Mar 31, 2016
A. Basis of preparation of Financial Statements
(a) Basic Principles - These financial statements are prepared under the historical cost convention, on a going concern basis and they comply in material aspects with the accounting principles generally accepted in India (Indian GAAP), including the accounting standards notified under the relevant provisions of the Companies Act, 2013 (hereafter the Act).
(b) Use of Estimates - The preparation of the financial statements entail the management to make certain estimates and assumptions that affect the facts and figures reported. Disparities between actual result and estimates are recognized in the period in which they are identified or materialized.
(c) Method of Accounting - All revenues and expenses having a material bearing on the financial statements are generally recognized on accrual basis, and subject to the extent of determinability of these accruals and keeping the materiality concept in view. All assets and liabilities are classified into current and non-current, based on the criteria of realization or settlement within twelve months period from the balance sheet date.
B. Revenue Recognition
(a) Sale of investments in securities is accounted on delivery and receipt of broker contracts or debit notes. Dividend and interest are recorded in books as and when the right to receive it is established.
(b) Receipts from training & consultancy activity are recorded on provision of service and issue of invoice.
(c) Revenue is generally recognized when risks and rewards in the goods or services are transferred to third party.
C. Fixed Assets - The Company has not acquired any fixed assets during the year.
D. Inventories - The Company has not acquired any inventories during the year.
E. 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 information made available to us.
F. Tax Expense
(a) Current Tax - Tax expense for the period, comprising of current tax (which includes MAT) is charged to the profits for the year. Current tax is measured at the amount expected to be paid to the revenue authorities in accordance with the prevailing tax laws. Minimum alternate tax (MAT), if paid, is recognized as an asset as it shall accrue future benefit in the form of a set off against tax expense.
(b) Deferred Tax - Pursuant to Accounting Standard (AS) 22 - "Accounting for Taxes on Income", there is no deferment of tax on account of temporary timing differences.
G. Foreign Currency Transactions - The Company has not entered into any foreign currency transactions during the year.
H. Earnings Per Share - Disclosure pursuant to Accounting Standard 20 - "Earnings Per Share".
I. Investments
(a) The investments comprise of quoted and unquoted equity shares. These investments include investments in group companies and concerns.
(b) These investments were physically verified by the management during the year and no material discrepancies were noticed on such verification.
(c) The investments comprises of equity shares of companies listed on stock exchanges as well as delisted companies.
K. Contingent Liability
(a) The Company has accumulated losses of Rs.3,91,53,146/- (Rs.3,94,68,901/-) as on 31-3-2016, as against a net worth (Capital plus Capital Reserves) ofRs.5,93,45,132/- (Rs.5,93,45,132/-), illustrating a significant erosion in its net worth. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Company''s ability to continue as a going concern. However, the financial statements of the Company have been prepared on a going concern basis, as per the decision of the management and the Board of Directors have worked out a future strategic plan for accelerating the growth.
(b) The Company had made loans/advances of Rs.65,65,500/- to M/s. Nirzari Organisers Pvt. Ltd., Surat, Gujarat and Rs.70,86,800/- to M/s. Treasure Chest Investments Pvt. Ltd., Surat, Gujarat. The names of both these Companies are stricken-off from the list of registered companies, by the Registrar of Companies, Ministry of Corporate Affairs. However the management of the Company is confident of recovering these amounts from the said companies.
(c) In the opinion of the management no provision for diminution in the value of investment, in respect of suspended scripts amounting to Rs.35,90,484.20 (Rs.35,90,084.20) and delisted scripts amounting to Rs.5,970/- (Rs.5,500/-), is required to be made in the accounts.
(d) Besides above, all disputed and/or contingent liabilities are either provided for or disclosed as such, on the basis of mutual acceptances or depending on the management''s perception of its potential outcome.
(a) There are no reportable secondary segments.
(b) The primary segments have been identified & reported considering the nature of products & services, their risks and returns, the organization structure and the internal management reporting system. Investment, interest and consulting activities are clubbed under ''finance Segment''.
