Mar 31, 2015
(i) Convention
The financial statement have been prepared in accordance with
applicable Accounting Standards in India.
A summary of important accounting policies which have been applied
consistently is set out below. The financial statements have also been
prepared in accordance with the relevant presentational requirements of
the Companies Act, 2013
(ii) Basis of Accounting
The financial statements have been prepared in accordance with
historical cost convention. All income and expenses, unless
specifically stated to be otherwise, have been accounted for on accrual
basis.
(iii) Fixed Assets
Fixed Assets are recorded at cost/ revaluation amount. They are stated
at historic cost less accumulated depreciation and impairment loss, if
any.
(iv) Depreciation on fixed assets have been provided on written down
value basis at the rates specified under Schedule II of the Companies
Act, 2013.
(v) a) Long term Investments are shown in the Balance Sheet at cost.
b) Profit / Loss on sale of Investments are credited / debited to
Revenue Accounts.
(vi) Employee Benefit
a) Short term employee benefits are charged off in the year in which
the related service is rendered
b) The Company is not making any provision in accounts for gratuity
liability as the same is charged to Profit & Loss account in the year
of payment (refer note No.v)
c) Leave encashment benefit is paid in the year itself and there is no
amount outstanding on this account.
(vii) Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged for when an asset
is identified as impaired. The impairment loss recognised in prior
accounting period is reversed if there has been a change in the
estimate of recoverable value.
(viii) Current Tax
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of Income Tax Act
1961.
(ix) Deferred Tax
Deferred Tax for timing difference between tax profit and book profit
is accounted for using the substantively enacted tax rates and laws
that have been applicable as on the date of Balance Sheet.
(x) Provisions, Contingent Liabilities & Contingent Assets
Provisions are recognised in respect of present obligations arising out
of past events where there are reliable estimate of the probable
outflow of resources. Contingent liabilities are the possible
obligation of the past events, the existence of which will be confirmed
only by the occurrence or non-occurrence of a future event. These are
not provided for but are disclosed by way of Notes on Accounts.
Contingent Assets are not provided for or disclosed.
(xi) Foreign Currency Transactions
Transaction in foreign currencies are recognised at the rates existing
at transaction time at which the transaction is settled. Year-end
balances of receivables/payables are translated at applicable forward
contract / year-end rates and resultant translation differences
relating to fixed assets are adjusted against fixed assets and the
balance is recognised in the Profit and Loss Account.
Mar 31, 2014
(i) Convention
The financial statement have been prepared in accordance with
applicable Accounting Standards in India.
A summary of important accounting policies which have been applied
consistently is set out below.
The financial statements have also been preparered in accordance with
the relevant presentational requirements of the Companies Act, 1966
(ii) Basis of Accounling
The financial statements have been prepared in accordance with
historical cost convention. Al income and expenses, unless specifically
stated to ba otherwise, have been accounted for on accrual basis.
(iii). Fixed Assets
Fixed Assets are recorded at cost revaluation amount They are stated at
historic coat less accumulated depreciation and irepairmen! loss, if
any.
(iv) Depreciation on fixed assets have been provided on written down
value basis at the rates specified under Schedule Xiv of the Companies
Act, 1956.
(v) a) Long term Investments are shown in the Balance Sheet at cost.
b) Profit / Loss cm sale of Investmants and credited / debited to
Revenue Accounts.
(vi) Employee Benefit
a) Short term employee benefits are charged off in the year in which
the related service is rendered
b) The Company Is not making any provision in accounts for gratuity
liability as the same is chsrgati to Profit & Loss account in Ihe year
of payment (refer note No.vi}
c) Leave encashment benefit is paid in the year itself and there is no
amount outstanding on this account.
(vii) Impairment of Assets
An asset is tratd as impaled whan trie carrying cost of asset Exceeds
its recoverable value. An Impairment loss is charged for when an asset
is identified as impaired. The impairment loss recognised in prior
accounting period is reversed if there has been a change in the
estimate of recoverable value.
(viii) Current Tax
current tax is the amount of tax payable on the taxable income for the
year as determined In accordance with the provisions of income Tax Act
1961.
(ix) Deferred Tax
Deferred Tax for timing difference between tax profit and book profit
is accounted for using the substantively enacted lax rates and laws
that have been applicable as on the date of Balance Sheet.
(x) Provisions, contingent Liabilities & Contingent Assets
Provisions are recongnised in respect of present obligations arising
out of past events where , there are reliable estimate of the probable
outflow of resources. Contingent liabilities are the possible
obligation of the past events, the existence of which will be confirmed
only by the occurrence or non-occurrnece of a future evet. These are
not provided 1or cut are disclosed by way of Notes on Accounts.
Contingent Assets are not provided lor or disclosed.
(xii) Foreign Currency Transactions
Transaction in foreign currencies are recognised at the rates existing
at transaction time at which the transaction is settled, Year. balances
of receivableB/payablos are translated at applicable forward centred /
year-end rates and resultant transation differences relating to fixed
assets are adjusted against fixed assets and the balance Is recognised
in the profit and Loss Acoount.
Mar 31, 2013
(i) Convention
The financial statement have been prepared In accordance with
applicable Accounting Standards In India.
A summary of important accounting policies which have been applied
consistently Is set out below.
