Mar 31, 2014
(i) Basis of Accounting
The financial statements have been prepared and presented under the
historical cost convention on accrual basis of accounting in accordance
with the accounting principles generally accepted in India and in
compliance with provisions of the Companies Act, 1956 and comply with
the mandatory Accounting Standards (AS) specified in the Companies
(Accounting Standard) Rules, 2006, prescribed by the Central
Government.
The accounting policies have been consistently applied by the company.
(ii) Revenue Recognition
a. Revenue from services is recognized as and when services are
rendered as per terms of contract.
b. Income from investments/other income is recognized on accrual
basis.
c. Revenue from sale of goods is recognized when significant risk and
rewards in respect of ownership of product is transferred to the
customers, which is generally on dispatch of goods.
(iii) Investment
Long Term investment are stated as cost, other than temporary
investments, if any.
(iv) Fixed Assets
Fixed assets are stated at cost of acquisition or construction
including installation cost, attributable interest and financial cost
till such time assets are ready for its intended use, and foreign
exchange fluctuation on long term borrowing related to fixed assets,
less accumulated depreciation, impairment losses and specific grants
received if any.
(v) Depreciation and amortization
a. Depreciation on fixed assets except free hold land is calculated on
straight line basis at the rates specified in accordance with the
Schedule XIV of the Companies Act, 1956.
b. Product Development expenditure and License/Technical know-how fees
are amortized over a period of 10 years from the accounting year in
which the commercial production of such improved product commences.
(vi) Foreign Currency Transactions
a. Foreign Currency transactions are recorded on the basis of exchange
rates prevailing on the date of their occurrence.
b. Foreign currency monetary assets and liabilities as on the Balance
Sheet date are revalued in the accounts on the basis exchange rates
prevailing at the close of the year and exchange difference arising
there-from is charges/credited to the Statement of Profit & Loss except
for the exchange difference arising on long term borrowings related to
fixed assets, which capitalized.
(vii) Borrowing Cost
As per Accounting Standard 16 on " Borrowing Costs" borrowing costs
that are: (a) directly attributable to the acquisition, construction,
production of a qualifying assets are capitalized as a part of cost of
such asset till the time the assets is ready for its intended use and
(b) not directly attributable to qualifying assets are determined by
applying a weighted average rate and are capitalized as a part of the
cost of such qualifying asset till the time the asset is ready for its
intended use. Remaining borrowing costs are recognized as an expense in
the period in which they are incurred.
(viii) Contingencies and Provisions
A provision is recognized when the Company has a present obligation as
a result of past event. It is probable that an outflow of resources
embodying economic benefit will be required to settle the obligation in
respect of which a reliable estimate can be made. Provisions are not
discounted to its present value and are determined based on the best
estimate of the expenditure required to settle the obligation at the
balance sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect current best estimate.
A contingent liability is disclosed unless the possibility of an
outflow of resources embodying the economic benefit is remote.
(ix) Taxation
Tax expense comprises of current tax and deferred tax charge or credit.
Current tax is measured at the amount to be paid to tax authorities in
accordance with the Indian Income Tax Act. The deferred tax charge or
credit is recognized using prevailing enacted or substantively enacted
tax rate. Where there is unabsorbed depreciation or carry forward
losses, deferred tax assets. Other deferred tax assets are recognized
only to the extent there is reasonable certainly of realization in
future.
Deferred tax assets/liabilities are reviewed as at each balance sheet
date based on developments during the period and available case law to
rea-asses realization/liabilities.
Mar 31, 2013
(i) Basis of Accounting
The financial statements have been prepared and presented under the
historical cost convention on accrual basis of accounting in accordance
with the accounting principles generally accepted in India and in
compliance with provisions of the Companies Act, 1956 and comply with
the mandatory Accounting Standards (AS) specified in the Companies
(Accounting Standard) Rules, 2006, prescribed by the Central
Government.
The accounting policies have been consistently applied by the Company.
(ii) Revenue Recognition
a. Revenue from services is recognized as and when services are
rendered as per terms of contract.
b. Income from investments/other income is recognized on accrual
basis.
c. Revenue from sale of goods is recognized when significant risk and
rewards in respect of ownership of product is trnasferred to the
customers, which is generally on dispatch of goods.
(iii) Investments
Long Term investments are stated as cost, other than temporary, if any.
