Mar 31, 2015
A. Basis of accounting
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 Companies (Accounts) Rules
2014 and the relevant provisions of the Companies Act, 2013. The
financial statements have been prepared on an
accrual basis and under the historical cost convention. The accounting
policies adopted in the preparation of financial statements are
consistent with those of previous year.
b. Use of estimates
The preparation of financial statements requires the management to make
estimates and assumptions considered in the reported amounts of assets
and liabilities (including contingent liabilities) as on the date of
the financial statements and the reported income and expenses during
the reporting period. The estimates and assumptions used in the
financial statements are based
upon the Management's evaluation of the relevant facts and
circumstances as on the date of financial statements. Management
believes that the estimates used in the preparation of the financial
statements are prudent and reasonable. Future results may vary from
these estimates
c. Recognition of revenue and expenditure
Sales
The sales are recognized at the point of dispatch of material to the
customer and bills are raised to them. Sales are shown net of goods
return, rebates, rate differences, etc.
Income & Expenditure
All items of income and expenditure are accounted on accrual basis
except otherwise stated.
d. Employee Benefits
Employee Benefits being short term in nature are accounted for when
disbursed.
e. Investments
Non Current Investments are stated at cost. Diminution in value e of
non-current Investments other than temporary in nature are provided for
in accounts.
f. Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, demand deposits with
banks, other short- term highly liquid investments with original
maturities of three months or less as per the AS -3 "CASH FLOW
STATEMENT".
g. Taxation
Current Tax: Current Tax is determined as the amount of tax payable in
respect of taxable income for the year determined in accordance with
the provisions of the Income Tax Act, 196. Minimum Alternative Tax
credit available under section 115JB of the Income^i^ct, 1961 will be
accounted in the yeauflj6^f the benefits are claimed.
h. Provision
A provision is recognized when an enterprise has a present obligation
as a result of past event and it is probable that an outflow of
resources will be required to settle the obligation in respect of which
a reliable estimate can be made. Provisions are determined based on
best estimate of the amount required to settle the obligation as at the
balance sheet date.
i. Provisions. Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
Notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
Mar 31, 2014
I) Accounting Convention:
The financial statement has been prepared under the historical cost
convention in accordance with the generally accepted accounting
principles as adopted consistently by the company.
ii) Use of Estimates:
The preparation of financial statements, in conformity with the
generally accepted accounting principles, ) requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenues and expenses during the reported year. Differences between
the actual results and estimates are recognized in the year in which
the results are known / materialized. ''
iii) Investments:
Long term investments are stated at cost. Short Term Investments are
stated at lower of cost or fair value. Provision for diminution in the
value of long-term investment is made only if such a decline is other
than temporary in nature in the opinion of the Management. .
iv) Inventories:
Inventories are valued at lower of cost or net realizable value.
v) Recognition of Revenue:
Sales:
The sales are recognized at the point of dispatch of material to the
customers and bills are raised to them.Sales are shown net of goods return,
rebates, rate differences etc.
Income & Expenditure:
The Company follows mercantile system of accounting and recognizes
significant items of Income & Expenditure on accrual basis.
vi) Employees Benefit:
a) Short Term Employee Benefits:
These are recognized at the undiscounted amount as expense for the year
in which the related service is rendered, except leave encashment.
b) Post Employment Benefit Plans:
i) Defined Contribution Plan:
Contribution under defined contribution plan payable in keeping with
the related scheme are recognized as expenditure for the year.
ii) Define Benefit Plan:
Gratuity liability, being a defined benefit obligation is provided for
on the basis of an actuarial valuation based on projected unit credit
method
c) Other Employee Benefits:
Other Employee Benefits being short term in nature are accounted on
actual disbursement.
vii) Borrowing Costs:
Borrowing costs attributable to qualifying assets are capitalized up to
the date when such assets are ready for their intend use,other
borrowing cost are recognized as expenses in the period in which they
are incurred.
viii) Earnings per Share:
Basic earning per share are calculated by dividing the net profit or
loss for the period attributable to equity
share holders (after deducting attributable taxes) by the weighted
average number of equity shares outstanding during the period. The
weighted average number of equity shares outstanding during the period
is adjusted for events of bonus issue, bonus element in a rights issue
to existing shareholders, share
i split and reverse shares split (consolidation of shares).
For the purpose of calculating diluted earnings per shares, the net
profit or loss after tax for the period attributable to equity share
holders and the weighted average number of shares outstanding during
the period are adjusted for the effects for all dilutive potential
equity shares.
ix) Tax on Income:
Current Tax represents the amount that would be payable based on the
computation of tax as per prevailing taxation laws under IT Act 1961.
