Mar 31, 2012
1. General Information
Ardi Investment And Trading Co. Ltd , incorporated on 01st August 1981,
with the Registrar of Companies, Maharashtra.
2. Summary Of Significant Accounting Policies
2.1 Basis Of Preparation Of Financial Statements (AS-1)
The Financial statements have been prepared under the historical cost
convention on the accrual basis in accordance with Generally Accepted
Accounting Principles in India, and materially comply with the
mandatory accounting standards issued by the Institute of Chartered
Accountants of India (ICAI) and the provisions of .the Companies Act,
1956. Accounting standards have been consistently applied except where
a newly issued accounting standard is initially adopted or a revision
to an existing accounting standard requires a change in the accounting
policy hitherto in use. Management evaluates all recently issued or
revised accounting standards on an ongoing basis. The fundamental
assumptions i.e Going concern, Consistency and accrual has been
followed.
2.2 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.
2.3 Revenue Recognition (AS-9)
2.3.1 Revenue is recognized only when it can be reliably measured and
it is reasonable to expect ultimate collection.
23.2 Direct fiscal duties and taxes are charged out as an expense in
the year in which they are paid or provided.
2.4 Retirement & Other Employee Benefits (AS-15)
2.4.1 Provident Fund
Employees receive benefits from a provident fund, which is a defined
contribution plan. Both the employee and the company make monthly
contributions to the Employee''s Provident Fund equal to the specified
percentage of the covered employee''s salary. The company has no further
obligation beyond its monthly contributions.
2.4.2 Gratuity The company has not made and provision for gratuity
liability but the provision will be made as and when it will be
recognized.
2. 4 .3 Leave Encashment As per the employment policy of the company,
employees are required to avail their annual leave by the year end of
the respective financial year and a provision have been made for leave
balance as at the year end.
2. 5 Taxes On Income (AS-22)
2.5.1 Currents tax is determined, under the at payable method based on
the liability as computed after taking credit for allowances and
exemptions. Adjustments in books are made only after the completion of
the assessment
2.5.2 Deferred tax is recognised, subject to the consideration of
Prudence, on timing differences, being the difference between taxable
incomes and accounting income, that originate in one period and reverse
in one or more subsequent periods.
2.6 Provisions
Provisions are recognized when the company has present legal or
constructive obligation, as a result of past events, for which it is
probable that an outflow of economic benefits will be required to
settle the obligation and a reliable estimate can be made for the
amount of the obligation.
Mar 31, 2011
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS AS-1)
The Financial statements have been prepared under the historical cost
convention on the accrual basis in accordance with Generally Accepted
Accounting Principles in India, and materially comply with the
mandatory accounting standards issued by the Institute of Chartered
Accountants of India (ICAIJ and the provisions of the Companies Act,
1956. Accounting standards have been consistently applied except where
a newly issued accounting standard is initially adopted or a revision
to an existing accounting standard requires a change in the accounting
policy hitherto in use. Management evaluates all recently issued or
revised accounting standards on an ongoing basis.
2. TAXES ON INCOME AS-22)
i) Current tax is determined, under the tax payable method based on the
liability as computed after taking credit for allowances and
exemptions. Adjustments in books are made only after the completion of
the assessment
ii) Deferred tax is recognized, subject to the consideration of
prudence, on timing differences, being the difference between taxable
incomes and accounting income, that originate in one period and reverse
in one or more subsequent periods.
3. RELATED PARTY
Related party disclosure under accounting standard-18 issued by 1CAI is
not applicable Th ere is no related part transaction.