Mar 31, 2015
I. Basis of Preparation :
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006 (as amended) and
the relevant provisions of the Companies Act, 2013.
II. System of Accounting :
The financial statements have been prepared under the historical cost
convention using accrual method of accounting.
III. Use of Estimates :
The preparation of the financial statements in conformity with the
accounting standards generally accepted in India requires the
management to make estimates that affect the reported amount of assets
& liabilities disclosure of contingent liabilities as at the date of
the financial statement and reported amounts of revenue and expenses
for the year. Actual results could differ from these estimates.
IV. Investments:
Investments of Shares, being long term, are stated at cost, less
permanent diminution in value, if any. Diminution in value of
investment, if any, has been considered as temporary in nature.
V. Fixed Assets and Depreciation :
Fixed assets are carried at cost of acquisition inclusive of all direct
expenses related to such assets up to the date the assets are put to
useless accumulated depreciation.
Depreciation on Tangible Fixed Assets has been provided on written down
value method. Depreciation is provided based on useful life of the
assets as prescribed in Schedule II to the Companies Act, 2013.
Depreciation on Tangible Fixed Assets added / disposed of during the
year is provided on prorate basis with reference to the date of
addition / disposal.
The unamortised carrying value is being depreciated over the revised /
remaining useful lives. The written down value of Tangible Fixed Assets
whose lives have expired as at 1 *' April 2014 have been adjusted in
the opening balance of Profit & Loss Statement.
Intangible assets have been amortized over the period of four financial
years.
VI. Material Events :
Material events occurring after the Balance Sheet date are taken into
cognizance.
VII. Recognition of Income & Expenditure :
The Revenue recognized for transport as and when the service has been
rendered and dividend accounted on accrual basis.
VIII. Retirement Benefit
In respect of liability towards gratuity, company has entered into a
group gratuity scheme with Life insurance Corporation of India.
Retirement Benefits in the form of Provident Fund & Pension Scheme
whether in pursuance of any law or otherwise is accounted for on
accrual basis and charged to the Statement of Profit & Loss.
The other retirement benefits are accounted for as and when the
liability for payment arises.
IX) Impairment Assets
At each Balance Sheet date, an assessment is made whether any
indication exists that an assets has been impaired. If any such
indication exists, an impairment loss i.e., the amount by which the
carrying amount of an asset exceeds its recoverable amount is provided
in the books of account.
X) Taxes on Income
Provision of current tax is made with reference to taxable income
computed for the accounting period for which the financial statements
are prepared by applying the tax rates as applicable.
Deferred Tax Liabilities is recognised on the basis of timing
differences being the difference between taxable income that originate
in one period and is capable of reversal in one or more subsequent
years. The deferred tax charge is recognized using the enacted tax
rate. Deferred Tax Assets are recognized only to the extent that there
is virtual certainty supported by convincing evidence that sufficient
future taxable income will be available against which such deferred tax
assets can be realized.
Deferred Tax Assets/Liabilities are reviewed as at balance sheet date
based on the developments during the year and reassess
assets/liabilities in terms of AS-22 issued by ICAI.
XI) Earning Per Share
Basic and diluted earnings per share are computed in accordance with
Accounting Standard 20 "Earnings per Share".
Basic earnings per share is calculated by dividing the net profit or
loss after tax for the year attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year.
Diluted earnings per share are computed using the weighted average
number of equity shares and dilutive potential equity shares
outstanding during the year except where the results are anti-dilutive.
XII) Prior Period Item
Prior period expenses / income is accounted under the respective heads,
material item if any, are disclosed separately by way of notes.
Mar 31, 2014
I. Basis of Preparation :
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006 (as amended) and
the relevant provisions of the Companies Act, 1956 and the Companies
Act, 2013.
II. System of Accounting :
The financial statements have been prepared under the historical cost
convention using accrual method of accounting.
III. Investments:
Investments of Shares, being long term, are stated at cost, less
permanent diminution in value, if any. Diminution in value of
investment, if any, has been considered as temporary in nature.
IV. Fixed Assets and Depreciation :
- Fixed assets are carried at cost of acquisition inclusive of all
direct expenses related to such assets up to the date the assets are
put to use less accumulated depreciation.
- In case of revaluation of fixed assets of the company, increase in
net book value is credited to owner''s interest under the head
Revaluation Reserve and decrease in net book value is charged to
Statement of Profit & Loss.
