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Accounting Policies of Unimode Overseas Ltd. Company

Mar 31, 2014

(a) Accounting Convention

The financial statements are prepared by following the Going Concern Concept under the historical cost convention on accrual basis, in accordance with the generally accepted accounting principles in India , the accounting Standards issued by the institute of Chartered Accountants of india and the provisions of the companies Act, 1956.

(b) Fixed Assets

The company is not having any fixed assets.

(c) Depreciation

As no fixed assets are held by the company, no depreciable is being charged.

(d) Impairment of Assets

This clause is not applicable on this company.

(e) Investment

No investment are held by the company.

(f) Tax on income

Due to losses, no provision for Income Tax has been provided under the provided under the provisions of The Income Tax Act, 1956.

Deferred tax is recognized subject to the consideration of prudence, on timing differences, 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 on unabsorbed depreciation and carry forward of losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.


Mar 31, 2013

(i) Basis of preparation of financial statements:

The financial statements have been prepared under the historical cost convention in accordance with the applicable Accounting Standards and the provisions of the Companies Act, 1956 as adopted consistently by the company. All income and expenditure having a material bearing on the financial statements are recognized on accrual basis.

(ii) Fixed Assets:

Fixed Assets are stated at their historical cost less accumulated depreciation. Additions, Improvements and major renewals are capitalized. Maintenance, repair and minor repairs are charged to Statement of Profit & Loss.

(iii) Depreciation:

Depreciation is provided on historical cost basis using Straight-line basis at the rates prescribed in Schedule XIV to the Companies Act, 1956.

(iv) Revenue Recognition

Revenue is being recognized on accrual basis of accounting in accordance with the Guidance note issued by the Institute of Chartered Accountants of India. In all other cases, revenue (income) is recognized when no significant uncertainty as to its determination or realization exists.

(v) Miscellaneous Expenditure:

Miscellaneous Expenditure is written off in the period in which it is incurred.

(vi) Investments:

Long Term Investments

Investments are valued at cost. Diminution in the value of investments is recognized only if such decline is other than temporary in the management''s opinion. Current Investments

Current investments are stated at lower of cost and fair value.

(vii) Classification of Current/Non-current Assets and Liabilities:

An asset is classified as current when it satisfies following criteria:

a) It is expected to be realized in or is intended for provisioning of service in, the company''s operating cycle;

b) It is expected to be realized within 12 months after the reporting date;

c) It is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date.

d) All other assets are classified as Non-current.

A liability is classified as current when it satisfies any of following criteria:

a) It is expected to be settled in the company''s normal operating cycle;

b) It is due to be settled within 12 months after the reporting date;

c) The company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

All other liabilities are classified as Non-current

(viii) Amortization:

(ix) Retirement Benefits :

Short-term employee benefits

These are recognized as an expense at the undiscounted amount in the Statement of Profit and Loss of the year in which the related service is rendered.

Long-term employee benefits Gratuity

The company provides for gratuity to its employees in the form of defined benefit retirement plan (the "Gratuity Plan") covering all employees. The Plan provides a lump sum payment to vested employees at retirement, death or on termination of employment of an amount based on the respective employee''s salary and the years of employment with the company. The company provides for gratuity based on the actuarial valuation.

Leave Encashment

Liability in respect of Provision for Leave Encashment is made, based on the actuarial valuation made by an independent actuary as at the Balance Sheet date.

(x) Foreign Exchange Transactions:

Foreign currency transactions arising during the year are recorded at the exchange rate prevailing on the date of transaction. Closing balance of current Assets and Liabilities are converted at the rate of exchange prevailing at the end of the year. Any increase or decrease arising out of the above is taken to the Statement of Profit & Loss.

(xi) Taxation:

Provision for Income Tax:

Provision for Income Tax is the amount of tax payable on the taxable income for the year as determined in accordance with the Provisions of Income Tax Act, 1961.

Deferred Tax:

Deferred Income Taxes reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years. Deferred Tax is measured based on the Tax Rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax Assets relating to timing differences are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.


