Mar 31, 2015
1 These financial statements have been prepared on an accrual basis and
under historical cost convention and in compliance with all materials
aspects, with the generally accepted in India ("Indian GAAP) and comply
with the accounting standards prescribed in the Companies (Accounting
Standards) Rules, 2006 which continue to apply under Section 133 of the
Companies Act, 2013 ("the Act") read with Rule 7 of the Companies
(Accounts) Rules, 2014 and other relevant provisions of the Companies
Act, 1956 to the extent applicable. Â
1. Current/Non Current Classification
Any asset or liability is classified as current if it satisfies any of
the following conditions
i) it is expected to be realized or settled or is intended for sale or
consumption in the Company's normal operating cycle;
ii) it is expected to be realized or settled within twelve months from
the reporting date
iii) In the case of an asset,
it is primarily held for the purpose of being trades; or
it is cash or cash equivalent unless it is restricted from being
exchanged or used to settle a liabilitty for at least twelve months
after the reporting date.
in the case of liability, the Company does not have an unconditional
right to defer settlement of the liability for at leat twelve months
from the reporting date. All other assets are classified as
non-current.
For the purposes of current/non-current classification of assets and
liabilities, the Company has ascertained its normal operating cycle as
twelve months. This is based on nature of service and the time between
the acquisition of assets or inventories for processing and their
realization in cash and cash equivalents.
2. Tangible Fixed Assets
Expenditure which are of a capital nature are capitalised at cost. As
the entire block of assets were sold in the year 2011-12 itself'
provision of depreciation does not arise.
3. Revenue Recognition
Revenue is recognised excepting for significant uncertainty as to its
determination or realisation.
Interest income is recognized on the time proportion basis.
Employee Benefits
There are no permanent employees eligible for reitrement benefits and
hence no provision has been made in the accounts for Gratuity, Leave
encashment and other retirement benefits.
Mar 31, 2014
(annexed to and forming part of the financial statements for the year
ended 31.03.2014)
1 These financial statements have been prepared on an accrual basis and
under historical cost convention and in compliance with all materials
aspects, with the applicable accounting principles in India, the
applicable accounting standards notified under Section 211 (3C) and the
other relevant provisions of the Companies Act 1956.
All the assets and liabilities have been classified as current or non
current as per the Company''s normal operating cycle and other criteria
set out in Schedule VI to the Companies Act, 1956. Based on the nature
of products and the time between the acquisition of assets for
processing and their realization in cash and cash equivalent, the
Company has ascertained its operating cycle to be less than 12 months.
(I) FIXED ASSETS AND DEPRECIATION
Expenditure which are of a capital nature are capitalised at cost. As
the entire block of assets were sold in the year 2011-12 itself,
provision of depreciation does not arise.
(ii) REVENUE RECOGNITION
Revenue from sales and conversion charges is recognised at the point of
despatch of goods to customers.
(iii) RETIREMENT BENEFITS
Contribution to Provident Fund is made monthly at a predetermined rate
to the authorities and debited to the Profit and Loss Account on
accrual basis.
Gratuity has not been provided in the books of accounts.
Mar 31, 2013
I) All the assets and liabilities have been classified as current or non
current as per the CompanyÂs normal operating cycle and other
criteria set out in Schedule VI to the Companies Act, 1956. Based on
the nature of products and the time between the acquisition of assets
for processing and their realization in cash and cash equivalent, the
Company has ascertained its operating cycle to be less than 12 months.
ii) FIXED ASSETS AND DEPRECIATION
Expenditure which are of a capital nature are capitalized at cost. As
the entire block of assets were sold in the year 2011 -12 itself,
provision of depreciation does not arise.
fish REVENUE RECOGNITION
Revenue from sales and conversion charges is recognized at the point of
dispatch of goods to customers.
RETIREMENT BENEFITS
Contribution to Provident Fund is made monthly at a predetermined rate
to the authorities and debited to the Profit and Loss Account on
accrual basis.
Gratuity has not been provided in the books of accounts.
Mar 31, 2010
The accounts are prepared under the historical cost convention and
materially comply with the mandatory accounting standards.
The significant accounting policies followed by the company are as
stated below:
(i) FIXED ASSETS AND DEPRECIATION
Expenditure which are of a capital nature are capitalised at cost.
Depreciation is charged on straight-line method in accordance with the
rates specified under Schedule XIV to the Companies Act, 1956. Full
years depreciation is provided in the year of addition and no
depreciation is provided in the year of sale/disposal.
(ii) REVENUE RECOGNITION
Revenue from sales and conversion charges is recognised at the point of
despatch of goods to customers.
(iii) RETIREMENT BENEFITS
Contribution to Provident Fund is made monthly at a predetermined rate
to the authorities and debited to the Profit and Loss Account on
accrual basis. Gratuity has not been provided in the books of accounts.
Mar 31, 2009
The accounts are prepared under the historical cost convention and
materially comply with the mandatory accounting standards.
The significant accounting policies followed by the company are as
stated below:
FIXED ASSETS AND DEPRECIATION
Expenditure which are of a capital nature are capitalised at cost
Depreciation is charged on straight-line method in accordance with the
rates specified under Schedule XIV to the Companies Act, 1956. Full
years depreciation is provided in the year of addition and no
depreciation is provided in the year of sale/disposal.
REVENUE RECOGNITION
Revenue from sales and conversion charges is recognised at the point of
despatch of goods to customers.
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