Mar 31, 2014
1. SYSTEM OF ACCOUNTING AND BASIS OF PREPARATION OF FINANCIAL
STATEMENTS
The financial statements are prepared under the historic cost
convention and in accordance with the generally accepted accounting
principles in India. The Company follows the mercantile system of
accounting and recognizes income / revenue and expenditure / cost on
accrual basis.
2. FIXED ASSETS, DEPRECIATION AND AMORTIZATION
Fixed Assets are stated at cost of acquisition or construction less
depreciation charged till date. Depreciation has been provided on
written down value method at the rates specified, in the Income Tax
Act, On the assets which are used for the purpose of business during
the year. Charge of depreciation is made to profit and Loss Account.
Cost includes all direct cost.
3. IMPAIRMENT OF ASSETS
As asset is treated as impaired when the its carrying cost exceeds the
recoverable value. An impairment loss is charged to Profit & Loss
Account in the year in which as asset is identified as impaired as and
when applicable.
4. INVENTORIES There is no inventory of trading items.
5. INVESTMENTS
Current investments are carried at lower of cost and fair value. Long
term investments are stated at cost. Provision for diminution in the
value of long-term investments is made only if such a decline is other
than temporary.
6. FOREIGN TRANSACTIONS
There is no foreign currency transaction during the year under review.
7. RESEARCH AND DEVELOPMENT COST There are no such expenditure.
8. LEASED ASSETS There are no such assets.
9. CONTINGENT LIABILITIES
All known liabilities wherever material are duly provided for.
10. BORROWING COSTS
All borrowing costs are recognized as expenses for the period in which
those are incurred..
Mar 31, 2013
1. System of Accounting: The Company mainly follows the cash system of
accounting and generally recognizes income /revenue and
expenditure/cost on cash basis. Financial statements are based on
historical cost. These costs are not adjusted to reflect the impact of
the changing value in the purchasing power of the money.
2. Fixed Assets and Depreciation: Fixed assets are stated at cost less
depreciation/amortization. Depreciation has been provided on written
down value basis in accordance with Section 205 (2) (a) of the
Companies Act, 1956 at the rates specified in Schedule XIV to the
Companies Act, 1956 on prorata basis with reference to the date of
additions/deletions of the Assets.
3. Investments: Investments are stated at cost of acquisition.
4. Contingent Liabilities: All known liabilities wherever material are
duly provided for.
Mar 31, 2012
1. System of Accounting: The Company mainly follows the cash system of
accounting and generally recognizes income /revenue and
expenditure/cost on cash basis. Financial statements are based on
historical cost. These costs are not adjusted to reflect the impact of
the changing value in the purchasing power of the money.
2. Fixed Assets and Depreciation: Fixed assets are stated at cost less
depreciation/amortization. Depreciation has been provided on written
down value basis in accordance with Section 205 (2) (a) of the
Companies Act, 1956 at the rates specified in Schedule XIV to the
Companies Act, 1956 on prorata basis with reference to the date of
additions/deletions of the Assets.
3. Investments: Investments are stated at cost of acquisition.
4. Contingent Liabilities: All known liabilities wherever material are
duly provided for.
Mar 31, 2011
1. System of Accounting: The Company mainly follows the cash system of
accounting and generally recognizes income /revenue and
expenditure/cost on cash basis. Financial statements are based on
historical cost. These costs are not adjusted to reflect the impact of
the changing value in the purchasing power of the money.
2. Fixed Assets and Depreciation: Fixed assets are stated at cost less
depreciation/amortization. Depreciation has been provided on written
down value basis in accordance with Section 205 (2) (a) of the
Companies Act, 1956 at the rates specified in Schedule XIV to the
Companies Act, 1956 on prorata basis with reference to the date of
additions/deletions of the Assets.
3. Investments: Investments are stated at cost of acquisition.
4. Contingent Liabilities: All known liabilities wherever material are
duly provided for.
Mar 31, 2010
1. Accounts for the current period are for 12 months.
2. The amount of income tax has not been provided considering the
provisions of the Income tax Act.
3. Income has been accounted for taking month as a unit.
4. Comparative figures are given in the Balance Sheet and Profit &
Loss Account. Figures of Current &. Previous Years are rounded off to
nearest rupee, regrouped, rearranged wherever considered necessary.
5. Depreciation on fixed assets of the company has been provided on
written down value method at the rates prescribed in the schedule XIV
of the Companies Act 1956.
6. The Balance of Sundry Debtors, Sundry Creditors and Loanees along
with other accounts are subject to confirmations by concerned parties
and Bank Balances are subject to reconciation.
7. Accounting Standard 18- related party disclosures- there were no
related parties transactions during the year.
8. The company does not owe any sum to small scale industrial
undertakings.
Mar 31, 2009
1. System of Accounting: The Company mainly follows the cash system of
accounting and generally recognizes income /revenue and
expenditure/cost on cash basis. Financial statements are based on
historical cost. These costs are not adjusted to reflect the impact of
the changing value in the purchasing power of the money.
2. Fixed Assets and Depreciation: Fixed assets are stated at cost less
depreciation/amortization. Depreciation has been provided on written
down value basis in accordance with Section 205 (2) (a) of the
Companies Act, 1956 at the rates specified in Schedule XIV to the
Companies Act, 1956 on prorata basis with reference to the date of
additions/deletions of the Assets.
3. Investments: Investments are stated at cost of acquisition.
4. Contingent Liabilities: All known liabilities wherever material are
duly provided for.
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