Mar 31, 2015
1. ACCOUNTING CONVENTION
a. The Financial Statements are prepared under the historical cost
convention in accordance with applicable accounting standards and
relevant presentation requirements of the Companies Act, 2013.
b. Income/Expenditure is accounted on accrual basis.
2. FIXED ASSETS AND DEPRECIATION
Fixed Assets are stated at cost of acquisition less accumulated
depreciation and is inclusive of freight, taxes, and incidental
expenses relating to such acquisition.
3. INVENTORIES: Inventories are Nil.
4. INCOME TAXES:
Tax expense comprises of current and deferred tax.
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Income Tax Act. The company does
not made provision for deferred Tax assets or liability
5. EARNINGS PER SHARE
In accordance with the Accounting Standard 20 " Earnings per Share "
issued by the Institute of Chartered Accountants of India , basic
earnings per share is computed using the weighted average number of
shares outstanding during the year.
6. PROVISIONS AND CONTINGENT LIABILITIES
Provisions are recognized when the Company has a legal and constructive
obligation as a result of past event, for which it is probable that a
cash outflow will be required and a reliable estimate can be made of
the amount of the obligation
Mar 31, 2014
1. ACCOUNTING CONVENTION
a. The Financial Statements are prepared under the historical cost
convention in accordance with applicable accounting standards and
relevant presentation requirements of the Companies Act, 1956.
b. Income/Expenditure is accounted on accrual basis.
2. FIXED ASSETS AND DEPRECIATION
a. Fixed Assets are stated at cost of acquisition less accumulated
depreciation and is inclusive of freight, taxes, and incidental
expenses relating to such acquisition.
b. Depreciation on Fixed Assets is provided on straight-line method at
the rates prescribed in Schedule XIV of the Companies Act, 1956.
Depreciation on the intangible assets is provided at the general rate
of depreciation applicable to plant and machinery. Depreciation on
assets has been provided from the date they were put to use.
3. INVENTORIES: Inventories are Nil.
4. INCOME TAXES:
Tax expense comprises of current and deferred tax.
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Income Tax Act. The company does
not made provision for deferred Tax assets or liability
5. EARNINGS PER SHARE
In accordance with the Accounting Standard 20 " Earnings per Share "
issued by the Institute of Chartered Accountants of India , basic
earnings per share is computed using the weighted average number of
shares outstanding during the year.
6. PROVISIONS AND CONTINGENT LIABILITIES
Provisions are recognized when the Company has a legal and constructive
obligation as a result of past event, for which it is probable that a
cash outflow will be required and a reliable estimate can be made of
the amount of the obligation.
Contingent Liabilities are disclosed when the Company has a possible
obligation or a present obligation and it is probable that a cash
outflow will not be required to settle the obligation.
Mar 31, 2013
1. ACCOUNTING CONVENTION
a. The Financial Statements are prepared under the historical cost
convention in accordance with applicable accounting standards and
relevant presentation requirements of the Companies Act, 1956.
b. Income/Expenditure is accounted on accrual basis.
2. FIXED ASSETS AND DEPRECIATION
a. Fixed Assets are stated at cost of acquisition less accumulated
depreciation and is inclusive of freight, taxes, and incidental
expenses relating to such acquisition.
b. Depreciation on Fixed Assets is provided on straight-line method at
the rates prescribed in Schedule XIV of the Companies Act, 1956.
Depreciation on the intangible assets is provided at the general rate
of depreciation applicable to plant and machinery. Depreciation on
assets has been provided from the date they were put to use.
3. INVENTORIES: Inventories are Nil.
4. INCOME TAXES:
Tax expense comprises of current and deferred tax.
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Income Tax Act. The company does
not made provision for deferred Tax assets or liability
5. EARNINGS PER SHARE
In accordance with the Accounting Standard 20 " Earnings per Share "
issued by the Institute of Chartered Accountants of India , basic
earnings per share is computed using the weighted average number of
shares outstanding during the year.
