Mar 31, 2014
Mar 31, 2013
1 Balances of Trade Receivables, Trade Payables and Loans and Advances are subject to the confirmation of the parties and provisions for all liabilities are adequate in opinion of the company.
2 During the year, the company has incurred Rs.3,71,102/- towards Misc.Expenditure and the same has been transferred to Other Current Assets.
3 The previous year figures have been regrouped/reclassified, wherever necessary to confirm to the current presentation as per the revised schedule VI.
Mar 31, 2012
Note No.1.1: Accounting Policy of Deferred Tax
The deferred tax for timing differences between the book profits and tax profits for the year is accounted for using the tax rates and laws that have been enacted or substantially enacted as at the Balance Sheet date. Deferred tax assets arising from timing differences are recognised to the extent there is virtual certainty that these would be realised in future and are reviewed for the appropriatness of their respective carrying values at each Balance Sheet date.
The Company has not received information from vendors regarding their status under the Micro, small and Medium Enterprises Development Act, 2006 and hence disclosures relating to amounts unpaid as at the year end together with interest paid/payable under this Act, have not been given. The same has been relied upon by the Auditors.
Mar 31, 2010
A. Provisions and Contingent Liabilities:
Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated.
Contingent Liabilities are disclosed in respect of possible obligations that arised from past events but their existence is confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company.
B. Impairment of Assets:
An assets is treated as impaired when the carrying cost to assets exceeds its recoverable value. An impairment loss is charged to profit and loss account in the year in which asset is identified as impaired.
C. Provision for Taxation:
Tax expense comprises of current tax & deferred tax.
a) Provision for current income tax is made on the basis of the assessable income under the Income Tax Act, 1961.
b) Deferred income tax is recognized on timing difference, between taxable income and accounting income which originates in one period and are capable of reversal in one or more subsequent periods. The tax effect is calculated on the accumulated timing difference at the year end based on tax rates and laws, enacted or substantially enacted as of the Balance Sheet date.
D. Segment Reporting:
The Company is mainly engaged only in one segment i.e. Trading of high pressure industrial cleaners, laptops and other accessories, etc. and there are no separate reportable segments as per Accounting Standard (AS) 17.