Mar 31, 2014
A. BASIS OF ACCOUNTING
These financial statements have been prepared to comply with the
Accounting Principles Generally accepted in India (Indian GAAP), the
Accounting Standards notified under the Companies (Accounting
Standards) Rule,2006 and the relevant provisions of the Companies Act,
1956 .
B. Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/ materialized.
C. RECOGNITION OF INCOME & EXPENDITURE
The Company generally follows mercantile system of accounting and
recognises significant items of income and expenditure on accrual
basis. Interest income is recognized on the time proportion basis
taking into account the amount outstanding and rate applicable.
D. FIXED ASSETS
Fixed assets are stated at cost as reduced by depreciation .
E. DEPRECIATION:-
Depreciation on Fixed Assets was charged to the Profit & Loss Account
in the manner prescribed in Schedule XIV read with Section 350 of the
Companies Act, 1956 on the w.d.v. of fixed assets.
F. IMPAIRMENT OF ASSETS
An assets is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
Statement of Profit and Loss in the year in which an asset is
identified as impaired. The impairment loss recognised in prior
accounting periods is reversed if there has been a change in the
estimate of recoverable amount.
G. INVESTMENTS
Long term investments are stated at cost. Provision for diminution in
the value of long-term investments is made only if such a decline is
other than temporary.
H. PROVISION FOR CURRENT AND DEFFERED TAX
Provision for currant tax is made on the basis of the amount of tax
payable on taxable income for the year in accordance with the
Income-tax Act, 1961. Deferred tax resulting from "timing differences"
between book and taxable profit wherever material, is accounted for
using the tax rates and laws that have been enacted or substantially
enacted as on balance sheet date. Deferred tax assets, subject to
consideration of prudence, are recognized and carried forward 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.
I. PROVISIONS. CONTINGENT LIABILITIES AND 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.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
Mar 31, 2013
A. BASIS OF ACCOUNTING
The financial statements are prepared under the historical cost
convention, in accordance with the generally accepted accounting
principles in India and the provisions of the Companies Act, 1956 as
adopted consistently by the Company.
B. Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/ materialized.
C. RECOGNITION OF INCOME & EXPENDITURE
The Company follows mercantile system of accounting and recognises
significant items of income and expenditure on accrual basis.
D. FIXED ASSETS
Fixed assets are stated at cost as reduced by depreciation .
E. DEPRECIATION:-
Depreciation on Fixed Assess was charged to the Profit & Loss Account
in the manner prescribed in Schedule XIV read with Section 350 of the
Companies Act, 1956 on the w.d.v. of fixed assets.
F. IMPAIRMENT OF ASSETS
An assets is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
Statement of Profit and Loss in the year in which an asset is
identified as impaired. The impairment loss recognised in prior
accounting periods is reversed if there has been a change in the
estimate of recoverable amount.
G. INVESTMENTS
Long term investments are stated at cost. Provision for diminution in
the value of long-term investments is made only if such a decline is
other than temporary.
H. PROVISION FOR CURRENT AND DEFFERED TAX
Provision for currant tax is made on the basis of the amount of tax
payable on taxable income for the year in accordance with the
Income-tax Act, 1961. Deferred tax resulting from "timing differences"
between book and taxable profit wherever material, is accounted for
using the tax rates and laws that have been enacted or substantially
enacted as on balance sheet date. Deferred tax assets, subject to
consideration of prudence, are recognized and carried forward 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.
I. PROVISIONS. CONTINGENT LIABILITIES AND 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.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
Mar 31, 2010
The financial statements have been prepared under historical cost
convention, in accordance with the generally accepted accounting
principals and the provisions of the companies Act, 1956 as adopted
consistently by the company.
(B) RECOGNITION OF INCOME & EXPENDITURE:
All items of income and expenditure having a material bearing on the
financial statements are recognised on accrual basis.
(C) FIXED ASSETS.
Fixed assets are stated at cost as reduced by depreciation.
(D) DEPRECIATION:
Depreciation on Fixed Assets is charged to the Profit & Loss Account on
written down value method, in the manner prescribed in Schedule XIV
read with Section 350 of the Companies Act, 1956 on historical cost.
(E) IMPAIRMENT OF ASSETS:
An assets is treated as impaired when the carrying cost of assets
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 periods is
reversed if there has been a change in the estimate of recoverable
amount.
(F) VALUATION OF INVESTMENTS :
Long term investments are carried at cost, less provision for
diminution, other than temporary, in the value of such investments.
Current investments are carried individually, at lower of cost and fair
value.
(G) ACCOUNITNG FOR TAX ON INCOME:
Provision for current ax is made on the basis of the amount of tax
payable on taxable income for the year in accordance with the
Income-tax Act, 1961. Deferred tax resulting from "timing differences"
between book and taxable profit wherever material, is accounted for
using the tax rates and laws that have been enacted or substantially
enacted as on balance sheet date. Deferred tax assets, subject to
consideration of prudence, are recognized and carried forward only to
the extent that there is reasonable certainly that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
(H) PROVISION. CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resource.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
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