Mar 31, 2015
(a) Basis of Accounting:
The financial statements are prepared under historical cost convention
and to comply in all material respect with the notified accounting
standards issued by The Institute of Chartered Accountant of India.
(b) Use of Estimates
The preparation of financial statements is in conformity with Generally
Accepted Accounting Principle which require estimates and assumptions
to be made that affect the reported amounts of assets and liabilities
and disclosure of contingent liability on the date of financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from this estimate and
differences between actual results and estimates are recognized in the
period in which the results are known / materialize.
(c) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation. The cost
of fixed asset comprise of its purchase price and any directly
attributable cost of bringing the assets in an operational condition
for its intended use.
(d) Depreciation:
Depreciation has been provided at the rates and in the manner
prescribed in Schedule II of the Companies act, 2013 on WDV Method.
Depreciation on addition or on sale/ disposal of assets is calculated
pro-rata from the date of such addition or sale/ disposal as the case
may be.
(e) Valuation of Inventories:
Inventory of goods are valued at Cost or Market Price whichever is
lower.
(f) Investment:
Long term investments are stated at cost. Provision of diminution in
the value of Long term investments is made only if such decline is
other than temporary in nature in the opinion of the Management.
(g) Revenue Recognition:
(i) Revenue is recognized to the extent that is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
(ii) Revenue from sale of goods is recognized when the significant
risks and rewards of ownership of the goods are transferred to the
customer and is stated net of trade discounts, excise duty, sales
return, value added tax, claims etc.
(iii) Revenue is recognized on a time proportion basis taking into
account the amount outstanding and the applicable rate of interest.
(h) Employee Benefits:
The amount of short-term employee benefits expected to be paid in
exchange for the services rendered by employees are recognized as an
expense during the period when the employees render the services.
Further, the Company does not have any policy of providing post-
employment benefits to any of its employee and hence the provision of
such expenses is not required to be made in the financial statements.
(i) Taxation:
Current tax is determined as the amount of tax payable in respect of
taxable income for the period. Deferred tax is recognized subject to
the consideration of prudence in respect of deferred tax assets on
timing differences, being the difference between the taxable incomes
and accounting income that originate in, one period and are capable of
reversal in one or more subsequent period.
In accordance with Accounting Standard 22 "Accounting for taxes on
Income" issued by The Institute Of Chartered Accountants Of India,
Company has not accounted for deffered Tax. Deferred tax assets are
recognized and carried forward only to the extent that there is a
reasonable certainty that sufficient future taxable income e will be
available against which such deferred tax assets can be realized.
(j) Provisions, Contingent Assets and Contingent Liabilities:
Contingent Liabilities as defined in Accounting Standard 29 on
"Provisions, Contingent Liabilities and Contingent Assets" are
disclosed by way of notes to the account. Provision is made if it is
probable that an outflow of future economic benefits will be required
for an item previously dealt with as a contingent liability.
(k) Purchase & Expenses :
(i) The major item of expenses are accounted for on time pro rata basis
and necessary provision for the same are made.
(ii) Purchases are accounted at invoice value. The other components
like freight, octroi, transport charges are shown separately. Rebate
and discount received on purchase are netted of from purchases.
(l) Impairment of Assets:
The management of the Company is of the opinion that there are no Fixed
Assets to be impaired for the period, as identified by the sources of
information, mentioned in the Accounting Standard-28 "Impairment of
Assets" issued by the ICAI.
(m) Balances of Debtors and Creditors are subject to confirmation to be
obtained. In the opinion of the board, current assets, loans and
advances have value on realization in the ordinary course of business
at least equal to the amount at which they are stated. The provision
for other known liabilities is adequate and not in excess of what is
required.
(n) Previous year's figures have been regrouped or rearranged wherever
required to be made for better presentation of financial statements.
Figures are rounded off to the nearest rupee.