The financial statements have also been prepared in accordance with the
relevant presentational requirements of the Companies Act, 1956
(ii) Basis of Accounting
The financial statements have been prepared in accordance with
historical cost convention, all income and expenses, unless specifically
stated to be otherwise, have been accounted for on accrual basic.
(Hi) Fixed Assets
Fixed Assets are recorded at cost/ revaluation amount. They are stated
at his tone cost less accumulated depreciation and impairment loss, ff
any.
(iv) Depreciation on fixed assets have been provided on written down
value basis at the rates specified under Schedule XIV of the Companies
Ad, 1956,
(v) a) Long term Investments are shown in the Balance Sheet at cost.
b) Profit / Loss on sale of to vestments are credited / debited to
Revenue Accounts,
(vi) Employee Benefit
a) Short term employee benefits are charged off In the year in which
the related service is rendered
b) The Company is not making any provision in accounts for gratulity
liability as the same Is changed to Profit 5 Loss account in the year
of payment (refer note No.vi)
c) Leave encashment benefit is paid in the year Itself and there Is no
amount outstanding on this account.
(vii) Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged for when an asset
is identified as impaired. The impairment loss recognised in prior
accounting period is reversed if there has boon a change in the
estimate of recoverable value,
(viii) Current Tax
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of Income Tax Act
1961.
(ix) Deferred Tax
Deferred Tax for timing difference between tax profit and book profit
is accounted for using the substantively enacted tax rates and laws
that have been applicable as on the date of Balance Sheet
(x) Provisions, Contingent Liabilities & Contingent Assets
Provisions are recognised in respect of present obligations arising out
of past events where there are re I la the estimate of the probable
outflow of resources. Contingent liabilities arc the possible
obligation of the past events, the existence of which will be confirmed
only by the occurrence or non-occurrence of a future event. These are
net provided for hut are disclosed by way of Notes on Accounts,
Contingent Assets are not provided for or disclosed,
(xi) Foreign Currency Transactions
Transaction in foreign currencies are recognised at the rates existing
at transaction time at which the transaction is settled. Year-end
balances of receivables/payables are translated at applicable forward
contract / year-end rates and resultant Iran station differences
relating to fixed assets are adjusted against fixed assets and the
balance is recognised in the Profit and Loss Account.
Mar 31, 2011
(A) Significant Accounting Policies
(i) Convention
the financial statement have been prepared In accordance with
applicable Accounting Standards in India A summary of important
accounting policies which have been applied consistently is set out
below The financial statements have also been prepared in accordance
with the relevant presentational requirements of the Companies Act.
1956
(ii) Basis of Accounting
The finannciel statements have been prepared m accordance with
historical cost convention All Income and expenses, unless specifically
slated to be otherwise, have been accounted for on accrual basis
(iii) Fixed Assets
a) Fixed Assets are recorded at cost t revaluation amount They are
stated at histone cost less accumulated deprecation and impairment loss
if any
b) Profit / Loss on sale of Fixed Assets are credited t debited to
Revenue Accounts
c) The Compeny had revalued its office premises at Jaipur and Dhanbad on
the basis of reports of the valuer dt. 14.2.2007 and dt 8.2 2007,
valuing the said office premises at Rs 63,,60,000/- and Rs 45,09,450/-
respectively and accordingly me said buildings of company have been
revalued on 31. 03.2007. the net increase of Rs.10500000/- on
revaluation was transferred to Revaluation Reserve
(iv) Depreciation on fixed assets have been provided on written down
value basis at the rates specified under Schedule xiv of the Companies
Act, 1956 ( v)
a ) Long term Investments are shown in the Balance Sheet at cost
b) Profit / Loss on sale of Investments are credited / debited to
Revenue Accounts.
3) Short term employee benefits are changed off in the year In which
the related service is rendered b) The Company is not making any
provision in accounts for gratuity liability as the same is charged to
Profit ft Loss account in the year of payment (refer note No VII)
c) Leave encashment benefit is paid in the year itself and there is no
amount outstanding on this account
(vil) Impairment of Assets
An assets is treated as impaired when the carrying cost of assets
exceeds its recoverable value An impairment loss is charged for when an
asset is identified as impaired The impairment loss recognised in prior
accounting period is reversed rf there has been a change in the
estimate of recoverable value
(viii) Taxation on income
Current Tax is determined on the basis of the amount of lax payable for
the year under Income Tax Act Deferred tax is calculated at the
applicable lax rate and is recognised on timing differences between
taxable income and accounting income that ongmote In one period and are
capable of reversal in one or more subsequent period Deferred tax
assets subject to consideration of prudence, are recognised and carried
forward only to the extent trial there is reasonable certainty that
sufficient future taxable income will be available agamst which such
deferred tax assets can be realized
(ix) Provisions, Contingent Liabilities ft Contingent Assets
Provision are recognised in respect of present obligations arising out
of cost events where there are reliable estimate of the probable
outflow of resources Confingenl liabilities are the possible obligation
of the past events,the existence of which will be confirmed only by the
occurrence or non-occurrence of a future event. These are not provided
for but are disclosed by way of Notes on Accounts. Contingent Assets
are not provided for or disclosed.
(x) Foreign Currency Transactions
Transaction in foreign currencies are recognised at me rates existing
at transaction time at which the transaction is settled Year - end
balances of receivables / payables are translated a! applicable forward
contract I year-end rates and resultant translation differences
relating to fixed assets are adjusted against fixed assets and the
balance is recognised in the profit end Loss Account VA