Mar 31, 2015
1. Basis of Preparation of Financial Statement
The company follows mercantile system of accounting , recognition
income and expenditure on accrual basis. The accounts are prepared on
historical cost convention and as a going concern and in accordance
with the provision of the companies act, 1956 as adopted consistently
by the company. Accounting policies not referred to specifically
otherwise are consistent and in consonance with generally accepted
accounting policies.
2. Fixed Assets
Fixed Assets which have been put to use are shown at cost or
acquisition (including expenses related to installation and
proportionate share of Preoperative expenses top the relative assets)
less depreciation. No depreciation has been provided on fixed assets
which are under installation or installed but not put to use.
3. Depreciation
(1) Depreciation is provided on pro-rata basis, from the data on which
assets have been put to use.
(2) Depreciation is provided on Written Down value basis at the rates
as prescribed u/s. XIV to the Co. Act' 1956.
4. Related Party Disclosure
There is no related party transactions took place during the year.
5. The company has not made any provision for deferred tax liability
arising out of timing difference on account of depreciation as per
companies act and Income Tax Act as per Accounting Standard AS-22
prescribed ICAI
Mar 31, 2014
Basic of Accounting
The financial statements have been prepared on the historical cost
convention based on the accrual concept and in accordance and in
accordance with applicable accounting standards referred to in
subsection 3c of section 211 of the companies Act, 1956 and normally
accepted accounting principles. The accounting is on the basis of the
going concern concept.
Fixed Assets
Fixed assets are stated at cost of acquisition or construction. They
are stated at historical cost less accumulated depreciation.
Depreciation
Depreciation on fixed assets is provided on Straight line basis in
accordance with provisions of the companies Act, 1956 at the rates and
in the manner specified in schedule XIV of this Act.
Investments
Current investments are carried at lower of cost or fair value. Long
term investments are carried at cost. However when there is a decline
other than temporary, the carrying amount is reduced to recognize the
decline.
Inventories
Items of inventory are valued at lower of cost and net realizable
value.
Revenue recognition
Income from traded goods is recognized on accrual basis.
Amortization
Miscellaneous Expenditure is being amortized proportionately over a
period of the ten years. Borrowing costs
Borrowing costs that are attributable to the acquisition, construction
or production of qualifying assets are capitalized as part of the cost
of such assets. A qualifying assets is one that necessarily takes a
substantial period of time to get ready for its intended use. All other
borrowing costs are changed to revenue.
Related Party Transaction
Company has not entered into any such transactions.
Taxes on income
Tax expense comprises both current and deferred tax at the applicable
enacted / substantially enacted rates. Current tax represents the
amount of income tax payable / recoverable in respect of the taxable
income / loss for reporting period. Deferred taxes represents the
effect of timing difference between taxable income and accounting
income for the reporting period and are capable of reversal in one or
more subsequent periods.
Earning per share
The Implementation of Accounting Standard (as-20) "Earning Per
Share" Issued by the Institute of Chartered Accountants of India.
Contingent liabilities
Contingent liabilities, if any are disclosed in the notes accounts.
Provision is made in the accounts for the contingencies which are
likely to materialize into liabilities after the year end, till the
approval of accounts of the Board of Directors and which have a
material effect on the position stated in the Balance Sheet.
Mar 31, 2012
Basic of Accounting
The financial statements have been prepared on the historical cost
convention based on the accrual concept and in accordance and in
accordance with applicable accounting standards referred to in
subsection 3c of section 211 of the companies Act, 1956 and normally
accepted accounting principles. The accounting is on the basis of the
going concern concept.
Fixed Assets
Fixed assets are stated at cost of acquisition or construction. They
are stated at historical cost less accumulated depreciation.
Depreciation
Depreciation on fixed assets is provided on Straight line basis in
accordance with provisions of the companies Act, 1956 at the rates and
in the manner specified in schedule XIV of this Act.
Investments
Current investments are carried at lower of cost or fair value. Long
term investments are carried at cost. However when there is a decline
other than temporary, the carrying amount is reduced to recognize the
decline.
Inventories
Items of inventory are valued at lower of cost and net realizable
value.
Revenue recognition
Income from traded goods is recognized on accrual basis.
Amortization
Miscellaneous Expenditure is being amortized proportionately over a
period of the ten years.
Borrowing costs
Borrowing costs that are attributable to the acquisition, construction
or production of qualifying assets are capitalized as part of the cost
of such assets. A qualifying assets is one that necessarily takes a
substantial period of time to get ready for its intended use. All other
borrowing costs are changed to revenue.
Related Party Transaction
Company has not entered into any such transactions.
Taxes on income
Tax expense comprises both current and deferred tax at the applicable
enacted / substantially enacted rates. Current tax represents the
amount of income tax payable / recoverable in respect of the taxable
income / loss for reporting period. Deferred taxes represents the
effect of timing difference between taxable income and accounting
income for the reporting period and are capable of reversal in one or
more subsequent periods.
Earning per share
The Implementation of Accounting Standard (as-20) "Earning Per
Share" Issued by the Institute of Chartered Accountants of India.
Contingent liabilities
Contingent liabilities, if any are disclosed in the notes accounts.
Provision is made in the accounts for the contingencies which are
likely to materialize into liabilities after the year end, till the
approval of accounts of the Board of Directors and which have a
material effect on the position stated in the Balance Sheet.
Mar 31, 2010
Income Recognition
The Prudential norms for Income Recognition, Provisioning for bad debts
etc. prescribed by the Reserve Bank of India (RBI) as applicable to the
registered Non banking Financial Companies have been followed.
Accordingly revenue Recognition has been considered in the accounts on
accrual basis only on those assets classified and as stated below:
a) Finance charges in respect of Hire Purchase transactions are
accounted for in equal installment in respect of the hire purchase
installments become due upto 31/03/2010.
b) Lease rentals are reorganized on accrual- basis as per terms of
agreement.
c) Interest on Loans and advances is recognized on accrual basis at the
Contract rate.
d) Income from Investments by way of dividends in accounted for, on
receipt basis.
Expenses
It is the Companys policy to provide for all the expenses on accrual
basis.
Deprecation Policy
Depreciation is provided on SLM as per rates specified in Schedule XIV
to the companies Act, 1956 on a single shift working basis
General
The Financial statement of the Company are prepared on the "Historical
Cost" basis confirming the statutory provisions and accepted prevailing
accounting practices except as otherwise stated.
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