Mar 31, 2014
The Financial Statements have been prepared under the historical cost
convention on the accrual basis of accounting and on the accounting
principles of going concern, in accordance with all the applicable
accounting principles generally accepted in India and .comply with the
mandatory applicable accounting standards notified under sub-section
(3C) of Section 211 of the Companies Act, 1956 and other relevant
provisions of the Companies Act, 1956 and the rules, regulations and
guidelines made thereunder.
1. Fixed Assets: Fixed assets have been capitalized at its acquisition
cost and all other costs attributable to bring the assets to its
working conditions for their intended use as reduced by the accumulated
depreciation and impairment loss, if any.
2. Depreciation: Depreciation on fixed assets is provided on straight
line basis at the rates provided in Schedule XIV to the Companies Act,
1956. Depreciation on assets acquired during the year has been provided
on Pro-rata basis including the month during which the asset is
capitalized.
3. Inventory: Stocks of Stores and Truck spares have been valued at
lower of cost or realizable value. The Company is following first in
first out method for valuation of inventories.
4. 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.
5. Recognition of Income & Expenditure Income and expenditure are
generally accounted on accrual basis in accordance with the applicable
accounting standards. Freight income is accounted when goods are
delivered by the Company to customers. Freight expenses are accounted
when the goods are delivered to the intended customers.
6. Investments: Long Term Investments are stated at cost. Reduction in
market value of quoted investments due to temporary market fluctuations
is not provided for in the books of accounts. Current investments are
stated at lower of cost and fair value.
7. Expenditure on Research and Development: The Company has not
incurred any expenditure, on research and development, during the year.
8. Segmental Revenue and Expenditure: The Company identifies primary
segments based on the dominant source, nature of risks and returns and
the internal organisation and management structure. The operating
segments are the segments for which separate financial information is
available and for which operating profit/loss amounts are evaluated
regularly by the executive Management in deciding how to allocate
resources and in assessing performance.
9. Employee Benefits: Defined contribution plans- are post-employment
benefit plans under which the Company pays fixed contributions into
separate entities (Provident Fund Authority). The Company has no
further payment obligations once the contributions have been paid. The
Company''s contributions to the defined contribution plans are
recognised as an expense when they are due. Defined benefit plans- The
Gratuity and leave encashment liability of the Company is not funded.
Valuations for gratuity and leave encashment liability have been
carried out by independent actuary as on the date of Balance Sheet.
Provision for Taxation: Current tax is the amount of tax payable on the
taxable income for the year as determined in accordance with the
provisions of the Income Tax Act, 1961.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
gives future economic benefits in the form of adjustment to future
income tax liability, is considered as art asset if there is convincing
evidence that the Company will pay normal income tax. Accordingly, MAT
is recognized as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the Company.
Deferred tax is recognised on timing differences, being the differences
between the taxable income and the accounting income that originate in
one period and are capable of reversal in one or more subsequent
periods. Deferred tax is measured using the tax rates and the tax laws
enacted or substantially enacted as at the reporting date. Deferred tax
liabilities are recognised for all timing differences. Deferred tax
assets in respect of unabsorbed depreciation and carry forward of
losses are recognised only if there is virtual certainty that there
will be Sufficient future taxable income available to realise such
assets. Deferred tax assets are recognised for timing differences of
other items only to the extent that reasonable certainty exists that
sufficient future taxable income will be available against which these
can be realised. Deferred tax assets and liabilities are offset if such
items relate to taxes on income levied by the same governing tax laws
and the Company has a legally enforceable right for such set off.
Deferred tax assets are reviewed at each Balance Sheet date for their
realisability.
10. Provisions: Provisions are recognized I terms of Accounting
Standard 29 notified under the Companies (Accounting Standards) Rules,
2006. When there is a present legal or statutory obligation as a result
of past events, where it is probable that there will be outflow of
resources to settle the obligations and reliable estimate of the amount
of the obligation can be made. Contingent liabilities are recognized
only when there is a possible obligation arising from past events due
to occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the company or where any present
obligation cannot be measured in terms of future outflow of resources
or where a reliable estimate of the obligation can not be made.
Obligations are assessed on an ongoing basis and only those having a
largely probable outflow of resources are provided for.
11. Leases: The Company''s significant leasing agreements are in
respect of operating leases for premises.
These leasing arrangements which are not non- cancellable ranging
between 9 months to one year generally or longer and are usually
renewable by mutual consent on mutually agreeable terms. The aggregate
lease rentals payable are charged as rent in the statement of profit &
loss.
12. Earnings Per Share: The Basic earnings per share is calculated on
the net profit or loss for the period attributable to- equity share
holders considering weighted average shares outstanding during the
period. Diluted earnings per share is worked out on the net profit or
loss for the period attributable to the equity shareholders and weighte
average number of shares outstanding during the period after adjusting
for effects of all dilutive potential equity shares, if any. ''
Mar 31, 2011
Financial Statements have been prepared under historical cost and on
accrual basis of accounting and materially comply with the applicable
Accounting Standards specified under section 211(3C) of the Companies
Act, 1956 read with Companies (Accounting Standards) Rules, 2006. The
significant accounting policies followed by the Company are :
1. Revenue Recognition: Revenue from transportation of goods and
related activities are recognizee and accounted as and when the
services are rendered. Interest income and other income are recognized
on accrual basis. All expenditure are accounted on accrual basis.
2. Fixed Assets: Fixed assets have been capitalized at its acquisition
cost and other costs attributable to bring the assets to its working
conditions for their intended use as reduced by the accumulated
depreciation and impairment loss, if any.
