Mar 31, 2014
1. Basis of Preparation of Financial Statements
The Financial Statements have been prepared under the historical cost
convention and in accordance with the provisions of the Companies Act,
1956. Accounting policies not referred to otherwise are consistent and
are in consonance with the generally accepted accounting principles in
India.
2. Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amount of assets and liabilities on the
date of the financial statements and the reported amount of revenues
and expenses during the reporting period. Difference between the actual
results and estimates are recognized in the period in which the results
are known to be materialized.
3. Recognition of Income & Expenses
Items of Income and Expenditure are recognized and accounted for on
Accrual basis except dividend.
4. Method of Valuation
Quoted Inventories/Stock-in-trade has been valued at cost or Market
Price whichever is lower. Unquoted Shares are valued at cost.
5. Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes, less
accumulated depreciation and impairment loss, if any. Depreciation on
assets is provided on written down value method as per rates prescribed
in Schedule XIV to the Companies Act 1956.
6. Depreciation
a. Depreciation on Fixed Assets is provided to the extent of
depreciable amount on written down value(WDV) at the rates specified in
schedule XIV of the Companies Act 1956 over their useful life.
b. Depreciation on additions/ deletions is calculated on pro-rata with
respect to date of addition/deletions.
7 Current Assets & Liabilities
In the opinion of the Board, all the assets (there is no Fixed Assets &
Non-current Investment) are at least approximately of the value stated
in the accounts, if realized in the ordinary course of business, unless
otherwise stated. The provisions of all known liabilities are adequate
and are not in excess of the amount considerably necessary by the
management.
8. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements. Contingent Liability, if any are disclosed by
way of notes.
9. Provision for Gratuity
Provision for Gratuity is made when there is a reasonable certainty of
staff continuing the service for minimum eligible period or has
completed such period. However, it has not been made in the accounts
for the year as there is no such reasonable certainty of completion.
10. Provision for Taxation
Provision for Income Tax is made on the basis of estimated taxable
income for the period at current rates.
11. Provision for Deferred Tax The Company recognizes deferred tax
assets and liabilities in terms with Accounting standard 22 issued by
the Institute of Chartered Accountants of India on "Accounting for
Taxes on Income". Provision for IncomeTax is made on the basis of
estimated taxable income for the period at current rates. Tax expense
comprises both Current Tax and Deferred Tax at the applicable enacted
or substantively enacted rates. Current Tax represents the amount of
Income Tax payable/ recoverable in respect of taxable income/loss for
the reporting period. Deferred Tax represents the effect of timing
difference between taxable income and accounting income for the
reporting period that originates in one year and are capable of
reversal in one or more subsequent years.
12. Other Notes on Financial Statements Figures of previous year has
been regrouped/rearranged re-casted whenever necessary.
Mar 31, 2013
1.1 Accounting Policies not specifically referred to otherwise are in
consonance with generally accepted accounting principles.
1.2 Expenses and Income considered payable and receivable respectively
are accounted for on accrual basis.
1.3 In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value stated if realized in the ordinary
course of business. The provisions of all known liabilities are
adequate and not in excess of the amount reasonably necessary.
1.4 Fixed Assets
Fixed Assets are stated at cost less Depreciation, cost comprises the
purchases price and other attributable costs. Depreciation on assets is
provided on written down value method as per rates prescribed in
Schedule XIV to the Companies Act 1956.
1.5 Depreciation
Depreciation on Fixed Assets has been provided for on Diminishing
Balance Method at rated specified in schedule XIV of the Companies Act
1956. Depreciation on Assets purchased/sold during the year has been
provided for on pro-rata basis.
1.6 Stock-in-trade
The Securities acquired with the intention of short term holding and
trading positions are considered as Stock in Trade and shown as current
assets. Quoted stocks are valued at cost or market value, whichever is
lower and Unquoted Stocks are valued at Cost..
1.7 Revenue Recognition
Income is accounted on accrual basis except Dividend.
1.8 Gratuity
None of the Employee has completed the service period to become
eligible for payment of gratuity.
