Mar 31, 2016
1. Significant Accounting Policies
A. Basis of preparation of financial statements
These financial statements have been prepared to comply with the Generally Accepted Accounting Principles (Indian GAAP), including Accounting Standardsnotified under the relevant provisions of the Companies Act, 2013.
The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies not specifically referred, are consistently applied from the past accounting periods.
B. Use of estimates
The preparation of financial statements in conformity with Indian GAAP requires judgments, estimates and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of contingent 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 recognisedin the period in which the results are known/ materialised.
C. Fixed assets
Fixed Assets are stated at cost net of recoverable taxes, trade discounts and rebates and include amounts added on revaluation, less accumulated depreciation and impairment loss, if any. The cost of Fixed Assets comprises its purchase price, borrowing cost and any cost directly attributable to bringing the asset to its working condition for its intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the assets. Subsequent expenditures related to an item of Fixed Asset are added to its book value only if they increase the future benefits from the existing asset beyond its previously assessed standard of performance.
Projects under which assets are not ready for their intended use are disclosed under capital Work-in-Progress.
D. Depreciation
Depreciation on Fixed Assets is provided to the extent of depreciable amount on the Straight Line Method (SLM). Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013. However, no Depreciation is being charged on asset depreciated upto 95% of its historical cost.
Compiled by: Dion Global Solutions Limited
E. Revenue recognition
Having regard to the size, nature and level of operation of the business, the company is applying accrual basis of accounting for recognition of income earned and expenses incurred in the normal course of business.
F. Borrowing Costs
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset. Borrowing costs are capitalized as part of the cost of a qualifying asset when it is probable that they will result in future economic benefits to the enterprise and the costs can be measured reliably. Other borrowing costs are recognized as an expense in the period in which they are incurred.
G. Employee Benefits:
Employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits and are recognized in the period in which the employee renders the related service.
H. Income Taxes
Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates. Deferred income tax reflect the current period timing differences between taxable income and accounting income for the period and reversal of timing differences of earlier years/period.
I. Provisions and contingencies
Provision is recognised in the accounts when there is a present obligation as a result of past event(s) and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.
J. Earnings Per Share
Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post-tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post-tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.
Mar 31, 2015
A. Basis of preparation of financial statements
These financial statements have been prepared to comply with the
Generally Accepted Accounting Principles (Indian GAAP). including
Accounting Standards notified under the relevant provisions of the
Companies Act, 2013.
The financial statements have been prepared on accrual basis under the
historical cost convention. The accounting policies not specifically
referred, are consistently applied from the past accounting periods.
B. Use of estimates
The preparation of financial statements in conformity with Indian GAAP
requires judgments, estimates and assumptions to be made that affect
the reported amount of assets and Liabilities, disclosure of contingent
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 recognised in the period
in which the results are known/ materialised.
C. Fixed assets
Fixed Assets are stated at cost net of recoverable taxes, trade
discounts and rebates and include amounts added on revaluation, less
accumulated depreciation and impairment loss, if any, The cost of Fixed
Assets comprises its purchase price, borrowing cost and any cost
directly attributable to bringing the asset to its working condition
for its intended use. net charges on foreign exchange contracts and
adjustments arising from exchange rate variations attributable to the
assets.
Subsequent expenditures related to an item of Fixed Asset are added to
its book value only if they increase the future benefits from the
existing asset beyond its previously assessed standard of performance.
Projects under which assets are not ready for their intended use are
disclosed under Capital Work-in-Progress.
D. Depreciation
Depreciation on Fixed Assets is provided to the extent of depreciable
amount on the Straight Line Method (SLM). Depreciation is provided
based on useful life of the assets as prescribed in Schedule II to the
Companies Act, 2013. However, no Depreciation is being charged on asset
depreciated upto 95% of its historical cost.
E. Revenue recognition
Fee collection from the users of facility is recognized when the
rendering of facility is completed and to the extent that it is
probable that the economic benefits will flow to the Company and the
revenue from such services can be reliably measured. Interest income
is accrued at applicable rates. Other items of income are accounted for
as and when the right to receive arises.
