Mar 31, 2015
1.1 Summary of Significant Accounting Policies General
a. Basis of Preparation
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) in compliance with the Accounting Standards notified
under the Companies (Accounting Standards) Rules, 2006 (as amended) and
the relevant provisions of the Companies Act, 2013. The financial
statements have been prepared on accrual basis under the historical
cost convention. Further in view of the revised schedule VI of the
Companies Act, the company has also reclassified the previous year
figures in accordance with the requirements applicable for the current
year
b. General
The company follows the accrual method of accounting. The financial
statements have been prepared in accordance with the historical cost
convention and in accordance with. Expenses are accounted on their
accrual with necessary provision for all known liabilities and losses.
c. Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the required amount of assets and
liabilities on the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period.
Difference between the actual amounts and the estimates are recognised
in the period in which the results are known / materialised.
d. Fixed Assets
Fixed assets are stated at cost including taxes, duties, freight,
insurance etc. related to acquisition and installation.
e. Depreciation
Depreciation is provided to the extent of depreciable amount on written
Down Value (WDV) at the rates and method prescribed in the Schedule II
of the Companies Act, 2013 and manner at written down value Method
Rates and on pro rata basis for the additions during the year.
f. Inventories
The company has converted its investments into its stock-in-trade on
the first date of the financial year. The inventories have been valued
at the method prescribed in the Accounting Standards.
g. Revenue Recognition
Revenue is recognized and expenditure is accounted for on their
accrual.
h. Provisions, Contingent Liabilities & Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
i. Employees Benefit
Gratuity
The liability for gratuity has not been provided as per the provisions
of Payment of Gratuity Act, 1972 since no employee of the company is
eligible for such benefits during the year.
Provident Fund
The provisions of the Employees Provident Fund are not applicable to
the company since the numbers of employees employed during the year
were less than the minimum prescribed for the benefits.
Leave Salary
In respect of Leave Salary, the same is accounted as and when the
liability arises in accordance with the provision of law governing the
establishment.
j. Taxation
Taxes on Income are accrued in the same period as the revenue and the
expenses to which they relate. Deferred tax assets are recognized to
the extent there is a virtual certainty of its realization.
k. Impairment of Assets
As at Balance Sheet Date, the carrying amount of assets is tested for
impairment so as to determine:
a. Provision for Impairment Loss, if any, required or
b. The reversal, if any, required of impairment loss recognized in
previous periods.
Impairment Loss is recognized when the carrying amount of an asset
exceeds its recoverable amount.
l. Borrowing Cost
Borrowing cost attributable to the acquisition or construction of
qualifying assets are capitalized as a part of such assets. All other
borrowing costs are charged off to revenue.
m. Deferred Revenue Expenditures
Miscellaneous Expenditure are written off uniformly over a period of 5
years.
n. Income Tax
Current Tax is determined as the amount of tax payable in respect of
taxable income for the period. Deferred tax is recognized, subject to
the prudence, of 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 periods.
Mar 31, 2014
1. Accounting Policies not specifically referred to otherwise are in
consonance with generally accepted accounting principles.
2. Accounts of the Company have been prepared on historical cost basis
and on accrual basis of Accounting as going concern.
3. Expenses and Income considered payable and receivable respectively
are accounted for on accrual basis.
4. In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value stated if realized in the ordinary
course of business. The provisions of all known liabilities are
adequate and not in excess of the amount reasonably necessary.
Fixed Assets
5. The Company is not having any of the Fixed Assets during the year
under review.
Investments
6. Investments are valued at cost.
Revenue Recognition
7. Income is accounted on accrual basis except Dividend.
Gratuity
8. None of the Employee has completed the service period to become
eligible for payment of gratuity.
Contingent Liabilities
9. No provision has been made in the books of Accounts as against
income tax demand.
Mar 31, 2013
1. Accounting Policies not specifically referred to otherwise are in
consonance with generally accepted accounting principles.
2. Accounts of the Company have been prepared on historical cost basis
and on accrual basis of Accounting as going concern.
3. Expenses and Income considered payable and receivable respectively
are accounted for on accrual basis.
4.In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value stated if realized in the ordinary
course of business. The provisions of all known liabilities are
adequate and not in excess of the amount reasonably necessary.
Fixed Assets
5.The Company is not having any of the Fixed Assets during the year
under review. Investments
6.Investments are valued at cost.
Revenue Recognition
7.Income is accounted on accrual basis except Dividend.
Gratuity
8. None of the Employee has completed the service period to become
eligible for payment of gratuity.
Contingent Liabilities
9. No provision has been made in the books of Accounts as against
income tax demand.
Mar 31, 2012
1. Accounting Policies not specifically referred to otherwise are in
consonance with generally accepted accounting principles.
2. Accounts of the Company have been prepared on historical cost basis
and on accrual basis of Accounting as going concern.
3. Expenses and Income considered payable and receivable respectively
are accounted for on accrual basis.
4. In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value stated if realized in the ordinary
course of business. The provisions of all known liabilities are
adequate and not in excess of the amount reasonably necessary.
Fixed Assets
5. The Company is not having any of the Fixed Assets during the year
under review. Investments
6. Investments are valued at cost.
Revenue Recognition
7. Income is accounted on accrual basis except Dividend.
Gratuity
8. None of the Employee has completed the service period to become
eligible for payment of gratuity.
Contingent Liabilities
9. No provision has been made in the books of Accounts as against
income tax demand.