1.9 Taxation
Provision for Taxation has been made as per Income Tax Act and Rules
made there under.
1.10 Contingent Liabilities
Contingent Liabilities not provided for : Nil
1.11 Others
None of the Raw Materials, Stores, Spares and Components consumed or
purchased during the year have been imported.
None of the Earnings / Expenditures is in Foreign Currency.
Balance of Debtors, Creditors, Deposits, Loans and Advances are subject
to confirmation.
In the opinion of the Board, the Current Assets, Loans & Advances are
approximately of the value stated if realized in the ordinary course of
business. The provision for depreciation and all known liabilities are
adequate and not in excess of the amounts reasonably necessary.
1.12 Investments
All investments are held or intended to be held for one year or more
and therefore considered as long term investments and valued at cost as
per AS 13 issued by ICAI. Provision for diminution in the value of
long term investments is made only if such a decline is other than
temporary in opinion of the management.
1.13 Differed Tax Assets/Liabilities
The company had recognized deferred tax assets and liabilities in terms
with Accounting Standard 22 issued by the Institute of Chartered
Accountants of India on "Accounting for Taxes on Income" Deferred tax
is recognized on timing differences (being the difference between
taxable income under Income Tax Act, and Accounting Income) which
originate in one period and are capable of reversal in subsequent
period Deferred Tax Assets are recognized only if there is reasonable
certainly of recouping them against future taxable Profit. All such
assets there is reasonable certainly of recouping them against future
taxable Profit. All such assets and liabilities are reviewed on each
Balance Sheet date to reflect the charged position.
1.14 Miscellaneous Expenditure
No Miscellaneous Expenditure is written off during the year.
Mar 31, 2012
1.1 Accounting Policies not specifically referred to otherwise are in
consonance with generally accepted accounting principles.
1.2 Expenses and Income considered payable and receivable respectively
are accounted for on accrual basis.
1.3 In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value stated if realized in the ordinary
course of business. The provisions of all known liabilities are
adequate and not in excess of the amount reasonably necessary.
1.4 Fixed Assets
Fixed Assets are stated at cost less Depreciation, cost comprises the
purchases price and other attributable costs. Depreciation on assets is
provided on written down value method as per rates prescribed in
Schedule XIV to the Companies Act 1956.
1.5 Depreciation
Depreciation on Fixed Assets has been provided for on Diminishing
Balance Method at rated specified in schedule XIV of the Companies Act
1956. Depreciation on Assets purchased/sold during the year has been
provided for on pro-rata basis.
1.6 Stock-in-trade
The Securities acquired with the intention of short term holding and
trading positions are considered as Stock in Trade and shown as current
assets. Quoted stocks are valued at cost or market value, whichever is
lower and Unquoted Stocks are valued at Cost..
1.7 Revenue Recognition
Income is accounted on accrual basis except Dividend.
1.8 Gratuity
None of the Employee has completed the service period to become
eligible for payment of gratuity.
1.9 Taxation
Provision for Taxation has been made as per Income Tax Act and Rules
made there under.
1.10 Contingent Liabilities
Contingent Liabilities not provided for : Nil
1.11 Others
None of the Raw Materials, Stores, Spares and Components consumed or
purchased during the year have been imported.
None of the Earnings / Expenditures is in Foreign Currency.
Balance of Debtors, Creditors, Deposits, Loans and Advances are subject
to confirmation.
In the opinion of the Board, the Current Assets, Loans & Advances are
approximately of the value stated if realized in the ordinary course of
business. The provision for depreciation and all known liabilities are
adequate and not in excess of the amounts reasonably necessary.
1.12 Investments
All investments are held or intended to be held for one year or more
and therefore considered a long term investments and valued at cost as
per AS 13 issued by ICAI. Provision for diminution in the value of long
term investments is made only if such a decline is other than temporary
in opinion of the management.