- Depreciation on Fixed Assets has been provided under straight line
method as per rates prescribed in Schedule XIV of the Companies Act,
1956. In respect of assets acquired/sold during the year, depreciation
has been provided on pro-rata basis.
V. Material Events :
Material events occurring after the Balance Sheet date are taken into
cognizance.
VI. Retirement Benefit
In respect of liability towards gratuity, company has made
provision at the rate of one month current salary for each completed
year of service instead of on actuarial basis as required under AS 15
"Employee Benefits". There is no defined contribution plan.
Retirement Benefits in the form of Provident Fund & Pension Scheme
whether in pursuance of any law or otherwise is accounted for on
accrual basis and charged to the Statement of Profit & Loss.
The other retirement benefits are accounted for as and when the
liability for payment arises.
vii) Future Contract
In respect of Futures Contract, Mark to Market Debit and Credit balance
on open contract as on 31.03.2014 has been recognized in the Statement
of Profit & Loss.
viii) Impairment Assets
At each Balance Sheet date, an assessment is made whether any
indication exists that an assets has been impaired. If any such
indication exists, an impairment loss i.e., the amount by which the
carrying amount of an asset exceeds its recoverable amount is provided
in the books of account.
ix) Taxes on Income
Provision of current tax is made with reference to taxable income
computed for the accounting period for which the financial statements
are prepared by applying the tax rates as applicable.
Deferred Tax Liabilities is recognised on the basis of timing
differences being the difference between taxable income that originate
in one period and is capable of reversal in one or more subsequent
years. The deferred tax charge is recognized using the enacted tax
rate. Deferred Tax Assets are recognized only to the extent that there
is virtual certainty supported by convincing evidence that sufficient
future taxable income will be available against which such deferred tax
assets can be realized.
Deferred Tax Assets/Liabilities are reviewed as at balance sheet date
based on the developments during the year and reassess
assets/liabilities in terms of AS-22 issued by ICAI.
x) The preparation of the financial statements in conformity with the
accounting standards generally accepted in India requires the
management to make estimates that affect the reported amount of assets
& liabilities, disclosure of contingent liabilities as at the date of
the financial statement and reported amounts of revenue and expenses
for the year. Actual results could differ from these estimates.
xi) Recognition of Income and Expenditure
The Revenue recognized for transport as and when the service has been
rendered and dividend accounted on accrual basis.
xii) Change in Accounting Policy
The company has changed its accounting policy from cash basis to
accrual basis in current financial year in respect of Bonus and
Gratuity. The company has provided provision for bonus and gratuity on
accrual basis in the financial statements. Due to change in method of
accounting, the profit of the company during the year has been
understated by Rs. 4,33,366/-.
xiii) Prior Period Item
Prior period expenses / income is accounted under the respective heads,
material item if any, are disclosed separately by way of notes.
b) Terms attached to equity shares
The company has only one class of shares having par value of Rs.10/- per
share. Each holder of equity shares is entitled to one vote per share.
Mar 31, 2013
I. Basis of Preparation :
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006 (as amended) and
the relevant provisions of the Companies Act, 1956..
II. System of Accounting :
The financial statements have been prepared under the historical cost
convention using accural method of accounting except bonus which is
accounted for on cash basis.
III. Investments:
Investments of Shares, being long term, are stated at cost, less
permanent diminution in value, if any. Diminution in value of
investment, if any, has been considered as temporary in nature.
IV. Fixed Assets and Depreciation :
- Fixed Assets are carried at cost of acquisition inclusive of all
direct expenses related to such assets up to the date the assets are
put to use less accumulated depreciation.
- In case of revaluation of fixed assets of the company, increase in
net book value is credited to owner''s interest under the head
Revaluation Reserve and decrease in net book value is charged to
Statement of Profit & Loss.
- Depreciation on Fixed Assets has been provided under straight line
method as per rates prescribed in Schedule XIV of the Companies Act,
1956. In respect of assets acquired/sold during the year, depreciation
has been provided on pro-rata basis.
V. Material Events :
Material events occurring after the Balance Sheet date are taken into
cognizance.
VI. Retirement Benefit
- The gratuity is accounted for as and when paid.
- Retirement Benefits in the form of Provident Fund & Pension Scheme
whether in pursuance of any law or otherwise is accounted for on
accural basis and charged to the statement of Profit & Loss.
