Mar 31, 2015
A. BASIS FOR PREPARATION OF ACCOUNTS:
a) The Company follows mercantile system of accounting and recognizes
income and expenditure on accrual basis.
b) Financial statements are based on historical cost. These costs are
not adjusted to reflect the changing value in purchasing power of
money.
c) Financial statements have been prepared on the basis of going
concern concept and in consonance with generally accepted accounting
principles.
The financial statements for the current year are prepared in
accordance with the Generally Accepted Accounting Principles ('GAAP')
in India; Accounting Standards as prescribed by the Companies
(Accounting Standard) Rules, 2006 read with the provisions of Companies
Act, 2013.
B. LOANS AND ADVANCES:
Loans and Advances are stated after writing off amounts considered as
bad. Adequate provision (wherever necessary) is made for doubtful loans
and advances.
C. RECOGNITION OF INCOME AND EXPENDITURE:
a) Income and expenditure are generally recognized and accounted on
accrual basis. However, the expenses for which bills have not been
received at the date of balance sheet have been accounted for on
estimated basis.
b) Claims against the company that are not accepted but due to which
receivables of the company is withheld, are accounted for in the year
of raising the claims by parties.
D. EARNING PER SHARE:
Earnings per share is calculated by dividing the earnings for the year
attributable to equity share holders with the weighted average number
of equity shares outstanding during the year. The earning considered in
accounting the company's Earning per share (EPS) comprises the Net
profit after tax and includes the Post Tax effects of any extraordinary
items. The number of shares used in computing Basic EPS is the weighted
average number of shares outstanding during the year. Diluted earnings
per share are computed using the weighted average number of equity and
dilutive equity equivalent shares outstanding during the year, except
where the results would be anti-dilutive.
E. CASH FLOW STATEMENT:
Cash flows are reported using the indirect method, whereby net profit
before tax is adjusted for the effects of transactions of the non cash
nature and deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating, investing and
financing activities of the company are segregated.
F. TAXES ON INCOME AND DEFERRED TAX:
Provision for current tax has been made in accordance with the
provisions of Income Tax Act, 1961.
Deferred tax charge or credit is recognized 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 and liabilities are measured
using the tax rates and tax laws that have been enacted or subsequently
enacted by balance sheet date. Deferred tax assets are recognized only
to the extent there is reasonable certainty that the assets can be
realized in the future. Deferred tax assets are reviewed as at each
Balance Sheet date and written down or written-up to reflect the amount
that is reasonably/virtually certain (as the case may be) to be
realized.
G. CONTINGENT LIABILITIES:
The Company recognizes a provision when there is a present obligation
as a result of a past event and it is more likely than not that there
will be an outflow of resources to settle such obligation and the
amount of such obligation can be reliably estimated. Provisions are
determined on the basis of management's best estimate of the amount of
obligation required at the year end. These are to be reviewed at each
balance sheet date and to be adjusted to best estimates.
Contingent Liabilities are usually not provided for unless the future
outcome may probably be materially detrimental to the Company.
Mar 31, 2014
A. BASIS FOR PREPARATION OF ACCOUNTS:
a) The Company follows mercantile system of accounting and recognises
income and expenditure on accrual basis.
b) Financial statements are based on historical cost. These costs are
not adjusted to reflect the changing value in purchasing power of
money.
c) Financial statements have been prepared on the basis of going
concern concept and in consonance with generally accepted accounting
principles.
The financial statements for the current year are prepared in
accordance with the Generally Accepted Accounting Principles (GAAP)
in India; Accounting Standards as prescribed by the Companies
(Accounting Standard) Rules, 2006, the provisions of Companies Act,
2013(to the extent notified), the companies Act, 1956 ( to the extent
applicable).
B. LOANS AND ADVANCES:
Loans and Advances are stated after writing off amounts considered as
bad. Adequate provision (wherever necessary) is made for doubtful loans
and advances.
C. RECOGNITION OF INCOME AND EXPENDITURE:
a) Income and expenditure are generally recognised and accounted on
accrual basis. However, the expenses for which bills have not been
received at the date of balance sheet have been accounted for on
estimated basis.
b) Claims against the company that are not accepted but due to which
receivables of the company is withheld, are accounted for in the year
of raising the claims by parties.
D. EARNING PER SHARE:
Earning per share is calculated by dividing the earnings for the year
attributable to equity share holders with the weighted average number
of equity shares outstanding during the year. The earning considered in
accounting the company''s Earning per share (EPS) comprises the Net
profit after tax and includes the Post Tax effects iof any
extraordinary items. The number of shares used in computing Basic EPS
is the weighted average number of shares outstanding during the year.
Diluted earnings per share are computed using the weighted average
number of equity anddilutive equity equivalent shares outstanding
during the year, except where the results would be anti-dilutive.
E. CASH FLOW STATEMENT:
Cash flows are reported using the indirect method, whereby net profit
before tax is adjusted for the effects of transactions of the non cash
nature and deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating, investing and
financing activities of the company are segregated.
F. TAXESONINCOMEANDDEFERREDTAX:
Provision for current tax has been made in accordance with the
provisions of Income Tax Act, 1961.
Deferred tax charge or credit is recognized 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 and liabilities are measured
using the tax rates and tax laws that have been enacted or subsequently
enacted by balance sheet date. Deferred tax assets are recognised only
to the extent there is reasonable certainty that the assets can be
realised in the future. Deferred tax assets are reviewed as at each
Balance Sheet date and written down or written-up to
reflect the amount that is reasonably/virtually certain (as the case
may be) to be realised.
G. CONTINGENT LIABILITIES:
The Company recognises a provision when there is a present obligation
as a result of a past event and it is more likely than-not that there
will be an outflow of resources to settle such obligation and the
amount of such obligation can be reliably estimated. Provisions are
determined on the basis of management''s best estimate of the amount of
obligation required at the year end. These are to be reviewed at each
balance sheet date and to be adjusted to best estimates.
