Mar 31, 2014
A) Basis of preparation of Financial Statement
The Financial Statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles, the Accounting Standards notified in the section 211 (3C)
of the Companies Act 1956 and the relevant provisions of the Companies
Act, 1956 as adopted consistently by the company.
The Company follows mercantile system of accounting & recognizes income
& expenditure on accrual basis.
b) USE OF ESTIMATES:
Preparation of financial statements in conformity with generally
accepted accounting principles require management to make estimates and
assumptions that affect the reported amounts 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.
c) Fixed Assets.
Fixed Assets are stated at cost of acquisition and installation cost
less accumulated depreciation and impairment loss, if any.
d) Depreciation:
Depreciation on Office Equipment , Computer , Mobile Phone & Printer
has been provided on written down value at the rate prescribed in
schedule XIV of the Companies Act 1956.Depreciation on Fixed Assets
added/disposed off during the year is provided on pro-rata basis .
Building and Electrical Installation has been retired from active use
and held for disposal , are valued at carrying amount as recoverable
amount is more than the carrying amount , as per independent valuation
carried out by the company. Hence depreciation is not provided as per
Accounting Standard 6.
e) Impairment of Assets.
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment based on internal /external factors.
An impairment loss is recognized wherever the carrying amount of fixed
assets exceeds its recoverable amount. The recoverable amount is
measured as the higher of the net selling price and the value in use
determined by the present value of estimated future cash flows.
f) Cash and cash equivalents ( for purpose of Cash Flow Statement) Cash
comprise cash on hand and demand deposits with banks. Cash equivalents
are short-term balances (with an original maturity of three months or
less from the date of acquisition), highly liquid investments that are
readily convertible into known amounts of cash and which are subject to
insignificant risk of changes in value.
g) Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit/
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the company are
segregated based on the available information.
h) Investments:
Investments are classified into current and Non Current investments.
Non Current investments are carried at cost. A provision for diminution
in value of Non Current investments is made for each investment
individually if such decline is other than temporary. Current
investments are stated at the lower of cost or market value, computed
category wise.
i) Revenue Recognition:
Revenue from consultancy, rental & interest income are recognized on
mercantile system. Dividend income is recognized as and when the right
to receive the amount is established.
j) Employee Benefit :
Short term employee benefits like salaries are provided on accrual
basis. The provident fund , E.S.I , gratuity are not applicable to the
company.
k) Provision, Contingent Liabilities and Contingent Assets
Provisions are recognized when the company has present obligation as a
result of past events, for which it is probable that an outflow of
resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made for the amount of the
obligation.
Contingent Liabilities are disclosed by way of notes to financial
statements. Contingent Assets are neither recognized nor disclosed in
the financial statements. Provisional, Contingent Liabilities and
Contingent Assets are reviewed at each balance sheet date.
l) Taxes on income:
Deferred tax is recognized on timing differences between the accounting
income and the taxable income for the year that originate in one period
and are capable of reversal in one or more subsequent periods. Such
deferred tax is quantified using the tax rates and laws enacted or
substantively enacted us on the balance sheet date.
Deferred tax assets are recognized and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realized.
n) Earnings per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity by the weighted average
number of equity shares outstanding during the period. For the purpose
of calculating diluted earnings per share, the net profit or loss for
the period attributable to equity shareholders and the weighted average
number of shares outstanding during the period are adjusted for the
effects of all dilutive potential equity shares.
a) Terms/rights attached to equity shares
The company has only one class of equity shares having a par value of
Rs 10/- per share. Each holder of equity shares is entitled to one vote
per share. The dividend if any proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual
General Meeting. During the year ended 31 March 2014, the company has
not declared any dividend to equity shareholders (31 March 2013: Rs
Nil).
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders
a) The Company has invested in shares of one of the enteprises
significantly influenced by key management personnel namely, Sanblue
Enterprises Pvt Ltd. The net worth of that company has turned negative.
