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Accounting Policies of Rich Universe Network Ltd. Company

Mar 31, 2015

1. SYSTEM OF ACCOUNTING

The accounts are prepared on accrual basis under historical cost convention and to comply in all material aspects with applicable accounting standards in India, issued by the institute of chartered accountants of India and the relevant provisions of the companies act, 1956 & 2013.

2. INVENTORIES

The practice of the company is to value closing stock at lower of cost or net realizable value.

3. INVESTMENTS

Long term investments are carried at cost price

4. FIXED ASSETS

FIXED Assets are stated at cost of acquisition less depreciation as per Companies Act 1956.

5. DEPRECIATION

On Assets acquired and put to, is provided on Written Down Value Method.

6. REVENUE RECOGNITION Revenue is recognized on accrual basis.

7. PROVISIONS, CONTINGENT LIABILITY & CONTIGENT ASSETS

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events in the Notes. Contingent Assets are neither recognized not disclosed in the financial statements.

8. BORROWING COST

Borrowing costs that are attributable to the acquisition/construction of qualifying assets are capitalized as part of cost of such assets. A quality asset is an asset that requires a substantial period of time to get ready for its intended use. All other borrowing costs are recognized as an expense in the period in which they are incurred.

9. TAXES ON NCOME

Provision for tax on income for the year (i.e. Current tax) is made after considering the various Deductions/relieves admissible under the income Tax Act 1961 as per the normal provisions of the act. Deferred tax assets are not recognized as per the conservative approach.

10. IMPAIRMENT OF ASSETS

The company assess at each Balance sheet date whether there is any indication that an asset mat be impaired. It any such indication exists, the company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than the carrying amount, the carrying amount is reduced to the recoverable amount. The reduction is treated as an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount.


Mar 31, 2014

A) The company follows the Mercantile system of accounting in accordance with the applicable mandatory.

i) The company follows the Mercantile system of accounting with the applicable mandatory accounting standard referred to in section 211(3C) of the companies act 1956.

ii) Income on performing assets is recognized in accordance with the provision of prudential.

iii) Divided on shares in accounted for as and when received.

Other income and expenses are accounted for on accrual basis.

b) Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation.

c) Depreciation:

Depreciation has been provided on pro-rata basis with reference to the date of installation and calculated as per Schedule XIV the provisions of Companies Act 1956.

d) Valuation of Stock:

The Stocks have been valued at cost or market price whichever is less as at year ended.

e) Preliminary Expenses:

The Company has not amortized any preliminary Expenses during the financial year 2013-14

f) Provision for Income Tax:

Provision for Income Tax is made and retained in the accounts on the basis Of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961 and considering any pending - litigation and orders in Company''s Case.

g) Contingent Liabilities

i) Estimated amount of contract remaining to be executed on Capital Accounts and not provided for: NIL

(Previous Year NIL)

ii) Claims against the company not acknowledged as debts: NIL

(Previous Year NIL)

iii) Uncalled liability on partly paid investment: NIL

(Previous Year NIL)

h) The company has not entered into any lease agreement after 31.03.1999 therefore provision of ''Accounting Standard -19 on lease'' are not applicable.

i) To the extent information available, there were no outstanding dues towards small scale or ancillary undertaking as on 31.03.2014.

j) Reportable segment in respect of business operations of the Company has been identified on the basis of nature of activities attached to the segment. There are no secondary reportable segments considering the business operation of the company. Therefore, no disclosure for secondary segment has been made.

k) The advances received or given are without any stipulation of board of directors regarding their nature and the period for which they have been given or received but as certified by the Board of Directors, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in Balance Sheet and outstanding balances in the accounts of parties are subject to confirmation.

l) However, in compliance with Prudential norms of income recognition, provisioning for Bad and Doubtful Debts etc. issued by Reserve Bank of India vide guidelines dated 13.06.1994, the company has, not accrued income in respect of Loans and Advances which are non performing assets as defined therein in terms of set guidelines.

m) The particulars as required in terms of Paragraph 9BB of NBFC Prudential Norms (Reserve Bank) directions 1998 given in Schedule l-(i) are not applicable.

n) Payment of Gratuity Act, 1972 and Provident Fund Act 1952 are not presently applicable to the Company. The Company do not have a policy of encashment of unavailed leaves.

o) Earnings in Foreign Currency : NIL

(Previous Year: Rs. NIL)

p) Expenses in Foreign Currency : NIL

(Previous Year: Rs. NIL)

q) The company has identified that there is no impairment of assets and as such no provision is required for the same in terms of accounting standard 28 issued by Institute of Chartered Accountants of India.

r) Previous year figures have been regrouped/rearranged wherever considered necessary.


Mar 31, 2013

A) The company follows the Mercantile system of accounting in accordance with the applicable mandatory.

