Mar 31, 2016
SIGNIFICANT ACCOUNTING POLICIES
a) Basis of Preparation
These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis of accounting. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the companies Act 2013 (Act) and in accordance with the Accounting Standards notified in the Companies (Accounting Standard) Rules, 2014. Accounting Policies have been consistently applied except where a newly issued accounting Standard is initially adopted or a revision to an existing Accounting Standard requires a change in the Accounting Policy hitherto in use. Profit & Loss Statement & Balance sheet are prepared accordance to Schedule III of The companies Act, 2013.
(b) Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to Contingent Liabilities as at the date of the financial statements and the reported amounts of Income and Expenses during the Period. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known/materialize.
(c) Cash and Cash Equivalents:
Cash & Cash Equivalent consists of Cash in hand, Bank balances and Bank Deposits.
(d) Cash Flow Statement
Cash flows are reported using the indirect method, as per AS-3, issued by the ICAI. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
(e) Fixed Assets & Depreciation
Fixed Assets are stated at cost of acquisition less accumulated depreciation thereon. Direct costs are capitalized until assets are ready to be put to use.
Depreciation on the Fixed Assets has been provided on the basis of WDV method over the useful lives of assets as per useful life prescribed under Schedule II of Companies Act, 2013.
(f) Investments:
Long term quoted Investments (non-trade) are valued at cost less provision for diminution in value, which is other than temporary.
(g) Provision & Contingencies
The Company recognizes a provision when there is a present obligation as a result of an obligating event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure of contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow of resources.
(h) Tax on Income:
Taxation is accounted on the basis of the "Liability Method" which is generally followed in India. Provision is made for income tax based on computation after considering rebates, relief and exemption under the Income Tax Act, 1961.In accordance with the Accounting Standards 22 "Accounting for taxes on Income" issued by the Institute of Chartered Accountants of India, Deferred Tax Liability/Assets has been calculated on timing differences between the accounting income and the taxable income for the year and quantified using the tax rate enacted or substantively enacted as on the Balance Sheet date.
(i) Provision, Contingent Liabilities & Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statement.
(j) Provision for Gratuity
No provision for gratuity has been made as the provisions of Payment of Gratuity Act, 1972 are not applicable.
Mar 31, 2015
A) Basis of Preparation
These financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis of accounting. GAAP comprises
mandatory accounting standards as prescribed under Section 133 of the
companies Act 2013 (Act) and in accordance with the Accounting
Standards notified in the Companies (Accounting Standard) Rules, 2014.
Accounting Policies have been consistently applied except where a newly
issued accounting Standard is initially adopted or a revision to an
existing Accounting Standard requires a change in the Accounting Policy
hitherto in use. Profit & Loss Statement & Balance sheet are prepared
accordance to Schedule III of the companies Act, 2013.
(b) Use of Estimates
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported balances of assets and liabilities and disclosures relating to
Contingent Liabilities as at the date of the financial statements and
the reported amounts of Income and Expenses during the Period. The
Management believes that the estimates used in preparation of the
financial statements are prudent and reasonable. Future results could
differ due to these estimates and the differences between the actual
results and the estimates are recognized in the periods in which the
results are known/materialize.
( c) Cash and Cash Equivalents:
Cash & Cash Equivalent consists of Cash in hand, Bank balances and Bank
Deposits.
(d) Cash Flow Statement
Cash flows are reported using the indirect method, as per AS-3, issued
by the ICAI. The cash flows from operating, investing and financing
activities of the Company are segregated based on the available
information.
(e) Fixed Assets & Depreciation
Fixed Assets are stated at cost of acquisition less accumulated
depreciation thereon. Direct costs are capitalized until assets are
ready to be put to use.
Depreciation on the Fixed Assets has been provided on the basis of WDV
method over the useful lives of assets as per useful life prescribed
under Schedule II of Companies Act, 2013.
(f) Investments:
Long term quoted Investments (non-trade) are valued at cost less
provision for diminution in value, which is other than temporary.
