Mar 31, 2015
1.01 DISCLOSURE AND BASIS OF ACCOUNTING:
a. Financial Statements have been prepared under the historical
convention which is in accordance with the Generally Accepted
Accounting Principles and provisions of the Companies Act, 2013. The
Company has complied with the applicable Accounting Standards
b. The accounts are prepared on the basis of going concern concept and
all expenses and income to the extent ascertainable with reasonable
certainty are accounted for on accrual basis.
c. All assets and liabilities have been classified as current and
non-current as per the Company's normal operating cycle and other
criteria set out in the Companies Act, 2013.
1.02 VALUATION OF INVENTORIES:
The Finished goods are valued at Cost or market price whichever is
lower, however there are no inventories.
1.03 NET PROFIT / LOSS FOR THE PERIOD AND PRIOR ITEMS:
a. All items of income and expenses pertaining to the year are included
in arriving at the net profit for the year unless specially mentioned
elsewhere in the financial statements or as required by accounting
standards.
b. Prior period items are disclosed separately in the profit and loss
accounts below the line.
1.04 DEPRECIATION:
Depreciation on fixed assets has been provided at the rates specified
in Schedule II of the Companies Act, 2013. However there are no fixed
assets in the Company.
1.05 REVENUE / INCOME RECOGNITION:
The Company recognises its revenue and expenditure on accrual basis.
1.06 EARNINGS PER SHARE:
The Company reports basic and diluted Earnings Per Share (EPS) in
accordance with Accounting Standard 20 on "Earnings per share".
Basic EPS is computed by dividing the net profit or loss for the year
by the weighted average number of equity shares outstanding during the
year. Diluted EPS is computed by dividing the net profit or loss for
the year by the weighted average number of equity shares outstanding
during the year as adjusted for the effects of all dilutive potential
equity shares, except where the results are anti-dilutive.
1.07 CASH FLOW STATEMENT
The Cash flow Statement is prepared by the "indirect method" set
out in Accounting Standard 3 on "Cash Flow Statements" and presents
the cash flows by operating, investing and financing activities of the
Company.
Cash and Cash equivalents presented in the Cash Flow Statement consist
of cash on hand and demand deposits with banks.
1.08 FIXED ASSETS:
Fixed Assets are shown at cost less accumulated depreciation. However,
there are no assets in the Company.
1.09 EMPLOYEES' BENEFITS:
No Provision for gratuity is provided by the company since there is no
employee who has been in continuous service of more than 5 years.
1.10 SCHEME OF ARRANGEMENT:
The Hon'ble High Court adjudicator at Bombay vide its order dated 9th
January, 2015 in the matter of Company Scheme Petition No.808 of 2014
had approved the Scheme of Arrangement and accordingly in terms of
provisions of Section 100 - 104 of the Companies Act, 1956 and relevant
provisions of Companies Act, 2013 and rules made there under the paid
up capital of the company is reduced from 14,00,000 Equity Shares of
Rs.10 each to 1,40,000 Equity Shares of Rs.10 each.
Mar 31, 2014
1. DISCLOSURE AND BASIS OF ACCOUNTING:
a. Financial Statements have been prepared under the Historical
convention which is in accordance with the Generally Accepted
Accounting Principles and provisions of the Companies Act, 1956. The
Company has complied with the Accounting Standards prescribed by the
Institute of Chartered Accountants of India (ICAI) and as referred U/s
211(3C) of the Companies Act, 1956.
b. The accounts are prepared on the basis of going concern concept.
c. All expenses and income to the extent ascertainable with reasonable
certainty are accounted for on accrual basis.
d. All assets and liabilities have been classified as current and
non-current as per the Company''s normal operating cycle and other
criteria set out in the revised Schedule VI to the Companies Act, 1956.
2. VALUATION OF INVENTORIES:
The Finished goods are valued at Cost or market price whichever is
lower, however there are no inventories.
3. NET PROFIT / LOSS FOR THE PERIOD AND PRIOR ITEMS:
a. All items of income and expenses pertaining to the year are included
in arriving at the net profit for the year unless specially mentioned
elsewhere in the financial statements or as required by accounting
standards.
b. Prior period items are disclosed separately in the profit and loss
accounts below the line.
A. DEPRECIATION:
Depreciation on fixed assets has been provided on W.D.V. method at the
rates specified in Schedule XIV of the Companies Act, 1956.
