Mar 31, 2010
(a)AS - 1 Disclosure of accounting policies
The accounts are maintained on accrual basis as a going concern.
(b)AS - 2 Valuation of inventories
There being no inventory, not applicable.
(c)AS-3 Cashflow statements
The cash flow statement is prepared under "Indirect method" and the
same is annexed.
(d)AS - 5 There being no prior period item, not applicable
(e)AS - 6 There being no fixed assets, the matter relating to
depreciation not applicable
(f)AS - 9 Revenue recognition :-
The sale of Bio Fertilisers has been accounted on actual sale basis.
The other income is the profit from the sale of investments.
The revenue and expenditure are accounted on a going concern basis and
the provisions for all known liabilities have been made.
(g)AS - 10 Accounting for fixed assets
There being no fixed assets this matter is not applicable
(h)AS - 11 Accounting for effects in foreign exchange rates
There being no business relating to the transaction in foreign
exchange, not applicable fixed assets this matter is not applicable.
(i)AS - 13 Accounting for investments
As all the investments have been sold during the year, there is no
investment as on 31-03-2010.
(j)AS-15 Accounting for retirement benefits
Retirement benefits will be provided on cash basis. However the matter
relating to provident fund & . E.S.I, are not applicable in the
current financial year.
(k)AS -16 Borrowing cost
As the company has not borrowed any money, this matter is not
applicable
(l)AS - 17 Segment reporting
The company operates in only one segment viz., Bio fertilizers. Hence
the Accounting Standard on Segment reporting (AS - 17) is not
applicable.
(m)AS - 18 Related party disclosure
There are no transaction requiring Disclosure under the Standard issued
by the Institute of Chartered Accountants of India.
(n)AS -19 Leases
This matter is not applicable.
(o)AS - 20 Earnings per share
The Face value of the share is Re. 1/- and the Earning per share is
calculated on the same. There is no issue which will dilute the earning
on the share. The EPS is negligible compare to its Share capital so the
same is not disclosed.
(p)AS - 21 Consolidated financial statements
There being no subsidy, this matter is not applicable.
(q)AS - 22 Accounting for taxes on income
Current tax payable in respect of taxable income for the period has
been provided as per the provisions of Income Tax Act.
(r)AS - 26 Accounting for intangible assets
As per the practice adopted by the company, the Intangible assets have
been amortised over a period of 10 years and accordingly, l/10th of
such amounts are charged to Profit & Loss A/c. in current year.
AS -29 Provision, contingent Liability & Contingent Assets ;- As on
31-03-2010 Rs. NIL (P.Y. Rs. NIL)
Mar 31, 2009
(a)AS - 1 Disclosure of accounting policies
The accounts are maintained on accrual basis as a going concern.
(b)AS - 2 Valuation of inventories
There being no inventory, not applicable.
(c)AS - 3 Cash flow statements
The cash flow statement is prepared under "Indirect method" and the
same is annexed.
(d)AS - 5 There being no prior period item, not applicable
(e)AS -6 There being no fixed assets, the matter relating to
depreciation not applicable
(f)AS - 9 Revenue recognition
1. The income of the company is derived from sale of bio fertilizers &
other organic chemicals have been accounted on actual sales basis.
2. The profit from the trading on land is also been accounted on
mercantile system.
3. As the investment are in shares of unlisted companies and no
dividend has been received the same will be accounted as & when
received.
The revenue and expenditure are accounted on a going concern basis.
(g)AS - J0 Accounting for fixed assets
There being no fixed assets this matter is not applicable
(h)AS - 11 Accounting for effects in foreign exchange rates
There being no business relating to the transaction in foreign
exchange, not applicable fixed assets this matter is not applicable.
(i)AS - 13 Accounting for investments
Investments are valued at cost. Provision for diminution in the
carrying cost of long term investments is made if such diminution is
other than temporary in nature in the opinion of the management.
(k)AS-15 Accounting for retirement benefits
Retirement benefits will be provided on cash basis. However the matter
relating to provident fund & E.S.I, are not applicable in the current
financial year.
(I)AS - 16 Borrowing cost
As the company has not borrowed any money this matter is not applicable
(m)AS - 17 Segment reporting
The company operates in only one segment viz., Bio fertilizers. Hence
the Accounting Standard on Segment reporting (AS - 17) is not
applicable.
(n)AS - 18 Related party disclosure
There are no transaction requiring Disclosure under the Standard issued
by the Institute of Chartered Accountants of India.
(o)AS - 19 Leases
This matter is not applicable.
(p) AS - 20 Earnings per share
The Face value of the share is Re. 1/- and the Earning per share is
calculated on the same. There is no issue which will dilute the earning
on the share. The EPS is negligible compare to its Share capital so the
same is not disclosed.
(q)AS -21 Consolidated financial statements
There being no subsidy, this matter is not applicable.
(r)AS-22 Accounting for taxes on income
Current tax is determined as the amount of tax payable in respect of
taxable income for the period. Considering the negligible amount of
deferred tax liability and asset the same is not provided.
(s)AS - 26 Accounting for intangible assets
During the year the company, the company has spent sum of Rs. 432831
for the increase in paid up share capital, Which have been debited to
preliminary expenses, and as per the practice followed by the company,
1/10 of such expenditure has been debited to profit & loss account.
AS -29 Provision, contingent Liability & Contingent Assets ;- As on
31-03-2009 Rs. NIL (P.Y. Rs. NIL)
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