Mar 31, 2014
1.1 Basis for preparation of Financial Statements:
The Company''s Financial Statements are prepared under historical cost
conventions on the accrual basis in compliance with the mandatory
accounting standards as prescribed by the Companies (Accounting
Standards) Rules, 2006, the provisions of the companies Act, 2013 to
the extent notified and the provisions of the Companies Act, 1956. The
accounting policies have been consistantly applied.
1.2 Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting policies requires the management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent liabilities on the date of
the financial statements and the results of operations during the
reporting period. Although these estimates are based upon management''s
knowledge of current events and actions, actual results could differ
from those estimates. Difference between the actual results and
estimates are recognised in the period in which the results are
known/materialised.
1.3 Employee Benefits:
The Company does not have any employee and hence liability towards
retirement benefit does not arise.
1.4 Investments:
Long Term Investments are stated at cost unless there is a permanent
fall in the value. Provision for diminution is made to recognise a
decline other than temporary, in the value of Long Term Investments.
1.5 Deferred Tax:
Tax expense comprises of deferred tax. Deferred tax resulting from
timing difference between book profit and tax profit for the year is
accounted based on the rates and laws that have been enacted or
substantially enacted as on the Balance Sheet date. However deferred
tax assets arising from timing difference are recognised to the extent
of reasonable certainity about its realisability in future.
Mar 31, 2012
1.1 Basis for preparation of Financial Statements:
The Company's Financial Statements are prepared under historical cost
conventions on the accrual basis in compliance with the mandatory
accounting standards as prescribed by the Companies (Accounting
Standards) Rules, 2006 and the provisions of the Companies Act,
1956.The accounting policies have been consistantly applied.
1.2 Use of Estimates:
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amounts of assets and
liabilities on the date of the financial statements, and the reported
amounts of revenue and expenses during the reported period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/materialised.
1.3 Fixed Assets:
Fixed Assets are stated at cost less depreciation, cost comprises of
purchase price and any directly attributable cost of bringing the
assets to working condition for its intended use.
1.4 Depreciation:
Depreciation on Fixed Assets is provided on straight line method as per
the rates prescribed under schedule XIV to the Companies Act, 1956.
1.5 Employee Benefits:
The Company does not have any employee and hence liability towards
retirement benefit does not arise.
1.6 Investments:
Long Term Investments are stated at cost unless there is a permanent
fall in the value. Provision for diminution is made to recognise a
decline other than temporary, in the value of Long Term Investments.
1.7 Deferred Tax:
Tax expense comprises of deferred tax. Deferred tax resulting from
timing difference between book profit and tax profit for the year is
accounted based on the rates and laws that have been enacted or
substantially enacted as on the Balance Sheet date. However deferred
tax assets arising from timing difference are recognised to the extent
of reasonable certainity about its readability in future.
Mar 31, 2009
(a).Basis for preparing of financial statements:
The Company maintains its accounts on accrual basis following the
historical cost convention in compliance with the accounting standards
specified to be mandatory by the Companies (Accounting Standards)
Rules, 2006 and relevant provisions of the Companies Act, 1956.
(b).Revenue Recognition:
Revenue in respect of sale of goods is recognised on despatch of goods
from the Company and is recorded at invoice value and revenue in
respect of export incentives is accounted on accrual basis.
(c).Fixed Assets:
Fixed Assets are stated at cost less depreciation, cost comprises of
purchase price and any directly attributable cost of bringing the
assets to working condition for its intended use.
(d).Depreciation:
Depreciation on Fixed Assets is provided on straight line method as per
the rates prescribed under schedule XIV to the Companies Act, 1956.
(d).lmpairment of Assets
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment value is charged for when
an asset is identified as impaired. The impairment loss recognised in
prior accounting period is reversed if there has been a change in the
estimate of recoverable amount.
(e).Foreiqn Currency Transaction:
Transactions in foregin currencies in respect of export sales are
recorded at the exchange rates prevailing on the date of each
transaction and variance arising therefrom is dealt within the export
sales account itself. Foreign currency current assets and current
liabilities are translated at year end rates and resulting gains/losses
are recognised in Profit and Loss Account.
(f). Investments:
Long Term Investments are stated at cost unless there is a permanent
fall in the value. A Provision for diminution is made to recognise a
decline other than temporary, in the value of Long Term Investments.