Mar 31, 2014
1.1. ACCOUNTING CONVENTION
The accounts have been prepared on historical cost convention on
accrual basis, in accordance with the requirements of The Companies
Act, 1956 and Applicable Statutes and comply with the Accounting
Standards referred to in section 211 (3C) of the Companies Act, 1956.
Accounting Policies are consistently applied except where a newly
issued accounting standard is initially adopted or a revision to an
existing accounting standard requires a change in accounting policy
hitherto in use.
1.2. USE OF ESTIMATES
The preparation of financial statements 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 revenue and expenses during the reporting period. The recognition,
measurement, classification or disclosures of an item or information in
the financial statements are made relying on these estimates. Any
revision to accounting estimates is recognised prospectively.
1.3. FIXED ASSETS
Fixed Assets are stated at their original cost of acquisition including
taxes, duties, freight and other incidental expenses related to
acquisition and installation of the concerned assets.
Depreciation has been provided on written down value (WDV) method at
the rates and in the manner as prescribed in Schedule XIV of the
Companies Act, 1956 only for first quarter because the Company has
surrendered VAT Registration as there is no manufacturing at present.
1.4. INVENTORIES
The stocks of raw materials including stores and spares, packing
materials and finished goods have been taken at cost or net realizable
value whichever is lower. The inventories are valued on the basis of
First in and First out (FIFO) method.
There is no inventory in hand of raw material, including stores and
spares, packing Materials and finished goods at closing of financial
year.
1.5. ACCOUNTING FOR PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT
ASSETS
Provisions involving a 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 outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
Notes to Accounts. Contingent Assets are neither recognized nor
disclosed in the financial statements.
Mar 31, 2013
1.1.ACCOUNTING CONVENTION
The accounts have been prepared on historical cost convention on
accrual basis, in accordance with the requirements of The Companies
Act, 1956 and Applicable Statutes and comply with the Accounting
Standards referred to in section 211 (3C) of the Companies Act, 1956.
Accounting Policies are consistently applied except where a newly
issued accounting standard is initially adopted or a revision to an
existing accounting standard requires a change in accounting policy
hitherto in use.
1.2.USE OF ESTIMATES
The preparation of financial statements 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 revenue and expenses during the reporting period. The recognition,
measurement, classification or disclosures of an item or information in
the financial statements are made relying on these estimates. Any
revision to accounting estimates is recognized prospectively.
1.3.FIXED ASSETS
Fixed Assets are stated at their original cost of acquisition including
taxes, duties, freight and other incidental expenses related to
acquisition and installation of the concerned assets.
Depreciation has been provided on written down value (WDV) method at
the rates and in the manner as prescribed in Schedule XIV of the
Companies Act, 1956.
1.4. INVENTORIES
The stocks of raw materials have been taken at cost. The inventories
are valued on the basis of First in and First out (FIFO) method.
1.5.ACCOUNTING FOR PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT
ASSETS
Provisions involving a 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 outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
Notes to Accounts. Contingent Assets are neither recognized nor
disclosed in the financial statements.
Mar 31, 2012
1.1. ACCOUNTING CONVENTION
The accounts have been prepared on historical cost convention on
accrual basis, in accordance with the requirements of The Companies
Act, 1956 and Applicable Statutes and comply with the Accounting
Standards referred to in section 211 (3C) of the Companies Act, 1956.
Accounting Policies are consistently applied except where a newly
issued accounting standard is initially adopted or a revision to an
existing accounting standard requires a change in accounting policy
hitherto in use.
1.2. USE OF ESTIMATES
The preparation of financial statements 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 revenue and expenses during the reporting period. The recognition,
measurement, classification or disclosures of an item or information in
the financial statements are made relying on these estimates. Any
revision to accounting estimates is recognized prospectively.
1.3. FIXED ASSETS
Fixed Assets are stated at their original cost of acquisition including
taxes, duties, freight and other incidental expenses related to
acquisition and installation of the concerned assets.
Depreciation has been provided on written down value (WDV) method at
the rates and in the manner as prescribed in Schedule XIV of the
Companies Act, 1956.
1.4. INVENTORIES
The stocks of raw materials including stores and spares, packing
materials and finished goods have been taken at cost or net realizable
value whichever is lower. The inventories are valued on the basis of
First in and First out (FIFO) method.
1.5. ACCOUNTING FOR PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT
ASSETS
Provisions involving a 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 outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
Notes to Accounts. Contingent Assets are neither recognized nor
disclosed in the financial statements.
Mar 31, 2010
1.1. ACCOUNTING CONVENTION
The accounts have been prepared on historical cost convention on
accrual basis, in accordance with the requirements of The Companies
Act, 1956 and Applicable Statutes and comply with the Accounting
Standards referred to in section 211 (3C) of the Companies Act, 1956.
Accounting Policies are consistently applied except where a newly
issued accounting standard is initially adopted or a revision to an
existing accounting standard requires a change in accounting policy
hitherto in use.
1.2. USE OF ESTIMATES
The preparation of financial statements 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 revenue and expenses during the reporting period. The recognition,
measurement, classification or disclosures of an item or information in
the financial statements are made relying on these estimates. Any
revision to accounting estimates is recognised prospectively
1.3. FIXED ASSETS
Fixed Assets are stated at their original cost of acquisition including
taxes, duties, freight and other incidental expenses related to
acquisition and installation of the concerned assets.
Depreciation has been provided on written down value (WDV) method at
the rates and in the manner as prescribed in Schedule XIV of the
Companies Act, 1956.
1.4. INVENTORIES
The stocks of raw materials including stores and spares, packing
materials and finished goods have been taken at cost or net realizable
value whichever is lower. The inventories are valued on the basis of
First in and First out (FIFO) method.
1.5. ACCOUNTING FOR PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT
ASSETS
Provisions involving a 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 outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
Notes to Accounts. Contingent Assets are neither recognized nor
disclosed in the financial statements.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article