1.13 Differed Tax Assets/Liabilities
The company had recognized deferred tax assets and liabilities in terms
with Accounting Standard 22 issued by the Institute of Chartered
Accountants of India on "Accounting for Taxes on Income" Deferred tax
is recognized on timing differences (being the difference between
taxable income under Income Tax Act, and Accounting Income) which
originate in one period and are capable of reversal in subsequent
period Deferred Tax Assets are recognized only if there is reasonable
certainly of recouping them against future taxable Profit. All such
assets there is reasonable certainly of recouping them against future
taxable Profit. All such assets and liabilities are reviewed on each
Balance Sheet date to reflect the charged position.
1.14 Miscellaneous Expenditure
No Miscellaneous Expenditure is written off during the year.
Mar 31, 2011
1. Accounting Policies not specifically referred to otherwise are in
consonance with generally accepted accounting principles.
2. Expenses and Income considered payable and receivable respectively
are accounted for on accrual basis.
3. In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value stated if realized in the ordinary
course of business. The provisions of all known liabilities are
adequate and not in excess of the amount reasonably necessary.
Fixed Assets
4. Fixed Assets are stated at cost less Depreciation, cost comprises
the purchases price and other attributable costs. Depreciation on
assets is provided on written down value method as per rates prescribed
in Schedule XIV to the Companies Act 1956.
Depreciation
5. Depreciation on Fixed Assets has been provided for on Diminishing
Balance Method at rated specified in schedule XIV of the Companies Act
1956. Depreciation on Assets purchased/sold during the year has been
provided for on pro-rata basis.
Stock-in-trade
6. The Securities acquired with the intention of short term holding
and trading positions are considered as Stock in Trade and shown as
current assets. Quoted stocks are valued at cost or market value,
whichever is lower and Unquoted Stocks are valued at Cost.
Revenue Recognition
7. Income is accounted on accrual basis except Dividend.
Gratuity
8. None of the Employee has completed the service period to become
eligible for payment of gratuity.
Taxation
9. Provision for Taxation has been made as per Income Tax Act and
Rules made there under.
Contingent Liabilities
10. Contingent Liabilities not provided for : Nil
Mar 31, 2010
1 Accounting Polcies not specifically referred to otherwise are in
consonance with generally accepted accounting principles
2 Expenses and Income considered payable and receivable respectively
ant accounted for on accrual basis
3 In the opinion of the Board, the Curront Assets, Loans and Advances
are approximately of the value stated if realized in the ordinary
course of business. The provisions of all known iatttlies are adequate
and not in excess of the amount reasonably necessary.
Fixed Assets
4 Fixed Assets are stated at cost less Depreciation, cost comprises the
purchases once and other aithoutabkt costs Depreciation on assets is
provided on written down value method as per rates prescribed m
Schedule XIV to the Companies Act 1956
Depreciation
5 Depredation on Fixed Assets has been provided for on Diminishing
Balance Method at rates specified in schedule XIV of the Companies Act
1956 Depreciation on Assets purchased.'' sold dunng the year has been
provided for on pro-rata basis
Stock-in-trade
6 The Securities acquired with the intention of short term holding and
trading positions ana considered as Stock in Trade and shown as current
assets. Ouoted stocks are valued at cost or market < ~ver is tower and
Unquoted Slocks are valued at Cost..
Revenue Recognition
7 income is accounted on accrual basis except Dividend Gratuity
8 None of the Employee has completed the service period to become
eligible for payment of grai Taxation
9. Provision for Taxation has been made as per Income Tax Act and
Rules made there under
Contingent Liabilities
10 Contingent Liabilities not provided for: Nil Others
11 None of the Raw Materials. Stores. Spares and Components consumed or
purchased dunng the year have been imported
12 None ol the Earnings / Expenditures is In Foreign Currency
13 Balance of Debtors, Creditors Deposits, Loans and Advances are
subject to confirmation
14 in the option ol the Board, the Current Assets. Loans & Advances are
approximately of the value stated II realized in the ordinary course ol
business The provision lor depreciation and all known liabilities are
adequate and not In excess ol the amounts reasonably necessary
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