Mar 31, 2014
1. Basis of Preparation of Financial Statements.
The Financial statements are prepared under the historical cost
convention, on an accrual basis, in accordance with the normally
accepted Accounting PrinciplesAnd Provisions of the Companies Act,
1956.
Accounting Policies not specifically referred to are consistent with
generally acceptedAccounting Policies.
2. Use of estimates
The Preparation and presentation of financial statement in conformity
with Generally Accepted Accounting Principles requires making of
estimates and assumptions that effect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statement and the reported amounts of
revenues and expenses during the reporting year. Differences between
the actual result and estimates are recognized in the year in which the
results are known/materialized.
3. Revenue Recognition
Sales are recognized when risk and rewards of ownership are passed on
to the customers. Interest income is recognized on time proportion
basis. Other revues are recognized when they had accrued.
4. Segment Reporting
The Company is dealing in shares and investments, have its income from
interest dividend and brokerage, hence segment reporting is not
applicable to the Company.
5. FixedAssetsand Depreciation/Amortization
Fixed Assets are stated at cost of acquisition less accumulated
depreciation and impairment, if any. Cost is inclusive of freight,
duties, taxes and other directly attributable costs incurred to bring
the assets to their working condition for intended use. Depreciation is
charged using straight line method based on the useful lives of the
fixed assets as estimated by the management as specified below, or the
rates specified in accordance with the provision of schedule XIV of the
Companies Act, 1956, whichever is higher.
Depreciation is charged on a pro-rata basis for assets purchased/sold
during the year.
6. Investments
Short term Investments (Quoted) are valued at cost or market whichever
is less Long Term Investments(Quoted) are valued at cost Other unquoted
investments are valued at cost basis.
7. Impairment ofAssets
No impairment ofAssets has been identified during the current period.
8. Employee benefits
The provision of Gratuity and P. F do not apply to this company.
9. Taxes on Income
Income-tax expenses comprises current tax (i.e. amount of tax for the
year determined in accordance with the income tax laws) and deferred
tax charge or credit (reflecting the tax effect of timing differences
between accounting income and taxable income for the year).
10. Borrowing cost
Borrowing cost directly attributable to acquisition or construction of
qualifying assets (i.e. those fixed assets which necessarily take a
substantial period of time to get ready for their intended use) are
capitalized.
Other borrowing costs are recognized as an expenses in the period in
which they are incurred.
11. Provision, Contingent Liabilities and Contingent Assets
Provision are recognized when the Company has a legal and constructive
obligation as a result of a past event, for which it is probable that a
cash outflow will be required and a reliable estimate can be made of
the amount of the obligation. Contingent Liabilities are disclosed when
the Company has a possible obligation or a present obligation and it is
probable that a cash outflow will not be required to settle the
obligation. Contingent Assets are not recognized in financial
statements as they may never be realized.
12. Miscellaneous Expenditure
Preliminary expenses had been fully written off in earlier years.
13. Earnings per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting taxes) by the weighted average number of equity shares
outstanding during the year.
Mar 31, 2013
1. Basis of Preparation of Financial Statements.
The Financial statements are prepared under the historical cost
convention, on an accrual basis, in accordance with the normally
accepted Accounting Principles And Provisions of the Companies Act,
1956.
Accounting Policies not specifically referred to are consistent with
generally accepted Accounting Policies.
2. Use of estimates
The Preparation and presentation of financial statement in conformity
with Generally Accepted Accounting Principles requires making of
estimates and assumptions that effect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statement and the reported amounts of
revenues and expenses during the reporting year. Differences between
the actual result and estimates are recognized in the year in which the
results are known/materialized.
3. Revenue Recognition
Sales are recognized when risk and rewards of ownership are passed on
to the customers. Interest income is recognized on time proportion
basis. Other revues are recognized when they had accrued.
4. Segment Reporting
The Company is dealing in shares and investments, have its income from
interest dividend and brokerage, hence segment reporting is not
applicable to the Company.
5. Fixed Assets and Depreciation/Amortization
Fixed Assets are stated at cost of acquisition less accumulated
depreciation and impairment, if any. Cost is inclusive of freight,
duties, taxes and other directly attributable costs incurred to bring
the assets to their working condition for intended use. Depreciation is
charged using straight line method based on the useful lives of the
fixed assets as estimated by the management as specified below, or the
rates specified in accordance with the provision of schedule XIV of the
Companies Act, 1956, whichever is higher.