(g) Provision & Contingencies
The Company recognizes a provision when there is a present obligation
as a result of an obligating event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure of contingent liability is made when there is
a possible obligation or a present obligation that may, but probably
will not require an outflow of resources.
(h) Tax on Income:
Taxation is accounted on the basis of the "Liability Method" which is
generally followed in India. Provision is made for income tax based on
computation after considering rebates, relief and exemption under the
Income Tax Act, 1961. In accordance with the Accounting Standards 22
"Accounting for taxes on Income" issued by the Institute of Chartered
Accountants of India, Deferred Tax Liability/Assets has been calculated
on timing differences between the accounting income and the taxable
income for the year and quantified using the tax rate enacted or
substantively enacted as on the Balance Sheet date.
(i) Provision, Contingent Liabilities & Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statement.
(j) Provision for Gratuity
No provision for gratuity has been made as the provisions of Payment of
Gratuity Act, 1972 are not applicable.
Mar 31, 2014
(a) Accounting Convention:
The Financial Statements are prepared by following the Going Concern
Concept under the historical cost convention on accrual basis, in
accordance with the generally accepted accounting principles in India,
the accounting Standards issued by the Institute of Chartered
Accountants of India and the provisions of the companies Act, 2013.
(b) Fixed Assets:
Fixed assets are stated at cost of acquisition less accumulated
depreciation less impairment loss, if any. Cost includes all expenses
related to acquisition and installation of the concerned assets.
(c) Depreciation:
Depreciation on Fixed Assets has been provided as per rates prescribed
under Income Tax Act, 1961 as amended from time to time.
(d) Impairment of Assets:
The Company identifies impairable assets at the year-end in term of
cash generating unit concept based on Para 5 to 13 of AS-28 issued by
ICAI for the purpose of arriving at impairment loss on fixed assets and
capital work in progress (as required under para-34, AS-28) being the
difference between the book value and recoverable value of relevant
assets. Impairment loss, if any, when crystallizes is charged against
revenue of the year.
(e) Investments:
Long term quoted Investments (non-trade) are valued at cost less
provision for diminution in value, which is other than temporary.
(f) Tax on Income:
Current Tax is determined as the amount of tax payable in respect of
taxable income for the period.
Deferred tax is recognised, subject to the consideration of prudence,
on timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods, Deferred tax assets are not
recognised on unabsorbed depreciation and carry forward of losses
unless there is virtual certainty that sufficient future taxable income
will be available against which such deferred tax assets can be
realized.
Mar 31, 2013
(a) Accounting Convention:
The Financial Statements are prepared by following the Going Concern
Concept under the historical cost convention on accrual basis, in
accordance with the generally accepted accounting principles in India,
the accounting Standards issued by the Institute of Chartered
Accountants of India and the provisions of the companies Act, 1956.
(b) Fixed Assets:
Fixed assets are stated at cost of acquisition less accumulated
depreciation less impairment loss, if any. Cost includes all expenses
related to acquisition and installation of the concerned assets.
(c) Depreciation:
Depreciation on Fixed Assets has been provided as per rates prescribed
under Income Tax Act, 1961 as amended from time to time.
(d) Impairment of Assets:
The Company identifies impairable assets at the year-end in term of
cash generating unit concept based on Para 5 to 13 of AS-28 issued by
ICAI for the purpose of arriving at impairment loss on fixed assets and
capital work in progress (as required under para-34, AS-28) being the
difference between the book value and recoverable value of relevant
assets. Impairment loss, if any, when crystallizes is charged against
revenue of the year.
(e) Investments:
Long term quoted Investments (non-trade) are valued at cost less
provision for diminution in value, which is other than temporary.
(f) Tax on Income:
Current Tax is determined as the amount of tax payable in respect of
taxable income for the period.
Deferred tax is recognised, subject to the consideration of prudence,
on timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods, Deferred tax assets are not
recognised on unabsorbed depreciation and carry forward of losses
unless there is virtual certainty that sufficient future taxable income
will be available against which such deferred tax assets can be
realized.
