Mar 31, 2012
A. Basis for preparation of financial Statements
The financial statements have been prepared under the historical cost
convention in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956, as adopted consistently by the Company as adopted
consistently by the company. All income and expenditure having a
material bearing on the financial statements are recognized on accrual
basis.
b. Fixed Assets
Fixed Assets are stated on cost less depreciation.
c. Depreciation
Depreciation on fixed assets is provided on written down value method
at the rates prescribed in schedule XIV to the Companies Act, 1956.
Depreciation on additions during the years have been provided on
pro-rata basis
d. Revenue Recognition
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties. The Principles of revenue recognition are given below
Revenue from the sale of goods is recognized when supply of goods takes
place in accordance with the term of sales and on passing of title to
the customers
e. Investment
Investments are valued at cost.
f. Taxation
The provision for taxation is ascertained profit computed in accordance
with the provisions of Income Tax Act, 1961. Deferred tax is
recognized subject to the consideration of prudence, on timing
difference, being the difference taxable income & accounting income
that originate in one period and are capable of reversal in one or more
subsequent period.
Mar 31, 2011
A. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost
convention in accordance with Accounting Standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956, as adopted consistently by the Company as adopted
consistently by the company. All income and expenditure having a
material bearing on the financial statements are recognized on accrual
basis.
b. REVENUE RECOGNITION
The Company follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis except in case of significant
uncertainties. The Principles of revenue recognition are given below.
- Revenue from the sale of goods is recognized when supply of goods
takes place in accordance with the term of sales and on passing of
title to the customers.
c. INVENTORIES
- Shares are valued at purchase cost.
Mar 31, 2010
A. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost
convention in accordance with Accounting standards issued by the
institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956, as adopted consistently by the Company. Ail income
and expenditure having a material bearing on the financial statements
are recognized on accrual basis.
b. REVENUE RECOGNITION
The company follows the mercantile system of accounting and recognizes
Income and expenditure on accrual basis except in case of significant
uncertainties The principles of revenue recognition are given below.
C. INVENTORIES
- Shares are valued at purchase cost .
Mar 31, 2009
(i) METHOD OF ACCOUNTING:
The financial statements have been prepared on the historical cost
convention and in accordance with normally accepted Accounting
Principles.
Revenues/Incomes and costs/expenditures are generally accounted on
Accrual basis. As they are earned or incurred.
(iii) FIXED ASSETS:
Fixed assets are stated at cost less accumulated depreciation.
(iv) DEPRECIATION:
The Company has provided depreciation pro-rata on the S.L.M method at
the rates specified in Schedule XIV OF THE Companies Act 1958.
(v) INVESTMENT:
Investments are valued at cost.
(vi) INVENTORIES:
Securities shown as Inventories are valued scrip wise at Cost.
(vii) TAXATION:
Provision for taxation has been made in accordance with, income Tax Law
and Rules prevailing at the time of the relevant assessment years.
(viii) PRELIMINARY EXPENSES:
Preliminary and share issue expenses are amortised over the period of
five accounting years.
(ix) EARNING PER SHARES:
The Company report Basic and Diluted Earning Per Share in accordance
with Accounting Standards (AS) 20 "Earning Per Shares" issued by The
institute of Chartered Accountants of India. Basic Earning Per Share is
computed by dividing net profit after tax by the weighted average
number of equity shares outstanding for the period. Diluted Earning Per
Share is computed using the weighted average number of equity shares
and dilutive potential equity shares outstanding during the period.
(x) IMPAIRMENT OF ASSETS:
Impairment loss, if any, is provided to the extent the carrying amount
of assets exceeds their recoverable amount. Recoverable amount is
higher of an assets net selling price and its value in use. Value in
use is the present value of estimated future cash flow expected to
arise from the continuing use of an asset and from its disposal at the
of its useful life.