Depreciation is charged on a pro-rata basis for assets purchased/sold
during the year.
6. Investments
Short term Investments (Quoted) are valued at cost or market whichever
is less
Long Term Investments(Quoted) are valued at cost Other unquoted
investments are valued at cost basis.
7. Impairment of Assets
No impairment of Assets has been identified during the current period.
8. Employee benefits
The provision of Gratuity and P. F do not apply to this company.
9. Taxes on Income
Income-tax expenses comprises current tax (i.e. amount of tax for the
year determined in accordance with the income tax laws) and deferred
tax charge or credit (reflecting the tax effect of timing differences
between accounting income and taxable income for the year).
10. Borrowing cost
Borrowing cost directly attributable to acquisition or construction of
qualifying assets (i.e. those fixed assets which necessarily take a
substantial period of time to get ready for their intended use) are
capitalized.
Other borrowing costs are recognized as an expenses in the period in
which they are incurred.
11. Provision, Contingent Liabilities and Contingent Assets
Provision are recognized when the Company has a legal and constructive
obligation as a result of a past event, for which it is probable that a
cash outflow will be required and a reliable estimate can be made of
the amount of the obligation. Contingent Liabilities are disclosed when
the Company has a possible obligation or a present obligation and it is
probable that a cash outflow will not be required to settle the
obligation. Contingent Assets are not recognized in financial
statements as they may never be realized.
12. Miscellaneous Expenditure
Preliminary expenses had been fully written off in earlier years.
13. Earnings per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting taxes) by the weighted average number of equity shares
outstanding during the year.
Mar 31, 2011
(i) Method of Accounting
a. The financial statements are prepared under the historical cost
convention in accordance with generally accepted accounting principles
and the requirements of the Companies Act, 1956.
b. The Company generally follows accrual system of accounting and
recognizes significant items of income & Expenditure on accrual basis.
(ii) Amortization of Miscellaneous Expenditure
a. Registration Charges are amortized over a period of ten years.
b. Deffered Revenue Expenditure: Expenses incurred for providing
amenities at the office premises are amortised over the period of the
lease.
(iii) Employees Retirement Benefits
Gratuity, Provident Fund and Other Retirement Scheme are not applicable
and hence the Company accounts Gratuity on payment basis.
Mar 31, 2010
I Basis of Accounting
The accounts are prepared according to the historical cost convention
as a going concern on accrual basis (except wherever stated otherwise )
and materially comply with the mandatory accounting standards issued by
The Institute of Chartered Accountants of India and the relevant
presentational requirements of the Companies Act , 1956.
ii. Sales
a) Sales of goods are recognized at the point of dispatch of goods to
customers.
b) Sales are exclusive of Excise Duty and shown Net of Returns.
c) Sales returns are accounted for on cash basis.
iii. Investments
Investments are stated at acquisition cost.
iv. Inventories
a) Inventories are valued as under
- Finished goods are valued at lower of cost and realizable value ,
whichever is less.
v. Provision for current and deferred tax
Provision for current Income-Tax is ascertained on the basis of
assessable profit computed in accordance with the provisions of the
Income-Tax Act, 1961
Deferred tax resulting for timing difference between book and taxable
profits for the year is accounted for using the tax rates and laws that
have been enacted or substantially enacted as on the balance sheet
date.
vi. Miscellaneous Expenditure
Preliminary expenditure is being written off over a period of ten
years. Public issue expenses are being written off over a period of
ten years.
vii. Retirement Benefits
The Company is not liable to pay gratuity and provident fund, hence no
provision is made in the accounts for the same.
viii. Contingent liabilities
Provision is made for all known liabilities which are disclosed at
their estimate value, whichever is applicable.
ix. Borrowing Costs
Borrowing costs that are directly attributable to the acquisition,
construction or commission of a capital asset are capitalized as part
of the cost of the asset. Other borrowing costs are recognized as an
expense in the period in which they are incurred
x. Foreign Currency
There are no Foreign Currency Transactions during the year hence no
valuations on closing exchange rates of current Assets & Liabilities
and calculation of foreign exchange gain/ loss was not made.
xi. Impairment of Assets
At each Balance Sheet date an assessment is made whether any indication
exists that an asset has been impaired. If any such indication exists ,
an impairment loss i.e the amount by which the carrying amount of an
asset exceed its recoverable amount is provided in the books of
accounts.