Mar 31, 2015
A) Basis of preparation of Financial Statement
The financial statements are prepared in accordance with Generally
Accepted Accounting Principles ("GAAP") applicable in India. GAAP
comprises mandatory accounting standards prescribed by the Companies
(Accounting Standards) Rules, 2009 and the provisions of the Companies
Act, 2013. Accounting policies have been consistently applied. The
management evaluates all recently issued or revised accounting
standards on an ongoing basis.
b) Use of Estimates
The preparation of the financial statements in conformity with GAAP
requires the management to make estimates and assumptions that affect
the reported balances of assets and liabilities as at the date of the
financial statements and reported amounts of revenue and expenses for
the year. The difference between the actual result and estimates are
recognised in the period in which results are known / materialised.
c) Fixed Assets and Depreciation
Fixed assets are stated at acquisition cost less accumulated
depreciation and impairment losses, if any. Cost of acquisition is
inclusive of duties, taxes, freight and other directly attributable
costs incurred to bring the assets to its working condition for
intended use and are net of cenvat credits as applicable.
Cost of fixed assets not ready for their intended use before such date
is disclosed as capital work-in-progress.
Depreciation on fixed assets is calculated on straight line method at
the applicable rates specified in Schedule II to the Companies Act,
2013. Depreciation for assets purchased / sold during a period is
proportionately charged. All assets costing individually Rs 5,000 or
below are fully depreciated in the year of acquisition.
d) Revenue Recognition
Revenue is recognised to the extent that is probable that the economic
benefits will flow to the company and the revenue can be reliably
measured.
e) Employee Benefits
The Company has applied the revised Accounting Standard (AS) 15 -
Employees Benefits notified under the Companies Rule, 2006.There is no
present obligation of any past employment benefits including payment of
Gratuity and /or Leave Encashment during the Year. Therefore no
actuarial gains or losses arose during the year.
f) Income Tax
Provision for tax for the year comprises current income tax and
deferred tax. Provision for current income tax is made based on the
estimated tax liability in accordance with the relevant tax rates and
tax laws.
Income Tax
Current tax is payable on taxable profits, which differ from profit or
loss in the financial statements. Current tax is computed based on tax
rates and tax laws that have been enacted or substantively enacted by
the end of the reporting period.
Deferred Tax
Deferred income taxes reflect the impact of current year timing
differences between taxable income and accounting income for the year
and reversal of timing differences of earlier years. Deferred tax is
measured based on the tax rates and the tax laws enacted or
substantively enacted at the balance sheet date. Deferred tax assets
are recognized only to the extent that there is reasonable certainty
that sufficient future taxable income will be available against which
such deferred tax assets can be realized. Unrecognized deferred tax
assets of earlier years are re-assessed and recognized to the extent
that it has become reasonably certain that future taxable income will
be available against which such deferred tax assets can be realized.
Minimum Alternative Tax (MAT) Credit
MAT credit is recognised as an asset only when and to the extent there
is convincing evidence that the Company will pay normal income tax
during the specified period. In the year in which the MAT credit
becomes eligible to be recognised as an asset in accordance with the
recommendations contained in the Guidance Note issued by The Institute
of Chartered Accountants of India, the said asset is created by way of
a credit to the Profit & Loss Account and shown as MAT Credit
Entitlement. The Company reviews the same in each Balance Sheet Date
and writes down the carrying amount of MAT credit entitlement to the
extent there is no longer convincing evidence to the effect that the
Company will pay normal income tax during the specified period.
g) Borrowing Cost
Borrowing costs are recognised in the financial statements in
accordance with the Accounting Standard -16 of Companies (Accounting
Standards) Rules, 2006. Borrowing Costs that are attributable to the
acquisition and constructions of qualifying assets are capitalised as a
part of the cost of such assets. A qualifying asset is one that
necessarily takes substantial period of time to get ready for its
intended use. Other borrowing costs of the year are charged to revenue
in the period in which they are incurred.
h) Impairment of Assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset.
