Mar 31, 2016
Note : 29 SIGNIFICANT ACCOUNTING POLICIES & NOTES TO THE ACCOUNTS
A- SIGNIFICANT ACCOUNTING POLICIES
1 Basis of Accounting
The financial statements are prepared under the historical cost convention on the concept of a going concern, in accordance with the Generally Accepted Accounting Principles and mandatory Accounting Standards as notified under Rule 7 of the Companies (Accounts) Rules, 2014 which is similar to provisions and presentational requirements of the Companies Act, 2013.
2 Changes in Accounting policies
The accounting policies adopted are consistent t with those of previous financial year. The management assures that there has been no change in accounting policies as compared to that of previous year which would have any significant effect on these financials.
3 Recognition of Income
Sales represents invoiced Value of goods Sold . Other Income is recognized and accounted for on accrual basis unless otherwise stated.
4 Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.
4 (A)- Depreciation on tangible fixed assets
Depreciation on Fixed Assets is provided to the extent of depreciable amount on the Written Down Value (WDV) Method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.
5 Taxes on Income
Current tax is determined and provided for on the amount of taxable income at the applicable rates for the relevant financial year. Deferred Tax Assets and Liabilities (DTA/ DTL) are recognized, subject to consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods. The DTA is recognized only to the extent that there is reasonable certainty of sufficient future profits against which such DTA can be realized.
6 Contingent Liability
The contingent liabilities, if any, are disclosed in the Notes to Accounts. Provision is made in the accounts, if it becomes probable that there will be outflow of resources for settling the obligation.
7 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring after the balance sheet date to provide additional information materially affecting the determination of the amounts of assets or liabilities relating to conditions existing at the balance sheet date.
8 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year/ period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year/ period.
9 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 the disclosure of contingent assets and liabilities on the date of the financial statements and the results of operations during the reporting year. Actual results could differ from those estimates. Any revision to accounting estimates is recognized prospectively in current and future periods.
10 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded a t the exchange rate prevailing at the time of the transaction. Monetary items denominated in foreign currencies at the year end are translated at the rate ruling at the year end rate. There are no any foreign currency transaction occurred during the year.
B- NOTES TO THE ACCOUNTS
1) The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.
2) All the investments made by the company are valued at Cost .
3) Managerial Remuneration: 338,000.00
4) The company does not have inventory as per AS-2.
5) Differed tax arising on account of timing difference and which are capable of reversal in one or more subsequent periods is recognized using the tax rates and tax laws that have been enacted o substantively enacted. Deferred tax assets are recognized unless there is virtual certainty with respect to the reversal of the same in future years.
6) All schedules annexed to and form integral part of the Balance Sheet and Profit & Loss Account.
7) Minimum Alternative Tax (MAT) is recognized as an asset only when and to the extent there is convicting evidence that the company will pay normal income tax during the specified period. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convicting evidence to the effect that company will pay normal Income Tax during the specified period.
8) Value of Import on CIF Basis Nil
9) Earnings in Foreign Exchange (FOB Value) Nil
10) Expenditure in Foreign Currency Nil
As per our report of even date attached.
Mar 31, 2015
1 Basis of Accounting
The financial statements are prepared under the historical cost
convention on the concept of a going concern, in accordance with the
Generally Accepted Accounting Principles and mandatory Accounting
Standards as notified under Rule 7 of the Companies (Accounts) Rules,
2014 which is similar to provisions and presentational requirements of
the Companies Act, 2013.
2 Changes in Accounting policies
The accounting policies adopted are consistent with those of previous
financial year. The management assures that there has been no change in
accounting policies as compared to that of previous year which would
have any significant effect on these financials.
3 Recognition of Income
Sales represents invoiced Value of goods Sold. Other Inc ome is
recognized and accounted for on accrual basis unless otherwise stated.
4 Tangible Fixed Assets
Fixed assets are stated at cost less acc umlauted depreciation and
impairment losses, if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which take substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
4 (A)- Depreciation on tangible fixed assets
Depreciation on Fixed Assets is provided to the extent of depreciable
amount on the Written Down Valu e (WDV) Method. Depreciation is
provided based on useful life of the assets as prescribed in Schedule
II to the Companies Act, 2013.
5 Taxes on Income
Current tax is determined and provided for on the amount of taxable
income at the applicable rates for the relevant financial year.
Deferred Tax Assets and Liabilities (DTA/ DTL) are recognized, subject
to consideration of prudence, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and is capable of reversal in one or more subsequent
periods. The DTA is recognized only to the extent that there is
reasonable certainty of sufficient future profits against which such
DTA can be realized.
6 Contingent Liability
The contingent liabilities, if any, are disclose d in the Notes to
Accounts. Provision is mad e in the accounts, if it becomes probable
that there will be outflow of resources for settling the obligation.
