize a contingent liability but discloses its
existence in the financial statements. A contingent liability is a
possible obligation that arises from past events whose existence will
be confirmed by the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the company or a present
obligation that is not recognized because it is not probable that an
outflow of resources will be required to settle the obligation. A
contingent liability also arises in extremely rare cases where there is
a liability that cannot be recognized because it cannot be measured
reliably.
Mar 31, 2014
A. BASIS OF PREPARATION
The financial statements have been prepared to comply in all material
respects with the applicable accounting principles in India, the
applicable accounting standards notified under section 211(3C) of the
Companies Act, 1956, section 133 of the Companies Act, 2013 read with
the General Circular 15/2013 dated 13th September, 2013 and the
relevant provisions thereof.
b. USE OF ESTIMATES
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities and the disclosure of contingent liabilities, at the end of
the reporting period. Although these estimates are based on
assumptions and estimates could result in the outcomes requiring a
material adjustment to the carrying amounts of assets or liabilities in
future periods.
c. Tangible Fixed Assets & Depreciation
Tangible Fixed Assets, if any, are stated at cost of acquisition net of
accumulated depreciation. Cost comprises purchase price and directly
attributable cost incurred for bringing the asset for its intended use.
Depreciation on fixed assets, if any, shall be provided as per Straight
Line Method at the rates and in the manner specified in Schedule XIV of
the Companies Act, 1956.
d. REVENUE RECOGNITION
The Revenue is recognized on accrual basis. However, the recognition of
revenue is restricted to the extent it is probable or there is a
certainty that the economic benefits will flow to the Company and the
revenue can be reliably measured. The Revenue shall be accounted on the
basis of prudence to the extent it is quantifiable.
Interest is recognized on a time proportionate basis taking into
account the amount outstanding and the rate as applicable.
Dividend is recognized when Company''s right to receive dividend is
established and / or receipts, whichever is earlier.
e. Investments
Investments, which are readily realizable and intended to be held for
not more than 12 months from the date on which such investments are
made, are classified as Current Investments. All other Investments are
classified as Non-current investments.
On initial recognition, all investments are measured at cost. The cost
comprises purchase price and directly attributable acquisition charges
such as brokerage, fees and duties.
Non-current Investments are carried at cost. However, provision in
diminution in the value is made to recognize a decline, other than
temporary, in the carrying value of each investment.
Profit or Loss on sale of investments is recorded at the time of
transfer of title from the company and is determined as the amount of
difference between the sale proceeds and the carrying value of
investment as on that date.
f. TAX EXPENSES
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Income Tax Act, 1961 enacted in
India and tax laws prevailing in the respective tax jurisdictions where
the company operates. The tax rates and laws used to compute the amount
are those that are enacted or substantively enacted, at the reporting
date.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
gives future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal income tax. Accordingly, MAT
is recognised as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the Company
g. RETIREMENT AND OTHER EMPLOYEE BENEFITS
The provisions of Provident Fund Act, 1952 and Payment of Gratuity Act,
1972 are not applicable to the Company at present as the number of
employees does not exceed the statutory limits prescribed in the Act.
h. EVENTS OCCURRING AFTER THE BALANCE SHEET DATE
Where material, events occurring after the Balance Sheet Date are
considered up to the date of approval of accounts by the Board of
Directors
i. PROVISIONS
A provision is recognized when the company has a present obligation as
a result of past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation.
These estimates are reviewed at the required to settle the obligation
at the reporting date. These estimates are reviewed at each reporting
date and adjusted to reflect the current best estimates.
j. CONTINGENT LIABILITIES
The company does not recognize a contingent liability but discloses its
existence in the financial statements. A contingent liability is a
possible obligation that arises from past events whose existence will
be confirmed by the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the company or a present
obligation that is not recognized because it is not probable that an
outflow of resources will be required to settle the obligation. A
contingent liability also arises in extremely rare cases where there is
a liability that cannot be recognized because it cannot be measured
reliably.
# As per the records of the company, including the register of members
c) Terms / rights attached to the equity shares
The Company has equity shares having a Face value of Rs. 10 per share.
Each holder of equity share is entitled to one vote per share. The
dividend, if any, proposed by the Board of Directors, is subject to the
approval of the shareholders in the ensuing Annual General Meeting.
