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Accounting Policies of Wellness Noni Ltd. Company

Mar 31, 2014

1. Basis of Preparation of financial statements

The financial statements have been prepared under the historical cost convention in accordance with generally accepted Accounting Principles and the provisions of the Companies Act, 1956.

Accounting policies not specifically referred to otherwise are consistent throughout the year under audit and in consonance with generally accepted Accounting Principles followed by the company.

2. Fixed Assets:

Fixed Assets are stated at cost less depreciation. Cost comprises of purchase price, import duties, levies and any directly attributable cost of bringing the assets to its working condition for its intended use. Depreciation is consistently provided as per the Income Tax Act

3. Investments:

Long Term Investments are valued at their acquisition cost and provisions are made for other than temporary loss.

4. Revenue Recognition:

All Income and Expenditure items having a material bearing on the statements are recognized on accrual basis.

5. Income From operation:

Since the company has started its new business in line with object clause of the Memorandum of Association, the company has generated income from the selling of Noni based Products in the last quarter of the financial year, Board of directors are confident of generating sufficient income in the coming years on the basis of going concern concept.

6. Segment information for the year ended 31st March, 2014

The company as started its new line business and continued to achieved turnover of Rs. 44,40,743/- during this year compared to the previous year where the turnover was stated as Rs. 39,57,322/-.

7. Earning Per Share 2014 2013 a. Weighted averages number of 32,00,000 32,00,000 Equity Shares of Rs.10/-each

Weighted average number of equity Share outstanding during the year 32,00,000 32,00,000

a. Net Profit(after tax) available for equity shareholders 4,03,788 3,47,904.20

b. Basic and diluted earning per share (in Rupees) 0.13 0.11


Mar 31, 2013

1. Basis of Preparation of financial statements

The financial statements have been prepared under the historical cost convention in accordance with generally accepted Accounting Principles and the provisions of the Companies Act, 1956.

Accounting policies not specifically referred to otherwise are consistent throughout the year under audit and in consonance with generally accepted Accounting Principles followed by the company.

2. Fixed Assets:

Fixed Assets are stated at cost less depreciation. Cost comprises of purchase price, import duties, levies and any directly attributable cost of bringing the assets to its working condition for its intended use. Depreciation is consistency provided as per the Income Tax Act

3. Investments:

Long Term Investments are valued at their acquisition cost and provisions are made for other than temporary loss.

4. Revenue Recognition:

All Income and Expenditure items having a material bearing on the statements are recognized on accrual basis.

5. Income From operation:

Since the company has started its new business in line with object clause of the Memorandum of Association, the company has generated income from the selling of None based Products in the last quarter of the financial year, Board of directors are confident of generating sufficient income in the coming years on the basis of going concern concept.

6. Segment information for the year ended 31st March, 2013

The company has started its new line business and achieved turnover of Rs 39,57,322.61/- during this year compared to the previous year where the turnover was stated as Rs.52,09,926/-.


Mar 31, 2010

1. Basis of Preparation of financial statements

The financial statements have been prepared under the historical cost convention in accordance with generally accepted Accounting Principles and the provisions of the Companies Act, 1956.

Accounting policies not specifically referred to otherwise are consistent throughout the year under audit and in consonance with generally accepted Accounting Principles followed by the company.

2. Fixed Assets:

FixedAssets are stated at cost less depreciation. Cost comprises of purchase price, import duties, levies and any directly attributable cost of bringing the assets to its working condition for its intended use.

Depreciation is provided on a pro-rata basis, from the date the assets have been installed and put to use on a straight line value method at the rates and in the manner specified under Schedule XIV to the Companies Act, 1956.

3. Investments:

Long Term Investments are valued at their acquisition cost and provisions are made for other than temporary loss.

4. Revenue Recognition:

All Income and Expenditure items having a material bearing on the statements are recognized on accrual basis.

5. Income From operation:

Eventhough there is no Income From operation during the period, Board of directors is confident of generating sufficient income in the coming years on the basis of on going concern concept.

6. Segment information for the year ended 31st March, 2010

As there is no income earned during the year, segment report does not arise.


Mar 31, 2009

- The financial statements have been prepared under the historical cost convention in accordance with generally accepted Accounting Principles and the provisions of the Companies Act, 1956.

- Accounting policies not specifically referred to otherwise are consistent throughout the year under audit and in consonance with generally accepted Accounting Principles followed by the company.

2. Fixed Assets:

FixedAssets are stated at cost less depreciation. Cost comprises of purchase price, import duties, levies and any directly attributable cost of bringing the assets to its working condition for its intended use.

Depreciation is provided on a pro-rata basis, from the date the assets have been installed and put to use on a straight line value method at the rates and in the manner specified under Schedule XrV to the Companies Act, 1956.

3. Investments:

Long Term Investments are valued at their acquisition cost and provisions .are made for other than temporary loss.

4. Revenue Recognition:

All Income and Expenditure items having a material bearing on the statements are recognized on accrual basis.

5. Income From operation:

Even though there is no Income From operation during the period, Board of directors is confident of generating sufficient income in the coming years on the basis of on going concern concept.

6. Segment information for the year ended 31st March, 2009

As there is no income earned during the year, segment report does not arise.

 
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