Deferred tax is recognized subject to consideration of prudence, on
timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax is calculated
using the tax rates and tax laws that has been^ enacted and/or
substantially enacted as at the Balance Sheet date. Deferred tax
assets are recognized and carried forward only to the extent that
there is virtual certainty that such deferred tax assets can be
realized.
x) Contingent Liabilities & Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
Notes to the Financial Statements. Contingent Assets are neither
recognized nor disclosed in the financial statements.
xi) Cash and cash equivalents:
The Company considers all highly liquid financial instruments, which
are readily convertible into cash and have original maturities of three
months or less from the date of purchase, to be cash equivalents.
Mar 31, 2013
I) Accounting Convention:
The financial statement has been prepared under the historical cost
convention in accordance with the generally accepted accounting
principles as adopted consistently by the company.
ii) Use of Estimates:
The pieparation of financial statements, in conformity with the
generally accepted accounting principles, requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenues and expenses during the reported year. Differences between
the actual results and estimates are recognized in the year in which
the results are known / materialized.
iii) Fixed Assets :
Fixed Assets are stated at cost less accumulated depreciation.
iv) Depreciation :
Depreciation on Fixed Assets has been provided on Written down value
method and at the rates as prescribed in Schedule-XIV to the Companies
Act'' 1956.
v) Impairments:
At each Balance Sheet date, the Company reviews the carrying amount of
its fixed Assets to determine whether there are any indications that
those assets suffered any impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to
determine the extent of impairment loss. The recoverable amount is the
higher of an asset net selling price and value in use. In assessing
value in use , the estimated future cash flow expected from the
continuing use of the assets and from its disposal aie discounted to
their present value using a pre-determined rate that reflect the
current market assessment of time value of money and the risks specific
to the assets . Reversal of impairment loss is recognized immediately
as income in the Profit & Loss Account.
vi) Investments:
Long term investments are stated at cost. Short Term Investments are
stated at lower of cost or fair value. Provision for diminution in the
value of long-term investment is made only if such a decline is other
than temporary in nature in the opinion of the Management. .
vii) Inventories:
Inventories are valued at lower of cost or net realizable value.
viii) Recognition of Revenue:
Sales:
The sales are recognized at the point of dispatch of material to the
customers and bills are raised to them. Sales are shown net of goods
return, rebates, rate differences etc.
Income & Expenditure:
The Company follows mercantile system of accounting and recognizes
significant items of Income & Expenditure on accrual basis.
ix) Foreign Currencies Transactions :
Foreign currency transactions are accounted for at the prevailing
exchange rate as on the date of execution of the transaction or of the
rate cover under forward contract as applicable. Foreign currency
monetary items not covered under forward exchange contract and due at
the end of the year are converted at the exchange rate prevailing as on
that date. Exchange differences arising on the settlement of the
transactions or on reporting at the year end rates are recognized as
Income or as Expenses in the period in which arise, except in respect
of fixed assets acquired from out side India, where exchange variance
is adjusted to the carrying amount of the respective fixed assets.
x) Employees Benefit:
a) Short Term Employee Benefits:
These are recognised at the undiscounted amount as expense for the year
in which the related service is rendered, except leave encashment.
b) Post Employment Benefit Plans:
i) Defined Contribution Plan:
Contribution under defined contribution plan payable in keeping with
the related scheme are recognised as expenditure for the year.
ii) Define Benefit Plan:
Gratuity liability, being a defined benefit obligation is provided for
on the basis of an actuarial valuation on projceted unit credit method
c) Other Employee Benefits:
Other Employee Benefits being short term in nature are accounted on
actual disbursement.
xi) Borrowing Costs:
Bon owing costs attributable to qualifying assets are capitalized up to
the date when such assets are ready for their intend use,other
borrowing cost are recognized as expenses in the period in which they
are incurred.
xii) Earnings per Share:
Basic earning per share are calculated by dividing the net profit or
loss for the period attributable to equity share holders (after
deducting attributable taxes) by the weighted average number of equity
shares outstanding during the period. The weighted average number of
equity shares outstanding during the period is adjusted for events of
bonus issue, bonus element in a rights issue to existing shareholders,
share split and reverse shares split (consolidation of shares).
For the purpose of calculating diluted earnings per shares, the net
profit or loss after tax for the period attributable to equity share
holders and the weighted average number of shares outstanding during
the period are adjusted for the effects for all dilutive potential
equity shares.
xiii) Tax on Income:
Current Tax represents the amount that would be payable based on the
computation of tax as per prevailing taxation laws under IT Act 1961.