Contingent Liabilities are usually not provided for unless the future
outcome may probably be materially detrimental to the Company.
Mar 31, 2013
A. BASIS FOR PREPARATION OF ACCOUNTS:
a) The Company follows mercantile system of accounting and recognises
income and expenditure on accrual basis.
b) Financial statements are based on historical cost. These costs are
not adjusted to reflect the changing value in purchasing power of
money.
c) Financial statements have been prepared on the basis of going
concern concept and in consonance with generally accepted accounting
principles.
The financial statements for the current year are prepared in
accordance with the Generally Accepted Accounting Principles (''GAAP'')
in India; Accounting Standard issued by Institute of Chartered
Accountants of India and comply with the mandatory presentational
requirements of the Companies Act, 1956.
B. LOANS AND ADVANCES:
Loans and Advances are stated after writing off amounts considered as
bad. Adequate provision (wherever necessary) is made for doubtful loans
and advances.
C. RECOGNITION OF INCOME AND EXPENDITURE:
a) Income and expenditure are generally recognised and accounted on
accrual basis. However, the expenses for which bills have not been
received at the date of balance sheet have been accounted for on
estimated basis.
b) Claims against the company that are not accepted but due to which
receivables of the company is withheld, are accounted for in the year
of raising the claims by parties.
D. EARNING PER SHARE:
Earning per share is calculated by dividing the earnings for the year
attributable to equity share holders with the weighted average number
of equity shares outstanding during the year. The earning considered in
accounting the company''s Earning per share (EPS) comprises the Net
profit after tax and includes the Post Tax effects of any extraordinary
items. The number of shares used in computing Basic EPS is the weighted
average number of shares outstanding during the year. Diluted earnings
per share are computed using the weighted average number of equity and
dilutive equity equivalent shares outstanding during the year, except
where the results would be anti-dilutive.
E. CASH FLOW STATEMENT:
Cash flows are reported using the indirect method, whereby net profit
before tax is adjusted for the effects of transactions of the non cash
nature and deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating, investing and
financing activities of the company are segregated.
F. TAXES ON INCOME AND DEFERRED TAX:
Provision for current tax has been made in accordance with the
provisions of Income Tax Act, 1961.
Deferred tax charge or credit is recognized 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 and liabilities are measured
using the tax rates and tax laws that have been enacted or subsequently
enacted by balance sheet date. Deferred tax assets are recognised only
to the extent there is reasonable certainty that the assets can be
realised in the future. Deferred tax assets are reviewed as at each
Balance Sheet date and written down or written-up to reflect the amount
that is reasonably/virtually certain (as the case may be) to be
realised.
G. CONTINGENT LIABILITIES:
The Company recognises a provision when there is a present obligation
as a result of a past event and it is more likely than not that there
will be an outflow of resources to settle such obligation and the
amount of such obligation can be reliably estimated. Provisions are
determined on the basis of management''s best estimate of the amount of
obligation required at the year end. These are to be reviewed at each
balance sheet date and to be adjusted to best estimates.
Contingent Liabilities are usually not provided for unless the future
outcome may probably be materially detrimental to the Company.
Mar 31, 2012
A BASIS FOR PREPARATION OF ACCOUNTS:
a) The Company follows mercantile system of accounting and recognises
income and expenditure on accrual basis.
h) Financial statements are based on historical cost. These costs are
not adjusted to reflect the changing value in purchasing power of
money.
c) Financial statements have been prepared on the basis of going
concern concept and in consonance with generally accepted accounting
principles.
The financial statements for the current year are prepared in
accordance with the Generally Accepted Accounting Principles ('GAAP1)
in India, Accounting Standard issued by Institute of Chartered
Accountants of India and comply with the mandatory presentational
requirements of the Companies Act, 1956.
li. LOANS AND ADVANCES:
Loans and Advances are stated after writing off amounts considered as
bad. Adequate provision (wherever necessary) is made for doubtful
join and advances.
C. RECOGNITION OF INCOME AND EXPENDITURE:
a) Income and expenditure are generally recognised and accounted on
accrual basis. However, the expenses for which bills have not been
received at the date of balance sheet have been'accounted for on
estimated basis.
b) Claims against the company that are not accepted but due to which
receivables of the company is withheld, are accounted for in the year
of raising the claims by parties.
D. EARNING PERSIIARE:
Faming per share is calculated by dividing the earnings for the year
attributable to equity share holders with the weighted average number
of equity shares outstanding during the year. The earning considered in
accounting the company's Earning per-share (EPS) comprises the Net
profit after tax and includes the Post Tax effects of any extraordinary
items. The number of shares used in computing Basic EPS is the weighted
average number of shares outstanding during the year. Diluted earnings
per share are computed using the weighted average number of equity and
dilutive equity equivalent shares outstanding during the year, except
where the results would be anti-dilutive.
E CASH FLOW STATEMENT:
Cash Flows are reported using the indirect method, whereby net profit
before tax is adjusted for the effects'of transactions of the non cash
nature and deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating, investing and
financing activities of the company are segregated.
F. TAXES ON INCOME AND DEFERREDTAX:
Provision for current tax has been made in accordance with the
provisions of Income Tax Act, 1 % 1.
Deferred tax charge or credit is recognized 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 and liabilities are measured
using the tax rates and tax laws that have been enacted or subsequently
enacted by balance sheet date. Deferred tax assets are recognised only
to the extent there is reasonable certainty that the assets can be
realised in the future. Deferred tax assets are reviewed as at each
Balance Sheet date and written down or written-up to reflect the amount
that is reasonably/virtually certain (as the case may be) to be
realised.