Mar 31, 2015
1) ACCOUNTING CONVENTION
a. The Financial Statements are prepared under the historical cost
convention on the basis of going concern and in accordance with the
Generally Accepted Accounting Principles in India (GAAP) and provisions
of the Companies Act, 1956.
b. The preparation of financial statements are in conformity with
generally accepted accounting principles, requires estimates and
assumptions to be made that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities on the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from these
estimates and the differences between actual results and estimates are
recognized in the periods in which the results are known/ materialize.
2) REVENUE RECOGNITION
a. Dividend is recognised when it is Realized
b. Interest is recognized on Accrual Basis
3) INVESTMENTS
a. Long-term investments including investment in the shares of foreign
subsidiary are stated at cost.
b. Provision for diminution shall be made to recognise a decline, other
than temporary, in the value of the investments, such reduction being
determined and made for each investment individually.
c. Current Investment are carried at lower of cost or market value.
4) TAXES ON INCOME:
There is no provision made for Deffered Tax and Other Tax. Tax expense
for the year, comprises current tax. A provision is made for the
current tax based on tax liablity computed in accordance with the
relevant tax laws and tax rates.
5) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS-29)
There is no Provision made for Contingent Liabilities and Contingent
Assets. The provisions are recognized and measured by using a
substantial degree of estimation.
Mar 31, 2014
1) ACCOUNTING CONVENTION
a. The Financial Statements are prepared under the historical cost
convention on the basis of going concern and in accordance with the
Generally Accepted Accounting Principles in India (GAAP) and provisions
of the Companies Act, 1956.
b. The preparation of financial statements are in conformity with
generally accepted accounting principles, requires esti- mates and
assumptions to be made that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities on the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from these
estimates and the differences between actual results and estimates are
recog- nized in the periods in which the results are known/
materialize.
2) REVENUE RECOGNITION
a. Dividend is recognised when it is Realized
b. Interest is recognized on Accrual Basis
3) INVESTMENTS
a. Long-term investments including investment in the shares of foreign
subsidiary are stated at cost.
b. Provision for diminution shall be made to recognise a decline,
other than temporary, in the value of the investments, such reduction
being determined and made for each investment individually.
c. Current Investment are carried at lower of cost or market value.
4) TAXES ON INCOME:
There is no provision made for Deffered Tax and Other Tax. Tax expense
for the year, comprises current tax. A provision is made for the
current tax based on tax liablity computed in accordance with the
relevant tax laws and tax rates.
5) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS-29)
There is no Provision made for Contingent Liabilities and Contingent
Assets. The provisions are recognized and measured by using a
substantial degree of estimation.
Mar 31, 2012
1) ACCOUNTING CONVENTION
a. The Financial Statements are prepared under the historical cost
convention on the basis of going concern and in accordance with the
Generally Accepted Accounting Principles in India (GAAP) and provisions
of the Companies
b. The preparation of financial statements are in conformity with
generally accepted accounting principles, requires estimates and
assumptions to be made that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities on the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from these
estimates and the differences between actual results and estimates are
recognized in the periods in which the results are known/ materialize.
2) REVENUE RECOGNITION
a. Dividend is recognised when it is Realized
b. Intrest is recognized on Accrual Basis
3) INVESTMENTS
a. Long-term investments including investment in the shares of foreign
subsidiary are stated at cost. Provision for diminution in value of
long-term investments if any is made, if such diminution is other than
of temporary nature.
b. Current Investment are carried at lower of cost or market value.
4) TAXES ON INCOME:
Tax expense for the year, comprises current tax. A provision is made
for the current tax based on tax liablity computed in accordance with
the relevant tax laws and tax rates.
5) PROVISIONS. CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS-29)
a. The provisions are recognized and measured by using a substantial
degree of estimation.
Mar 31, 2010
A) Basis of Preparation:
The financial statements have been prepared to comply in all material
respects with notified Accounting Standards Rules, 2006 and the
relevant provisions of the Companies Act, 1956. The Financial
Statements have been prepared under the historical cost convention on
an accrual basis. The accounting policies have been consistently
applied by the company and are consistent with those used in the
previous year except where a newly issued accounting standard is
initially adopted or a revision to an existing accounting standard
requires a change in accounting policy hitherto in use.
b) Fixed Assets and Depreciation:
Fixed Assets are valued at cost less accumulated Depreciation. The
company capitalized all costs relating to the acquisition and
installation of fixed assets. Depreciation has been provided during the
year as per WDV Method.
c) Impairment of Long-Lived Assets:
Fixed Assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of an asset may not be
recoverable. Whenever the carrying amount of an asset exceeds its
recoverable amount, an impairment loss is recognized in the income
statement for items of fixed assets carried at cost. The recoverable
amount is the higher of an assets net selling price and value in use.
The net selling price is the amount obtained from the sale of an asset
in an arms length transaction, while value in use in the present value
of estimated future cash flows expected to arise from the continuing
use of an asset and from its disposal at the end of its useful life.
d) Revenue Recognition:
Revenue and Expenditures are being recognized in accordance with the
Guidance Note on Accrual Basis of Accounting issued by the ICAI except
unascertained expenditure and income.
e) Investment:
Investment is long term investment. Long Term Investments are stated at
costs.
f) Retirement Benefit:
Effective April 1,2006 the company has adopted the revised Accounting
Standard on employee benefits.
g) Taxes on Income:
Current Tax is determined as the amount of tax payable in respect of
the taxable income for the period. Deferred tax asset or deferred tax
liability is considered for timing differences in accordance with the
Accounting Standard 22. The Company has recognized Net Deferred Tax
Assets (DTA) of Rs. 21.77 lacs during the year. The management is
reasonably / virtually certain that sufficient future taxable income
would be available to realize such DTA.
h) Borrowing Costs:
Borrowing costs that are attributable to the acquisition and
construction of a qualifying asset are capitalized as a part of the
cost of the asset. Other borrowing costs are recognized as n expense in
the year in which they are incurred.
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