Mar 31, 2013
i) Accounting policies not specifically referred to otherwise are in consistence with earlier year and in consonance with generally accepted accounting principles.
ii) Expenses and income considered payable and receivable respectively are accounted for on accrual basis.
Sales are accounted on mercantile basis, when the sale of goods is completed.
c) Valuation of Inventories:
No Inventories during the year.
d) Fixed assets and depreciation:
a. Fixed assets are capitalized at cost inclusive of interest, freight, duties, taxes and all incidental expenses related thereto.
b. Depreciation on assets has been provided on Written Down Value Method at the rates prescribed by schedule XIV to the Companies Act 19S6 depreciation in respect of additions to / and deletion from assets has been charged on pro-rata basis to the month of addition or deletion.
Investments are valued at cost.
f) Foreign currency Transactions:
There is no foreign currency transaction.
g) Retirement Benefits:
Provident fund and employees state insurance scheme contribution is not applicable to the company.
h) Taxes on Income:
Current Tax: Provision for Income-Tax is determined in accordance with the provisions of Income-tax Act 1961.
Deferred Tax Provision: Deferred tax is recognized, on timing difference, being the difference between the taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.