Mar 31, 2015
1. Basis of Preparation of Financial Statements:
The financial statements are prepared in accordance with Indian
Generally accepted principles (GAAP) under the historical cost
convention on the accrual basis. GAAP comprises mandatory accounting
standards issued by Institute of Chartered Accountants of India (ICAI),
the provisions of the Companies act 2013.
Management evaluates all recently issued or revised accounting
standards on an ongoing basis.
2. Use of Estimates:
The preparation of financial statements in conformity with GAAP
requires Management to make estimates and assumptions that affect the
reported balances of assets and liabilities and disclosures relating to
contingent assets and liabilities as at the date of the financial
statements and reported amounts of income and expenses during the
period.
3. Revenue recognition:
Revenue is recognized on accrual basis. The company is following
mercantile system of accounting.
Profit of sale of investments is recorded on transfer of title from the
company and is determined as the difference the sales price and the
then carrying value of the investment. Dividend income is recognized
where the company's right to receive dividend is established.
Revenue from Work Contracts is recognized in accordance with AS 7,
Construction Contracts.
4. Expenditure:
All items of expenditure are accounted on accrual basis. Provisions are
made for all known losses and liabilities.
5. Fixed Assets, Intangible Assets and Capital work in progress:
Fixed assets are stated at cost less accumulated depreciation. All
costs, directly attributable to bringing the asset to the present
condition for their intended use, are capitalized.
6. Investments
Investments are classified into current investments and long term
Investments. Current investments are carried at the lower of cost or
market value. Any reduction in carrying amount and any reversals of
such reduction are charged or credited to the profit and loss account.
Long- term investments are carried at cost less provision made to
recognize any decline, other than temporary, in the value of such
investments.
7. Depreciation and Amortization:
Depreciation is being provided on written down value method at the
rates given in schedule II to the Companies Act, 2013.
8. Foreign Currency Transactions:
There are no Foreign Currency transactions.
9. Taxes on Income
Tax expense for a year comprises of current tax. Current taxes are
measured at the amounts expected to be paid using the applicable tax
rates and tax laws. Deferred tax assets and liabilities are measured
using tax rates and tax laws that have been enacted or substantively
enacted by the balance sheet date. The effect on deferred tax assets
and liabilities of a change in tax rates is recognized in the profit
and loss account in the year of change.
However, no deferred tax asset has been recognized and carried forward
in the books of accounts.
Mar 31, 2014
1. Basis of Preparation of Financial Statements:
The financial statements are prepared in accordance with Indian
Generally accepted principles (GAAP) under the historical cost
convention on the accrual basis. GAAP comprises mandatory accounting
standards issued by Institute of chartered Accountants of India (ICAI),
the provisions of the Companies act 1956.
Management evaluates all recently issued or revised accounting
standards on an ongoing basis.
2. Use of Estimates:
The preparation of financial statements in conformity with GAAP
requires Management to make estimates and assumptions that affect the
reported balances of assets and liabilities and disclosures relating to
contingent assets and liabilities as at the date of the financial
statements and reported amounts of income and expenses during the
period.
3. Revenue recognition:
Revenue is recognized on accrual basis. The company is following
mercantile system of accounting.
Profit of sale of investments is recorded on transfer of title from the
company and is determined as the difference the sales price and the
then carrying value of the investment. Dividend income is recognized
where the company''s right to receive dividend is established.
Revenue from Work Contracts is recognized in accordance with AS 7,
Construction Contracts.
4. Expenditure:
All items of expenditure are accounted on accrual basis. Provisions are
made for all known losses and liabilities.
5. Fixed Assets, Intangible Assets and Capital work in progress:
Fixed assets are stated at cost less accumulated depreciation. All
costs, directly attributable to bringing the asset to the present
condition for their intended use, are capitalized.
6. Investments
Investments are classified into current investments and long term
Investments. Current investments are carried at the lower of cost or
market value. Any reduction in carrying amount and any reversals of
such reduction are charged or credited to the profit and loss account.
Long-term investments are carried at cost less provision made to
recognize any decline, other than temporary, in the value of such
investments.
