Mar 31, 2015
A Basis of Accounting:
The Financial Statements have been prepared under the historical cost
convention, on an accrual basis of accounting and in accordance with
the Generally Accepted Accounting Principles in India and comply with
the Accounting Standards Specified under Section 133 of the Companies
Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.
B Use of Estimates:
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 financial statements and
the reported amounts of revenues and expenses during the reporting
period.
Difference between actual results and estimates are recognized in the
periods in which the results are known/ materialize.
C Revenue Recognition
i) Sales is recognized as and when the significant risk & rewards in
respect of goods is transferred to the buyer. ii) Interest income is
recognized on time proportion basis.
iii) Dividend Income is recognized when the right to receive in
established.
iv) Commission Income is recognized on accrual basis as per the terms
of the agreements.
D Investments:
Investments that are intended to be held for more than a year, from the
date of acquisition, are classified as long term investment and are
carried at cost less any provision for diminution other than temporary
in value. Investments other than long term investments being current
investments are valued at cost or fair value whichever is lower.
E Inventories:
Inventories are valued as follows: i) Finished Goods are valued at
lower of cost or net realisable value.
F Foreign Currency Transactions :
i) The transactions in foreign currencies are stated at the rate of
exchange prevailing on the date of transactions.
ii) The difference on account of fluctuation in the rate of exchange
prevailing on the date of transaction and the date of realization is
charged to the Profit and Loss Account.
iii) Differences on translations of Current Assets and Current
Liabilities remaining unsettled at the year-end are recognized in the
Profit and Loss Account. iv) The premium in respect of forward
exchange contract is amortized over the life of the contract. The net
gain or loss on account of any exchange difference, cancellation or
renewal of such forward exchange contracts is recognized in the Profit
& Loss Account.
G Accounting for Taxes of Income:- Current Taxes
Provision for current income-tax is recognized in accordance with the
provisions of Indian Income- tax Act, 1961 and is made annually based
on the tax liability after taking credit for tax allowances and
exemptions
H Deferred Taxes
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to timing differences that result between the
profits offered for income taxes and the profits as per the financial
statements. Deferred tax assets and liabilities are measured using the
tax rates and the tax laws that have been enacted or substantially
enacted 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 the future. Deferred Tax Assets are reviewed as at each
Balance Sheet date.
I Provisions and Contingent Liabilities:
i) Provisions are recognized in terms of Accounting Standard 29-
"Provisions, Contingent Liabilities and Contingent Assets when there is
a present legal or statutory obligation as a result of past events
where it is probable that there will be outflow of resources to settle
the obligation and when a reliable estimate of the amount of the
obligation can be made.
ii) Contingent Liabilities are recognized only when there is a possible
obligation arising from past events due to occurrence or non-occurrence
of one or more uncertain future events not wholly within the control of
the company or where reliable estimate of the obligation cannot be
made. Obligations are assessed on an ongoing basis and only those
having a largely probable outflow of resources are provided for.
iii) Contingent Liabilities are disclosed by way of notes.
Mar 31, 2014
A Basis of Accounting:
The Financial Statements have been prepared under the historical cost
convention, on an accrual basis of accounting and in accordance with
the Generally Accepted Accounting Principles in India and comply with
the Accounting Standards prescribed by the Companies (Accounting
Standard) Rules 2006 to the extent applicable and in accordance with
the relevant provisions of the Companies Act, 1956 read with General
Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013.
B Use of Estimates:
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 financial statements and
the reported amounts of revenues and expenses during the reporting
period.
Difference between actual results and estimates are recognized in the
periods in which the results are known/ materialize.
C Revenue Recognition
i) Sales is recognized as and when the significant risk & rewards in
respect of goods is transferred to the buyer.
ii) Interest income is recognized on time proportion basis.
iii) Dividend Income is recognised when the right to receive in
established.
iv) Commission Income is recognised on accrual basis as per the terms
of the agreements.
D Investments:
Investments that are intended to be held for more than a year, from the
date of acquisition, are classified as long term investment and are
carried at cost less any provision for diminution other than temporary
in value. Investments other than long term investments being current
investments are valued at cost or fair value whichever is lower.
E Foreign Currency Transactions :
i) The transactions in foreign currencies are stated at the rate of
exchange prevailing on the date of transactions.
ii) The difference on account of fluctuation in the rate of exchange
prevailing on the date of transaction and the date of realization is
charged to the Profit and Loss Account.
iii) Differences on translations of Current Assets and Current
Liabilities remaining unsettled at the year-end are recognized in the
Profit and Loss Account.
iv) The premium in respect of forward exchange contract is amortised
over the life of the contract. The net gain or loss on account of any
exchange difference, cancellation or renewal of such forward exchange
contracts is recognised in the Profit & Loss Account.
F Accounting for Taxes of Income:- Current Taxes
Provision for current income-tax is recognized in accordance with the
provisions of Indian Income- tax Act, 1961 and is made annually based
on the tax liability after taking credit for tax allowances and
exemptions
Deferred Taxes
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to timing differences that result between the
profits offered for income taxes and the profits as per the financial
statements. Deferred tax assets and liabilities are measured using the
tax rates and the tax laws that have been enacted or substantially
enacted 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 the future. Deferred Tax Assets are reviewed as at each
Balance Sheet date.
