Mar 31, 2015
The Accounts are prepared on an accrual basis except otherwise stated
and under the historical cost conventions, and are in line with the
relevant laws as well as the guidelines prescribed by the Department of
Company affairs and the Institute of Chartered Accountants of India.
(A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of
accounting in the Preparation of the books of accounts.
(B) REVENUE RECOGNITION: The Company generally follows the mercantile
system of accounting and recognizes income on an accrual basis except
those with significant uncertainties.
(C) EXPENSES: It is Company's policy to account of expenses on accrual
basis.
(D) TAXATION & DEFERRED TAX ASSETS & LIABILITIES:
(1) Provision for current tax is made in the accounts on the basis of
estimated tax liability as per the applicable provisions of the Income
Tax Act, 1961.
(2) The deferred tax for the timing difference between the book profit
and tax profit for the year is accounted for using the tax rates and
laws that have been enacted or substantially enacted as of the extent
there is virtual certainty that these would be realized in future and
are reviewed for the appropriateness of there respective carrying
values at each balance sheet date.
(E) FIXED ASSETS: Fixed Assets are carried out at the cost of
acquisition less accumulated depreciation. The cost of the fixed assets
includes taxes & duties & freight and other incidental expenses related
to the acquisition and installation of the respective assets. Borrowing
cost directly attributable to acquisition or construction of those
fixed assets which necessarily take the substantial period of the time
to get ready for their intended use, are capitalized.
(F) DEPRECIATION & AMORTIZATION: Depreciation on intangible assets is
provided for on the Straight Line Method as per the rates prescribed
under schedule XIV of the Companies Act, 1956. Depreciation is
calculated on a pro rata basis from the date of installment/
acquisition till the date the assets are sold or disposed. Individual
low cost assets (acquired for the less than Rs. 5000/-) are depreciated
within a period of acquisition
(G) INVESTMENTS: Long Term Investments are stated at Cost. Provision
for diminution in the value of long term investments is made only if
such decline is other than temporary in the opinion of the management.
(H) VALUATION OF INVENTORIES: Traded Goods are valued at cost. Cost of
inventories comprises all cost of Purchase, cost of conversion and
other cost incurred in bringing the inventories to their present
location and condition.
Mar 31, 2014
The Accounts are prepared on an accrual basis except otherwise stated
and under the historical cost conventions, and are in line with the
relevant laws as well as the guidelines prescribed by the Department of
Company affairs and the Institute of Chartered Accountants of India.
(A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of
accounting in the Preparation of the books of accounts.
(B) REVENUE RECOGNITION: The Company generally follows the mercantile
system of accounting and recognizes income on an accrual basis except
those with significant uncertainties.
(C) EXPENSES: It is Company's policy to account of expenses on accrual
basis.
(D) TAXATION & DEFERRED TAX ASSETS & LIABILITIES:
(1) Provision for current tax is made in the accounts on the basis of
estimated tax liability as per the applicable provisions of the Income
Tax Act, 1961.
(2) The deferred tax for the timing difference between the book profit
and tax profit for the year is accounted for using the tax rates and
laws that have been enacted or substantially enacted as of the extent
there is virtual certainty that these would be realized in future and
are reviewed for the appropriateness of there respective carrying
values at each balance sheet date.
(E) FIXED ASSETS: Fixed Assets are carried out at the cost of
acquisition less accumulated depreciation. The cost of the fixed assets
includes taxes & duties & freight and other incidental expenses related
to the acquisition and installation of the respective assets. Borrowing
cost directly attributable to acquisition or construction of those
fixed assets which necessarily take the substantial period of the time
to get ready for their intended use, are capitalized.
(F) DEPRECIATION & AMORTIZATION: Depreciation on intangible assets is
provided for on the Straight Line Method as per the rates prescribed
under schedule XIV of the Companies Act, 1956. Depreciation is
calculated on a pro rata basis from the date of installment/
acquisition till the date the assets are sold or disposed. Individual
low cost assets (acquired for the less than Rs. 5000/-) are depreciated
within a period of acquisition
(G) INVESTMENTS: Long Term Investments are stated at Cost. Provision
for diminution in the value of long term investments is made only if
such decline is other than temporary in the opinion of the management.
