Mar 31, 2015
1. Accounting System:
a) Financial statements are prepared in accordance with the generally
accepted accounting principles including mandatory applicable
accounting standards in India and relevant presentational requirement
of the Companies Act, 2013
b) The financial statements have been prepared on accrual basis under
the historical cost convention and Ongoing concern concept, unless
otherwise stated.
c) The Accounting policies adopted during the current year, in the
preparation of these financial statements, are consistent with that of
the previous year. However, w.e.f F.Y. 2014-15, the Company changes its
accounting to booked only net income from its operational trading
activity which hitherto was accounting separately Sales and Purchases.
The change does not have any material impact on profitability of the
Company and it is done for better presentation of financial statements.
d) All Assets and Liabilities have been classified as Current or
Non-current as per the operating cycle criteria set out in the Schedule
III to the Companies Act, 2013. As per the aforesaid criteria, the
normal operating cycle of the Company is one year.
e) All Expenses, Revenue from Operations and Other Income are accounted
for on Accrual basis.
2. Use of Estimates:
The preparation of financial statements, in conformity with the
generally accepted accounting principles, requires estimates and
assumptions to be made that affect the reported amount of assets and
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 recognized in the period
in which the results are known/ materialized.
3. Inventories:
Finished Goods / Stock-In Trade are valued at lower of cost or net
realizable value. Cost comprises all costs of purchases and other cost
incurred in bringing the inventory to its present location and
condition. Cost is determined on First in First out basis.
4. Tangible Fixed Assets and Depreciation on Tangible Fixed Assets:
a) Fixed Assets are stated at cost less accumulated depreciation and
impairment in value, if any.
b) Costs comprised acquisition price or construction cost and other
attributable costs, if any for bringing the assets to its intended use.
c) Depreciation on Fixed Assets is provided block-wise on written down
value method (WDV) on pro rata basis as per rates prescribed in
Schedule II to the Companies Act, 2013, with respect to the month of
addition.
5. Investments:
a) Long Term Investments are valued at Cost .Provision for diminution
in the value of Long Term Investments is made only if such a decline
is, in the opinion of management, other than temporary.
b) Current Investments are carried at lower of cost and fair value.
6. Provision for Current and Deferred Tax:
Tax expense comprises Current tax and Deferred tax.
a) Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the
provisions of Income Tax Act, 1961, after considering allowances and
exemptions.
b) Minimum alternate Tax (MAT) paid in accordance with the tax laws,
which gives rise to future economic benefits in the form of tax credit
against future income tax liability, is recognized as an asset in the
Balance sheet, if there is convincing evidence that the Company will
pay normal tax in future and the resultant asset can be measured
reliably.
c) Deferred tax resulting from "timing difference" between taxable and
accounting income for the reporting year that originate in one year and
are capable of reversal in one or more subsequent years, is accounted
for using the tax rates and laws that are enacted or substantively
enacted as on the balance sheet date.
d) Deferred tax assets are recognized and carried forward only to the
extent that there is a virtual certainty that the asset will be
realized in future.
7. Employee Benefits:
a) All employee benefits falling due wholly within twelve months of
rendering the service are recognized in the period in which employee
renders the related service and charged to the Statement of Profit &
Loss.
b) None of the employees employed by the Company during the year under
review, have completed Continuous service period of 5 years and there
is not any un-availed leave of any employees working with the Company
at the year end. Accordingly, no provision is required to be made in
respect of Gratuity, Leave encashment and Other Retirement benefits.
Also No such payment of any retirement benefits have been made during
the year.
c) As informed and explained by the management, since number of
employee was employed by the Company for any part of the year or during
the year were within the prescribed limit of the provisions of relevant
Labor laws, rules and regulations relating to employees, as applicable
to it, are not applicable to the Company.
8. Impairment of assets:
a) An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets.
b) An impairment loss is recognized as an expense in the Statement of
Profit and Loss in the year in Which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been an improvement in recoverable amount.
c) In the opinion of the management, there is no impairment of assets
as on Balance Sheet date.
9. Provisions. Contingent Liabilities and Contingent Assets:
a) 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 that 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.
b) In the opinion of the management, there are no contingent
liabilities as on Balance Sheet date and nor any events occurred after
the Balance Sheet date that affects the financial position of the
Company.
Mar 31, 2014
Annexed to and forming part of the Balance Sheet as at 31st March, 2014
and of the Statement of Profit & Loss for the year ended on that date.
1. Accounting System:
a) Financial statements are prepared in accordance with the generally
accepted accounting principles including mandatory applicable
accounting standards in India and relevant presentational requirement
of the Companies Act 1956, under historical cost convention, on accrual
basis and ongoing concern concept, unless otherwise stated.
b) All Expenses, Revenue from Operations and Other Income are accounted
for on Accrual basis.