G Provisions and Contingent Liabilities:
i) Provisions are recognized in terms of Accounting Standard 29-
"Provisions, Contingent Liabilities and Contingent Assets notified by
the Companies (Accounting Standard) Rules 2006, when there is a present
legal or statutory obligation as a result of past events where it is
probable that there will be outflow of resources to settle the
obligation and when a reliable estimate of the amount of the obligation
can be made.
ii) Contingent Liabilities are recognized only when there is a possible
obligation arising from past events due to occurrence or non-occurrence
of one or more uncertain future events not wholly within the control of
the company or where reliable estimate of the obligation cannot be
made. Obligations are assessed on an ongoing basis and only those
having a largely probable outflow of resources are provided for.
iii) Contingent Liabilities are disclosed by way of notes.
H Inventories:
i) Stock in Trade is valued at lower of cost or net realisable value.
b. Terms & Conditions
The Company has only one class of equity shares having par value of Rs.
10/- per share. Each holder of equity share is entitled to one vote per
share. The Company declares and pays dividend in Indian Rupees. The
dividend proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holder of equity shares
will be entitled to receive remaining assets of the Company, after
distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
Mar 31, 2013
A Basis of Accounting:
The Financial Statements have been prepared under the historical cost
convention, on an accrual basis of accounting and in accordance with
the Generally Accepted Accounting Principles in India and comply with
the Accounting Standards prescribed by the Companies (Accounting
Standard) Rules 2006 to the extent applicable and in accordance with
the relevant provisions of the Companies Act, 1956.
B Use of Estimates:
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 financial statements and
the reported amounts of revenues and expenses during the reporting
period. Differences between actual and estimated results are recognized
in the period in which the results are known/ materialized.
C Revenue Recognition
i) Sales is recognized as and when the significant risk & rewards in
respect of goods is transferred to the buyer.
ii) Interest income is recognized on time proportion basis.
iii) Dividend Income is recognized when the right to receive in
established.
D Investments:
Investments that are intended to be held for more than a year, from the
date of acquisition, are classified as long term investment and are
carried at cost less any provision for permanent diminution in value.
Investments other than long term investments being current investments
are valued at cost or fair value whichever is lower.
E Accounting for Taxes of Income:-
Current Taxes
Provision for current income-tax is recognized in accordance with the
provisions of Indian Income- tax Act, 1961 and is made annually based
on the tax liability after taking credit for tax allowances and
exemptions
Deferred Taxes
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to timing differences that result between the
profits offered for income taxes and the profits as per the financial
statements. Deferred tax assets and liabilities are measured using the
tax rates and the tax laws that have been enacted or substantially
enacted 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 the future. Deferred Tax Assets are reviewed as at each
Balance Sheet date.
F Provisions and Contingent Liabilities:
i) Provisions are recognized in terms of Accounting Standard 29-
"Provisions, Contingent Liabilities and Contingent Assets issued by
The Institute of Chartered Accountants of India (ICAI), when there is a
present legal or statutory obligation as a result of past events where
it is probable that there will be outflow of resources to settle the
obligation and when a reliable estimate of the amount of the obligation
can be made.
ii) Contingent Liabilities are recognized only when there is a possible
obligation arising from past events due to occurrence or non-occurrence
of one or more uncertain future events not wholly within the control of
the company or where reliable estimate of the obligation cannot be
made. Obligations are assessed on an ongoing basis and only those
having a largely probable outflow of resources are provided for.
iii) Contingent Liabilities are disclosed by way of notes.
Increase in Authorized Share Capital
During the year, the Authorized Share Capital has been increased to Rs.
100,000,000 divided into 1,00,00,000 equity share of Rs. 10/ - each
from Rs. 4,000,000 divided into 4,00,000 equity shares of Rs.10/- each
vide resolution passed at Annual General Meeting held on 29th
September, 2012.
Mar 31, 2010
Not available
Mar 31, 2009
A The financial statements are prepared on accrual basis of accounting
with the generally accepted accounting principles in India, provisions
of the Companies Act, 1956 (the Act) and comply in material aspects
with the accounting standards notified under section 211(3C) of the
Act, read with Companies (Accountig Standards) Rules, 2006.
b. Long term investments are stated at cost after deducting provision
made for permanent diminution in the value,if any. Current investment
are stated at lower of cost and fair market value.
c Stock of quoted shares is valued at lower of cost & market price and
in the case of unquoted shares, the same is valued at lower of cost &
break up value.
d Purchase & Sale of shares & other securities are accounted for on the
basis of Bill dates received from the brokers.
e Income-tax expense comprises current tax and deferred tax charge or
credit. The deferred tax asset and deferred tax liability is
calculated by applying tax rate and tax laws that have been enacted or
substantively enacted by the Balance Sheet date. Deferred tax assets
arising mainly on account of brought forward losses and unabsorbed
depreciation under tax laws, are recognised, only if there is a virtual
certainty of its realisation, 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. At each Balance Sheet date, the carrying amount of
deferred tax assets are reviewed to reassure realisation.
Mar 31, 2007
A. Accounts have been prepared on historical cost and accrual basis
b. Long term investment are stated at cost after deducting provision
made for permanent diminution in the value,if any. Current investment
are stated at lower of cost and fair market value.
c. Stock of quoted shares is valued at lower of cost & market price
and in the case of unquoted shares, the same is valued at lower of cost
& break up value.
d. Purchase & Sale of shares & other securities are accounted for on
the basis of Bill dates received from the brokers.
e. Income-tax expense comprises current tax and deferred tax charge or
credit. The deferred tax asset and deferred tax liability is
calculated by applying tax rate and tax laws that have been enacted or
substantively enacted by the Balance Sheet date. Deferred tax assets
arising mainly on account of brought forward losses and unabsorbed
depreciation under tax laws, are recognised, on if there is a virtual
certainty of its realisation, 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. At each Balance Sheet date, the carrying amount of
deferred tax assets are reviewed to reassure realisation.