Mar 31, 2015
2.01 Basis of preparation of Financial Statements :
The Financial statements are prepared to comply in all material
respects with the Accounting Standards notified by the relevant
provisions of Companies Act, 2013. The financial statements have been
prepared under the historical cost convention on an accrual basis. The
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.
2.02 Use of Estimates :
The preparation of financial statement in conformity with generally
accepted accounting principles requires management of the company to
make estimates and assumptions that affect the reported amount of
assets and liabilities and disclosure of contingent liabilities at the
date of financial statements and the reported amount of revenues and
expenses during the reporting period. Difference between actual results
and estimates are recog- nized in the period in which the results are
known / materialized.
2.03 Segmental Reporting :
By applying the definitions of "business segment" and "geographical
segment", contained in AS-17, it is concluded that there is neither
more than one business segment nor more than one geographical segment
and as such, segment information as per AS-17 is not required to be
disclosed.
2.04 Revenue Recognition :
Revenue is recognized when it is earned and no significant uncertainty
exists as to its realization or collection. Revenue on sale of product
is recognized on delivery of the product, when all significant
contractual obligations have been satisfied, the property in goods is
transferred for a price, significant risk and reward of ownership have
been transferred and no effective ownership control is retained.
Interest income is recognized on time proportion basis.
2.05 Foreign Currency Transactions :
Transactions in foreign currency are accounted for at the exchange
rates prevailing on the date of transactions. Exchange difference
arising on foreign currency transactions settled during the year are
recognized in the Profit and Loss Account for the year, other than
exchange difference related to the liabilities for acquisition of fixed
assets that are adjusted to the cost of the related fixed assets. All
monetary items denominated in foreign currency are translated at
exchange rates prevailing on the balance sheet date. The resultant
exchange differ- ences are recognized in the Profit and Loss Account
for the year, other than exchange differences related to the
liabilities for acquisition of fixed assets that are adjusted to the
cost of fixed assets.
In the case of forward contracts, the difference between the forward
rate and the exchange rate on the date of the transaction is recognized
in the Profit and Loss Account over the life of the contract, except in
case of liabilities relating to acquisition of fixed assets, which is
adjusted to the carrying cost of the fixed asset.
Amount remitted in foreign currency Rs. NIL
Earning in foreign currency on FOB basis Rs. NIL
2.06 Borrowing Costs :
Borrowing costs directly attributable to the acquisition and
construction of qualifying assets are capitalized as part of cost of
such asset till such time the asset is ready for its intended use. A
qualifying asset is one that requires substantial period of time to get
ready for its intended use. All other borrowing costs, if any, are
charged to Profit and Loss account as period cost.
2.07 Tangible Assets :
Tangible assets are stated at cost less accumulated depreciation and
impairment losses, if any. Direct cost comprises of all expenditure of
capital in nature attributable to bringing the fixed asset to working
condition for its intended use and incidental expenses including
interest relating to acquisition, until Tangible assets are ready to
use be put to use.
As per Companies Act, 2013, the assets whose useful life has expired as
on 1st April, 2014 are written off during the year against reserves and
surplus account.
2.08 Depreciation :
Fixed assets include all expenditure of capital nature and are stated
at cost (net of Cenvat, whenever applicable) less accumulated
depreciation.
In respect of addition and sale of assets during the period,
depreciation is provided on periodical basis.
The depreciation on the assets for the current financial year, is
calculated on the basis of remaining useful life of the assets, as per
Schedule II of the provisions of Companies Act' 2013.
2.09 Investments :
Non Current Investments are stated at cost. Provision for diminution in
the value of non-current investments is made, only if, in the opinion
of the management, such a decline is regarded as being other than
temporary.
2.10 Inventories :
The company does not have any inventory as on 31st March 2015.
2.11 Cash and cash equivalent :
Cash and cash equivalents for the purpose of the cash flow statements
comprise cash at bank and in hand and short term investments with an
original maturity of three month or less.
2.12 Provisions, Contingent Liabilities and Contingent Assets :
A provision is recognized when the company has a present obligation as
a result of past event; 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 are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. This are reviewed at
each balance sheet date and adjusted to reflect the current best
estimates. Contingent liabilities are not recognized but are disclose
in the notes. Contingent assets are neither recognized nor disclosed
in the financial statements.
2.13 Taxes on Income :
Income tax expense comprises of current tax and deferred tax (charge or
credit).
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Provision is made for income tax annually
based on the tax liability computed, after considering tax allowances
and exemp- tions under the Income Tax Act, 1961.
