Mar 31, 2014
I) Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared on accrual
basis under the historical cost convention in accordance with the
Generally Accepted Accounting Principles in India (Indian GAAP) to
comply with the Accounting Standards notified under Section 211 (3C) of
the Companies Act, 1956 and relevant provisions thereof.
ii) Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the management to make estimates and assumptions that
affect the reported amount of assets and liabilities (including
contingent 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 the estimates are recognized
in the period in which the results are known/ materialized.
iii) Inventories
Inventories are valued at lower of cost and net realizable value after
providing for obsolescence and other losses, where considered
necessary. Cost includes all charges in bringing the goods to the point
of sales including octori and other levied. Finished goods and work in
progress are valued at cost or realizable value.
iv) Cash flow Statement
Cash flow are reported using the indirect methods, whereby profit/
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash and any deferrals or accruals of past or
future cash receipts or payments. The cash flow from operating,
investing and financing activities of the company are segregated based
on the available information.
v) Depreciation and amortization
Depreciation has been provided for on the written down Value method
(WDV) as per the rates prescribed in schedule XIV to the Companies Act,
1956. Depreciation is charged from the month of the date of purchase in
the case of acquisition made during the year. In respect of assets
sold, depreciation is provided up to the month prior to the date of
sale. Intangible assets are amortized over their estimated useful life.
vi) Revenue recognition
SALES OF GOODS
Revenue is recognized when significant risk and rewards of ownership of
the goods sold are transferred to the customer and the commodity has
been dejivered to the shipping agent/ customer. Revenue represents the
invoice value of goods and services provided to third parties net of
discounts, sales tax/ value added and adjustments arising on analysis
variances.
OTHER INCOME
Interest income is recognized on a time proportion basis by reference
to the principal outstanding and at the interest rate applicable.
vii) Tangible fixed assets
Fixed assets are carried at historical cost (net of available Central
and State VAT credit) less accumulated depreciation/amortization and
impairment losses, if any. Costs include expenses incidental to the
installation of assets and attributable borrowing and financing costs
incurred upto the date the assets is ready for its intended use.
CAPITAL WORK IN PROGLSS
Projects under which assets are not ready for their intended use and
other capital work in progress are carried at cost, comprising direct
cost, related incidental expenses and attributable interest.
viii) Intangible Assets
Intangible assets are carried at cost less accumulated amortization and
impairment losses, if any. The cost of an intangible asset comprises
its purchase price and any directly attributable expenditure on making
the asset ready for its intended use and net of any trade discounts and
rebates.
ix) Foreign currency transactions and translations
No foreign currency Transactions are recorded during the financial
year.
x) Foreign currency forward contracts
No Foreign currency forward contracts are made.
xi) Government grants, subsidies and export incentives
No Government grants and subsidies are received by the company.
xii) Investments
Long term investment is made by the company for acquiring publication
unit for which advance is given.
xiii) Employee benefits
The un discounted amount of short-term employee benefits expected to be
paid in exchange for the services rendered by employees are recognized
during the year when the employees render the service.
xiv) Borrowing Costs
Borrowing costs include interest, amortization of ancillary costs
incurred and exchange differenced arising from foreign currency
borrowings to the extent they are regarded as an adjustment to the
interest cost. Borrowing costs attributable to the acquisition or
construction of assets requiring a substantial period of time . are
capitalized. All other borrowing costs including exchange differences
on foreign currency loans to the extent regarded as an adjustment to
the interest costs are charged to statement of profit and loss and
included under "Finance Cost".
xv) Segment reporting
The company is dealing in single product. Therefore, the company
operates in single business segment.
xvi) Taxes on income
The company''s income taxes include taxes on the company''s taxable
profits, adjustment attributable to earlier periods and changes in
deferred taxes. Valuation of all tax liabilities are carried at current
amounts and in accordance with the enacted tax laws and in the case of
deferred taxes, at rates that have substantively enacted.
Deferred tax is calculated to correspond to the tax effect arising when
final tax is determined. Deferred tax corresponds to the net effect of
tax on all timing differences which occur as a result of items being
for income tax purposes during a period different from when they were
recognized in the financial statements.
xvii) Impairment of assets
The impairment of assets is not charged to the statement of Profit &
Loss.
xviii) Provision, contingent liabilities and contingent assets
A contingent liability is disclosed unless the possibility of an
outflow of resources embodying economic benefits is remote. A
contingent asset is neither recognized nor disclosed.
xix) Related Party Disclosures
As per Accounting Standard 18, there are no transactions with related
parties.
xx) Previous year Figures
Previous year figures are regrouped and recasted.
