Mar 31, 2015
A Basis of preparation of financial statements
These financial statements are prepared in accordance with Generally
Accepted Accounting Principles in India, under the historical cost
convention, on a going concern concept and in accordance to applicable
accounting standards.
b Revenue Recognition
Income & Expenditure are accounted for on accrual basis except dividend
income which is accounted for on the basis of right to received
dividend.
c Use of Estimates
Certain estimates and assumptions have been made in preparation of
financial statement. The difference between the actual results and
estimates are recognised in the year in which the results are known /
materialised.
d Provisions and contingent liabilities
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised not disclosed in the
financial statements.
e Fixed assets
Fixed Assets are accounted at cost, less accumulated depreciation and
impairment, if any. Direct costs are capitalised until fixed assets
are ready for use,
f Depreciation and Amortization
Deprecation on fixed assets has been provided for on straight line
basis at rates prescribed under Schedule H of the Companies Act, 2013.
g Taxation
Current Tax
Provision for income tax is made on the assessable income at the tax
rate applicable for the relevant assessment year.
Deferred Tax
Deferred tax liability is recognized, subject to the consideration of
prudence, on timing difference, being the difference between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods.
Deferred tax assets are not recognized unless there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realised.
h Earnings per share
Basic earnings per share is computed by dividing the net profit after
tax by the weighted average number of equity sharess outstanding during
the period. Diluted earnings per share is computed by dividing the
profit after tax by the weighted average number of equity shares
considered for deriving basic earnings per share and also the weighted
number of equity shares that could have been issued upon conversion of
all dilutive potential equity shares.
Investments are either classified as current or long term based on
management's intention at the time of purchase. Current investments are
carried at the lower of cost and fair value of each investment. Long
term investments are carried at cost.
j Inventories
Stock of all quoted shares and securities has been value at cost or
fair value whichever is lower. Unquoted shares have been valued at cost
of acquisition.
k Cash flow statement
Cash flow reported using the indirect method, whereby profit before tax
is adjusted for the effects of transactions of a non-cash nature, any
deferrals or past or future operating cash receipts or payments and
item of income or expenses associated with investing or financing cash
flows. The cash from operating, investing and financing activities of
Company are segregated.
I Previous year figures have been regrouped & rearranged wherever
necessary to confirm to the current years classification.
Mar 31, 2014
A Basis of preparation of financial statements
These financial statements are prepared in accoedance with Generally
Accepted Accounting Principles in India, under the historical cost
convention, on a going concern concept and in accordance to applicable
accounting standards.
b Revenue Recognition
Income &. Expenditure are accounted for on accrual basis except
dividend income which is accounted for on the basis of right to
received dividend.
c . Use of Estimates
Certain estimates and assumptions have been made in preparation of
financial statement The difference between the actual results and
estimates are recognised in the year in which the results are
known/materialised.
d Provisions and contingent liabilities
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised not disclosed in the
financial statements.
e Fixed assets
Fixed Assets are accounted at cost, less accumulated depredation and
impairment, if any. Direct costs are capitalised until fixed assets are
ready for use.
f Depreciation and Amortization
Depreciaton on fixed assets has been provided for on straight line
basis at rates prescribed under Schedule XIV of the Companies Act,
1956.
g Taxation
Current Tax
Provision for income tax is made on the assessable income at the tax
rate applicable for the relevant assessment year.
Deferred Tax
Deferred tax liability is recognized, subject to the consideration of
prudence, on timing difference, being the difference between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods.
Deferred tax assets are not recognized unless there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realised.
h Earnings per share
Basic earnings per share is computed by dividing the net profit after
tax by the weighted average number of equity sharess Outstanding during
the period. Diluted earnings per share is computed by dividing the
profit after tax by the weighted average number of equity shares
considered for deriving basic earnings per share and also the weighted
number of equity shares that could have been issued upon conversion of
all dilutive potential equity shares.
i Investments
Investments are either classified as current or long term based on
management's intention at the time of purchase. Current investments are
carried at the lower of cost and fair value of each investment. Long
term investments are carried at cost.
j Inventories
Stock of all quoted shares and securities has been value at cost or
fair value whichever is lower. Unquoted shares have been valued at
cost of acquisition.
k Cash flow statement
Cash flow reported using the indirect method, whereby profit before tax
is adjusted for the effects of transactions of a non-cash nature, any
deferrals or past or future operating cash receipts or payments and
item of income or expenses associated with investing or financing cash
flows. The cash from operating, investing and financing activities of
Company are segregated.
L Previous year figures have been regrouped & rearranged wherever
necessary to confirm to the current years classification.
Mar 31, 2012
1 Basis of preparation of financial statements
These financial statements are prepared in accordance with Generally
Accepted Accounting Principles in India, under the historical cost
convention, on a going concern concept and in accordance to applicable
accounting standards.
2 Revenue Recognition
Income & Expenditure are accounted for on accrual basis except dividend
income which is accounted for on the basis of right to received
dividend.
