Mar 31, 2014
1. Basis of Preparation of Financial Statements
The Financial Statements have been prepared under Historical Cost
conventions and on accrual basis in accor- dance with the Generally
Accepted Accounting Principles (''GAAP'') applicable in India, Companies
(Accounting Standard) Rules, 2006 notified by Ministry of Company
Affairs and Accounting Standards issued by the Institute of Chartered
Accountants of India as applicable and relevant provisions of the
Companies Act, 1956, as adopted consistently by the Company.
2. Use of Estimates
The preparation of Financial Statements in conformity with Indian GAAP
requires estimates and assumptions to be made, that affects the
reported amounts of assets and liabilities on the date of the Financial
Statements and the reported amounts of revenue and expenses during the
reporting period. Differences between the actual results and estimates
are recognized in the period in which the results are known /
materialized.
3. Fixed Assets
Fixed Assets are capitalized at cost less accumulated depreciation
inclusive of purchase price, duties and other non refundable taxes,
direct attributable cost of bringing asset to its working condition and
financing cost till commer- cial production, if any.
Projects, if any, under which assets are not ready for their intended
use are shown as Capital Work-in-Progress. However no project was
undertaken during the year under review.
4. Depreciation / Amortization
Depreciation on fixed assets is provided on Straight Line Method (SLM)
at the rates and in the manner prescribed in Schedule XIV to the
Companies Act, 1956.
5. Inventories
The inventories are stated at lower of cost and net realizable value,
after providing for obsolescence, if any. Cost of Inventories comprises
of all cost of purchase, cost of conversion and other cost incurred in
bringing inventory to the present location and condition and valuation
is inclusive of taxes and duties incurred on same.
6. Revenue Recognition
Revenue from interest is recognized on accrual basis.
7. Investment
Investments are classified as Current & Non Current Investments.
Current Investments are carried at lower of cost or Market / Fair Value
determined on an individual investment basis. Non-Current investments
are valued at cost. However no Investment was made by the Company
during the year.
8. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that takes necessarily
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to Profit and Loss A/c..
9. Taxation
Tax expenses for the year comprise of current tax and deferred tax.
Current tax is measured as amount of tax payable in respect of taxable
income for current year as per Income Tax Act 1961 after considering
tax allowances and exemptions, if any. Deferred Tax assets or
liabilities are recognized for further tax consequence attributable to
timing difference between taxable income and accounting income that
originate in one year and are capable of reversal in one or more
subsequent year.
Company has incurred Loss during the year so no provision is made for
Income Tax. Deffered Tax liability is created on account of timing
difference on Depreciation as per Companies Act and Income Tax Act.
10. Leases Operating Lease
Lease where the lesser effectively retains substantially all risks and
benefits of the asset are classified as Operating lease. Operating
lease payments are recognized as an expense in the Profit & Loss
account.
11. Impairment of Assets
An asset is impaired when the carrying cost of assets exceeds its
recoverable value. An impairment loss is charged to Profit & Loss in
the year in which an asset is identified as Impaired. As on Balance
Sheet date, the Company reviews the carrying amount of Fixed Assets to
determine whether there are any indications that those assets have
suffered "Impairment Loss".
12. Foreign Exchange Transactions
i) Company has not made any transaction in foreign currency.
13. Earnings per Share
In determining the Earnings Per share, the company considers the net
profit after tax which includes any post tax effect of any
extraordinary / exceptional item. The number of shares used in
computing basic earnings per share is the weighted average number of
shares outstanding during the period.
The number of shares used in computing Diluted earnings per share
comprises the weighted average number of shares considered for
computing Basic Earnings per share and also the weighted number of
equity shares that would have been issued on conversion of all
potentially dilutive shares.
14. Retirement Benefits
According to management, since the number of employees are less than
mandatory limit, Company has not yet applied for registration under
Provident Fund Act or ESIC Act.
15. Contingent Liabilities & Provisions
Provisions are recognized only when there is a present obligation as a
result of past events and when a reliable estimate of the amount of
obligation can be made.
Contingent Liability is disclosed for by way of note for -
a) Possible obligation which will be confirmed only by future events
not wholly within the control of the Com- pany or
b) Present obligations arising from the past events where it is not
probable that an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount of the obligation
cannot be made.
c) Contingent Assets are not recognized in the financial statements
since this may result in the recognition of income that may never be
realized.
Mar 31, 2012
(1) The company follows the mercantile system of accounting and
recognizes income and expenditure on the accrual basis except those
with significant uncertainties. The company has complied with all the
mandatory Accounting Standards (AS) issued by the ICAI, to the extent
applicable. The accounts have been prepared on the historical cost
convention and on the basis of going concern.
(2) Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles. -
(3) Fixed Assets are stated at cost of acquisition inclusive of
freight, duties, taxes and incidental expenses less accumulated
depreciation.
(4) Depreciation on fixed Assets has been provided on straight line
method at the rates and in the manner pre- scribed in the Income Tax
Rules, 1962.
(5) Investment is stated at Cost. Market value of investment is not
ascertainable.
Mar 31, 2009
(1) The company follows the mercantile system of accounting and
recognizes income and expenditure on the accrual basis except those
with significant uncertainties. The company has complied with all the
mandatory Accounting Standards (AS) issued by the ICAI, to the extent
applicable. The accounts have been prepared on the historical cost
convention and on the basis of going concern.
(2) Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles.
(3) Fixed Assets are stated at cost of acquisition inclusive of
freight, duties, taxes, and incidental expenses less accumulated
depreciation.
(4) a. Depreciation on fixed Assets of Mumbai Branch has been provided
on straight line method at the rates and in the manner specified in
Schedule XIV of the Companies Act, 1956.
b. Depreciation on fixed Assets of the Head Office has been provided ob
straight line method at the rates and in the manner prescribed in the
Income Tax Rules, 1962.
(5) Investment is stated at cost. Market value of investment is not
ascertainable.
(6) The inventories of work in process are valued at "valued Addition
Basis " and in case of the serials/ album, which are not acceptable for
telecast/release, are written off wholly.
(7) Balance of Share Issue expenses are amortized during the year,
(8) Deferred tax is recognized on timing differences between taxable
income and Accounting income that originate in one period and are
capable of reversal in one or more subsequent periods.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article