Mar 31, 2015
1 Basis of Preparation of Financial statement.
The financial statements of Kuber Udyog Limited have been prepared and
presented in accodance with Generally Accepted Accounting Principles
(GAAP) on the historical cost convention on the accrual basis. GAAP
comprises accounting standards notified by Central Government of India
under the relevant provision of Companies Act, 2013.
2 Use of Estimates
The preparation of financial statements is in conformity with Generally
Accepted Accounting Principles (GAAP) in India requires management to
make estimates and assumption that affect the reported amounts of
assets and liabilities and the disclosures of contingent liabilities on
the date of the financial statements and reported amounts of income and
expenses during the period.
3 Investment
Investment that are readlly reaslisable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as Non-Current. Current investments are
camed at lower of cost and fair value determined on an individual
investment basis. Non Current investments are carried at cost, but
provision for diminution in value is made to recognise a decline other
than temporary in the value of such investment.
4 Valuation of Inventories
Stock in trade (traded) is valued at cost (FIFO) .However unquoted
securites held as stock in trade has been valued at cost.
5 Fixed Assets & Depreciation
Fixed Assets are stated at cost less Depreciation. Depreciation on
Fixed Assets is provided to the extent of depreciable amount on the
Straight Line Method. Depreciation is provided based on useful life of
the assets as prescribed in Schedule II to the Companies Act, 2013.
Depreciation on addition / deletions is calculated on pro- rata with
respect to date of addition / deletions.
6 Deferred Taxes
Tax expense comprises deferred taxes. : Deferred income taxes reflects
the impact of current year timing differences between taxable income
and accounting income for the year and reversal of timing differences
of earlier years. Deferred tax is measured based on the tax rates and
the tax laws enacted or substantively enacted at the balance sheet
date.
7 Provision:
A provision is recognised when an enterprise has a present obligation
as a result of past events; 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. Provisions are not discounted to its
present value and are determined based on best estimate required 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. Contingent Liability is not recognized in
the financial statements but is disclosed.
8 Revenue Recognition
Interest Income is recognised on a time proportion basis taking into
account the amount outstanding and the interest rate applicable.
Dividend income is recognised when the right to receive payment is
established.
9 Impairment of Assets
The carrying amount of assets is reviewed at each balance sheet date to
determine if there is any indication of impairment thereof based on
external / internal factors. An impairment loss is recognised wherever
the carrying amount of an asset exceeds its recoverable amount, which
represents the greater of the net selling price of assets and their
value in use. The estimated future cash flows are discounted to their
present value at appropriate rate arrived at after considering the
prevailing interest rates and weighted average cost of capital
10 Earning Per Share
Earning per Share is calculated by dividing the net profit or loss for
the period attributable to equity shareholders, by the weighted average
number of equity shares outstanding during the period.
For the purpose of calculating diluted earing per share, the net profit
or loss for the period attributable to equity shareholders and the
weighted average number of share outstanding during the period are
adjusted for the effects of all diluted potential equity shares
11 Under the Micro Small and Medium Enterprises Development Act ,2006,
certain disclourses are required to be made relating to Micro,Small and
Medium Enterprises. The company is in the process of compling relevant
information from its suppliers about their coverage under the Act .
Since the revelant information is not presently available, no
disclosures have been made in the accounts.
Mar 31, 2014
A. BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS:
The financial statements have been prepared in accordance with the
Generally Accepted Accounting principles (GAAP) in India and presented
under the historical cost convention on accrual basis of accounting to
comply with the accounting standards prescribed in the Companies
(Accounting Standards) Rules, 2006 (as amended) and with relevant
provisions of the Companies Act, 1956/ relevant enacted provisions of
the Companies Act, 2013 to the extend applicable. The accounting
policies adopted in the preparation of the financial statements are
consistent with those followed in the previous year
B. USE OF ESTIMATES:
The preparation of the financial statements in conformity with the
Generally Accepted Accounting principles (GAAP) in India requires the
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities (including contingent liabilities)
and reported amounts of income and expenses during the period. The
Management believes that the estimates used in preparation of the
financial statements are prudent and reasonable. Future results could
differ due to these estimates and the differences between the actual
results and the estimates are recognized in the periods in which the
results are known/ materialize.
C. REVENUE RECOGNITION:
INCOME:
The Company recognizes income on accrual basis, However where the
ultimate collection of the same lacks reasonable certainty, revenue
recognition is postponed to the extent of uncertainty.
i) income from dividend is recognized as and when such dividend has
been declared and the Company's right to receive payment is
established.
ii) Profit/ loss on sale of investments if any is recognized on the
contract date.
D. IMPAIRMENT OF ASSETS:
At each Balance Sheet date, an assessment is done to determine whether
there is any indication of impairment in the carrying amount of the
Company's assets. If any such indication exits, the assets' recoverable
amount is estimated. An impairment loss is recognised whenever the
carrying amount of an asset exceeds its recoverable amount.