Deferred tax is recognized subject to consideration of prudence, on
timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax is calculated
using the tax rates and tax laws that has been enacted and/or
substantially enacted as at the Balance Sheet date. Deferred tax assets
are recognized and carried forward only to the extent that there is
virtual certainty that such deferred tax assets can be realized.
xiv) Contingent Liabilities & Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
Notes to the Financial Statements. Contingent Assets are neither
recognized nor disclosed in the financial statements.
xv) Cash and cash equivalents:
The Company considers all highly liquid financial instruments, which
are readily convertible into cash and have original maturities of three
months or less from the date of purchase, to be cash equivalents.
Mar 31, 2012
I) Accounting Convention:
The financial statement has been prepared under the historical cost
convention in accordance with the generally accepted accounting
principles as adopted consistently by the company.
ii) Use of Estimates:
The preparation of financial statements, in conformity with the
generally accepted accounting principles, requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of financial statements and the reported amount
of revenues and expenses during the reported year. Differences between
the actual results and estimates are recognized in the year in which
the results are known / materialized.
iii) Fixed Assets :
Fixed Assets are stated at cost less accumulated depreciation.
iv) Depreciation :
Depreciation on Fixed Assets has been provided on Written down value
method and at the rates as prescribed in Schedule-XIV to the Companies
Act'' 1956.
v) Impairments:
At each Balance Sheet date, the Company reviews the carrying amount of
its fixed Assets to determine whether there are any indications that
those assets suffered any impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to
determine the extent of impairment loss. The recoverable amount is the
higher of an asset net selling price and value in use. In assessing
value in use , the estimated future cash flow expected from the
continuing use of the assets and from its disposal are discounted to
their present value using a pre-determined rate that reflect the
current market assessment of time value of money and the risks specific
to the assets . Reversal of impairment loss is recognized immediately
as income in the Profit & Loss Account.
vi) Investments:
Long term investments are stated at cost. Short Term Investments are
stated at lower of cost or fair value r. Provision for diminution in
the value of long-term investment is made only if such a decline is
other than temporary in nature in the opinion of the Management. .
vii) Inventories:
Inventories are valued at lower of cost or net realizable value.
viii) Recognition of Revenue:
Sales:
The sales are recognized at the point of dispatch of material to the
customers and bills are raised to them.Sales are shown net of goods
return, rebates, rate differences etc.
Income & Expenditure:
The Company follows mercantile system of accounting and recognizes
significant items of Income & Expenditure on accrual basis.
ix) Foreign Currencies Transactions :
Foreign currency transactions are accounted for at the prevailing
exchange rate as on the date of execution of the transaction or of the
rate cover under forward contract as applicable. Foreign currency
monetary items not covered under forward exchange contract and due at
the end of the year are converted at the exchange rate prevailing as on
that date. Exchange differences arising on the settlement of the
transactions or on reporting at the year end rates are recognized as
Income or as Expenses in the period in which arise, except in respect
of fixed assets acquired from out side India, where exchange variance
is adjusted to the carrying amount of the respective fixed assets.
x) Employees Benefit:
Since the company has no employee during the year, the policy regarding
the Post-employment benefit plans and other employee''s benefits are
not determined and recognized.
xi) Borrowing Costs:
Borrowing costs attributable to qualifying assets are capitalized up to
the date when such assets are ready for their intend use,other
borrowing cost are recognized as expenses in the period in which they
are incurred.
xii) Earnings per Share:
Basic earning per share are calculated by dividing the net profit or
loss for the period attributable to equity share holders (after
deducting attributable taxes) by the weighted average number of equity
shares outstanding during the period. The weighted average number of
equity shares outstanding during the period is adjusted for events of
bonus issue, bonus element in a rights issue to existing shareholders,
share split and reverse shares split (consolidation of shares).
For the purpose of calculating diluted earnings per shares, the net
profit or loss after tax for the period attributable to equity share
holders and the weighted average number of shares outstanding during
the
period are adjusted for the effects for all dilutive potential equity
shares,
xiii) Tax on Income:
Current Tax represents the amount that would be payable based on the
computation of tax as per prevailing taxation laws under IT Act 1961.
Deferred tax is recognized subject to consideration of prudence, on
timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax is calculated
using the tax rates and tax laws that has been enacted and/or
substantially enacted as at the Balance Sheet date. Deferred tax assets
are recognized and carried forward only to the extent that there is
virtual certainty that such deferred tax assets can be realized.
xiv) Contingent Liabilities & Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
Notes to the Financial Statements. Contingent Assets are neither
recognized nor disclosed in the financial statements.
xv) Cash and cash equivalents:
The Company considers all highly liquid financial instruments, which
are readily convertible into cash and have original maturities of three
months or less from the date of purchase, to be cash equivalents.
Mar 31, 2011
Not Available.