(c) Due to changes in the primary segments, the previous year figures may not correlate with that of current years.
(d) Segmental information includes the respective amounts identifiable or allocable. Other amounts are reported at corporate level.
N. The financial assets of the Company forms 96% of the total assets (not considering the liabilities) and the financial income comprise about 7% of the total income. Hence both the Income and Asset criteria specified under the ''Non Banking Financial or Investment Company (NBFC)'' Regulations issued by the Reserve Bank of India (RBI), are not satisfied. In light of the foregoing, the Company is not registered as a ''Non Banking Financial or Investment Company (NBFC)'' under the Reserve Bank of India Act, 1934 since the management of the Company is of the opinion that the core business activity of the Company is ''Education'' and is only intermittently carrying on funding and investment activities to optimally utilize spare funds.
O. In respect of certain payments made for expenses or otherwise where, the payees'' acknowledgements and/or other supporting evidences of payments were not available for our verification, the management confirms the propriety of the payments and of the debits given to the respective account heads. None of the revenue expenses are capitalized during the year or vice versa.
P. Books of Account
(a) The balances of receivables and payables are subject to third party confirmations. The management has taken adequate steps to provide sufficiently for all known and anticipated liabilities. All the liabilities (including the Capital Reserve of Rs.49,40,132/-) and assets, are approximately of the value stated in the accounts and payable or receivable in the ordinary course of business.
(b) Certain old credit accounts amounting toRs.4,22,829/- (Rs.26,48,328/-) were written back during the year, as in the opinion of the management of the Company, these have become fragile and do not appear to be of the value stated, in the ordinary course of business.
(c) The Company has trade advances amounting Rs.53,00,000/- which are outstanding for more than a year, and during the year however a repayment of Rs.10,00,000/- was made, and the balance Rs.43,00,000/- remaining unpaid, have been accounted as long term liabilities. Certain other old credit balances and debit balances in the accounts are retained, as in the opinion of the management these are payable or receivable as the case may be.
Q. Prior Period Items - The Company follows the accrual system of accounting, but provision for expenses is made on the basis of the materially concept and where ever ascertainable.
R. Retirement Benefits - The management of the Company is of the opinion that provisions for employees retirement benefits are not required to be made.
S. Subsequent Events - The management is of the opinion that, all events occurring after the balance sheet date up to the date of adoption of the financial statements (if any), having a material bearing on the financial position, are considered while preparing the financial statements.
T. In the opinion of the management, there are no outstanding dues towards suppliers as defined under the "Micro, Small & Medium Enterprises Development Act, 2006".
U. Managerial Remuneration - The management has not been paid any remuneration except sitting feesRs.78000/- (Rs. Nil) during the year.
V. Additional Information - Additional information pursuant to the applicable provisions of note 5 of Part II of Schedule III to the Act, to the extent not already reported elsewhere:
W. Previous year figures are regrouped or reclassified wherever necessary. Figures in brackets pertain to previous year. All figures have been rounded off to the nearest rupee.
Mar 31, 2014
A. Basis of preparation of Financial Statements
(a) Basic Principles - The financial statements are prepared under the
historical cost convention, on a going concern basis and they comply in
all material aspects with the accounting principles generally accepted
in India (Indian GAAP), the prescribed accounting standards and the
relevant provisions of the Companies Act, 1956 (the Act).
(b) Use of Estimates - The preparation of the financial statements
entail the management to make certain estimates and assumptions that
affect the facts and figures reported. Disparities between actual
result and estimates are recognised in the period in which they
materialise.
(c) Method of Accounting - The Company generally follows the accrual
method of accounting subject to the extent of determinability of
accruals and keeping the materiality concept in view. All assets and
liabilities are classified into current and non- current, based on the
criteria of realisation or settlement within twelve months period from
the balance sheet date.
B. Revenue Recognition
(a) Sale of investments in securities is accounted on delivery and
receipt of contracts or debit notes.
