Mar 31, 2014
1.1 BASIS OF ACCOUNTING:
The Company adopts the accrual system of accounting except for
dividend, interest on National Savings Certificate which is accounted
for on cash basis.The accounts are prepared under the historical cost
convention and are in accordance with the generally accepted
accounting principles.
1.2 USE OF ESTIMATE:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to
be made that affect the reported amounts of assets and liabilities and
disclosure of continent liabilities on the date of the financial
statements and the reported amounts of revenues and expenses during
the reporting year. Differences between actual results and estimates
are recognised in the periods in which the results are
known/materialise.
1.3 FIXED A55ETS & DEPRECIATION:
Fixed assets are stated at cost of acquisition/construction, and
include other direct / indirect and incidental expenses incurred to
put them into use. However the Company is not having any fixed assets
for the year under audit.
1.4 INVESTMENTS:
a) Long term investments are stated at cost less any provision for
diminution in value which is other than temporary. Cost is inclusive
of brokerage, and stamp duty incurred in connection with their
acquisition.
b) Short-term investments are shown at cost or market value whichever
is lower. Cost is determined on average basis.
1.5 RETIREMENT BENEFITS:
Accrued liability on account of Gratuity upto 31ST MARCH 2014 has not
been ascertained and will be accounted for on cash basis. However the
same is not applicable to the Company as there is no employees on the
roll of the Company.
1.6 TAXATION:
Provision for tax is made for current taxes. Current tax is provided
on the taxable income using the applicable tax rates and tax laws.
Deferred tax assets and liabilities are not recognised as there is no
such timing difference exist.
1.7 EARNINGS PER SHARE:
The earnings considered in ascertaining the Company''s EPS comprises
the net profit after tax, after reducing dividend on Cumulative
Preference Shares for the Period (irrespective of whether declared,
paid or not, as per Accounting Standard 20 on "Earning Per Share",
issued by the institute of Chartered Accountants of India. The number
of shares used in computing basic EP5 is the weighted average number
of shares outstanding during the Period. The diluted EPS is calculated
on the same basis as the basic EPS, after adjusting for the effects of
potential dilutive equity shares unless the effect of the potential
dilutive equity shares is anti-dilutive.
1.8 IMPAIRMENT OF ASSETS:
Assets are reviewed for impairment whenever events or changes in
circumstances indicate the carrying amount may not be recoverable. An
impairment toss is recognized in accordance fpr AS - 28 "Impairment of
Assets", for the amount by which the assets carrying amount exceeds
its recoverable amount as or carrying date. The recoverable amount is
higher of the asset''s fair value less cost to sell vis-a-vis value in
use. For the purpose of impairment, assets are grouped at the lowest
levels for which they are seperateiy identifiable cash flows.
1.9 FOREIGN CURRENCY TRANSACTIONS:
Foreign currency transactions are translated at exchange rates
prevailing on the transaction date.The loss or gain thereon are
adjusted to the Profit and Loss Account.
1.10 CONTINGENT LIABILITIES:
The Company creates a provision when there is a present obligation as
a result of 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 present obligation that probably will not
require an outflow of resources or where reliable estimate of the
amount of the obligation cannot be made.
1.11 INVENTORIES:
Quoted shares / Debentures & Units of mutual fund are valued at cost
or market value which ever is less and unquoted shares or debentures
are valued at cost. The cost is determined by the average cost method.
1.12 REVENUE REGONITION:
Debenture interest is recognised on accrual basis. Dividends on shares
are recognised in the year of actual receipt.
Mar 31, 2012
1.1 BASIS OF ACCOUNTING:
The Company adopts the accrual system of accounting except for
dividend, interest on National Savings Certificate which is accounted
for on cash basis. The accounts are prepared under the historical cost
convention and are in accordance with the generally accepted accounting
principles.
1.2 USE OF ESTIMATE:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities on the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting year. Differences between actual results and estimates are
recognised in the periods in which the results are known/materialise.
1.3 FIXED ASSETS & DEPRECIATION:
Fixed assets are stated at cost of acquisition/construction, and
include other direct/indirect and incidental expenses incurred to put
them into use. No depreciation is provided for the current year as all
the assets are sold as scrap.
1.4 INVESTMENTS:
a)Long term investments are stated at cost less any provision for
diminution in value which is other than temporary. Cost is inclusive of
brokerage, and stamp duty incurred in connection with their
acquisition.
b)Short-term investments are shown at cost or market value whichever is
lower. Cost is determined on average basis.
1.5 RETIREMENT BENEFITS:
Accrued liability on account of Gratuity upto 31st March, 2012 has not
been ascertained and will be accounted for on cash basis.
1.6 TAXATION:
Provision for tax is made for current taxes. Current tax is provided on
the taxable income using the applicable tax rates and tax laws.
Deferred tax assets and liabilities are not recognised as there is no
such timing difference exist.
1.7 EARNINGS PER SHARE:
The earnings considered in ascertaining the Company's EPS comprises the
net profit after tax, after reducing dividend on Cumulative Preference
Shares for the Period (irrespective of whether declared, paid or not,
as per Accounting Standard 20 on "Earning Per Share", issued by the
institute of Chartered Accountants of India. The number of shares used
in computing basic EPS is the weighted average number of shares
outstanding during the Period. The diluted EPS is calculated on the
same basis as the basic EPS, after adjusting for the effects of
potential dilutive equity shares unless the effect of the potential
dilutive equity shares is anti-dilutive.