Mar 31, 2013
I) Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared on accrual
basis under the historical cost convention in accordance with the
Generally Accepted Accounting Principles in India (Indian GAAP) to
comply with the Accounting Standards notified under Section 211 (3C) of
the Companies Act, 1956 and relevant provisions thereof.
ii) Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the management to make estimates and assumptions that
affect the reported amount of assets and liabilities (including
contingent 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 the estimates are recognized
in the period in which the results are known/ materialized.
iii) Inventories
Inventories are valued at lower of cost and net realizable value after
providing for obsolescence and other losses, where considered
necessary. Cost includes all charges in bringing the goods to the point
of sales including octopi and other levied. Finished goods and work in
progress are valued at cost or realizable value.
iv) Cash flow Statement
Cash flow are reported using the indirect methods, whereby profit/
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash and any deferrals or accruals of past or
future cash receipts or payments. The cash flow from operating,
investing and financing activities of the company are segregated based
on the available information.
v) Depreciation and amortization
Depreciation has been provided for on the written down Value method
(WDV) as per the rates prescribed in schedule XIV to the Companies Act,
1956. Depreciation is charged from the month of the date of purchase in
the case of acquisition made during the year. In respect of assets
sold, depreciation is provided up to the month prior to the date of
sale. Intangible assets are amortized over their estimated useful life.
vi) Revenue recognition
SALES OF GOODS
Revenue is recognized when significant risk and rewards of ownership of
the goods sold are transferred to the customer and the commodity has
been delivered to the shipping agent/ customer. Revenue represents the
invoice value of goods and services provided to third parties net of
discounts, sales tax/ value added and adjustments arising on analysis
variances.
OTHER INCOME
Interest income is recognized on a time proportion basis by reference
to the principal outstanding and at the interest rate applicable.
vii) Tangible fixed assets
Fixed assets are carried at historical cost (net of available Central
and State VAT credit) less accumulated depreciation/amortization and
impairment losses, if any. Costs include expenses incidental to the
installation of assets and attributable borrowing and financing costs
incurred up to the date the assets is ready for its intended use.
CAPITAL WORK IN PROGESS
Projects under which assets are not ready for their intended use and
other capital work in progress are carried at cost, comprising direct
cost, related incidental expenses and attributable interest.
viii) Intangible Assets
Intangible assets are carried at cost less accumulated amortization and
impairment losses, if any. The cost of an intangible asset comprises
its purchase price and any directly attributable expenditure on making
the asset ready for its intended use and net of any trade discounts and
rebates.
xi) Government grants, subsidies and export incentives
No Government grants and subsidies are received by the company.
xii) Investments
Long term investment is made by the company for acquiring publication
unit for which advance is given.
xiii) Employee benefits
The undiscounted amount of short-term employee benefits expected to be
paid in exchange for the services rendered by employees are recognized
during the year when the employees render the service.
xiv) Borrowing Costs
Borrowing costs include interest, amortization of ancillary costs
incurred and exchange differenced arising from foreign currency
borrowings to the extent they are regarded as an adjustment to the
interest cost. Borrowing costs attributable to the acquisition or
construction of assets requiring a substantial period of time are
capitalized. All other borrowing costs including exchange differences
on foreign currency loans to the extent regarded as an adjustment to
the interest costs are charged to statement of profit and loss and
included under "Finance Cost".
xv) Segment reporting
The company is dealing in single product. Therefore, the company
operates in single business segment.
xvi) Taxes on income
The company''s income taxes include taxes on the company''s taxable
profits, adjustment attributable to earlier periods and changes in
deferred taxes. Valuation of all tax liabilities are carried at current
amounts and in accordance with the enacted tax laws and in the case of
deferred taxes, at rates that have substantively enacted.
Deferred tax is calculated to correspond to the tax effect arising when
final tax is determined. Deferred tax corresponds to the net effect of
tax on all timing differences which occur as a result of items being
for income tax purposes during a period different from when they were
recognized in the financial statements.
xvii) Impairment of assets
The impairment of assets is not charged to the statement of Profit &
Loss.
xviii) Provision, contingent liabilities and contingent assets
A contingent liability is disclosed unless the possibility of an
outflow of resources embodying economic benefits is remote. A
contingent asset is neither recognized nor disclosed.
xix) Related Party Disclosures
As per Accounting Standard 18, there are no transactions with related
parties.
xx) Previous year Figures
Previous year figures are regrouped and recanted.
Mar 31, 2012
I) Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared on accrual
basis under the historical cost convention in accordance with the
Generally Accepted Accounting Principles in India (Indian GAAP) to
comply with the Accounting Standards notified under Section 211 (3C) of
the Companies Act, 1956 and relevant provisions thereof.
ii) Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the management to make estimates and assumptions that
affect the reported amount of assets and liabilities (including
contingent 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 the estimates are recognized
in the period in which the results are known/ materialized.
iii) Inventories
Inventories are valued at lower of cost and net realizable value after
providing for obsolescence and other losses, where considered
necessary. Cost includes all charges in bringing the goods to the point
of sales including octori and other levied. Finished goods and work in
progress are valued at cost or realizable value.
iv) Cash flow Statement
Cash flow are reported using the indirect methods, whereby profit/
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash and any deferrals or accruals of past or
future cash receipts or payments. The cash flow from operating,
investing and financing activities of the company are segregated based
on the available information.
v) Depreciation and amortization
Depreciation has been provided for on the written down Value method
(WDV) as per the rates prescribed in schedule XIV to the Companies Act,
1956. Depreciation is charged from the month of the date of purchase in
the case of acquisition made during the year. In respect of assets
sold, depreciation is provided up to the month prior to the date of
sale. Intangible assets are amortized over their estimated useful life.
vi) Revenue recognition
SALES OF GOODS
Revenue is recognized when significant risk and rewards of ownership of
the goods sold are transferred to the customer and the commodity has
been delivered to the shipping agent/ customer. Revenue represents the
invoice value of goods and services provided to third parties net of
discounts, sales tax/ value added and adjustments arising on analysis
variances.
