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
B. NOTES TO ACCOUNTS
1. Balance confirmation have not been received in certain cases. Thus
such balance due to or due from the parties are subject to necessary
adjustment on receipt of confirmation.
2. We relying the entry appearing in the books of accounts when ever
proper supporting not attached.
3. Auditors Remuneration
2014-15 2013-14
Audit Fees Rs. 5000/- 5000/-
Tax Audit Fees Rs 0.00/- 0.00/-
Fees for Taxation & other matter Rs. 0.00 0/-
Rs. 5000/- 5000/-
4. Additional information pursuant to the provision of paragraph 3 & 4
in part 11 of the Schedule vi of the companies act 1656 is
not applicable.
Mar 31, 2013
1. Basis of Preparation of Accounts:
The accounts are prepared on historical cost convention in accordance
with applicable mandatory accounting standards and other generally
accepted accounting principles in conformity with the statutory
requirements.
2. Fixed Assets:
Fixed assets are stated at historical cost where cost includes all
expenses directly attributable to make the asset ready for use.
3. Depreciation:
Depreciation on fixed assets has been provided on Written Down value
method under Schedule XIV to the Companies Act, 1956.
4. Revenue Recognition
Income and expenditure are recognized and accounted on accrual basis,
except in case of significant uncertainties.
5. INVESTMENTS:
Investments have been stated at cost. However, the company has not
provided by way of making necessaiy provisions for diminution in the
value of long term investments in the line with accounting standards
laid down by the ICAI.
6. RETIREMENT BENEFITS:
As informed and explained to us that the company is not liable or
retiring benefits hence not provided for the retirement benefits by way
of gratuities payable to the employees on retirement in accordance with
the accounting standards laid down by ICAI.
7. AMORTISATION OF MISCELLANEOUS EXPENDITURE:
The preliminary expenses incurred in connection with the incorporation
of the company and raising share capital are amortised over a period of
10 years.
8 VALUATION OF INVENTORIES:
The closing stock has been physically taken and certified by the
management
* including the quality of non/slow moving items and valued at
historical cost.
9 Taxes on Income:
Taxes on Income comprise of Current Tax and Deferred Tax in accordance
with Accounting Standard (AS) 22, "Accounting for Taxes on Income"
issued by the Institute of Chartered Accountants of India. -
Current tax is being measured at the estimated amount payable to the
taxation authorities. Deferred tax is measured at rates substantively
enacted by the balance sheet date.
10 ACCOUNTING FOR EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES:
There is no transaction involved in foreign exchange.
11. Earning Per Share:
The company reports basic and diluted earnings per share in accordance
with Accounting Standard (AS) 20 - Earning per Share issued by the
Institute of Chartered Accountants of India. Basic Earning per share
are computed by dividing the net profit or loss for the year by the
weighted average number of equity share outstanding during the year.
Diluted earnings per share is computed by dividing the net profit or
loss for the year by the weighted average number of Equity Shares
outstanding during the year as adjusted for the effects of all dilutive
potential equity share, except where the results are anti-dilutive.
Mar 31, 2012
1. Basis of Preparation of Accounts:
The accounts are prepared on historical cost convention in accordance
with applicable mandatory accounting standards and other generally
accepted accounting principles in conformity with the statutory
requirements.
2. Fixed Assets:
Fixed assets are stated at historical cost where cost includes all
expenses directly attributable to make the asset ready for use.
3. Depreciation:
Depreciation on fixed assets has been provided on Written Down value
method under Schedule XIV to the Companies Act, 1956.
4. Revenue Recognition
Income and expenditure are recognized and accounted on accrual basis,
except in case of significant uncertainties.
5. INVESTMENTS:
Investments have been stated at cost. However, the company has not
provided by way of making necessary provisions for diminution in the
value of long term investments in the line with accounting standards
laid down by the ICAI. However in absence of market quotation as on
31.03.2011. We are unable to comment or the adequacy of the provision
for diminution in market value of shares.
