Mar 31, 2013
A. System of Accounting:
The Financial Statements are prepared under the Historical Cost Convention on accrual basis and materially comply with the Mandatory Accounting Standards and Presentations requirements of Companies Act, 1956 .
B. Revenue Recognition:,
Revenue is recognized on Accrual Basis.
Interest Income on Loan is determined at the rate of interest as indicated by the board in absence of any written agreement.
C. Fixed Assets:
Company does not own any fixed assets
Inventories of Shares have been valued at lower of Cost and Market Price value.
E. Contingent Liabilities:
Contingent Liabilities if any not provided in Books of Accounts are disclosed by way of Note.
F. Taxes on Income:
Tax Liability of the Company is estimated considering the provisions of the Income Tax Act, 1961. Deferred Tax is recognized subject to the consideration of prudence, on timing difference, being the difference between Taxable Income & Accounting Income that originate in one period & are capable of reversal in one or more subsequent periods.