Mar 31, 2015
1 Basis of Accounting
The financial statements are prepared under the historical cost
convention on the concept of a going concern, in accordance with the
Generally Accepted Accounting Principles and mandatory Accounting
Standards as notified under Rule 7 of the Companies (Accounts) Rules,
2014 which is similar to provisions and presentational requirements of
the Companies Act, 2013.
2 Changes in Accounting policies
The accounting policies adopted are consistent wit h those of previous
financial year. The management assures that there has been no change in
accounting policies as compared to that of previous year which would
have any significant effect on these financials.
3 Recognition of Income
Sales represents invoiced Value of goods Sold. Other Income is
recognised and accounted for on accrual basis unless otherwise stated.
4 Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and
impairment losses, if any. Cost comprises t he purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which take substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
4 (A)- Depreciation on tangible fixed assets
Depreciation on Fixed Assets is provided to the extent of depre ciable
amount on the Written Down Value (WDV) Method. Depreciation is provided
based on useful life of the assets as prescribed in Schedule II to the
Companies Act, 2013.
5 Taxes on Income
Current tax is determined and provided for on the amount of taxable
income at the applicable rates for the relevant financial year.
Deferred Tax Assets and Liabilities (DTA/ DTL) are recognised, subject
to consideration of prudence, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and is capable of reversal in one or more subsequent
periods.The DTA is recognised only to the extent that there is
reasonable certainty of sufficient future profits against which such
DTA can be realised.
6 Contingent Liability
The contingent liabilities, if any, are disclosed in the Notes to
Accounts. Provision is mad e in the accounts, if it becomes probable
that there will be outflow of resouces for settling the obligation.
7 Events occurring after the balance sheet date
Adjustments to assets and liablities are made for events occurring
after the balance sheet date to provide additional information
materially affecting the determination of the amounts of assets or
liabilities relating to conditions existing at the balance sheet date.
8 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year/ period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year/
period.
9 Use of estimates
The preparation of financial statements, in conformity with generally
accepted accounting princi ples, requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities on
the date of the financial statements and the results of operations
during the reporting year. Actual results could differ from those
estimates. Any revision to accounting estimates is recognised
prospectively in current and future periods.
10 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction. Monetary
items denominated in foreign currencies at the year end are translated
at the rate ruling at the year end rate. There are no any foreign
currency transaction occured during the year.
Mar 31, 2014
1 Basis of Accounting
The financial statements are prepared under the historical cost conv
ention on the concept of a going concern, in accordance with the
Generally Accepted Accounting Principles and mandatory Accounting
Standards as notified under the Companies (Accounting Standards) Rules,
2006 and as per the provisions and presentational requirements of the
Companies Act, 1956.
2 Changes in Accounting policies
The accounting policies adopted are consistent with those of previous
financial year. The managem ent assures that there has been no change
in accounting policies as compared to that of previous year which would
have any significant effect on these financials.
3 Recognition of Income
Sales represent invoiced Value of goods Sold. Other Income is
recognized and accounted for on acc rual basis unless otherwise stated.
4 Tangible Fixed Assets
Fixed assets are stated at cost less accumulate d depreciation and i
mpairment losses, if any. Cos t comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which take substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
5 Taxes on Income
Current tax is determined and provided for on the amount of taxable
income at the applicable rates for the relevant financial year.
Deferred Tax Assets and Liabilities (DTA/ DTL) are recognized, subject
to consideration of prudence, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and is capable of reversal in one or more subsequent
periods. The DTA is recognized only to the extent that there is
reasonable certainty of sufficient future profits against which such
DTA can be realized.
6 Contingent Liability
The contingent liabilities, if any, are disclosed i n the Notes to
Accounts. Provision is made in the accounts, if it becomes probable
that there will be outflow of resources for settling the obligation.
7 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring
after the balance sheet date to provide additional information
materially affecting the determination of the amounts of assets or
liabilities relating to conditions existing at the balance sheet date.
8 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year/ period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year/
period.
9 Use of estimates
The preparation of financial statements, in conformity with genera lly
accepted accounting principles, requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities on
the date of the financial statements and the results of operations
during the reporting year. Actual results could differ from those
estimates. Any revision to accounting estimates is recognized
prospectively in current and future periods.
10 Foreign Currency Transaction
Transactions denominated in foreign currencies are norm ally recorded
at the exchange rate prevailing at the time of the transaction.
Monetary items denominated in foreign currencies at the year end are
translated at the rate ruling at the year end rate.