2. Use of Estimates:
The preparation of financial statements, in conformity with the
generally accepted accounting principles, requires estimates and
assumptions to be made that affect the reported amount of assets and
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 recognized in the period
in which the results are known/ materialized.
3. Inventories:
Finished Goods / Stock-In Trade are valued at lower of cost or net
realizable value. Cost comprises all costs of purchases and other cost
incurred in bringing the inventory to its present location and
condition. Cost is determined on First in First out basis.
4. Tangible Fixed Assets and Depreciation on Tangible Fixed Assets:
a) Fixed Assets are stated at cost less accumulated depreciation and
impairment in value, if any.
b) Costs comprised acquisition price or construction cost and other
attributable costs, if any for bringing the assets to its intended use.
c) Depreciation on Fixed Assets is provided block-wise on written down
value method (WDV) on prorata basis as per rates prescribed in Schedule
XIV to the Companies Act, 1956, with respect to the month of addition.
5. Investments:
a) Long Term Investments are valued at Cost .Provision for diminution
in the value of Long Term Investments is made only if such a decline
is, in the opinion of management, other than temporary.
b) Current Investments are carried at lower of cost and fair value.
6. Provision for Current and Deferred Tax:
Tax expense comprises Current tax and Deferred tax.
a) Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the
provisions of Income Tax Act, 1961, after considering allowances and
exemptions.
b) Minimum alternate Tax (MAT) paid in accordance with the tax laws,
which gives rise to future economic benefits in the form of tax credit
against future income tax liability, is recognized as an asset in the
Balance sheet, if there is convincing evidence that the company will
pay normal tax in future and the resultant asset can be measured
reliably.
c) Deferred tax resulting from "timing difference" between taxable and
accounting income for the reporting year that originate in one year and
are capable of reversal in one or more subsequent years, is accounted
for using the tax rates and laws that are enacted or substantively
enacted as on the balance sheet date.
d) Deferred tax assets are recognized and carried forward only to the
extent that there is a virtual certainty that the asset will be
realized in future.
7. EMPLOYEE BENEFITS:
a) All employee benefits falling due wholly within twelve months of
rendering the service are recognized in the period in which employee
renders the related service and charged to the Statement of Profit &
Loss.
b) None of the employees employed by the Company during the year under
review, have completed Continuous service period of 5 years and there
is not any un-availed leave of any employees working with the company
at the year end. Accordingly, no provision is required to be made in
respect of Gratuity, Leave encashment and Other Retirement benefits.
Also No such payment of any retirement benefits have been made during
the year.
8. Impairment of assets:
a) An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets.
b) An impairment loss is recognized as an expense in the Statement of
Profit and Loss in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been an improvement in recoverable amount.
c) In the opinion of the management, there is no impairment of assets
as on Balance Sheet date.
9. Provisions, Contingent Liabilities and Contingent Assets:
a) 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 that 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.
b) In the opinion of the management, there are no contingent
liabilities as on Balance Sheet date and nor any events occurred after
the Balance Sheet date that affects the financial position of the
Company.
10. During the financial year 2013-14, there are not any transactions
with any suppliers /parties who are covered under ''The Micro Small and
Medium Enterprises Development Act, 2006''.
Mar 31, 2013
1. Accounting System:
a) Financial statements are prepared in accordance the generally
accepted accounting principles including mandatory applicable
accounting standards in India and relevant presentational requirement
of the Companies Act 1956, under historical cost convention, on accrual
basis and ongoing concern concept, unless otherwise stated.
b) All Expenses, Revenue from Operations and Other Income are accounted
for on Accrual basis.
2. Use of Estimates:
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
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 recognized in the period
in which the results are known/ materialized.
3. Inventories:
a) Stock-In Trade is valued at lower of cost or net realizable value.
Cost comprises all costs of purchases and other cost incurred in
bringing the inventory to its present location and condition. Cost is
determined on First in First out basis.
b) Work in Progress is valued at Cost, which comprises Materials,
Labour and Development Overheads.
4. Tangible Fixed Assets and Depreciation on Tangible Fixed Assets:
a) Fixed Assets are stated at cost less accumulated depreciation and
impairment in value, if any.
b) Costs comprised acquisition price or construction cost and other
attributable costs, if any for bringing the assets to its intended
use.,
c) Depreciation on Fixed Assets is provided block-wise on written down
value method (WDV) on prorata basis as per rates prescribed in Schedule
XIV to the Companies Act, 1956, with respect to the month of addition.
5. Investments:
a) Long Term Investments are valued at Cost. Provision for diminution
in the value of Long Term Investments is made only if such a decline
is, in the opinion of management, other than temporary.
b) Current Investments are carried at lower of cost and fair value.