Mar 31, 2011

1) REVENUE RECOGNITION

Revenue is being recognised on accrual basis of accounting in accordance with the Guidance note issued by the Institute of chartered Accountants of India. Accordingly, if there are any uncertainties in realisation, Income is not accounted for.

2) FIXED ASSETS

Fixed assets are accounted for on historical cost basis, inclusive of the cost of installation, as the case may be.

3) GRATUITY

No provision for gratuity is made as no staff falling under this category at the last day of the financial year.

4) FOREIGN CURRENCY

Not Applicable , as no Sales are made during the year under review.

5) INVESTMENT

Investments are valued at cost inclusive of expenses incidental to their acquisition, if any. Investments meant for long term are carried at cost and any diminution in value, though material is not recognised if such diminution in value, in the opinion of the management, is temporary in nature.

6) TRANSACTIONS IN FOREIGN CURRENCIES(Other than for Fixed Assets)

Not applicable, as no transaction in Foreign Currency are carried out during the year under review.

7) TAXATION

(a) Provision for Income Tax is made in accordance with Income Tax Act, 1961

8) PROVISION FOR DOUBTFUL DEBTS

The Company does not make provision for doubtful debts, and follow the practice or writing off bad debts as and when determined. However, all the debts exceeding more than one year.

9) PROVISION FOR EXPENSES

The Company made necessary provision for all the required expenses pertaining to financial year 2010-11.


Mar 31, 2010

1) REVENUE RECOGNITION

Revenue is being recognised on accrual basis of accounting in accordance with the Guidance note issued by the Institute of chartered Accountants of India. Accordingly, if there are any uncertainties in realisation, Income is not accounted for.

2) FIXED ASSETS

Fixed assets are accounted for on historical cost basis, inclusive of the cost of installation, as the case may be.

3) GRATUITY

No provision for gratuity is made as no staff falling under this category at the last day of the financial year.

4) FOREIGN CURRENCY

Not Applicable , as no Sales are made during the year under review.

5) INVESTMENT

Investments are valued at cost inclusive of expenses incidental to their acquistion, if any. Investments meant for long term are carried at cost and any diminution in value, though material is not recognised if such diminution in value, in the opinion of the management, is temporary in nature.

6) TRANSACTIONS IN FOREIGN CURRENCIES(Other than for Fixed Assets)

Not applicable, as no transaction in Foreign Currency are carried out during the year under review.

7) TAXATION

(a) Provision for Income Tax is made in accordance with Income Tax Act, 1961

8) PROVISION FOR DOUBTFUL DEBTS

The Company does not make provision for doubtful debts, and follow the practice or writing off bad debts as and when determined. However, all the debts exceding more than one year.

9) PROVISION FOR EXPENSES

The Company made necessary provision for all the required expenses pertaning to financial year 2009-2010.


Mar 31, 2009

1) REVENUE RECOGNITION

Revenue is being recognised on accrual basis of accounting in accordance with the Guidance note issued by the Institute of chartered Accountants of India. Accordingly, if there are any uncertainties in realisation, Income is not accounted for.

2) FIXED ASSETS

Fixed assets are accounted for on historical cost basis, inclusive of the cost of installation, as the case may be.

3) GRATUITY

No provision for gratuity is made as no staff falling under this category at the last day of the financial year.

4) FOREIGN CURRENCY

Not Applicable, as no Sales are made during the year under review.

5) INVESTMENT

Investments are valued at cost inclusive of expenses incidental to their acquistion, if any. Investments meant for long term are carried at cost and any diminution in value, though material is not recognised if such diminution in value, in the opinion of the management, is temporary in nature.

6) TRANSACTIONS IN FOREIGN CURRENCIES(Other than for Fixed Assets)

Not applicable, as no transaction in Foreign Currency are carried out during the year under review.

7) TAXATION

(a) Provision for Income Tax is made in accordance with Income Tax Act, 1961

8) PROVISION FOR DOUBTFUL DEBTS

The Company does not make provision for doubtful debts, and follow the practice or writing off bad debts as and when determined. However, all the debts exceding more than one year.

9) PROVISION FOR EXPENSES

The Company made necessary provision for all the required expenses pertaning to financial year 2008-2009.

 
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