Mar 31, 2015
A. Basis of preparation of financial statements:
The Net worth of the company almost eroded but the accounts are
prepared on Historical cost basis and on accounting principles of a
going concern as directors are confident of turning around the
operations in near future
b. Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles.
c. Fixed Assets:
Fixed Assets are stated at cost less depreciation. Physical
verification of Fixed assets have been carried out by the management.
Management certify the correctness of the assets.
Depreciation on Fixed Assets provided on W.D.V Method at the rates
prescribed by schedule II of the companies Act, 2013
d. Inventories: In respect of VAT goods it is valued at cost or net
receivable value which ever is less, on FIFO basis
e. Transactions in Foreign Currencies are normally recorded at the
exchange rate prevailing on the dates of transactions in case of
purchase of materials and sale of goods /services , the exchange
Gain/Losses on settlements during the year , are adjusted to Profit and
Loss Account.
f. Deferred Tax resulting from the timing difference between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantially enacted as on the balance sheet date.
g. Segment Reporting:
The company has no reportable segments under AS-17.
Mar 31, 2014
A. Basis of preparation of financial statements:
The accounts are prepared on Historical cost basis and on accounting
principles of a going concern.
b. Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles.
c. Fixed Assets:
Fixed Assets are stated at cost less depreciation. Physical
verification of Fixed assets have been carried out by the management.
Management certify the correctness of the assets.
Depreciation on Fixed Assets provided on W.D.V Method at the rates
prescribed by schedule XTV of the companies Act, 1956.
d. As on year ending 31-03-2014 there is no inventory.
e. Transactions in Foreign Currencies are normally recorded at the
exchange rate prevailing on the dates of transactions in case of
purchase of materials and sale of goods /services, the exchange
Gain/Losses on settlements during the year, are adjusted to Profit and
Loss Account.
f. Deferred Tax resulting from the timing difference between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantially enacted as on the balance sheet date.
g. Segment Reporting:
The company has no reportable segments under AS-17.
Mar 31, 2013
BASIS OF PREPARATION
The Financial statements of the company have been prepared in
accordance with the generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the companies (Accounting standards) Rules 2006, (as amended) and
the relevant provisions of the companies act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention. The company is a small and medium sized
company (SMC) as defined in the general instructions in respect of
Accounting standards notified under the companies Act 1956.
Accordingly the Company has compiled with Accounting standards as
applicable to an SMC.
CHANGE IN ACCOUNTING POLICIES
Presentation and Disclosure of Financial Statements during the year
ended 31st March 2012, the revised schedule VI notified under the
Companies Act, 1956 has become applicable to the company, for
preparation and presentation of Financial statements. The adoption of
Revised schedule VI does not impact recognition and measurement
principles followed for preparation of financial statements. However it
has significant impact on presentation and disclosures made in the
financial statements. The company has also reclassified the previous
years figures in accordance with the requirements applicable in the
current year.
TANGIBLE FIXED ASSETS
Fixed assets are started at cost, net of accumulated depreciation and
accumulated impairment of losses, if any. The cost comprises purchase
price, borrowing costs if capitalization criteria are met and directly
attributable cost of bringing the asset to its working condition for
the intended use. Any trade discounts and Rebates are deducted in
arriving at the purchase price. Gains or losses arising from
de-recognition of fixed assets are measured as the difference between
the net disposal proceeds and the carrying amount of the asset are
recognized in the statement of profit and loss when the asset is
derecognized.
DEPRECIATION OF TANGIBLE FIXED ASSETS
Depreciation on fixed assets is calculated on a written down value
basis using the rates arrived at based on the useful lives estimated by
the management, or those prescribed under the schedule XIV to the
Companies Act, 1956, whichever is higher.
INTANGIBLE ASSETS
Intangible assets acquired separately are measured on initial
recognition at coat. The carrying value of Intangible asset is revived
for impairment annually when the asset is not in use or otherwise when
events or changes in circumstances indicate that the carrying value may
not be recoverable.
