Mar 31, 2015
1 Basis of Accounting
The financial statements are prepared under the his torical cos t
convention on the concept of a going concern, in accordance with the
Generally Accepted Accounting Principles and mandatory Accounting
Standards as notified under Rule 7 of the Companies (Accounts) Rules,
2014 which is similar to provisions and presentational requirements of
the Companies Act, 2013.
2 Changes in Accounting policies
The accounting policies adopted are consistent with th ose of prev ious
financial year. The m anagement assures that there has been no chan ge
in accounting policies as compared to that of previous year which would
have any significant effect on these financials.
3 Recognition of Income
Sales represents invoiced Value of goods Sold. Other In come is re
cognised and accounted fo r on accrual basis unless otherwise stated.
4 Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation a nd
impairment losses, if a ny. Cost comprises the purchase price and a ny
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which take substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
5 Taxes on Income
Current tax is determined and provided for on the am ount of ta xable
income at the applica ble rates for the relevant financial year.
Deferred Tax Assets and Liabilities (DTA/ DTL) are recognised, subject
to consideration of prudence, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and is capable of reversal in one or more subsequent
periods. The DTA is recognised only to the extent that there is
reasonable certainty of sufficient future profits against which such
DTA can be realised.
6 Contingent Liability
The contingent liabilities, if any, are disclosed in the N otes to
Accounts. Provision is made in the accounts, if it becomes probable
that there will be outflow of resources for settling the obligation.
7 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring
after the balance sheet date to provide additional information materia
lly affecting the determination of the amounts of assets or liabilities
relating to conditions existing at the balance sheet date.
8 Earnings Per Share
Basic earnings per share are calculated by dividing the net pro fit or
loss for the year/ period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year/
period.
9 Use of estimates
The preparation of financial statements, in conform ity with generally
accepted accoun ting principles, requires management to ma ke estimates
and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities on
the date of the financial statements and the results of operations
during the reporting year. Actual results could differ from those
estimates. Any revision to accounting estimates is recognised
prospectively in current and future periods.
10 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transactio n. Monetary
items denominated in foreign currencies at the year end are translated
at the rate ruling at the year end rate.
11 Depreciation
Depreciation on Fixed Assets is provided to the extent of depre ciable
amount on the Written Down Value (WDV) Method. Depreciation is provided
based on useful life of the assets as prescribed in Schedule II to the
Companies Act, 2013.
Mar 31, 2014
1 Basis of Accounting
The financial statements are prepared un der the historical cost
convention on the concept of a going concern, in accordance with the
Generally Accepted Accounting Principles and mandatory Accounting
Standards as notified under the Companies (Accounting Standards) Rules,
2006 and as per the provisions and presentational requirements of the
Companies Act, 1956.
2 Changes in Accounting policies
The accounting policies adopted a re consi stent with those o f
previous finan cial year. The management assures that there has been no
change in accounting policies as compared to that of previous year
which would have any significant effect on these financials.
3 Recognition of Income
Export Sales represents invoice d Value of goods Sold. Other Income is
recognised and accounted for on accrual basis unless otherwise stated.
4 Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and
impairment losses, if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which take substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
4 (A)- Depreciation on tangible fixed assets
No Depreciation has been provided on Land.
5 Taxes on Income
Current tax is determined and provided for on the amount o f taxable
income at the applicable rates for the relevant financial year.
Deferred Tax Assets and Liabilities (DTA/ DTL) are recognised, subject
to consideration of prudence, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and is capable of reversal in one or more subsequent
periods. The DTA is recognised only to the extent that there is
reasonable certainty of sufficient future profits against which such
DTA can be realised.
6 Contingent Liability
The contingent liabilities, if any, are disclosed in the Notes to Accounts.
Provision is made in the accounts, if it becomes probable that there
will be outflow of resources for settling the obligation.
7 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring
after the balance sheet date to provide additional information
materially affecting the determination of the amounts of assets or
liabilities relating to conditions existing at the balance sheet date.
8 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year/ period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year/
period.
9 Use of estimates
The preparation of financial statements, in conformity with generally
accepted accounting principles, requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities on
the date of the financial statements and the results of operations
during the reporting year. Actual results could differ from those
estimates. Any revision to accounting estimates is recognised
respectively in current and future periods.
10 Foreign Currency
Transaction
Transactions denominated in foreign currencies are normally recorded
at the exchange rate prevailing at the time of the transaction.
Monetary items denominated in foreign currencies at the yearend are
translated at the rate ruling at the yearend rate.
Mar 31, 2013
1 Basis of Accounting
The financial statements are prepared under the historical cost
convention on the concept of a going concern, in accordance with the
Generally Accepted Accounting Principles and mandatory Accounting
Standards as notified under the Companies (Accounting Standards) Rules,
2006 and as per the provisions and presentational requirements of the
Companies Act, 1956.
2 Changes in Accounting policies
The accounting policies adopted are consistent with those of previous
financial year. The management assures t hat there has been no change
in accounting policies as compared to that of previous year which would
have any significant effect on these financials.
3 Recognition of Income
Export Sales represents invoiced Value of goods Sold. Other Income is
recognised and accounted for on accrual basis unless otherwise stated.
4 Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and
impairment losses, if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which take substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
4 (A)- Depreciation on tangible fixed assets
No Depreciation has been provided on Land.
5 Taxes on Income
Current tax is determined and provided for on the amount of taxable
income at the applicable rates for the relevant financial year.
Deferred Tax Assets and Liabilities (DTA/ DTL) are recognised, subject
to consideration of prudence, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and is capable of reversal in one or more subsequent
periods. The DTA is recognised only to the extent that there is
reasonable certainty of sufficient future profits against which such
DTA can be realised.
6 Contingent Liability
The contingent liabilities, if any, are disclosed in the Notes to
Accounts. Provision is made in the accounts, if it becomes probable
that there will be outflow of resources for settling the obligation.
7 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring
after the balance sheet date to provide additional information
materially affecting the determination of the amounts of assets or
liabilities relating to conditions existing at the balance sheet date.
8 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year/ period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year/
period.
9 Use of estimates
The preparation of financial statements, in conformity with generally
accepted accounting principles, requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities on
the date of the financial statements and the results of operations
during the reporting year. Actual results could differ from those
estimates. Any revision to accounting estimates is recognised
prospectively in current and future periods.
10 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded
at the exchange rate prevailing at the time of the transaction. Monetary
items denominated in foreign currencies at the year end are translated at
the rate ruling at the year end rate.
Mar 31, 2011
A. 1 BASIC FOR PREPARATION OF FINANCIAL STATEMENT
The financial statements are prepared under the historical cost
convention, in accordance With generally accepted accounting principles
and the provision of the companies Act, 1956, as adopted conSistently
by the company.
A.2 RECOGNITION OF INCOME AND EXPENDITURE
All income and expenditure having material bearing on the financial
statements are recognized on the accrual basis.
A.3 RECOGNITION OF EXPENSES :
Expenses are accounted on the accrual basis and Provisions are made for
all known losses and liablities.
A.4 TAXATION
Current Tax: Provision for current taxes on income is made on the basis
of the actual liablities for the year.
Deferred Tax : in accordance with Accounting Standard -22 " Accounting
for Taxes on income issued by the Institute of Chartered Accountants of
India, the deferred tax for timing difference between the book and tax
profits for the year is accounted for using the tax rates and laws that
have been enacted for subsequently enacted as of the balance sheet
date. Deferred Tax liablity arising from timing differences are
Recognized of the extent there is reasonable certainty that liability
can be realized in future.