Mar 31, 2014
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) in compliance with the Accounting Standards notified
under the Companies (Accounting Standards) Rules, 2006 (as amended) and
the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on accrual basis under the historical
cost convention. Further, in view of the revised schedule VI of the
Companies Act, the company has also reclassified the previous year
figures in accordance with the requirements applicable for the current
year.
General
The company follows the accrual method of accounting. The financial
statements have been prepared in accordance with the historical cost
convention and in accordance with. Expenses are accounted on their
accrual with necessary provision for all known liabilities and losses.
Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect 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 recognized in the period
in which the results are known/ materialized.
Fixed Assets
Fixed assets are stated at cost including taxes, duties, freight,
insurance etc. related to acquisition and installation.
Depreciation
Depreciation is provided on Written down Value basis as per rates of
the Income Tax Act, 1961. For additions/ deletions during the year,
depreciation is provided on the pro-rata basis based on the number of
days the assets is used during the year.
Inventories
Inventories were valued at lower of Cost or NRV.
Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Dividend income is recognized
when right to receive is established. Interest income is recognized on
time proportion basis taking into account the amount outstanding and
rate applicable.
Provisions, Contingent Assets and Contingent Liabilities
Provisions involving substantial degree of estimation in measurement
are recognised 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 disclosed when the company has possible
obligation or a present obligation and it is probable that a cash flow
will not be required to settle the obligation. Contingent Assets are
neither recognised nor disclosed in the financial statements.
Investments
Investments that are readily realizable and intended to be held for not
more than one year, are classified as current investments. All other
investments are classified as long-term investments.
Current Investments are stated at lower of cost or market rate on
individual investment basis. Long Term Investments are considered "at
cost", unless there is other than temporary decline in value thereof,
in which case, adequate provision is made against such diminution in
the value of investments.
Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income-tax Act, 1961.
Deferred tax resulting from "timing difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred tax asset is recognised and carried forward only to the extent
that there is a virtual certainty that the asset will be realized in
future.
Employee Benefits
Short-term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
i. Gratuity:
The liability for gratuity has not been provided as per the provisions
of Payment of Gratuity Act, 1972 since no employee of the company is
eligible for such benefits during the year.
ii. Provident Fund:
The provisions of the Employees Provident Fund are not applicable to
the company since the number of employees employed during the year were
less than the minimum prescribed for the benefits.
iii. Leave Salary:
In respect of Leave Salary, the same is accounted as and when the
liability arises in accordance with the provision of law governing the
establishment.
Impairment of Assets
As at Balance Sheet Date, the carrying amount of assets is tested for
impairment so as to determine:
a. Provision for Impairment Loss, if any, required or
b. The reversal, if any, required of impairment loss recognized in
previous periods.
Impairment Loss is recognized when the carrying amount of an asset
exceeds its recoverable amount. Borrowing Cost
Borrowing cost attributable to the acquisition or construction of
qualifying assets are capitalized as a part of such assets. All other
borrowing costs are charged off to revenue.
A qualifying asset is an asset that necessarily requires a substantial
period of time to get ready for its intended use or sale.
Rights, preference and restrictions attached to Equity Shares
The Company has one class of Equity shares having a par value of Rs.10/-
each. Each shareholder is eligible to one vote per share held.
In the Event of Liquidation of the Company, the holders of the equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.
Details of Share held by shareholders holding more than 5% of the
aggregate shares in the company
Mar 31, 2013
Basis of Preparation of Financial Statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) in compliance with the Accounting Standards notified
under the Companies (Accounting Standards) Rules, 2006 (as amended) and
the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on accrual basis under the historical
cost convention. Further, in view of the revised schedule VI of the
Companies Act, the company has also reclassified the previous year
figures in accordance with the requirements applicable for the current
year.
General
The company follows the accrual method of accounting. The financial
statements have been prepared in accordance with the historical cost
convention and in accordance with. Expenses are accounted on their
accrual with necessary provision for all known liabilities and losses.
Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect 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 recognized in the period
in which the results are known/ materialized,
Fixed Assets
Fixed assets are stared at cost including taxes, duties, freight,
insurance etc. related to acquisition and installation.
Depreciation
Depreciation is provided on Written Down Value basis as per Schedule
XIV of the Companies Act 1956. For additions/ deletions during the
year, depreciation is provided on the pro-rata basis based on the
number of days the assets is used during the year.
Inventories
Inventories were valued at lower of Cost or NRV.
Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Dividend income is recognized
when right to receive is established. Interest income is recognized on
time proportion basis taking into account the amount outstanding and
rate applicable.
Provisions, Contingent Assets and Contingent Liabilities
Provisions involving substantial degree of estimation in measurement
are recognised 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 disclosed when the company has possible
obligation or a present obligation and it is probable that a cash flow
will not be required to settle the obligation. Contingent Assets are
neither recognised nor disclosed in the financial statements.
investments
Investments that are readily realizable and intended to be held for not
more than one year, are classified as current investments. All other
investments are classified as long-term investments.
Current Investments are stated at lower of cost or market rate on
individual investment basis. Long Term Investments are considered "at
cost", unless there is other than temporary decline in value thereof,
in which case, adequate provision is made against such diminution in
the value of investments.
Provision for Current and Deferred tax
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income-tax Act, 1961.