The permanent diminuton in value of investment has been reduced
earlier. No provision has been made for any possible loss in value of
investments, considering the instrinsic value of the business, the
nature of invesments being of a long term nature and the expected
improvement in performance of the investee company.
b) Investments :
No Provision for difference between book value and market value of
Rs.2959628 ( P.Y. 3163987/-) in value of long term quoted investments
in one script has been made since in the opinion of the management such
difference is of temporary nature and do not represent a diminution
other than temporary.
Mar 31, 2013
A) Basis of preparation of Financial Statement
The Financial Statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles, the Accounting Standards notified in the section 211 (3C)
of the Companies Act 1956 and the relevant provisions of the Companies
Act, 1956 as adopted consis- tently by the company.
The Company follows mercantile system of accounting & recognizes income
& expenditure on accrual basis.
b) USE OF ESTIMATES :
Preparation of financial statements in conformity with generally
accepted accounting principles require management to make estimates and
assumptions that affect the reported amounts of assets and liabili-
ties 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.
c) Fixed Assets :
Fixed Assets are stated at cost of acquisition and installation cost
less accumulated depreciation and impairment loss, if any.
d) Depreciation :
Depreciation on Office Equipment, Computer, Mobile Phone & Printer has
been provided on written down value at the rate prescribed in schedule
XIV of the Companies Act 1956. Depreciation on Fixed Assets
added/disposed off during the year is provided on pro-rata basis.
Building and Electrical Installation has been retired from active use
and held for disposal, are valued at carrying amount as recoverable
amount is more than the carrying amount, as per independent valuation
carried out by the company. Hence depareciations is not provided as per
Accounting Standard 6.
e) Impairment of Assets :
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment based on internal /external factors.
An impairment loss is recognized wherever the carrying amount of fixed
assets exceeds its recoverable amount. The recoverable amount is
measured as the higher of the net selling price and the value in use
determined by the present value of estimated future cash flows.
f) Cash and Cash Equivalents (For Purpose of Cash Flow Statement)
Cash comprise cash on hand and demand deposits with banks. Cash
equivalents are short-term balanes (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
g) Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit/
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the company are
segregated based on the available information.
h) Investments :
Investments are classified into current and Non Current investments.
Non Current investments are carried at cost. A provision for diminution
in value of Non Current invest- ments is made for each investment
individually if such decline is other than temporary. Current invest-
ments are stated at the lower of cost or market value, computed
category wise.
i) Revenue Recognition:
Revenue from consultancy, rental & interest income are recognized on
mercantile system. Dividend income is recognized as and when the right
to receive the amount is established.
j) Employee Benefit :
Short term employee benefits like salaries are provided on accrual
basis. The provident fund , E.S.I , gratuity are not applicable to the
company.
k) Provision, Contingent Liabilities and Contingent Assets
Provisions are recognized when the company has present obligation as a
result of past events, for which it is probable that an outflow of
resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made for the amount of the
obligation.
Contingent Liabilities are disclosed by way of notes to financial
statements. Contingent Assets are nei- ther recognized not disclosed in
the financial statements. Provisional, Contingent Liabilities and
Contin- gent Assets are reviewed at each balance sheet date.
l) Taxes on income :
Deferred tax is recognized on timing differences between the accounting
income and the taxable income for the year that originate in one period
and are capable of reversal in one or more subsequent periods. Such
deferred tax is quantified using the tax rates and laws enacted or
substantively enacted us on the balance sheet date.
Deferred tax assets are recognized and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realized.
n) Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity by the weighted average
number of equity shares outstanding during the period. For the purpose
of calculating diluted earnings per share, the net profit or loss for
the period attributable to equity sharehold- ers and the weighted
average number of shares outstanding during the period are adjusted for
the effects of all dilutive potential equity shares.
