Mar 31, 2015
1. Accounting Convention :
a. General
(i) These Accounts are prepared on the historical cost basis and on the
accounting principles of a going concern.
(ii) Accounting policies not specifically referred to otherwise, are
consistent and in consonance with the generally accepted accounting
principles prescribed by the (Accounting Standards) Rules, 2006 issued
by the Central Government.
b. Revenue Recognition
(i) The Company follows the mercantile system of Accounting and
recognizes income and expenditure on accrual basis.
(ii) Revenue is not recognized on the grounds of prudence, until
realized in respect of liquidated damages, delayed payments as recovery
of the amounts are not certain.
c. Use of Estimates
The preparation of the Financial statements is on conformity with the
generally accepted accounting principles which requires the management
to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent liabilities on the
date of the financial statements and the results of operations during
the reporting periods. Although these estimates are based upon the
management's best knowledge of current events and actions, actual
results could differ from the estimates and revisions, if any,
recognized in the current and future periods.
d. Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation. Cost of
Acquisition of fixed assets is inclusive of duties and incidental
expenses thereto.
e. Depreciation and Amortization
Depreciation on fixed assets is computed on the straight line method
and as per useful life as prescribed under Part C of Schedule II of the
Companies Act, 2013.
f. Impairment of Assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset. If
such recoverable amount of the asset or the recoverable amount of the
cash generating unit to which the asset belongs is less than its
carrying amount, the carrying amount is reduced to its recoverable
amount and the reduction is treated as an impairment loss and is
recognized in the Profit and Loss Account. If at the balance sheet date
there is an indication that a previously assessed impairment loss no
longer exists, the recoverable amount is reassessed and the asset is
reflected at the recoverable amount subject to a maximum of depreciated
historical cost.
2. Investment :
The Quoted and Unquoted Investments are stated at cost i.e. cost of
acquisition, inclusive of the expenses incidental to acquisition,
wherever applicable.
3. Inventories :
Inventories are valued at Cost or Market Price, whichever is lower.
4. Taxes on Income :
The current charge for income tax is calculated in accordance with the
relevant tax regulations applicable to the company, deferred tax asset
and liability is recognized for future tax consequences attributable to
the timing differences that result between the profit offered for
income tax and the profit as per the financial Statements. Deferred tax
asset & liability are measured as per the tax rates/ laws that have
been enacted or substantively enacted by the Balance Sheet date.
5. Earnings per Share :
The Earnings considered in ascertaining the Earnings per Share
comprises the Net Profit after Tax. The number of Shares used in the
computation of the Earnings per Share is the weighted average number of
Shares outstanding during the year.
6. Gratuity :
No provision for Gratuity has been made in the accounts as none of the
employees of the Company have completed five years of services as
required by the payment of Gratuity Act.
7. Related Party Disclosures
The Company furnishes the Disclosure of transactions with related
parties, as required by Accounting Standard 18 "Related Party
Disclosure" as specified in the Companies (Accounting Standard) Rules,
2006. Related parties as defined under clause 3 of the Accounting
Standard 18 have been identified on the basis of representation made by
the management and information available with the company.
Mar 31, 2014
A. General
(i) These Accounts are prepared on the historical cost basis and on the
accounting principles of a going concern.
(ii) Accounting policies not specifically referred to otherwise, are
consistent and in consonance with the generally accepted accounting
principles prescribed by the (Accounting Standards) Rules, 2006 issued
by the Central Government.
b. Revenue Recognition
(i) The Company follows the mercantile system of Accounting and
recognizes income and expenditure on accrual basis.
(ii) Revenue is not recognized on the grounds of prudence, until
realized in respect of liquidated damages, delayed payments as recovery
of the amounts are not certain.
c. Use of Estimates
The preparation of the Financial statements is on conformity with the
generally accepted accounting principles which requires the management
to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent liabilities on the
date of the financial statements and the results of operations during
the reporting periods. Although these estimates are based upon the
management''s best knowledge of current events and actions, actual
results could differ from the estimates and revisions, if any,
recognized in the current and future periods.
d. Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation. Cost of
Acquisition of fixed assets is inclusive of duties and incidental
expenses thereto.
e. Depreciation and Amortization
Depreciation is provided on Straight line Method on pro- rata basis and
at the rates and manner specified in Schedule XIV of the Companies Act,
1956.
f. Impairment of Assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount ofthe asset. If
such recoverable amount of the asset or the recoverable amount of the
cash generating unit to which the asset belongs is less than its
carrying amount, the carrying amount is reduced to its recoverable
amount and the reduction is treated as an impairment loss and is
recognized in the Profit and Loss Account. If at the balance sheet date
there is an indication that a previously assessed impairment loss no
longer exists, the recoverable amount is reassessed and the asset is
reflected at the recoverable amount subject to a maximum of depreciated
historical cost.
Mar 31, 2013
A. General
(I) These Accounts are prepared on the historical cost basis and on the
accounting principles of a going concern.
