Mar 31, 2014
A. Basis of Accounting:
The Financial Statements of the Company are prepared under historical
cost convention and on accrual basis and in accordance with the
Accounting Standards notified by the Companies (Account- ing Standards)
Rules, 2006 and the relevant provisions of the Companies Act 1956.
Accounting policies, not specifically referred to hereunder are
otherwise consistent with generally accepted accounting polices
["GAAP"].
The preparation of financial statements requires the management to make
certain estimates and assumptions in the reported amounts of assets and
liabilities (including contingent liabilities) as on the date of the
financial statements and the reported income and expenses during the
reporting period. The Management believes that the estimates used in
preparation of the financial statements are prudent and reasonable.
b. Revenue Recognition
The Company follows the mercantile system of accounting and hence
Revenue is recognized by the company on accrual basis except for
dividends which is recognized once the unconditional right to receive
the dividend is established.
c. Pre-Operative Expenditure & Preliminary Expenses
Pre-Operative expenses of the company incurred in previous years has
been fully written off in Pursuance of Accounting Standard- 26
"Intangible Assets" which mandates immediate Write off of all the
Fictitious Assets except for any Fictitious asset which is prescribed
by any other Accounting Standard to be Deferred over a period of time.
d. Taxation
Tax expenses is the aggregate of current tax and deferred tax charged,
as the case may be to the Profit and Loss Account for the year in
accordance with Companies (Accounting Standards) Rules ,2006 and
measured at the tax rate that have been enacted or substantively
enacted by the Balance Sheet date.
I. Current Tax
Tax on income for the current period is determined on the basis of
assessable income com- puted in accordance with the provisions of the
Income Tax Act, 1961.
II. Deferred Tax
Deferred income taxes are recognized for the future tax consequences
attributable to timing difference between the financial statements and
determination of income for their recognition for tax purposes. The
effect on deferred tax liabilities of a charge in tax rates is
recognized in income using the rates and tax laws that have been
enacted or substantively enacted as on the Balance Sheet date. Deferred
tax assets are recognized and carried forward to the extent there
is reasonable certainty that sufficient future taxable income will be
available against which deferred tax assets can be realized.
e. Earnings per share
In determining earnings per share, the Company considers the net profit
after tax. The number of shares used in computing basic earnings per
share is the weighted average number of shares out- standing during the
year. The number of shares used in computing diluted earnings per share
com- prises weighted average shares considered for deriving basic
earnings per share and the weighted average number of shares that could
have been issued on the conversion of all dilutive potential equity
shares. Dilutive potential equity shares are deemed converted as at the
beginning of the year, unless issued at a later date.
f. Provisions, Contingent Liability & Contingent Assets
A provision is recognized when the Company has a present obligation as
a result of a past event and it is probable that the outflow of
resources would be required to settle the obligation, and in respect of
which a reliable estimate can be made. Provisions are not discounted to
their present value and are determined based on the best estimates at
the balance sheet date required to settle the obliga- tion. Provisions
are reviewed at each balance sheet date and are adjusted to reflect the
current best estimates. A contingent liability is disclosed unless the
possibility of an outflow of resources embody- ing the economic benefit
is remote. Contingent Assets are neither recognised nor disclosed in
the financial statements.
Mar 31, 2012
A. Basis of Accounting:
The Financial Statements of the Company are prepared under historical
cost convention and on accrual basis and in accordance with the
Accounting Standards notified by the Companies (Accounting Standards)
Rules, 2006 and the relevant provisions of the Companies Act 1956.
Accounting policies, not specifically referred to hereunder are
otherwise consistent with generally accepted accounting polices
["GAAP"].
The preparation of financial statements requires the management to make
certain estimates and assumptions in the reported amounts of assets and
liabilities (including contingent liabilities) as on the date of the
financial statements and the reported income and expenses during the
reporting period. The Management believes that the estimates used in
preparation of the financial statements are prudent and reasonable.
b. Revenue Recognition
The Company follows the mercantile system of accounting and hence
Revenue is recognized by the company on accrual basis except for
dividends which is recognized once the unconditional right to receive
the dividend is established.
c. Pre-Operative Expenditure & Preliminary Expenses
Pre-Operative expenses of the company incurred in previous year would
be written off proportionately over the period of time.
d. Taxation
Tax expenses is the aggregate of current tax and deferred tax charged,
as the case may be to the Profit and Loss Account for the year in
accordance with Companies (Accounting Standards) Rules 2006 and
measured at the tax rate that have been enacted or substantively
enacted by the Balance Sheet date.
I. Current Tax
Tax on income for the current period is determined on the basis of
assessable income computed in accordance with the provisions of the
Income Tax Act, 1961.
