Mar 31, 2014
A. Basis of Presentation
a. The financial statements have been prepared under the historical
cost convention and on the basis of going concern, in accordance with
the generally accepted accounting principles and provisions.
b. The Company generally follows mercantile system of accounting and
recognises significant items of income and expenditure on accrual
basis. Insurance and other claims are accounted for as and when
admitted by the appropriate authorities.
B. Fixed Assets:
Fixed Assets are recorded at cost before depreciation. The company
capitalises all direct costs relating to the acquisition and
installation of fixed assets.
C. Depreciation:
Depreciation is charged on fixed assets as per the Straight Line Method
at the rates and in the manner prescribed under Schedule XIV to the
Companies Act,1956.
D. Deferment of Taxes:
Current tax is determined as the amount of tax payable in respect of
taxable income for the period. Deferred tax is recognised, 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.
During the year a Deferred Tax Assets of Rs. NIL has been utilized for
carried forward unabsorbed losses of the company. However looking to
the business circumstances it is less probable that the company will be
able to earn sufficient profits in future to absorb the huge unabsorbed
losses to this extent the deferred tax assets should not be recognized
by the company.
Mar 31, 2013
(A) Basis of Presentation
a. The financial statements have been prepared under the historical
cost convention and on the basis of going concern, in accordance with
the generally accepted accounting principles and provisions.
b. The Company generally follows mercantile system of accounting and
recognises significant items of income and expenditure on accrual
basis. Insurance and other claims are accounted for as and when
admitted by the appropriate authorities.
(B) Fixed Assets:
Fixed Assets are recorded at cost less depreciation. The company
capitalises all direct costs relating to the acquisition and
installation of fixed assets.
(C) Depreciation
Depreciation is charged on fixed assets as per the Straight Line Method
at the rates and in the manner prescribed under Schedule XIV to the
Companies Act, 1956.
(D) Deferment of Taxes:
Current tax is determined as the amount of tax payable in respect of
taxable income forthe period. Deferred tax is recognised, 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.
During the year a Deferred Tax Assets of Rs. NIL has been utilised for
carried forward unabsorbed tosses of the company. However looking to
the business circumstances it is less probable that the company will be
able to earn sufficient profits in future to absorb the huge unabsorbed
losses to this extent the deferred tax assets should not be recognized
by the company.
Mar 31, 2011
(A) Basis of Presentation
a. The financial statements have been prepared under the historical
cost convention and on the basis of going concern, in accordance with
the generally accepted accounting principles and provisions.
b. The Company generally follows mercantile system of accounting and
recognises significant items of income and expenditure on accrual
basis. Insurance and other claims are accounted for as and when
admitted by the appropriate authorities.
(B) Fixed Assets :
Fixed Assets are recorded at cost less depreciation. The company
capitalises all direct costs relating to the acquisition and
installation of fixed assets.
(C) Depreciation
Depreciation is charged on fixed assets as per the written down value
method at the rates and in the manner prescribed under Schedule XIV to
the Companies Act, 1956.
(D) Deferment of Taxes :
Current tax is determined as the amount of tax payable in respect of
taxable income for the period. Deferred tax is recognised, 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.
During the year a Deferred Tax Assets of Rs. 18,716/- has been utilised
for carried forward unabsorbed losses of the company. However looking
to the business circumstances it is less probable that the company will
be able to earn sufficient profits in future to absorb the huge
unabsorbed losses to this extent the deferred tax assets should not be
recognized by the company.
Mar 31, 2010
A. The financial statements have been prepared under the historical
cost convention and on the basis of going concern, in accordance with
the generally accepted accounting principles and provisions.
b. The Company generally follows mercantile system of accounting and
recognises significant items of income and expenditure on accrual
basis. Insurance and other claims are accounted for as and when
admitted by the appropriate authorities.
(B) Fixed Assets :
Fixed Assets are recorded at cost less depreciation. The company
capitalises all direct costs relating to the acquisition and
installation of fixed assets.
(C) Depreciation
Depreciation is charged on fixed assets as per the written down value
method at the rates and in the manner prescribed under Schedule XIV to
the Companies Act, 1956.
(D) Deferment of Taxes :
Current tax is determined as the amount of tax payable in respect of
taxable income for the period. Deferred tax is recognised, 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.
During the year a Deferred Tax Assets of Rs. 15,060/- has been utilised
for carried forward unabsorbed losses of the company. However looking
to the business circumstances it is less probable that the company will
be able to earn sufficient profits in future to absorb the huge
unabsorbed losses to this extent the deferred tax assets should not be
recognized by the company.
Mar 31, 2009
(A) Basis of Presentation
a. The financial statements have been prepared under the historical
cost convention and on the basis c going concern, in accordance with
the generally accepted accounting principles and provisions.
b. The Company generally follows mercantile system of accounting and
recognises significant items c income and expenditure on accrual basis.
Insurance and other claims are accounted for as and whe admitted by the
appropriate authorities.
(B) Fixed Assets:
Fixed Assets are recorded at cost less depreciation. The company
capitalises all direct costs relatin to the acquisition and
installation of fixed assets.
(C) Depreciation
Depreciation is charged on fixed assets as per the written down value
method at the rates and in th manner prescribed under Schedule XIV to
the Companies Act, 1956.
(D) Deferment of Taxes :
Current tax is determined as the amount of tax payable in respect of
taxable income for the perioc Deferred tax is recognised, subject to
the consideration of prudence, on timing differences, being th
difference between taxable income and accounting income that originate
in one period and are capabl of reversal in one or more subsequent
periods.
During the year a Deferred Tax Assets of Rs. 2,82,621/- has been
created for carried forwar unabsorbed losses of the company. However
looking to the business circumstances it is less probabl that the
company will be able to earn sufficient profits in future to absorb the
huge unabsorbed losses t this extent the deferred tax assets should not
be recognized by the company.