Mar 31, 2015
(A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of
accounting in the Preparation of the books of accounts.
(B) REVENUE RECOGNITION
(a) Sales: Sales are accounted for on accrual basis.
(b) Other Operation: Interest and other income are accounted for on
accrual basis.
(C) EXPENSES: It is Company's policy to account of expenses on accrual
basis.
(D) TAXATION:
(i) Provision for current tax is made in the accounts on the basis of
tax liability estimated as per the applicable provisions of the Income
Tax Act, 1961.
(ii) Deferred tax for timing differences between tax profits and book
profits is accounted for using the tax rates and laws that have been
enacted or substantially enacted as of the Balance Sheet date.
(E) INVENTORIES: The Company does not have inventory.
(F) FIXED ASSETS: Fixed assets are carried at cost of acquisition or
construction including incidental expenses related to acquisition and
installation on concerned assets, less accumulated depreciation and
amortizations.
(G) INVESTMENTS: Long term investments are stated at cost. Provision
for diminution in the value of long term investment is made only if
such decline is other than temporary in the opinion of the management.
(H) RETIREMENT BENEFITS: No provision for retirement benefits for
employees has been made since the Gratuity Act and Provident Fund Act
are not applicable to the Company.
(I) MISCELLANEOUS EXPENDITURE: Preliminary Expenses are written down
over a period of 5 years.
(J) CONTINGENT LIABILITY: A Demand of I. Tax of Rs. 23371296/- is
pending for the A.Y. 1996-07 against the company on account of
disallowance of bad debts. Aggrieved by the order, an appeal is filed
before the Tribunal. The said Appeal is yet pending for disposal. The
company is hopeful of getting a favorable decision from the Appellate
authorities.
Mar 31, 2014
(A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of
accounting in the Preparation of the books of accounts.
(B) REVENUE RECOGNITION:
(a) Sales: Sales are accounted for on accrual basis.
(b) Other Operation: Interest and other income are accounted for on
accrual basis.
(C) EXPENSES: It is Company''s policy to account of expenses on accrual
basis.
(D) TAXATION:
(i) Provision for current tax is made in the accounts on the basis of
tax liability estimated as per the applicable provisions of the Income
Tax Act, 1961.
(ii) Deferred tax for timing differences between tax profits and book
profits is accounted for using the tax rates and laws that have been
enacted or substantially enacted as of the Balance Sheet date.
(E) INVENTORIES: The Company does not have inventory.
(F) FIXED ASSETS: Fixed assets are carried at cost of acquisition or
construction including incidental expenses related to acquisition and
installation on concerned assets, less accumulated depreciation and
amortizations.
(G) DEPRECIATION: Depreciation has been provided on Written Down Value
Method in accordance with the provision of Section 205(2)(b) of the
Companies Act, 1956 at the rate prescribed in Schedule XIV of the
Companies Act, 1956 on pro rata basis with reference to the date of
acquisition/installation.
(H) INVESTMENTS: Long term investments are stated at cost. Provision
for diminution in the value of long term investment is made only if
such decline is other than temporary in the opinion of the management.
(I) RETIREMENT BENEFITS: No provision for retirement benefits for
employees has been made since the Gratuity Act and Provident Fund Act
are not applicable to the Company and the company has adopted PAY-AS-
YOU-GO method for the payment of other retirement benefits if any
payable to the Employees.
(J) MISCELLANEOUS EXPENDITURE: Preliminary Expenses are written down
over a period of 5 years.
(K) CONTINGENT LIABILITY: A Demand of I. Tax of Rs. 23371296/- is
pending for the A.Y. 1996-07 against the company on account of
disallowance of bad debts. Aggrieved by the order, an appeal is filed
before the Tribunal. The said Appeal is yet pending for disposal. The
company is hopeful of getting a favorable decision from the Appellate
authorities.
Mar 31, 2013
(1) The Accounts are prepared on an accrual basis except otherwise
stated and under the historical cost conventions, and are in line with
the relevant laws as well as the guidelines prescribed by the
Department of Company affairs and the Institute of Chartered
Accountants of India.
(A) SYSTEM OF ACCOUNTING: The Company has adopted the accrual basis of
accounting in the Preparation of the books of accounts.
(B) REVENUE RECOGNITION:
(a) Sales: Sales are accounted for on accrual basis.
