Mar 31, 2015
(A) Nature of operations:
The main business of the Company is that of Trading in Commodities and
Fabrics, Commission Agent and Investment.
(B) Basis of Preparation of Financial Statements
(I) System of Accounting
The Financial Statements are prepared under the historical cost
convention on accrual basis of accounting, in accordance with Generally
Accepted Accounting Principles in India, the Accounting Standards
notified under the relevant provisions of the Companies Act, 2013.
(II) Use of Estimates
The Preparation of Financial Statements in conformity with Generally
Accepted Accounting Principles ( GAAP ) in India 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 reported amounts of income and
expenses during the period.
(C) Revenue Recognition
i) Sales comprise sale of commodities and fabrics. Revenue from sale is
recognized:
a) when all the significant risks and rewards of ownership are
transferred to the buyer which coincides with delivery and are recorded
net of expenses incurred in this behalf.
b) no significant uncertainty exists regarding the amount of the
consideration that will be derived from the sale.
ii) Income from Investments is taken into account when the same are
sold and the certainty of transaction is confirmed.
iii) Interest income is recognized on a time proportion basis taking
into account the amount outstanding and the rate applicable.
iv) Dividend Income is recognized on receipt basis.
(D) Fixed Assets and Depreciation
All fixed assets are stated at cost, comprising of purchase price,
duty, levies and direct attributable cost of bringing the assets to
their working condition for the intended use. Depreciation on fixed
asset is provided using the straight line method based on rates
specified in Schedule II of the Companies Act, 2013.
(E) Investments
Long Term Investments are stated at cost. The company provides for
diminution, other than temporary, in the value of long term
investments. Current Investments, if any are valued at cost or fair
market value whichever is lower.
(F) Retirement Benefits
Contribution of Provident Fund, Gratuity and Leave encashment benefits
wherever applicable is being accounted on actual liability basis as and
when arises. However, the above referred provisions are not applicable
to the company as it does not fall within the purview of the same in
the year under review.
(G) Inventories
Inventories are valued at cost arrived at FIFO basis or net realizable
value whichever is lower.
(H) Earning Per Share
The Basic and Diluted Earning Per Share ("EPS") is computed by dividing
the net profit after tax for the year by weighted average number of
equity shares outstanding during the year.
(I) Provisions for Taxation
The expenses comprises of current tax( i.e. amount of tax for the
period determined in accordance with the Income Tax Act, 1961) and
deferred tax charges or credit (reflecting the tax effects of timing
difference between accounting income and taxable income for the
period).
The deferred tax charge or credit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates that have been
enacted or substantively enacted by the Balance Sheet date.
Deferred tax assets are recognized only to the extent there is
reasonable certainty that the assets can be realized in future;
however. where there is unabsorbed depreciation or carry forward loss
under taxation laws, deferred tax assets are recognized only if there
is a virtual certainty of realization of such assets. Deferred tax
assets are reviewed as at each Balance Sheet date to reassess
realization.
(J) Provisions and Contingencies
i) Provision is recognized (for liabilities that can be measured by
using a substantial degree of estimation) when:
a) The Company has a present obligation as a result of a past event.
b) A probable outflow of resources embodying economic benefits is
expected to settle the obligation; and
c) The amount of the obligation can be reliably estimated.
ii) A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may, but probably will
require an outflow of resources. When there is possible obligation or a
present obligation in respect of which likelihood of outflow of
resources is remote, no provision or disclosure is made.
Mar 31, 2014
(A) Nature of operations :
The main business of the Company is that of Trading in Commodities and
Fabrics, Commission Agent and Investment.
(B) Basis of Preparation of Financial Statements :
(a) System of Accounting
The Financial Statements are prepared under the historical cost
convention on accrual basis of accounting, in accordance with Generally
Accepted Accounting Principles in India, the Accounting Standards as
notified under Companies (Accounting Standards) Rules, 2006 and the
relevant provisions of the Companies Act, 1956.
(b) Use of Estimates
The Preparation of Financial Statements in conformity with Generally
Accepted Accounting Principles ( GAAP ) in India 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 reported amounts of income and
expenses during the period .
(C) Revenue Recognition :
i) Sales comprise sale of commodities and fabrics. Revenue from sale is
recognised :
a) when all the significant risks and rewards of ownership are
transferred to the buyer which coincides with delivery and are recorded
net of expenses incurred in this behalf.
b) no significant uncertainty exists regarding the amount of the
consideration that will be derived from the sale.
ii) Income from Investments is taken into account when the same are
sold and the certainty of transaction is confirmed.
iii) Interest income is recognised on a time proportion basis taking
into account the amount outstanding and the rate applicable.
