Mar 31, 2014
1 Basis of Prepration:
These financial statements have been prepared in accordance with the
generally accepted accounting principles in India under historical cost
convention on accural basis. These financial Statements have been
prepared to comply in all material aspects with the accounting
standards notified under Section 211(3C) [Companies (Accounting
Standards) Rules, 2006, as amended] and other relevant provisions of
the Companies Act, 1956.
2 Use of Estimates:
The preparation of financial statements, In conformity with generally
accepted accounting principles, requires estimates and assumptions to
be made that affect the reported amounts of assets and liabilities on
the date of financial statements and the reported amounts of revenues
and expenses during the reporting period.
3 Fixed assets
Fixed Assets are stated at cost of acquisition / construction inclusive
of freight, duties, taxes and incidental expenses, Major repairing,
body building Expenses and new Vehicle Finance charges and less net
consideration of Sales proceeding.
4 Depreciation
Fixed Assets are stated at cost less depreciation. The Company computes
depreciation of all fixed assets using Written Down Value method as
prescrived under Schedule XIV of the Companies Act, 1956. Cost include
all expenses incurred to bring the assets to its present location and
condition.
5 Investment:
Long term investments are stated at cost less provision for the
dimuation other than temporary, if any, in the value of such
investmentss. In respect of unquoted long term investment made by the
Company, Company has made Investment in the shares at face value. In
the opinion of Board of Directors it will be realized in the ordinary
course of business and no provision is required.
6 Valuation of Inventory:
Closing stock of consumable is valued at cost price. Closing stock of
Petroleum division is valued at cost price. Consumption or usage of
Inventory like Tyres, Battries and spare parts for Travel Business has
been accounted in Direct Expenses as Opening Inventory Add Purchase
less Closing Inventory.
7 Revenue Recognization:
To recognize revenue i.e. Travles Income , luggage income are accounted
for on completion of service inclusive of service tax. Other revenue
i.e. Interest on Deposits, Sale of Petroleum Division of stock is
recognize on accural basis.
8 Retirement Benefits:
Contribution to provident fund and ESI are paid as a percentage of
Salary/Wages.
9 Accounting for Taxes on Income:
Provision for MAT Tax has been made as per rules applicable. Differed
Tax resulting from timing difference between book and tax profits is
accounted for under the liability method, at the current rate of tax,
to the extent that the timing differences are expected reverse.
Deferred tax assets are recognized and carried forward only if there is
a reasonable certainty that they will be realized and are reviewed for
the appropriateness of their respective caring values at each balance
sheet date.
10 Borrowing Cost
Borrowing Cost directly attributed to the acquisition of Vehicles are
capitalized as part of the cost of that asset.
12 Provisions, Contingent liabilities and Contingent Assets:
A provision is recognize when Company has its present obligation as a
result of past events and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimate can be made. Contingent liabilities are not recognized in the
financial statments. A contingent Assets is neither recognize nor
disclosed in the financial staments.
13 In the opinion of the Board of Directors, the current assets, loans
and advances have a value on realisation, atleast equal to the amount
stated in the Balance Sheet. In the opinion of Board of Directors,
current Assets, Loans and Advances are considered good and recoverable
in cash or in kind and will be realised in the ordinary course of
business and board confirms provisions for all known liabilities are
made adequately.
14 Claims made by the company with general insurance company arising
out of accident of bus at different times out of which some are pending
for settlement by the insurance company. Amount incurred ( Net of
insurance claims ) on accidents of bus are charged to Profit & Loss
Account.
15 No any Foreign Exchange has been earned nor spent during the year.
No any Foreign Expenditure has been made.
16 Based on the information available with the management, the Company
does not owe any sum to a small-scale industrial undertaking as defined
in clause (i) of section 3 of the Industries (Development and
Regulation Act), 1951.
17 The company had acquired assets (Referred in Schedule " 10 (1) "
Majewadi Gate work - shop through execution of Memorandum of
Understanding and paid part of the payment towards the acquisition of
such assets.
18 Figures have been regrouped in order to comply with the requirment
of Revised Schedule VI.
19 The Segment Report Of Mahasagar Travels Ltd. And its division of
Petroleum has been prepared in accordance with Accounting Standard 17
"Segment Reporting" issued by The Institute of Chartered Accountants of
India.
20 Differed Taxation
The management, as a matter of prudence has not recognized net deferred
tax assets in respect of unabsorbed/carried forward balances of period
up to 31st March, 2014.
21 (i) Parties where control exist
NIL
(ii) Other parties with whom the company has entered into transaction
in normal course of Business during the year.
Mar 31, 2012
1 System of Accounting
The financial statements of the company are prepared in accordance with
The mercantile system and historical cost basis and confirm to the
statutory provisions and accepted accounting practices prevailing in
the country except as otherwise stated below. 2 Basis of Accounting
All Income and Expenditure items having a material bearing on the
financial statements are recognised on accrual basis. 3 Fixed assets
Fixed Assets are stated at cost of acquisition / construction inclusive
of freight, duties, taxes and incidental expenses, Major repairing,
body building Expenses and new Vehicle Finance charges and less net
consideration of Sales proceeding.
4 Depreciation
Company has provided depreciation on fixed assets on WDV method. As
Opening WDV Block add Purchase Cost, Less net Sales consideration of
assets sold.
5 Investment:
Investment shown in Balance Sheet is valued at cost basis.
6 Valuation of Inventory:
Closing Stock of Tyers & Other Spares Materials are valued at cost
basis . Petroleum Stock is valued at cost price.
