Mar 31, 2015
I) Basis of Accounting
The Financial Statements of the Company has been prepared in accordance
with the Generally Accepted Accounting Principles in India (Indian
GAAP) to comply with the Accounting Standards specified under Section
133 ofthe Companies Act, 2013, read with Rule 7 of the Companies
(Accounts) Rules, 2014 and the relevant provisions ofthe Companies Act,
2013. The financial statements have been prepared on accrual ba- sis
under the historical cost convention. The accounting policies adopted
in the preparation ofthe financial statements are consistent with those
followed in the previous year.
(ii) Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date ofthe
financial statements and the results of operations during the reporting
period. Although these estimates are based upon management's best
knowledge of current events and actions, actual results could differ
from these estimates.
(iii) Investments
Long term investments are stated at cost less provision,if any, for
permanent diminution in the value ofthe investments.
(iv) Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation. Cost
comprises of purchase price and other attributable costs, if any, in
bringing the assets to its working condition for its intended use.
(v) Depreciation
(i) Depreciation is provided for on Straight Line method in the manner
prescribed in Part C of Schedule II of the Companies Act,2013 and
reckoning the maximum residual value @ 5% ofthe original cost ofthe
asset.
(ii) In respect of addition of assets during the year, depreciation has
been provided on Pro-rata basis.
(iii) The carrying amount of assets acquired prior to 01 st April 2014
is depreciated over the remaining useful life ofthe assets. Those
assets whose useful life is Nil as on 01 st April 2014, the balance
carrying amount is recognised as current year depreciation and for
those assets where excess depreciation has been charged during the
previous years, assets value has been revert back and adjusted against
current year depreciation.
(vi) Inventories
Stocks are valued at cost or net realizable value whichever is less.
(vii) Revenue recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
(viii) Deferred Revenue Expenditure
Preliminary expenses are being amortized over a period of 10 years.
Amalgamation expenses are being amortized over a period of 5 years.
Preliminary expenses, relating to public issue Expenses, of
amalgamating company has not been written off.
(ix) Employee Benefits
Regular contributions are being made towards the Provident fund and the
same has been charged to revenue. The company does provide for
employees leave encashment, gratuity or any other benefits of similar
nature and the same have been charged to revenue.
(x) Taxation
Provision for taxation comprises of the current tax provision, and the
net change in the deferred tax asset or liability during the year.
Provision for deferred tax is made on the timing diferrences arising
between the taxable income and the accounting income computed using the
tax rates and the laws that have been enacted or substantively enacted
as of the balance sheet date.
(xi) Provisions,
A provision is recognised when an enterprise has a present obligation
as a result of past event and 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.
(xii) Contingent Liabilities and Contingent Assets
Contingent liabilities and contingent assets are not recognized in the
financial statements.
(xiii) Earnings per share
"Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period."
Mar 31, 2014
(i) Basis of Accounting
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply 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. The accounting policies adopted in the preparation of
the financial statements are consistent with those followed in the
previous year.
(ii) Use of estimates
The preparation of financial statements, in conformity with the
generally accepted accounting principles, requires the management to
make estimates and assumptions based on the evaluation of the
circumstances and the conditions prevailed in the industry that affect
the reported amount of assets, liabilities,revenues and expenses and
disclosure of contingent liabilities as of the date of the financial
statements. Actual results could differ from those estimated.
(iii) Investments
Long term investments are stated at cost less provision,if any, for
permanent diminution in the value of the investments.
(iv) Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation. Cost
comprises of purchase price and other attributable costs , if any , in
bringing the assets to its working condition for its intended use.
(v) Depreciation
Depreciation is provided for on Straight Line method at the rates and
in the manner prescribed under Schedule XIV of the Companies Act,1956.
In respect of addition of assets,other than assets costing less than
Rs.5,000/- each, depreciation has been provided on pro-rata basis.
Assets costing less than Rs.5,000/- are fully depreciated in the year
of purchase.
(vi) Inventories
Stocks are valued at cost or net realizable value whichever is less.
(vii) Revenue recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
(viii) Deferred Revenue Expenditure
Preliminary expenses are being amortized over a period of 10 years.
Amalgamation expenses are being amortized over a period of 5 years.
Preliminary expenses, relating to public issue Expenses, of
amalgamating company has not been written off.
(ix) Employee Benefits
Regular contributions are being made towards the Provident fund and the
same has been charged to revenue. The company does provide for
employees leave encashment, gratuity or any other benefits of similar
nature and the same have been charged to revenue.
(x) Taxation
Provision for taxation comprises of the current tax provision, and the
net change in the deferred tax asset or liability during the year.
Provision for deferred tax is made on the timing differences arising
between the taxable income and the accounting income computed using the
tax rates and the laws that have been enacted or substantively enacted
as of the balance sheet date.
(xi) Provisions,
A provision is recognised when an enterprise has a present obligation
as a result of past event and 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.
(xii) Contingent Liabilities and Contingent Assets
Contingent liabilities and contingent assets are not recognized in the
financial statements.
(xiii) Earnings per share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period.