(b) Receipts from training & consultancy activity are recorded on issue
of invoice.
(c) Revenue is otherwise generally recognised on accrual basis.
C. Fixed Assets - The Company has not acquired any fixed assets during
the year.
D. Inventories - The Company has not acquired any inventories during
the year.
E. 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 information made available to us.
F. Tax Expense
(a) Current Tax - Tax expense for the period, comprising of current tax
(which includes MAT) is charged to the profits for the year. Current
tax is measured at the amount expected to be paid to the revenue
authorities in accordance with the prevailing tax laws. Minimum
alternate tax (MAT), if paid, is recognised as an asset as it shall
accrue future benefit in the form of a set off against tax expense.
(b) Deferred Tax - Pursuant to Accounting Standard (AS) 22 -
"Accounting for Taxes on Income", there is no deferment of tax on
account of account of temporary timing differences.
G. Foreign Currency Transactions - The Company has not entered into any
foreign currency transactions during the year.
H. Retirement Benefits - The management is of the opinion that
provisions for employees retirement benefits are not required to be
made.
I. Contingent Liability & Subsequent Events - All disputed and/or
contingent liabilities are either provided for or disclosed as such, on
the basis of mutual acceptances or depending on the management''s
perception of its potential outcome. The management has taken adequate
steps to provide sufficiently for all known, anticipated or contingent
liabilities. Events occurring after the balance sheet date up to the
date of adoption of the financial statements, having a material bearing
are considered while preparing the financial statements.
J. Investments
(a) The investment comprises of equity shares of various companies and
convertible equity warrants of a listed company. These investments
include investments in group companies and concerns.
(b) These investments were physically verified by the management during
the year and no material discrepancies were noticed on such
verification.
(c) The investments comprises of equity shares of companies listed on
stock exchanges as well as delisted companies.
K. Segmental Information - Disclosures pursuant to AS 17:
Notes:
(a) There are no reportable secondary segments.
(b) The primary segments have been identified & reported considering
the nature of products & services, their risks and returns, the
organisation structure and the internal management reporting system.
Loss from investment activity and interest are clubbed under ''Others
Segment''.
(c) The accounting principles consistently used for preparation of
financial statements are also applied to the segmental reporting.
(d) Segmental information includes the respective amounts identifiable
or allocable. Other amounts are reported at corporate level.
L. In respect of certain payments made for expenses or otherwise where,
the payees'' acknowledgements and/or other supporting evidences of
payments were not available for our verification, the management
confirms the propriety of the payments and of the debits given to the
respective account heads. None of the revenue expenses are capitalised
during the year or vice versa.
M. The balances of receivables and payables are subject to third party
confirmations. The management has taken adequate steps to provide
sufficiently for all known, anticipated or contingent liabilities. The
liabilities including the Capital Reserve of Rs. 49,40,132/- and the
current assets, loans, advances and others receivables, are
approximately of the value stated in the accounts and payable or
receivable in the ordinary course of business. Certain old debit
accounts pertaining to Gujarat Electricity Board Deposit of Rs.
4,06,230/-, Telephone Deposit of Rs. 29,000/- and Excise Duty Credits
of Rs. 50,885/-, were written off during the year and certain old
credit accounts pertaining to Provisions Rs. 49,635/- and Advances Rs.
60,000/- were written back during the year, as in the opinion of the
management of the Company these have become fragile and do not appear
to be of the value stated, if realised in the ordinary course of
business.
N. Prior Period Items - The Company follows the accrual system of
accounting, but provision for expenses is made on the basis of the
materially concept and where ever ascertainable.
O. In the opinion of the management, there are no outstanding dues
towards suppliers as defined under the "Micro, Small & Medium
Enterprises Development Act, 2006".
P. Managerial Remuneration - The management has been paid a
remuneration of Rs. Nil (Rs. 1,20,000/-) during the year.
