Mar 31, 2014
A. Basis of Preparation of Financial Statement:
These Financial statements have been prepared in accordance with the
generally accepted accounting principles in India under historical cost
convention on accrual basis, except for certain financial instruments
which are measured at fair value. These financial statements have been
prepared to comply in all material aspects with the accounting
standards notified under section 211 (3C) [Companies (Accounting
Standards) Rules, 2006 as amended] and other relevant provisions of the
Companies Act, 1956.
B. Use of estimates
The preparation of financial statements requires the management of the
company to make estimates and assumptions that affect the reported
balances of assets and liabilities and disclosures relating to the
contingent liabilities as at the date of the financial statements and
reported amounts of income and expense during the year. Example of such
estimates include provision for doubtful receivables, employee
benefits, provision for income taxes, accounting for contract costs
expected to be incurred, the useful lives of depreciable fixed assets
and provision for impairment.
C. Own Fixed Assets
Fixed Assets are stated at cost and includes amounts added on
revaluation, less accumulated depreciation and impairment loss, if any.
All costs, including financing costs till commencement of commercial
production, net charges on foreign exchange contracts and adjustments
arising from exchange rate variations attributable to the fixed assets
if any are capitalized.
D. Intangible Assets
The company does not have any Intangible Asset.
E. Depreciation and Amortization
Depreciation on Fixed Assets has not been provided at assets reaches
their Residual value.
F. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
G. Foreign Currency Transactions
There is no foreign currency transactions made during the year.
H. Investments
Investments are stated at cost.
I. Inventories
Company is engaged in service providing activity hence there is no
stock.
J. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Revenue from operations.
K. Employee Benefits
- No Provision has been made in respect of liabilities for future
payment of gratuities as on 31st March 2014 as the company follows the
system of accounting such expenses as and when it arises.
- No provision has been made for liabilities in respect of un-availed
leave (if any) of the employee as on 31st March 2014, as the company
follows system of accounting for such expenses as and when it paid.
- No provision has been made for liabilities in respect of Contribution
to Provident Fund and Family Pension Fund if any of the employees as on
31st March 2013, as the company follows system of accounting for such
expenses as and when it paid.
L. Borrowing Costs
Company did not borrow any loan and hence not paying any interest in
previous year.
M. Financial Derivatives and Commodity Hedging Transactions
There is no financial derivatives and commodity hedging transaction
made during the year.
N. Segment Reporting
As per Accounting Standard (AS) 17 on ''Segment Reporting'', The
Company is engage in one segment.
O. There is no transaction with related party.
Mar 31, 2011
A) Method of Accounting
The Financial statements are prepared under historical cost convention
and are in accordance with the requirement of the Companies Act, 1956
and is following accrual basis of accounting.
b) Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation.
c) Depreciation
Depreciation on Fixed Assets has been charged on Straight Line Method
at the rates prescribed under Schedule XIV to the Companies Act, 1956.
d) Retirement Benefit
No provision for gratuity has been made as no employee has put in the
qualifying period of service for entitlement of this benefit.
e) Investments
Investments are stated at cost.
(f) Annual Accounts have been prepared on a going concern basis.
Mar 31, 2010
A) Method of Accounting
The Financial statements are prepared under historical cost convention
and are in accordance with the requirement of the Companies Act, 1956
and is following accrual basis of accounting.
b) Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation.
c) Depreciation
Depreciation on Fixed Assets has been charged on Straight Line Method
at the rates prescribed under Schedule XIV to the Companies Act, 1956.
d) Retirement Benefit
No provision for gratuity has been made as no employee has put in the
qualifying period of service for entitlement of this benefit.
e) Investments
Investments are stated at cost. (f) Annual Accounts have been prepared
on a going concern basis.
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