Mar 31, 2015
(i) Basis of Accounting
The financial statements have been prepared to comply in all material
aspects with the Accounting Standards notified under the relevant
provisions of the Companies Act, 2013. The financial statements have
been prepared under the historical cost convention on an accrual basis.
The accounting policies have been consistently applied by the company
and are consistent with those used in the previous year.
(ii) 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 disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Difference between the actual result and estimates are
recognized in the period in which the results are known / materialized.
(iii) Fixed assets
The Company does not have any Fixed Assets.
(iv) Investments
Long Term Investments are stated at cost. Provision for diminution in
the value of long term investment is made only if such a decline in the
opinion of the management is other than temporary.
(v) Inventories
The Company does not have any inventory.
(vi) Revenue recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
Dividend income is accounted on receipt basis and other income on
accrual basis.
(vii) Tax expense
Tax expense comprises of current, deferred tax. Current income tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act.
Deferred tax provision has not been recognized, as there is no virtual
certainty that there would be future taxable profits to realize the
assets. The same shall be recognized as and when the situation
justifies.
(viii) Earnings per share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. The
weighted average numbers of equity shares outstanding during the period
are adjusted proportionately from the events of share split.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
(ix) Provisions
A provision is recognized when an enterprise has a present obligation
as a result of past event and it is probable that an outflow of
resources will be required to settle the obligation and in respect of
which a reliable estimate can be made. Provisions are not discounted to
their present value and are determined based on the best estimate
required to settle the obligation at the balance sheet date. These are
reviewed at each balance sheet date and adjusted to reflect the current
best estimates.
(x) Cash and Cash equivalent (for purpose of cash flow statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short term balances (with original maturity of three
months or less from the date of acquisition), highly liquid investment
that readily convertible into known amount of cash and which are
subject to insignificant risk of change in value.
(xi) Cash Flow statement
Cash flows are reported using the indirect method as per AS-3, whereby
profits / (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 and payments. The cash flow
from operating, investing and financing activities of the Branch is
segregated based on available information.
(xii) Segment Information
The Company's only activity is providing Information Technology enabled
Services and hence, disclosure of segment wise information is not
applicable under AS-17 - segment information notified by companies
(Accounts) Rules, 2014.
(xiii) Retirement and Other Employee Benefits
a) Defined Benefit and Other Long Term Benefit Plan
Provident Fund - The Liability is determined on the basis of
contribution as required under the Statute / Rules. The Company at
present does not have any other long term retirement benefit scheme for
its employee.
b) Short Term Employees Benefits
Short term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
Mar 31, 2014
1.1 Accounting Concepts:
The financial statements are prepared and presented in accordance with
Generally Accepted Accounting Principles (GAAP) in India and comply in
all material aspects with the Accounting Standards (AS) notified under
the Companies (Accounting Standard) Rules, 2006 (as amended), other
pronouncement of the Institute of Chartered Accountant of India, the
relevant provisions of the Companies Act, 1956, and guidelines issued
by Securities and Exchange Board of India.
1.2 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 disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Difference between the actual result and estimates are
recognized in the period in which the results are known / materialized.
1.3 Fixed assets:
Fixed Assets are stated at cost, less accumulated
depreciation/amortization. Cost includes taxes, duties, freight and
other incidental expenses related to acquisition.
1.4 Borrowing Cost:
Interest and other costs in connection with the borrowing of the funds
to the extent related/attributed to the acquisition/construction of
qualifying fixed asset are capitalized up to the date when such fixed
assets are ready for the intended use and all other borrowing costs are
charged to profit and loss account.
1.5 Depreciation / amortization:
The company has provided depreciation on WDV basis as per the Schedule
XIV of the Companies Act, 1956. Depreciation in respect of assets
acquired during the year has been provided on pro-rata basis, according
to the period each asset is put to use during the year.
1.6 Investments:
Long Term Investments are stated at cost. Provision for diminution in
the value of long term investment is made only if; such a decline in
the opinion of the management is other than temporary.
1.7 Impairment:
Carrying amount of assets is reviewed at the Balance Sheet date if
there is indication of impairment based on the internal and external
factors.
The assets are treated as impaired when the carrying amount of asset
exceeds its recoverable amount. An impairment loss, if any, is charged
to the Profit and Loss Account in the year in which the assets are
identified as impaired. Reversal of impairment loss recognized in prior
years is recorded when there is an indication that impairment loss
recognized for the assets no longer exists or has decreased.