(b) Other Operation: Interest and other income are accounted for on
accrual basis.
(C) EXPENSES: It is Company''s policy to account of expenses on accrual
basis.
J '' *-
(D) TAXATION:
(i) Provision for current tax is made in the accounts on the basis of
tax liability estimated as per the applicable provisions of the Income
Tax Act, 1961.
(ii) Deferred tax for timing differences between tax profits and book
profits is accounted for using the tax rates and laws that have been
enacted or substantially enacted as of the Balance Sheet date.
(E) INVENTORIES: The Company does not have Inventory.
(F) FIXED ASSETS: Fixed assets are carried at cost of acquisition or
construction including incidental expenses related to acquisition and
installation on concerned assets, less accumulated depreciation and
amortizations.
(G) DEPRECIATION: Depreciation has been provided on Written Down Value
Method in accordance with the provision of Section 205(2)(b) of the
Companies Act, 1956 at the rate prescribed in Schedule XIV of the
Companies Act, 1956 on pro rata basis with reference to the date of
acquisition/installation.
(H) INVESTMENTS: Long term investments are stated at cost. Provision
for diminution in the value of long term f investment is made only if
such decline is other than temporary in the opinion of the management.
(I) RETIREMENT BENEFITS: No provision for retirement benefits for
employees has been made since the Gratuity Act and Provident Fund Act
are not applicable to the Company and the company has adopted PAY-AS-
YOU-GO method for the payment of other retirement benefits if any
payable to the Employees.
(J) MISCELLANEOUS EXPENDITURE: Preliminary Expenses are written down
over a period of 5 years.
(K) CONTINGENT LIABILITY: A Demand of I. Tax of Rs. 23371296/- is
pending for the A.Y. 1996-07 against the company on account of
disallowance of bad debts. Aggrieved by the order, an appeal is filed
before the Tribunal. The said Appeal is yet pending for disposal. The
company is hopeful of getting a favorable decision from the Appellate
authorities.
Mar 31, 2010
(1) The Accounts are prepared on an accrual basis except otherwise
stated and under the historical cost conventions, and are in line with
the relevant laws as well as the guidelines prescribed by the
Department of Company affairs and the Institute of Chartered
Accountants of India.
(A) SYSTEM OF ACCOUNTING
The Company has adopted the accrual basis of accounting in the
Preparation of the books of accounts.
(B) REVENUE RECOGNITION
(a) Sales
Sales are accounted for on accrual basis.
(b) Other Operation
Interest and other income are accounted for on accrual basis.
(C) EXPENSES
It is Companys policy to account of expenses on accrual basis.
(D) TAXATION
(i) Provision for current tax is made in the accounts on the basis of
tax liability estimated as per the applicable provisions of the Income
Tax Act, 1961.
(ii) Deferred tax for timing differences between tax profits and book
profits is accounted for using the tax rates and laws that have been
enacted or substantially enacted as of the Balance Sheet date.
(E) INVENTORIES
The Company does not have inventory.
(F) FIXED ASSETS
Fixed assets are carried at cost of acquisition or construction
including incidental expenses related to acquisition and installation
on concerned assets, less accumulated depreciation and amortizations.
(G) DEPRECIATION
Depreciation has been provided on Written Down Value Method in
accordance with the provision of Section 205(2)(b) of the Companies
Act, 1956 at the rate prescribed in Schedule XIV of the Companies Act,
1956 on pro rata basis with reference to the date of
acquisition/installation.
(H) INVESTMENTS
Long term investments are stated at cost. Provision for diminution in
the value of long term investment is made only if such decline is other
than temporary in the opinion of the management.
(I) RETIREMENT BENEFITS
No provision for retirement benefits for employees has been made since
the Gratuity Act and Provident Fund Act are not applicable to the
Company and the company has adopted PAY-AS- YOU-GO method for the
payment of other retirement benefits if any payable to the Employees.
(J) MISCELLANEOUS EXPENDITURE
Preliminary Expenses are written down over a period of 5 years.
(K) Contingent Liability
A Demand of I. Tax of Rs. 23371296/- is pending for the A.Y. 1996-07
against the company on account of disallowance of bad debts. Aggrieved
by the order, an appeal is filed before the Tribunal. The said Appeal
is yet pending for disposal. The company is hopeful of getting a
favorable decision from the Appellate authorities.