I) The company follows the Mercantile system of accounting with the applicable mandatory accounting standard referred to in section 211(3C] of the companies 1955.

ii) Income on performing assets is recognised in accordance with the provision of prudential.

Ill) Divided on shares in accounted for as and when received. Other income and expenses an accounted fnr on accrual basis.

b) Fiaed Assets:

Fixed Assets are stated at cost less accumulated depreciation.

c} Depreciation -

Depreciation lias been provided on pro-rata basis with reference to the date of installation and calculated as per Schedule XIV the provisions of Companies Act 1956.

d) Valuatiun of Stock:

The Stocks have been valued at cost or market price whichever is less as at year ended.

e) Preliminary Expenses:

The Company has riot amortized any preliminary Expenses during the financial year 2012-13

f} Provision for Income Tan:

Wo Provision for Income Ta* has been made as the T.D.5. was already deducted to cover the Income Tax Payable vt the net profit shown by the company,

g) Contingent Liabilities

i) Estimated amount of contract remaining to be executed on Capital Accounts and not provided for: NIL (Previous Year NIL}

ii} Claims against the company mot acknowledged as debts, NIL (Previous Year NIL)

iii) Uncalled liability on partly paid investment: NIL (Previous Year NIL)


Mar 31, 2012

A) The company follows the Mercantile system of accounting in accordance with the applicable mandatory.

i) The company follows the Mercantile system of accounting with the applicable mandatory accounting standard referred to in section 211(3C) of the companies act 1956.

ii) Income on performing assets is recognized in accordance with the provision of prudential.

iii) Divided on shares in accounted for as and when received.

Other income and expenses are accounted for on accrual basis.

b) Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation.

c) Depreciation :

Depreciation has been provided on pro-rata basis with reference to the date of installation and calculated as per Schedule XIV the provisions of Companies Act 1956.

d) Valuation of Stock:

The Stocks have been valued at cost or market price whichever is less as at year ended.

e) Preliminary Expenses:

The Company has not amortized any preliminary Expenses during the financial year 2011-12

f) Provision for Income Tax:

No Provision for Income Tax has been made as the T.D.S. was already deducted to cover the Income Tax Payable on the net profit shown by the company.

g) Contingent Liabilities

i) Estimated amount of contract remaining to be executed on Capital Accounts and not provided for: NIL

(Previous Year NIL)

ii) Claims against the company not acknowledged as debts: NIL (Previous Year NIL & 4i ii) Uncalled liability on partly paid investment: NIL (Previous Year NIL)

h) The company has not entered into any lease agreement after 31.03.1999 therefore provision of 'Accounting Standard -19 on lease' are not applicable.

i) To the extent information available, there were no outstanding dues towards small scale or ancillary undertaking as on 31.03.2012.

j) Reportable segment in respect of business operations of the Company has been identified on the basis of nature of activities attached to the segment. There are no secondary reportable segments considering the business operation of the company.

Therefore, no disclosure for secondary segment has been made, k) The advances received or given are without any stipulation of board of directors regarding their nature and the period for which they have been given or received but as certified by the Board of Directors, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in Balance Sheet and outstanding balances in the accounts of parties are subject to confirmation.

I) However, in compliance with Prudential norms of income recognition, provisioning for Bad and Doubtful Debts etc. issued by Reserve Bank of India vide guidelines dated 13.06.1994, the company has, not accrued income in respect of Loans and Advances which are non performing assets as defined therein in terms of set guidelines, m) The particulars as required in terms of Paragraph 9BB of NBFC Prudential Norms (Reserve Bank) directions 1998 given in Schedule l-(i) are not applicable, n) Payment of Gratuity Act, 1972 and Provident Fund Act 1952 are not presently applicable to the Company. The Company do not have a policy of encashment of unavailed leaves, o) Earnings in Foreign Currency : NIL (Previous Year: Rs. NIL) p) Expenses in Foreign Currency : NIL (Previous Year: Rs. NIL)

q) The company has identified that, there is no impairment of assets and as such no provision is required for the same in terms of accounting standard 28 issued by Institute of Chartered Accountants of India, r) Previous year figures have been regrouped/rearranged wherever considered necessary.


Mar 31, 2010

A) Basis of Accounting:

The company follows the Mercantile system of accounting.

b) Revenue Recognition

Revenue is being recognized as and when there is reasonable certainty of its ultimate realization.

c) Fixed Assets:

Fixed Assets are show at w.d.v. less depreciation.

d) Depreciation:

Depreciation has bean provided on pro-rata basis. with reference to the date of installation and calculated as per the provison of schedule XIV of Companies Act 1956.

e) Valuation of Investments:

The Investment are valued at cost.

f) Preliminary Expenses:

Preliminary Expenses are amoritized over a period of ten year.

g) Provision for Income Tax:

No provision for Income-Tax has been made as the T.D.S. was already deducted to cover the Income-Tax payable on the net profit shown by the company.

 
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