Recoverable amount is the higher of the asset's net selling price and
its value in use. Value in use is the present value of estimated future
cash flows expected to arise from the continuing use of an asset and
from its disposal at the end of its useful life. If such recoverable
amount of the asset or the recoverable amount of the cash generating
unit to which the asset belongs is less than its carrying amount, the
carrying amount is reduced to its recoverable amount. The reduction is
treated as an impairment loss and is recognised in the profit and loss
account. If at the balance sheet date there is an indication that if a
previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the asset is reflected at the recoverable
amount subject to a maximum of depreciated historical cost.
i) Earnings per Share
Basic earnings per share is calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period. The
weighted average number of equity shares outstanding during the period
is adjusted for events including a bonus issue, bonus element in a
rights issue to existing shareholders, share split and reverse share
split(consolidation of shares). For the purpose of calculating diluted
earnings per share, the net profit or loss for the period attributable
to equity shareholders and the weighted average number of shares
outstanding during the period are adjusted for the effects of all
dilutive potential equity shares. In determining Earnings Per Share,
the Company considers the net profit after tax and includes the
post-tax effect of any extra-ordinary / exceptional item. The number of
shares used in computing basic earnings per share is the weighted
average number of shares outstanding during the period.
j) Provisions and Contingent Liabilities
The Company creates a provision when there is present obligation as a
result of past event that probably requires an outflow of resources and
a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or a present obligation in respect of which the likelihood of outflow
of resources is remote, no provision or disclosure is made. Contingent
assets are neither recognized nor disclosed in the financial
statements.
Mar 31, 2014
A) Basis of preparation of Financial Statement
The financial statements are prepared in accordance with Generally
Accepted Accounting Principles ("GAAP") applicable in India. GAAP
comprises mandatory accounting standards prescribed by the Companies
(Accounting Standards) Rules, 2009 and the provisions of the Companies
Act, 1956. Accounting policies have been consistently applied. The
management evaluates all recently issued or revised accounting
standards on an ongoing basis.
b) Use of Estimates
The preparation of the financial statements in conformity with GAAP
requires the management to make estimates and assumptions that affect
the reported balances of assets and liabilities as at the date of the
financial statements and reported amounts of revenue and expenses for
the year. The difference between the actual result and estimates are
recognised in the period in which results are known / materialised.
c) Fixed Assets and Depreciation
Fixed assets are stated at acquisition cost less accumulated
depreciation and impairment losses, if any. Cost of acquisition is
inclusive of duties, taxes, freight and other directly attributable
costs incurred to bring the assets to its working condition for
intended use and are net of cenvat credits as applicable.
Cost of fixed assets not ready for their intended use before such date
is disclosed as capital work-in-progress.
Depreciation on fixed assets is calculated on written down method at
the applicable rates specified in Schedule XIV to the Companies Act,
1956. Depreciation for assets purchased / sold during a period is
proportionately charged. All assets costing individually Rs 5,000 or
below are Jully depreciated in the year of acquisition.
d) Revenue Recognition
Revenue is recognised to the extent that is probable that the economic
benefits will flow to the company and the revenue can be reliably
measured.
e) Employee Benefits
The Company has applied the revised Accounting Standard (AS) 15 -
Employees Benefits notified under the Companies Rule, 2006. There is no
present obligation of any past employment benefits including payment of
Gratuity and /or Leave Encashment during the Year. Therefore no
actuarial gains or losses arose during the year.
f) Income Tax
Provision for tax for the year comprises current income tax and
deferred tax. Provision for current income tax is made based on the
estimated tax liability in accordance with the relevant tax rates and
tax laws.
Income Tax .
Current tax is payable on taxable profits, which differ from profit or
loss in the financial statements. Current tax is computed based on tax
rates and tax laws that have been enacted or substantively enacted by
the end of the reporting period.
Deferred Tax
Deferred income taxes reflect the impact of current year timing
differences between taxable income and accounting income for the year
and reversal of timing differences of earlier years. Deferred tax is
measured based on the tax rates and the tax laws enacted or
substantively enacted at the balance sheet date. Deferred tax assets
are recognized only to the extent that there is reasonable certainty
that sufficient future taxable income will be available against which
such deferred tax assets can be realized. Unrecognized deferred tax
assets of earlier years are re-assessed and recognized to the extent
that it has become reasonably certain that future taxable income will
be available against which such deferred tax assets can be realized.