7. Depreciation and Amortization:
Depreciation is being provided on written down value method at the
rates given in schedule XIV to the Companes Act, 1956.
8. Foreign Currency Transactions:
There are no Foreign Currency transactions.
9. Taxes on Income
Tax expense for a year comprises of current tax and deferred tax.
Current taxes are measured at the amounts expected to be paid using the
applicable tax rates and tax laws. Deferred tax assets and liabilities
are measured using tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in
the profit and loss account in the year of change.
However, no Deferred tax asset has been recognized and carried forward
in the books of accounts.
Mar 31, 2013
1. Basis of Preparation of Financial Statements:
The financial statements are prepared in accordance with Indian
Generally accepted principles (GAAP) under the historical cost
convention on the accrual basis. GAAP comprises mandatory accounting
standards issued by Institute of chartered Accountants of India (ICAI),
the provisions of the Companies act 1956. Management evaluates all
recently issued or revised accounting standards on an ongoing basis.
2. Use of Estimates:
The preparation of financial statements in conformity with GAAP
requires Management to make estimates and assumptions that affect the
reported balances of assets and liabilities and disclosures relating to
contingent assets and liabilities as at the date of the financial
statements and reported amounts of income and expenses during the
period.
3. Revenue recognition:
Revenue is recognized on accrual basis. The company is following
mercantile system of accounting.
Profit of sale of investments is recorded on transfer of title from the
company and is determined as the difference the sales price and the
then carrying value of the investment. Dividend income is recognized
where the company''s right to receive dividend is established.
Revenue from Work Contracts is recognized in accordance with AS 7,
Construction Contracts.
4. Expenditure:
All items of expenditure are accounted on accrual basis. Provisions are
made for all known losses and liabilities.
5. Fixed Assets, Intangible Assets and Capital work in progress:
Fixed assets are stated at cost less accumulated depreciation. All
costs, directly attributable to bringing the asset to the present
condition for their intended use, are capitalized.
6. Investments
Investments are classified into current investments and long term
Investments. Current investments are carried at the lower of cost or
market value. Any reduction in carrying amount and any reversals of
such reduction are charged or credited to the profit and loss account.
Long-term investments are carried at cost less provision made to
recognize any decline, other than temporary, in the value of such
investments.
7. Depreciation and Amortization:
Depreciation is being provided on written down value method at the
rates given in schedule XIV to the Companes Act, 1956.
8. Foreign Currency Transactions:
There are no Foreign Currency transactions.
9. Taxes on Income
Tax expense for a year comprises of current tax and deferred tax.
Current taxes are measured at the amounts expected to be paid using the
applicable tax rates and tax laws. Deferred tax assets and liabilities
are measured using tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in
the profit and loss account in the year of change.
However, no deferred tax asset has been recognized and carried forward
in the books of accounts.
Mar 31, 2012
1. Basis of Preparation of Financial Statements:
The financial statements are prepared in accordance with Indian
Generally accepted principles (GAAP) under the historical cost
convention on the accrual basis. GAAP comprises mandatory accounting
standards issued by Institute of chartered Accountants of India (ICAI),
the provisions of the Companies act 1956.
Management evaluates all recently issued or revised accounting
standards on an ongoing basis.
2. Use of Estimates:
The preparation of financial statements in conformity with GAAP
requires Management to make estimates and assumptions that affect the
reported balances of assets and liabilities and disclosures relating to
contingent assets and liabilities as at the date of the financial
statements and reported amounts of income and expenses during the
period.
3. Revenue recognition:
Revenue is recognized on accrual basis. The company is following
mercantile system of accounting.
Profit of sale of investments is recorded on transfer of title from the
company and is determined as the difference the sales price and the
then carrying value of the investment. Dividend income is recognized
where the company''s right to receive dividend is established. Revenue
from Work Contracts is recognized in accordance with AS 7, Construction
Contracts.
4. Expenditure:
All items of expenditure are accounted on accrual basis. Provisions are
made for all known losses and liabilities.
5. Fixed Assets, Intangible Assets and Capital work in progress:
Fixed assets are stated at cost less accumulated depreciation. All
costs, directly attributable to bringing the asset to the present
condition for their intended use, are capitalized.