Presentation and disclosure of financial statements
The Annual Accounts for the current year has been prepared as per
Revised Schedule VI notified by Ministry of COrporate Affairs vide
S.O.447(E) dated 28.02.2011. The previous year figures have also been
regrouped/reclassified and re-casted as per the requirement of Revised
Schedule VI.
Mar 31, 2012
A) Basis of preparation of Financial Statement
The Financial Statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles, the Accounting Standards notified in the section 211 (3C)
of the Companies Act 1956 and the relevant provisions of the Companies
Act, 1956 as adopted consistently by the company.
b) The Company follows mercantile system of accounting & recognizes
income & expenditure on accrual basis.
b) USE OF ESTIMATES :
Preparation of financial statements in conformity with generally
accepted accounting principles require management to make estimates and
assumptions that affect the reported amounts of assets and liability
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.
c) Fixed Assets.
Fixed Assets are stated at cost of acquisition.
d) Cash and cash equivalents ( for purpose of Cash Flow Statement)
Cash comprise cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of
three months or less from the date of acquisition), highly liquid
investments that are readily convertible into known amounts of cash
and which are subject to insignificant risk of changes in value.
e) Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit/
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the company are
segregated based on the available information.
f) Depreciation :
Depreciation on Office Equipment , Computer , Mobile Phone & Printer
has been provided on written down value at the rate prescribed in
schedule XIV of the Companies Act 1956.Depreciation on Fixed Assets
added/disposed off during the year is provided on pro-rata basis .
Building and Electrical Installation are retired from active use and
held for disposal , are valued at carrying amount as recoverable amount
is more than the carrying amount , as per independent valuation
carried out by the company. Hence depreciation is not provided as per
Accounting Standard 10.
g) Impairment of Assets.
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment based on internal /external factors.
An impairment loss is recognized wherever the carrying amount of fixed
assets exceeds its recoverable amount. The recoverable amount is
measured as the higher of the net selling price and the value in use
determined by the present value of estimated future cash flows.
h) Investments :
Investments are classified into current and Non Current investments.
Non Current investments are carried at cost. A provision for diminution
in value of Non Current investments is made for each investment
individually if such decline is other than temporary. Current
investments are stated at the lower of cost or market value, computed
category wise.
i) Revenue Recognition:
Revenue from consultancy, rental & interest income are recognized on
mercantile system. Dividend income is recognized as and when the right
to receive the amount is established.
j) Employee Benefit :
Short term employee benefits like salaries are provided on accrual
basis. The provident fund , E.S.I , gratuity are not applicable to the
company.
k) Provision, Contingent Liabilities and Contingent Assets
Provisions are recognized when the company has present obligation as a
result of past events, for which it is probable that an outflow of
resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made for the amount of the
obligation.
Contingent Liabilities are disclosed by way of notes to financial
statements. Contingent Assets are neither recognized not disclosed in
the financial statements. Provisional, Contingent Liabilities and
Contingent Assets are reviewed at each balance sheet date.
l) Taxation :
Deferred tax is recognized on timing differences between the accounting
income and the taxable income for the year that originate in one period
and are capable of reversal in one or more subsequent periods. Such
deferred tax is quantified using the tax rates and laws enacted or
substantively enacted us on the balance sheet date.
Deferred tax assets are recognized and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realized.
n) Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity by the weighted average
number of equity shares outstanding during the period. For the purpose
of calculating diluted earnings per share, the net profit or loss for
the period attributable to equity share- holders and the weighted
average number of shares outstanding during the period are adjusted for
the effects of all dilutive potential equity shares.
Mar 31, 2011
A) Basis of preparation of Financial Statement :
a) The Financial Statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles, the Accounting Standards notified in the section 211 (3C)
of the Companies Act 1956 and the relevant provisions of the Companies
Act, 1956 as adopted consistently by the company.
b) The Company follows mercantile system of accounting & recognizes
income & expenditure on accrual basis.
b) USE OF ESTIMATES :
Preparation of financial statements in conformity with generally
accepted accounting principles require management to make estimates and
assumptions that affect the reported amounts 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.
c) Fixed Assets :
Fixed Assets are stated at cost of acquisition.
d) Depreciation :
Depreciation on Office Equipment, Computer, Mobile Phone & Printer has
been provided on written down value at the rate prescribed in schedule
XIV of the Companies Act 1956. Depreciation on Fixed Assets
added/disposed off during the year is provided on pro-rata basis.