(iv) Fixed Assets
Fixed assets are stated at cost of acquisition or construction
including installation cost, attributable interest and financial cost
till such time assets are ready for its intended use, and foreign
exchange fluctuation on long term borrowing related to fixed assets,
less accumulated depreciation, impairment losses and specific grants
received if any.
(v) Depreciation and amortization
a. Depreciation on fixed assets except free hold land is calculated on
straight line basis at the rates specified in accordance with the
Schedule XIV of the Companies Act, 1956.
b. Product Development expenditure and License/Technical know-how fees
are amortized over a period of 10 years from the accounting year in
which the commercial production of such improved product commences.
(vi) Foreign Currency Transactions
a. Foreign Currency transactions are recorded on the basis of exchange
rates prevailing on the date of their occurance.
b. Foreign currency monetary assets and liabilities as on the Balance
Sheet date are revalued in the accounts on the basis exchange rates
prevailing at the close of the year and exchange difference arising
there-from is charges/credited to the Statement of Profit & Loss except
for the exchange difference arising on long term borrowings related to
fixed assets, which capitalized.
(vii) Borrowing Cost
As per Accounting Standard 16 on "Borrowing Costs" borrowing costs that
are: (a) directly attributable to the acquisition, construction,
production of a qualifying assets are capitalized as a part of cost of
such asset till the time the assets is ready for its intended use and
(b) not directly attributable to qualifying assets are determined by
applying a weighted average rate and are capitalized as a part of the
cost of such qualifying asset till the time the asset is ready for its
intended use. Remaining borrowing costs are recognized as an expanse
in the period in which they are incurred.
(viii) Contingencies and Provisions
A provision is recognized when the Company has a present obligation as
a result of past event. It is probable that an outflow of resources
embodying economic benefit will be required to settle the obligation in
respect of which a reliable estimate can be made. Provisions are not
discounted to its present value and are determined based on the best
estimate of the expenditure required to settle the obligation at the
balance sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect current best estimate.
A contingent liability is disclosed unless the possibility of an
outflow of resources embodying the economic benefit is remote.
(ix) Taxation
Tax expense comprises of current tax and deferred tax charge or credit.
Current tax is measured at the amount to be paid to tax authorities in
accordance with the Indian Income Tax Act. The deferred tax charge or
credit is recognized using prevalling enacted or substantively enacted
tax rate. Where there is unabsorbed depreciation or carry forward
losses, deferred tax assets. Other deferred tax assets are recognized
only to the extent there is reasonable certainly of realization in
future.
Deferred tax assets/liabilities are reviewed as at each balance sheet
date based on developments during the period and available case law to
re-asses realization / liabilities.
Mar 31, 2012
(i) Basis of Accounting
The financial statements have been prepared and presented under the
historical cost convention on accrual basis of accounting in accordance
with the accounting principles generally accepted in India and in
compliance with provisions of the Companies Act, 1956 and comply with
the mandatory Accounting Standards (AS) specified in the Companies
(Accounting Standard) Rules, 2006, prescribed by the Central
Government. The accounting policies have been consistently applied by
the company.
(ii) Revenue Recognition
a. Revenue from services is recognized as and when services are
rendered as per terms of contract.
b. Income from investments/other income is recognized on accrual
basis.
c. Revenue from sale of goods is recognized when significant risk and
rewards in respect of ownership of product is transferred to the
customers, which is generally on dispatch of goods.
(iii) Investments
Long Term investments are stated as cost, other than temporary, if any.
(iv) Fixed Assets
Fixed assets are stated at cost of acquisition or construction
including installation cost, attributable interest and financial cost
till such time assets are ready for its intended use, and foreign
exchange fluctuation on long term borrowing related to fixed assets,
less accumulated depreciation, impairment losses and specific grants
received if any.
(v) Depreciation and Amortization
a. Depreciation on fixed assets except free hold land is calculate on
straight line basis at the rates specified in accordance with the
Schedule XIV of the Companies Act, 1956.
b. Product Development expenditure and License/Technical know-how fees
are amortized over a period of 10 years from the accounting year in
which the commercial production of such improved product commences.
(vi) Foreign Currency Transactions
a. Foreign Currency transactions are recorded on the basis of exchange
rates prevailing on the date of their occurrence.
b. Foreign currency monetary assets and liabilities as on the Balance
Sheet date are revalued in the accounts on the basis exchange rates
prevailing at the close of the year and exchange difference arising
there-from is charges/credited to the Statement of Profit & Loss except
for the exchange difference arising on long term borrowing related to
fixed assets, which capitalized.
