Mar 31, 2015
ACCOUNTING CONCEPTS:
The Company follows mercantile system or accounting and recognises
income and expenses on accrual basis.
FIXED ASSETS:
Fixed Assets an recorded at cost of acquisition including the
expenditure incurred in connection with the acquisition and
installation ofthe assets.
DEPRECIATION:
Depreciation is provided on straight line method in accordance with
the rates and in the manner provided in the Schedule U to the
Companies Act, 2013.
INVESTMENTS:
AH the investments are long term investments and are stated at cost.
BORROWING COSTS:
Borrowing costs that are attributable to the acquisition or
construction or qualifying assets, the assets that take substantial
period of time to get ready for intended use, are capitalised as part
of the cost of such assets.
INTANGIBLE ASSET:
Intangible Assets are stated at cost of acquisition Less accumulated
amortization.
REVENUE RECOGNITION:
Service Receipts are recognized on completion of provision of services
and are recorded inclusive of all the relevant taxes and duties. The
same is recognized as income on completion of transaction and at the
time of performance it is not unreasonable to expect ultimate
collection. Other revenue items are recognized as income on their
accrual basis.
RETIREMENT BENEFITS:
The Company does not have defined employee retirement policy as the
employee strength does not exceed the statutory minimum.
IMPAIRMENT OF ASSETS
An asset is heated as impaired when the carrying cost of the Asset
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss account in the year in which an asset is identified as
impaired. The Impairment loss recognized in prior accounting periods
is increased / reversed where there has been change in the estimate
of recoverable amount The recoverable value it the higher of the net
selling price and value in use.
USE OF ESTIMATES
The preparation of financial statements requires management to make
estimates and assumption that affect the reported amounts of assets
and liabilities on the date of financial statements, the reported
amount of revenues and expenses and the disclosures relating to
contingent liabilities as on the date of financial statements. Actual
results could differ from those of estimates. Any revision in
accounting estimates is recognized in accordance with the respective
accounting standard.
EARNINGS PER SHARE
The Company reports basic and diluted earnings per share in accordance
with AS-20 "Earnings Per Share". Basic earnings per share are
computed by dividing the net profit or loss for the period by the
weighted average number of Equity Shares outstanding during the
period. Diluted earnings per share is computed by dividing the net
profit or loss for the period by the weighted average number of Equity
Shares outstanding during the period as adjusted for the effects of
all dilutive potential equity shares.
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS The Company
creates a provision when there exists a present obligation as a result
of a past event that probably requires an outflow of resources and a
reliable estimate can be made ofthe amount of the amount or
obligations disclosure for the contingent liability is made when there
is a possible obligation or a present obligation that may be, but
probably will not require outflow of resources. When there is a
possible obligation or a present obligation in respect of which
likelihood of resources is remote, no provision or disclosure is
needed.
TAXES ON INCOME:
Current tax is determined as the tax payable in respect of taxable
income for the year.
Deferred tax for the year is recognized on timing difference, being
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
Deferred tax assets and liabilities are measured assuming the tax
rates and tax laws that have been enacted or substantially enacted by
the Balance Sheet date. Deferred tax assets are recognized and carried
forward only if there » a reasonable / virtual certainty of
realization.
Mar 31, 2014
ACCOUNTING CONCEPTS:
The Company follows mercantile system of accounting, and recognises
income and expenses on accrual basis.
FIXED ASSETS:
Fixed Assets are recorded at cost of acquisition including the
expenditure incurred in connection with the acquisition and
installation of the assets.
DEPRECIATION:
Depreciation is provided on straight line method in accordance with the
rates and in the manner provided in the Schedule XIV to the Companies
Act, 1956.
INVESTMENTS:
All the investments are long term investments and are stated at cost.
BORROWING COSTS:
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets, the assets that take substantial
period of time to get ready for intended use, are capitalised as part
of the cost of such assets.
INTANGIBLE ASSET:
Intangible Assets are stated at cost of acquisition less accumulated
amortization.
REVENUE RECONGNITION:
Service Receipts are recognized'' on completion of provision of services
and are recorded inclusive of all the relevant taxes and duties. The
same is recognized as income on completion of transaction and at the
time of performance it is not unreasonable to expect ultimate
collection. Other revenue items are recognized as income on their
accrual basis.
RETIREMENT BENEFITS:
The Company does not have defined employee retirement policy as the
employee strength does not exceed the statutory minimum.
IMPAIRMENT OF ASSETS:
An asset is treated as impaired When the carrying cost of the Asset
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss account in the year in which an asset is identified as
impaired. The Impairment loss recognized in prior accounting periods is
increased / reversed where there has been change in the estimate of
recoverable amount The recoverable . value is the higher of the net
selling price and value in use.
