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.
Depreciation has been provided on straight light method as per the rates specified Under Schedule II of the Companies Act, 2013
They are valued at cost or market value whichever is less.
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
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.