E. INCOME TAX AND ACCOUNTING FOR TAXES:
Tax expense comprises of current tax (i.e. amount of tax for the period
determined in accordance with the Income Tax Act, 1961) and deferred
tax charge or credit (reflecting the tax effects of timing differences
between accounting income and taxable income for the period). The
deferred tax charge or credit and the corresponding deferred tax
liabilities or assets are recognised using the tax rates that have been
enacted or substantively enacted by the Balance Sheet date, Deferred
tax assets are recognised only to the extent there is reasonable
certainty that the assets can be realised an future; however, where
there is unabsorbed depreciation or carry forward loss under taxation
laws, deferred tax assets are recognised only if there is vital
certainty of realisation of such assets. Deferred tax assets are
reviewed as at each Balance Sheet date to reassess realisation. The
liability of Minimum alternate tax (MAT) has been charged to profit &
loss account as current tax. The amount of MAT credit can be set off in
the year in which company is liable to pay tax as per the normal
provisions of the Act. Since MAT credit has expected future.
F. CASH AND CASH EQUIVALENTS:
Cash and cash equivalents include cash & cheques in hand, bank balances
with bank.
G. CURRENT-NON-CURRENT CLASSIFICATION:
All assets & liabilities are classified into current & non-current.
H. OTHER GENERAL INFORMATIONS:
i. Payment to Statutory Auditors as Audit fee for the year Rs. 2247.00
(Previous year Rs. 1685.00).
ii. The contingent liabilities for the claims against the company not
acknowledged as debts -Nil (previous year Nil)
iii. In the opinion of the Board, current assets, loan and advances
have a value in the ordinary course of business at least equal to that
stated in the Balance Sheet.
iv. No asset qualifies for impairment for the current year, according
to AS -28 prescribed by Companies (Accounting Standards) Rules, 2006.
v. The Company has not received any information from suppliers
regarding their status under Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to
amounts unpaid at the year end together with interest payable cannot be
quantified.
vi. The calculation of earning per share as disclosed in the statement
of profit and loss has been made in accordance with the requirement of
Accounting Standard (AS)-20 on Earning Per Share issued by the
Institute of Chartered of India.
vii. Estimated amount of contracts remaining to be executed on capital
account-Nil (Previous Year -Nil)
viii. Previous year figures have been regrouped/ reclassified wherever
necessary to correspond with current year disclosure.
Mar 31, 2012
1. BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS:
The financial statements have been prepared on the historic cost
convention, on an accrual basis and in accordance with the Accounting
Standards notified by the Companies (Accounting Standard) Rules 2006
and the relevant provisions of the Companies Act, 1956.
The Preparation of the financial statements requires the management to
make estimates and assumptions considered in the reported amounts of
assets and liabilities and income and expenses during the reported
period. The management believes that the estimates used in the
preparation of the financial statement are prudent and reasonable. The
difference between the actual results and the estimates are recognized
in the periods in which the results are materialized.
2. REVENUE RECOGNITION:
INCOME:
The Company recognizes income on accrual basis, However where the
ultimate collection of the same lacks reasonable certainty, revenue
recognition is postponed to the extent of uncertainty.
i) Income from dividend is recognized as and when such dividend has
been declared and the Company's right to receive payment is
established.
ii) Profit/ loss on sale of investments if any is recognized on the
contract date.
3. INVESTMENTS:
Long Term Investments are stated at cost.
4. Deferred Tax Assets have not been recognized, as there is no
reasonable certainty for setting off the same.
5. Contingent liability as at the close of the year- NIL
6. Auditors' remuneration as Audit fee for the year Rs. 1,685/-
(Previous year Rs. 1655/-).
7. Estimated amount of contracts remaining to be executed - NIL
8. The information required to be given pursuant to the provisions of
the paragraph 3, 4, 4-A, 4-C and 4-D of Part II of Schedule VI of the
Companies Act, 1956 is not applicable to the Company.
Mar 31, 2011
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
i. The Financial statements have been prepared on Historical cost
convention, on accrual basis and in accordance with the Accounting
Standard notified by (Accounting Standard) Rules 2006 and relevant
provisions of the Companies Act, 1956.
ii. The preparation of the financial statement requires the management
to make estimates and assumptions consider in the reported amounts of
assets and liabilities and income and expenditure during the reported
period. The management believes that the estimate used in the
preparation of the financial statements is prudent and reasonable. The
difference between the actual results and estimates are recognized in
the period in which the results are materialized.
2. REVENUE RECOGNITION:
INCOME:
The company recognizes income on accrual basis, However where the
ultimate collections of the same lacks reasonable certainty, revenue
recognition is postponed to the extent of uncertainty.
i. Income from Dividend is recognized as and when such dividend has
been declared and the Company's right to receive payment is
established.
ii. Profit/Loss on sale of investments if any, recognized on the
contract date.
3. INVESTMENTS:
Long term investments are stated at cost.
4. Deferred Tax Assets have not been recognized, as there is no
reasonable certainty for setting of the same.
5. Contingent Liability as the close of the year - NIL
6. Auditor's remuneration as audit fee for the year Rs. 1,655/-
(Previous Year Rs. 1,655/-)
7. Estimated amount of contracts remaining to be executed - NIL
8. The information required to be given pursuant to provisions of
paragraph 3, 4, 4-A, 4-C, 4-D of part II of Schedule VI to the
Companies Act,1956 is not applicable to the Company.
9. Previous year's figure has been regrouped wherever necessary.
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