(D) Investments :
Long Term Investments are stated at cost. The company provides for
diminution, other than temporary, in the value of long term
investments. Current Investments, if any are valued at cost or fair
market value whichever is lower.
(E) Retirement Benefits :
Contribution of Provident Fund, Gratuity and Leave encashment benefits
wherever applicable is being accounted on actual liability basis as and
when arises. However, the above referred provisions are not applicable
to the company as it does not fall with in the purview of the same in
the year under review.
(F) Inventories :
Inventories are valued at cost arrived at FIFO basis or net realisable
value whichever is lower.
(G) Earning Per Share :
The Basic and Diluted Earning Per Share ("EPS") is computed by dividing
the net profit after tax for the year by weighted average number of
equity shares outstanding during the year.
(H) Provisions for Taxation :
The expenses comprises of current tax( i.e. amount of tax for the
period determined in accordance with the Income Tax Act, 1961) and
defrred tax charges or credit (reflecting the tax effects of timing
diffrence between accounting income and taxable income for the period).
The deferred tax charge or credit and the corresponding deferred tax
liabilities or assets are recognised using the tax rates that have been
enacted or substantively enacted by the Balance Sheet date.
Deferred tax assets are recognised only to the extent there is
reasonable certainty that the assets can be realised in future;
however, where there is unabsorbed depreciation or carry forward loss
under taxation laws, deferred tax assets are recognized only if there
is a virtual certainty of realisation of such assets. Deferred tax
assets are reviewed as at each Balance Sheet date to reassess
realisation.
(I) Provisions and Contingencies :
i) Provision is recognised (for liabilities that can be measured by
using a substantial degree of estimation) when :
a) The Company has a present obligation as a result of a past event.
b) A probable outflow of resources embodying economic benefits is
expected to settle the obligation; and
c) The amount of the obligation can be reliably estimated.
ii) A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may, but probably will
not require an outflow of resources. When there is possible obligation
or a present obligation in respect of which likelyhood of outflow of
resources is remote, no provision or disclosure is made.
Mar 31, 2013
(A) Nature of Operations :
The main business of the Company is that of Trading in Fabrics,
Commission Agent and Investment.
(B) Basis of Preparation of Financial Statements :
(a) System of Accounting
The Financial Statements are prepared under the historical cost
convention on accrual basis of accounting, in accordance with Generally
Accepted Accounting Principles in India, the Accounting Standards
issued by the Institute of Chartered Accountants of India and relevant
provisions of the Companies Act, 1956.
(b) Use of Estimates
The Preparation of Financial Statements in conformity with Generally
Accepted Accounting Principles (GAAP) in India 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 reported amounts of income and
expenses during the period.
(C) Revenue Recognition :
(i) Sales comprise sale of fabrics. Revenue from sale of fabrics is
recognised :
(a) when all the significant risks and rewards of ownership are
transferred to the buyer which coincides with delivery and are recorded
net of expenses incurred in this behalf.
(b) No significant uncertainty exists regarding the amount of the
consideration that will be derived from the sale.
(ii) Income from Investments is taken into account when the same are
sold and the certainty of transaction is confirmed.
(iii) Interest income is recognised on a time proportion basis taking
into account the amount outstanding and the rate applicable.
(D) Fixed Assets and Depreciation :
All fixed assets are stated at cost, comprising of purchase price,
duty, levies and direct attributable cost of bringing the assets to
their working condition for the intended use. Depreciation is provided
according to straight line method ar the rates prescribed by the
Schedule XIV to the Companies Act, 1956 and Provision for impairment
loss is recognised to the extent by which the carrying amount of an
assets exceeds its recoverable amount.
(E) Investments :
Long Term Investments are stated at cost. The company provides for
diminution, other than temporary, in the value of long term
investments. Current Investments, if any are valued at cost or fair
market value whichever is lower.
(F) Retirement Benefits :
Contribution of Provident Fund, Gratuity and Leave encashment benefits
wherever applicable is being accounted on actual liability basis as and
when arises. However, the above referred provisions are not applicable
to the company as it does not fall with in the purview of the same in
the year under review.
(G) Inventories :
Inventories are valued at cost arrived at FIFO basis or net realisable
value whichever is lower.
(H) Earning Per Share :
The Basic and Diluted Earning Per Share ("EPS") is computed by dividing
the net profit after tax for the year by weighted average number of
equity shares outstanding during the year.
(I) Provisions for Taxation :
The expenses comprises of current tax( i.e. amount of tax for the
period determined in accordance with the Income Tax Act, 1961) and
defrred tax charges or credit (reflecting the tax effects of timing
diffrence between accounting income and taxable income for the period).
The deferred tax charge or credit and the corresponding deferred tax
liabilities or assets are recognised using the tax rates that have been
enacted or substantively enacted by the Balance Sheet date.