Deferred taxes measured based on the tax rates and the tax laws enacted
or substantively enacted at the balance sheet date. Deferred tax assets
are recognized only to the extent that there is reasonable certainty
that sufficient future taxable income will be available against which
such deferred tax assets can be realized. In situations where the
company has unabsorbed depreciation or carried forward tax losses all
deferred tax assets are recognized only if there is virtual certainty
supported by convincing evidence that they can be realized against
future taxable profits.
Deferred tax assets and deferred tax liability are reviewed for
appropriateness of their respective carrying values at each balance
sheet date.
(In Rupees)
Timing Difference Amount as per Amount as per Difference
companies Act Income Tax Act
Depreciation 1082 662 420
Timing Difference DTA / (DTL)
Depreciation 126
2.14 Related Party Disclosures :
Related Party disclosures as required under the Accounting Standard
(AS) - 18 on "Related Party Disclosures" notified in Companies
(Accounting Standards) Rules, 2006 are given below:
(A) Name of the related parties and description of relationship :
S. Description of Relationship Name of the Related Party
N. (With whom transactions has
taken place during the year)
1 Enterprises having significant a) Ozone India Limited
influence
b) Advance Realty Developers
2. Relatives of Key Managerial Person a) Mrs. Indiraben Patel
2.15 General :
(1) Any other accounting policy not specifically referred to are
consistent with generally accepted accounting principles.
(2) Debit/credit balances under the head "Current liabilities","Sundry
debtors", "Unsecured loans" and "Loans and advances" are subject to
confirmation from respective parties.
(3) On the basis of the information available with the company, there
are no Micro, Small and Medium enterprise to whom the company owes
dues, which are outstanding for more than 45 days at the balance sheet
date.
(4) The Company does not have any Contingent liabilities in the nature
of claims or guarantees.
(5) The assets whose useful life has been expired as on 31.03.2014 are
written off during the year against general reserves.
(6) Previous year's figures have been regrouped, reclassified wherever
necessary to correspond with the current year's
classifications/disclosures.
Mar 31, 2014
1.01 Basis of preparation of Financial Statements :
The Financial Statements are prepared to comply in all material
respects with the Accounting Standards notified by the 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 an accrual basis. The
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.
1.02 Use of Estimates :
The preparation of financial statements in conformity with generally
accepted accounting principles requires management of the Company to
make estimates and assumptions that affect the reported amount of
assets and liabilities and disclosure of contingent liabilities at the
date of financial statements and the reported amount of revenues and
expenses during the reporting period. Difference between the actual
results and estimates are recognized in the period in which the results
are known/ materialized.
1.03 Tangible Assets :
Tangible Assets are stated at cost less accumulated depreciation and
impairment losses, if any. Direct cost comprises of all expenditure of
capital in nature attributable to bringing the fixed asset to working
condition for its intended use and incidental expenses including
interest relating to acquisition, until Tangible assets are ready to be
put to use.
1.04 Accounting for Investments :
Non Current Investments are stated at cost. Provision for diminution in
the value of non current investments is made, only if, in the opinion
of the management, such a decline is regarded as being other than
temporary
1.05 Segment Reporting :
By applying the definitions of "business segment" and "geographical
segment", contained in AS-17, it is concluded that there is neither
more than one business segment nor more than one geographical segment
and as such segment information as per AS-17 is not required to be
disclosed.
1.06 Depreciation :
a. Fixed assets include all expenditure of capital nature and are
stated at cost (net of Cenvat, wherever applicable) less accumulated
depreciation.
b. Depreciation on fixed assets is provided on WDV method at the rates
prescribed in Schedule XIV to the Companies Act, 1956.
c. In respect of addition and sales of assets during the period,
depreciation is provided on periodical basis.
1.07 Revenue Recognition :
Revenue is recognised when it is earned and no significant uncertainty
exists as to its realisation or collection. Revenue on sale of product
is recongnised on delivery of the products, when all significant
contractual obligations have been satisfied, the property in goods is
transfered for a price, significant risk and reward of ownership have
been transfered and no effective ownership control is retained.
Interest income is recognised on time proportion basis.
1.08 Borrowing Costs :
Borrowing costs directly attributable to the acquisition and
construction of qualifying assets are capitalized as part of cost of
such assets till such time the asset is ready for its intended use. A
qualifying asset is one that requires substantial period of time to get
ready for its intended use. All other borrowing costs, if any, are
charged to the Profit & Loss Account as period costs.
1.09 Taxes on Income :
Income Tax expense comprises of current tax and deferred tax (charge or
credit).
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Provision is made for income tax annually
based on the tax liability computed, after considering tax allowances
and exemp- tions under the Income Tax Act, 1961.