Mar 31, 2013
(i) Basis of Accounting
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply 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. The accounting policies adopted in the preparation of
the financial statements are consistent with those followed in the
previous year.
(ii) Use of estimates
The preparation of financial statements, in conformity with the
generally accepted accounting prin- ciples, requires the management to
make estimates and assumptions based on the evaluation of the
circumstances and the conditions prevailed in the industry that affect
the reported amount of assets, liabilities,revenues and expenses and
disclosure of contingent liabilities as of the date of the financial
statements. Actual results could differ from those estimated.
(iii) Investments
Long term investments are stated at cost less provision, if any, for
permanent diminution in the value of the investments.
(iv) Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation. Cost
comprises of purchase price and other attributable costs, if any, in
bringing the assets to its working condition for its intended use.
(v) Depreciation
Depreciation is provided for on Straight Line method at the rates and
in the manner prescribed under Schedule XIV of the Companies Act,1956.
In respect of addition of assets,other than assets costing less than
Rs.5000/- each, depreciation has been provided on pro-rata basis.
Assets cost- ing less than Rs.5000/- are fully depreciated in the year
of purchase.
(vi) Inventories
Stocks are valued at cost or net realizable value whichever is less.
(vii) Revenue recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
(viii) Deferred Revenue Expenditure
Preliminary expenses are being amortized over a period of 10 years.
Amalgamation expenses are being amortized over a period of 5 years.
Priliminary expenses( Relating to public issue Expenses) of
amalgamating company has not been written off.
(ix) Employee Benefits
Regular contributions are being made towards the Provident fund and the
same has been charged to revenue. The company does provide for
employees leave encashment, gratuity or any other benefits of similar
nature and the same have been charged to revenue.
(x) Taxation
Provision for taxation comprises of the current tax provision, and the
net change in the deferred tax asset or liability during the year.
Provision for deferred tax is made on the timing diferrences arising
between the taxable income and the accounting income computed using the
tax rates and the laws that have been enacted or substantively enacted
as of the balance sheet date.
(xi) Provisions
A provision is recognised when an enterprise has a present obligation
as a result of past event and 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.
(xii) Contingent Liabilities and Contingent Assets
Contingent liabilities and contingent assets are not recognized in the
financial statements.
(xiii) Earnings per share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period.
Mar 31, 2012
(i) Basis of Accounting
'The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply 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. The accounting policies adopted in the preparation of
the financial statements are consistent with those followed in the
previous year.
(ii) Use of estimates
The preparation of financial statements, in conformity with the
generally accepted accounting principles, requires the management to
make estimates and assumptions based on the evaluation of the
circumstances and the conditions prevailed in the industry that affect
the reported amount of assets, liabilities,revenues and expenses and
disclosure of contingent liabilities as of the date of the financial
statements. Actual results could differ from those estimated.
(iii) Investments
Long term investments are stated at cost less provision, if any, for
permanent diminution in the value of the investments.
(iv) Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation. Cost
comprises of purchase price and other attributable costs, if any, in
bringing the assets to its working condition for its intended use.
(v) Depreciation
Depreciation is provided for on Straight Line method at the rates and
in the manner prescribed under Schedule XIV of the Companies Act,1956.
In respect of addition of assets,other than assets costing less than
Rs.5000/- each, depreciation has been provided on pro-rata basis.
Assets costing less than Rs.5000/- are fully depreciated in the year of
purchase.
(vi) Inventories
Stocks which are primarily foreign currencies or a varied form thereof
are valued at cost or net realizable value whichever is less.
(vii) Revenue recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
(viii)Deferred Revenue Expenditure
Preliminary expenses are being amortized over a period of 10 years.
Amalgamation expenses are being amortized over a period of 5 years.
Priliminary expenses( Relating to public issue Expenses) of
amalgamating company has not been written off.
(ix) Employee Benefits
Regular contributions are being made towards the Provident fund and the
same has been charged to revenue.The company does provide for employees
leave encashment, gratuity, superannuation, pension or any other
benefits of similar nature and the same has been charged to revenue.
(x) Taxation
Provision for taxation comprises of the current tax provision, and the
net change in the deferred tax asset or liability during the year.
Provision for deferred tax is made on the timing diferrences arising
between the taxable income and the accounting income computed using the
tax rates and the laws that have been enacted or substantively enacted
as of the balance sheet date.
(xi) Provisions,
A provision is recognised when an enterprise has a present obligation
as a result of past event and 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..
(xii) Contingent Liabilities and Contingent Assets
Contingent liabilities and contingent assets are not recognized in the
financial statements.
(xiii) Earnings per share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period.
Mar 31, 2011
(i) Basis of Accounting
The financial statements have been prepared on historic cost convention
on accrual basis, except otherwise stated, in accordance with the
Accounting Principles Generally accepted in India and comply with
mandatory Accounting Standards notified by the Central Government of
India under the Companies (Accounting Standards) Rules, 2006 and with
the relevant provisions of the Companies Act, 1956.
(ii) Use of estimates
The preparation of financial statements, in conformity with the
generally accepted accounting principles, requires the management to
make estimates and assumptions based on the evaluation of the
circumstances and the conditions prevailed in the industry that affect
the reported amount of assets, liabilities, revenues and expenses and
disclosure of contingent liabilities as of the date of the financial
statements. Actual results could differ from those estimated.
