Mar 31, 2015
Not Available
Mar 31, 2014
I) Basis of preparation of financial statements - These financial
statements have been prepared in accordance with the generally accepted
accounting principles in India under the historical cost convention on
accrual basis. These financial statements have been prepared to comply
in all material aspects with the Accounting Standards notified under
Section 211(3 C) [Companies (Accounting Standards) Rules, 2006, as
amended] and the other relevant provisions of the Companies Act, 1956.
The Company follows prudential norms for income recognition; asset
classification and provisioning for non-performing assets as prescribed
by Reserve Bank of India vide Non-Banking Financial (Non-Deposit
Accepting or Holding) Companies Prudential Norms (Reserve Bank)
Directions, 2007.
ii) Use of Estimates - The presentation of financial statements in
conformity with the generally accepted accounting principles require
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 revenue and expenses during the reported period.
Differences between the actual result and estimates are recognized in
the period in which the results are known/materialize.
iii) Fixed Assets - There are no fixed assets
iv) Depreciation - There are no fixed assets
v) Investments - There are no investments
vi) Income Recognition - Revenues are recognized and expenses are
accounted for on accrual basis with necessary provisions for all known
liabilities and losses. Income from Non- Performing Assets is
recognized only when it is realized. Interest on deposits and loans is
accounted for on the time proportion basis after considering reasonable
certainty that the ultimate collection will be made. Dividend income is
recognized when right to receipts is established. Profit or loss on
sale of securities is accounted on trade date basis.
vii) Foreign Currency Transaction - There are no foreign currency
transaction
viii) Borrowing Cost - Borrowing Costs that are directly attributable
to the acquisition or production of qualifying assets are capitalized
as the cost of the respective assets. Other Borrowing Costs are charged
to the Profit and Loss Account in the period in which they are
incurred.
ix) Employees benefits - All employee benefit obligations payable
wholly within twelve months of the rendering the services are
classified as Short Term Employee Benefits. Such Benefits are estimated
and provided for in the period in which the employee renders the
related service.
Post Employment Benefits - All eligible employees of the Company are
entitled to receive benefits under the provident fund and Gratuity is
accounted for as and when paid.
x) Inventories - Funds deployed by the Company for short term trading
in Quoted securities are held as stock in trade and are measured at
lower of the cost and net realizable value. Cost of inventories
comprises all costs of purchase (net of input credit) and other costs
incurred in bringing the inventories to their present condition. Costs
of inventories are determined by using the First-In First-Out Method
(FIFO).
xi) Accounting for taxes on Income
i) Income tax comprises the current tax and net change in deferred tax
assets, which are made in accordance with the provisions as per the
Income T ax Act, 1961.
ii) Deferred T ax resulting from timing differences between accounting
income and taxable income for the period is accounted for using the tax
rates and laws that have been enacted or substantially enacted as at
the balance sheet date. The deferred tax asset is recognized and
carried forward only to the extent that there is reasonable certainty
that sufficient future taxable income will be available against which
such deferred tax asset can be realized.
Leased Assets
Assets acquired on leases where a significant portion of the risks and
rewards of the ownership are retained by the lessor, are classified as
Operating Leases. The rental and all other expenses of leased assets
are treated as revenue expenditure.
xii) Provisions and Contingent Liabilities
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
xiii) Impairment of Assets
The Company assesses at each balance sheet date whether there is any
indication that an assets may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset. If
such recoverable amount of the asset or recoverable amount of the cash
generating unit to which the assets belongs is less than the carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as impairment loss and is recognized in the profit
and loss account. If at the balance date there is an indication that if
a previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the assets is reflected at the recoverable
amount.
xiv) Cash and cash equivalents
The Company considers bank balances and Fixed Deposit Receipts to be
cash equivalents.
