Mar 31, 2015
A) System of Accounting:
The Financial statements have been prepared to comply with the
Generally Accepted Accounting Principles in India (Indian GAAP),
including the Accounting Standards notified under relevant provisions
of Companies Act 2013. The Financial Statements are prepared on accrual
basis under the historical cost convention, except for certain fixed
assets which are carried at revalued amounts. The Financial statements
are presented in Indian Rupees.
b) Use of Estimate:
The preparation of Financial statement in conformity with Indian GAAP
require judgments, estimates and assumptions to be made that affect the
reported amount of assets and Liabilities, disclosure of contingent
liabilities on the date of financial statements and reported amount of
revenues and expenses during the reporting period.. Difference between
the actual results and estimates are recognized in the period in which
results are known/materialized.
c) Fixed Assets:
Tangible Assets are stated at cost net off recoverable taxes, trade
discounts & rebate and include amounts added on revaluation, less
accumulated Depreciation and impairment-loss if any. The cost of
Tangible Assets Comprises its Purchase price, borrowing cost and any
cost directly attributable to bringing the asset to its working
condition for its intended use, net charges on foreign exchange
contracts and adjustments arising from exchange rate variation
attributable to assets.Subsequent expenditures related to an item of
Tangible asset are added to its book value only if they increase the
future benefits from the existing Asset beyond its previously assessed
standard of performance.
d) Depreciation:
Depreciation on Fixed Assets is provided to the extent of depreciable
amount on written down value method (WDV). Depreciation is provided
based on useful life of the asset as prescribed in Schedule II of
Companies act 2013, except in respect of the following assets, where
useful life is different than those prescribed in Schedule II.
e) Investments:
Investments are non-current and valued at cost. Expenses relating to
transfer are charged to revenue. Provision for diminution in value is
not considered unless such diminution is permanent in nature. Gains /
Losses on disposal of the investments are recognized as Income /
Expenditure.
f) Inventories:
Items of inventories are valued at lower of cost and net realizable
value after providing for obsolesce, if any.
g) Accounting for Taxes on Income:
Tax expenses comprises of current tax & deferred tax. Current tax is
measured at the amount expected to be paid to the tax authorities,
using applicable rates of taxes. Deferred income tax reflect the
current period timing differences between taxable income and accounting
income for the period and reversal of timing differences of earlier
years/period. Deferred tax assets are recognized only to the extent
that there is reasonable certainty that sufficient future income will
be available except that deferred tax assets, in case there are
unabsorbed depreciation or losses are recognized if there is virtual
certainty that sufficient future taxable income will be available to
realize the same.
h) Employee Benefit
Provision on gratuity is made on accrual basis in terms of provisions
of payment of Gratuity Act as on the last date of the Financial year.
However Actuarial Valuation is not done as per AS-15.
Mar 31, 2014
A) System of Accounting:
All income and expenses are accounted for on accrual basis.
b) Fixed Assets:
Fixed Assets are stated at cost of acquisition inclusive of expenses
incidental to their acquisition as reduced by accumulated depreciation
thereon.
c) Depreciation:
Depreciation on Fixed Assets has been provided on the written down
value method at the rates specified in Schedule XIV of the Companies
Act, 1956.
d) Investments:
Investments are non-current and valued at cost. Expenses relating to
transfer are charged to revenue. Provision for diminution in value is
not considered unless such diminution is permanent in nature. Gains /
Losses on disposal of the investments are recognized as Income /
Expenditure.
e) Inventories are valued at cost or market value whichever is lower.
f) Accounting for Taxes on Income:
Deferred tax is recognised on timing differences; being the difference
between taxable incomes and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods.
Deferred tax assets are recognised only if there is virtual certainty
that sufficient future taxable income will be available against which
such deferred tax assets will be realized. Such assets are reviewed as
at each Balance Sheet date to reassess reliability thereof.
g) Employee Benefit
Provision on gratuity is made on accrual basis in terms of provisions
of payment of Gratuity Act as on the last date of the financial year.
However Actuarial Valuation is not done as per AS-15. INFORMATION
PURSUANT TO THE PROVISIONS OF PART II OF SCHEDULE VI TO THE COMPANIES
ACT, 1956
Mar 31, 2013
A)System of Accounting:
All income and expenses are accounted for on accrual basis.
b) Fixed Assets:
Fixed Assets are stated at cost of acquisition inclusive of expenses
incidental to their acquisition as reduced by accumulated depreciation
thereon.
c) Depreciation:
Depreciation on Fixed Assets has been provided on the written down
value method at the rates specified in Schedule XIV of the Companies
Act, 1956.
d) Investments:
Investments are non-current and valued at cost. Expenses relating to
transfer are charged to revenue. Provision for diminution in value is
not considered unless such diminution is permanent in nature. Gains /
Losses on disposal of the investments are recognized as Income /
Expenditure.
e) Inventories are valued at cost or market value whichever is lower.
f) Accounting for Taxes on Income:
Deferred tax is recognised on timing differences; being the difference
between taxable incomes and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods.
Deferred tax assets are recognised only if there is virtual certainty
that sufficient future taxable income will be available against which
such deferred tax assets will be realized. Such assets are reviewed as
at each Balance Sheet date to reassess reliability thereof.
g) Employee Benefit
The company has provided for gratuity payable in the accounts to
employees who have completed the requisite period of service.
Mar 31, 2012
A) System of Accounting:
All income and expenses are accounted for on accrual basis.
b) Fixed Assets:
Fixed Assets are stated at cost of acquisition inclusive of expenses
incidental to their acquisition as reduced by accumulated depreciation
thereon.
c) Depreciation:
Depreciation on Fixed Assets has been provided on the written down
value method at the rates specified in Schedule XIV of the Companies
Act, 1956.
d) Investments:
Investments are valued at cost. Expenses relating to transfer are
charged to revenue. Provision for diminution in value is not considered
unless such diminution is permanent in nature. Gains/Losses on disposal
of the investments are recognized as Income/Expenditure.
e) Inventories are valued at cost or market value whichever is lower.
f) Accounting for Taxes on Income:
Deferred tax is recognised on timing differences; being the difference
between taxable incomes and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods.
Deferred tax assets are recognised only if there is virtual certainty
that sufficient future taxable income will be available against which
such deferred tax assets will be realized. Such assets are reviewed as
at each Balance Sheet date to reassess reliability thereof.
Mar 31, 2010
(1) a) System of Accounting:
All income and expenses are accounted for on accrual basis.
b) Fixed Assets:
Fixed Assets are stated at cost of acquisition inclusive of expenses
incidental to their acquisition as reduced by accumulated depreciation
thereon.
c) Depreciation:
Depreciation on Fixed Assets has been provided on the written down
value method at the rates specified in Schedule XIV of the Companies
Act, 1956.
d) Investments:
Investments are valued at cost. Expenses relating to transfer are
charged to revenue. Provision for diminution in value is not considered
unless such diminution is permanent in nature. Gains / Losses on
disposal of the investments are recognized as Income / Expenditure.
e) Inventories are valued at cost or market value whichever is lower.
f) Accounting for Taxes on Income:
Deferred tax is recognised 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 recognised only if there is virtual certainty
that sufficient future taxable income will be available against which
such deferred tax assets will be realized. Such assets are reviewed as
at each Balance Sheet date to reassess reliability thereof.