Mar 31, 2014
(i) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost
convention, in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956, as adopted consistently by the company. All income
and expenditure having a material bearing on the financial statements
are recognized on accrual basis.
(ii) REVENUE RECOGNITION.
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties.
(iii) FIXED ASSETS AND DEPRECIATION.
Fixed Assets are value at cost less depreciation. The depreciation has
been calculated at the rates provided as per Companies Act, 1956 on
single shift and if the Asset is purchased during the year depreciation
is provided on the days of utilisation in that year.
Mar 31, 2013
(i) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost
convention, in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956, as adopted consistently by the company. All income
and expenditure having a material bearing on the financiaJ statements
are recognized on accrual basis,
(ii) REVENUE RECOGNITION,
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties.
(iii) FIXE D A SS ETS AN D DEFR ECIATION.
Fixed Assets are value at cost less depreciation. The depreciation has
been calculated at the rates provided as per Companies Act, 1956 on
single shift and if the Asset is purchased during the year depreciation
is provided on the days of utilisation in that year.
Mar 31, 2012
A) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost
convention, in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956, as adopted consistently by the company. All income
and expenditure having a material bearing on the financial statements
are recognized on canal basis.
b) REVENUE RECOGNITION.
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties. The Principles of revenue recognition are given below;
- Revenue from the sale of goods is recognized when supply of goods
takes place in accordance with the term of sales and on passing of
title to the customers.
c) FIXED ASSETS AND DEPRECIATION
- Fixed Assets are stated at |he cost of acquisition less accumulated
depreciation. Cost includes all identifiable expenditure incurred to
bring the asset to its present condition and location.
- Depredation on fixed asset is provided at the rates and in the manner
specified in schedule XIV to the Companies Act 1956 on strait line
method on value of the asset.
d) INVENTORIES
- Company has no closing stock.
e) INCOME TAX
- Provision for taxation is made on the basis of the taxable profits
computed for the current accounting period in accordance with the
Income Tax Act, 1961.
- Deferred Tax resulting from timing differences are expected to
crystallize in case of deferred tax liabilities with reasonable
certainly and in case of deferred tax asset with virtual certainty that
there would be adequate future taxable income against which such
deferred tax assets can be realized. The tax effect is calculated on
(he accumulated timing differences at the end of an accounting period
based on prevailing enacted regulations.
Mar 31, 2010
A. BASIS OF ACCOUNTING:
The Financial Statements are prepared under historical cost convention
and on an accrual basis in accordance with the requirements of
Companies Act, 1956 and applicable accounting standards.
B. REVENUE RECOGNITION
Revenue is recognized and expenditure is accounted for on their accrual
except claims in respect of goods purchased and sold and insurance
which are accounted for on cash basis.
C. FIXED ASSETS:
Fixed assets are stated at cost less accumulated depreciation.
D. DEPRECIATION
Depreciation on Fixed assets has been provided on prorata basis using
straight line method at the rate specified in Schedule XIV to the
Companies Act, 1956.
E. INVENTORIES:
Inventory has been valued at cost or net realizable price, however
there is no closing stock.
F. INVESTMENTS:
Investments are valued at cost no provision has been made for
depreciation of the market value of investment.*-
G. TAXATION:
Taxes on income are computed whereby such taxes are accrued in the same
period as the revenue and expenses to which they relate.
Current tax liability is measured using the applicable tax rates and
tax laws and the necessary provision is made annually. Deferred tax
asset / liability arising out of the tax effect of timing difference is
measured using the tax rate and the tax laws that have been enacted /
substantially enacted at the balance sheet date.
Deferred tax assets are recognized only if there is a reasonably
certainty of their realization.
H. EARNING PER SHARE:
In determining basic earning per share, the company considers the net
profit after tax and includes post tax effects of any extra ordinary
items. The number of share used in computing basic earning per share
is the weighted average number of share outstanding during the period
The number of shares used in computing diluted earning per share
comprises the weighted average share considered for deriving basic
earning per share and also the weighted avgrage number of equity-shares
which could have been issued on the conversion of old dilutive
potential equity shares The diluted potential equity shares are
adjusted for the proceeds receivable, had the shares been actually
issued at fair value (i e the average market value of the outstanding
shares). Dilutive potential equity shares are deemed converted as of
the beginning of the period unless issued at later date.
I. PROVISION, CONTINGENT LIABILITY AND CONTINGENT ASSETS:
Provisions involving substantial degree of estimation measurement are
recognized when there is present obligation as a result of past events
and it is possible that there will be an out flow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.