Q. Additional Information - Additional information pursuant to the
applicable provisions of paragraph 5 of Part II of Schedule VI to the
Act, to the extent not already reported elsewhere:
(1) Purchases, Sales (trading) and Revenues (services)
The company is engaged in providing services and the gross revenues
earned from various segments.
R. Previous year figures are regrouped or reclassified wherever
necessary. Figures in brackets pertain to previous year. All figures
have been rounded off to the nearest rupee.
Mar 31, 2013
A. Basis of preparation of Financial Statements
(a) Basic Principles - The financial statements are prepared under the
historical cost convention, on a going concern basis and they comply in
all material aspects with the accounting principles generally accepted
in India (Indian GAAP), the pre- scribed accounting standards and the
relevant provisions of the Companies Act, 1956 (the Act).
(b) Use of Estimates - The preparation of the financial statements
entail the manage- ment to make certain estimates and assumptions that
affect the facts and figures reported. Disparities between actual
result and estimates are recognised in the period in which they
materialise.
(c) Method of Accounting - The Company generally follows the accrual
method of accounting subject to the extent of determinability of
accruals and keeping the materiality concept in view. All assets and
liabilities are classified into current and non-current, based on the
criteria of realisation or settlement within twelve months period from
the balance sheet date.
(d) Accounting Standards Disclosures - The Company has complied with
the requirements of Companies (Accounting Standards) Rules, 2006, to
the extent applicable.
B. Revenue Recognition -
(a) Sale of investments in securities is accounted on issue of
contracts or debit notes.
(b) Receipts from training & consultancy activity are recorded on issue
of invoice.
(c) Revenue is otherwise generally recognised on accrual basis.
C. Fixed Assets-The Company has not acquired any fixed assets during
the year.
D. Inventories-The Company has not acquired any inventories during the
year.
E. 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 financ- ing activities of the
Company are segregated based on the information made available to us.
F. Tax Expense
(a) Current Tax - Tax expense for the period, comprising of current tax
(which includes MAT) is charged to the profits for the year. Current
tax is measured at the amount expected to be paid to the revenue
authorities in accordance with the prevailing tax laws. Minimum
alternate tax (MAT), if paid, is recognised as an asset as it shall
accrue future benefit in the form of a set off against tax expense.
(b) Deferred Tax - Pursuant to Accounting Standard (AS) 22 -
"Accounting for Taxes on Income", there is no deferment of tax on
account of account of temporary timing differences.
G. Earnings Per Share - Disclosure pursuant to Accounting Standard 20
"Earnings Per Share":
SN Particulars 31-03-2013 31-03-2012
a. Net profit or loss available
for equity shareholders -3331698 30138
b. Nominal value of equity shares (Rs.) 10 10
c. Adjusted weighted average number of
equity shares outstanding during the
period 5440500 5440500
d. Potential equity shares outstanding
during the period 0 0
e. Basic EPS (Rs.) Â 0.0055
H. Foreign Currency Transactions - The Company has not entered into
any foreign currency transactions during the year.
I. Retirement Benefits - The management is of the opinion that
provisions for employees retirement benefits are not required to be
made.
J. Investments -
(a) The investment comprises of equity shares of various companies and
convertible equity warrants of a listed company. These investments
include investments in group companies and concerns.
(b) These investments were physically verified by the management during
the year and no material discrepancies were noticed on such
verification.
(c) The investments comprises of equity shares of companies listed on
stock exchanges as well as delisted companies.
K. Prior Period Items - The Company follows the accrual system of
accounting, but provision for expenses is made on the basis of the
materially concept and where ever ascertainable.
L. Managerial Remuneration - The management has been paid a
remuneration of Rs. 120000/- (Rs. 110000/-) during the year.
M. Contingencies & Subsequent Events - All disputed and/or contingent
liabilities are either provided for or disclosed as such, on the basis
of mutual acceptances or depending on the management''s perception of
its potential outcome. Events occurring after the balance sheet date up
to the date of adoption of the financial statements, having a material
bearing are considered while preparing the financial statements.