(o) Earningsper Share:
The Company reports basic & diluted earnings per share in accordance
with Accounting Standard 20, "Earning Per Share" issued by the ICAI.
Basic earnings per share is computed by dividing the net profit after
tax available to equity shareholders by the weighted average number of
equity shares outstanding during the year.
(p) Segment Reporting:
The Company has only one segment of activity, namely trading.
Mar 31, 2014
(a) Basis of Accounting:
The financial statements are prepared under historical cost convention
and to comply in all material respect with the notified accounting
standards by the Companies Accounting standard Rules - 2006 and the
relevant provision of Companies Act, 1956.
(b) Use of Estimates
The preparation of financial statements in conformity with Generally
Accepted Accounting Principle require estimates and assumptions to be
made that affect the reported amounts of assets and liabilities and
disclosure of contingent liability on the date of financial statements
and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from this estimate and differences
between actual results and estimates are recognized in the period in
which the results are known / materialize.
(c) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation. The cost
of fixed asset comprise of its purchase price and any directly
attributable cost of bringing the assets in an operational condition
for its intended use.
(d) Depreciation:
Depreciation has been provided at the rates and in the manner
prescribed in Schedule XIV of the Companies act, 1956 on WDV Method.
Depreciation on addition or on sale/ disposal of assets is calculated
pro-rata from the date of such addition or sale/disposal as the case
may be.
(e) Valuation of Inventories:
Inventory of goods are valued at Cost or Market Price whichever is
lower.
(f) Investment:
Long term investments are stated at cost. Provision of diminution in
the value of Long term investments is made only if such decline is
other than temporary in nature in the opinion of the Management.
(g) Revenue Recognition:
The sales are shown net of discount on sales, sale return, rate
differences and all other items of Income and expenses are recognized
on accrual basis.
(h) Employee Benefits:
The amount of short-term employee benefits expected to be paid in
exchange for the services rendered by employees are recognized as an
expense during the period when the employees render the services.
Further, the Company does not have any policy of providing
post-employment benefits to any of its employee and hence the provision
of such expenses is not required to be made in the financial
statements.
(i) Taxation:
Current tax is determined as the amount of tax payable in respect of
taxable income for the period. Deferred tax is recognized subject to
the consideration of prudence in respect of deferred tax assets on
timing differences, being the difference between the taxable incomes
and accounting income that originate in, one period and are capable of
reversal in one or more subsequent period.
In accordance with Accounting Standard 22 "Accounting for taxes on
Income" issued by The Institute Of Chartered Accountants Of India,
Company has not accounted for deffered Tax. Deferred tax assets are
recognized and carried forward only to the extent that there is a
reasonable certainty that sufficient future taxable income e will be
available against which such deferred tax assets can be realized.
(j) Provisions, Contingent Assets and Contingent Liabilities:
Contingent Liabilities as defined in Accounting Standard 29 on
"Provisions, Contingent Liabilities and Contingent Assets" are
disclosed by way of notes to the account. Provision is made if it is
probable that an outflow of future economic benefits will be required
for an item previously dealt with as a contingent liability.
Mar 31, 2013
(a) Basis of Accounting:
The financial statements are prepared under historical cost convention
and to comply in all material respect with the notified accounting
standards by the Companies Accounting standard Rules - 2006 and the
relevant provision of Companies Act, 1956.
(b) Use of Estimates
The preparation of financial statements in conformity with Generally
Accepted Accounting Principle require estimates and assumptions to be
made that affect the reported amounts of assets and liabilities and
disclosure of contingent liability on the date of financial statements
and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from this estimate and differences
between actual results and estimates are recognized in the period in
which the results are known / materialize.
(c) Fixed Assets:
Fixed Assets are stated at cost less accumulated depreciation. The cost
of fixed asset comprise of its purchase price and any directly
attributable cost of bringing the assets in an operational condition
for its intended use.