7 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring
after the balance sheet date to provide additional information
materially affecting the determination of the amounts of assets or
liabilities relating to conditions existing at the balance sheet date.
8 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year/ period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year/
period.
9 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 the disclosure of contingent assets and liabilities on
the date of the financial statements and the results of operations
during the reporting year. Actual results could differ from those
estimates. Any revision to accounting estimates is recognized
prospectively in current and future periods.
10 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction. Monetary
items denominated in foreign currencies at the yearend are translated
at the rate ruling at the yearend rate. There are no any foreign
currency transaction occurred during the year.
Mar 31, 2014
1 Basis of Accounting
The financial statements are p repaired under the historical cost
convention o n the concept of a going concern, in accordance with the
Generally Accepted Accounting Principles and mandatory Accounting
Standards as notified under the Companies (Accounting Standards) Rules,
2006 and as per the provisions and presentational requirements of the
Companies Act, 1956.
2 Changes in Accounting policies
The accounting policies adopted are consistent with those o f previous
financial year. The management assures that there has been no change in
accounting policies as compared to that of previous year which would
have any significant effect on these financials.
3 Recognition of Income
Sales represents invoiced Value of goods Sold. Other Income is r
recognized an d accounted for on accrual basis unless otherwise stated.
4 Tangible Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and
impairment losses, if any. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use. Borrowing costs relating to acquisition of fixed
assets which take substantial period of time to get ready for its
intended use are also included to the extent they relate to the period
till such assets are ready to be put to use.
4 (A)- Depreciation on tangible fixed assets
No Depreciation has been provided on Land.
5 Taxes on Income
Current tax is determined and provided for on the amount of taxable
income at the applicable rates for the relevant financial year.
Deferred Tax Assets and Liabilities (DTA/ DTL) are recognized, subject
to consideration of prudence, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and is capable of reversal in one or more subsequent
periods. The DTA is recognized only to the extent that there is
reasonable certainty of sufficient future profits against which such
DTA can be realized.
6 Contingent Liability
The contingent liabilities, if an y, are disclosed in the Notes to
Accounts. Provision is made in the accounts, if it becomes probable
that there will be outflow of resources for settling the obligation.
7 Events occurring after the balance sheet date
Adjustments to assets and liabilities are made for events occurring
after the balance sheet date to provide additional information
materially affecting the determination of the amounts of assets or
liabilities relating to conditions existing at the balance sheet date.
8 Earnings Per Share
Basic earnings per share are calculated by dividing the net pro fit or
loss for the year/ period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year/
period.
9 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 the disclosure of contingent assets and liabilities on
the date of the financial statements and the results of operations
during the reporting year. Actual results could differ from those
estimates. Any revision to accounting estimates is recognized
prospectively in current and future periods.
10 Foreign Currency Transaction
Transactions denominated in foreign currencies are normally recorded at
the exchange rate prevailing at the time of the transaction. Monetary
items denominated in foreign currencies at the year-end are translated
at the rate ruling at the year-end rate.
Mar 31, 2013
(a) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost
convention, in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted
consistently by the Company.
(b) BASIS OF ACCOUNTING
All income and expenditure items having a material bearing on the
financial statements are recognized on accrual basis.
(c) CONTINGENT LIABILITIES
As certified by the management there is no Contingent liability as on
31/03/2013.
2 EVENTS OCCURRING AFTER BALANCE SHEET DATE
Events occurring after balance sheet date have been considered in the
preparation of financial statement.
3 REVENUE RECOGNITION
Revenue arising due to use of resources by others such as interest,
dividends etc. are recognized when no significant uncertainty as to
measurability or collectability exists.
4 RETIREMENT BENEFITS
No provision for gratuity is made as no employees has yet completed the
qualifying period of service for entitlement of gratuity.
In the opinion of the board all the current assets, loans & advances,
have a value on realization which in the ordinary course of the
business shall at least be equal to the amount at which it is stated in
the balance sheet. The provision for all known liabilities is adequate
& not in excess /short of the amount considered reasonably necessary.
5 INVENTORY
Value of inventory for the year 2012-13 Nil
2011-12 Nil
6 (a) FIXED ASSETS
Fixed Assets are stated at their original cost less accumulated
depreciation. Cost includes duties, taxes and expenses incidental to
acquisition and installation.
(b) DEPRECIATION
In respect of Fixed Assets, depreciation is provided on Written down
Value Method accordance with the provisions of schedule XIV of the
Companies Act, 1956.
7 CASH FLOW STATEMENT
(a) The statement has been prepared under indirect method except in
case of dividends, sale / purchase of investments and taxes which have
been considered on the basis of actual movement of case, with
corresponding adjustments in assets and liabilities as set out in the
Accounting Standard (AS) 3 issued by ICAI.
(b) Cash and Cash equivalents represent cash nd bank balances only.