6. Provision for Current and Deferred Tax:
Tax expense comprises current tax and deferred tax.
a) Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the
provisions of Income Tax Act, 1961.
b) Deferred tax resulting from "timing difference between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
c) Deferred tax assets are recognized and carried forward only to the
extent that there is a virtual certainty that the asset will be
realized in future.
7. Retirement Benefits:
During the year under review, none of the employees have completed
Continuous service period of 5 years and there is not any un-availed
leave of any employees working with the company. Accordingly, no
provision is required to be made in respect of Gratuity, Leave
encashment and Other Retirement benefits.
8. Impairment of assets:
a) An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets.
b) An impairment loss is recognized as an expense in the Statement of
Profit and Loss in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been an improvement in recoverable amount.
c) In the opinion of the management, there is no impairment of assets
as on Balance Sheet date.
9. Provisions, Contingent Liabilities and Contingent Assets:
a) 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 that 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.
b) In the opinion of the management, there are no contingent
liabilities as on Balance Sheet date and nor any events occurred after
the Balance Sheet date that affects the financial position of the
Company.
10. During the financial year 2012-13, there are not any transactions
with any suppliers /parties who are covered under ''The Micro Small and
Medium Enterprises Development Act, 2006''.
Mar 31, 2012
1. Accounting System:
a) Financial statements are prepared in accordance the generally
accepted accounting principles including mandatory applicable
accounting standards in India and relevant presentational requirement
of the Companies Act 1956, under historical cost convention, on accrual
basis and ongoing concern concept, unless otherwise stated.
b) All Expenses, Revenue from Operations and Other Income are accounted
for on Accrual basis.
2. Use of Estimates:
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
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 recognized in the period
in which the results are known/ materialized.
3. Inventories:
a) Stock-In Trade is valued at lower of cost or net realizable value.
Cost comprises all costs of purchases and other cost incurred in
bringing the inventory to its present location and condition. Cost is
determined on First in First out basis.
b) Work in Progress is valued at Cost, which comprises Materials,
Labour and Development Overheads.
4. Tangible Fixed Assets and Depreciation on Tangible Fixed Assets:
a) Fixed Assets are stated at cost less accumulated depreciation and
impairment in value, if any.
b) Costs comprised acquisition price or construction cost and other
attributable costs, if any for bringing the assets to its intended
use.,
c) Depreciation on Fixed Assets is provided block-wise on written down
value method (WDV) on prorata basis as per rates prescribed in Schedule
XIV to the Companies Act, 1956, with respect to the month of addition.
5. Investments:
a) Long Term Investments are valued at Cost .Provision for diminution
in the value of Long Term Investments is made only if such a decline
is, in the opinion of management, other than temporary.
b) Current Investments are carried at lower of cost and fair value.
6. Provision for Current and Deferred Tax:
Tax expense comprises current tax and deferred tax.
a) Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the
provisions of Income Tax Act, 1961.
b) Deferred tax resulting from "timing difference" between taxable
and accounting income is accounted for using the tax rates and laws
that are enacted or substantively enacted as on the balance sheet date.
c) Deferred tax assets are recognized and carried forward only to the
extent that there is a virtual certainty that the asset will be
realized in future.
7. Retirement Benefits:
During the year under review, none of the employees have completed
Continuous service period of 5 years and there is not any no un-availed
leave of any employees working with the company. Accordingly, no
provision is required to be made in respect of Gratuity, Leave
encashment and Other Retirement benefits.
8. Impairment of assets:
a) An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets.
b) An impairment loss is recognized as an expense in the Statement of
Profit and Loss in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been an improvement in recoverable amount.
c) In the opinion of the management, there is no impairment of assets
as on Balance Sheet date.
9. Provisions, Contingent Liabilities and Contingent Assets:
a) 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 that 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.
b) In the opinion of the management, there are no contingent
liabilities as on Balance Sheet date and nor any events occurred after
the Balance Sheet date that affects the financial position of the
Company.
10. During the financial year 2011-12, there are not any transactions
with any suppliers /parties who are covered under 'The Micro Small and
Medium Enterprises Development Act, 2006'.
11. Related Party Disclosures
There is no other company, which is under the same management in which
the directors of the company are entrusted as directors and / or
shareholders. There is no transaction with any firm and / or proprietor
firm in which the directors of the company are interested as a partners
or proprietor.
12. Key Management Personnel:
The Key management personnel are the directors, whose names are
mentioned in the corporate governance report.
13. There are not any particulars which are required to be furnished
pursuant to Clause VIII of part II of the Schedule VI of the Companies
Act, 1956.