Mar 31, 2009
(1) The Accounts are prepared on an accrual basis except otherwise
stated and under the historical cost conventions, and are in line with
the relevant laws as well as the guidelines prescribed by the
Department of Company affairs and the Institute of Chartered
Accountants of India.
(A) SYSTEM OF ACCOUNTING
The Company has adopted the accrual basis of accounting in the
Preparation of the books of accounts.
(B) REVENUE RECOGNITION
(a) Sales
Sales are accounted for on accrual basis.
(b) Other Operation
Interest and other income are accounted for on accrual basis.
(C) EXPENSES
It is Companys policy to account of expenses on accrual basis.
(D) TAXATION
(i) Provision for current tax is made in the accounts on the basis of
estimated tax liability as per the applicable provisions of the Income
Tax Act, 1961.
(ii) Deferred tax for timing differences between tax profits and book
profits is accounted for using the tax rates and laws that have been
enacted or substantially enacted as of the Balance Sheet date.
(E) INVENTORIES
The Company does not have inventory.
(F) FIXED ASSETS
Fixed assets are carried at cost of acquisition or construction
including incidental expenses related to acquisition and installation
on concerned assets, less accumulated depreciation and amortizations.
(G) DEPRECIATION
Depreciation has been provided on Written Down Value Method in
accordance with the provision of Section 205(2)(b) of the Companies
Act, 1956 at the rate prescribed in Schedule XIV of the Companies Act,
1956 on pro rata basis with reference to the date of
acquisition/installation.
(H) INVESTMENTS
Long term investments are stated at cost. Provision for diminution in
the value of long term investment is made only if such decline is other
than temporary in the opinion of the management.
(I) RETIREMENT BENEFITS
No provision for retirement benefits for employees has been made Since
the Gratuity Act Provident Fund Act not applicable to the Company and
the company has adopted PAY-AS-YOU-GO method for the payment of other
retirement benefits if any payable to the Employees.
(J) MISCELLANEOUS EXPENDITURE
Preliminary Expenses are written down over a period of 5 years.
(K) Contingent Liability
A Demand of I. Tax of Rs. 23371296/- is pending for the A.Y. 1996-07
against the company On account of disallowance of bad debts. Aggrieved
by the order a appeal is filed before the CIT(A). The said Appeal is
yet pending for disposal . The company is hopeful of getting a
favorable decision from the Appellate authorities.
Mar 31, 2002
The accounts are prepared in accordance with the accounting principles
accepted in India. The Significant accounting policies to the extent
applicable to the company are as under:-
1. SYSTEM OF ACCOUNTING :
The Financial statements are prepared on the basis of historical cost
convention on accrual basis and on going concern basis.
2. REVENUE RECOGNITION :
All known expenditure and income to the extent payable or receivable
respectively and quantifiable till the date of finalisation of accounts
are accounted on accrual basis.
3. FIXED ASSETS :
Fixed assets are carried at cost of acquisition or construction
including incidential expenses releted to acquisition and installation
on concerned assets, less acumulated depreciation and amortisation.
4. DEPRECIATION :-
Depreciation has been provided on Written Down Value method in
accordance with the provision of Section 205(2)(b) of the Companies
Act, 1956 at the rate prescribed in Schedule XIV of the Companies Act,
1956 on prorata basis with reference to the date of
acquuisition/installation.
5. INVESTMENTS
Long term investments are stated at cost. Provision for dimulation in
the value of long term investment is made only if such decline is other
than temporary in the opinon of the management.
6. VALUATION OF INVENTORIES
Stock in trade : At cost or Market value which ever is less.
7. RETIREMENT BENEFITS
No provision for retirements benefits for employees has been made since
the Gratuity Act. Provident Fund Act not applicable to the company. And
the company has adopted PAY- AS-YOU-GO method for the payment of other
retirement benefits If any payable to the employees.
8. MISCELLANEOUS EXPENDITURE
(a) Preliminary Expenses : In accordance with the provisions of section
35D of the Income Tax Act 1961, the company has written of 1/10 of
Preliminary expenses,
(b) Public Issue Expenses : Public issue expenditures to be amortised
over a period of ten years from the year in whic public issue held.
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