Mar 31, 2012
(a) Accounting Convention:
The Financial Statements are prepared by following the Going Concern
Concept under the historical cost convention on accrual basis, in
accordance with the generally accepted accounting principles in India,
the accounting Standards issued by the Institute of Chartered
Accountants of India and the provisions of the companies Act, 1956.
(b) Fixed Assets:
Fixed assets are stated at cost of acquisition less accumulated
depreciation less impairment loss, if any. Cost includes all expenses
related to acquisition and installation of the concerned assets.
(c) Depreciation:
Depreciation on Fixed Assets has been provided as per rates prescribed
under Income Tax Act, 1961 as amended from time to time.
(d) Impairment of Assets:
The company identifies impairable assets at the year-end in term of
cash generating unit concept based on Para 5 to 13 of AS-28 issued by
ICAI for the purpose of arriving at impairment loss on fixed assets and
capital work in progress (as required under para-34, AS-28) being the
difference between the book value and recoverable value of relevant
assets. Impairment loss, if any, when crystallizes is charged against
revenue of the year.
(c) Investments:
Long term quoted Investments (non-trade) are valued at cost less
provision for diminution in value, which is other than temporary.
(f) Tax on Income:
Current Tax is determined as the amount of tax payable in respect of
taxable income for the period.
Deferred tax is recognised, subject to the consideration of prudence,
on timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods, Deferred tax assets are not
recognised on unabsorbed depreciation and carry forward of losses
unless there is virtual certainty that sufficient future taxable income
will be available against which such deferred tax assets can be
relized.
Mar 31, 2011
(a) Accounting Convention:
The Financial Statements are prepared by following the Going Concern
Concept under the historical cost convention on accrual basis, in
accordance with the generally accepted accounting principles in India,
the accounting Standards issued by the Institute of Chartered
Accountants of India and the provisions of the companies Act, 1956.
(b) Fixed Assets:
Fixed assets are stated at cost of acquisition less accumulated
depreciation less impairment loss, if any. Cost includes all expenses
related to acquisition and installation of the concerned assets.
(c) Depreciation:
Depreciation on Fixed Assets has been provided as per rates prescribed
under Income Tax Act, 1961 as amended from time to time.
(d) Impairment of Assets:
The company identifies impairable assets at the year-end in term of
cash generating unit concept based on Para 5 to 13 of AS-28 issued by
ICAI for the purpose of arriving at impairment loss on fixed assets and
capital work in progress [as required under para-34, AS-28) being the
difference between the book value and recoverable value of relevant
assets. Impairment loss, if any, when crystallizes is charged against
revenue of the year.
(e) Investments:
Long term quoted Investments (non-trade) are valued at cost less
provision for diminution in value, which is other than temporary.
(f) Tax on Income:
Current Tax is determined as the amount of tax payable in respect of
taxable income for the period.
Deferred tax is recognised, subject to the consideration of prudence,
on timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods, Deferred tax assets are not
recognised on unabsorbed depreciation and carry forward of losses
unless there is virtual certainty that sufficient future taxable income
will be available against which such deferred tax assets can be
realized.
Mar 31, 2010
(a) Accounting Convention:
The Financial Statements are prepared by following the Going Concern
Concept under the historical cost convention on accrual basis, in
accordance with the generally accepted accounting principles in India,
the accounting Standards issued by the Institute of Chartered
Accountants of India and the provisions of the companies Act, 1956.
(b) Fixed Assets:
Fixed assets are stated at cost of acquisition less accumulated
depreciation less impairment loss, if any. Cost includes all expenses
related to acquisition and installation of the concerned assets.
(c) Depteciation:
Depreciation on Fixed Assets has been provided as per rates prescribed
under Income Tax Act, 1961 as amended from time to time.