6. PROVISIONS AND CONTINGENT LIABILITIES
Provisions are recognized when the Company has a legal and constructive
obligation as a result of past event, for which it is probable that a
cash outflow will be required and a reliable estimate can be made of
the amount of the obligation.
Contingent Liabilities are disclosed when the Company has a possible
obligation or a present obligation and it is probable that a cash
outflow will not be required to settle the obligation.
Mar 31, 2010
1. ACCOUNTING CONVENTION
a. The Financial Statements are prepared under the historical cost
convention in accordance with applicable accounting standards and
relevant presentation requirements of the Companies Act, 1956.
b. Income/Expenditure is accounted on accrual basis.
i. FIXED ASSETS AND DEPRECIATION
a. Fixed Assets are stated at cost of acquisition less accumulated
depreciation and is inclusive of freight, taxes, and incidental
expenses relating to such acquisition.
b. Depreciation on Fixed Assets is provided on straight-line method at
the rates prescribed in Schedule XIV of the Companies Act, 1956.
Depreciation on the intangible assets is provided at the general rate
of depreciation applicable to plant and machinery. Depreciation on
assets has been provided from the date they were put to use.
ii. INVENTORIES
Inventories are valued at cost.
iii. MISCELLANEOUS EXPENDITURE
Preliminary expenses are written off over a period of ten years.
iv. INCOME TAXES
Tax expense comprises of current and deferred tax.
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Income Tax Act.
The company does not made provision for deferred Tax assets or liablity
v. SALES
Sales are accounted for on dispatch of goods to the Customers, net of
Sales Tax.
vi. EARNINGS PER SHARE
In accordance with the Accounting Standard 20 " Earnings per Share "
issued by the Institute of Chartered Accountants of India , basic
earnings per share is computed using the weighted average number of
shares outstanding during the year.
vii. PROVISIONS AND CONTINGENT LIABILITIES
Provisions are recognized when the Company has a legal and constructive
obligation as a result of past event, for which it is probable that a
cash outflow will be required and a reliable estimate can be made of
the amount of the obligation.
Contingent Liabilities are disclosed when the Company has a possible
obligation or a present obligation and it is probable that a cash
outflow will not be required to settle the obligation.
Mar 31, 2009
1. Basis of Preparation of Financial Statements:
a. The accounts of the company are prepared under the historical cost
conversion in accordance with Indian Generally Accepted Accounting
Principles (GAAP) and the provisions of the companies Act, 1956.
b. The Company generally follows mercantile system of accounting and
recognizes significant items of income and expenditure on accrual
basis.
2. Fixed Assets:
a. All fixed assets are stated at cost of acquisition and/or
installation cost.
b. Depreciation is provided on the SLM Method at the rates specified
in schedule XIV of the companies Act, 1956. Depreciation on the
intangible assets is provided at the general rate of depreciation
applicable to plant and machinery. Depreciation has been provided from
the date they were put to use.
3. Investments:
Investments are valued at cost of acquisition. There is a diminution in
the value of other long term investments (quoted) held by the company
as on 31- 03-2009 on the basis of market value thereof as on that date.
No provision is considered necessary in accounts at this stage since
the company expects such a decline to be temporary.
4. Expenditure:
Expenditure is accounted on accrual basis. The Expenses are recorded in
the year in which it is incurred.
5. Foreign currency transaction:
There is no foreign exchange earnings and expenditure during the year
6. Amortization of Miscellaneous Expenditure:
Preliminary expenses are written off in Ten equal annual installments.
7. Income - Tax:
Provision is made for income tax annually based on the tax liability
computed, after considering tax allowances and exemptions, in
accordance with provisions of the Income- tax Act, 1961.
8. inventories:
Inventories are valued at cost
9. Sales:
Sales are recognized when products are dispatched and represent net
amounts billed for goods sold.
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