N. In respect of certain payments made for expenses or otherwise where,
the payees'' acknowledgements and/or other supporting evidences of
payments were not available for our verification, the management
confirms the propriety of the payments and of the debits given to the
respective account heads. None of the revenue expenses are capitalised
during the year or vice versa.
O. In the opinion of the management, there are no outstanding dues
towards suppliers as defined under the "Micro, Small & Medium
Enterprises Development Act, 2006".
P. The balances of receivables and payables are subject to third party
confirma- tions. The management has taken adequate steps to provide
sufficiently for all known, anticipated or contingent liabilities. The
liabilities including the Capital Reserve of Rs. 4940132/-, are of the
value stated and payable in the ordinary course of business. Current
assets, loans, advances and receivables including Gujarat Electricity
Board Deposit of Rs. 406230/-, Telephone Deposit of Rs. 29000/- and
Excise Duty Credits of Rs. 50885/-, are of the value stated, if
realised in the ordinary course of business.
Q. Previous year figures may be regrouped, recast or reclassified
wherever neces- sary. Figures in brackets are pertaining to previous
year. All figures are rounded off to the nearest rupee.
Mar 31, 2012
A. Basis of Accounting & Financial Statements -
a. The accounts have been prepared to comply in all material aspects
with the accounting principles generally accepted in India, the
accounting standards issued by the Institute of Chartered Accountants
of India and the relevant provi- sions of the Companies Act. The
accounts are drawn up on the basis of the historical cost convention.
b. The Company generally follows the accrual method of accounting.
c. Provision for expenses is considered with regards to the materially
concept and wherever ascertainable.
B. Revenue Recognition -
a. Sale of goods is accounted on dispatches to customers and includes
sales tax and duties.
b. Receipts from training & consultancy activity are recorded on issue
of invoice,
c. Revenue is otherwise generally recognized on accrual basis.
C. Fixed Assets-The Company has not acquired any fixed assets during
the year.
D. Inventories-The Company has not acquired any inventories during the
year.
E. Tax Expense
a. Current Tax - Tax expense for the period, comprising of current tax
(which includes MAT) is charged to the profits for the year. Current
tax is measured at the amount expected to be paid to the revenue
authorities in accordance with the prevailing tax laws. Minimum
alternate tax (MAT), if paid, is recognized as an asset as it shall
accrue future benefit in the form of a set off against tax expense.
b. Deferred Tax- Pursuantto Accounting Standard (AS) 22 - "Accounting
for Taxes on Income", there is no deferment of tax on account of
account of temporary timing.
F. Borrowing Costs - Generally the borrowing costs attributable to
acquisition and construction of qualifying assets are capitalized as a
part of the cost of such assets, upto the date such assets are ready
for their intended use. Other borrowing costs are charged to the
statement of profit and loss. During the year the Company has not
acquired any eligible assets.
G. Investments-
a. The investments comprises of equity shares of various companies and
convertible equity warrants of a listed company. These investments
include investments in group companies and concerns,
b. These investments were physically verified by the management during
the year and no material discrepancies were noticed on such
verification,
c. The investments comprises of equity shares of companies listed on a
stock exchange and companies which are de-listed form any stock
exchange as well as unlisted companies,
d. The details of these investments with market prices as on 31
-3-2012 (as applica- ble), are given below
I. Retirement Benefits - The management is of the opinion that
provisions for retirement benefits are not required to be made.
Mar 31, 2011
A. Method of Accounting
a. The accounts have been prepared to comply in all material aspects
with the accounting principles generally accepted in India, the
accounting standards issued by the Institute of Chartered Accountants
of India and the relevant provisions of the Companies Act. The accounts
are drawn up on the basis of the historical cost convention.
b. The Company generally follows the accrual method of accounting.
c. Provision for expenses is considered with regards to the materially
concept and wherever ascertainable.