USE OF ESTIMATES
The preparation of financial statements requires management to make
estimates and assumption that affect the reported amounts of assets and
liabilities on the date of financial statements, the reported amount of
revenues and expenses and the disclosures relating to contingent
liabilities as on the date of financial statements. Actual results
could differ from those of estimates. Any revision in accounting
estimates is recognized in accordance with the respective accounting
standard.
EARNINGS PER SHARE
The Company reports basic and diluted earnings per share in accordance
with AS-20 "Earnings Per Share". Basic earnings per share are
computed by dividing the net profit or loss for the period by the
weighted average number of Equity Shades outstanding during the period,
diluted earnings per share is computed by dividing the net profit or
loss for the period by the weighted average number of Eqtiity Shares
outstanding during the period as adjusted for the effects of all
dilutive potential equity shares.
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS The Company
creates a provision when there exists a present obligation as a result
of a past event that probably requires an outflow of resources and a
reliable estimate can be made of the amount of the amount of obligation
disclsure for the contingent liability is made when there is a possible
obligation or a present obligation that may be ,but probably will not
require outflow of resources. When there is a possible obligation or a
present obligation in respect of which likelihood of resources is
remote,no provision or disclosure is needed.
TAXES ON INCOME:
Current tax is determined as the tax payable in respect of taxable
income for the year.
Deferred tax for the year is recognized on timing difference, being
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
Deferred tax assets and liabilities are measured assuming the tax rates
and tax laws that have been enacted or substantially enacted by the
Balance Sheet date. Deferred tax assets are recognized and carried
forward only if there is a reasonable / virtual certainty of
realization.
Mar 31, 2013
ACCOUNTING CONCEPTS:
The Company follows mercantile system of accounting, and recognises
income and expenses on accrual basis
FIXED ASSETS:
Fixed Assets are recorded at cost of acquisition including the
expenditure incurred in connection with the acquisition and
installation of the assets.
DEPRECIATION:
Depreciation is provided on straight hne method in accordance with tin-
mtes and in Ihe manner provided in ihe Schedule XIV to Ihe Companies
Act. 1956
INVESTMENTS:
All the investments are long term investments and are s''ated at cost
BORROWING COSTS;
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets, the assets (hat lake substantial
period of time to get ready for intended use, are capitalised as pan of
the cost of uch assets
INTANGIBLE ASSET:
Intangible Assets are stated at cost of acquisition less accumulated
amortization
REVENUE RECONCNITION:
Service Receipts are recognized on completion of provision of serv,ees
and arc recorded inclusive of all the relevant lnxes and duties. The
same is recognized r.s income on completion of transaction and at the
lime of performance n is tot unreasonable to expect ultimate
collection. Other revenue items are recognized as income on their
accrual basis
RETIREMENT BENEFITS:
The Company does not have defined employee retirement policy as the
employee strength does nut exceeC the itasutor, minimum.
IMPAIRMENT OF ASSETS
An asserts treated as impaired when the carrying cosi of (he Assi''i
exceeds ik recoverable value An imnfiirmeni loss ,-. charged to Ihe
Profit & I.OSS account in the year in which an assei is iOer lied as
impaired I he tmptiirmer.i ms;. recognized in prior accounting periods
is increased /reversed where there has been change in ihe estimate of
recoieraM.'' amount. The recoverable value is the higher of the net
selling price and value in ust
USE OF ESTIMATES
The preparation of financial statements requires management to make
estimates jnd assumption that affect the reported amounts of assets and
liabilities on the date of financial statements, the reported amount of
revenues and expenses and the disclosures relating to contingent
liabilities as on the date of financial statements. Actual results
could differ from those of estimates. Any revision in accounting
estimates is recognized in accordance with the respective accounting
standard.
EARNINGS PER SHARE
The Company reports basic and diluted earnings per share in accordance
with AS-20 "Earnings Per Share" Basic earnings, per share are computed
by dividing the net profil or loss for the period by the weighted
average number of Equity Shares outstanding during the period. Dihted
earnings per share is computed by dividing the net profit or loss for
the period by the weighted average number of Equity Shares outstanding
during the period as adjusted for the effects of all dilutive potential
equity shares.
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Company creates a provision when there exists a present obligation
as a result of a past event that probably requires an outflow of
resources and alreliable estimate can he made of the amount of the
amount of obligation A disclsure lor the contingent liability is made
when there is a possible obligation or a prcseni obligation thai may be
but probably will not require outflow of resources. When there is a
possible obligation or a present obligation in respect of which
tikelihoou of resources is reniole.no provision or disclosure is needed
TAXES ON INCOME:
Current tax is determined as the tax payable in respect of taxable
income for the year.
