Mar 31, 2015
I. Corporate Information:
Radford Global Limited is public limited listed company. The Company operates in the business of manpower recruitment services, real estate development & Trading of textile products .
ii. Basis of Accounting & Preparation of Financial Statements:
These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India ('Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared under the historical cost convention on accrual basis. All Assets and Liabilities are classified into Current and Non-current generally based on criteria of realization / settlement within twelve months period from the Balance Sheet date.
iii. Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation.
iv. Depreciation :
During the year, the Company had determined the estimated useful life of its Fixed Assets based on external technical evaluation as permitted under the provisions of Part C of Schedule II of the Companies Act, 2013 and has provided depreciation accordingly. The Company follows Written Down Value method for providing depreciation for its assets, The useful life is as follows :
Investments are long term in the nature and stated at cost.
Securities are stated at cost and other inventories are stated at cost or net realizable value whichever is lower.
vii. Employee Benefits:
Short Term Employee Benefits:
All employee benefits payable wholly within twelve months of rendering the services are classified as short term employee benefits. Benefits such as salaries, wages, performance incentives etc. are recognized at actual amounts due in the period in which the employee renders the related service.
viii. Provisions, Contingent Liabilities & Contingent Assets:
Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements. There is no contingent liability in the opinion of the Management.
ix. Revenue recognition:
All income and expenses accounted on accrual basis.
x. Taxes on income :
Provision for tax is made on the basis of the estimated taxable income as per the provisions of the Income Tax Act, 1961 and the relevant Finance Act, after taking into consideration judicial pronouncements and opinions of the Company's tax advisors.
Deferred tax is recognized, subject to the consideration of prudence, on timing differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.
xi. Earnings per Share:
Basic earnings per share is computed by dividing the profit/(loss) after tax (including the post-tax effect of extraordinary items, if any] by the weighted average number of equity shares outstanding during the year.
Diluted earnings per share is computed by dividing the profit/(loss] after-tax (including the post- tax effect of extraordinary items, if any] as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of shares which could have been issued on the conversion of all dilutive potential equity shares.
Note 24: In the opinion of the Board, the Current Assets Loans and Advances are not less than the stated if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount reasonably necessary.