B. Revenue Recognition
a. Sale of goods is accounted on dispatches to customers and includes
sales tax and duties.
b. Receipts from training & consultancy activity are recorded on issue
of invoice.
c. Revenue is otherwise generally recognised on accrual basis.
C. FixedAssets There were no fixed assets owned by the company.
D. Inventories The Company has not acquired any inventories during the
year.
E. Investments
a. The investments comprises of equity shares of various companies. It
also includes investments in group companies and concerns.
b. These investments were physically verified by the management during
the year and no material discrepancies were noticed on such
verification.
d. During the year, the Company has applied for 8,37,500 preferential
warrants of'' 16/- per warrant of "Vantage Corporate Services Ltd." for
which* 4/- has been paid as an application money, pending allotment.
e. During the year, the Company has applied for 60,000 equity shares
of" 10/- each in "Vicinity RFID Solutions Pvt. Ltd.", pending
allotment.
F. Foreign Currency Transactions The Company has not entered into any
foreign currency transactions during the year.
G. Retirement Benefits The management is of the opinion that no
provisions for employ- ees retirement benefits are required to be made.
H. Borrowing Costs Generally the borrowing costs attributable to
acquisition and construction of assets are capitalised as a part of the
cost of such asset upto the date when such asset is ready for its
intended use. Other borrowing costs are charged to the profit and loss
account. During the year no fixed assets were acquired by the company.
I. Segmental Information Pursuant to Accounting Standard 17 -
"Segmental Reporting" issued by the Institute of Chartered Accountants
of India, the management is of the opinion that, since there is no
significant revenue from the principle operating segment, reporting
under the said accounting standard is not necessary.
Mar 31, 2010
A. Method of Accounting The accounts have been prepared to comply in
all material aspects with the accounting principles generally accepted
in India, the accounting standards issued by the Institute of Chartered
Accountants of India and relevant provisos of the Income Tax and
Companies Laws. The accounts are drawn up on the basis ofthe basis of
the historicalcostconvention.
The accounts of the Company pertaining to prior years were not prepared
on a going concern assumption as there was no business activity nor any
machinery or any other assets. Butduring the current year under review
the Company has revivedit soperational status and has managed to
achieve modest business activity. Hence the accounts pertaining to the
currentfmancialyear are drawn on the basis ofthe going concern concept.
However there is no significant impact on the profit or loss of the
Company by virtue of this change in accountingmethod.
B. Revenue Recognition
a. Sale of goods is accounted on dispatches to customers and includes
sales tax and duties.
b. Receipts from training & consult ancyactivit yarerecordedonissue of
invoice. C. Revenueisotherwisegenerallyrecognisedonaccrualbasis.
C. FixedAssets There were no fixed assets owned by the company.
D. Investments The investment comprises ofequity shares of The
BardoliNagrikSahakari Bank Ltd. which are unquoted. These investments
were physically verified by the manage- ment during the year andno
material discrepancies were noticed on such verification.
E. Inventories The Company has not acquired any inventories during the
year.
F. Prior Period Items The Company follows the accrual system of
accounting, but provision for expenses is made on the basis ofthe
materially concept and where ever ascertainable.
G. Foreign Currency Transactions The Company has not entered into any
foreign currency transactions during the year.
H. RetirementBenefits The management is of the opinion that no
provisions for employ- ees refee^be^sTre requiredtobemade.
I. Borrowing Costs Generally the borrowing costs attributable to
acquisition and con- struction of assets are capitalised as a part of
the cost of such asset upto the date when such asset is ready for its
intended use. Other borrowing costs are charged to the profit and loss
account. During the year no fixed assets were acquired by the company.
J. Segmental Information Pursuant to Accounting Standard 17 -
"Segmental Reporting" issuedbythelnstituteofCharteredAccountants of
India, the management is of the opinion that, since there is no
significant revenue from the principle operating segment, reporting
underthesaidaccountingstandardisnotnecessary.