1.8 Inventories:
Inventories are valued at lower of cost and net realizable vale. Cost
of inventories comprises all costs of purchase, cost of conversion and
cost incurred in bringing inventories to its present location and
condition. The company does not have inventories at the end of the
year.
1.9 Revenue recognition:
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
Dividend income is accounted on receipt basis and other income on
accrual basis.
1.10 Tax expense:
Tax expense comprises of current, deferred tax. Current income tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act.
Deferred tax provision has not been recognized, as there is no virtual
certainty that there would be future taxable profits to realize the
assets. The same shall be recognized as and when the situation
justifies.
1.11 Earnings per share:
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. The
weighted average numbers of equity shares outstanding during the period
are adjusted proportionately from the events of share split.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
1.12 Provisions:
A provision is recognized when an enterprise has a present obligation
as a result of past event and it is probable that an outflow of
resources will be required to settle the obligation and in respect of
which a reliable estimate can be made. Provisions are not discounted to
their present value and are determined based on the best estimate
required to settle the obligation at the balance sheet date. These are
reviewed at each balance sheet date and adjusted to reflect the current
best estimates.
1.13 Cash and Cash equivalent (for purpose of cash flow statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short term balances (with original maturity of three
months or less from the date of acquisition), highly liquid investment
that readily convertible into known amount of cash and which are
subject to insignificant risk of change in value.
1.14 Cash Flow statement
Cash flows are reported using the indirect method, whereby
profits(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 and payments. The cash flow
from operating, investing and financing activities of the Branch is
segregated based on available information.
Mar 31, 2012
1.1 Accounting Concepts:
The financial statements are prepared and presented in accordance with
Generally Accepted Accounting Principles (GAAP) in India and comply in
all material aspects with the Accounting Standards (AS) notified under
the Companies (Accounting Standard) Rules, 2006 (as amended), other
pronouncement of the Institute of Chartered Accountant of India, the
relevant provisions of the Companies Act, 1956, and guidelines issued
by Securities and Exchange Board of India.
1.2 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 disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Difference between the actual result and estimates are
recognized in the period in which the results are known / materialized.
1.3 Fixed assets:
Fixed Assets are stated at cost, less accumulated
depreciation/amortization. Cost includes taxes, duties, freight and
other incidental expenses related to acquisition.
1.4 Borrowing Cost:
Interest and other costs in connection with the borrowing of the funds
to the extent related/attributed to the acquisition/construction of
qualifying fixed asset are capitalized up to the date when such fixed
assets are ready for the intended use and all other borrowing costs are
charged to profit and loss account.
1.5 Depreciation / amortization:
The company has provided depreciation on WDV basis as per the Schedule
XIV of the Companies Act, 1956. Depreciation in respect of assets
acquired during the year has been provided on pro-rata basis, according
to the period each asset is put to use during the year.
1.6 Investments:
Long Term Investments are stated at cost. Provision for diminution in
the value of long term investment is made only if; such a decline in
the opinion of the management is other than temporary.
1.7 Impairment:
Carrying amount of assets is reviewed at the Balance Sheet date if
there is indication of impairment based on the internal and external
factors.
The assets are treated as impaired when the carrying amount of asset
exceeds its recoverable amount. An impairment loss, if any, is charged
to the Profit and Loss Account in the year in which the assets is
identified as impaired. Reversal of impairment loss recognized in prior
years is recorded when there is an indication that impairment loss
recognized for the assets no longer exists or has decreased.
1.8 Inventories:
Inventories are valued at lower of cost and net realizable vale. Cost
of inventories comprises all costs of purchase, cost of conversion and
cost incurred in bringing inventories to its present location and
condition. The company does not have inventories at the end of the
year.
1.9 Revenue recognition:
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
Dividend income is accounted on receipt basis and other income on
accrual basis.
1.10 Tax expense:
Tax expense comprises of current, deferred tax. Current income tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act.
Deferred taxes provision has not been recognized, as there is no
virtual certainty that there would be future taxable profits to realize
the assets. The same shall be recognized as and when the situation
justifies.