(d) Impairment of Assets:
The company identifies impairable assets at the year-end in term of
cash generating unit concept based on Para 5 to 13 of AS-28 issued by
ICAI for the purpose of arriving at impairment loss on fixed assets and
capital work in progress (as required under para-34, AS- 28) being the
difference between the book value and recoverable value of relevant
assets. Impairment loss, if any, when crystallizes is charged against
revenue of the year.
(e) Investments:
Long term quoted Investments (non-trade) are valued at cost less
provision for diminution in value, which is other than temporary.
(f) Tax on Income:
Current Tax is determined as the amount of tax payable in respect of
taxable income for the period.
Deferred tax is recognised, subject to the consideration of prudence,
on timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods, Deferred tax assets are not
recognised on unabsorbed depreciation and carry forward of losses
unless there is virtual certainty that sufficient future taxable income
will be available against which such deferred tax assets can be
realized.
Mar 31, 2009
(a) Accounting Convention:
The Financial Statements are prepared by following the Going Concern
Concept under the historical cost convention on accrual basis, in
accordance with the generally accepted accounting principles in India,
the accounting Standards issued by the Institute of Chartered
Accountants of India and the provisions of the companies Act, 1956.
(b) Fixed Assets:
Fixed assets are stated at cost of acquisition less accumulated
depreciation less impairment loss, if any. Cost includes all expenses
related to acquisition and installation of the concerned assets.
(c) Depreciation:
Depreciation on Fixed Assets has been provided as per rates prescribed
under Income Tax Act, 1961 as amended from time to time.
(d) Impairment of Assets:
The company identifies impairable assets at the year-end in term of
cash generating unit concept based on Para 5 to 13 of AS-28 issued by
ICAI for the purpose of arriving at impairment loss on fixed assets and
capital work in progress (as required under para-34, AS-28) being the
difference between the book value and recoverable value of relevant
assets. Impairment loss, if any, when crystallizes is charged against
revenue of the year.
(e) Investments:
Long term quoted Investments (non-trade) are valued at cost less
provision for diminution in value, which is other than temporary.
(f) Tax on Income:
Current Tax is determined as the amount of tax payable in respect of
taxable income for the period.
Deferred tax is recognised, subject to the consideration of prudence,
on timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods, Deferred tax assets are not
recognised on unabsorbed depreciation and carry forward of losses
unless there is virtual certainty that sufficient future taxable income
will be available against which such deferred tax assets can be
realized.
Mar 31, 2007
(a) Accounting Convention:
The Financial Statements are prepared by following the Going Concern
Concept under the historical cost convention on accrual basis, in
accordance with the generally' accepted accounting principles in India,
the accounting Standards issued - by the Institute of Chartered
Accountants of India and the provisions of the companies Act, 1956.
(b) Fixed Assets:
Fixed assets are stated at cost of acquisition less accumulated
depreciation less impairment loss, if any. Cost includes all expenses
related to acquisition and installation of the concerned assets.
(c) Depreciation:
Depreciation on Fixed Assets have been provided as per rates prescribed
under Income Tax Act, 1961 as amended from time to time.
Depreciation is charged on pro-rata basis for assets purchased/ sold
during the year.
(d) Impairment of Assets:
The company identifies impairable assets at the year-end in term of
cash generating unit concept based on Para 5 to 13 of AS-28 issued by
ICAI for the purpose of arriving at impairment loss on fixed assets and
capital work in progress (as required under para-34, AS-28) being the
difference between the book value and recoverable value of relevant
assets. Impairment loss, if any, when crystallizes is charged; against
revenue of the year.
(e) Investments:
Long term quoted Investments (non-trade) are valued at cost less
provision for diminution in value, which is other than temporary
eferred tax is recognised, subject to the consideration of prudence, on
timing differences, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods,'Deferred tax assets are not
recognised on unabsorbed depreciation and carry forward of losses
unless there is virtual certainty that sufficient future taxable income
will be available against which such deferred tax assets can be
realized.
(g) Borrowing Cost:
Borrowing costs are expensed in the year in which it is incurred.
Interest on borrowings has been charged to revenue account.
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