Deferred tax resulting from 'timing difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred tax asset is recognised and carried forward only to the extent
that there is a virtual certainty that the asset will be realized in
future.
Employee Benefits
Short-term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
i. Gratuity:
The liability for gratuity has not been provided as per the provisions
of Payment of Gratuity Act, 1972 since no employee of the company is
eligible for such benefits during the year,
ii. Provident Fund:
The provisions of the Employees Provident Fund are not applicable to
the company since the number of employees employed during the year were
less than the minimum prescribed for the benefits.
iii. Leave Salary:
in respect of Leave Salary, the same is accounted as and when the
liability arises in accordance with the provision of law governing the
establishment.
Impairment of Assets
As at Balance Sheet Date, the carrying amount of assets is tested for
impairment so as to determine:
a. Provision for Impairment Loss, if any, required or
b. The reversal, if any, required of impairment loss recognized in
previous periods.
Impairment Loss is recognized when the carrying amount of an asset
exceeds its recoverable amount.
Borrowing Cost
Borrowing cost attributable to the acquisition or construction of
qualifying assets are capitalized as a part of such assets. All other
borrowing costs are charged off to revenue.
A qualifying asset is an asset Chat necessarily requires a substantial
period of time to get intended use or sale,
Mar 31, 2012
Basis of Preparation of Finuncial Statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) in compliance with the Accounting Standards notified
under the Companies (Accounting Standards) Rules, 2006 (as amended) and
the relevant provisions of the Companies Act,. 1956. The financial
statements have been prepared on accrual basis under the historical
cost convention. Further, in view of the revised schedule VI of the
Companies Act, the company has also reclassified the previous year
figures in accordance with the requirements applicable for the current
year.
General
The company follows the accrual method of accounting, The financial
statements have been prepared sn accordance with the historical cost
convention and in accordance with. Expenses are accounted on Their
accrual with necessary provision for all known liabilities and losses.
Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect 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 recognized in the period
in which the results are known/ materialized.
Fixed Assets
Fixed assets are stated at cost including taxes, duties, freight,
insurance etc. related to acquisition and installation.
Depreciation
Depreciation is provided on Written Down Value basis as per Schedule
of the Companies Act 1956. For additions/ deletions during the
year, depreciation is provided on the pro-rata basis based on the
number of days the assets is used during the year.
Inventories
inventories were valued at lower of Cost or NRV.
Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Dividend income is recognized
when right to receive is established. Interest income is recognized on
time proportion basis taking into account the amount outstanding and
rate appliesbls.
Provisions, Contingent Assets and Contingent Liabilities
Provisions involving substantial degree of estimation in measurement
are recognised 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 disclosed when the company has possible
obligation or a present obligation and it is probable that a cash flow
will not be required to settle The obligation. Contingent Assets are
neither recognised nor disclosed in the financial statements,
Investments
Investments that are readily realizable and intended to be held for not
more than one year, are classified as current investments. All other
investments are classified as long-term investments.
Current Investments are stated at lower of cost or market rate on
individual investment basis. Long Term Investments are considered at
cost11, unless there is other than temporary decline in value thereof,
in which case, adequate provision is made against such diminution in
the value of investments.
Pro vision for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income-tax Act, 1961.
Deferred tax resulting from "timing difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred tax asset is recognised and carried forward only to the extent
that there is a virtual certainty that the asset will be realized in
future.
Employee Benefits
Short-term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
i. Gratuity:
The liability for gratuity has not been provided as per the provisions
of Payment of Gratuity Act, 1972 since no employee of the company is
eligible for such benefits during the year,
ii. Provident Fund:
The provisions of the Employees Provident Fund are not applicable to
the company since the number of employees employed during the year were
less than the minimum prescribed for the benefits.
iii. Leave Salary:
In respect of Leave Salary, the same is accounted as and when the
liability arises in accordance with the provision of law governing the
establishment.
Impairment of Assets
As at Balance Sheet Date, the carrying amount of assets is tested for
impairment so as to determine:
a. Provision for Impairment Loss, if any, required or
b. The reversal, if any, required of impairment loss recognized in
previous periods. Impairment Loss is recognized when the carrying
amount of an asset exceeds its recoverable amount. Borrowing Cost
Borrowing cost attributable to the acquisition or construction ot
qualifying assets are capitalized as a part of such assets. All other
borrowing costs are charged off to revenue.
A qualifying asset is an asset that necessarily requires a substantial
period of time to get ready for its intended use or sale.
Mar 31, 2011
1. Basis of Preparation of Financial Statements:
The accounts of the Company are prepared as a going concern in
accordance with the applicable Accounting Standards except where
otherwise stated.
2. Use of Estimates:
The prepareation of the financial statements are in conformity with the
Generally Accepted Accounting Principles requires that the management
makes estimates and assumptions that effect the reported amounts of
Assets and Liabilities disclosure of contingent Liabilities as at the
date of the financial statements and the reported amount of revenue and
expenses during the audited period. Actual results could differ from
those estimates.
3. Revenue Recognition:
Income and Expenses are recognized on accrual basis unless otherwise
stated,.
B. Description lion of Business
1. General
Ruby Traders & Exporters Ltd carry on the
2. Activities:
a) Defered Tax Liability arose in lieu of the depreciation as per the
timing difference Accounting Standard 22(Accounting for Taxation)
b) The account has been duty verifies with the respective bank
statement
c) Comence has been certified by the management.