- The other retirement benefits are accounted for as and when the
liability for payment arises.
VII. Impairment of Assets:
At each Balance Sheet date, an assessment is made whether any
indication exists that an assets has been impaired. If any such
indication exists, an impairment loss i.e., the amount by which the
carrying amount of an asset exceeds its recoverable amount is provided
in the books of account.
VIII. Taxes on Income :
- Provision of current tax is made with reference to taxable income
computed for the accounting period for which the financial statements
are prepared by applying the tax rates as applicable.
- Deferred Tax Liabilities is recognised on the basis of timing
differences being the difference between taxable income that originate
in one period and is capable of reversal in one or more subsequent
years. The deferred tax charge is recognized using the enacted tax
rate. Deferred Tax Assets are recognized only to the extent that there
is virtual certainty supported by convincing evidence that sufficient
future taxable income will be available against which such deferred tax
assets can be realized.
Deferred Tax Assets/Liabilities are reviewed as at balance sheet date
based on the developments during the year and reassess
assets/liabilities in terms of AS-22 issued by ICAI.
IX. Future Contract
In respect of Futures Contract, Mark to Market Debit and Credit balance
on open contract as on 31.03.2013 has been recognized in the Profit &
Loss Account.
X. The preparation of the financial statements in conformity with the
accounting standards generally accepted in India requires the
management to make estimates that affect the reported amount of assets
& liabilities, disclosure of contingent liabilities as at the date of
the financial statement and reported amounts of revenue and expenses
for the year. Actual results could differ from these estimates.
XI. Recognition of Income and Expenditure :
The Revenue Recognized for transport as and when the service has been
rendered and dividend accounted on accrual basis.
XII. Prior Period Item:
Prior period expenses / income is accounted under the respective heads,
material item if any, are disclosed separately by way on notes.
Mar 31, 2011
1. Basis of Preparation of Financial Statement:
The Financial Statements of the Company have been prepared and
presented under the historical cost convention on the accrual basis of
accounting in accordance with the Accounting Principal Generally
accepted in India (GAAP) and comply with the mandatory Accounting
Standard (AS) issued by the Institute of Chartered Accountants of India
to the extent applicable and with the relevant provisions of the
Companies Act, 1956.
2. Revenue Recognition:
The Revenue Recognized for transport as and when the service has been
rendered and for shares when transfer take place, dividend accounted on
accrual basis.
3. Material Events:
Material events occurring after the Balance Sheet date are taken into
cognizance.
4. Prior Period Item:
Prior period expenses / income is accounted under the respective heads,
material item if any, are disclosed separately by way on notes.
5. Investments:
Investments: Investments of Shares, being long term, are stated at
cost, less permanent diminution in value, if any. Diminution in value
of investment, if any, has been considered as pemporary in nature.
6. Fixed Assets:
i) Fixed assets are stated at cost of acquisition inclusive of all
direct expenses related to such assets up to the date the assets are
put to use.
ii) Depreciation is provided on pro-rata basis under Straight Line
Method as per Schedule XIV of the Companies Act, 1956.
7. Retirement Benefit
As informed to us, no employee has completed five years of service as
on the balance sheet date, so provision of gratuity has not been made.
8. Provision for Taxation
Provision for current tax is made after taking into consideration
benefit admissible under provisions of the Income Tax Act, 1961.
Deferred tax resulting from timing difference between taxable profits
and book profit is accounted for using the tax rate and law, which have
been enacted or substantively enacted as on the balance sheet date. The
deferred tax assets are recognized and carry forward only to the extent
that there is reasonable certainty that the asset will be realized in
future.
9. Related Party disclosure
Disclosure of transaction with related party as required by Accounting
Standard 18 has been set out in a separate statement annexed to the
Notes on Accounts. Related parties defined under clause 3 of Accounting
Standard have been identified on the basis of representation made by
key managerial personnel and information available with the company.
10. Impairment of Assets:
At each Balance Sheet date, an assessment is made whether any
indication exists that an assets has been impaired. If any such
indication exists, an impairment loss i.e., the amount by which the
carrying amount of an asset exceeds its recoverable amount is provided
in the books of account
Mar 31, 2010
1. Basis of Preparation of Financial Statement:
The Financial Statements of the Company have been prepared and
presented under the historical cost convention on the accrual basis of
accounting in accordance with the Accounting Principal Generally
accepted in India (GAAP) and comply with the mandatory Accounting
Standard (AS) issued by the Institute of Chartered Accountants of India
to the extent applicable and with the relevant provisions of the
Companies Act, 1956.
