Mar 31, 2014
01. ACCOUNTING CONVENTIONS:
The Financial Statements are prepared on Historical Cost Convention.
Financial Statements are prepared in accordance with relevant
presentational requirements of the Companies Act, 1956 and applicable
mandatory Accounting Standards.
02. FIXED ASSETS:
Fixed assets are stated at cost less accumulated depreciation and
impairment if any. Cost comprises the purchase price inclusive of
duties, taxes, and incidental expenses upto the date, the asset is
ready for its intended use..
03. DEPRECIATION:
Depreciation on Fixed Assets are provided on Written Down Value Method
at the rates prescribed in the Schedule-XIV of the Companies Act, 1956.
Depreciation on fixed assets added / disposed off during the year, is
provided on pro-rata basis with reference to the date of addition /
disposal.
In a case of impairment, if any, depreciation is provided on the
revised carrying amount of the assets over their remaining useful life.
04. IMPAIRMENT OF FIXED ASSETS:
The carrying amounts of assets are reviewed at each balance sheet date
to determine whether there is any indication of impairment based on
internal/external factors. An impairment loss is recognized wherever
the carrying amount of an asset exceeds its receive after impairment,
depreciation is provided on the revised carrying amount of the assets
over its remaining useful life.
05. INVESTMENTS:
Investments that are readily realizable and intended to be held for not
more than a year are classified as Current Investments. All other
Investments are classified as Non-Current Investments. Current
Investments are stated at lower of cost and market rate on an
individual investment basis. Non-Current Investments are considered ''at
cost'' on individual investment basis, unless there is a decline other
than temporary in the value, in which case adequate provision is made
against such diminution in the value of investments.
06. RECOGNITION OF INCOME & EXPENDITURE:
Income & Expenditures are accounted for on accrual basis.
07. EARNING PER SHARE:
Earnings per share is calculated by dividing the net profit or loss for
the year attributable to equity shareholders, by the weighted average
number of equity shares outstanding during the year. For the purpose
of calculating diluted earnings per share, the net profit or loss for
the year attributable to equity shareholders and weighted average
number of shares outstanding during the year are adjusted for the
effects of all dilutive potential equity shares.
08. TAXES ON INCOME:
Current Tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred Tax is recognised, subject to
consideration of prudence, in respect of deferred tax assets /
liabilities on timing difference, being the difference between taxable
income and accounting income that originated in one period and are
capable of reversal in one or more subsequent periods.
09. CONTINGENCIES:
These are disclosed by way of notes on the Balance sheet . Provisions
is made in the accounts in respect of those contingencies which are
likely to materialize into liabilities after the year end , till the
finalization of accounts and material effect on the position stated in
the Balance Sheet.
10. PROVISIONING FOR DEFERRED TAXES:
The Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred Tax resulting from "timings difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantially enacted as on the Balance Sheet date.
The Deferred Tax Asset is recognized and carried forward only to the
extent that there is a reasonable certainty that the assets will be
realized in future.
Mar 31, 2013
01. ACCOUNTING CONVENTIONS
The Financial Statements are prepared on Historical Cost Convention.
Financial Statements are prepared in accordance with relevant
presentational requirements of the Companies Act, 1956 and applicable
mandatory Accounting Standards.
02. INVESTMENTS
Investments are long-term investments, hence valued at cost.
03. RECOGNITION OF INCOME & EXPENDITURE
Income & Expenditures are accounted for on accrual basis.
04. EARNING PER SHARE
Earnings per share is calculated by dividing the net profit or loss for
the year attributable to equity shareholders, by the weighted average
number of equity shares outstanding during the year For the purpose of
calculating diluted earnings per share, the net profit or loss for the
year attributable to equity shareholders and weighted average number of
shares outstanding during the year are adjusted for the effects of all
dilutive potential equity shares
05. TAXES ON INCOME
Current Tax is determined as the amount of tax payable in respect of
taxable income for the year.Deferred Tax is recognised, subject to
consideration of prudence, in respect of deferred tax assets /
liabilities on timing difference, being the difference between taxable
income and accounting income that originated in one period and are
capable of reversal in one or more subsequent periods.
06. CONTINGENCIES :
These are disclosed by way of notes on the Balance sheet . Provisions
is made in the accounts in respect of those contingencies which are
likely to materialize into liabilities after the year end , till the
finalization of accounts and material effect on the position stated in
the Balance Sheet.
Mar 31, 2012
01. ACCOUNTING CONVENTIONS
The Financial Statements are prepared on Historical Cost Convention.
Financial Statements are prepared in accordance with relevant
presentational requirements of the Companies Act, 1956 and applicable
mandatory Accounting Standards.
02. INVESTMENTS
Investments are long-term investments, hence valued at cost.
03. RECOGNITION OF INCOME & EXPENDITURE
Income & Expenditures are accounted for on accrual basis.
04 EARNING PER SHARE
Earnings per share is calculated by dividing the net profit or loss for
the year attributable to equity shareholders, by the weighted average
number of equity shares outstanding during the year For the purpose of
calculating diluted earnings per share, the net profit or loss for the
year attributable to equity shareholders and weighted average number of
shares outstanding during the year are adjusted for the effects of all
dilutive potential equity shares
05 TAXES ON INCOME
Current Tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred Tax is recognised, subject to
consideration of prudence, in respect of deferred tax assets /
liabilities on timing difference, being the difference between taxable
income and accounting income that originated in one period and are
capable of reversal in one or more subsequent periods.
06 CONTINGENCIES :
These are disclosed by way of notes on the Balance sheet . Provisions
is made in the accounts in respect of those contingencies which are
likely to materialize into liabilities after the year end , till the
finalization of accounts and material effect on the position stated in
the Balance Sheet
Mar 31, 2011
01 ACCOUNTING CONVENTIONS
The Financial Statements are prepared on Historical Cost Convention.
Financial Statements are prepared in accordance with relevant
presentational requirements of the Companies Act, 1956 and applicable
mandatory Accounting Standards.
02 INVESTMENTS
Investments are long-term investments, hence valued at cost.
03 RECOGNITION OF INCOME & EXPENDITURE Income & Expenditures are
accounted for on accrual basis.
04 TAXES ON INCOME
Current Tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred Tax is recognised, subject to
consideration of prudence, in respect of deferred tax assets /
liabilities on timing difference, being the difference between taxable
income and accounting income that originated in one period and are
capable of reversal in one or more subsequent periods.
02, Segment Report:
The Company is engaged in the business of Investing Activities and
there are no separate reportable segments as per Accounting Standard
17.
03. Related Party Disclosure :
As the Company has not paid anything to the Related Parties as required
as per Accounting Standard 18 issued by the Institute of Chartered
Accountants of India, there is no need of any disclosure.
04. Cash Flow Statement as per requirement of AS-3 issued by the
Institute of Chartered Accountants of India is annexed herewith.
Cash Flow Statement as per requirement of AS-3 issued by the Institute
of Chartered Accountants of India is annexed herewith.
05. Deferred Taxation:
On the basis of prudent ground , no deferred tax Asset has been
rccogonised during the year. Company has carry forward losses under
Income Tax Laws but in the absence of virtual certainity of sufficient
future taxable income, in the opinion of management, deferred tax
assets has not been recogonised by way of prudence in accordance with
AS-22 Accounting For Taxes On Income " issued by the Institute of
Chartered Accountants of India.
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