Mar 31, 2015
1. Accounting concepts
The company follows Mercantile System of Accounting and recognizes
income & expenditure on accrual basis. However, indeterminate Income /
Expenditures, if any have been accounted for as & when settled. The
accounts have so far been prepared on historical cost convention
Accounting policies not specifically referred to, are consistent with
generally accepted accounting policies.
2. Fixed Assets & Depreciation
i) Fixed Assets are stated at cost.
ii) Depreciation
Depreciation has been provided on straight light method as per the
rates specified Under Schedule II of the Companies Act, 2013
3 Inventories:
They are valued at cost or market value whichever is less.
4 Investments
Investments are held at cost or market value, whichever is lower.
5 Revenue Recognition
Revenue is recognized when the sale of good/services /shares &
securities etc. under a contract is completed.
6 Retirement Benefits
The provisions of Payment of Gratuity Act 1972, Payment of Bonus Act
1965 and Employees Provident & Miscellaneous Provisions Act, 1952 are
applied if applicable.
7 Contingent Liabilities
As per the information provided by the management, there are no
contingent liabilities as on 31st March, 2015 (Nil)
8 In the opinion of the board all the assets do have a value on
realization in the ordinary course of business at least equal to the
amount at which they are stated.
9 As per the information available with the company as on 31st March,
2015, there are no dues to Micro, Medium and Small Enterprises as per
the Micro, Small and Medium Enterprises Development Act.
10 The Company has not accepted deposits and hence the directives
issued by the Reserve Bank of India and the provisions of sections 73
to 76 or any other relevant provisions of the Companies Act and the
rules framed there under are not applicable.
11. Going Concern Concept:
Company is in the business of developing Real estate. It intents to
construct flats and selling them. It has also received security
deposits/ advances booking of these flats.
To further promote business it has entered into various contracts with
other societies and have setup various collaborations, joint ventures
etc. They are in various stages of advancement in real estate
development.
It has also given various advances for purchase of land etc. and also
setup various entities which are at various stages of functioning.
The company is newly established in field of real estate and facing
teething problem like any other new comers but it is sure that all
efforts made will soon start giving the results and the company will be
able to stand on its own.
The promoters are committed to bring in any additional capital in case
of requirement for the running and success of the company.
12 there were no transaction in foreign currency, during the year
(previous year-Nil).
13. Figures have been rounded off to the near rupee.
17 Previous Year figures have been re-arranged/re-grouped wherever
considered necessary to confirm to the classification adopted for the
current year.
Mar 31, 2014
1.1 Terms/rights attached to equity shares |
The company has only one class of equity share having par value of
Rs.10 per share. Each holder of the equity share is entilted to one
vote per share. In the liquidation of the company, the holders of the
equity shares will be entilted to receive the remaining assets of the
company, after distribution of all preferential amounts.
A bonus issue was made to existing equity shareholders in ratio of 1:1
on 31st January, 2014
NOTES TO THE STATEMENTS OF ASSETS AND LIABILITIES, STATEMENT OF PROFITS
AND LOSSES AND CASH FLOWS, AS RESTATED UNDER INDIAN GAAP, FOR SHRI
KRISHNA PRASADAM LIMITED
1. BACKGROUND
Shri Krishna Prasadam Limited (''The Company'') (The name of the Company
was changed from Shri Krishna Prasadam Private Limited to Shri Krishna
Prasadam Limited w.e.f. 13th December, 2013) was incorporated on May
28, 2009 and is primarily engaged in the business of Trading of
Agriculture Products, Securities Trading, Real Estate underwriting
services and other consultancy services. The Company continuously aims
at keeping itself abreast with changing global and national trends and
staying current with technological advances. This mix of innovative
ideas, planning initiatives and use of cutting edge technologies has
enabled the company to stay ahead of competition.
Previous Year figures have been re-arranged/re-grouped wherever
considered necessary to confirm to the classification adopted for the
current year.
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