6. Investments
Investments are classified into current investments and long term
Investments. Current investments are carried at the lower of cost or
market value. Any reduction in carrying amount and any reversals of
such reduction are charged or credited to the profit and loss account.
Long-term investments are carried at cost less provision made to
recognize any decline, other than temporary, in the value of such
investments.
7. Depreciation and Amortization:
Depreciation is being provided on written down value method at the
rates given in schedule XIV to the Companes Act, 1956.
8. Foreign Currency Transactions:
There are no Foreign Currency transactions.
9. Taxes on Income
Tax expense for a year comprises of current tax and deferred tax.
Current taxes are measured at the amounts expected to be paid using the
applicable tax rates and tax laws. Deferred tax assets and liabilities
are measured using tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in
the profit and loss account in the year of change.
However, no Deferred tax asset has been recognized and carried forward
in the books of accounts.
Mar 31, 2011
1. Basis of Preparation of Financial Statements:
The financial statements are prepared in accordance with Indian
Generally accepted principles (GAAP) under the historical cost
convention on the accrual basis. GAAP comprises mandatory accounting
standards issued by Institute of chartered Accountants of India (ICAI),
the provisions of the Companies act 1956.
Management evaluates all recently issued or revised accounting
standards on an ongoing basis.
2. Use of Estimates:
The preparation of financial statements in conformity with GAAP
requires Management to make estimates and assumptions that affect the
reported balances of assets and liabilities and disclosures relating to
contingent assets and liabilities as at the date of the financial
statements and reported amounts of income and expenses during the
period.
3. Revenue recognition:
Revenue is recognized on accrual basis. The company is following
mercantile system of accounting.
Profit of sale of investments is recorded on transfer of title from the
company and is determined as the difference the sales price and the
then carrying value of the investment. Dividend income is recognized
where the company''s right to receive dividend is established.
4. Expenditure:
All items of expenditure are accounted on accrual basis. Provisions are
made for all known losses and liabilities.
5. Fixed Assets, Intangible Assets and Capital work in progress:
Fixed assets are stated at cost less accumulated depreciation. All
costs, directly attributable to bringing the asset to the present
condition for their intended use, are capitalized.
6. Investments
Investments are classified into current investments and long term
Investments. Current investments are carried at the lower of cost or
market value. Any reduction in carrying amount and any reversals of
such reduction are charged or credited to the profit and loss account.
Long- term investments are carried at cost less provision made to
recognize any decline, other than temporary, in the value of such
investments.
7. Depreciation and Amortization:
Depreciation is being provided on written down value method at the
rates given in schedule XIV to the Companes Act, 1956.
Intangible assets are amortized over their respective individual
estimated useful lives on a straight line basis commencing from the
date the asset is available to the company for its use.
8. Foreign Currency Transactions:
There are no Foreign Currency transactions.
9. Taxes on Income
Tax expense for a year comprises of current tax and deferred tax.
Current taxes are measured at the amounts expected to be paid using the
applicable tax rates and tax laws. Deferred tax assets and liabilities
are measured using tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in
the profit and loss account in the year of change.
However, no Deferred tax asset has been recognized and carried forward
in the books of accounts.
Mar 31, 2010
I. Revenue is recognized on accrual basis. The company is following
mercantile system of accounting.
ii. Fixed Assets are stated at cost
iii. Depreciation is being provided on written down value method at the
rates given in schedule XIV to the Companes Act, 1956.
iv. Long Term Investments are stated at cost. The trading stock is
valued at lower of the cost or net realizable value
v. Preliminary expenses are written off to profit and loss account
over a period of 10 years
Mar 31, 2009
I. Revenue is recognized on accrual basis. The company is following
mercantile system of accounting.
ii. Fixed Assets are stated at cost
iii. Depreciation is being provided on written down value method at the
rates given in schedule XIV to the Companes Act, 1956.
iv. Long Term Investments are stated at cost. The trading stock is
valued at lower of the cost or net realizable value
v. Preliminary expenses are written off to profit and loss account
over a period of 10 years
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