Deferred tax assets are recognised only to the extent there is
reasonable certainty that the assets can be realised in future;
however, where there is unabsorbed depreciation or carry forward loss
under taxation laws, deferred tax assets are recognised only if there
is a virtual certainty of realisation of such assets. Deferred tax
assets are reviewed as at each Balance Sheet date to reassess
realisation.
(J) Provisions and Contingencies :
(i) Provision is recognised (for liabilities that can be measured by
using a substantial degree of estimation) when :
(a) The Company has a present obligation as a result of a past event.
(b) A probable outflow of resources embodying economic benefits is
expected to settle the obligation; and
(c) The amount of the obligation can be reliably estimated.
(ii) A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may, but probably will
not require an outflowof resources. When there is possible obligation
or a present obligation in respect of which likelihood of outflow of
resources is remote, no provision or disclosure is made.
Mar 31, 2012
1 Nature of operations
The main business of the Company is that of Trading in Fabrics and
Commission Agency.
2 Basis of Accounting
The Financial Statements have been prepared to comply in all material
respects with applicable accounting standards as notified by the
Central Government under Companies (Accounting standards) Rules, 2006
and the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared under the historical cost convention on
accrual basis except claims/refunds which are accounted for on receipt
basis due to uncertainties. The accounting policies have been
consistently applied by the company and are consistent with those used
in previous year.
3 Uses of Estimates
The preparation of Financial Statements, in conformity with the
Generally Accepted Accounting Principles, requires estimates and
assumptions to be made that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities on the date of the
financial statements and reported amounts of revenues and expenses
during the reporting period. Difference between the actual results and
estimates are recognised in the period in which the results
materialises.
4 Revenue Recognition
i) Sales comprise sale of fabrics. Revenue from sale of fabrics is
recognised:
a) when all the significant risks and rewards of ownership are
transferred to the buyer which coincides with delivery and are recorded
net of expenses incurred in this behalf.
b) no significant uncertainty exists regarding the amount of the
consideration that will be derived from the sale.
ii) Income from Investments is taken into account when the same are
sold and the certainty of transaction is confirmed.
iii) Interest income is recognised on a time proportion basis taking
into account the amount outstanding and the rate applicable.
5 Investments
Long Term Investments are stated at cost. The company provides for
diminution, other than temporary, in the value of long term
investments. Current Investments, if any are valued at cost or fair
market value whichever is lower.
6 Retirement Benefits
Contribution of Provident Fund, Gratuity and Leave encashment benefits
wherever applicable is being accounted on actual liability basis as and
when arises. However, the above referred provisions are not applicable
to the company as it does not fall with in the purview of the same in
the year under review.
7 Dues to SMEs
There are no dues to Micro and Small Enterprises, that are reportable
under the Micro, Small and Medium Enterprises Development Act, 2006
8 Taxation
a. Current Tax
Current Tax is determined as the amount of tax payable in respect of
taxable income for the year under the provisions of the Income Tax Act,
1961 of India
b. Deferred Tax
Deferred Tax is recognised, subject to the consideration of prudence,
on timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
9 Provisions
i) Provision is recognised (for liabilities that can be measured by
using a substantial degree of estimation) when:
a) The Company has a present obligation as a result of a past event
b) A probable outflow of resources embodying economic benefits is
expected to settle the obligation; and
c) The amount of the obligation can be reliably estimated
Mar 31, 2011
1. FIXED ASSETS: These are stated at their original cost of
acquisition including all the related expenses which are attributable
to bringing them to their present condition. However, the company has
no fixed assets as on 31.03.2011
2. DEPRECIATION: Depreciation on fixed assets is provided on written
down value method at the rates and in the manner as prescribed under
Schedule XIV to the Companies Act, 1956.
3. INVESTMENTS: Investments are classified into long term and current
categories. Long Term investments are carried at cost less provision,
if any, for permanent diminution in value of such investments. Current
Investments are carried at lower of cost or market value.
4. REVENUE RECOGNITION
i) Income from Investments is recognized as and when received.
ii) All other income & expenditure are recognized on accrual basis.
5. CONTINGENT LIABILITIES: Contingent Liabilities are not provided for
in the accounts but are disclosed by way of notes in the NOTES ON
ACCOUNTS, if any.
6. INCOME TAX: Tax provisions comprises both current and deferred
taxes. Deferred income tax reflects the impact of current year timing
differences between taxable income and accounting income for the and
reversal of timing differences of earlier years. Deferred tax assets
and liabilities are measured using the tax rates and the tax iaw that
have been enacted or subsequently enacted at the * Balance Sheet date.
Deferred tax assets are recognized to the extent that there is a
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realized.