Mar 31, 2015
1. Basis of Preparation of Financial Statements
The Financial Statements of the Company are prepared in accordance with
the Generally Accepted Accounting Principles (GAAP) in India.
The Financial Statements have been prepared on accrual basis and under
the historical cost convention.
GAAP comprises applicable Accounting Standards specified under Section
133 of the Companies Act, 2013, read with Rule 7 of the Companies
(Accounts) Rules, 2014, other pronouncements of the Institute of
Chartered Accountants of India, relevant applicable provisions of the,
Companies Act, 2013 to the extent applicable.
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.
All assets and liabilities have been classified as current or
non-current as per the Company's normal operating cycle and other
criteria set out in Schedule III to the Companies Act, 2013. The
Company has ascertained its operating cycle as 12 months for the
purpose of current and non-current classification of assets and
liabilities.
2. Use of estimates
The preparation of the Financial Statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported balances of assets, liabilities and disclosures relating to
contingent liabilities as at the date of the Financial Statements and
reported amounts of revenue and expenses during the period. Actual
results might differ from the estimates. Difference between the actual
results and estimates are recognized in the period in which the results
are known/ materialize.
3. Fixed Assets and Depreciation
Fixed assets have been stated at cost as increased by attributable
direct and indirect expenses less accumulated depreciation /
amortization.
Depreciation on tangible fixed assets is provided on WDV so as to
charge the cost of the assets or the amount substituted for costs in
case of revalued assets less its residual value over the useful life of
the respective asset as prescribed under Part C of Schedule II to the
Companies Act, 2013.
4. Revenue Recognition
All Income is accounted on accrual basis.
5. Expenses
All the expenses are accounted for on accrual basis.
6. Provisions, contingent liabilities and contingent assets
A provision is recognized in respect of obligations where, based on the
evidence available, their existence at the Balance Sheet date is
considered probable as a result of a past event, and the Company has a
present legal obligation that can be estimated reliably, and it is
probable that an outflow of economic benefits will be required to
settle the obligation. Provisions are measured by best estimate of the
outflow of economic benefits required to settle the obligation at the
Balance Sheet date.
Provisions, contingent liabilities and contingent assets are reviewed
at each Balance Sheet date.
Re-imbursement expected in respect of expenditure to settle a provision
is recognized only when it is virtually certain that the reimbursement
will be received.
A Contingent Asset is neither recognized nor disclosed in the Financial
Statements.
7. Taxes on income
Tax expense for the period comprises of current income tax and deferred
tax.
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Income Tax Act, 1961.
Deferred tax is recognized, subject to the consideration of prudence in
respect of deferred tax assets, on timing differences, being the
difference between taxable incomes and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods. Deferred tax assets are recognized only to the extent there is
reasonable certainty that the assets can be realized in future.
Deferred tax assets are reviewed at each Balance Sheet date and written
down or written up to reflect the amount that is reasonably/virtually
certain to be realized.
The deferred tax for timing differences between the book and tax profit
for the period is accounted for using the tax rates and laws that have
been enacted or substantively enacted as of the Balance Sheet date.
8. Earnings per share
Basic earnings per share are computed by dividing the net profit/
(loss) after tax (including the post-tax effect of extra ordinary
items, if any) by the weighted average number of equity shares
outstanding during the year. Diluted earnings per share are computed by
dividing the net profit/ (loss) after tax (including the post-tax
effect of extra ordinary items, if any) by the weighted average number
of equity shares considered for deriving basic earnings per share and
also the weighted average number of equity shares which could be issued
on the conversion of all dilutive potential equity shares. Dilutive
potential equity shares are determined as at the end of each period
presented.
9. Cash flow statement
Cash flows are reported using the indirect method, whereby profit/loss
before tax is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash
receipts or payments and item of income or expenses associated with
investing or financing flows. The cash flows from operating, investing
and financing activities of the Company are segregated.
10. Cash and cash equivalents
Cash and cash equivalents include cash on hand, cherubs on hand,
balance with banks on current accounts and short term, highly liquid
investments with an original maturity of three months or less and which
carry insignificant risk of changes in value.
11. Other Disclosures
The Previous year figures have been regrouped/reclassified, wherever
necessary to confirm to the current year presentation.
Mar 31, 2014
A. Basis of Preparation of Financial Statement
i. The Financial Statement has been prepared on historical cost of
accrual basis and on the accounting principles of a going concern.
ii. Accounting Policies not specifically referred to otherwise are
consistent and are in consonance with generally accepted accounting
Principles.
b. Investment being long term in nature valued at cost.
c. Revenue Recognition & Expenditure : All revenues have been
recognized on accrual basis.
Mar 31, 2013
A. Basis of Preparation of Financial Statement
i. The Financial Statement has been prepared on historical cost of
accrual basis and on the accounting principles of a going concern.
ii. Accounting Policies not specifically referred to otherwise are
consistent and are in consonance with generally accepted accounting
Principles.
b. Investment being long term in nature valued at cost.
c. Revenue Recognition & Expenditure:
All revenues have been recognised on accrual basis.
Mar 31, 2012
A. Basis of Preparation of Financial Statement
i. The Financial Statement have been prepared on historical cost of
accrual basis and on the accounting principles of a going concern.
ii. Accounting Policies not specifically referred to otherwise are
consistent and are in consonance with generally accepted accounting
Principles.
b. Investment being long term in nature valued at cost.
c. Revenue Recognition & Expenditure :
All revenues has been recognised on accrual basis.
Mar 31, 2011
A. Basis of Preparation of Financial Statement
i. The Financial Statement have been prepared on historical cost of
accrual basis and on the accounting principles of a going concern.
ii. Accounting Policies not specifically referred to otherwise are
consistent and are in consonance with generally accepted accounting
Principles.
b. Depreciation
Depreciation is provided on written down value method at rates
specified in Schedule XIV of the Companies Act, 1956.
c. Investment
Investment being long term in nature valued at cost.
d. Revenue Recognition & Expenditure
All revenues has been recognized on accrual basis.
e. Contingent Liabilities
Contingent liabilities are generally not provided for and are disclosed
by way of notes on accounts.
f. Taxes on Income
Current tax is determined as the amount of tax payable in respect of
taxable income for the period.
Deferred tax is recognized, 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. Deferred tax assets are not
recognized on unabsorbed depreciation and carry forward of losses
unless there is virtual certainty that subsequent future taxable income
will be available against which such deferred tax assets can be
realized.