F. Borrowing Costs
Borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset are capitalized as
part of the cost of that asset. Borrowing costs are capitalized as
part of the cost of a qualifying asset when it is probable that they
will result in future economic benefits to the enterprise and the costs
can be measured reliably. Other borrowing costs are recognized as an
expense in the period in which they are incurred.
G. Employee Benefits:
Employee benefits payable wholly within twelve months of rendering the
service are classified as short term employee benefits and are
recognized in the period in which the employee renders the related
service,
H. Income Taxes
Tax expense comprises of current tax and deferred tax. Current tax is
measured at the amount expected to be paid to the tax authorities,
using the applicable tax rates. Deferred income tax reflect the current
period timing differences between taxable income and accounting income
for the period and reversal of timing differences of earlier
years/period.
I. Provisions and contingencies
Provision is recognised in the accounts when there is a present
obligation as a result of past event(s) and it is probable that an
outflow of resources will be required to settle the obligation and a
reliable estimate can be made. Provisions are not discounted to their
present value and are determined based on the best estimate required to
settle the obligation at the reporting date. These estimates are
reviewed at each reporting date and adjusted to reflect the current
best estimates.
J. Earnings Per Share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post-tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year.
Diluted earnings per share is computed by dividing the profit / (loss)
after tax (including the post-tax effect of extraordinary items, if
any) as adjusted for dividend, interest and other charges to expense or
income (net of any attributable taxes) relating to the dilutive
potential equity shares, by the weighted average number of equity
shares considered for deriving basic earnings per share and the
weighted average number of equity shares which could have been issued
on the conversion of all dilutive potential equity shares.
Mar 31, 2014
A) Basis of Accounting
i) The Financial Statements have been prepared under the historical
cost convention in accordance with the mandatory Accounting Standards
on an accrual basis notified in the Companies (Accounting Standard)
Rules 2006 and relevant provisions of the Companies Act, 1956.
ii) The Company follows the accrual system of accounting in the
preparation of accounts except where otherwise stated.
b) Fixed Assets
I. Fixed Assets are stated at their cost of acquisition or
construction less accumulated depreciation.
II. Cost of acquisition or construction is inclusive of freight,
duties, taxes, incidental expenses and borrowing costs related to such
acquisition or construction.
III. Depreciation has been provided on Straight Line Basis(SLM) at the
rates and in the manner as prescribed in Schedule IV of the Companies
Act,1956
c) Investments
During the Period under Review no Investment were being made by the
company.
d) Inventories
During the Period under Review no there was no Inventory.
e) Revenue Recognition
(i) Share Trading Income is recognized as an when it occurs.
(ii) Interest Income is recognized on the basis of accrual and on time
proportion basis.
f) Foreign Currency Transactions
There are no foreign currency transactions in the company.
g) Prior Period Items
Prior period Expenses/lncome is accounted for under respective heads.
Material item, if any, are disclosed separately by way of notes
h) Employee Benefits
Gratuity and leave encashment benefits are provided on actual payment
basis. All other employee benefits such as salary, wages, other
employee benefits etc. are accounted for as and when incurred.
i) Earnings per Share
The earning considered in ascertaining the company's EPS comprise the
Net Profit & Los'S for the period after tax and extra ordinary items.
The Basic EPS is computed on the basis of weighted average number of
Equity Shares Outstanding during the year.
j) Taxes on Income
Tax expenses for the year comprise of current tax. Current taxes are
measured at the current rate of tax in accordance with provision of the
Income Tax Act, 1961.
K) Segment Information
The accounting policies adopted for the segment reporting are in line
with accounting policies of the Company. Revenue, expenses, assets and
liabilities which relate to Company as a whole do not relate to any
segment, are not allocated.
k) Provisions
A provision is recognized when an enterprise has a present obligation as
a result of past event and it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provision are not discounted to the
present value and are determined based on the best estimate require to
settle the obligation at the Balance Sheet date. These are reviewed at
each Balance Sheet date and adjusted to reflect the current best
estimates.
l) Depreciation
Depreciation has been provided on Straight Line Basis (SLM) at the
rates and in the manner as prescribed in Schedule IV of the Companies
Act, 1956
m) Accounting policies not specifically referred to are consistent with
generally accepted accounting principles.