1.11 Earnings per share:
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. The
weighted average numbers of equity shares outstanding during the period
are adjusted proportionately from the events of share split.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
1.12 Provisions:
A provision is recognized when an enterprise has a present obligation
as a result of past event and it is probable that an outflow of
resources will be required to settle the obligation and in respect of
which a reliable estimate can be made. Provisions are not discounted to
their present value and are determined based on the best estimate
required to settle the obligation at the balance sheet date. These are
reviewed at each balance sheet date and adjusted to reflect the current
best estimates.
1.13 Cash and Cash equivalents:
Cash and cash equivalents in the balance sheet comprise cash at bank
and in hand.
Mar 31, 2011
1.1 Accounting Concepts:
The financial statements are prepared and presented in accordance with
Generally Accepted Accounting Principles (GAAP) in India and comply in
all material aspects with the Accounting Standards (AS) notified under
the Companies (Accounting Standard) Rules, 2006 (as amended), other
pronouncement of the Institute of Chartered Accountant of India, the
relevant provisions of the Companies Act, 1956, and guidelines issued
by Securities and Exchange Board of India.
2.1 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 disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Difference between the actual result and estimates are
recognized in the period in which the results are known / materialized.
3.1 Fixed assets:
Fixed Assets are stated at cost, less accumulated
depreciation/amortization. Cost includes taxes, duties, freight and
other incidental expenses related to acquisition.
3.2 Borrowing Cost:
Interest and other costs in connection with the borrowing of the funds
to the extent related/attributed to the acquisition/construction of
qualifying fixed asset are capitalized up to the date when such fixed
assets are ready for the intended use and all other borrowing costs are
charged to profit and loss account.
3.5 Depreciation / amortization:
The company has provided depreciation on WDV basis as per the Schedule
XIV of the Companies Act, 1956. Depreciation in respect of assets
acquired during the year has been provided on pro-rata basis, according
to the period each asset is put to use during the year.
3.6 Investments:
Long Term Investments are stated at cost. Provision for diminution in
the value of long term investment is made only if; such a decline in
the opinion of the management is other than temporary.
3.7 Impairment:
Carrying amount of assets is reviewed at the Balance Sheet date if
there is indication of impairment based on the internal and external
factors.
The assets are treated as impaired when the carrying amount of asset
exceeds its recoverable amount. An impairment loss, if any, is charged
to the Profit and Loss Account in the year in which the assets is
identified as impaired. Reversal of impairment loss recognized in prior
years is recorded when there is an indication that impairment loss
recognized for the assets no longer exists or has decreased.
3.8 Inventories:
Inventories are valued at lower of cost and net realizable vale. Cost
of inventories comprises all costs of purchase, cost of conversion and
cost incurred in bringing inventories to its present location and
condition. The company does not have inventories at the end of the
year.
3.9 Revenue recognition:
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
Dividend income is accounted on receipt basis and other income on
accrual basis.
3.10 Tax expense:
Tax expense comprises of current, deferred tax. Current income tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act.
Deferred taxes provision has not been recognized, as there is no
virtual certainty that there would be future taxable profits to realize
the assets. The same shall be recognized as and when the situation
justifies.
3.11 Earnings per share:
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. The
weighted average numbers of equity shares outstanding during the period
are adjusted proportionately from the events of share split.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
3.12 Provisions:
A provision is recognized when an enterprise has a present obligation
as a result of past event and it is probable that an outflow of
resources will be required to settle the obligation and in respect of
which a reliable estimate can be made. Provisions are not discounted to
their present value and are determined based on the best estimate
required to settle the obligation at the balance sheet date. These are
reviewed at each balance sheet date and adjusted to reflect the current
best estimates.
3.13 Cash and Cash equivalents:
Cash and cash equivalents in the balance sheet comprise cash at bank
and in hand.
Mar 31, 2010
1.1 Basis of preparation
The financial statements have been prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis of accounting and comply with in
all material respects with the Notified accounting standard by
Companies Accounting Standards Rules, 2006 and the relevant provisions
of the Companies Act, 1956.
1.2 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 disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Difference between the actual result and estimates are
recognized in the period in which the results are known / materialized.
1.3 Fixed assets
Fixed Assets are stated at cost of acquisition. Cost includes taxes,
duties, freight and other incidental expenses related to acquisition.