3 Use of Estimates
Certain estimates and assumptions have been made in preparation of
financial statement The difference between the actual results and
estimates are recognised in the year in which the results are
known/materialised.
4 Provisions and contingent liabilities
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised not disclosed in the
financial statements.
5 Fixed assets
Fixed Assets are accounted at cost, less accumulated depreciation and
impairment, if any. Direct costs are capitalised until fixed assets are
ready for use.
6 Depreciation and Ainu tization
Depredaton on fixed assets has been provided for on streight line basis
at rates prescribed under Schedule XTVofthe Companies Act, 1956.
7 Taxation
Current Tax
Provision for income tax is made on the assessable income at the tax
rate applicable for the relevant assessmentyear.
Deferred Tax
Deferred tax liability is recognized, subject to the consideration of
prudence, on timing difference, being the difference between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods.
Deferred tax assets are not recognized unless there is reasonable
certaintymat sufficient future taxable income will be available against
which such deferred tax assets can be realised.
8 Earnings per share
Basic earnings per share is computed by dividing the net profit after
tax by the weighted average number of equity shares outstanding during
the period. Diluted earnings per share is computed by dividing the
profit after tax by the weighted average number of equity shares
considered for deriving basic earnings per share and also the weighted
number of equity shares that could have been issued upon conversion of
all dilutive potential equity shares.
9 Investments
Investments are either classified as current or long term based on
management's intention at the time of purchase. Current investments are
carried at the lower of cost and fair value of each investment Long
term investments are carried at cost.
10 Inventories
Stock of all quoted shares and securities has been value at cost or
fair value whichever is lower. Unquoted shares have been valued at
cost of acquisition.
11 Cash flow statement
Cash flow reported using the indirect method, whereby profit before tax
is adjusted for the effects of transactions of a non-cash nature, any
deferrals or past or future operating cash receipts or payments and
item of income or expenses associated with investing or financing cash
flows. The cash from operating, in vesting and financing activities of
Company are segregated.
12 The Company is a Small and Medium Sized Company (SMC) as defined in
the General Instructions in respect of Accounting Standard notified
under the Companies (Accounting Standard) Rule, 2006. Accordingly, the
Company has complied with the Accounting Standards as applicable to the
Small and Medium Sized Company.
13 Previous year figures have been regrouped & rearranged wherever
necessary to confirm to the current years classification.
Mar 31, 2011
1.1 Accounting Convention
The accounts have .been prepared on historical cost convention under
accrual method of accounting and under the going concern concept & in
accordance with the applicable accounting standards.
1.2 Basis of Accounting
The Company prepares its financial statement in accordance with
generally accepted Accounting practices and also in accordance with the
requirement of the Companies Act, 1956.
1.3 Inventories
Stock of all quoted shares and securities has been valued at cost or
market price whichever is lower.Unquoted shares have been valued at cost
of acquisition.
1.4 Investments
Investments are stated at their cost of acquisition.
1.5 Income & Expenditure
Income & Expenditure are accounted for on accrual basis except dividend
income which is accounted for on the basis of right to received
dividend.
1.6 Fixed Assets
Fixed Assets are stated at their original cost of acquisition which
includes expenditure incurred for ' the acquisition and / or
installation cost (if any) as reduced by accumulated depreciation there
on up-to-date.
Depreciation on Fixed Assets has been provided for on straight line
basis at rates prescribed under Schedule XIV of the Companies Act,
1956.
1.7 Taxation
Current Tax *
Provision for income tax is made on the assessable income at the tax
rate applicable for the relevant assessment year. -
Deferred Tax
Deferred tax is recognised, subject to the consideration of prudence,
on timing difference, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
Deferred tax assets are not recognised unless there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realised.
Mar 31, 2010
1.1 Accounting Convention
The accounts have been prepared on historical cost convention under
accrual method of accounting and under the going concern concept & in
accordance with the applicable accounting standards.
1.2 Basis of Accounting
The Company prepares its financial statement in accordance with
generally accepted Accounting practices and also in accordance with the
requirement of the Companies Act, 1956.
1.3 Inventories
Stock of all quoted shares and securities has been valued at cost or
market price whichever is lower.
1.4 Investments
Investments are stated at their cost of acquisition.
1.5 Income & Expenditure
Income & Expenditure are accounted for on accrual basis except dividend
income which is accounted on receipt basis.
1.6 Fixed Assets
Fixed assets are stated at their original cost of acquisition (which
includes expenditure incurred for the acquisition and/or installation
if any) as reduced by accumulated depreciation thereon.
Depreciation on Fixed Assets has been provided on straight line basis
at rates prescribed under Schedule XIV of the Companies Act, 1956.
1.7 Taxation
Provision for income tax is made on the assessable income at the tax
rate applicable for the relevant assessment year.
Deferred tax is recognized, subject to the consideration of prudence,
on timing difference, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
Deferred tax assets are not recognized unless there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized.
[Provision for fringe Benefit tax has been made in accordance with the
provision of the Chapter XII-H of the Income Tax Act, 1961.]
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article