(vii) Borrowing Cost
As per Accounting Standard (AS) 16 on "Borrowing Costs" borrowing costs
that are: (a) directly attributable to the acquisition, construction,
production of a qualifying assets are capitalized as a part of cost of
such asset till the time the assets is ready for its intended use and
(b) not directly attributable to qualifying assets are determined by
applying a weighted average rate and are capitalized as a part of the
cost of such qualifying asset till the time the asset is ready for its
intended use. Remaining borrowing costs are recognized as an expanse in
the period in which they are incurred.
(viii) Contingencies and Provisions
A provision is recognized when the Company has a present obligation as
a result of past event. It is probable that an outflow of resources
embodying economic benefit will be required to settle the obligation in
respect of which a reliable estimate can be made. Provisions are not
discounted to its present value and are determined based on the best
estimate of the expenditure required to settle the obligation at the
balance sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect current best estimate.
A contingent liability is disclosed unless the possibility of an
outflow of resources embodying the economic benefit is remote.
(ix) Taxation
Tax expense comprises of current tax and deferred tax charge or credit.
Current tax is measured at the amount to be paid to tax authorities in
accordance with the Indian Income Tax Act. The deferred tax charge or
credit is recongnized using prevailing enacted or substantively enacted
tax rate. Where there is unabsorbed deprecation or carryin forward
losses, deferred tax assets. Other deferred tax assets are recongnized
only to the extent there is reasonable certainly of relization in
future. Deferred tax assets/liabilities are reviewed as at each balance
sheet date based on developments during the period and available case
law to reassess realization/liabilities.
Mar 31, 2011
A. Basis of Accounting:-
Financial Statements are prepared under historical cost convention on
accrual basis.
b. Foreign Currency Transactions:-
There are no foreign currency transaction during the year.
c. Depreciation:-
Depreciation on all Fixed Assets have been provided on Straight Line
Method at the rates prescribed in schedule XIV to the Companies Act,
1956. Depreciation on Assets leased is provided on Straight line basis
as per the rates prescribed under Schedule XIV to the Companies Act,
1956 and not equal to annual lease charge where 100% of the cost of
assets is depreciated over the primary period of lease, as recommended
by the Institute of Chartered Accountants of India.
d. Investments:-
i) Quoted & Unquoted:-
Long Term Investments are stated at cost.
f. Valuation of Inventories:-
There are no Inventories during the year.
g. Revenue Recognition:-
Dividend and interest on Debentures are accounted on receipt basis.
h. Reconciliation of parties accounts :-
In case of certain parties reconciliation are pending for want of
proper documents/information.
i. Accounts made for the period up to March 2010 have a carried forward
book loss. Hence no provisions u/s section 115JA of the Income Tax Act,
1961 has been made.
j. Contingent Liabilities not provided for in the books are separately
stated in the Notes to Accounts.
k. No deduction is made from Professional fees paid in excess of Rs.
20,000/-.
Mar 31, 2010
A. Basis of Accounting:-
Financial Statements are prepared under historical cost convention on
accrual basis.
b. Foreign Currency Transactions:-
There are no foreign currency transaction during the year.
c. Depreciation:-
Depreciation on all Fixed Assets have been provided on Straight Line
Method at the rates prescribed in schedule XIV to the Companies Act,
1956. Depreciation on Assets leased is provided on Straight line basis
as per the rates prescribed under Schedule XIV to the Companies Act,
1956 and not equal to annual lease charge where 100% of the cost of
assets is depreciated over the primary period of lease, as recommended
by the Institute of Chartered Accountants of India.
d. Investments:-
i) Quoted & Unquoted:-
Long Term Investments are stated at cost.
e. Valuation of Inventories:-
There are no Inventories during the year.
f. Revenue Recognition:-
Dividend and interest on Debentures are accounted on receipt basis.
g. Reconciliation of parties accounts :-
In case of certain parties reconciliation are pending for want of
proper documents/information.
i. Accounts made for the period up to March 2010 have a carried forward
book loss. Hence no provisions u/s section 115JA of the Income Tax Act,
1961 has been made.
h. Contingent Liabilities not provided for in the books are separately
stated in the Notes to Accounts.
i. No deduction is made from Professional fees paid in excess of Rs.
20,000/-.