Minimum Alternative Tax (MAT) Credit
MAT credit is recognised as an asset only when and to the extent there
is convincing evidence that the Company will pay normal income tax
during the specified period. In the year in which the MAT credit
becomes eligible to be recognised as an asset in accordance with the
recommendations contained in the Guidance Note issued by The Institute
of Chartered Accountants of India, the said asset is created by way of
a credit to the Profit & Loss Account and shown as MAT Credit
Entitlement. The Company reviews the same in each Balance Sheet Date
and writes down the carrying amount of MAT credit entitlement to the
extent there is no longer convincing evidence to the effect that the
Company will pay normal income tax during the specified period.
g) Borrowing Cost
Borrowing costs are recognised in the financial statements in
accordance with the
Accounting Standard -16 of Companies (Accounting Standards) Rules,
2006. Borrowing Costs that are attributable to the acquisition and
constructions of qualifying assets are capitalised as a part of the
cost of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use.
Other borrowing
costs of the year are charged to revenue in the period in which they
are incurred.
h) Impairment of Assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset.
Recoverable amount is the higher of the asset''s net selling price and
its value in use. Value in use is the present value of estimated future
cash flows expected to arise from the continuing use of an asset and
from its disposal at the end of its useful life. If such recoverable
amount of the asset or the recoverable amount of the cash generating
unit to which the asset belongs is less than its carrying amount, the
carrying amount is reduced to its recoverable amount. The reduction is
treated as an impairment loss and is recognised in the profit and loss
account. If at the balance sheet date there is an indication that if a
previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the asset is reflected at the recoverable
amount subject to a maximum of depreciated historical cost.
i) Earnings per Share
Basic earnings per share is calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period. The
weighted average number of equity shares outstanding during the period
is adjusted for events including a bonus issue, bonus element in a
rights issue to existing shareholders, share split and reverse share
split (consolidation of shares). For the purpose of calculating diluted
earnings per share, the net profit or loss for the period attributable
to equity shareholders and the weighted average number of shares
outstanding during the period are adjusted for the effects of all
dilutive potential equity shares. In determining Earnings Per Share,
the Company considers the net profit after tax and includes the
post-tax effect of any extra-ordinary / exceptional item. The number of
shares used in computing basic earnings per share is the weighted
average number of shares outstanding during the period.
j) Provisions and Contingent Liabilities
The Company creates a provision when there is present obligation as a
result of past event that probably requires an outflow of resources and
a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or a present obligation in respect of which the likelihood of outflow
of resources is remote, no provision or disclosure is made. Contingent
assets are neither recognized nor disclosed in the financial
statements.
Mar 31, 2013
A) Basis of preparation of Financial Statement
The financial statements are prepared in accordance with Generally
Accepted Accounting Principles ("GAAP") applicable in India. GAAP
comprises mandatory accounting standards prescribed by the Companies
(Accounting Standards) Rules, 2009 and the provisions of the Companies
Act, 1956. Accounting policies have been consistently applied. The
management evaluates all recently issued or revised accounting
standards on an ongoing basis.
b) Use of Estimates
The preparation of the financial statements in conformity with GAAP
requires the management to make estimates and assumptions that affect
the reported balances of assets and liabilities as at the date of the
financial statements and reported amounts of revenue and expenses for
the year. The difference between the actual result and estimates are
recognised in the period in which results are known / materialised.
c) Fixed Assets and Depreciation
Fixed assets are stated at acquisition cost less accumulated
depreciation and impairment losses, if any. Cost of acquisition is
inclusive of duties, taxes, freight and other directly attributable
costs incurred to bring the assets to its working condition for
intended use and are net of cenvat credits as applicable.
Cost of fixed assets not ready for their intended use before such date
is disclosed as capital work-in-progress.
Depreciation on fixed assets is calculated on written down method at
the applicable rates specified in Schedule XIV to the Companies Act,
1956. Depreciation for assets purchased / sold during a period is
proportionately charged. All assets costing individually Rs 5,000 or
below are fully depreciated in the year of acquisition.
d) Revenue Recognition
Revenue is recognised to the extent that is probable that the economic
benefits will flow to the company and the revenue can be reliably
measured.
e) Employee Benefits
The Company has applied the revised Accounting Standard (AS) 15 Â
Employees Benefits notified under the Companies Rule, 2006. There is no
present obligation of any past employment benefits including payment of
Gratuity and /or Leave Encashment during the Year. Therefore no
actuarial gains or losses arose during the year.
f) Income Tax
Provision for tax for the year comprises current income tax and
deferred tax. Provision for current income tax is made based on the
estimated tax liability in accordance with the relevant tax rates and
tax laws.