Mar 31, 2012
1 Accounting Convention
The accounts have been prepared on historical cost convention on
accural basis, in accordance with the requirements of the Companies
Act, 1956 and applicable statutes and comply with the Accounting
Standards referred to Section 211 (3C) of the Companies Act, 1956
2 Fixed Assets
a. Fixed Assets are stated at their original cost of acquisition
including taxes, duties, freight and other incidental expenses related
to acquisition and installation of the concerned assets.
b. Depreciation has been provided on Straight Line Method (SLM) at the
rates and in the manner as prescribed in Schedule SIV of the Companies
Act, 1956.
3 Investment.
Investments are long term and stated at cost.
4 Inventories
The Stocks of Finished Goods have been valued at lower of cost and net
realizable value. Cost of Work in progress is estimated and valued by
the mangement on the basis of work done for which no bill is raised.
5 Prior period items
Prior period Expenses/lncome is accounted for under the respective
heads.
Material item, if any, are disclosed separately by way of note.
6 Miscellaneous Expenditure
Pre-operative expenses are being amortized over a period of ten years.
7 Employees Retirement benefits
Gratituty and Leave encashment benefits are provided on actual payment
basis.
8 Taxes on Income
Current tax is determined on the amount of the tax payable in respect
of taxable income for the period. Deferred tax is recognised, subject
to consideration of prudence or timing differences being difference
between table and accounting income/expenditure that originate in or
period and capable of reversal in one or more subsequent period(s). The
deferred tax assets/liability arising out of timing differences on on
1.4.2001 is adjusted from General Reserves. Deferred tax assets has not
been created in view of continuing losses during previous years and the
management is not expecting profits in forthcoming years.
9 Segment Information -Basis of Information
The accounting policies adopted for segment reporting are in line with
accounting policies of the company. Revenue, expenses, assets and
liabilities which relate the company as a whole do not relate to any
segment, are not allocated.
Mar 31, 2011
1 Accounting Convention
The accounts have been prepared on historical cost convention on
accural basis, In accordance with the requirements of the Companies
Act. 1956 and applicable statutes and comply with the Accounting
Standards referred to Section 211 (3C) of the Companies Act. 1956
2 Fixed Assets
a Fixed Assets are stated at their original cost of acquisition
including taxes, duties, freight and other incidental expenses related
to acquisition and installation of the concerned assets
b Depreciation has been provided on Straight Line Method (SLM) at the
rates and in the manner as prescribed in Schedule SIV of the Companies
Act, 1956.
3 Investment
Investments are long term and stated at cost.
4 Inventories
The Stocks of Finished Goods have been valued at lower of cost and net
realizable value. Cost of Work in progress is estimated and valued by
the mangement on the basis of work done for which no bill is raised
5 Prior period items
Prior period Expenses/lncome is accounted for under the respective
heads.
Material item, if any. are disclosed separately by way of note.
6 Miscellaneous Expenditure
Pre-operative expenses are being amortized over a period of ten years.
7 Employees Retirement benefits
Gratituty and Leave encashment benefits are provided on actual payment
basis.
8 Taxes on Income
Current tax is determined on the amount of the tax payable in respect
of taxable income for the period. Deferred tax is recognised, subject
to consideration of prudence or timing differences being difference
between table and accounting income/expenditure that originate in or
period and capable of reversal in one or more subsequent period(s). The
deferred tax assets/liabiiity arising out of timing differences on on
1.4.2001 is adjusted from General Reserves. Deferred tax assets has not
been created in view of continuing losses during previous years and the
management is not expecting profits in forthcoming years.
9 Segment Information -Basis of Information
The accounting policies adopted for segment reporting are in line with
accounting policies of the company Revenue, expenses, assets and
liabilities which relate the company as a whole do not relate to any
segment, are not allocated
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