2. Revenue Recognition:
The Revenue Recognized for transport as and when the service has been
rendered and for shares when transfer take place, dividend accounted on
accrual basis.
3. Material Events:
Material events occurring after the Balance Sheet date are taken into
cognizance.
4. Prior Period Item:
Prior period expenses / income is accounted under the respective heads,
material item if any, are disclosed separately by way on notes.
5. Investments:
Investments: Investments of Shares, being long term, are stated at
cost, less permanent diminution in value, if any.
6. Fixed Assets:
i) Fixed assets are stated at cost of acquisition inclusive of all
direct expenses related to such assets up to the date the assets are
put to use.
ii) Depreciation is provided on pro-rata basis under Straight Line
Method as per Schedule XIV of the Companies Act, 1956.
7. Retirement Benefit
As informed to us, no employee has completed five years of service as
on the balance sheet date, so provision of gratuity has not been made.
As Company is not covered under P.F Act so provision are not
applicable.
8. Provision for Taxation
Provision for current tax is made after taking into consideration
benefit admissible under provisions of the Income Tax Act, 1961.
Deferred tax resulting from timing difference between taxable profits
and book profit is accounted for using the tax rate and law, which have
been enacted or substantively enacted as on the balance sheet date. The
deferred tax assets are recognized and carry forward only to the extent
that there is reasonable certainty that the asset will be realized in
future.
9. Related Party disclosure
Disclosure of transaction with related party as required by Accounting
Standard 18 has been set out in a separate statement annexed to the
Notes on Accounts. Related parties defined under clause 3 of Accounting
Standard have been identified on the basis of representation made by
key managerial personnel and information available with the company.
10. Impairment of Assets:
At each Balance Sheet date, an assessment is made whether any
indication exists that an assets has been impaired. If any such
indication exists, an impairment loss i.e., the amount by which the
carrying amount of an asset exceeds its recoverable amount is provided
in the books of account
Mar 31, 2009
1. Basis of Preparation of Financial Statement:
The Financial Statements of the Company have been prepared and
presented under the historical cost convention on the accrual basis of
accounting in accordance with the Accounting Principal Generally
accepted in India (GAAP) and comply with the mandatory Accounting
Standard (AS) issued by the Institute of Chartered Accountants of India
to the extent applicable and with the relevant provisions of the
Companies Act, 1956.
2. Revenue Recognition:
The Revenue Recognized for transport as and when the service has been
rendered and for shares when transfer take place, dividend accounted on
accrual basis.
3. Material Events:
Material events occurring after the Balance Sheet date are taken into
cognizance.
4. Prior Period Item:
Prior period expenses / income is accounted under the respective heads,
material item if any, are disclosed separately by way on notes.
5. Investments:
Investments: Investments of Shares, being long term, are stated at
cost, less permanent diminution in value, if any.
6. Fixed Assets:
i) Fixed assets are stated at cost of acquisition inclusive of all
direct expenses related to such assets up to the date the assets are
put to use.
ii) Depreciation is provided on pro-rata basis under Straight Line
Method as per Schedule XIV of the Companies Act, 1956.
7. Retirement Benefit
As informed to us, no employee has completed five years of service as
on the balance sheet date, so provision of gratuity has not been made.
As Company is not covered under P.F Act so provision are not
applicable.
8. Provision for Taxation
Provision for current tax is made after taking into consideration
benefit admissible under provisions of the Income Tax Act, 1961.
Deferred tax resulting from timing difference between taxable profits
and book profit is accounted for using the tax rate and law, which have
been enacted or substantively enacted as on the balance sheet date. The
deferred tax assets are recognized and carry forward only to the extent
that there is reasonable certainty that the asset will be realized in
future.
9. Related Party disclosure
Disclosure of transaction with related party as required by Accounting
Standard 18 has been set out in a separate statement annexed to the
Notes on Accounts. Related parties defined under clause 3 of Accounting
Standard have been identified on the basis of representation made by
key managerial personnel and information available with the company.
10. Impairment of Assets:
At each Balance Sheet date, an assessment is made whether any
indication exists that an assets has been impaired. If any such
indication exists, an impairment loss i.e., the amount by which the
carrying amount of an asset exceeds its recoverable amount is provided
in the books of account.