RESEARCH AND DEVELOPMENT COSTS
Research costs are expensed as incurred
REVENUE RECOGNITION
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the company and the revenue can be
reliably measured
Mar 31, 2012
1. FIXED ASSETS:
To state Fixed Assets at cost of acquisition inclusive of inward
freight duties, taxes and incidental expenses related to acquisition.
2. VALUATION OF INVENTORY:
Cost or Market value whichever is lower and certified by the
management.
3. DEPRECIATION:
The Depreciation is calculated on Written down method under Schedule
xiv of the Companies Act, 1956.
4. RECOGNITION OF INCOME & EXPENDITURE:
Revenues/Incomes and Costs/Expenditures are generally accounted on the
basis of as they are earned or incurred.
5. REVENUE RECOGNITION:
All the Expenses and income is recognized on accrual basis and
provision is made for all known losses and liabilities. Revenue is
recognized as per billings made to customers.
6. BASIS OF PREPARATION
The Finacial statements of the company have been prepared in accordance
with the generally accepted accounting principles in india (indian
GAAP).The company has prepared these financial statements to comply in
all material respects with the accounting standards notified under the
companies (Accounting standards) Rules 2006,(as amended)and the
relevant provisons of the companies act ,1956. The financial statements
have been prepared on an accrual basis and under the historical cost
convention. The company is a small and medium sized company (SMC) as
defined in the general instructions in respect of Accounting standards
notified under the companies Act 1956. Accordingly the Company has
compiled with Accounting standards as applicable to an SMC.
7. CHANGE IN ACCUNTING POLICIES
Presentation and Disclosure of Finacial Statements
During the year ended 31st March 2012, the revised shedule VI notified
under the Companies Act, 1956 has become applicable to the company ,
for preparation and presentation of Finacial statements. The adoption
of Revised shedule VI does not impact recognition and measurment
principles followed for preparation of financial statements . However
it has significant impact on presentation and disclosures made in the
financial statements.The company has also reclassified the previous
years figures in accordance with the requirements applicable in the
current year.
8. TANGIBLE FIXED ASSETS
Fixed assets are started at cost, net of accumulated depreciation and
accumulated impairment of losses, ,if any. The cost comprises purchase
price, borrowing costs if capitalization criteria are met and directly
attributable cost of bringing the asset to its working condition for
the intended use. Any trade discounts and Rebates are deducted in
arriving at the purchase price.Gains or losses arising from
de-recognition of fixed assets are measured as the difference between
the net disposal proceeds and the carrying amount of the asset are
recognized in the statement of profit and loss when the asset is
derecognized.
9. DEPRECIATION ON TANGIBLE FIXED ASSETS
Depreciation on fixed assets is calculated on a written down value
basis using the rates arrived at based on the useful lives estimated by
the management, or those prescribed under the shedule XIV to the
Companies Act, 1956, whichever is higer.
10. INTANGIBLE ASSETS
Intangible assets acquired seperately are measured on initial
recognition at coat.The carrying value of Intangible asset is reviewd
for impairment annually when the asset is not in use or otherwise when
events or changes in circumstances indicate that the carrying value may
not be recoverable.
11. RESEARCH AND DEVELOPMENT COSTS
Research costs are expensed as incurred
12. REVENUE RECOGNITION
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the company and the revenuecan be
reliably measured.
Mar 31, 2010
1. BASIS OF ACCOUNTING:
The Financial statements are prepared under Historical costs convention
on actual method of accounting and are in accordance with the
requirements of the Companies Act, 1956.
2. FIXED ASSETS:
To state Fixed Assets at cost of acquisition inclusive of inward
freight duties, taxes and incidental expenses related to acquisition.
3. VALUATION OF INVENTORY:
Cost or Market value which ever is Lower and certified by the
management.
4. DEPRECIATION:
The Depreciation is calculated on Straight-line method under Schedule
xiv of the Companies Act, 1956.During the year no operations exist,
hence no depreciation is calculated.