(iii) Investments
Long term investments are stated at cost less provision, if any, for
permanent diminution in the value of the investment.
(iv) Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation. Cost
comprises of purchase price and other attributable costs, if any, in
bringing the assets to its working condition for its intended use.
(v) Depreciation
Depreciation is provided for on Straight Line method at the rates and
in the manner prescribed under Schedule XIV of the Companies Act,1956.
In respect of addition of assets, other than assets costing less than
Rs. 5000/- each, depreciation has been provided on pro-rata basis.
Assets costing less than Rs. 5000/- are fully depreciated in the year
of purchase.
(vi) Inventories
Stocks which are primarily foreign currencies or a varied form thereof
are valued at cost or market price whichever is less.
(vii) Revenue recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
(viii) Deferred Revenue Expenditure
Preliminary expenses are being amortized over a period of 10 years.
Amalgamation expenses are being amortized over a period of 5 years.
Preliminary expenses (Relating to public issue Expenses) of
amalgamating company has not been written off.
(ix) Employee Benefits
Regular contributions are being made towards the Provident fund and the
same has been charged to revenue. The company does not provide for
employees gratuity, superannuation, pension or any other benefits of
similar nature. Provision for leave encashment has been made.
(x) Taxation
Provision for taxation comprises of the current tax provision, and the
net change in the deferred tax asset or liability during the year.
Provision for deferred tax is made on the timing differences arising
between the taxable income and the accounting income computed using the
tax rates and the laws that have been enacted or substantively enacted
as of the balance sheet date.
(xi) Provisions
A provision is recognised when an enterprise has a present obligation
as a result of past event and 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 the 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.
(xii) Contingent Liabilities and Contingent Assets
Contingent liabilities and contingent assets are neither recognized nor
disclosed in the financial statements.
(xiii) Earnings per share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period.
Mar 31, 2010
1.1 Basis of Accounting
The financial statements have been prepared on historic cost convention
on accrual basis.except otherwise stated, in accordance with the
Accounting Principles Generally accepted in India and comply w;th
mandatory Accounting Standards notified by the Central Government of
India under the Companies (Accounting Standards) Rules . 2006 and with
the relevant provisions of the; Companies Act,1956.
1.2 Use of estimates
The preparation of financial statements, in conformity with the
generally accepted accounting principles, requires the management to
make estimates and assumptions Dassd on the evaluation of the
circumstances and the conditions prevailed in the industry that affect
the reported amount of assets, liabilities,revenues and expenses and
disclosure of contingent liabilities as of the date of the financial
statements. Actual results could differ from those estimated.
1.3 Investments
Long term investments are stated at cost less provision,if any, for
permanent diminution in the value of the investment.
1.4 Fixed Assets and Depreciation
Fixed Assets are stated at cost less accumulated depreciation. Cost
comprises of purchase price and other attributable costs , if any , in
bringing the assets to its working condition for its intended use.
Depreciation is provided for on Straight Line method at the rates and
in the manner prescribed under Schedule XIV of the Companies Act,1956.
In respect of addition of assets.other than assets costing less than
Rs.5000/- each, depreciation has been provided on pro-rata basis.
Assets costing less than Rs.5000/- are fully depreciated during the
year.
1.5 Inventories
Stocks which are primarily foreign currencies or a varied form thereof
are valued at cost or market price whichever is less.
1.6 Deferred Revenue Expenditure
Preliminary expenses are being amortized over a period of 10 years.
Amalgamation expenses are being amortized over a period of 5 years.
1.7 Employee Benefits
Regular contributions are being made towards the Provident fund and the
same has been charged to revenue. The company does not provide for
employees gratuity,superannuation,pension or any other benefits of
similar nature. Provision for leave encashment has been made.
1.8 Taxation
Provision for taxation comprises of the current tax provision, and the
net change in the deferred tax asset or liability during the year.
Provision for deferred tax is made on the timing diferrences arising
between the taxable income and the accounting income computed using the
tax rates and the laws that have been enacted or substantively enacted
as of the balance sheet date.
9 Provisions,Contingent Liabilities and Contingent Assets
Provisions are recognized only when there is a present obligation as a
result of past events and when a reliable estimate of the amount of
obligation can be made as at the balance sheet date. Contingent
liabilities and contingent assets are neither recognized nor disclosed
in the financial statements.
10 Segment Reporting
The company operates in a single segment i,e trading of foreign
currencies and hence does not caiis for segmentwise disclosure of
assets,liabilities,revenues 01 expenses as prescribed under Accounting
Standard 17 on " Segment Reporting", issued by the Institute of
Chartered Accountants of India.
1.12 Disclosure requirement regarding Micro, Small & Medium Scale
Enterprise?
The company has not received any intimation from suppliers regarding
their status under the Micro. Small . and Medium Enterprises
Development Act 2006 and Hence, disclosure , if any , relating to
amount unpaid as at the year end together with Interest paid/ payable
as required under the said Act have not been given.
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