Income Tax
Current tax is payable on taxable profits, which differ from profit or
loss in the financial statements. Current tax is computed based on tax
rates and tax laws that have been enacted or substantively enacted by
the end of the reporting period.
Deferred Tax
Deferred income taxes reflect the impact of current year timing
differences between taxable income and accounting income for the year
and reversal of timing differences of earlier years. Deferred tax is
measured based on the tax rates and the tax laws enacted or
substantively enacted at the balance sheet date. Deferred tax assets
are recognized only to the extent that there is reasonable certainty
that sufficient future taxable income will be available against which
such deferred tax assets can be realized. Unrecognized deferred tax
assets of earlier years are re-assessed and recognized to the extent
that it has become reasonably certain that future taxable income will
be available against which such deferred tax assets can be realized.
Minimum Alternative Tax (MAT) Credit
MAT credit is recognised as an asset only when and to the extent there
is convincing evidence that the Company will pay normal income tax
during the specified period. In the year in which the MAT credit
becomes eligible to be recognised as an asset in accordance with the
recommendations contained in the Guidance Note issued by The Institute
of Chartered Accountants of India, the said asset is created by way of
a credit to the Profit & Loss Account and shown as MAT Credit
Entitlement. The Company reviews the same in each Balance Sheet Date
and writes down the carrying amount of MAT credit entitlement to the
extent there is no longer convincing evidence to the effect that the
Company will pay normal income tax during the specified period.
g) Borrowing Cost
Borrowing costs are recognised in the financial statements in
accordance with the Accounting Standard -16 of Companies (Accounting
Standards) Rules, 2006. Borrowing Costs that are attributable to the
acquisition and constructions of qualifying assets are capitalised as a
part of the cost of such assets. A qualifying asset is one that
necessarily takes substantial period of time to get ready for its
intended use. Other borrowing costs of the year are charged to revenue
in the period in which they are incurred.
h) Impairment of Assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset.
Recoverable amount is the higher of the asset''s net selling price and
its value in use. Value in use is the present value of estimated future
cash flows expected to arise from the continuing use of an asset and
from its disposal at the end of its useful life. If such recoverable
amount of the asset or the recoverable amount of the cash generating
unit to which the asset belongs is less than its carrying amount, the
carrying amount is reduced to its recoverable amount. The reduction is
treated as an impairment loss and is recognised in the profit and loss
account. If at the balance sheet date there is an indication that if a
previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the asset is reflected at the recoverable
amount subject to a maximum of depreciated historical cost.
i) Earnings per Share
Basic earnings per share is calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period. The
weighted average number of equity shares outstanding during the period
is adjusted for events including a bonus issue, bonus element in a
rights issue to existing shareholders, share split and reverse share
split (consolidation of shares). For the purpose of calculating diluted
earnings per share, the net profit or loss for the period attributable
to equity shareholders and the weighted average number of shares
outstanding during the period are adjusted for the effects of all
dilutive potential equity shares. In determining Earnings Per Share,
the Company considers the net profit after tax and includes the
post-tax effect of any extra-ordinary / exceptional item. The number of
shares used in computing basic earnings per share is the weighted
average number of shares outstanding during the period.
j) Provisions and Contingent Liabilities
The Company creates a provision when there is present obligation as a
result of past event that probably requires an outflow of resources and
a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or a present obligation in respect of which the likelihood of outflow
of resources is remote, no provision or disclosure is made. Contingent
assets are neither recognized nor disclosed in the financial
statements.
Mar 31, 2010
1. During the year Company had not undertaken any commercial activity.
2. Gratuity: -
No provision for gratuity has been made by the Company.
3. Depreciation :-
Depreciation is provided on a Straight Line basis applying the rates
specified in schedule XlV to the Companies Act, 1956. Depreciation is
provided on the basis of period for which it was put to use.
4. Fixed Assets: -
All Fixed Assets are valued at cost less depreciation.
5. Investments
Investments in shares as to its quantity have been taken as certified
by the management.
6. Valuation of Investments: -
Investments are valued at cost and not at lower of cost or market
value. Company has not provided for decline in the market value of the
Investments. Diminution in the value of such long term Investments as
on Balance Sheet date was Rs. 1,30,61,861/-
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