Mar 31, 2015
19.1 Basis of Preparation of standalone financial statements.
The Company maintains its accounts on accrual basis following the historical cost convention in accordance with generally accepted accounting principles ["GAAP"] in India. GAAP comprises mandatory accounting standards as prescribed under section 133 of Companies Act, 2013 (the Act) read with Rule 7 of Companies (Accounts) Rules,2014, the provisions of the Act (to the extent notified). Accounting policies have been consistently applied except where a newly-issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.
19.2 Use of estimates
The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.
19.3 Revenue Recognitions
Revenue in respect of finished goods is recognised on delivery during the accounting year.
19.4 Employee Benefits:
All Employees benefits falling due wholly within twelve month of rendering the services are classified as short term employee benefits which include benefits like salary, wages, short term compensated, absences and performance incentives and are recognised as expense in the period in which the employee renders the related services.
19.5 Material events after balance sheet date.
Events which are of material nature after the balance sheet date are accounted for in the accounts.
19.6 Provisions and contingencies
A provision is recognised when the Company has a 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 a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes.
The Company creates a provision when there is a present obligation as a result of past event that probably requires and outflows of resources and a reliable estimate can be made of the amount of obligation. A disclosure of contigent liability is made when there is possible obligation or a present obligation that will probably not require outflow of resources or where a reliable estimate of obligation cannot be made.
Mar 31, 2014
(i) The financial statement has been prepared on the historical cost convention and with generally accepted accounting principles,
(ii) Items for Profit & Loss a/c have been accounted for on accrual basis.
(iii) Investments have been made in unquoted shares and have been stated at cost.
Mar 31, 2013
(i) The financil statement has been prepared on the historical cost convention and with generally accepted accounting principles
(ii) Items for Profit & loss ac have been accounted for on accrual basis.
(iii) Investments have been mage in unquoted shares and have been stated at cost
Mar 31, 2012
1 SIGNFICANT ACCCUNTNG POLICIES - A:
The financial statement has been prepared the historical cost1 convention and with generally accepted accounting pr ncip.es
ii) Items for Profit & Loss. are have been accounted for on accral basis
iii) Investments have been mace in unsured shares, and have been stated at cost