* - The Special Reserve was created as per the RBI Regulation u/s 45
(IC) in the past. The Company has further added in its Main Object to
Dealing in Textile Garments. Therefore, application of provisions of
NBFC will not be applicable and the said reserve shall be part of
General Reserve, henceforth.
All the investments held by the Company in Shares and others are long
term in nature, are registered in Note: its own name (Physical / Demat
form) or are under process of registration by the Company and are free
from any encumbrances.
No Provisions is made for diminishing in value of investment being Long
Term in nature as considered by the management
Mar 31, 2012
I. Basis of Accounting:
The financial statements are prepared under the historical cost
convention, on an accrual & ongoing concern basis, in accordance with
the generally accepted accounting principles in India and materially
comply with mandatory accounting standards issued by the Institute of
the Chartered Accountants of India and the provisions of the Companies
Act, 1956.
ii. Other Accounting Policies:
These are generally consistent with the well accepted accounting
standard principles and practices.
iii. Revenue Recognition:
Revenue is recognised only when it can be reliably measured and it is
reasonable to expect ultimate collection. In case of uncertainties,
revenue is recognised only when it becomes reasonably certain that
ultimate collection will be made.
Interest income (net) is recognised on time proportion basis.
Dividend income is recognised when the right to receive dividend is
established and/ or receipts.
iv. Fixed Assets:
Fixed Assets, if any, held by company are valued at cost less
depreciation, if any.
v. Depreciation:
Depreciation on fixed assets, if any, shall be provided as per Straight
Line Method at the rates and in the manner specified in Schedule XIV of
the Companies Act, 1956.
vi. Shares Investment:
Investments are valued at cost plus brokerage and other incidental
charges. Profit or losses on investment are accounted as and when
realised as Capital Gain/ Loss, if any.
vii. Expenses:
All expenses are accounted for on accrual basis.
viii. Retirement Benefits:
The provisions of the Provident Fund Act 1952 are not applicable to the
company, as number of employees does not exceed the statutory limits
prescribed in the Act.
ix. Taxes on Income:
Current Tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income Tax
Act, 1961.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
gives future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal income tax. Accordingly, MAT
is recognised as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the Company
x. Events Occurring After the Balance Sheet Date
Where material, events occurring after the Balance Sheet Date are
considered up to the date of approval of accounts by the Board of
Directors.
xi. Contingent Liabilities and Contingent Assets
Contingent liabilities are not recognised but are disclosed in the
Notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
Mar 31, 2010
I. Basis of Accounting:
The financial statements are prepared under the historical cost
convention, on an accrual & on going concern basis, in accordance with
generally accepted accounting principles in India and materially comply
with mandatory accounting standards issued by the Institute of the
Chartered Accountants of India and the provisions of the Companies Act
1956.
ii. Other Accounting Policies:
These are generally consistent with the well accepted accounting
standard principles and practices.
iii. Revenue Recognition;
Revenue is recognised only when measurability and realisability is
certain. In case of uncertainties revenue recognition is postponed to
the year in which it is properly measured, and realisability is
assured.
Interest income is recognised on time proportion basis.
Dividend income is recognised when the right to receive dividend is
established and/ or receipts.
iv. Fixed Assets:
Fixed Assets, if any are stated at historical cost of acquisition net
of depreciation provided as per policy.
v. Shares Investment:
Investments are valued at cost plus brokerage and other charges. Profit
or losses on investment are accounted as and when realised as Capital
Gain/ Loss, if any. No Provisions is made for diminishing in value of
investment being Long Term in nature as considered by the management
vi. Expenses:
All expenses are accounted for on accrual basis.
vii. Depreciation:
Depreciation on Fixed Assets, if any shall be provided as per Straight
Line method at the rates and in the manner specified in schedule XIV of
the Companies Act, 1956.
viii. Retirement Benefits:
The provisions of the Provident Fund Act 1952 are not applicable to the
company, as number of employees does not exceed the statutory limits
prescribed in the Act
ix. Events Occurring After the Balance Sheet Date
Where material, events occurring after the Balance Sheet Date are
considered upto the date of approval of accounts by the Board of
Directors.
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