Depreciation has been provided on the addition of assets on pro- rata
basis.
B. REVENUE / INCOME RECOGNITION:
The Company recognise its revenue and expenditure on accrual basis.
C. FIXED ASSETS:
Fixed Assets are shown at cost less accumulated depreciation. However,
there are no assets in the Company.
Mar 31, 2013
1 DISCLOSURE AND BASIS OF ACCOUNTING:
a. Financial Statements have been prepared under the Historical
convention which is in accordance with the Generally Accepted
Accounting Principles and provisions of the Companies Act, 1956. The
Company has complied with the Accounting Standards prescribed by the
Institute of Chartered Accountants of India (ICAI) and as referred U/s
211(3C) of the Companies Act, 1956.
b. The accounts are prepared on the basis of going concern concept.
c. All expenses and income to the extent ascertainable with reasonable
certainty are accounted for on accrual basis.
d. All assets and liabilities have been classified as current and
non-current as per the Company''s normal operating cycle and other
criteria set out in the revised Schedule VI to the Companies Act, 1956.
2 VALUATION OF INVENTORIES
The Finished goods are valued at Cost or market price whichever is
lower, however there are no inventories as there are no business
activities during the year.
3 NET PROFIT / LOSS FOR THE PERIOD AND PRIOR ITEMS
a. All items of income and expenses pertaining to the year are
included in arriving at the net profit for the year unless specially
mentioned elsewhere in the financial statements or as required by
accounting standards.
b. Prior period items are disclosed separately in the profit and loss
accounts below the line.
Mar 31, 2012
1 AS -1. DISCLOSURE AND BASIS OF ACCOUNTING:
1. Financial Statements have been prepared under the Historical
convention which is in accordance with the Generally Accepted
Accounting Principles and provisions of the Companies Act, 1956. The
Company has complied with the Accounting Standards prescribed by the
Institute of Chartered Accountants of India (ICAI) and as referred U/s
211(3C) of the Companies Act, 1956.
2. The accounts are prepared on the basis of going concern concept.
3. The company has been consistently following the accrual basis of
accounting in respect of its income and expenditure.
2 AS-2. VALUATION OF INVENTORIES
The Finished goods are valued at Cost or market price whichever is
lower.
3 AS-5. NET PROFIT / LOSS FOR THE PERIOD AND PRIOR ITEMS
1. All items of income and expenses pertaining to the year are
included in arriving at the net profit for the year unless specially
mentioned elsewhere in the financial statements or as required by
accounting standards.
2. Prior period items are disclosed separately in the profit and loss
accounts below the line.
4 AS-6. DEPRECIATION
Depreciation on fixed assets has been provided on W.D.V. method at the
rates specified in Schedule XIV of the Companies Act, 1956.
Depreciation has been provided on the addition of assets on pro-rata
basis.
5 AS-9. REVENUE / INCOME RECOGNITION
The Company recognise its revenue and expenditure on accrual basis.
6 AS -10. FIXED ASSETS
Fixed Assets are shown at cost less accumulated depreciation.
7 AS-15. EMPLOYEES' BENEFITS
No Provision for gratuity is provided by the company since there is no
employee who has been in continuous service of more than 5 years.
8 AS-18. RELATED PARTY DISCLOSURE -
The Related parties as defined by Accounting standard 18 "Related Party
disclosure" issued by the Institute of Chartered Accountants of India,
in respect of which the Dire closure have been made and identified on
the basis of Disclosures made by the Company;
10 AS 22- TAXES ON INCOME
Deferred tax as on 31.03.2012 has not been recognized since there is no
certainty of sufficient taxable income being available against which
such deferred tax assets can be realised.
11 AS - 28. IMPAIRMENT OF ASSETS
An asset is impaired when the carrying amount of the assets exceeds its
recoverable amount. An impairment loss is charged to Profit and loss
account in the year in which an asset is identified as impaired.
Mar 31, 2000
Expenditure in foregin currency during the financial year on account of
royalty, professional consultation fees, Interest and other matters:
Nil (P. Year :Nil)
Value of Imported raw material spare part and components consumed
during the year and the value of all indigenous raw materials, spare
part and components, similarly consumed and the percentage of each to
the total consumption is not applicable.
Debit & Credit Balance are subject to confirmation.