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.