Mar 31, 2013
I) Basis of preparation of financial statements
These financial statements have been prepared in accordance with the
generally accepted accounting principles in India under the historical
cost convention on accrual basis. These financial statements have been
prepared to comply in all material aspects with the Accounting
Standards notified under Section 211(3C) [Companies (Accounting
Standards) Rules, 2006, as amended] and the other relevant provisions
of the Companies Act, 1956. The Company follows prudential norms for
income recognition, asset classification and provisioning for
non-performing assets as prescribed by Reserve Bank of India vide Non-
Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007.
ii) Use of Estimates
The presentation of financial statements in conformity with the
generally accepted accounting principles require 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 revenue and expenses during the reported period. Differences
between the actual result and estimates are recognized in the period in
which the results are known/materialize.
iii) Fixed Assets
Fixed Assets, wherever present, are stated at cost of acquisition less
accumulated depreciation thereon. Fixed Assets are accounted at cost of
acquisition inclusive of inward freight, duties taxes and other
incidental expenses related to acquisition and installation of Fixed
Assets incurred to bring the assets to their working condition for
their intended use. There are no fixed assets as at end of financial
year.
iv) Depreciation
Depreciation is provided for in the books on written down value method
as per the rates prescribed under Schedule XIV of the Companies Act
1956.
v) Investments
Investments made by the Company with a long term prospective in Quoted
and Unquoted securities are held as investments and are valued at cost.
However, provision for diminution in value is made to recognize a
decline, other than temporary, in the value of the investments.
Currently, the investments are NIL
vi) Income Recognition
Revenues are recognized and expenses are accounted for on accrual basis
with necessary provisions for all known liabilities and losses. Income
from Non- Performing Assets is recognized only when it is realized.
Interest on deposits and loans is accounted for on the time proportion
basis after considering reasonable certainty that the ultimate
collection will be made. Dividend income is recognized when right to
receipts is established. Profit or loss on sale of securities is
accounted on trade date basis.
vii) Foreign Currency Transaction
Foreign currency transactions are recorded in the books at exchange
rates prevailing on the date of the transaction. Exchange differences
arising on foreign exchange transactions settled during the period are
recognized as income or expense in the profit and loss account of the
same period.
Foreign currency assets and liabilities are translated at the period
end rates and the resultant exchange differences, are recognized in the
profit and loss account.
viii) Borrowing Cost
Borrowing Costs that are directly attributable to the acquisition or
production of qualifying assets are capitalized as the cost of the
respective assets. Other Borrowing Costs are charged to the Profit and
Loss Account in the period in which they are incurred.
ix) Employees benefits
All employee benefit obligations payable wholly within twelve months of
the rendering the services are classified as Short Term Employee
Benefits. Such Benefits are estimated and provided for in the period in
which the employee renders the related service.
Post Employment Benefits
All eligible employees of the Company are entitled to receive benefits
under the provident fund and Gratuity is accounted for as and when
paid.
x) Inventories
Funds deployed by the Company for short term trading in Quoted
securities are held as stock in trade and are measured at lower of the
cost and net realizable value. Cost of inventories comprises all costs
of purchase (net of input credit) and other costs incurred in bringing
the inventories to their present condition. Costs of inventories are
determined by using the First-In First-Out Method (FIFO).
xi) Accounting for taxes on Income
i) Income tax comprises the current tax and net change in deferred tax
assets, which are made in accordance with the provisions as per the
Income Tax Act, 1961.
ii) Deferred Tax resulting from timing differences between accounting
income and taxable income for the period is accounted for using the tax
rates and laws that have been enacted or substantially enacted as at
the balance sheet date. The deferred tax asset is recognized and
carried forward only to the extent that there is reasonable certainty
that sufficient future taxable income will be available against which
such deferred tax asset can be realized.
Leased Assets
Assets acquired on leases where a significant portion of the risks and
rewards of the ownership are retained by the lessor, are classified as
Operating Leases. The rental and all other expenses of leased assets
are treated as revenue expenditure.
xii) Provisions and Contingent Liabilities
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
xiii) Impairment of Assets
The Company assesses at each balance sheet date whether there is any
indication that an assets may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset. If
such recoverable amount of the asset or recoverable amount of the cash
generating unit to which the assets belongs is less than the carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as impairment loss and is recognized in the profit
and loss account. If at the balance date there is an indication that if
a previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the assets is reflected at the recoverable
amount.
xiv) Cash and cash equivalents
The Company considers bank balances and Fixed Deposit Receipts to be
cash equivalents.
