Mar 31, 2014
1. ACCOUNTING POLICIES
i) Basis for preparation of financial statements
The financial statements are prepared under the historical cost
conventions on accrual basis in accordance with generally accepted
accounting principles and Accounting standards referred to in section
211(3C) of the Companies Act, 1956. The company has not provided for
the deferred tax assets, as the company does not expect to make
sufficient profit for set off the brought forward losses and unabsorbed
depreciation.
ii) Inventories
There is no closing stock as on 31.03.2014.
iii) Items Accounted For on Cash Basis: ROC filling fee
iv) Fixed Assets
The valuation put on fixed assets includes cost of acquisition,
installation charges & all cost incidental thereto. Depreciation on
fixed assets is provided on W.D.V. method at the rates and in the
manner prescribed in Schedule XIV of the Companies Act, 1956.
v) Foreign currency transactions
The foreign currency transactions are accounted on the basis of
exchange rates prevailing on the date of respective transactions.
Difference, if any, as realization are treated as gain/loss on
exchange.
vi) Retirement Benefits:
Gratuity is not provided in the accounts, as none of the employees are
eligible for payment of gratuity under the Gratuity Act, 1972.
Leave encashment paid is charged to Profit & Loss Account and the
accrued liability is not provided since the same is negligible.
vii) Contingent Liabilities not provided for: Nil
viii) Related Party Disclosure
The company has not granted any unsecured loans to the related parties:
Mar 31, 2012
1. ACCOUNTING POLICIES
i) Basis for preparation of financial statements
The financial statements are prepared under the historical cost
conventions on accrual basis in accordance with generally accepted
accounting principles and Accounting standards referred to in section
211(3C) of the Companies Act, 1956. The company has not provided for
the deferred tax assets, as the company does not expect to make
sufficient profit for set off the brought forward losses and unabsorbed
depreciation.
ii) Inventories
There is no closing stock as on 31.03.2012.
iii) Items Accounted For on Cash Basis: -
ROC filling fee
iv) Fixed Assets
The valuation put on fixed assets includes cost of acquisition,
installation charges & all cost incidental thereto. Depreciation on
fixed assets is provided on W.D.V. method at the rates and in the
manner prescribed in Schedule XIV of the Companies Act, 1956.
v) Foreign currency transactions
The foreign currency transactions are accounted on the basis of
exchange rates prevailing on the date of respective transactions.
Difference, if any, as realization are treated as gain/loss on
exchange.
vi) Retirement Benefits:
Gratuity is not provided in the accounts, as none of the employees are
eligible for payment of gratuity under the Gratuity Act, 1972.
Leave encashment paid is charged to Profit & Loss Account and the
accrued liability is not provided since the same is negligible.
vii) Contingent Liabilities not provided for:
Nil
viii) Related Party Disclosure
(a) The company has not granted any unsecured loans to the related
parties:
(b) The company has taken unsecured loans form the following related
parties:
Mar 31, 2010
I) Basis for preparation of financial statements
The financial statements are prepared under the historical cost
conventions on accrual basis in accordance with generally accepted
accounting principles and Accounting standards referred to in section
211(3C) of the Companies Act, 1956. The company has not provided for
the deferred tax assets, as the company does not expect to make
sufficient profit for set off the brought forward losses and unabsorbed
depreciation.
ii) Inventories
There is no closing stock as on 31.03.2010.
iii) Items Accounted For on Cash Basis:-
ROC filling fee
iv) Fixed Assets
The valuation put on fixed assets includes cost of acquisition,
installation charges & all cost incidental thereto.
Depreciation on fixed assets is provided on W.D.V. method at the rates
and in the manner prescribed in Schedule XIV of the Companies Act,
1956.
v) Foreign currency transactions
The foreign currency transactions are accounted on the basis of
exchange rates prevailing on the date of respective transactions.
Difference, if any, as realization are treated as gain/loss on
exchange. However, there is no such transaction during the year.
vi) Retirement Benefits:
Gratuity is not provided in the accounts, as none of the employees are
eligible for payment of gratuity under the Gratuity Act, 1972.
Leave encashment paid is charged to Profit & Loss Account and the
accrued liability is not provided since the same is negligible.
vii) Contingent Liabilities not provided for:
The Company has not provided for bank interest following the accounting
practice adopted by the company in preceding years on packing credit
Loan account of the bank, in view of counter claim suit filed by the
company for monetary compensation from the bank before the DRT, New
Delhi.
viii) Related Party Disclosure
(a) The company has not granted any unsecured loans to the related
parties:
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