Mar 31, 2014
1.1 Basis of Accounting
The financial Statements of the Company have been prepared in
accordance with Generally Accepted Accounting Principles in India. The
Company has prepared the financial statements to comply in all material
respect with the Accounting Standards notified under the Companies (
Accounting Standard ) Rules, 2006, (as amended) and the relevant
provisions of the Companies Act, 1956.
The Company follows Mercantile System of Accounting and recognises its
Income & Expenditure on accrual basis.
1.2 Fixed Assets
Fixed Assets are stated at cost of acquisition.
1.3 Depreciation
Depreciation on Fixed Assets are provided on written down value basis
at the rates and in the manner specified in Schedule XIV to the
Companies Act, 1956.
1.4 Earning Per Share
Basic EPS is calculated by dividing the Net Profit for the year
attributable to Equity Shareholders by the weighted number of Equity
Shares outstanding during the year.
1.5 Impairment Loss
An impairment loss ,if any, is recognised wherever the carrying amount
of the fixed assets exceeds the recoverable amount i.e.the higher of
the assets''s net selling price and value in use.
1.6 Provision for Current Tax
Provision for Current tax is made with reference to taxable income
computed for the accounting period for which the financial statements
are prepared by applying the tax rates relevant to the respective
''previous year''.
1.7 Investment
Investments, being long term, have been valued at cost less permanent
diminution in value, if any. Diminution in value of investment has been
considered as temporary in nature.
1.8 Inventories
Inventories are valued at lower of cost or market price.
1.9 Deffered Tax
Deferred Tax Liabilities is recognised on the basis of timing
differences being the difference between taxable income that originate
in one period and is capable of reversal in one or more subsequent
years. The deferred tax charge is recognized using the enacted tax
rate. Deferred Tax Assets are recognized only to the extent that there
is virtual certainty supported by convincing evidence that sufficient
future taxable income will be available against which such deferred tax
assets can be realized.
1.10 Use of Estimate
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 the financial statements and the reported amounts of revenues
and expenses during the reporting period. Differences between actual
results and estimates are recognised in the period in which results are
known/ materialised.
Mar 31, 2013
1.1 Basis of Accounting
The financial Statements of the Company have been prepared in
accordance with Generally Accepted Account- ing Principles in India.
The Company has prepared the financial statements to comply in all
material respect with the Accounting Standards notified under the
Companies ( Accounting Standard ) Rules, 2006, (as amended) and the
relevant provisions of the Companies Act, 1956.
The Company follows Mercantile System of Accounting and recognises its
Income & Expenditure on accrual basis.
1.2 Fixed Assets
Fixed Assets are stated at cost of acquisition.
1.3 Depreciation
Depreciation on Fixed Assets are provided on written down value basis
at the rates and in the manner specified in Schedule XIV to the
Companies Act, 1956.
1.4 Earnings Per Share
Basic EPS is calculated by dividing the Net Profit for the year
attributable to Equity Shareholders by the weighted number of Equity
Shares outstanding during the year.
1.5 Provision for Current Tax
Provision for Current tax is made with reference to taxable income
computed for the accounting period for which the financial statements
are prepared by applying the tax rates relevant to the respective
''previous year''.
Mar 31, 2009
A) Basis of Accounting :
The financial statements have been prepared under the historical cost
convention and in accordance with the normally accepted accounting
Standards. The Company follows the accrual system of accounting subject
to and in consistent with the prudential norms as per NBFCs (RBI)
Directions 1998.
b) Revenue Recognition :
Revenue is recognised when there is reason of certainty of its ultimate
realisation/collection.
c) Investments:
Investments being long term in nature are valued at cost subject to
provision for permanent diminution in the value of on vestments.
d) Inventories :
Inventories are valued at lower of cost or market price, taken on
aggregate basis for each
e) Miscellaneous Expenditure :
Share Issue Expenses are amortised over a period of ten years.
f) Retirement Benefits :
Payment of Gratuity Act is not applicable to the Company as number of
employees are less than minimum required for applicability of Gratuity
Act.
g) Taxation :
Deferred Tax Assets for current year loss has not been recognised as
there is no reasonable certainty that sufficient future taxable income
will be available against which such deferred tax assets can be
realised.
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