(ii) Accounting policies not specifically referred to otherwise, are
consistent and in consonance with the generally accepted accounting
principles prescribed by the (Accounting Standards) Rules, 2006 issued
by the Central Government.
b. Revenue Recognition
(I) The Company follows the mercantile system of Accounting and
recognizes income and expenditure on accrual basis.
(ii) Revenue is not recognized on the grounds of prudence, until
realized in respect of liquidated damages, delayed payments as recovery
of the amounts are not certain.
c. Use of Estimates
The preparation of the Financial statements is on conformity with the
generally accepted accounting principles which requires the management
to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent liabilities on the
date of the financial statements and the results of operations during
the reporting periods. Although these estimates are based upon the
management''s best knowledge of current events and actions, actual
results could differ from the estimates and revisions, if any,
recognized in the current and future periods.
d. Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation. Cost of
Acquisition of fixed assets is inclusive of duties and incidental
expenses thereto
e. Depreciation and Amortization
Depreciation is provided on Straight line Method on pro- rata basis and
at the rates and manner specified in Schedule XIV ofthe Companies Act,
1956.
f. Impairment of Assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset. If
such recoverable amount of the asset or the recoverable amount of the
cash generating unit to which the asset belongs is less than its
carrying amount, the carrying amount is reduced to its recoverable
amount and the reduction is treated as an impairment loss and is
recognized in the Profit and Loss Account. If at the balance sheet date
there is an indication that a previously assessed impairment loss no
longer exists, the recoverable amount is reassessed and the asset is
reflected at the recoverable amount subject to a maximum of depreciated
historical cost.
Mar 31, 2011
General
(i) These accounts are prepared on the historical cost basis and on the
Accounting principles of a going concern.
(ii) Accounting policies not specifically referred to otherwise arc
consistent and in consonance with generally accepted accounting
Principles.
Revenue Recognition:
(i) The Company follows the mercantile system of Accounting and
recognizes income and expenditure on accrual basis.
(ii) Revenue is not recognized on the grounds of prudence, until
realized in respect of liquidated damages, delayed payments as recovery
of the amounts are not certain. investments,;
(i) Investments are stated at cost i.e. cost of acquisition, inclusive
of expenses incidental to acquisition wherever applicable.
Fixed Assets:
(i) Fixed assets are started at cost less accumulated depreciation.
Cost of acquisition of fixed assets is inclusive of freight, duties
taxes and incidental expenses thereto.
Depreciation and Amortization :
(i) Depreciation is provided on straight line method on pro-rata basis
and at the rates and manner specified in the Schedule XIV of the
Companies Act, 1956.
Inventories :
Inventories are valued at cost or market price whichever is lower.
Taxation:
The current charge for income tax is calculated in accordance with the
relevant tax regulations applicable to the company, deferred tax
asset and liability is recognized for future consequences attributable
to the timing differences that result between the profit offered for
income tax and the profit as per the financial Statements. Deferred tax
asset & liability are measured as per the tax rates/ laws that have
been enacted or substantively enacted by the Balance Sheet date.
Earnings Per Share:
The earning considered in ascertaining the company's earnings per
Share comprises net Profit after tax. The number of shares used in
computing basic earnings per share is the weighted average number of
shares outstanding during the year.
Gratuity:
No provision for gratuity has been made as no employee has put in
qualifying period of service for entitlement of this benefit.
Mar 31, 2010
General;
(i) These accounts are prepared on the historical cost basis and on the
accounting principles of a going concern. (ii) Accounting policies not
specifically referred to otherwise are consistent and in consonance with
generally accepted accounting Principles.
Revenue Recognition :
(i) The Company follows the Mercantile system of Accounting and
recognizes income and expenditure on accrual basis.
(ii) Revenue is not recognized on the grounds of prudence, until realized
in respect of liquidated damages, delayed payments as recovery of the
amounts are not certain.
Investments:
(i) Investments are stated at cost i.e cost of acquisition, inclusive
of expenses incidental to acquisition wherever applicable.
Fixed Assets :
(i) Fixed assets are started at cost less accumulated depreciation.
Cost of acquisition of fixed assets is inclusive of freight, duties
taxes and incidental expenses thereto.
Depreciation and Amortization :
(i) Depreciation is provided on straight line method on pro-rata basis
and at the rates and manner specified in the Schedule XIV of the
Companies Act, 1956.
Inventories:
Inventories are valued at cost or market price whichever is lower.
Taxation :
The current charge for income tax is calculated in accordance with the
relevant tax regulations ap- plicable to the company, Deferred tax
asset and liability is recognized for future tax consequences
attributable to the timing differences that result between the profit
offered for income tax and the profit as per the financial Statements.
Deferred tax asset & liability are measured as per the tax rates/ laws
that have been enacted or substantively enacted by the Balance Sheet
date.
Earning Per Share:
The earning considered in ascertaining the companys earning per Share
comprises net Profit after tax. The number of shares used in computing
basic earning per share is the weighted average number of shares
outstanding during the year.
No provision for gratuity has been made as no employee has put in
qualifying period of service for entitlement of this benefit.
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