Mar 31, 2015
1. Basis of Accounting
The financial statements have prepared under historical cost convention
on an accrual basis and comply with the Accounting Standards referred
to in Section 211(3C) of the Companies Act 1956.
2. Use of Estimates
The presentation 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 the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognized in the period in
which the results are known/materialized.
3. Fixed Assets and Depreciation
Fixed Assets are stated at historical cost less accumulated
depreciation thereon..Depreciation has been provided as per straight
line method and as per its useful life prescribed under Schedule II of
the Companies Act, 2013.
4. Inventories
Inventories are stated at cost or net realizable value, whichever is
lower.
5. Investments
All investments are for long term holding and are valued at cost.
6. 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
reliable measured.
7. Taxes on Income
Provision for taxation comprises of Current Tax, and Deferred Tax.
Current Tax provision has been made on the basis of reliefs and
deductions available under the Income Tax Act, 1961. Deferred Tax is
recognized for all the timing differences, subject to consideration of
prudence, applying the tax rates that have been substantially enacted
at the Balance Sheet date.
8. Provisions
Provisions are recognized only when there is a present obligation as a
result of past events and when a reliable estimate of the amount of the
obligation can be made.
9. Loan/sundry debtor/sundry creditor
Balance of Loan/sundry debtor/sundry creditor is subject to
confirmation of parties.
10. Bank Balance
Bank balances are subject to reconciliation.
Mar 31, 2014
1. Basis of Accounting
The financial statements have prepared under historical cost convention
on an accrual basis and comply with the Accounting Standards referred
to in Section 211(3C) of the Companies Act 1956.
2. Use of Estimates
The presentation 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 the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognized in the period in
which the results are known/materialized.
3. Fixed Assets and Depreciation
Fixed Assets are stated at historical cost less accumulated
depreciation thereon..Depreciation has been provided as per straight
line method and as per its useful life.
4. Inventories:
Inventories are stated at cost or net realizable value, whichever is
lower.
5. Investments
All investments are for long term holding and are valued at cost.
6. Taxes on Income
Provision for taxation comprises of Current Tax, and Deferred Tax.
Current Tax provision has been made on the basis of reliefs and
deductions available under the Income Tax Act, 1961. Deferred Tax is
recognized for all the timing differences, subject to consideration of
prudence, applying the tax rates that have been substantially enacted
at the Balance Sheet date.
7. Bank Balance
Bank balances are subject to reconciliation.
8. Loan/sundry debtor/sundry creditor
Balance of Loan/sundry debtor/sundry creditor is subject to
confirmation of parties.
9. Provisions
Provisions are recognized only when there is a present obligation as a
result of past events and when a reliable estimate of the amount of the
obligation can be made.
10. Classification of Assets & Liabilities
The Revised Schedule VI to the Companies Act, 1956 requires assets and
liabilities to be classified as either Current or Non-current.
(a) An asset shall be classified as current when it satisfies any of
the following criteria:
(i) it is expected to be realized in, or is intended for sale or
consumption in, the Company''s normal operating cycle;
(ii) It is held primarily for the purpose of being traded;
(iii) It is expected to be realized within twelve months after the
reporting date; or
(iv) It is cash or cash equivalent unless it is restricted from being
exchanged or used to settle a liability for at least twelve months
after the reporting date.
(b) All assets other than current assets shall be classified as
non-current.
(c) A liability shall be classified as current when it satisfies any of
the following criteria:
(i) It is expected to be settled in the company''s normal operating
cycle;
(ii) It is held primarily for the purpose of being traded;
(iii) It is due to be settled within twelve months after the reporting
date; or
(iv) The company does not have an unconditional right to defer
settlement of the liability for at least twelve months after the
reporting date.
(e) All liabilities other than current liabilities shall be classified
as non-current
Right, Preferences and Restriction attached to shares
Equity shares
The company has only one class of Equity having a par value Rs. 10.00
per share. Each shareholder is eligible for one vote per share held. In
the event of liquidation, the Equity shareholders are eligible to
receive the remaining assets of the company after distribution of all
preferential amounts, in proportion to their shareholding.