Additional information to the financial statements 18 The management
has asked for confirmation from its suppliers regarding their
registration with competent authorities under Micro, Small and Medium
Enterprises Development Act, 2006 (MSMED). However, No one has
confirmed their registration under the Act. Accordingly no further
information is submitted in this regards. The Auditors have relied on
the said submission of the management. Details are as under.
Mar 31, 2012
I) Basis of preparation of financial statements
These financial statements have been prepared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis. These financial statements have been prepared to comply in all material aspects with the Accounting Standards notified under Section 211(3C) [Companies (Accounting Standards) Rules, 2006, as amended] and the other relevant provisions of the Companies Act, 1956. The Company follows prudential norms for income recognition; asset classification and provisioning for non-performing assets as prescribed by Reserve Bank of India vide Non- Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Direction 2007.
ii) Use of Estimates
The presentation of financial statements in conformity with the generally accepted accounting principles require 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 revenue and expenses during the reported period. Differences between the actual result and estimates are recognized in the period in which the results are known/materialize.
iii) Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated depreciation thereon. Fixed Assets are accounted at cost of acquisition inclusive of inward freight, duties taxes and other incidental expenses related to acquisition and installation of Fixed Assets incurred to bring the assets to their working condition for their intended use.
iv) Depreciation
Depreciation is provided for in the books on written down value method as per the rates prescribed under Schedule XIV of the Companies Act 1956.
v) Investments
Investments made by the Company with a long term prospective in Quoted and Unquoted securities are held as investments and are valued at cost. However, provision for diminution in value is made to recognize a decline, other than temporary, in the value of the investments
vi) Income Recognition
Revenues are recognized and expenses are accounted for on accrual basis with necessary provisions for all known liabilities and losses. Income from Non- Performing Assets is recognized only when it is realized. Interest on deposits and loans is accounted for on the time proportion basis after considering reasonable certainty that the ultimate collection will be made. Dividend income is recognized when right to receipts is established. Profit or loss on sale of securities is accounted on trade date basis.
vii) Foreign Currency Transaction
Foreign currency transactions are recorded in the books at exchange rates prevailing on the date of the transaction. Exchange differences arising on foreign exchange transactions settled during the period are recognized as income or expense in the profit and loss account of the same period.
Foreign currency assets and liabilities are translated at the period end rates and the resultant exchange differences, are recognized in the profit and loss account.
viii) Borrowing Cost
Borrowing Costs that are directly attributable to the acquisition or production of qualifying assets are capitalized as the cost of the respective assets. Other Borrowing Costs are charged to the Profit and Loss Account in the period in which they are incurred.
ix) Employees benefits
All employee benefit obligations payable wholly within twelve months of the rendering the services are classified as Short Term Employee Benefits. Such Benefits are estimated and provided for in the period in which the employee renders the related service.
Post Employment Benefits
All eligible employees of the Company are entitled to receive benefits under the provident fund and Gratuity is accounted for as and when paid.
x) Inventories
Funds deployed by the Company for short term trading in Quoted securities are held as stock in trade and are measured at lower of the cost and net realizable value. Cost of inventories comprises all costs of purchase (net of input credit) and other costs incurred in bringing the inventories to their present condition. Costs of inventories are determined by using the First-In First-Out Method (FIFO).
xi) Accounting for taxes on Income
i) Income tax comprises the current tax and net change in deferred tax assets, which are made in accordance with the provisions as per the Income Tax Act, 1961.
ii) Deferred Tax resulting from timing differences between accounting income and taxable income for the period is accounted for using the tax rates and laws that have been enacted or substantially enacted as at the balance sheet date. The deferred tax asset is recognized and carried forward only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax asset can be realized.
xii) Leased Assets
Assets acquired on leases where a significant portion of the risks and rewards of the ownership are retained by the lessor, are classified as Operating Leases. The rental and all other expenses of leased assets are treated as revenue expenditure.
xiii) Provisions and Contingent Liabilities
The Company recognizes a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation that the likelihood of outflow of resources is remote, no provision or disclosure is made.
xiv) Impairment of Assets
The Company assesses at each balance sheet date whether there is any indication that an assets may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or recoverable amount of the cash generating unit to which the assets belongs is less than the carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as impairment loss and is recognized in the profit and loss account. If at the balance date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the assets is reflected at the recoverable amount.
xv) Cash and cash equivalents
The Company considers bank balances and Fixed Deposit Receipts to be cash equivalents.
