Mar 31, 2015
A. 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.
b. Revenue recognition : Revenue is recognized to the extent that it
is probable that the economic
benefits will flow to the company and revenue can be reliably measured.
c. Taxation : Current Tax : Provision for current income tax is made
on the taxable income using
the applicable tax rates and tax laws.
d. Provisions and Contingent Liabilities Provisions: Provisions are
recognized when there is a present obligation as a result of a past
event, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and there is a
reliable estimate of the amount of the obligation. Provisions are
measured at the best estimate of the expenditure required to settle the
present obligation at the Balance Sheet date and are not discounted to
its present value
Mar 31, 2014
1) Basis of Accounting:The Company prepares its financial statements as
a going concern, under historical cost convention and on accrual basis,
in accordance with the generally accepted accounting principles.
2) Use of Estimates:The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
balances of assets and liabilities and the disclosure relating to
contingent liabilities as at the date of financial statements and
reported amount of income and expenses during the period. Although
these estimates are based upon management''s best knowledge of current
events and actions, actual results could differ from those estimates.
Any revision to accounting estimates is recognized in the current and
future periods.
3) Revenue Recognition:Revenue from services is recognized as per the
terms of contract with customers when the related services are
performed, or the agreed milestones are achieved.
Interest accrues on the time basis, determined by the amount
outstanding and the rate applicable.
4) Fixed Assets: The company doesn''t hold any fixed assets so no
disclosure regarding fixed assets is required.
5) Investments: Investments are classified into Long-term Investments.
Long-term Investments are stated at cost. A provision for diminution is
made to recognize a decline, other than temporary, in the value of
Long-term Investments. However, fixed income long term securities are
stated at cost, less amortization of Premium/ discount and provision
for diminution to recognize a decline, other than temporary
6) Tax Expense: Deferred tax resulting from "Timing Difference" between
book and taxable profit is accounted for using the tax rates and laws
that are enacted or substantively enacted as on the Balance Sheet date.
Deferred tax asset is recognized and carried forward only to the extent
that there is a reasonable certainty that the asset will be realized in
future Provision is made for tax on Income and dividend distribution
tax as per the applicable provisions of Income Tax Act, 1961.
7) Foreign Exchange Transactions:There are no foreign currency
transactions during the current period.
8) Dues to Micro, Small and Medium Enterprises: There are no amounts
due to the suppliers covered under Micro, Small and Medium Enterprises Development Act, 2006;
9) Employee Benefits:
Retirement benefits to employees comprise of payments under Defined
Contributions Plans like Provident Fund and payments under Defined
Benefit Schemes like Gratuity and Leave Encashment Payment under
Defined Contribution plans are charged to revenue on accrual. The
liability in respect of defined benefit schemes is arrived based on
actuarial valuation made at the end of the year by using projected unit
credit method.
Mar 31, 2012
Not Available
Mar 31, 2010
1). The Company follows the accrual System of accounting in respect of
all items of Assets, Liabilities, Income and Expenditure.
2). Fixed Assets are recorded at cost of acquisition including taxies
and duties.
3). Depreciation on fixed Assets is provided on Straight line method as
per the rates prescribed under Schedule XIV of the Companies Act, 1956.
4) Investments
Investments are classifieds into current investments and long term
investments.
Current investments are carried at lower of cost or fair value. Any
reductionin carrying value and reversal on such reductions are charged
or credited to Profit & Loss account Long term investments are carried
at cost less provision made to recognize any permanent decline, other
than temporary in value of such investments
5) Earning Per Share
The earnings considered in ascertaining companys Earnings Per Share
3/31/2010 3/31/2009 Net Profit or Loss as per Profit & Loss A/c
Weighted Average number of Equity Shares 500,000 500,000
Earnings Per Share 0.02 -0.02
6). Taxes on Income Current tax is determined in accordance with the
provisions of Income Tax Act,In the Absence of convincing evidence
regarding availability of sufficient taxable income in future against
which the Deferred Tax Asset/Liability can be adjusted, the company has
not recognised the Deferred Tax Asset/Liability arising due to tax.
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