6. RETIREMENT BENEFITS:
As informed and explained to us that the company is not liable or
retiring benefits hence not provided for the retirement benefits by way
of gratuities payable to the employees on retirement in accordance with
the accounting standards laid down by ICAI.
7. AMORTISATION OF MISCELLANEOUS EXPENDITURE:
The preliminary expenses incurred in connection with the incorporation
of the company and raising share capital are amortised over a period of
10 years.
8 VALUATION OF INVENTORIES:
The closing stock has been physically taken and certified by the
management including the quality of non/slow moving items and valued at
historical cost.
9 Taxes on Income:
Taxes on Income comprise of Current Tax and Deferred Tax in accordance
with Accounting Standard (AS) 22, "Accounting for Taxes on Income"
issued by the Institute of Chartered Accountants of India.
Current tax is being measured at the estimated amount payable to the
taxation authorities. Deferred tax is measured at rates substantively
enacted by the balance sheet date.
10 ACCOUNTING FOR EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES:
There is no transaction involved in foreign exchange.
11. Earning Per Share:
The company reports basic and diluted earni ngs per share in accordance
with Accounting Standard (AS) 20 - Earning per Share issued by the
Institute of Chartered Accountants of India. Basic Earning per share
are computed by dividing the net profit or loss for the year by the
weighted average number of equity share outstanding during the year.
Diluted earnings per share is computed by dividing the net profit or
loss for the year by the weighted average number of Equity Shares
outstanding during the year as adjusted for the effects of all dilutive
potential equity share, except where the results are anti-dilutive.
Mar 31, 2010
1. Basis of Preparation of Accounts:
The accounts are prepared on historical cost convention in accordance
with applicable mandatory accounting standards and other generally
accepted accounting principles in conformity with the statutory
requirements.
2. Fixed Assets:
Fixed assets are stated at historical cost where cost includes all
expenses directly attributable to make the asset ready for use.
3. Depreciation:
Depreciation on fixed assets has been provided on Straight Line value
method under Schedule XIV to the Companies Act, 1956.
4. Revenue Recognition
Income and expenditure are recognized and accounted on accrual basis,
except in case of significant uncertainties.
5. INVESTMENTS:
Investments have been stated at cost. However , the company has not
provided by way of making necessary provisions for diminution in the
value of long term investments in the line with accounting standards
laid down by the ICAI. However in absence of market quotation as on
31.03.2010. We are unable to comment or the adequacy of the provision
for diminution in market value of shares.
6. RETIREMENT BENEFITS:
As informed and explained to us that the company is not liable or
retiring benefits hance not provided for the retirement benefits by way
of gratuities payable to the employees on retirement in accordance with
the accounting standards laid down by ICAI.
7. AMORTISATION OF MISCELLANEOUS EXPENDITURE:
The preliminary expenses incurred in connection with the incorporation
of the company and raising share capital are amortised over a period of
10 years.
8 VALUATION OF INVENTORIES:
The closing stock has been physically taken and certified by the
management including the quality of non/slow moving items and valued at
historical cost.
9 Taxes on Income:
Taxes on Income comprise of Current Tax and Deferred Tax in accordance
with Accounting Standard (AS) 22, ÃAccounting for Taxes on IncomeÃ
issued by the Institute of Chartered Accountants of India.
Current tax is being measured at the estimated amount payable to the
taxation authorities. Deferred tax is measured at rates substantively
enacted by the balance sheet date.
10 ACCOUNTING FOR EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES:
There is no transaction involved in foreign exchange.
11. Earning Per Share:
The company reports basic and diluted earnings per share in accordance
with Accounting Standard (AS) 20 Ã Earning per Share issued by the
Institute of Chartered Accountants of India. Basic Earning per share
are computed by dividing the net profit or loss for the year by the
weighted average number of equity share outstanding during the year.
Diluted earnings per share is computed by dividing the net profit or
loss for the year by the weighted average number of Equity Shares
outstanding during the year as adjusted for the effects of all dilutive
potential equity share, except where the results are anti-dilutive.
[11] Deferred Tax Liability Provision not made as details not available
for verification.
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