7 Travel, Luggage Income and Petroleum Income
Travel & Luggage income as well as petroleums division''s income are
accounted on accrual basis.
8 Retirement Benefits:
Contribution to provident fund and ESI are paid as a percentage of
Salary/Wages.
9 Accounting for Taxes on Income:
Provision for MAT Tax has been made as per rules applicable. Differed
Tax resulting from timing difference between book and tax profits is
accounted for under the liability method, at the current rate of tax,
to the extent that the timing differences are expected reverse.
Deferred tax assets are recognized and carried forward only if there is
a reasonable certainty that they will be realized and are reviewed for
the appropriateness of their respective caring values at each balance
sheet date.
10 Borrowing Cost
Borrowing Cost directly attributed to the acquisition of Vehicles are
capitalized as part of the cost of that asset.
11 Miscellaneous Expenditure :
Preliminary and share issue expenses of the company has been written
off over a period of ten years from the year of commencement of
commercial activities, During the current year it is Nil.
12 Consumption of Inventory
Consumption or usage of Inventory like Tyres, Battries and spare parts
for Travel Business has been accounted in Direct Expenses as Opening
Inventory Add Purchase less Closing Inventory.
Mar 31, 2011
1 System of Accounting
The financial statements of the company are prepared in accordance with
The mercantile system and historical cost basis and confirm to the
statutory provisions and accepted accounting practices prevailing in
the country except as otherwise stated below.
2 Basis of Accounting
All Income and Expenditure items having a material bearing on the
financial statements are recognized on accrual basis.
3 Fixed assets
Fixed Assets are stated at cost of acquisition / construction inclusive
of freight, duties, taxes and incidental expenses, Major repairing,
body building Expenses and new Vehicle Finance charges and less net
consideration of Sales proceeding.
4 Depreciation
Company has provided depreciation on fixed assets on WDV method. As
Opening WDV Block add Purchase Cost, Less net Sales consideration of
assets sold.
5 Investment:
Investment shown in Balance Sheet is valued at cost basis.
6 Valuation of Inventory:
Closing Stock of Tiers & Other Spares Materials are valued at cost
basis . Petroleum Stock is valued at cost price.
7 Travel. Luggage Income and Petroleum Income
Travel & Luggage income as well as petroleum division's income are
accounted on accrual basis.
8 Retirement Benefits:
Contribution to provident fund and ESI are paid as a percentage of
Solaria/ages.
9 Accounting for T axes on Income:
Provision for MAT has been made as per rules applicable. Differed Tax
resulting from timing difference between book and tax profits is
accounted for under the liability method, at the current rate of tax,
to the extent that the timing differences are expected reverse.
Deferred tax assets are recognized and carried forward only if there is
a reasonable certainty that they will be realized and are reviewed for
the appropriateness of their respective caring values at each balance
sheet date.
10 Borrowing Cost
Borrowing Cost directly attributed to the acquisition of Vehicles are
capitalized as part of the cost of that asset.
11 Miscellaneous Expenditure:
Preliminary and share issue expenses of the company has been written
off over a period of ten years from the year of commencement of
commercial activities, During the current year it is Nil.
12 Consumption of Inventory
Consumption or usage of Inventory like Tires, Batteries and spare parts
for Travel Business has been accounted in Direct Expenses as Opening
Inventory Add Purchase less Closing Inventory.
Mar 31, 2010
1 System of Accounting
The financial statements of the company are prepared in accordance with
The mercantile system and historical cost basis and confirm to the
statutory provisions and accepted accounting practices prevailing in
the country except as otherwise stated below.
2 Basis of Accounting
All Income and Expenditure items having a material bearing on the
financial statements are recognised on accrual basis.
3 Fixed assets
Fixed Assets are stated at cost of acquisition / construction inclusive
of freight, duties, taxes and incidental expenses, Major repairing,
body building Expenses and new Vehicle Finance charges and less net
consideration of Sales proceeding.
4 Depreciation
Company has provided depreciation on fixed assets on WDV method. As
Opening WDV Block add Purchase Cost, Less net Sales consideration of
assets sold.
5 Investment:
Investment shown in Balance Sheet is valued at cost basis.
6 Valuation of Inventory:
Closing Stock of Tiers & Other Spares Materials are valued at cost
basis . Petroleum Stock is valued at cost price.
7 Travel, Luggage Income and Petroleum Income
Travel & Luggage income as well as petroleum''s division''s income are
accounted on accrual basis.
8 Retirement Benefits:
Contribution to provident fund and ESI are paid as a percentage of
Salary/Wages.
9 Accounting for Taxes on Income:
No provision for Income Tax is made due to Loss as per the Income Tax
Act, 1961. Provision for MAT has been made as per rules applicable.
Differed Tax resulting from timing difference between book and tax
profits is accounted for under the liability method, at the current
rate of tax, to the extent that the timing differences are expected
reverse. Deferred tax assets are recognized and carried forward only if
there is a reasonable certainty that they will be realized and are
reviewed for the appropriateness of their respective caring values at
each balance sheet date.
10 Borrowing Cost
Borrowing directly attributed to the acquisition of Vehicles are
capitalized as part of the cost of that asset.
11 Miscellaneous Expenditure :
Preliminary and share issue expenses of the company has been written
off over a period often years from the year of commencement of
commercial activities. During the current year it is Nil.
12 Consumption of Inventory
Consumption or usage of Inventory like Tyres, Batteries and spare parts
for Travel Business has been accounted in Direct Expenses as Opening
Inventory Add Purchase less Closing Inventory.