Mar 31, 2014
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
(i) The financial statements have been prepared under the historical
cost convention using the accrual basis of accounting and comply with
all the mandatory Accounting Standards as specified in the Companies
(Accounting Standard) Rules 2006, the provisions of Companies Act 2013
(to the extent notified) and relevant provisions of the Companies Act,
1956, as adopted consistently by the Company.
(ii) USE OF ESTIMATES
The preparation of financial statements in conformity with Generally
Accepted Accounting Standards requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and the disclosures of Contingent Liabilities on the date of financial
statements, and the reported amounts of revenues and expenses during
the reporting period.
b) Fixed Assets
Fixed Assets are stated at cost of acquisition including any
attributable cost for bringing the assets to its working condition for
its intended use, less accumulated depreciation.
c) Depreciation
i) Depreciation on Fixed Assets is provided on Written Down Value
method at rates specified in the Schedule- XIV of the Companies
Act,1956.
ii) Depreciation on addition to Fixed Assets is being provided on
pro-rata basis from the date of acquisition.
d) Revenue Recognition
The Sales are recorded when supply of goods take place in accordance
with the terms of sales and on change of title in the goods and is
inclusive of sales tax.
e) Borrowing Cost
The borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as a part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to revenue.
f) Taxes on Income Current Tax
Provision for taxation is made in accordance with the income tax laws
prevailing for the relevant assessment year.
Deferred Tax
Deferred tax resulting from "timing difference" between books and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognized and carried forward only to the extent
that there is reasonable certainty that the asset will be realized in
future.
g) Impairment
An asset is treated as impaired when the carrying cost of assets
exceeds its realizable value. An impairment loss is charged to the
profit & loss account when the asset is identified as impaired.
h) Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is probable 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.
i) EARNING PER SHARE
The Company reports basic and diluted Earnings per share(EPS) in
accordance with Accounting Standard 20 as specified in Companies
(Accounting Standard) Rules, 2006 (as amended). Earning Per Share is
calculated using weighted average number of equity shares outstanding
during the year. Basic and Diluted Earning per share is same.
Mar 31, 2013
1.1 Corporate Information
Parth Alluminium Limited is a limited company domiciled in India and
incorporated under the provisions of Companies Act, 1956. The Company
is engaged in green house projects including construction, installation
and consultancy services.
1.2 Basis of Preparation
The financial statements have been prepared to comply in all material
respects with the notified accounting standards by Companies Accounting
Standard Rules, 2006 as amended from time to time and the relevant
provisions of the Companies Act, 1956 (''The Act''). The financial
statements have been prepared in accordance with revised Schedule VI
requirements including previous year comparatives. The financial
statements have been prepared under historical cost convention on an
accrual basis in accordance with accounting principles generally
accepted in India. The accounting policies have been consistently
applied by the Company and are consistent with those used in previous
year. The company has also reclassified the previous year figures in
accordance with the requirements applicable in the current year.
1.3 Fixed Assets and Depreciation
Fixed Assets are stated at cost (Gross Block) less accumulated
depreciation and impairment losses, if any. Cost comprises the purchase
price and any attributable cost of bringing the asset to its working
condition for its intended use.
Depreciation on fixed assets held in India is provided at the rates and
in the manner prescribed in Schedule XIV of the Companies Act, 1956 on
W.D.V. method.
1.4 Inventories
Work in process  At Cost Stock of Material  At Cost
1.5 Borrowing Cost
The borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as a part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to revenue.
1.6 Revenue Recognition
Revenue from development / sale of developed material is recognized
upon transfer of all significant risks and rewards of ownership of such
materials, as per the terms of the contracts entered into with buyers,
which generally coincides with firming of the sale contracts /
agreements / except for contract where the company still has
obligations to perform substantial acts even after the transfer of all
significant risks and rewards.
Revenue in respect of other income is recognized on accrual basis and
when no significant uncertainties as to its determination or
realization exist.
1.7 Taxes on Income
Current Tax is the amount of tax payable on the taxable income for the
year determined in accordance with the provisions of the Income Tax
Act, 1961.
Deferred tax resulting from "timing difference" between books and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognized and carried forward only to the extent
that there is reasonable certainty that the asset will be realized in
future.
1.8 Interest Income
Interest income is recognized only when no significant uncertainty as
to measurability or collectability exists. Income is recognized on a
time proportion basis taking into account the amount outstanding and
the rate applicable.
1.9 Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is probable 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.
1.10 Earning Per Share
The Company reports basic and diluted Earnings per share(EPS) in
accordance with Accounting Standard 20 as specified in Companies
(Accounting Standard) Rules, 2006 (as amended). Earning Per Share is
calculated using weighted average number of equity shares outstanding
during the year. Basic and Diluted Earning per share is same.
Mar 31, 2012
(1) General
The financial Statement have been prepared under the historical cost
convention mentioned in accordance with the generally accepted
accounting principles and the provisions of the Companies Act, 1956.
Revenue Recognition
(2) The accounts are maintained on accrual basis except Interest on
loan given to parties.
(3) The company has not provided for tax liability, if any. As company
does not envisage any income tax liability for the past years.
(4) Deferred revenue expenses & preliminary expenses are not written
off at the rate of 10%, as the company has not commenced its
operations.
(5) All the balances of Sundry Debtors, Loans & Advances, recoverable
in cash or kind & Sundry Creditors are subject to the confirmations
from the parties concerned.
(6) Fixed Assets
Fixed assets are stated at historical cost net of cenvat, inclusive of
financing cost capitalized and less accumulated depreciation.
(7) Depreciation
Depreciation on fixed assets is charged on WDV method and for additions
made during the year on pro-rata basis at the rates prescribed under
the schedules - XIV of the Companies Act, 1956.
(8) The deferred tax asset (liability) at the yearend comprises timing
difference on account of the following:
Mar 31, 2010
(1) The financial statements have been prepared under the historical
cost convention method in accordance with the generally accepted
accounting principles and the provisions of the Companies Act, 1956.
(2) The accounts are maintained on accrual basis except Interest on
loan given to parties.
(3) The company has not provided for tax liability, if any. As company
does not envisage any income tax liability for the past years.
(4) As the Company does not have any fixed assets, no provision for
depreciation is required for the year under report.
(5) Deferred revenue expenses & preliminary expenses are not written
off at the rate of 10%, as the company has not commenced its
operations.
(6) All the balances of Sundry Debtors, Loans & Advances, recoverable
in cash or kind & Sundry Creditor are subject to the confirmations from
the parties concerned.