Building and Electrical Installation are retired from active use and
held for disposal, are valued at carrying amount as recoverable amount
is more than the carrying amount, as per independent valuation carried
out by the company. Hence depreciation is not provided as per
Accounting Standard 10.
e) Revenue Recognition :
Revenue from consultancy, rental & interest income are recognized on
mercantile system. Dividend income is recognized as and when the right
to receive the amount is established.
f) Employee Benefit :
Short term employee benefits like salaries are provided on accrual
basis. The provident fund, E.S.I., gratuity are not applicable to the
company.
g) Investments :
Investments are classified into current and long term investments.
Long term investments are carried at cost. A provision for diminution
in value of long term investments is made for each investment
individually if such decline is other than temporary . Current
investments are stated at the lower of cost and gain value, computed
category wise.
h) Provision, Contingent Liabilities and Contingent Assets :
Provisions are recognized when the company has present obligation as a
result of past events, for which it is probable that an outflow of
resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made for the amount of the
obligation.
Contingent Liabilities are disclosed by way of notes to financial
statements. Contingent Assets are neither recognized not disclosed in
the financial statements. Provisional, Contingent Liabilities and
Contingent Assets are reviewed at each balance sheet date.
i) Impairment of Assets :
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment based on internal /external factors.
An impairment loss is recognized wherever the carrying amount of fixed
assets exceeds its recoverable amount. The recoverable amount is
measured as the higher of the net selling price and the value in use
determined by the present value of estimated future cash flows.
j) Taxation :
Deferred tax is recognized on timing differences between the accounting
income and the taxable income for the year that originate in one period
and are capable of reversal in one or more subsequent periods. Such
deferred tax is quantified using the tax rates and laws enacted or
substantively enacted us on the balance sheet date. Deferred tax
assets are recognized and carried forward to the extent that there is a
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realized.
Mar 31, 2010
A) Basis of preparation of Financial Statement
a) The Financial Statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles, the Accounting Standards notified in the section 211 (3C)
of the Companies Act 1956 and the relevant provisions of the Companies
Act, 1956 as acopted consistently by the company.
b) The Company follows mercantile system of accounting & recognizes
income & expenditure on accrual basis.
b) Fixed Assets
Fixed Assets are stated at cost of acquisition
c) Depreciation:
Depreciation on Office Equipment, Computer. Mobile Phone & Printer has
been provided on written down value at the rate prescribed in schedule
XIV of the Companies Act 1956. Depredation on Fixed Assets added
disposed off during the year is provided on pro-rata basis.
Building, Electrical Installation, Furniture & fixtures are retired
from active use and held for disposal. are valued at carrying amount as
recoverable amount is more than the carrying amount. as per independent
valuation carried out by the company. Hence depreciation is not
provided as per Accounting Standard 10.
d) Revenue Recognition
Revenue from consultancy, rental & interest income are recognized on
nercantile system
e) Employee Benefit:
Short term employee benefits like salaries are provided on accrual
basis The provident fund, E.S. I, gratuity are not applicable to the
company.
f) Investments:
Long term investment are stated at cost and where there is permanent
diminution in the value of investment a provision / reduction is made
wherever applicable.
g) Taxation :
Deferred tax is recognized on timing differences between the accounting
income and the taxable income for the year that originate in one period
and are capable of reversal in one or more subsequent periods. Such
deferred tax is quantified using the tax rates and laws enacted or
substantively enacted us on the balance sheet date. Deferred tax
assets are recognized and carried forward to the extent that there is a
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realized.
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