(H) VALUATION OF INVENTORIES: Traded Goods are valued at cost. Cost of
inventories comprises all cost of Purchase, cost of conversion and
other cost incurred in bringing the inventories to their present
location and condition.
Mar 31, 2013
(A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of
accounting in the Preparation of the books of accounts.
(B) REVENUE RECOGNITION: The Company generally follows the mercantile
system of accounting and recognizes income on an accrual basis except
those with significant uncertainties.
(C) EXPENSES: It is Company''s policy to account of expenses on accrual
basis.
(D) TAXATION & DEFERRED TAX ASSETS & LIABILITIES:
(1) Provision for current tax is made in the accounts on the basis of
estimated tax liability as per the applicable provisions of the Income
Tax Act, 1961.
(2) The deferred tax for the timing difference between the book profit
and tax profit for the year is accounted for using the tax rates and
laws that have been enacted or substantially enacted as of the extent
there is virtual certainty that these would be realized in future and
are reviewed for the appropriateness of there respective carrying
values at each balance sheet date.
(E) FIXED ASSETS: Fixed Assets are carried out at the cost of
acquisition less accumulated depreciation. The cost of the fixed assets
includes taxes & duties & freight and other incidental expenses related
to the acquisition and installation of the respective assets. Borrowing
cost directly attributable to acquisition or construction of those
fixed assets which necessarily take the substantial period of the time
to get ready for their intended use, are capitalized.
(F) DEPRECIATION & AMORTIZATION: Depreciation on intangible assets is
provided for on the Straight Line Method as per the rates prescribed
under schedule XIV of the Companies Act, 1956. Depreciation is
calculated on a pro rata basis from the date of installment/
acquisition till the date the assets are sold or disposed. Individual
low cost assets (acquired for the less than Rs. 5000/-) are depreciated
within a period of acquisition
(G) INVESTMENTS: Long Term Investments are stated at Cost. Provision
for diminution in the value of long term investments is made only if
such decline is other than temporary in the opinion of the management.
(H) VALUATION OF INVENTORIES: Traded Goods are valued at cost. Cost of
inventories comprises all cost of Purchase, cost of conversion and
other cost incurred in bringing the inventories to their present
location and condition.
Mar 31, 2011
(A) SYSTEM OF ACCOUNTING
The Company has adopted the accrual basis of accounting in the
Preparation of the books of accounts.
(B) REVENUE RECOGNITION
The company generally follows the mercantile system of accounting and
recognizes income on an accrual basis except those with significant
uncertainties.
(C) EXPENSES
It is Company's policy to account of expenses on accrual basis.
(D) TAXATION & DEFERRED TAX ASSETS & LIABILITIES.
(1) Provision for current tax is made in the accounts on the basis of
estimated tax liability as per the applicable provisions of the Income
Tax Act, 1961.
(2) The deferred tax for the timing difference between the book profit
and tax profit for the year is accounted for using the tax rates and
laws that have been enacted or substantially enacted as of the extent
there is virtual certainty that these would be realized in future and
are reviewed for the appropriateness of there respective carrying
values at each balance sheet date.
(E) FIXED ASSETS
Fixed Assets are carried out at the cost of acquisition less
accumulated depreciation. The cost of the fixed assets includes taxes &
duties & freight and other incidental expenses related to the
acquisition and installation of the respective assets. Borrowing cost
directly attributable to acquisition or construction of those fixed
assets which necessarily take the substantial period of the time to get
ready for their intended use, are capitalized.
(F) DEPRECIATION & AMORTIZATION
Depreciation on intangible assets is provided for on the Straight Line
Method as per the rates prescribed under schedule XIV of the Companies
Act, 1956. Depreciation is calculated on a pro rata basis from the date
of installment/ acquisition till the date the assets are sold or
disposed. Individual low cost assets (acquired for the less than Rs.
