Mar 31, 2015
A Basis of Preparation of Financial Statements
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis. GAAP comprise mandatory
accounting standards as prescribed under Section 133 of the Companies
Act, 2013 ('Act') read with Rule 7 of the Companies (Accounts) Rules,
2014 and the provision 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 standards requires a change in the accounting policy
hitherto in use.
B Fixed Assets
Fixed Assets if any are stated at cost, net of CENVAT credit, if any,
after reducing accumulated depreciation until the date of the Balance
Sheet. Direct costs are capitalized until the assets are ready for use
and include financing costs relating to any borrowing attributable to
acquisition.
C Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that effect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are materialised.
D Employee Benefits
The benefits like leave encashment and if any gratuity are accounted
for on cash basis. Provisions of Provident Fund is not applicable and
hence no provision for PF is made.
E Borrowing Costs
Borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalised as part of cost of such assets. A
Qualifying assets is one that necessarily takes substantial period of
time to get ready for its intended use. All other borrowing cost are
charged to Profit & Loss Account.
F Provision for Current and Deferred tax
i) Provision for Current Tax is made after taking into consideration
benefits admissible under the provisions of Income Tax Act, 1961. ii)
Deferred tax is recognized, subject to the consideration of prudence,
on timing differences, being difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
G Provision, Contingent Liabilities and Contingent Assets
Provision involving substantial degree of estimation in measurement are
recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
H Earnings per share
Basic earnings per share are calculated by dividing the net profit or
loss after tax for the period attributable to equity shareholders by
the weighted average number of equity shares outstanding during the
period.
I Cash and cash equivalent
Cash and cash equivalents for the purposes of financial statement
comprise cash at bank and in hand.
Mar 31, 2014
A Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost
convention on accrual basis of accounting and in'' accordance with
applicable Accounting Standards and relevant presentational requirement
of the Companies Act, 1956 read with the General Circular 8/2014 dated
4th April, 2014 issued by Ministry of Corporate Affairs regarding
various Provisions / Schedules / Rules.
B Fixed Assets
Fixed Assets are stated at cost, net of CEN VAT credit, if any, after
reducing accumulated depreciation until the date of the Balance Sheet.
Direct costs are capitalized until the assets are ready for use and
include financing costs relating to any borrowing attributable to
acquisition.
C Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that effect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are materialised. .
D Employee Benefits
The benefits like leave encashment and gratutiy are accounted for on
cash basis. Provisions of Provident Fund is not applicable and hence no
provision for PF is made.
E Borrowing Costs
Borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalised as part of cost of such assets. A
Qualifying assets is one that necessarily takes substantial period of
time to get ready for its intended use. All other borrowing cost are
charged to Profit & Loss Account.
F Provision for Current and Deferred tax
i) Provision for Current Tax is made after taking into consideration
benefits admissible under the provisions of Income Tax Act, 1961.
ii) Deferred tax is recognized, subject to the consideration of
prudence, on timing differences, being difference between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods.
G Provision, Contingent Liabilities and Contingent Assets
Provision involving substantial degree of estimation in measurement are
recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
H Earnings per share
Basic earnings per share are calculated by dividing the net profit or
loss after tax for the period attributable to equity shareholders by
the weighted average number of equity shares outstanding during the
period.
I Cash and cash equivalent
Cash and cash equivalents for the purposes of financial statement
comprise cash at bank and in hand.
Mar 31, 2013
A Basis of Preparation of Financial Statements
The Financial statements and books of accounts are prepared under
historical cost convention and accrual basis (unless otherwise
specified) and in accordance with generally accepted accounting
principles in India, the accounting standard issued by The Institute of
Chartered Accountants of India and in accordance with the requirement
of Companies Act, 1956.
B Fixed Assets
Fixed Assets are stated at cost, net of CENVAT credit, if any, after
reducing accumulated depreciation until the date of the Balance Sheet.
Direct costs are capitalized until the assets are ready for use and
include financing costs relating to any borrowing attributable to
acquisition.
C Depreciation
Depreciation on fixed assets has been provided on Written Down Value
method as per the rates prescribed in Schedule XIV to the Companies
Act, 1956. Depreciation on additions to the Fixed Assets is provided on
pro- rata basis from the date of its use.
D Employee Benefits
The benefits like salaries, wages, bonus, leave-salary ex-gratia are
recognised in the period in which employee renders the specified
service
E Borrowing Costs
Borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalised as part of cost of such assets. A
Qualifying assets is one that necessdrily takes substantial period of
time to get ready for its intended use. All other borrowing cost are
charged to Profit & Loss Account.
