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Accounting Policies of Maitri Enterprises Ltd. Company

Mar 31, 2014

A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS

(i) The financial statements have been prepared under the historical cost convention using the accrual basis of accounting and comply with all the mandatory Accounting Standards as specified in the Companies (Accounting Standard) Rules 2006, the provisions of Companies Act 2013 (to the extent notified) and relevant provisions of the Companies Act, 1956, as adopted consistently by the Company.

(ii) USE OF ESTIMATES

The preparation of financial statements in conformity with Generally Accepted Accounting Standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of Contingent Liabilities on the date of financial statements, and the reported amounts of revenues and expenses during the reporting period.

b) Fixed Assets

Fixed Assets are stated at cost of acquisition including any attributable cost for bringing the assets to its working condition for its intended use, less accumulated depreciation.

c) Depreciation

i) Depreciation on Fixed Assets is provided on Written Down Value method at rates specified in the Schedule- XIV of the Companies Act,1956.

ii) Depreciation on addition to Fixed Assets is being provided on pro-rata basis from the date of acquisition.

d) Revenue Recognition

The Sales are recorded when supply of goods take place in accordance with the terms of sales and on change of title in the goods and is inclusive of sales tax.

e) Borrowing Cost

The borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized 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 intended use. All other borrowing costs are charged to revenue.

f) Taxes on Income Current Tax

Provision for taxation is made in accordance with the income tax laws prevailing for the relevant assessment year.

Deferred Tax

Deferred tax resulting from "timing difference" between books and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognized and carried forward only to the extent that there is reasonable certainty that the asset will be realized in future.

g) Impairment

An asset is treated as impaired when the carrying cost of assets exceeds its realizable value. An impairment loss is charged to the profit & loss account when the asset is identified as impaired.

h) Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is present obligation as a result of past events and it is probable there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

i) EARNING PER SHARE

The Company reports basic and diluted Earnings per share(EPS) in accordance with Accounting Standard 20 as specified in Companies (Accounting Standard) Rules, 2006 (as amended). Earning Per Share is calculated using weighted average number of equity shares outstanding during the year. Basic and Diluted Earning per share is same.


Mar 31, 2013

1.1 Corporate Information

Parth Alluminium Limited is a limited company domiciled in India and incorporated under the provisions of Companies Act, 1956. The Company is engaged in green house projects including construction, installation and consultancy services.

1.2 Basis of Preparation

The financial statements have been prepared to comply in all material respects with the notified accounting standards by Companies Accounting Standard Rules, 2006 as amended from time to time and the relevant provisions of the Companies Act, 1956 (''The Act''). The financial statements have been prepared in accordance with revised Schedule VI requirements including previous year comparatives. The financial statements have been prepared under historical cost convention on an accrual basis in accordance with accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in previous year. The company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

1.3 Fixed Assets and Depreciation

Fixed Assets are stated at cost (Gross Block) 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.

Depreciation on fixed assets held in India is provided at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956 on W.D.V. method.

1.4 Inventories

Work in process – At Cost Stock of Material – At Cost

1.5 Borrowing Cost

The borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized 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 intended use. All other borrowing costs are charged to revenue.

1.6 Revenue Recognition

Revenue from development / sale of developed material is recognized upon transfer of all significant risks and rewards of ownership of such materials, as per the terms of the contracts entered into with buyers, which generally coincides with firming of the sale contracts / agreements / except for contract where the company still has obligations to perform substantial acts even after the transfer of all significant risks and rewards.

Revenue in respect of other income is recognized on accrual basis and when no significant uncertainties as to its determination or realization exist.

1.7 Taxes on Income

Current Tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax resulting from "timing difference" between books and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognized and carried forward only to the extent that there is reasonable certainty that the asset will be realized in future.

1.8 Interest Income

Interest income is recognized only when no significant uncertainty as to measurability or collectability exists. Income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

1.9 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is present obligation as a result of past events and it is probable there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

1.10 Earning Per Share

The Company reports basic and diluted Earnings per share(EPS) in accordance with Accounting Standard 20 as specified in Companies (Accounting Standard) Rules, 2006 (as amended). Earning Per Share is calculated using weighted average number of equity shares outstanding during the year. Basic and Diluted Earning per share is same.


Mar 31, 2012

(1) General

The financial Statement have been prepared under the historical cost convention mentioned in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956. Revenue Recognition

(2) The accounts are maintained on accrual basis except Interest on loan given to parties.

(3) The company has not provided for tax liability, if any. As company does not envisage any income tax liability for the past years.

(4) Deferred revenue expenses & preliminary expenses are not written off at the rate of 10%, as the company has not commenced its operations.

(5) All the balances of Sundry Debtors, Loans & Advances, recoverable in cash or kind & Sundry Creditors are subject to the confirmations from the parties concerned.

(6) Fixed Assets

Fixed assets are stated at historical cost net of cenvat, inclusive of financing cost capitalized and less accumulated depreciation.

(7) Depreciation

Depreciation on fixed assets is charged on WDV method and for additions made during the year on pro-rata basis at the rates prescribed under the schedules - XIV of the Companies Act, 1956.

(8) The deferred tax asset (liability) at the yearend comprises timing difference on account of the following:


Mar 31, 2010

(1) The financial statements have been prepared under the historical cost convention method in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956.

(2) The accounts are maintained on accrual basis except Interest on loan given to parties.

(3) The company has not provided for tax liability, if any. As company does not envisage any income tax liability for the past years.

(4) As the Company does not have any fixed assets, no provision for depreciation is required for the year under report.

(5) Deferred revenue expenses & preliminary expenses are not written off at the rate of 10%, as the company has not commenced its operations.

(6) All the balances of Sundry Debtors, Loans & Advances, recoverable in cash or kind & Sundry Creditor are subject to the confirmations from the parties concerned.