K. Related Party Transactions Pursuant to Accounting Standard 18 -
"Related Party Disclosures" issued by the Institute of Chartered
Accountants of India, the details are
L. EarningsPerShare Pursuant to the requirements of Accounting Standard
20 - "Earn- ings Per Share" issuedby the Institute of
CharteredAccountants of India, the calculations of earningsper share
(EPS) are specified below:
M. Deferred Taxes The specification of details pursuant to Accounting
Standard 22 -
"Accounting for Taxes on Income" issued by the Institute of Chartered
Accountants of
India, is not applicable to the Company since there is no deferment of
taxes arising on accountoftiming differences.
N. Managerial Remuneration The management has not been paid any
remuneration during the year.
O. There are no outstanding dues towards suppliers as defined under
the "Micro, Small & Medium Enterprises Development Act,2006".
P. During the year the Company has repaid/received back following
loans taken/ given, eitherbyway of cash or cash equivalent or otherwise
written back/written off in thebooks as managementis of the opinion
that theseareno long erpayable/receivable.
Q. In respect of certain payments made for expenses or otherwise
where, the payees'' acknowledgements and/or other supporting evidences
of payments were not available for our verification, the management
confirms the propriety of the payments and of the debits given to the
respective accountheads.
R. None of the revenue expenses are capitalized during the year
or viesversa.
S. Third party confirmations of receivables and payables were not
immediately available forourverification.
T. Previous year figures may be regrouped, recast or reclassified
wherever necessary.
Mar 31, 2009
A) Basis of Accounting:
The company maintains its accounts on accrual basis following the
historical cost convention in accordance with Accounting Standards
referred to in Section 211(3C) and other requirement of the Companies
Act, 1956.
b) Investments:
Investments are stated at cost.
c) Recognition of Income & Expenditure:
All Incomes & Expenditures are accounted on accrual basis.
d) Taxes on Income:
Deferred tax liability / assets has to be recognized on timing
difference between the accounting income and taxable income for the
year and quantified using the tax rates and laws enacted as on the
Balance Sheet date.
However, deferred tax asset is not recognized on prudent basis.
Mar 31, 2008
A) Basis of Accounting:
The company maintains its accounts on accrual basis following the
historical cost convention in accordance with Accounting Standards
referred to in Section 211(3C) and other requirement of the Companies
Act, 1956.
b) Investments:
Investments are stated at cost.
c) Recognition of Income & Expenditure:
All Incomes & Expenditures are accounted on accrual basis.
d) Taxes on Income:
Deferred tax liability / assets has to be recognized on timing
difference between the accounting income and taxable income for the
year and quantified using the tax rates and laws enacted as on the
Balance Sheet date.
However, deferred tax asset is not recognized on prudent basis.
Mar 31, 2007
A) Basis of Accounting:
The company maintains its accounts on accrual basis following the
historical cost convention in accordance with Accounting Standards
referred to in Section 211(3C) and other requirement of the Companies
Act, 1956.
b) Investments: Investments are stated at cost.
c) Recognition of Income & Expenditure:
All Incomes & Expenditures are accounted on accrual basis.
d) Taxes on Income:
Deferred tax liability / assets has to be recognized on timing
difference between the accounting income and taxable income for the
year and quantified using the tax rates and laws enacted as on the
Balance Sheet date.
However, deferred tax asset is not recognized on prudent basis.
Mar 31, 2006
A) Basis of Accounting:
The company maintains its accounts on accrual basis following the
historical cost convention in accordance with Accounting Standards
referred to in Section 211(3C) and other requirement of the Companies
Act, 1956.
b) Investments: Investments are stated at cost.
c) Recognition of Income & Expenditure:
All Incomes & Expenditures are accounted on accrual basis.
d) Taxes on Income:
Deferred tax liability / assets has to be recognized on timing
difference between the accounting income and taxable income for the
year and quantified using the tax rates and laws enacted as on the
Balance Sheet date.
However, deferred tax asset is not recognized on prudent basis.