Mar 31, 2014
Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. Accounting Policies not
specifically referred to otherwise are consistent and in consonance
with generally accepted accounting principles. All income and
expenditure items having a material bearing on the financial statements
are generally recognized on accrual basis, material known liabilities
are provided for on the basis of available information/ estimation,
however certain claims and income which are not ascertainable/
acknowledged by customers are not taken into accounts.
Use of Estimates;
The preparation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period.
Differences between the actual results and estimates are recognized in
the period in which the results are known / materialized.
Revenue Recognition;
Revenue is recognized only when it is reasonably certain that the
ultimate collection will be made.
Revenue in respect of Insurance / Other Claims, etc., is recognized
only when it is admitted by the insurance / other authorities and there
is reasonable certainty that the ultimate collection will be made.
Investments;
Long Term Investments are shown at cost. However, when there is a
decline, other than temporary, in the value of a long term investment,
the carrying amount is reduced to recognize the decline.
Provisions. Contingent Liabilities and Contingent Assets;
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an out flow of resources.
Contingent liabilities are not recognized but are disclosed at their
estimated value in the notes. Contingent Assets are neither recognized
nor disclosed in the financial statements.
Taxes on Income;
In accordance with Accounting Standard (AS-22) - Accounting for Taxes
on Income, issued by the Institute of Chartered Accountants of India,
the deferred tax for timing differences between the book and tax
profits for the year is accounted for using the tax rates and laws that
have been enacted or substantively enacted as of the balance sheet
date.
Deferred tax assets arising from timing differences are recognized only
if, there is virtual certainty that sufficient future taxable income
will be available, against which they can he realized.
Mar 31, 2013
Basis of accounting and preparation nf financial statements I
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. Accounting Policies not
specifically referred to otherwise are consistent and in consonance
with generally accepted accounting principles. All income and
expenditure items having a material bearing on the financial statements
are generally recognised on accrual basis, material known liabilities
are provided for on the basis of available information/ estimation,
however certain claims and income which are not ascertainable/
acknowledged by customers are not taken into accounts.
Use of Estimates;
The preparation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period.
Differences between the actual results and estimates are recognized in
the period in which the results are known / materialized.
Revenue Recognition:
Revenue is recognized only when it is reasonably certain that the
ultimate collection will be made.
Revenue in respect of Insurance / Other Claims, etc., is recognized
only when it is admitted by the insurance / other authorities and there
is reasonable certainty that the ultimate collection will be made.
Investments:
Long Term Investments are shown at cost. However, when there is a
decline, other than temporary, in the value of a long term investment,
the carrying amount is reduced to recognise the decline.
Provisions. Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an out flow of resources.
Contingent liabilities are not recognized but are disclosed at their
estimated value in the notes. Contingent Assets are neither recognized
nor disclosed in the financial statements.
Mar 31, 2012
Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. Accounting Policies not
specifically referred to otherwise are consistent and in consonance
with generally accepted accounting principles. All income and
expenditure items having a material bearing on the financial statements
are generally recognized on accrual basis, material known liabilities
are provided for on the basis of available information/ estimation,
however certain claims and income which are not ascertainable/
acknowledged by customers are not taken into accounts.
Presentation and disclosure of financial statements
During the year ended 31, March 2012, the revised Schedule VI notified
under the Companies Act 1956, has become applicable to the company, for
preparation and presentation of its financial statements. The company
has also reclassified the previous year figures in accordance with the
requirements applicable in the current year.
Use of estimates .
The preparation of financial statements in With the generically
accepted accounting principle life.
estimates and assumptions to be made that affect the reported amount of
assets and liabilities on the date of the financial statements and the
reported amount of revenues and expenses during the reporting period.
Differences between the actual results and estimates are recognized
the period in which the results are known materialized.
Revenue recognition
Revenue is recognized only when it is reasonably Certain that the
ultimate collection will be made. Revenue in respect of Insurance /
Other Claims, etc., is recognized only when it is admitted by the
insurance / other .
authorities and there is reasonable certainty that the ultimate
collection will be made.
Fixed Assets .
Tangible Fixed Assets
Fixed Assets are valued at cost of acquisition or construction
inclusive of duties ( net of convict/Vat ), taxes, incidental expenses,
erecting expenses & interest .cost etc. up to the date asset is put /
ready to use. They are stated at historical costs or other amounts
substituted for historical costs. Canvas/Vat credit availed on purchase
of fixed assets are reduced from the purchase cost of Fixed
Assets.(wherever and wherever required) .
Method of Depreciation
Depreciation on fixed assets is provided on the written down value of
the assets at the rates prescribed under Schedule XIV to the Companies
Act, 1956.
Assets below Rs.5000/- are depreciated @100% in the year of purchase.
Valuation of Investments: .
Long Term Investments are shown at cost unless there is a permanent
decline in value thereof, in which case, adequate provision is made in
the accounts.
Provisions and contingencies
A provision is recognized when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which
a-reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates.
Mar 31, 2010
1) BASIS OF OF ACCOUNTING:
(i) The Financial Statements have been prepared on the historical cost
basis and on the accounting principles of a going concern.
(ii) Accounting Policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles.
(iii) All income and expenditure items having a material bearing on the
financial statements are generally recognised on accrual basis,
material known liabilities are provided for on the basis of available
information/ estimation, however certain claims and income which are
not ascertainable/ acknowledged by customers are not taken into
accounts.
2) USE OF ESTIMATES:
The preparation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period.
Differences between the actual results and estimates are recognized in
the period in which the results are known / materialized.
3) REVENUE RECOGNITION:
Revenue is recognized only when it is reasonably certain that the
ultimate collection will be made.
Revenue in respect of Insurance / Other Claims, etc., is recognized
only when it is admitted by the insurance / other authorities and there
is reasonable certainty that the ultimate collection will be made.
4) FIXED ASSETS: Intangible Assets:
Computer software purchased by the company is amortized over a period
of 3 years.
Valuation of Tangible Fixed Assets
Fixed Assets are valued at cost of acquisition or construction
inclusive of duties ( net of cenvat/Vat), taxes, incidental expenses,
erecting expenses & interest cost etc. up to the date asset is put /
ready to use. They are stated at historical costs or other amounts
substituted for historical costs. Cenvat/Vat credit availed on purchase
of fixed assets are reduced from the purchase cost of Fixed Assets.
(whenever and wherever required)
5) METHOD OF DEPRECIATION
Depreciation on fixed assets is provided on the written down value of
the assets at the rates prescribed under Schedule XIV to the Companies
Act, 1956.
Assets below Rs.5000/- are depreciated @100% in the year of purchase.
6) VALUATION OF INVESTMENTS:
Long Term Investments are shown at cost unless there is a permanent
decline in value thereof, in which case, adequate provision is made in
the accounts.
7) PROVISIONS. CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an out flow of resources.
Contingent liabilities are not recognised but are disclosed at their
estimated value in the notes. Contingent Assets are neither recognized
nor disclosed in the financial statements.