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the balance sheet date. Deferred
tax assets are recognised only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realised. In situations
where the company has unabsorbed depreciation or carry forward tax
losses, all deferred tax assets are recognised only if there is virtual
certainty supported by convincing evidence that they can be realised
against future taxable profits.
Deferred Tax Assets and Deferred Tax Liabilities are reviewed for
appropriateness of their respective carrying values at each balance
sheet date.
1.10 Provisions, Contingent Liabilities and Contingent Assets :
A provision is recognised when the Company has a present obligation as
a result of past event; 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 are not discounted to its
present value and are determined based on 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 not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
1.11 Cash and Cash Equivalent :
Cash and cash equivalents for the purpose of cash flow statement
comprise cash at bank and in hand and short term investments with an
original maturity of three months or less.
1.12 General :
Any other accounting policy not specifically referred to are consistent
with generally accepted accounting principles.
Mar 31, 2013
1.01 Basis of preparation of Financial Statements :
The Financial Statements are prepared to comply in all material
respects with the Accounting Standards notified by the 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 an accrual basis. The
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.
1.02 Use of Estimates :
The preparation of financial statements in conformity with generally
accepted accounting principles requires management of the Company to
make estimates and assumptions that affect the reported amount of
assets and liabilities and disclosure of contingent liabilities at the
date of financial statements and the reported amount of revenues and
expenses during the reporting period. Difference between the actual
results and estimates are recognized in the period in which the results
are known/ materialized.
1.03 Tangible Assets :
Tangible Assets are stated at cost less accumulated depreciation and
impairment losses, if any. Direct cost comprises of all expenditure of
capital in nature attributable to bringing the fixed asset to working
condition for its intended use and incidental expenses including
interest relating to acquisition, until Tangible assets are ready to be
put to use.
1.04 Accounting for Investments :
Non Current Investments are stated at cost. Provision for diminution in
the value of noncurrent investments is made, only if, in the opining of
the management, such a decline is regarded as being other than
temporary.
1.05 Preliminary Expenses :
Preliminary Expenses are written off in 5 (five) equal installments.
1.06 Segment Reporting :
By applying the definitions of "business segment" and "geographical
segment", contained in AS-17, it is concluded that there is neither
more than one business segment nor more than one geographical segment
and as such segment information as per AS-17 is not required to be
disclosed.
1.07 Depreciation :
a. Fixed assets include all expenditure of capital nature and are
stated at cost (net of Cenvat, wherever applicable) less accumulated
depreciation.
b. Depreciation on fixed assets is provided on WDV method at the rates
prescribed in Schedule XIV to the Companies Act, 1956.
c. In respect of addition and sales of assets during the period,
depreciation is provided on periodical basis.
1.08 Revenue Recognition :
Revenue is recognized when it is earned and no significant uncertainty
exists as to its realization or collection. Revenue on sale of product
is recognized on delivery of the products, when all significant
contractual obligations have been satisfied, the property in goods is
transferred for a price, significant risk and reward of ownership have
been transferred and no effective ownership control is retained.
Interest income is recognized on time proportion basis.
1.09 Borrowing Costs :
Borrowing costs directly attributable to the acquisition and
construction of qualifying assets are capitalized as part of cost of
such assets till such time the asset is ready for its intended use. A
qualifying asset is one that requires substantial period of time to get
ready for its intended use. All other borrowing costs, if any, are
charged to the Profit & Loss Account as period costs.
1.10 Taxes on Income :
Income Tax expense comprises of current tax and deferred tax (charge or
credit).
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Provision is made for income tax annually
based on the tax liability computed, after considering tax allowances
and exemptions under the Income Tax Act, 1961.
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the balance sheet date. Deferred
tax assets are recognized only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized. In situations
where the company has unabsorbed depreciation or carry forward tax
losses, all deferred tax assets are recognized only if there is virtual
certainty supported by convincing evidence that they can be realized
against future taxable profits.
Deferred Tax Assets and Deferred Tax Liabilities are reviewed for
appropriateness of their respective carrying values at each balance
sheet date.
1.11 Provisions, Contingent Liabilities and Contingent Assets :
A provision is recognized when the Company has a present obligation as
a result of past event; 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 are not discounted to its
present value and are determined based on 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 not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
1.12 Cash and Cash Equivalent :
Cash and cash equivalents for the purpose of cash flow statement
comprise cash at bank and in hand and short term investments with an
original maturity of three months or less.
1.13 General :
Any other accounting policy not specifically referred to are consistent
with generally accepted accounting principles.
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