Mar 31, 2014
Significant Accounting Policies and Notes to Accounts annexed to and
forming part of the Balance Sheet as at 318t March 2014 and Profit and
Loss Statement for the year ending on that date.
1. Statement on Significant Accounting Policies
These financial statements are prepared on an accrual basis, under
historical cost convention and in compliance in all material aspects
with the applicable accounting principles in India, the applicable
accounting standards notified under section 211(3C) of the Companies
Act 1956 and the relevant provision of the Companies Act 1956 and
provision of companies act, 2013 to the extent applicable. Accounting
Policies not specifically referred to otherwise are consistent and in
consonance with generally accepted accounting principals. The
significant accounting policies adopted by the company are detailed
below.
A. Revenue Recognition
Expenses and income considered payable and receivable respectively are
accounted for on accrual basis except those, which can''t be ascertained
with certainly in the respective accounting year.
B. Fixed Assets
Fixed assets other than plots are stated at cost of acquisition less
depreciation.
C. Depreciation:
Depreciation has been provided on written down value method at the
rates and the manner prescribed in the schedule XIV of the Companies
Act 1956. However incase of lease hold land no depreciation has been
provided for in the books of accounts.
D. Investments
Investments are valued at cost.
E. Taxes on Income
Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the Income
Tax Act 1961
F. Impairment of Assets:
As stipulated in AS 28, the Company assessed potential generation of
economic benefits from its business units and is of the view that the
assets employed in continuing business are capable of generating
adequate returns over their useful lives in the usual course of
business, there is no indication to the contrary and accordingly the
management is of the view that no impairment provision is called for in
these accounts.
G. Regrouping/Reclassification
Figures for the previous period have been regrouped / reclassified in
line with revised Schedule VI as directed by MCA through Notification
No. S.O. 447(E).
A. Statutory Auditors remuneration is Rs. 18,000/- (including out of
pocket expenses) Previous year Rs. 18,000/-
B. Directors Remuneration Rs. Nil
C. Segmental Reporting: Not Applicable
D. Disclosure of related parties/ related party transactions:
During the year the company has obtained loan from its director Mr. Om
Prakash Maheshwari. Company is paying 9% interest on the said loan
obtained from directors. Loan taken during the year is Rs. 9,37,836/-,
Repaid Rs. 16,107/- (including interest of Rs. 6,37,376/-), maximum
outstanding during the year is Rs. 78,43,195/- Closing Balance is Rs.
78,43,195/-, (Previous year, Loan taken is Rs. 18,36,088/-, Repaid Rs.
1,10,696/-, Maximum outstanding Rs. 69,21,466/- Closing Balance is 7
69,21,466/- )-
E. Disclosure under section 22 of the Micro, Small and Medium
Enterprises Development Act 2006: Amount due to Micro, Small and Medium
Enterprises: Rs. Nil
F. The Management of the company has review the existing assets
working conditions and utility as at the balance sheet date and are of
the opinion that there exists no indication that an asset has been
impaired and hence no impairment has been carried out.
H. Deferred Tax is recognized on timing differences between the
accounting income and the taxable income for the year and quantified
using the tax rates and laws enacted or substantively enacted as on the
balance sheet date.
Mar 31, 2013
These financial statements are prepared on an accrual bails, under
historical cost convention and in compliance in all material aspects
with the applicable accounting principles in India, the applicable
accounting standards notified under section 211 (3C) of the Companies
Act 1956 and the relevant provision of the Companies Act 1956
Accounting Policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principals. The significant accounting policies adapted by the company
are detailed below.
A. Revenue Recognition
Expenses and income considered payable and receivable respectively are
accounted for on accrual basis except those, which can''t be ascertained
with certainly in the respective accounting year.
B. Fixed Assets
Fixed assets other than plots are stated at cost of acquisition less
depreciation.
C. Depreciation:
Depreciation has been orovided on written down value method at the
rates and the manner prescribed in the schedule XIV of the Companies
Act 1956. However incase of lease hold land no depreciation has been
provided for in the books of account
D. Investments Investments are valued at cost.
E. Taxes on Income
Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the. Income
Tax Act 1961
F. Impairment of Assets:
As stipulated in AS 28, the Company assessed potential generation of
economic benefits from its business units and is of the view that the
assets employed in continuing business are capable of generating
adequate returns over their useful lives in the usual course of
business, there is no indication to the contrary and accordingly the
management is at the view that no impairment provision is called for in
these accounts.
G. Kegrouping/Reclassification
Figures for the pievious period have been regrouped / reclassified in
line with revised Schedule VI as directed by MCA through Notification
No. 5.O. 447(E).
Mar 31, 2012
These financial statements are prepared on an accrual basis, under
historical cost convention and in compliance in all material aspects
with the applicable accounting principles in India, the applicable
accounting standards notified under section 211(3C) of the Companies
Act 1956 and the relevant provision of the Companies Act 1956
Accounting Policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principals. The significant accounting policies adopted by the company
are detailed below.
1. Revenue Recognition
Expenses and income considered payable and receivable respectively are
accounted for on accrual basis except those, which can't be ascertained
with certainly in the respective accounting year.
2. Fixed Assets
Fixed assets other than plots are stated at cost of acquisition less
depreciation.
3. Depreciation:
Depreciation has been provided on written down value method at the
rates and the manner prescribed in the schedule XIV of the Companies
Act 1956. However incase of lease hold land no depreciation has been
provided for in the books of accounts.
4 Investments
Investments are valued at cost.
5. Taxes on Income
Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the Income
Tax Act 1961
6. Impairment of Assets:
As stipulated in AS 28, the Company assessed potential generation of
economic benefits from its business units and is of the view that the
assets employed in continuing business are capable of generating
adequate returns over their useful lives in the usual course of
business, there is no indication to the contrary and accordingly the
management is of the view that no impairment provision is called for in
these accounts.
Mar 31, 2010
These financial statements are prepared on an accrual basis, under
historical cost convention and in compliance in all material aspects
with the applicable accounting principles in India, the applicable
accounting standards notified under section 211(3C) of the Companies
Act 1956 and the relevant provision of the Companies Act 1956
Accounting Policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principals. The significant accounting policies adopted by the company
are detailed below.
1. Revenue Recognition
Expenses and income considered payable and receivable respectively are
accounted for on accrual basis except those, which canÃt be ascertained
with certainly in the respective accounting year.
2. Fixed Assets
Fixed assets other than plots are stated at cost of acquisition less
depreciation.
3. Depreciation:
Depreciation has been provided on written down value method at the
rates and the manner prescribed in the schedule XIV of the Companies
Act 1956. However incase of lease hold land no depreciation has been
provided for in the books of accounts.
4 Investments
Investments are valued at cost.
5. Taxes on Income
Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the Income
Tax Act 1961
6. Impairment of Assets:
As stipulated in AS 28, the Company assessed potential generation of
economic benefits from its business units and is of the view that the
assets employed in continuing business are capable of generating
adequate returns over their useful lives in the usual course of
business, there is no indication to the contrary and accordingly the
management is of the view that no impairment provision is called for in
these accounts.
7. Previous year figures have been regrouped/ rearranged wherever
necessary.
8. Confirmation from the sundry debtors, creditors are still awaited.
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