(d) Depreciation:
Depreciation has been provided at the rates and in the manner
prescribed in Schedule XIV of the Companies act, 1956 on WDV Method.
Depreciation on addition or on sale/ disposal of assets is calculated
pro-rata from the date of such addition or sale/ disposal as the case
may be.
(e) Valuation of Inventories:
Inventory of goods are valued at Cost or Market Price whichever is
lower.
(f) Investment:
Long term investments are stated at cost. Provision of diminution in
the value of Long term investments is made only if such decline is
other than temporary in nature in the opinion of the Management.
(g) Revenue Recognition:
The sales are shown net of discount on sales, sale return, rate
differences and kasar and all other items of Income and expenses are
recognized on accrual basis.
(h) Retirement Post retirement Benefits:
No Provision has been made for liabilities for retirement benefits
including gratuity and leave encashment in respect of employees as
required by the Accounting Standards -15 on Retirement Benefits.
(i) Taxation:
Current tax is determined as the amount of tax payable in respect of
taxable income for the period. Deferred tax is recognized subject to
the consideration of prudence in respect of deferred tax assets on
timing differences, being the difference between the taxable incomes
and accounting income that originate in, one period and are capable of
reversal in one or more subsequent period.
In accordance with Accounting Standard 22 "Accounting for taxes on
Income" issued by The Institute Of Chartered Accountants Of India,
Company has not accounted for differed Tax. Deferred tax assets are
recognized and carried forward only to the extent that there is a
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realized.
(j) Provisions, Contingent Assets and Contingent Liabilities:
Contingent Liabilities as defined in Accounting Standard 29 on
"Provisions, Contingent Liabilities and Contingent Assets" are
disclosed by way of notes to the account. Provision is made if it is
probable that an outflow of future economic benefits will be required
for an item previously dealt with as a contingent liability.
Mar 31, 2011
(a) SYSTEM OF ACCOUNTIN
(I) The accounts prepared on the historical cost bas s and on the
accounting principles of a going concern.
(II) Accounting policies, not specifically referred to otherwise, are
consistent and in consonance with generally accepted accounting
principles.
(III) All expenditures and income to the extent considered payable and
receivables respectively, are accounted for. on accrual basis
(b) FIXED ASSETS
Fixed assets are stated at cost of acquisition or cons|ruction. They
are stated at historical cost ess accumulated. depreciation
(C) DEPRECIATION
Depreciation on fixes assets is provided on WDV method at rates and in
the manner specified in Schedule IV of The Companies Act, 1956 read
with the relevant circulars issued by the Department of Company
Affairs.
(d) INVENTORIES
I Raw materials : At cost on First in First out method
II Finished Goods : At lower of absorption cost or net realisable
value.
Packing materials : At cost on first in first out method
IV Semi finished goods : On estimate
(e) REVENUE RECOGNITION
1 During the year, the company has debited rate diff of Rs.2,00,00,000
due to non compliance of contact for suply of goods to Disman
Pharmacuticals & chemicals Ltd. Ahmedabad.and recover Rs.7500000 from
Ankita Chemical Corporation for non compliance of contract.
2 In the previous year figures, the sales is net of discount on Sales,
Sales return Rate Difference and kasar. In addition it is also net of
Bad Debt of Rs. 10675434 due from M/S.GTCI. Mobile Comm Tech Ltd, which
is not as per accounting standard and accounting prudence and it has
material effect on sales figure i.e. sales figure is understated by
Rs.10675434.
Other income is recognised on accrual basis.
(f) CONTINGENT LIABILITIES
All liabilities have been provided for in the accounts except
liabilities of a contingent nature which have been disclosed at their
estimated value in the notes on accounts
(g) TAXATION
Provision is made for taxation on a yearly basis under the tax payable
method, based on tax libility, as computed after taking credit for
allowances and exemptions. In case of matters under appeal, due to
disaillowance or otherwise full provision is made when the said
liabilities are accepted.