Mar 31, 2015
Basis of Preparation of financial statements.
The Company maintains its accounts on accrual basis following the
historical cost convention in accordance with generally accepted
accounting principles ["GAAP"] in India. GAAP comprises mandatory
accounting standards as prescribed under section 133 of Companies Act,
2013 (the Act) read with Rule 7 of Companies (Accounts) Rules,2014, the
provisions of the Act (to the extent notified). Accounting policies
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.
Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
Revenue Recognitions
a) Revenue in respect of finished goods is recognised on delivery
during the accounting year.
b) Revenue in respect of services is recognised accrual basis of work
performed.
Employee Benefits:
All Employees benefits falling due wholly within twelve month of
rendering the services are classified as short term employee benefits
which include benefits like salary, wages, short term compensated,
absences and performance incentives and are recognised as expense in
the period in which the employee renders the related services.
Material events after balance sheet date.
Events which are of material nature after the balance sheet date are
accounted for in the accounts.
Provisions and contingencies
A provision is recognised when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. Contingent liabilities
are disclosed in the Notes.
The Company creates a provision when there is a present obligation as a
result of past event that probably requires and outflows of resources
and a reliable estimate can be made of the amount of obligation. A
disclosure of contingent liability is made when there is possible
obligation or a present obligation that will probably not require
outflow of resources or where a reliable estimate of obligation cannot
be made.
Contingent liabilities & Commitments (to the extent not provided for):
Contingent liabilities.
Claims against the company not acknowledged as debt. : Nil
Guarantees : Nil
Other money for which the company is contingently liable : Nil
Commitments:
Estimated amount of contracts remaining to be executed on
Capital A/c & not Provided for : Nil
Uncalled liability on shares & other investments which are : Nil
partly paid
Other Commitments : Nil
Taxes on income
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of tire Income Tax
Act, 1961.
Earnings per share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) as adjusted for dividend, interest and other charges to
expense or income relating to the dilutive potential equity shares, by
the weighted average number of equity shares considered for deriving
basic earnings per share and the weighted average number of equity
shares which could have been issued on the conversion of all dilutive
potential equity shares. Potential equity shares are deemed to be
dilutive only if their conversion to equity shares would decrease the
net profit per share from continuing ordinary operations.
Investment
Unquoted Shares are valued at cost.
Cash and Cash equivalents
Cash and Cash equivalents comprise cash and cash on deposit with banks
and corporations. The Company considers all highly liquid investments
with a remaining maturity at the date of purchase of three months or
less and that are readily convertible to known amounts of cash to be
cash equivalents.
Cash Flow Statements.
Cash Flow Statement has been prepared in accordance with Accounting
Standard 3 issued by Institute of Chartered Accountants of India.
Mar 31, 2014
L. Corporate Information:
a} The Company is principally engaged in Financing & Investing
Activities.
b) There has been no significant change in the nature os business of
the Company during the period from 1" April, 2f)l3 to 3V1 March, 2014,
c) The Company is a "Public Company within the meaning of section 3(1)
(IV) of the Companies Act, 1956 (No.] of 1956). The company was
incorporated ill India an 26'1 June, 1931 under the Companies Act, 1956
(No, l of 1956.1 and having its registered office in India.
d) The Company received new incorporation certificate for change in
name nn 22n" day of May, 2014.
c) The registered office of the company is Loealed at 1%'C, C. R.
Avenue, Koliada- 700007, West Bengal, under the jurisdiction of ROC
Kolkata.
f) the Corporate identity number is: L65910WD1981PLC033821 .
2. Basis of Preparation
a) The financial statements are prepared under the historical cast
convention.
b) Accrual basis of accounting has been adopted in preparation of the
financial statements,
c) The financial statements are prepared under the Going concern
convention of accounting.
d) the generally accepted accounting principles. Accounting Standards
issued by the Institute of Chartered Accountants of India, as
applicable, and the relevant provisions of the Companies Act, 1956 have
been complied with,
e) In preparing the financial statements ill conformity with accounting
principles generally accepted in India, management is required to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosure of contingent liabilities as at the
date of financial statements and the amounts of revenue and expenses
during the reported period. Actual results could differ from those
estimates. Any revision to such estimates is recognized in the period
the same is determined.
3. Cuntingent liabilities
Depending upon the facts of each case and after due evaluation of legal
aspects, claims against the Company not acknowledged as debts arc
treated as contingent liabilities. In respect of statutory dues
disputed and contested by the Company, contingent liabilities are
provided tor and disclosed s.s per oriental demand without taking, into
account any interest or penalty that may accrue thereafter,
4. Primings per share
Basic eamings per share is calculated by dividing the net profit or
loss for tire period attributable to equity shareholders (after
deducting attributable taxes) by lire weighted average number of equity
shares outstanding during the period. The weighted average number of
equity shares outstanding during the period.
For the purpose of calculating diluted eamings per share, the net
profit or loss for the period attributable to equity shareholders and
die weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
5. Accounting for Tax
a) Current Tax is accounted on Hie basis of estimated taxable income
for the current accounting period in accordance with the provisions
of Income Tax Act. 1961.
b) Deferred Tax resulting from "timing differences" between accounting
arid taxable profit fur the period is accounted by using tax rates and
laws that have been enacted or subsequently enacted as at the balance
sheet date. Deferred tax assets are recognized only to the extent there
is reasonable certainty that the assets can be realized in future.
Mar 31, 2013
(i) The financial statement has been prepared on the historical cost
convention and with generally accepted accounting principles.
|ii) Items for Profit Loss a/c have been accounted for on accrual
basis.
(iii) An investment has been made in unquoted shares and has been
stated at cost.
Mar 31, 2012
(i) The financial statement has been prepared on the historical cost
convention and with generally accepted accounting principles.
(ii) Items for Profit & Loss a/c have been accounted for on accrual
basis.
(iii) An investment has been made in unquoted shares and has been stated
at cost.
Mar 31, 2011
I) The financial statement has been prepared on the historical cost
convention and with generally accepted accounting principles.
(ii) Items for Profit & Loss a/c have been accounted for on accrual
basis.
(iii) An investment has been made in unquoted shares and has been
stated at cost.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article