Mar 31, 2014
1. Basis of Preparation of Financial Statement
The financial statements have been prepared under the historical cost
convention method in accordance with the generally accepted accounting
principles and the provisions of the Companies act 1956. The Company
follows mercantile system of accounting and recognizes income and
expenditure on accrual basis except in the case of significant
uncertainty relating to income.
2. Use of Estimates
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities on the date of
financial statements and reported amount of revenues and expenses for
the year. Actual results could differ from these estimates. Difference
between the actual result and estimates are recognized in the period in
which the results are known/ materialized. Any revision to an
accounting estimate is recognized prospectively in the year of
revision.
3. Revenue Recognition
Income and expenditure are recognized and accounted on accrual basis,
except in case of significant uncertainties.
4. Fixed Assets and Depreciation
Fixed assets are stated at their cost on acquisition less accumulated
depreciation. Cost of acquisition is inclusive of freight, duties and
other directly attributable cost incurred to bring the assets to their
working condition for use.
Depreciation on Fixed Assets is provided on Written Down Value method
in accordance with the provisions of the Companies Act, 1956 in the
manner and at the rates specified in the Schedule XIV to the said Act,
on pro-rata basis.
5. Miscellaneous Expenditure
Preliminary Expenses are written off over a period of ten years.
6. Investment NIL
7. Inventories
NIL- However the closing stock of are valued at Cost or Market Value
whichever is lower on FIFO basis.
8. Taxes on Income
a) Current Tax
The current charge for income tax is calculated in accordance with the
relevant provisions as prescribed under the Income Tax Act, 1961.
b) Deferred Tax
Deferred tax charge or credit reflects the tax effects of timing
differences between accounting income and taxable income for the
period. The deferred tax charge or credit and the corresponding
deferred tax liabilities or assets are recognized using the tax rates
that have been enacted or substantively enacted by the Balance Sheet
date. Deferred tax assets are recognized only if there is virtual
certainty of realization of such assets. Deferred tax assets are
reviewed at each balance sheet date.
9. Segment Reporting
The Company deals in only one reportable segment i.e Infrastructure and
hence requirement of Accounting Standard 17 "Segment Reporting" issued
by ICAI is not applicable.
10. Micro, Small and Medium Enterprises Development Act, 2006
Based on the information available with the company in respect of MSME
(as defined in the Micro Small & Medium Enterprise Development Act,
2006) there are no delays in payment of dues to such enterprises during
the year.
As per information available with the Company about suppliers whether
they are covered under Micro, Small and Medium Enterprises Act, 2006.
As on date, the Company has not received confirmation from any
suppliers who have registered under the "Micro, Small and Medium
Enterprise Development Act, 2006" and hence no disclosure has been made
under the said Act.
11. Provision, Contingent Liabilities and 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 in the books of accounts and
disclosed as notes to accounts. Contingent assets are neither
recognized nor disclosed in the financial statements.
Mar 31, 2013
Basis of Preparation of Financial Statement
The financial statementshave been prepared under the historical cost
convention method in accordance with the generally accepted accounting
principles and the provisions of the Companies act 1956, The Company
follows mercantile system of accounting and recognizes income and
expenditure on accrual basis except in the case of significant
uncertainly relating to income.
Use of Estimates
The preparation of financial statement'', requires management to make
estimates and assumption that affect the reported omount of assets and
liabilities and disclosure of contigngent liabilities on the date of
financial statements and reported amount of revenues and expenses for
the year. Actual results could differ from these estimates. Difference
between the actual result and estimates are rcognized in the period in
which the results are known/ materialised. Any revision to an
accounting estimate is recognized prospectively inthe year of revision.
Revenue Recognition
Income and expenditure are recognized and accounted on accrual basis,
except in case of significant uncertainties.
Fixed Assets and Depreciation
Fixed assets are stated at their cost on aquisition less accumulated
depreciation. Cost of acquisition is inclusive of freight , duties and
other directly attributable cost incurred to bring the assets to their
working condition for use.
Depreciation on Fixed Assets is provided on Written Down Value method
in accordance with the provisions of the Companies Act. 1956 in the
manner and at the rates specified in the Schedule XIV to the said Act
on pro-rata basis.
Miscellaneous Expenditur
Preliminary Expenses are written off over a period of ten years.
