Mar 31, 2015
17.1 Basis of Preparation of Standalone Financial Statements
The Company maintains its accounts on accrual basis following the
historical cost convention in accordance with generally accepted
accounting principles ["GAAP"] in India. GAAP comprises mandatory
accounting standards as prescribed under section 133 of Companies Act,
2013 (the Act) read with Rule 7 of Companies (Accounts) Rules,2014, the
provisions of the Act (to the extent notified). Accounting policies
have been consistently applied except where a newly-issued accounting
standard is initially adopted or a revision to an existing accounting
standard requires a change in the accounting policy hitherto in use.
The Standalone financial statements have been prepared in accordance
with Accounting Standard 21 'Standalone Financial Statements',
Accounting Standard 23 'Accounting for Associates in Standalone
Financial Statements, and Accounting Standard 27 'Financial Reporting
of Interest in Joint Ventures' issued by the Companies (Accounting
Standard) Rules, 2006.
17.2 Use of estimates
The preparation of the Standalone financial statements in conformity
with Indian GAAP requires the Management to make estimates and
assumptions considered in the reported amounts of assets and
liabilities (including contingent liabilities) and the reported income
and expenses during the year. The Management believes that the
estimates used in preparation of the Standalone financial statements
are prudent and reasonable. Future results could differ due to these
estimates and the differences between the actual results and the
estimates are recognized in the periods in which the results are known
/ materialize.
17.3 Revenue Recognitions
Revenue in respect of finished goods is recognized on delivery during
the accounting year.
17.4 Employee Benefits
All Employees benefits falling due wholly within twelve month of
rendering the services are classified as short term employee benefits
which include benefits like salary, wages, short term compensated,
absences and performance incentives and are recognized as expense in
the period in which the employee renders the related services.
17.5 Material events after balance sheet date
Events which are of material nature after the balance sheet date are
accounted for in the accounts.
17.6 Taxes on income
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.
17.7 Earnings per share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) as adjusted for dividend, interest and other charges to
expense or income relating to the dilutive potential equity shares, by
the weighted average number of equity shares considered for deriving
basic earnings per share and the weighted average number of equity
shares which could have been issued on the conversion of all dilutive
potential equity shares. Potential equity shares are deemed to be
dilutive only if their conversion to equity shares would decrease the
net profit per share from continuing ordinary operations.
17.8 Investment
i) Unquoted Shares are valued at cost.
ii) ii) Investments in property are valued at cost.
17.9 Cash and Cash equivalents
Cash and Cash equivalents comprise cash and cash on deposit with banks
and corporations. The Company considers all highly liquid investments
with a remaining maturity at the date of purchase of three months or
less and that are readily convertible to known amounts of cash to be
cash equivalents.
17.10 Cash Flow Statements
Cash Flow Statement has been prepared in accordance with Accounting
Standard 3 issued by Institute of Chartered Accountants of India.
Mar 31, 2014
(i) The financial statemen: has been prepared on the historic# cost
convention and With generally accepted accounting principles
(it) tens for Profit 5- Loss a/c have been accounted for on accrual
basis.
(ill) An investment has been made n unquoted shares and has been stated
at cost.
2 NOTES ON ACCOUNTS.
(i)
(ii) The Company is isted on Calcutta Stock Exchange.
(III) There is no Contingent Liability for the year under review
iv) There is nc employee e gible for the benefit of gratu.ty hence no
such provision is made.
(v) In the opinion of Vie Board and to the best of their knowledge and
belief* the value of realizaiicn Of current assets in the ordinary
course of business wil not be less tear the amount at which they are
stated in the Balance Sheet.
(iv) As per information and explanation provided by the Management
there are no outstanding dues of SSI undertakings as required by
Schedule Vi of the Companies Act. 1955.
(v) The Company has no amount to be paid to Micro, Small and Medium
Enterprises in accordance with provisions of Micro, Small &. Medium
Enterprises Development Act 2006
(vi) In terms of Accounting Standard 20. the calculation of EPS is
given be low; - Profit/ [Loss) after Taxation: - Rs 1 742.GO
(a) Weighted Average number of Equity Shares outstanding during the
year - 2 49.000 shares
(b) Normal value of shares - Rs 10/ share
(c) Basic and Diluted EPS:- Rs 0 01
(vii) In accordance with the Accounting Standard AS-22 "Accounting for
Taxes on Income issued by the Institute of Chartered Accountants of
India, Deferred Tax Asset is not created as a matter cf prudence as
there :is no reasonably certainty of future profit
Mar 31, 2013
(i) The financial statement has been prepared on the historical cost
convention and with generally accepted accounting principles.
(ii) Items for Profit B loss a/c have been accounted for on accrual
basis.
{iii) An investment has been made in unquoted shares and has been
stated at cost.
Mar 31, 2012
(i) The financial statement has been prepared on the historical cost
convention and with generally accepted accounting principles.
(ii) Items for Profit 8 Loss a/c have been accounted for on accrual
basis,
(iii) An investment has been made in unquoted shares and has been
stated at cost.
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