SIGNIFICANT ACCOUNTING POLICIES : 1. Method of Accounts: The Financial Statements have been brpared under the historical cost convention, in accordance with the Generally Accepted Accounting Principles accepted in India and the provisions of the Companies Act, 1956, as adopted consistently by the Company. Method of accounting employed by the company is g enerally mercantile both as to income and expenditure. All income and expenditure having a material bearing on the financial statements are recognised on accrual basis. The brparation of financial statements in conformity with accounting standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of financial statements, and the reported amounts of revenues and expenses during the reporting period. 2. Revenue Recognition: There is no transaction in nature of trading or manufacturing during the year. The commission income is recognised on acceptance basis. 3. Fixed Assets & Debrciation: There is no fixed assets at the end of the year. 4. Inventories: There are no inventories as at the beginning as well as at the end of the year. 5. Investment: Investments being long term are stated at cost. Investments are subject to physical verification and reconciliation thereof with actual quantity as regards the numbers of investment, which might have been increased due to conversion, bonus if any or decreased due to conversion from one form to another. The details shown in NOTE "5" of the Balance Sheet is taken as certified and valued by management. Further on account what is stated above, the market values of quoted shares are not determined. 6. Retirement Benefits : (i) Provident Fund: Since there is no employee eligible for Provident Fund at the date of financial statement, no provision for Provident Fund has been made in books of account. (ii) Gratuity: Since there is no employee eligible for gratuity at the date of financial statement, no provision for gratuity has been made in books of account. 7. Contingency : (i) Sundry Creditors, Debtors and Loans and Advances including borrowings and cash credit from bank are subject to confirmation and reconciliation with respect to individual details. Same are taken as certified by management and necessary adjustments in this respect have been carried out and further be carried out on ascertainment of amounts thereof. 8. Contingent Liabilities: There is no Contingent liability for the year. 9. Taxation: No provision for Taxation and deferred taxation has been provided in the books of account 10 LEASE ARRANGEMENTS There is no Lease Agreement during the year by the Assessee. 11 DEFERRED TAX (LIABILITY) / ASSETS The company has not recognised deferred tax assets/liabilities arised on account of the Carried Forward Losses and the movement in such losses during the year 12. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure. As per our Report of even date. C. S. JARIWALA & CO. Chartered Accountants Sd/- (ANUJ C. JARIWALA-PARTNER) Membership No. 109919 FRN - 114906W HIMALCHULI FOOD PRODUCTS LIMITED Sd\ Omprakash Agarwal \ Managing Director Sd\ Vivek Goel Director Sd\ Rashmikant Desai Director Surat May 28, 2014. |