Investment NIL
Inventories
NIL, However the closing stock of are valued at Cost or Market Value
whichever is lower on FIFO basis.
Taxes on Income
a) Current Tax
The current charge for income tax is calculated in accordance with the
relevant provisions as prescribed under the Income Tax Act. I961.
b) Deferred Tax
Deferred tax charge or credit reflects the tax effects of timing
differences between accounting income and taxable income for the
period. The deferred tax charge or credit and the corresponding
deferred tax liabilities or assets are recognized using the tax rates
that have been enacted or substantively enacted by the Balance Sheet
date. Deferred tax assets are recognized only if there is virtual
certainty of realization of such assets. Deferred tax assets are
reviewed at each balance sheet date.
Segment Reporting
The Company deals in only one reportable segment and hence requirement
of Accounting Standard 17 "Segment Reporting" issued by ICA1 is not
applicable.
Micro, Small and Medium Enterprises Development Act, 2006
Based on the information available with the company in respect of MSME
(as defined in the Micro Small & Medium Enterprise Development Act,
2006) there are no delays in payment of dues to such enterprises during
the year.
As per information available with the Company about suppliers whether
they are covered under Micro. Small and Medium Enterprises Act, 2006.
As on date, the Company has not received confirmation from any
suppliers who have registered under the "Micro, Small and Medium
Enterprise Development Act, 2006"" and he nee no disclosure has been
made under the said Act.
Provision, Contingent Liabilities and 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 in the books of accounts and
disclosed as notes to accounts. Contingent assets are neither
recognized nor disclosed in the financial statements.
Mar 31, 2012
Basis of Preparation of Financial Statement
The financial statements have been prepared under the historical cost
convention method in accordance with the generally accepted accounting
principles and the provisions of the Companies act 1956. The Company
follows mercantile system of accounting and recognizes income and
expenditure on accrual basis except in the case of significant
uncertainty relating to income.
Use of Estimates
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities on the date of
financial statements and reported amount of revenues and expenses for
the year. Actual results could differ from these estimates.
Difference between the actual result and estimates are recognized in
the period in which the results are known/ materialized. Any revision
to an accounting estimate is recognized prospectively in the year of
revision.
Revenue Recognition
Income and expenditure are recognized and accounted on accrual basis,
except in case of significant uncertainties.
Fixed Assets and Depreciation
Fixed assets are stated at their cost on acquisition less accumulated
depreciation. Cost of acquisition is inclusive of freight, duties and
other directly attributable cost incurred to bring the assets to their
working condition for use.
Depreciation on Fixed Assets is provided on Written Down Value method
in accordance with the provisions of the Companies Act, 1956 in the
manner and at the rates specified in the Schedule XIV to the said Act,
on pro-rata basis.
Miscellaneous Expenditure
Preliminary Expenses are written off over a period of ten years.
Investment NIL
Inventories
NIL, However the closing stock of are valued at Cost or Market Value
whichever is lower on FIFO basis.
Taxes on Income
a) Current Tax
The current charge for income tax is calculated in accordance with the
relevant provisions as prescribed under the Income Tax Act, 1961.
b) Deferred Tax
Deferred tax charge or credit reflects the tax effects of timing
differences between accounting income and taxable income for the
period. The deferred tax charge or credit and the corresponding
deferred tax liabilities or assets are recognized using the tax rates
that have been enacted or substantively enacted by the Balance Sheet
date. Deferred tax assets are recognized only if there is virtual
certainty of realization of such assets. Deferred tax assets are
reviewed at each balance sheet date.
Segment Reporting
The Company deals in only one reportable segment and hence requirement
of Accounting Standard 17 "Segment Reporting" issued by ICAI is not
applicable.
Micro, Small and Medium Enterprises Development Act, 2006
Based on the information available with the company in respect of MSME
(as defined in the Micro Small & Medium Enterprise Development Act,
2006) there are no delays in payment of dues to such enterprises during
the year.
As per information available with the Company about suppliers whether
they are covered under Micro, Small and Medium Enterprises Act, 2006.
As on date, the Company has not received confirmation from any
suppliers who have registered under the "Micro, Small and Medium
Enterprise Development Act, 2006" and hence no disclosure has been made
under the said Act.
Provision, Contingent Liabilities and 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 in the books of accounts and
disclosed as notes to accounts. Contingent assets are neither
recognized nor disclosed in the financial statements.
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