Deferred tax for the year is recognized on timing difference, being
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
Deferred lax assets and liabilities are measured assuming the tax rates
and tax laws that have been enacted or substantially enacted by the
Balance Sheet date. Deferred tax assets are recognized and carried
forward only if there is a reasonable / virtual certainty of
realization.
Mar 31, 2012
ACCOUNTING CONCEPTS:
The Company follows mercantile system of accounting, and recognises
income and expenses on accrual basis.
FTXEDASSETS:
Fixed Assets are recorded at cost of acquisition including the
expenditure incurred in connection with the acquisition and
installation of the assets.
DEPRECIATION:
Depreciation is provided on straight line method in accordance with the
rates and in the manner provided in the Schedule XIV to the Companies
Act, 1956.
INVESTMENTS:
All the investments are long term investments and are stated at cost
BORROWING COSTS:
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets, the assets that take substantial
period of time to get ready for intended use, are capitalised as part
of the cost of such assets.
INTANGIBLE ASSET:
Intangible Assets are stated at cost of acquisition less accumulated
amortization.
REVENUE RECONGNITION:
Service Receipts are recognized on completion of provision of services
and are recorded inclusive of all the relevant taxes and duties. The
same is recognized as income on completion of transaction and at the
time of performance it is not unreasonable to expect ultimate
collection. Other revenue items are recognized as income on their
accrual basis.
RETIREMENT BENEFITS:
The Company does not have defined employee retirement policy as the
employee strength does not exceed the statutory minimum.
IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of the Asset
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss account in the year in which an asset is identified as
impaired. The Impairment loss recognized in prior accounting periods is
increased / reversed where there has been change in the estimate of
recoverable amount The recoverable value is the higher of the net
selling price and value in use.
USE OF ESTIMATES
The preparation of financial statements requires management to make
estimates and assumption that affect the reported amounts of assets and
liabilities .on the date of financial statements, the reported amount
of revenues and expenses and the disclosures relating to contingent
liabilities as on the date of financial statements. Actual results
could differ from those of estimates. Any revision in accounting
estimates is recognized in accordance with the respective accounting
standard.
EARNINGS PER SHARE
The Company reports basic and diluted earnings per share in accordance
with AS-20 "Earnings Per Share". Basic earnings per share are computed
by dividing the net profit or loss for the period by the weighted
average number of Equity Shares outstanding during the period. Diluted
earnings per share is computed by dividing the net profit or loss for
the period by the weighted average number of Equity Shares outstanding
during the period as adjusted for the effects of all dilutive potential
equity shares.
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Company creates a provision when there exists a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
amount of obligation disclsure for. the contingent liability is made
when there is a possible obligation or a present obligation that may
be, but probably with not require outflow of resources. When there is a
possible obligation or a present obligation in respect of which
likelihood of resources is remote,no provision or disclosure is needed.
TAXES ON INCOME:
Current tax is determined as the tax payable in respect of taxable
income for the year.
Deferred tax for the year is recognized on timing difference, being
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
Deferred tax assets and liabilities are measured assuming the tax rates
and tax laws that have been enacted or substantially enacted by the
Balance Sheet date. Deferred tax assets are recognized and carried
forward only if there is a reasonable / virtual certainty of
realization.
Mar 31, 2010
1) Basis of Accounting: The financial statements are prepared under
historical cost convention, in accordance with the generally accepted
accounting principles and the provisions of the Companies Act, 1956 as
adopted consistently by the Company. Accounting Policies, not
specifically referred to otherwise are consistent and in consonance
with generally accepted accounting principles.
2) Investments classified as Long-Term and are valued at Cost. Other
Investments are valued at Lower of Cost or Market Value.
3) Foreign Currency Transactions :
a) Transactions denominated in foreign currencies are normally recorded
at the exchange rates prevailing at the time of the transactions. b)
Monetary items denominated in foreign currencies at the year end are
translated at the exchange rate prevailing on the last date of the
accounting year.
4) Inventories: Raw materials are valued at cost. Finished Goods are
valued at net realisable value as certified by the director.
5) Taxation: The current charge for Income Taxes is calculated in
accordance with the relevant tax regulations applicable to the Company.
Deferred tax assets and liabilities are recognised for future tax
consequences attributable to the timing difference that results between
the profit offered for income tax and the profit as per the financial
statements. Deferred tax assets and liabilities are measured as per the
tax rates/laws that have been enacted or substantively enacted by the
Balance Sheet date.
6) Sales: Export sales are shown at CIF Value.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article