14. In compliance with the Accounting Standard AS-22 relating to
"Accounting for Taxes on Income" issued by the Institute of
Chartered Accountants of India, the company had provided for Deferred
tax liability arising out of timing difference. During the year under
report, there has been reversal of the said deferred tax liability to
the extent of Rs.1, 46,449/- (P.Y Rs.1, 38,672/-), on account of
difference between Book and Tax Depreciation. Accordingly, the said
item has been credited to Statement of Profit & Loss of the year under
report.
15. The Company has two reportable business segments (i) Trading of
Agro products & Commodities (ii) IT Activities The Company operates
mainly in Indian market and there are no reportable geographical
segments.
16. Earning Per Share:
Earnings per share are calculated by dividing the profit attributable
to the equity shareholders by the number of equity shares outstanding
during the year, as under:
17. In the Opinion of the Board, all the current assets, loans and
advances have a value on realization in the ordinary course of business
at least equal to the amount stated in the Balance Sheet and all the
known liabilities have been provided for.
18. Certain Debit and Credit Balances are being subject to
confirmation.
19. The figures appearing in the Financial Statements have been
rounded off to nearest rupee.
20. The Revised Schedule VI has become effective from 1st April, 2011
for the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
/ disclosure.
Mar 31, 2011
1 a) The accounts of the Company are prepared on historical cost basis
and on the accounting principle of a going concern.
b) The Company recognizes income on accrual basis for income from Sale
of Commodities, Agro Products. Biotech Software Consultancy, and
Education & Training is recognized upon completion of the job.
c) In respect of other heads of income, the company follows the
practice of accounting of such income on accrual basis.
2. Inventories: Inventories of work-in-process, finished goods and
traded products are valued at standard cost adjusted for variances or
net realizable value, whichever is lower. Cost of work-in-process and
finished goods include materials, labour and manufacturing overheads.
3. a) Fixed Assets are stated at cost, which includes expenditure on
installation / construction and preoperative expenses wherever
applicable.
b) Depreciation on Fixed Assets is provided block-wise on written down
value method on pro-rata basis as per rates prescribed in Schedule XIV
to the Companies Act, 1956.
c) The cost incurred for fixed assets, the construction/ installation/
acquisition of which are not completed is included under the heard
'Capital Work in Progress'.
4. Investments: Long term investments are stated at cost.
5. There has been no foreign exchange income or outflow during the
year.
6. Provision for current tax is made on the basis of the estimated
taxable income for the current account- ing year in accordance with the
Income Tax Act, 1961.
7. Deferred Tax is recognized, subject to the consideration of
prudence, on timing difference being the difference between taxable
incomes and accounting income that originate in one period and are ca-
pable of reversal in one or more subsequent periods. Deferred tax
assets are not recognized on unab- sorbed depreciation unless there is
virtual certainty that sufficient future taxable income will be avail-
able against which such deferred tax assets can be realized.
8. Retirement Benefits Gratuity, Leave Encashment and other retirement
benefits are accounted for on cash basis.
9. Impairment of assets
An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets.
An impairment loss is recognized as an expense in the Profit and Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognized in prior accounting period is reversed if
there has been an improvement in recoverable amount.
10. 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 that 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.
Mar 31, 2010
1 a) The accounts of the Company are prepared on historical cost basis
and on the accounting principle of a going concern.
b) The Company recognizes income on accrual basis income from Sale of
Biotech & agriculture and pharma products. Biotech Software
Consultancy, and Education & Training is recognized upon completion of
the job.
c) In respect of other heads of income, the company follows the
practice of accounting of such income on accrual basis.
2. Inventories: Inventories of work-in-process, finished goods and
traded products are valued at standard cost adjusted for variances or
net realizable value, whichever is lower. Cost of work-in-process and
finished goods include materials, labour and manufacturing overheads.
3. a) Fixed Assets are stated at cost, which includes expenditure on
installation / construction and preoperative expenses wherever
applicable.
b) Depreciation on Fixed Assets is provided block-wise on written down
value method on pro-rata basis as per rates prescribed in Schedule XTV
to the Companies Act, 1956.
c) The cost incurred for fixed assets, the construction/ installation/
acquisition of which are not completed is included under the heard
Capital Work in Progress.
4. Investments: Long term investments are stated at cost.
5. There has been no foreign exchange income or outflow during the
year.
6. Provision for current tax is made on the basis of the estimated
taxable income for the current accounting year in accordance with the
Income Tax Act, 1961.
7. Deferred Tax is recognized, subject to the consideration of
prudence, on timing difference being the difference between taxable
incomes and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax
assets are not recognized on unabsorbed depreciation unless there is
virtual certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realized.
8. Retirement Benefits
Gratuity, Leave Encashment and other retirement benefits are accounted
for on cash basis.
9. Impairment of assets
An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value jn use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets.
An impairment loss is recognized as an expense in the Profit and Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognized in prior accounting period is reversed if
there has been an improvement in recoverable amount.
10. 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 that 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.