OTHER INCOME
Interest income is recognized on a time proportion basis by reference
to the principal outstanding and at the interest rate applicable.
vii) Tangible fixed assets
Fixed assets are carried at historical cost (net of available Central
and State VAT credit) less accumulated depreciation/amortization and
impairment losses, if any. Costs include expenses incidental to the
installation of assets and attributable borrowing and financing costs
incurred upto the date the assets is ready for its intended use.
CAPITAL WORK IN PROGESS
Projects under which assets are not ready for their intended use and
other capital work in progress are carried at cost, comprising direct
cost, related incidental expenses and attributable interest.
viii) Intangible Assets
Intangible assets are carried at cost less accumulated amortization and
impairment losses, if any. The cost of an intangible asset comprises
its purchase price and any directly attributable expenditure on making
the asset ready for its intended use and net of any trade discounts and
rebates.
ix) Foreign currency transactions and translations
No foreign currency Transactions are recorded during the financial
year.
x) Foreign currency forward contracts
No Foreign currency forward contracts are made.
xi) Government grants, subsidies and export incentives
No Government grants and subsidies are received by the company.
xii) Investments
Long term investment is made by the company for acquiring publication
unit for which advance is given.
xiii) Employee benefits
The undiscounted amount of short-term employee benefits expected to be
paid in exchange for the services rendered by employees are recognized
during the year when the employees render the service.
xiv) Borrowing Costs
Borrowing costs include interest, amortization of ancillary costs
incurred and exchange differenced arising from foreign currency
borrowings to the extent they are regarded as an adjustment to the
interest cost. Borrowing costs attributable to the acquisition or
construction of assets requiring a substantial period of time are
capitalized. All other borrowing costs including exchange differences
on foreign currency loans to the extent regarded as an adjustment to
the interest costs are charged to statement of profit and loss and
included under "Finance Cost".
xv) Segment reporting
The company is dealing in single product. Therefore, the company
operates in single business segment.
xvi) Taxes on income
The company's income taxes include taxes on the company's taxable
profits, adjustment attributable to earlier periods and changes in
deferred taxes. Valuation of all tax liabilities are carried at current
amounts and in accordance with the enacted tax laws and in the case of
deferred taxes, at rates that have substantively enacted.
Deferred tax is calculated to correspond to the tax effect arising when
final tax is determined. Deferred tax corresponds to the net effect of
tax on all timing differences which occur as a result of items being
for income tax purposes during a period different from when they were
recognized in the financial statements.
xvii) Impairment of assets
The impairment of assets is not charged to the statement of Profit &
Loss.
xviii) Provision, contingent liabilities and contingent assets
A contingent liability is disclosed unless the possibility of an
outflow of resources embodying economic benefits is remote. A
contingent asset is neither recognized nor disclosed.
xix) Previous year Figures
Previous year figures are regrouped and recasted.
Mar 31, 2010
The Company follows the Mercantile System of Accounting and recognizes
Income and Expenditure on accrual basis. Accounting Policies not
referred to otherwise are consistent with generally accepted accounting
principles.
a) Fixed Assets & Depreciation: NIL
b) Investments : NIL
c) Inventories : Stock in trade is valued at cost.
d) Deferred Income Tax : Deferred Income Tax reflects the impact of the
previous years timing differences between taxable income & accounting
income & of current year timing differences between taxable income &
accounting income. Deferred tax is measured based on the tax rates and
the tax laws enacted at the balance sheet date. Deferred tax assets are
recognized only to the extent that there is the reasonable certainty
that sufficient future taxable income will be available against which
such deferred tax assets can be realized. Deferred tax assets are
recognized on carry forward of unabsorbed depreciation losses if there
is virtually certainty that such deferred tax assets can be realized
against future taxable profits. Unrecognized deferred tax of earlier
years are reassessed and recognized to the extent that it has become
reasonably certain that future taxable income will be available against
which such deferred tax assets can be realized. The management expects
no immediate profits with certainty, therefore, no deferred tax assets
or deferred tax liabilities is accounted for in the books of accounts,
Subject to the above deferred tax asset/liability is taken at NIL
e) Gratuity : Payment of Gratuity act 1972 is not applicable to the
company.
f) Patent and Trademarks: N.A.
g) Miscellaneous Expenses : Expenses in connection with the formation
of the company are written off over a period of five years.
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