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Notes to Accounts of Silver Oak Commercials Ltd.

Mar 31, 2014

1. The financial statement of the company are prepared under historical cost convention in accordance with generally accepted accounting principles and of the companies Act, 1956 using accrual method of accounting on the basis of going concern.

2. Accounting policies not specifically referred to otherwise are in consonance with GAAP

3. Depreciation is charged on fixed assets to extent of being used during the year by the company.

4. No gratuity provision made so far.

5. Inventory is nil, hence question of valuation does not arise.

6. Preliminary exp are being written off regularly.

7. Auditors Remuneration 2013-14 2012-13 7500/- 7500/-

8. Details of Goods Traded : Electrical Items & allied products

9. Additional Information required under schedule vi of the companies Act, 1956 (as certified as Director)

10. Additional information required under para 4(c), 4(d) to schedule vi of the companies Act 1956 being not applicable, not given.


Mar 31, 2011

A. The financial statement of the company are prepared under historical cost convention in accordance with generally accepted accounting principles and provissions of the Companies Act, 1956 using accrual method of accounting on the basis of going concern.

b. Accounting policies not specifically referred to otherwise are in consonance with GAAP

c. Fixed assets are not being used by the company .hence no depreciation is charged, d No gratuity provission made so far.

e. Inventory is nil, hence question of valuation does not arise,

f. Preliminary exp are being written off regularly.

1. Details of Goods Traded : Not Applicable

2. Additional Information required under scdule vi of the companies Act, 1956 ( as certified as Director)

3. Additional information required under para 4(c), 4(d) to schedule vi of the companies Act 1956 being not applicable, not given.

Current year previous year

1) Contingent liabilities not provided for NIL NIL

2) In the opinion of the Directors:

a) The current assets, Loans and advances are approximately of the value stated, if realized in the ordinary course of business.

b) The provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

I. Deferred Tax

The company has not created deterred tax assets in respect of brought forward losses on prudence basis in accordance with Accounting Standard-22 Accounting for taxes on Income as no certainty in respect of future profitability of the company,

II. Depreciation.

The company does not have any fixed assets during the year under audit.

Additional information required under Para 3,4-C and 4-D in part II of schedule VI of the Companies Act, 1956. (As certified by the managing Director and upon by the Auditors) is Nil.

Previous years figures have been regrouped and rearranged wherever considered necessary to make them comparable with the current year figures.

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