3. Depreciation: Depreciation on fixed assets is provided on straight
line basis at the rates provided in Schedule XIV to the Companies Act,
1956.Depreciation on assets acquired during the year has been provided
on Pro-rata basis including the month during which the asset is
capitalized.
4. Inventory: Stocks of Stores and Truck spares have been valued at
lower of cost or realizable value. The Company is following first in
first out method for valuation of inventories.
5. Investments: Long Term Investments are stated at cost. Reduction in
market value of long term investments due to temporary market
fluctuations is not provided for in the books of accounts. Current
investments are stated at lower of cost and fair value.
6. Expenditure on Research and Development: The Company has not
incurred any expenditure on research and development during the year.
7. Segmental Revenue and Expenditure: The Company operates under only
one segment of transportation and related services.
8. Employee Benefits: Defined contribution plans- are post-employment
benefit plans under which the Company pays fixed contributions into
separate entities (Provident Fund Authority). The Company has no
further payment obligations once the contributions have been paid. The
Company's contributions to the defined contribution plans are
recognised as an expense when they are due. Defined benefit plans-
Valuations for gratuity and leave encashment have been carried out by
independent actuary as on the date of Balance Sheet.
9. Provision for Taxation: Provision for current taxes is made on the
profits of the Company as adjusted in accordance with the provisions of
Income Tax Act, at the rates applicable for the current financial year.
Deferred tax is recognised on timing difference between taxable income
and accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. The deferred tax is
accounted for using the tax rates and laws that have been substantively
enacted as on the balance sheet date,
Deferred tax assets in respect of unabsorbed depreciation and carried
forward losses are recognised only if there is virtual certainty thai
such deferred tax asset can be realized against future taxable profits.
10. Provisions: The Company recognises provisions when there is a
present obligation, as a result of past events, for which it is
probable that an outflow of economic benefit will be required to settle
the obligation and a reliable estimate can be made for the amount of
obligation.
11. Leases: The Company has not acquired any assets on financial lease
basis nor has entered into any non-cancelable operating lease or
sublease.
12. impairment Losses: 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 assets 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 reduction is treated as an impairment loss and
is recognized in the profit & loss account.
13. Earnings Per Share: The Basic earnings per share is calculated on
the net profit or loss tor i the period attributable to equity snare
holders considering weighted average shares outstanding during the
period. Diluted earnings per share is worked out on the net profit or
loss for the period attributable to the equity shareholders and
weighted average number of shares outstanding during : the period after
adjusting for effects of all dilutive potential equity shares if any.
Mar 31, 2010
Financial Statements have been prepared under historical cost and on
accrual basis of accounting and materially comply with the applicable
Accounting Standards specified under section 211 ^3C) of the Companies
Act, 1956 read with Companies (Accounting Standards) Rules, 2006 The
significant accounting policies followed by the Company are :
1. Revenue Recognition: Revenue from transportation of goods and
related activities are recognized and accounted as and when the
services are rendered. Interest income and other income are recognized
on accrual basis.
2. Fixed Assets: Fixed assets have been capitalized at its acquisition
cost and other costs attributable to bring the assets to its working
conditions for their intended use as reduced by the accumulated
depreciation and impairment loss, if any.
3. Depreciation: Depreciation on fixed assets is provided on straight
line basis at the rates provided in Schedule XIV to the Companies Act,
1956.Depreciation on assets acquired during the year has been provided
on Pro-rata basis.
4. Inventory: Stocks of Stores and Truck spares have been valued at
lower of cost or realizable value. The Company is following first in
first out method for valuation of inventories.
5. Investments: Long Term Investments are stated at cost. Reduction in
market value of quoted investments due to temporary market fluctuations
is not provided for in the books of accounts. Current investments are
stated at lower of cost and fair value.
6. Expenditure on Research and Development: The Company has not
incurred any expenditure, on research and development, during the year.
7. Segmental Revenue and Expenditure: The Company operates under only
one segment of transportation and related services.
8. Employee Benefits: Defined contribution plans- are post-employment
benefit plans under which the Company pays fixed contributions into
separate entities (Provident Fund Authority). The Company has no
further payment obligations once the contributions have been paid. The
Companys contributions to the defined contribution plans are
recognised as an expense when they are due. Defined benefit plans-
Valuations for gratuity and leave encashment have been carried out by
independent actuary as on the date of Balance Sheet.
9. Provision for Taxation: Provision for current taxes is made on the
profits of the Company as adjusted in accordance with the provisions of
Income Tax Act, at the rates applicable for the current financial year.
Deferred tax is recognised on timing difference between taxable income
and accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. The deferred tax is
accounted for using the tax rates and laws that have been substantively
enacted as on the balance sheet date.
Deferred tax assets in respect of unabsorbed depreciation and carried
forward losses are recognised only if there is virtual certainty that
such deferred tax asset can be realized against future taxable profits.
10. Provisions: The Company recognises provisions when there is a
present obligation, as a result of past events, for which it is
probable that an outflow of economic benefit will be required to settle
the obligation and a reliable estimate can be made for the amount of
obligation.
11. Leases: The Company has not acquired any assets on financial lease
basis nor has entered into any non-cancelable operating lease or
sublease.
12. Earnings Per Share: The Basic earnings per share is calculated on
the net profit or loss for the period attributable to equity share
holders considering weighted average shares outstanding during the
period. Diluted earnings per share is worked out on the net profit or
loss for the period attributable to the equity shareholders and
weighted average number of shares outstanding during the period after
adjusting for effects of all dilutive potential equity shares, if anv.