Mar 31, 2014
(a) Methods of Accounting: The accounts ofthe company are prepared
under the historical cost convention and on an accrual basis and on
the accounting principle of going concern and in accordance with
applicable accounting standard except where otherwise are stated.
(b) Fixed Assets: Fixed Assets are recorded at Cost.
(c) Depreciation: Depreciation on Fixed Assets is provided on
"Straight Line Method" in accordance with Companies Act, 1956 at
the rates and in the manner prescribed in Schedule XIV of the said
Act. The depreciation on assets acquired during the year is provided
on pro-rata basis.
(d) Investments: Investment held by the Company is classified as (i)
capital assets (ii) trading assets.
The Capital assets are shown under the head of "Investments" and
are of long-term nature. The said assets are valued at cost. The
diminution in value, if any, is provided where the diminution is of a
permanent nature.
The trading assets are shown under the head of "current assets"
and are held principally for re-sale. The said assets are valued at
cost or market price whichever is lower.
(e) Revenue Recognition: Expenses and Income are accounted for on
accrual basis. However, Public issue and preliminary expenses has been
amortized.
(f) Borrowing Cost: The Company follows the practice of capitalizing
interest on borrowings for capital expenditure up to the date the
asset is put to use. All other borrowing costs are charged to revenue.
(g) Taxes On Income : According to the requirements of AS-22 being
"Accounting for taxes on income" issued by the ICAI, the Company
has recognized "Deferred Tax" on timing difference, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
"Deferred Tax Liability" (DTL) is recognized against reasonable
certainty that sufficient future taxable income will be available
against which such liability will be set off.
In the current year DTL of '' 217/- is debited to Statement of Profit &
Loss and credited to Deferred Tax Liability Account.
(h) Use of Estimates: The presentation of financial statements
requires certain estimates and assumptions. These estimates and
assumptions affect the reported amounts of assets and liabilities on
the date of financial statements and the reported amount of revenue
and expenses during the reporting period. Difference between the
actual result and estimates are recognized in the period in which
results are known / materialized.
(i) Impairment of Fixed Assets: Fixed assets are reviewed for
impairment losses whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An impairment loss is
recognized for the amount by which the carrying amount of the assets
exceeds its recoverable amount, which is the higher of an asset''s net
selling price and value in use.
Mar 31, 2012
(a) Methods of Accounting:
The accounts of the company are prepared under the historical cost
convention and on an accrual basis and on the accounting principle of
going concern and in accordance with applicable accounting standard
except where otherwise are stated.
(b) Fixed Assets:
Fixed Assets are recorded at Cost.
(c) Depreciation:
Depreciation on Fixed Assets is provided on "Straight Line Method"
in accordance with Companies Act, 1956 at the rates and in the manner
prescribed in Schedule XIV of the said Act. The depreciation on assets
acquired during the year is provided on pro-rata basis.
(d) Investments:
Investment held by the Company is classified as (i) capital assets (ii)
trading assets.
The Capital assets are shown under the head of "Investments" and
are of long-term nature. The said assets are valued at cost. The
diminution in value, if any, is provided where the diminution is of a
permanent nature.
The trading assets are shown under the head of "current assets" and
are held principally for re-sale. The said assets are valued at cost or
market price whichever is lower.
(e) Revenue Recognition:
Expenses and Income are accounted for on accrual basis. However, Public
issue and preliminary expenses has been amortized.
(f) Borrowing Cost:
The Company follows the practice of capitalizing interest on borrowings
for capital expenditure up to the date the asset is put to use. All
other borrowing costs are charged to revenue.
(g) Taxes On Income :
According to the requirements of AS-22 being "Accounting for taxes on
income" issued by the ICAI, the Company has recognized "Deferred
Tax" on timing difference, being the difference between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods.
"Deferred Tax Liability" (DTL) is recognized against reasonable
certainty that sufficient future taxable income will be available
against which such liability will be set off.
In the current year DTL ofRs. 582/- is debited to Statement of Profit &
Loss and credited to Deferred Tax Liability Account.