Mar 31, 2013
1 Basis of Accounting
The financial statements are prepared under the historical cost
convention on the concept of a going concern, in accordance with the
Generally Accepted Accounting Principles and mandatory Accounting
Standards as notified under the Companies (Accounting Standards) Rules,
2006 and as per the provisions and presentational requirements of the
Companies Act, 1956.
2 Changes in Accounting policies
The accounting policies adopted are consistent with those of previous
financial year. The management assures that there has been no change in
accounting policies as compared to that of previous year which would
have any significant effect on these financials.
3 Recognition of Income
Export Sales represents invoiced Value of goods Sold. Other Income is
recognised and accounted for on accrual basis unless otherwise stated.
4 Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and
impairment losses, if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which take substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
5 Taxes on Income
Current tax is determined and provided for on the amount of taxable
income at the applicable rates for the relevant financial year.
Deferred Tax Assets and Liabilities (DTA/ DTL) are recognised, subject
to consideration of prudence, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and is capable of reversal in one or more subsequent
periods.The DTA is recognised only to the extent that there is
reasonable certainty of sufficient future profits against which such
DTA can be realised.
6 Contingent Liability
The contingent liabilities, if any, are disclosed in the Notes to
Accounts. Provision is made in the accounts, if it becomes probable
that there will be outflow of resouces for settling the obligation.
7 Events occurring after the balance sheet date
Adjustments to assets and liablities are made for events occurring
after the balance sheet date to provide additional information
materially affecting the determination of the amounts of assets or
liabilities relating to conditions existing at the balance sheet date.
8 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year/ period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year/
period.
9 Use of estimates
The preparation of financial statements, in conformity with generally
accepted accounting principles, requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities on
the date of the financial statements and the results of operations
during the reporting year. Actual results could differ from those
estimates. Any revision to accounting estimates is recognised
prospectively in current and future periods.
10 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction. Monetary
items denominated in foreign currencies at the year end are translated
at the rate ruling at the year end rate.
Mar 31, 2012
1) REVENUE RECOGNITION
Revenue is being recognised on accrual basis of accounting in
accordance with the Guidance note issued by the Institute of
charteredAccountants of India. Accordingly, if there are any
uncertainties in realisation, Income is not accounted for.
2) FIXED ASSETS
Fixed assets are accounted for on historical cost basis, inclusive of
the cost of installation.
3) GRATUITY
No provision for gratuity is made as no staff falling under this
category at the last day of the financial year.
4) FOREIGN CURRENCY
Not Applicable, as no Sales are made during the year under review.
5) INVESTMENT
Investments are valued at cost inclusive of expenses incidental to
their acquistion, if any. Investments if such diminution in value, in
the opinion of the management, is temporary meant for long term are
carried at cost and any diminution in value, though material is not
recognised in nature.
6) TRANSACTIONS IN FOREIGN CURRENCIES(Other than for Fixed Assets)
Not applicable, as no transaction in Foreign Currency are carried out
during the year under review.
7) TAXATION
(a) Provision for Income Tax is made in accordance with Income Tax Act,
1961
8) PROVISION FOR DOUBTFUL DEBTS
The Company does not make provision for doubtful debts, and follow the
practice or writing off bad debts as and when determined. However, all
the debts exceding more than one year.
9) PROVISION FOR EXPENSES
The Company made necessary provision for all the required expenses
pertaning to financial year 2010 -2011.
Mar 31, 2011
1. BASIC FOR PREPARATION OF FINANCIAL STATEMENT
The financial statements are prepared under the historical cost
convention, in accordance With generally accepted accounting principles
and the provision of the companies Act, 1956, as adopted consistently
by the company.
2. RECOGNITION OF INCOME AND EXPENDITURE
All income and expenditure having material bearing on the financial
statements are recognized on the accrual basis.
3. RECOGNITION OF EXPENSES
Expenses are accounted on the accrual basis and provisions are made for
all known Losses and liabilities.
4. TAXATION
Current Tax: Provision for current taxes on income is made on the basis
of the actual liabilities for the year.
Deferred Tax : in accordance with Accounting Standard -22 " Accounting
for Taxes on income, issued by the Institute of Chartered Accountants
of India , the deferred tax for timing difference between the book and
tax profits for the year is accounted for using the tax rates and laws
that have been enacted for subsequently enacted as of the balance sheet
date. Deferred Tax liability arising from timing differences are
Recognized to the extent there is reasonable certainty that liability
can be realized in future.
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