Mar 31, 2014
NOTE NO. 1 GENERAL
(i) These accounts are prepared on the historical cost basis and on the
accounting principles of going concern.
(ii) Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles and mandatory Accounting Standards.
REVENUE RECOGNITION
Expenses and incomes considered payable and receivable respectively are
accounted for on accrual basis.
FIXED ASSETS.
The Fixed assets are stated at Historical Cost less depreciation.
DEPRECIATION
Depreciation on fixed assets has been provided as per SLM Method of
Companies Act 1956.
METHOD OF ACCOUNTING
The company has adopted mercantile system of accounting.
VALUATION OF INVENTORIES
Store & Spares are valued and certified by the management. As per their
views the stocks are valued at cost or net realisable value whichever
is low.
PROVISION FOR CURRENT TAX AND DERERRED TAX
Provision for current tax has been made as per the prevailing income
tax rates and Provision for Deferred Tax Assets has been calculated in
terms of newly issued accounting standard interpretation (ASI) No-5
along with ASI-3 and AS-22 issued by the ICAI.
B. OTHER NOTES
1) The company has not made any provision for gratuity as none of the
employees is eligible for gratuity as per the information provided. The
rules of Provident Fund and ESI act is not applicable on the company;
hence the company has not deducted and deposited any ESI and Provident
Fund on behalf of its employees, hence AS-15 is not applicable on the
company.
2) The company has not acquired any fixed assets on which it has
availed any loan from the banks, hence the capitalization of the
borrowing costs as stated under AS-16 is not applicable on the
company.(AS-16).
3) Investments as shown in the balance sheet are at cost. Their present
market values are not ascertainable. The company has not received any
dividend, interest or rent from the companies in which it had made
investments. The company has received share of profit/Loss from M/s.
LWS Knitwear, a partnership concern in which the company is one of the
partner. (AS-13).
4) The company has not made any foreign currency transactions during
the year, hence AS-11 is not applicable on the company.
5) The company has made investments in LWS Knitwear, a partnership
concern and Sh. Girish Kapoor, Mg. Director of the company is one of
the partners.
6) The company has not received any grant or subsidy form Government of
India during the year.
7) The company is a partner in LWS Knitwear. The information required
by the Schedule VI of the Companies Act, 1956 in this regard is given
as below :
Mar 31, 2013
GENERAL
(i) These accounts are prepared on the historical cost basis and on the
accounting principles of going concern.
(ii) Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles and mandatory Accounting Standards.
REVENUE RECOGNITION
Expenses and incomes considered payable and receivable respectively are
accounted for on accrual basis.
FIXED ASSETS
The Fixed assets are stated at Historical Cost less depreciation.
DEPRECIATION
Depreciation on fixed assets has been provided as per SLM Method of
Companies Act 1956.
METHOD OF ACCOUNTING
The company has adopted mercantile system of accounting.
VALUATION OF INVENTORIES
Store & Spares are valued and certified by the management. As per their
views the stocks are valued at cost or net realisable value whichever
is low.
PROVISION FOR CURRENT TAX AND DERERRED TAX
Provision for current tax has been made as per the prevailing income
tax rates and Provision for Deferred Tax Assets has been calculated in
terms of newly issued accounting standard interpretation (ASI) No-5
along with ASI-3 and AS-22 issued by the ICAI.
Mar 31, 2010
GENERAL
(i) These accounts are prepared on the historical cost basis and on the
accounting principles of going concern.
(ii) Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles and mandatory Accounting Standards.
REVENUE RECOGNITION
Expenses and incomes considered payable and receivable respectively are
accounted for on accrual basis.
FIXED ASSETS.
The Fixed assets are stated at Historical Cost less depreciation.
DEPRECIATION
Depreciation on fixed assets has been provided as per SLM Method of
Companies Act 1956.
METHOD OF ACCOUNTING
The company has adopted mercantile system of accounting.
VALUATION OF INVENTORIES
The company has not maintained any stock records, hence we relied upon
the Valuations provided by the management. Inventories of Raw Material,
Stock in Process, Finished Goods and store & spares are valued and
certified by the management. As per their views the stocks are valued
at cost or net realisable value whichever is low, stock of waste is
valued at realisable value. While calculating the valuation of stocks,
FIFO Method has been adopted by the company.
PROVISION FOR CURRENT TAX AND DERERRED TAX
Provision for current tax has been made as per the prevailing income
tax rates.
Deferred Tax resulting from "Timing Differences" between book and
taxable profits is accounted for using the tax rates and laws that have
been enacted or subsequently enacted on the Balance sheet date. The
deferred tax assets is recognised and carried forward only on the
extent that there is a reasonable certainty that assets will be
realised in future.
During the year, Deferred Tax Assets has not been accounted for on the
losses brought forward as there is no hope that the company will earn
profits in the coming years in terms of newly issued accounting
standard interpretation (ASI) No-5 along with ASI-3 and AS-22 issued by
the ICAI.
Mar 31, 2009
GENERAL
(i) These accounts are prepared on the historical cost basis and on the
accounting principles of going concern.
(ii) Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles and mandatory Accounting Standards.
REVENUE RECOGNITION
Expenses and incomes considered payable and receivable respectively are
accounted for on accrual basis.
FIXED ASSETS.
The Fixed assets are stated at Historical Cost less depreciation.
DEPRECIATION
Depreciation on fixed assets has not been provided as there was no
commercial activities in the company.
METHOD OF ACCOUNTING
The company has adopted mercantile system of accounting.
VALUATION OF INVENTORIES
The company has not maintained any stock, records, hence we relied upon
the valuations provided by the management. Inventories of Raw Material,
Stock in Process, Finished Goods and store & spares are valued and
certified by the management. As per their views the stocks are valued
at cost or net realisable value whichever is low, stock of waste is
valued at realisable value. While calculating the valuation of stocks,
FIFO Method has been adopted by the company.
PROVISION FOR CURRENT TAX AND DERERR^D TAX
No provision for current tax has been nrnferas^afler the adjustments of
the brought forward losses, no tax liability arises.
Deferred Tax resulting from "Timing Differences" between book and
taxable profits is accounted for using the tax rates and laws that have
been enacted or subsequently enacted on the Balance sheet date. The
deferred tax assets is recognised and carried forward only on the
extent that there is a reasonable certainty that assets will be
realised in future.
During the year, Deferred Tax Assets has not been accounted for on the
losses brought forward as there is no hope that the company will earn
profits in the coming years in terms of newly issued accounting
standard interpretation (ASI) No-5 along with ASI-3 and AS-22 issued by
the ICAI.