Interest on borrowings (if any), to finance acquisition or construction
of fixed assets are capitalized. The Company has transferred all the
assets pertaining to unit at Vellore during the year under review.
1.4 Depreciation / amortization
The company has provided depreciation on SLM basis as per the Schedule
XIV of the Companies Act, 1956 upto the date of transfer of all the
assets.
1.5 Capital Work in progress
The Technological work in progress amounting to Rs. 27,51,600 incurred
in earlier years pertain to the expenditure incurred by the company for
acquisition of Intellectual Property (IP) and understanding of the
market for various categories of proposed herbo-pharma and FMCG product
range. As the Company is no longer into neem based business, this IP
has become redundant. The management has decided to write off the same
during the year.
1.6 Impairment
As the company has transferred its entire manufacturing unit, the
impairment on assets as per AS- 28 Impairment of Assets is recognized
wherever applicable.
1.7 Inventories
Inventories are valued at lower of cost and net realizable vale. Cost
of inventories comprises all costs of purchase, cost of conversion and
cost incurred in bringing inventories to its present location and
condition. The company does not have inventories at the end of the
year.
1.8 Revenue recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
Sale of Goods
Revenue is recognized when the significant risks and rewards of
ownership of the goods have passed to the buyer. It generally coincides
with the dispatch of goods from the factory.
1.9 Tax expense
Tax expense comprises of current, deferred tax. Current income tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act.
Deferred taxes provision has not been considered as the Company does
not have any asset or events which results in either as asset or a
liability. The same shall be recognized as and when the situation
justifies.
1.10 Earnings per share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. The
weighted average numbers of equity shares outstanding during the period
are adjusted for events of share split.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
1.11 Provisions
A provision is recognized when an enterprise has a present obligation
as a result of past event and it is probable that an outflow of
resources will be required to settle the obligation and in respect of
which a reliable estimate can be made. Provisions are not discounted to
their present value and are determined based on the best estimate
required to settle the obligation at the balance sheet date. These are
reviewed at each balance sheet date and adjusted to reflect the current
best estimates.
1.12 Cash and Cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank
and in hand.
Mar 31, 2009
A) Basis of preparation of Financial Statement
Financial Statements are prepared in accordance with Indian Generally
Accepted Accounting Principles (GAAP) under the historical cost
convention on the accrual basis of accounting and comply with the
mandatory accounting standards and statements issued by the Institute
of Charted Accountants of India (ICAI) and the provision of Companies
Act, 1956. b) Use of Estimates:
The presentation of financial statements in conformity with GAAP
requires estimates and assumption to be made that affect the reported
amount of assets and liabilities on the date of the financial
statements and reported amount of revenues and expenses during the
reporting period. Difference between the actual result and estimates
are recognized in the period in which the results are known /
materialized.
2 Fixed Assets and Depreciation:
Fixed Assets, both tangible and intangible, are stated at cost of
acquisition / construction. Cost includes taxes, duties, freight and
other incidental expenses related to acquisition/construction.
Interest on borrowings (if any), to finance acquisition /construction
of fixed assets are capitalized. Depreciation is calculated on SLM
basis as per the Schedule XIV of the Companies Act, 1956.
3 Inventories:
Inventories are valued at lower of cost and net realizable value. Cost
of inventories comprises all costs of purchase, cost of conversion and
cost incurred in bringing inventoried to their present location and
condition. The comparison of costs and realizable value is made on an
item-by-item basis.
4 Revenue Recognition:
Revenue /Income is generally accounted on accrual basis as they are
earned, except in case of significant uncertainty.
5 Retirement Benefits:
a) Contribution to the Employees Provident Funds and Miscellaneous
Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at
a predetermined rate.
b) The Company at present does not have any other retirement benefit
scheme for its employees.
6. Taxation:
Income-tax expense comprises of current tax and deferred tax charge or
credit. Provision for current tax is made on the assessable income at
the tax rate applicable to the relevant assessment year. The deferred
tax asset and deferred tax liability is calculated by applying tax rate
and laws been enacted or substantively enacted by the Balance Sheet
date at the end of the financial year. Deferred tax assets arising
mainly on account of brought forward losses and unabsorbed depreciation
under tax laws, are recognized, only if there is a virtual certainty of
its realization, supported by convincing evidence. Deferred tax assets
on account of other timing differences are recognized only to the
extent there is a reasonable certainty of its realization.