1.8 IMPAIRMENT OF ASSETS:
Assets are reviewed for impairment whenever events or changes in
circumstances indicate the carrying amount may not be recoverable. An
impairment loss is recognized in accordance for AS - 28 "Impairment of
Assets", for the amount by which the asset's carrying amount exceeds
its recoverable amount as on carrying date. The recoverable amount is
higher of the asset's fair value less cost to sell vis-a-vis value in
use. For the purpose of impairment, assets are grouped at the lowest
levels for which they are separately identifiable cash flows.
1.9 FOREIGN CURRENCY TRANSACTIONS:
Foreign currency transactions are translated at exchange rates
prevailing on the transaction date. The loss or gain thereon are
adjusted to the Profit and Loss Account.
1.10 CONTINGENT LIABILITIES:
The Company creates a provision when there is a present obligation as a
result of past event that probably requires an outflow of resources and
reliable estimate can be made of the amount of t6he obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or present obligation that probably will not require an
outflow of resources or where reusable estimate of the amount of the
obligation cannot be made.
1.11 INVENTORIES:
Quoted shares/Debentures & Units of mutual fund are valued at cost or
market value which ever is less and unquoted shares or debentures are
valued at cost. The cost is determined by the average cost method.
1.12 REVENUE RECOGNITION:
Debenture interest is recognised on accrual basis. Dividend and
Interest on National Savings Certificate is recognised in the
year of actual receipt.
Mar 31, 2011
1. System of accounting:
The Company adopts the accrual system of accounting except for dividend
interest on National Savings Certificate which is accounted for on cash
basis. The accounts are prepared under the historical cost convention
and are in accordance with the generally accepted accounting
principles.
2. Fixed Assets & Depreciation:
(a) Fixed assets are stated at historical cost less accumulated
depreciation.
(b) Historical cost is inclusive of incidental cost incurred towards
acquisition and installation of Fixed Assets.
(c) Depreciation is provided on written down value method at the rate
specified in Schedule XIV of the Companies Act, 1956.
3. Investments:
a) Long term investments are stated at cost less any provision for
diminution in value which is other than temporary. Cost is inclusive of
brokerage, and stamp duty incurred in connection with their
acquisition.
b) Short-term investments are shown at cost or market value whichever
is lower. Cost is determined on average basis.
4. Taxation:
a) Income-tax expense comprise current tax and deferred tax charge or
credit.
b) The deferred tax asset and deferred tax liability is calculated by
applying tax rate and tax loss that have been enacted or substantially
enacted by the Balance Sheet date.
c) Deferred tax assets arising mainly on account of brought forward
losses and unabsorbed deprecation under tax laws, are recognised, only
if there is a virtual certainty of its realization, supported by
convincing evidence. Deferred tax assets on account of other timing
differences are recognised only to the extent there is a reasonable
certainty of its realisation.
d) At each Balance Sheet date, the carrying amount of decided tax assets
is reviewed to .reassure realisation
5. Inventories:
Quoted shares / Debentures & Units of mutual fund are valued
At market value which ever is less and unquoted shares or
debentures are valued acts The cost is determined by the average
cost method.
6. Revenue Recognition : debenture interest is recognised on accrual
basis. Dividend and Interest on National Savings Certificate is
recognised in the year of actual receipt.
7. Contingencies:
Contingent losses if any are not provided for in the accounts, however
if material they are disclosed by way of notes forming part to the
Accounts.
8. Foreign currency transactions:
Transactions in foreign currency are accounted at exchange rate
prevailing on the date of transaction. Exchange difference arising on
the rate on the date of settlement is recognised in profit and loss
account.
Mar 31, 2009
1. System of accounting.
The Company adopts the accrual system of accounting except for dividend
interest on National Savings Certificate which is accounted for on cash
basis. The accounts are prepared under the historical cost convention
and are in accordance with the generally accepted accounting principles.
2. Fixed Assets & Depreciation:
(a) Fixed assets are stated at historical cost less accumulated
depreciation.
(b) Historical cost is inclusive of incidental cost incurred towards
acquisition and installation of Fixed Assets
(c) Depreciation is provided on written down value method at the rate
specified in Schedule XIV of the Companies Act, 1956
3. investments:
a) l.ong term investments are stated at cost less any provision for
diminution in value which is other than temporary. Cost is inclusive of
brokerage, and stamp duty incurred in connection with their acquisition
b) Short-term investments are shown at cost or market value whichever
is lower. Cost is determined on average basis.
4. Taxation:
a) Income-tax expense comprise current tax and deferred tax charge or
credit.
b) The deferred tax asset and deferred tax liability is calculated by
applying tax rate and tax loss that have been enacted or substantially
enacted by the Balance Sheet date
c) Deterred tax assets arising mainly on account of brought forward
losses and unabsorbed deprecation under tax laws,are recognised,only if
there is a virtual certainty of its realization,supported by convincing
evidence.Deferred tax assets on account of oilier timing differences
are recognised only to the extent there is a reasonable certainty of
its realisation.
d. At Balance Sheet date carrying amount of deferred tax assets is
revicv.e.d to reassure realisation
5 Inventories
Quoted shares Debentures & Units of mutual fund are valued at cost or
market value which ever is less and unquoted shares or debenture are
valued at cost.The cost is determined by the average cost method.
6.Revenue Recognition :
Debenture interest is recognised on accrual basis.Dividend and Interest
on National Savings Certificate is recognised in the year of actual
receipt.
7.Contingencies:
Contingent losses if any are not provided for in the accounts,however
if material they are disclosed by way of notes forming part to the
Accounts
8.Foreign currency transactions:
Transactions in foreign currency are accounted at exchange rate
prevailing on the date of transaction.Exchange difference arising on
the rate on the date of settlement is recognised in profit and loss
account.
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