Mar 31, 2011
I) Basis of preparation of financial statements :
The financial statements are prepared on historical cost convention complying with the relevant provisions of the Companies Act, 1956 and the Accounting Standards issued by the Institute of Chartered Accountants of India, as applicable. The company follows prudential norms for income recognition; asset classification and provisioning for non-performing assets as prescribed by Reserve Bank of India vide Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Direction 2007.
ii) Use of Estimates :
The presentation of financial statements in conformity with the generally accepted accounting principles 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 revenue and expenses during the reported period. Differences between the actual result and estimates are recognized in the period in which the results are known/materialize.
iii) Fixed Assets :
Fixed Assets are stated at cost of acquisition less accumulated depreciation thereon. Fixed Assets are accounted at cost of acquisition inclusive of inward freight, duties taxes and other incidental expenses related to acquisition and installation of Fixed Assets incurred to bring the assets to their working condition for their intended use.
iv) Depreciation :
Depreciation is provided for in the books on written down value method as per the rates prescribed under Schedule XIV of the Companies Act 1956.
v) Investments :
Investments made by the Company with a long term prospective in Quoted and Unquoted securities are held as investments and are valued at cost. However, provision for diminution in value is made to recognize a decline, other than temporary, in the value of the investments.
vi) Income Recognition :
Revenues are recognized and expenses are accounted on accrual basis with necessary provisions for all known liabilities and losses. Income from Non- Performing Assets is recognized only when it is realized. Interest on deposits and loans is accounted for on the time proportion basis after considering reasonable certainty that the ultimate collection will be made. Dividend income is recognized when right to receipts is established. Profit or loss on sale of securities is accounted on trade date basis.
vii) Foreign Currency Translation :
Foreign currency transactions are recorded in the books at exchange rates prevailing on the date of the transaction. Exchange differences arising on foreign exchange transactions settled during the year are recognized as income or expense in the profit and loss account of the same period.
Foreign currency assets and liabilities are translated at the yearend rates and the resultant exchange differences, are recognized in the profit and loss account.
viii) Borrowing Cost :
Borrowing Costs that are directly attributable to the acquisition or production of qualifying assets are capitalized as the cost of the respective assets. Other Borrowing Costs are charged to the Profit and Loss Account in the year in which they are incurred.
ix) Employees benefits :
All employee benefit obligations payable wholly within twelve months of the rendering the services are classified as Short Term Employee Benefits. Such Benefits are estimated and provided for in the period in which the employee renders the related service.
Post Employment Benefits
All eligible employees of the Company are entitled to receive benefits under the provident fund and Gratuity is accounted for as and when paid.
x) Inventories
Funds deployed by the Company for short term trading in Quoted securities are held as stock in trade and are measured at lower of the cost and net realizable value. Cost of inventories comprises all costs of purchase (net of input credit) and other costs incurred in bringing the inventories to their present condition. Costs of inventories are determined by using the First-In First-Out Method (FIFO).
xi) Accounting for taxes on Income :
i) Income tax comprises the current tax and net change in deferred tax assets, which are made in accordance with the provisions as per the Income T ax Act, 1961.
ii) Deferred Tax resulting from timing differences between accounting income and taxable income for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as at the balance sheet date. The deferred tax asset is recognized and carried forward only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax asset can be realized.
xii) Leased Assets :
Assets acquired on leases where a significant portion of the risks and rewards of the ownership are retained by the lessor, are classified as Operating Leases. The rental and all other expenses of leased assets are treated as revenue expenditure.
xiii) Provisions and Contingent Liabilities :
The Company recognizes a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation that the likelihood of outflow of resources is remote, no provision or disclosure is made.
xiv) Impairment of Assets :
The Company assesses at each balance sheet date whether there is any indication that an assets may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or recoverable amount of the cash generating unit to which the assets belongs is less than the carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as impairment loss and is recognized in the profit and loss account. If at the balance date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the assets is reflected at the recoverable amount.