The Company had purchased 23,300 Nos. of UTI Master Gain. The same was
misappropriated in transit. The Company had filed suit before the
Hon''ble Civil Court, Rajkot. The same was disposed in favor of the
Company and an execution application has also been filed, which is
pending for disposal before the Hon''ble Civil Court, Rajkot.
Mar 31, 2012
1. Basis of Accounting
The financial statements have prepared under historical cost convention
on an accrual basis and comply with the Accounting Standards referred
to in Section 211(3C) of the Companies Act 1956.
2. Income & Expenditure
The Company follows the accrual method of accounting as per the
Companies Act, 1956 and complies with the Reserve Bank of India
guidelines for Non Banking Financial Companies. The Accounts have been
prepared on going concern basis.
3. Use of Estimates
The presentation 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 the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognized in the period in
which the results are known / materialized.
4. Fixed Assets and Depreciation
Fixed Assets are stated at historical cost less accumulated
depreciation thereon. Depreciation on assets is provided on straight
line method at the rates prescribed under Schedule XVI of the Companies
Act, 1956.
5. Investments:
All investments are for long term holding and are valued at cost.
6. Inventories
Inventories are stated at cost or market price which ever is lower.
7. Taxes on Income
Deferred tax asset is recognized, subject to the consideration of
prudence, on timing difference, 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.
8. Misc. Expenditure
Misc. expenditures shall be amortized equally over a period of 5 years.
9. Previous year's figures
The figures have been rounded off to the nearest rupee. Previous year
figures have been regrouped wherever found necessary to make it
comparable.
10. Provisions
The company has provided adequate provision on Standard Asset and Non
Performing Assets in accordance with the guidelines issued by the
Reserve Bank of India.
11. Classification of Assets & Liabilities
The Revised Schedule VI to the Companies Act, 1956 requires assets and
liabilities to be classified as cither Current or Non-current.
(a) An asset shall be classified as current when it satisfies any of
the following criteria:
(i) it is expected lo be realized in, or is intended for sale or
consumption in. the Company's normal operating cycle;
(ii) It is held primarily for the purpose of being traded:
(iii) It is expected to be realized within twelve months after the
reporting date; or
(iv) It is cash or cash equivalent unless it is restricted from being
exchanged or used to settle a liability for at least twelve months
after the reporting date.
(b) All assets other than current assets shall be classified as
non-current.
(c) A liability shall be classified as current when it satisfies any of
the following criteria:
(i) It is expected to be settled in the company's normal operating
cycle;
(ii) It is held primarily for the purpose of being traded;
(iii) It is due to be settled within twelve months after the reporting
date; or
fiv) The company does not have an unconditional right to defer
settlement of the liability for at least twelve months after the
reporting date.
(d) All liabilities other than current liabilities shall be classified
as non-current.
Mar 31, 2010
The Account are prepared in accordance with accounting policies and
principles generally accepted in India. The Company follows the accrual
method of accounting as per the Companies Act, 1956 and complies with
the Reserve Bank of India guidelines for Non Banking Financial
Companies. The accounts have been prepared on going concern basis.
(a) Incomes:
Income is recognised on accrual basis.
(b) Expenditure:
The Expenses incurred by the Company are accounted for on accrual
basis. Provision has been made for long for the expenses which can be
determined with reasonable certainty.
(c) Investments:
All investments are for long term holding and are valued at cost.
(d) Fixed Assets:
Fixed Assets are accounted for in the books at cost including
incidental charges, if any, less accumulated depreciation.
(e) Depreciation on Fixed Assets:
The Company provides depreciation on straight line method at the rates
prescribed under Schedule XVI to the Companies Act, 1956 with reference
to completed months of installation.
(f) Taxes On Income:
(i) Current Tax is determined as the amount of tax payable in respect
of taxable income for the period. (II) Deferred tax is recognised
.subject to the consideration of prudence, on timing difference , being the
difference between taxable income & accounting income that originate in
one period and are capable of reversal in one or more subsequent
periods.
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