F Provision for Current and Deferred tax
i) Provision for Current Tax is made after taking into consideration
benefits admissible under the provisions of Income Tax Act, 1961.
ii) Deferred tax is recognized, subject to the consideration of
prudence, on timing differences, being difference between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods.
G Prior Period Adjustments
All identifiable items of income and expenditure pertaining to prior
period are accounted through "Prior Period Adjustments Account"
H Provision, Contingent Liabilities and Contingent Assets
Provision involving substantial degree of estimation in measurement are
recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2012
Significant accounting policies adopted in the preparation and
presentation of the accounts are as under:
(a) Basis of Accounting:
The financial statements are prepared under historical cost convention
on an accrual basis except Gratuity, which is accounted on cash basis.
(b) Fixed Assets:
Company has disposed all fixed asset. However Fixed Assets are stated
at cost of acquisition or construction, net of CENVAT available less
accumulated depreciation. Cost comprises of the purchase price and any
other attributable cost of bringing the assets to its working
conditions for its intended use.
(c) Depreciation:
Depreciation on all depreciable fixed assets is provided under Straight
Line Method as per rates specified in Schedule XIV to the Companies
Act, 1956. Except computer on which depreciation provided after
deducting scrap value. Depreciation on addition or deduction is
provided on pro-rata basis.
(d) Investments:
Long Term Investments are stated at cost of acquisition.
(e) Inventories:
Company does not hold any Inventory during the year. However as per the
policy of the company, inventories are valued applying FIFO method as
under:
(i) Raw materials are valued at cost or NRV whichever is lower.
(ii) Finished Goods are valued at cost or net realizable value whichever
is lower.
(f) Retirement Benefits:
i. Short term Employee Benefits:
All employee benefits falling due within twelve months of rendering the
service are classified as short term employee benefits. The benefits
like salaries, wages, bonus, leave salary ex-gratia are recognized in
the period in which employee renders the related services.
ii. Defined Contribution Plans:
Contributions to Defined Contribution Plans are recognized as expense
in the Profit and Loss Account, as they are incurred.
iii. Defined Benefit Plans:
Gratuity is accounted by the entity as and when paid.
(g) Revenue Recognition:
- As per policy of the company, Income from sales is recognized net of
discount etc.
- Income from rent is recognized on accrual basis based on the
agreement with the parties.
- Income from interest is recognized on accrual basis where dividend on
shares recognized at time of receipt.
- Income from shares investment is recognized at time of physical
delivery of shares.
(h) Borrowing Cost:
Borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset are capitalized as
part of the cost of that asset. Other borrowing costs are recognized as
an expense in the period in which they are incurred.
Mar 31, 2010
(a) Basis of Accounting:
The financial statements are prepared under historical cost convention
on an accrual basis except Gratuity, which is accounted on cash basis.
(b) Fixed Assets;
Fixed Assets are stated at cost of acquisition or construction, net of
CENVAT available less accumulated depreciation. Cost comprises of the
purchase price and any other attributable cost of bringing the assets
to its working conditions for its intended use.
(c) Depreciation:
Depreciation on all depreciable fixed assets is provided under Straight
Line Method as per rates specified in Schedule XIV to the Companies
Act, 1956. Depreciation on addition or deduction is provided on
pro-rata basis.
No depreciation is provided on the unused assets.
(d) Investments:
Long Term Investments are stated at cost of acquisition.
(e) Inventories:
Company does not hold any Inventory during the year. However as per the
policy of the company, inventories are valued applying FIFO method as
under:
(i) Raw materials are valued at cost.
(ii) Finished Goods are valued at cost or net realisable value
whichever is lower.
(f) Retirement Benefits:
i. Short term Employee Benefits:
All employee benefits falling due within twelve months of rendering the
service are classified as short term employee benefits. The benefits
like salaries, wages, bonus, leave salary ex-gratia are recognized in
the period in which employee renders the related services.
ii. Defined Contribution Plans:
Contributions to Defined Contribution Plans are recognized as expense
in the Profit and Loss Account, as they are incurred.
iii. Defined Benefit Plans:
Gratuity is accounted by. the entity as and when paid.
(g) Revenue Recognition:
As per policy of the company, Income from sales is being recognized net
of discount etc.
Income from Speculation business related to derivatives instruments are
recognized on mark-to-market basis.
Income from speculative business resulting from intraday transactions
are recognized based on the outcome of those transactions.
(h) Borrowing Cost:
Borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset are capitalized as
part of the cost of that asset. Other borrowing costs are recognized as
an expense in the period in which they are incurred.
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