Mar 31, 2014
I . CORPORATE INFORMATION
Triveni Enterprises Limited having its registered office in J-2/80A, Ground Floor, DDA flats, Kalkaji, Opp. Alaknanda Shopping Complex, ,New Delhi ,Delhi , 110019 .
The Company operates in the business of Trading.
ii. BASIS OF ACCOUNTING:
The financial statements are prepared under historical cost convention and comply with applicable accounting standards issued by the Institute of Chartered Accountants of India and relevant provision of the Companies Act, 1956
iii. FIXED ASSETS:
Fixed assets are stated at cost of acquisition less depreciation.
Depreciation on Fixed Assets is provided using the Written Down value method as per rates prescribed UnderSchedule XIV of the Companies Act, 1956. Depreciation is charged on a pro-rata basis for assets purchased / sold during the year.
v. REVENUE RECOGNITION:
(i) Income on Sale of Products are recognized, net of returns and trade discount, on transfer of significant risks and rewards of ownership to the buyer, which generally coincides with the delivery of goods to customers.
(ii) Interest income is recognized on accrual basis .
Non Current Investments are shown in the Balance Sheet at cost. However in appropriate case the cost is written down and the investment is shown at book value. Current investment is shown at cost or market price whichever is higher. Surplus on sale of Investments credited to the Revenue Account is net of loss on sale of Investments and amounts written off in respect of investments.
vii. TAXES ON INCOME:
Provision for tax is made on the basis of the estimated taxable income as per the provisions of the Income Tax Act, 1961 and the relevant Finance Act, after taking into consideration judicial pronouncements and opinions of the Company''s tax advisors.
Deferred tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.
viii. CASH AND CASH EQUIVALENT
Cash and cash equivalents for the purpose of cash flow statement comprise cash at bank and in hand, cheques on hand and short-term investments with an original maturity of three months or less.
ix. EARNING PER SHARE
Basic earnings per share is computed by dividing the profit/(loss) after tax (including the post-tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.
Diluted earnings per share is computed by dividing the profit/(loss) after tax (including the post-tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of shares which could have been issued on the conversion of all dilutive potential equity shares.