Mar 31, 2014
1.1 Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Acceptec Accounting Principles in India
{Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on accrual basis under the historica cost
convention.
1.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management tc make estimates and assumptions
considered in the reported amounts of assets and liabilities (includinc
contingent liabilities) and the reported income and expenses during the
year. The Management believes that 1 6 ,f!lÂteS US6d 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 recognised in the periods in which
the results are known / materialise.
1.3 Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes.
1.4 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
1.5 Depreciation and amortisation
Depreciation has been provided on the Reducing balance method as per
the rates prescribed in Schedule XIV to the Companies Act, 1956. ''
1.6 Other income
Interest income is accounted on accrual basis. Dividend income is
accounted for when the right to receive it is established.
1.7 Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and
impairment losses, if any. The cost of fixed assets includes interest
on borrowings attributable to acquisition of qualifying fixed assets up
to the date the asset is ready for its intended use and other
incidental expenses incurred up to that date. Machinery spares which
can be used only in connection with an item of fixed asset and whose
use is expected to be irregular are capitalised and depreciated over
the useful life of the principal item of the relevant assets.
Subsequent expenditure relating to fixed assets is capitalised only if
such expenditure results in an increase in the future benefits from
such asset beyond its previously assessed standard of performance.
Some fixed assets acquired but not put to use therefore no depreciation
has been charged.
1.8 Investments
Long-term investments are carried individually at cost less provision
for diminution, other than temporary, in the value of such investments,
Cost of investments include acquisition charges such as brokerage, fees
and duties,
1.9 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 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 ail dilutive
potential equity shares.
1.10 Taxes on income
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income Tax
Act, 1961.As defined in AS 22 company has no material deferred tax
liability and hence not provided.
1.11 Employee Benefits
As defined in AS 15 gratuity / retirement benefits (amount
unascertained) as per consistent practice are accounted on cash basis.
1.12. Revised Schedule VI not suitable for specific disclosure
As per Revised Schedule VI disclosure regarding netting up off
Provision of Tax, Advanced Tax & TDS is unsuitable as regard to
assessment procedure and client satisfaction. Therefore above items are
shown saparetaly in particular schedule respectively.
Mar 31, 2013
1.1 Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
{Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on accrual basis under the historical
cost convention.
1.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. 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 recognised in the periods in which
the results are known / materialise.
1.3 Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
1.4 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
1.5 Depreciation and amortisation
Depreciation has been provided on the Reducing balance method as per
the rates prescribed in Schedule XIV to the Companies Act, 1956.
1.6 Other income
Interest income is accounted on accrual basis. Dividend income is
accounted for when the right to receive it is established.
1.7 Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and
impairment losses, if any. The cost of fixed assets includes interest
on borrowings attributable to acquisition of qualifying fixed assets up
to the date the asset is ready for its intended use and other
incidental expenses incurred up to that date. Machinery spares which
can be used only in connection with an item of fixed asset and whose
use is expected to be irregular are capitalised and depreciated over
the useful life of the principal item of the relevant assets.
Subsequent expenditure relating to fixed assets is capitalised only if
such expenditure results in an increase in the future benefits from
such asset beyond its previously assessed standard of performance.
Some fixed assets acquired but not put to use therefore no depreciation
has been charged.
1.8 Investments
Long-term investments are carried individually at cost less provision
for diminution, other than temporary, in the value of such investments.
Cost of investments include acquisition charges such as brokerage, fees
and duties.
1.9 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 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.
1.10 Taxes on income
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income Tax
Act, 1961.As defined in AS 22 company has no material deferred tax
liability and hence not provided.
1.11 Employee Benefits
As defined in AS 15 gratuity / retirement benefits (amount
unascertained) as per consistent practice are accounted on cash basis.
1.12 Revised Schedule VI not suitable for specific disclosure
As per Revised Schedule VI disclosure regarding netting up off
Provision of Tax, Advanced Tax & TDS is unsuitable as regard to
assessment procedure and client satisfaction. Therefore above items are
shown saparetaly in particular schedule respectivelys
Mar 31, 2011
1. Depreciation on Fixed Assets has been provided on the reducing
balance method at the rates specified in Schedule XIV of the Companies
Act, 1956.
2. Additional information pursuant to the provisions of paras 3 and 4
of Part II of Schedule VI to the Companies Act,, 3.956 :: NIL
3. ACCOUNTING POLICIES :
The accounts are prepared in accordance with the accounting principles
and on the accrual basis of accounting .
(a) Fixed Assets and Depreciationi:
Fixed Assets are stated at historical costs less accumulated
depreciation on the same. Depreciation on Fixed Assets is provided on
Written Down Value Method.
(b) Investments & Investment Incomes
All Investments are valued at Cost., or lower if written down on
account of permanent diminution. Dividend Income is accounted for in
the year in which it is declared.
Mar 31, 2010
1. Depreciation on Fixed Assets has been provided on the reducing
balance method at the rates specified in Schedule XIV of the Companies
Act, 1956-
2. Additional information pursuant to the provisions of paras 3 and of
Part II of Schedule VI to the Companies Act, 1956 NIL
3. ACCOUNTING POLICIES :
The accounts are prepared in Accordance with the accounting principles
and on the accrual basis of accounting.
(a) Fixed Asset, and Depreciations
Fixed Assets are stated at historical costs less accumulated
depreciation on the same. Depreciation on Fixed Assets is provided on
Written Down Value Method.
(b) Investments & Investment Incomes
All Investments are valued at Cost, or lower if written down on
account of permanent diminution. Dividend Income is accounted for in
the year in which it is declared.
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