II. Deferred Tax
Deferred income taxes are recognized for the future tax consequences
attributable to timing difference between the financial statements and
determination of income for their recognition for tax purposes.
The effect on deferred tax liabilities of a charge in tax rates is
recognized in income using the rates and tax laws that have been
enacted or substantively enacted as on the Balance Sheet date. Deferred
tax assets are recognized and carried forward to the extent there is
reasonable certainty that sufficient future taxable income will be
available against which deferred tax assets can be realized.
e. Earnings per share
In determining earnings per share, the Company considers the net profit
after tax. The number of shares used in computing basic earnings per
share is the weighted average number of shares outstanding during the
year. The number of shares used in computing diluted earnings per share
comprises weighted average shares considered for deriving basic
earnings per share and the weighted average number of shares that could
have been issued on the conversion of all dilutive potential equity
shares. Dilutive potential equity shares are deemed converted as at the
beginning of the year, unless issued at a later date.
f. Provisions. Contingent Liability & Contingent Assets
A provision is recognized when the Company has a present obligation as
a result of a past event and it is probable that the outflow of
resources would be required to settle the obligation, and in respect of
which a reliable estimate can be made. Provisions are not discounted to
their present value and are determined based on the best estimates at
the balance sheet date required to settle the obligation. Provisions
are reviewed at each balance sheet date and are adjusted to reflect the
current best estimates. A contingent liability is disclosed unless the
possibility of an outflow of resources embodying the economic benefit
is remote. Contingent Assets are neither recognised nor disclosed in
the financial statements.
Mar 31, 2010
A. Basis of Accounting:
The Financial Statements of the Company are prepared under historical
cost convention and on accrual basis and in accordance with the
Accounting Standards notified by the Companies (Accounting Standards)
Rules, 2006 and the relevant provisions of the Companies Act 1956.
Accounting policies, not specifically referred to hereunder are
otherwise consistent with generally accepted accounting polices
["GAAP"].
The preparation of financial statements requires the management to make
certain estimates and assumptions in the reported amounts of assets and
liabilities (including contingent liabilities) as on the date of the
financial statements and the reported income"and expenses during the
reporting period. The Management believes that the estimates used in
preparation of the financial statements are prudent and reasonable.
b. Revenue Recognition
The Company follows the mercantile system of accounting and hence
Revenue is recognized by the company on accrual basis except for
dividends which is recognized once the unconditional right to receive
the dividend is established.
c. Fre-Operative Expenditure & Preliminary Expenses
During theyear the company has incurred expenses for increase in
authorized share capital and change in its object clause. Pre-Operative
expenses of the company incurred in previous year and the additional
preliminary expenses incurred during the year would be written off
proportionately over the period of time.
d. Taxation
Tax expenses is the aggregate of current tax and deferred tax charged,
as the case may be to the Profit and Loss_ Account for the year in
accordance with Accounting Standard Ã22 "Accounting for Taxes on
Income" issued by ICAI and measured at the tax rate that have been
enacted or substantively enacted by the Balance Sheet date.
I. Current Tax
Tax on income for the current period is determined on the basis of
assessable income computed in accordance with the provisions of the
Income Tax Act, 1961.
II. Deferred Tax
Deferred income taxes are recognized for the future tax consequences
attributable to timing difference between the financial statements and
determination of income for their recognition for tax purposes. The
effect on deferred tax liabilities of a charge in tax rates is
recognized in income using the rates and tax laws that have been
enacted or substantively enacted as on the Balance Sheet date. Deferred
tax assets are recognized and carried forward to the extent there is
reasonable certainty that sufficient future taxable income will be
available against which deferred tax assets can be realized.
e. Earnings per share
In determining earnings .per share, the Company considers the net
profit after tax. The number of shares used in computing basic earnings
per share is the weighted average number of shares outstanding during
the year. The number of shares used in computing diluted earnings per
share comprises weighted average shares considered for deriving, basic
earnings per share and the weighted average number of shares that could
have been issued on the conversion of all dilutive potential equity
shares. Dilutive potential equity shares are deemed converted as at the
beginning of the year, unless issued at a later date.
f. Provisions. Contingent Liability & Contingent Assets
A provision is recognized when the Company has a present obligation as
a result of a past event and it is probable that the outflow of
resources would be required to settle the obligation, and in respect of
which a reliable estimate can be made. Provisions are not discounted to
their present value and are determined based on the best estimates at
the balance sheet date required to settle the obligation. Provisions
are reviewed at each balance sheet date and are adjusted to reflect the
current best estimates. A contingent liability is disclosed unless the
possibility of an outflow of resources embodying the economic benefit
is remote. Contingent Assets are neither recognised nor disclosed in
the financial statements.
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