5000/-) are depreciated within a period of acquisition
(G) INVESTMENTS
Long Term Investments are stated at Cost. Provision for diminution in
the value of long term investments is made only if such decline is
other than temporary in the opinion of the management.
(H) VALUATION OF INVENTORIES
Traded Goods are valued at cost. Cost of inventories comprises all cost
of Purchase, cost of conversion and other cost incurred in bringing the
inventories to their present location and condition.
(I) LOANS & ADVANCES
Loans and advances are subject to confirmation, reconciliation and
adjustments, if any in the opinion of the Directors the Current Assets,
Loans & Advances will realize the value stated in the Balance Sheet if
realized in ordinary course of business.
Mar 31, 2010
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared and presented in accordance
with the Indian Generally Accepted Accounting Principles (GAAP) under
the historical cost convention on the accrual basis. GAAP comprises
mandatory accounting standards issued by the Institute of Chartered
Accountants of India (ICAI) and the relevant provisions of the
Companies Act, 1956, to the extent applicable. Accounting policies have
been consistently applied except where a newly issued accounting
standard is initially adopted or a revision to an existing accounting
standard requires a change in the accounting policy hitherto in use.
b) USE OF ESTIMATES
The preparation of the financial statements in conformity with GAAP
requires the Management to make estimates and assumptions that affect
the reported balances of assets and liabilities and disclosures
relating to contingent assets and liabilities as at the date of the
financial statements and reported amounts of income and expenses during
the period. Examples of such estimates include provisions for doubtful
debts, future obligations under employee retirement benefit plans,
income taxes and the useful lives of fixed assets and intangible
assets. Actual results could differ from those estimates. Any revision
to accounting estimates are recognized in the period in which the
results are known / materialized.
c) REVENUE RECOGNITION
The company generally follows the mercantile system of accounting and
recognizes income on an accrual basis except those with significant
uncertainties. At the same time expenses are also accounted and
recognized on accrual basis.
d) FIXED ASSETS, INTANGIBLE ASSETS
Fixed Assets are carried at the cost of acquisition less accumulated
depreciation. The cost of fixed assets includes taxes & duties and
freight & other incidental expenses related to the acquisition and
installation of the respective assets. Borrowing cost directly
attributable to acquisition or construction of those fixed assets,
which necessarily take a substantial period of time to get ready for
their intended use, are capitalized.
e) DEPRECIATION AND AMORTIZATION
Depreciation on tangible assets is provided for on the Straight Line
Method as per the rates and in the manner prescribed under Schedule XIV
of the Companies Act, 1956. Depreciation is calculated on a pro-rata
basis from the date of installation/ acquisition till the date the
assets are sold or disposed. Individual low cost assets (acquired for
less than Rs. 5,000/-) are depreciated within a year of acquisition.
Intangible assets are amortized on Straight Line Method from the date
they are available for use, over the useful lives of the assets, as
estimated by the Management.
f) VALUATION OF INVENTORIES
Traded Goods are valued at cost. Cost of inventories comprises all cost
of purchases, cost of conversion and other costs incurred in bringing
the inventories to their present location and condition. Stock of
Securities are valued at cost or market Value whichever is lower as on
31 * March 2010.
g) TAXES ON INCOME
i) Provision for Income Tax is made on the basis of the estimated
taxable income for the accounting year in accordance with the Income
Tax Act, 1961.
ii) The deferred tax for timing differences between the book profits
and tax profits for the year is accounted for using the tax rates and
laws that have been enacted or substantially enacted as of the extent
there is virtual certainly that these would be realized in future and
are reviewed for the appropriateness of their respective carrying
values at each balance sheet date.
h) CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby net profit
before tax is adjusted for the effects of transactions of a non-cash
nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating / operating;
investing and financing activities are segregated.
i) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
The Company creates a provision when there is 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 obligation.
Disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, require an outflow of
resources. Where there is possible obligation or a present obligation
in respect of which the likelihood of outflow of resources is remote,
no provision or disclosure is made. Contingent Assets are not
recognized in the financial statements since this may result in the
recognition of income that may never be realized.