(h) Use of Estimates:
The presentation of financial statements requires certain estimates and
assumptions. These estimates and assumptions affect the reported
amounts of assets and liabilities on the date of financial statements
and the reported amount of revenue and expenses during the reporting
period. Difference between the actual result and estimates are
recognized in the period in which results are known / materialized.
(i) Impairment of Fixed Assets:
Fixed assets are reviewed for impairment losses whenever events or
changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognized for the amount by which
the carrying amount of the assets exceeds its recoverable amount, which
is the higher of an asset's net selling price and value in use.
Mar 31, 2010
(a) Methods of Accounting:
The accounts of the company are prepared under the historical cost
convention and on an accrual basis and on the accounting principle of
going concern and in accordance with applicable accounting standard
except where otherwise is stated.
(b) FIXED ASSETS .
Fixed Assets are recorded at Cost.
(c) DEPRECIATION:
Depreciation on Fixed Assets is provided on "Straight Line Method" in
accordance with Companies Act, 1956 at the rates and in the manner
prescribed in Schedule XIV of the said Act. The depreciation on assets
acquired during the year is provided on pro-rata basis.
(d) Investments:
Investment held by the Company are classified as (i) capital assets
(ii) trading assets.
The Capital assets are shown under the head of "Investments" and are of
long-term nature. The said assets are valued at cost. The diminution in
value, if any, is provided where the diminution is of a permanent
nature.
The trading assets are shown under the head of "current assets" and are
held principally for re-sale. The said assets are valued at cost or
market price whichever is lower.
(e) Revenue Recognition:
Expenses and Income are accounted for on accrual basis. However, Public
issue and preliminary expenses has been amortized.
(f) Borrowing Cost:
The Company follows the practice of capitalizing interest on borrowings
for capital expenditure up to the date the asset is put to use. All
other borrowing costs are charged to revenue.
(g) TAXES ON INCOME:
According to the requirements of AS-22 being "Accounting for taxes on
income" issued by the ICAI, the Company has recognized "Deferred Tax"
on timing difference, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
"Deferred Tax Liability" (DTL) is recognized against reasonable
certainty that sufficient future taxable income will be available
against which such liability will be set off.
In the current year DTL of Rs. 1,088/- is debited to Profit & Loss
Account and credited to Deferred Tax Liability Account.
Mar 31, 2009
(a) Methods of Accounting: The accounts of the company are prepared
under the historical cost convention and on an accrual basis and on the
accounting principle of going concern and in accordance with applicable
accounting standard except where otherwise is stated.
(b) FIXED ASSETS : Fixed Assets are recorded at Cost.
(c) DEPRECIATION : Depreciation on Fixed Assets is provided on
"Straight Line
Method" in accordance with Companies Act, 1956 at the rates and in the
manner prescribed in Schedule XIV of the said Act. The depreciation on
assets acquired during the year is provided on pro-rata basis.
(d) Investments: Investment held by the Company are classified as (i)
capital assets (ii) trading assets.
The Capital assets are shown under the head of "Investments" and are of
long-term nature. The said assets are valued at cost. The diminution in
value, if any, is provided where the diminution is of a permanent
nature.
The trading assets are shown under the head of "current assets" and are
held principally for re-sale. The said assets are valued at cost or
market price whichever is lower.
(e) Revenue Recognition: Expenses and Income are accounted for on
accrual basis. However, Public issue and preliminary expenses has been
amortized.
(f) Borrowing Cost: The Company follows the practice of capitalizing
interest on borrowings for capital expenditure up to the date the asset
is put to use. All other borrowing costs are charged to revenue.
TAXES ON INCOME: According to the requirements of AS-22 being
"Accounting for taxes on income" issued by the ICAI, the Company has
recognized "Deferred Tax" on timing difference, being the difference
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods.
"Deferred Tax Liability" (DTL) is recognized against reasonable
certainty that sufficient future taxable income will be available
against which such liability will be set off.
In the current year DTL of Rs.1,4107- is debited to Profit & Loss
Account and credited to Deferred Tax Liabililty Account.