Note-11. SIGNIFICANT ACCOUNTING POLICIES : 1. GENERAL The Financial Statements have generally been brpared on the historical cost convention. Accounting policies not specifically referred to otherwise are in consonance with generally accepted accounting principals. 2. BASIS OF ACCOUNTING The company follows the mercantile system of accounting generally except otherwise stated herein below, if so. 3. FIXED ASSETS Fixed assets are stated at cost of less accumulated debrciation. No Debrciation has been provided during the period under consideration. 4. INVESTMENTS Investments are stated at cost. 5. INVENTORIES The company is not having any type of inventory. 6. REVENUE AND EXPENDITURE RECOGNITION Revenue is recognized and expenditure is accounted for on their accrual except insurance claim, claims in respectofmaterial purchased and sold which are accounted for on cash basis. 7. MISCELLANEOUS EXPENDITURE Miscellaneous Expenditure such as brliminary expenditure are amortized over a period of5 years. 8. DEFER TAX The Deferred tax is recognized for all temporary differences subject to the consideration of prudence and at currently available rates. Deferred Tax assets are recognized only ifthere is virtual certainty that they will be realized. 9. FOREIGN CURRENYTRANSACTION There is no such transaction during the period. 10. CONTINGENT LIABILITIES There is no any contingent liability. 11. TRADE RECEIVABLE AND PAYABLE Balances of trade payable and receivable are subject to confirmation, reconciliation and consequential adjustments, if any. 12. RELATED PARTYTRANSACTIONS Subsidiary Company : Millennium Online (India) Ltd. Loan to Subsidiary : Rs.20000000/- Interest Received from Subsidiary : Rs.300000/- 13. The amount due to Micro & Small Enterprises are based on the information available with the company. 14. Figures of the brvious year have been regrouped/re-cast wherever necessary. 15. During the year company had acquired 100% shares of Millennium Online (India) Ltd, thereby became Hoding Company. AS PER OUR REPORT OF EVEN DATE FOR C.P.JARIA & CO CHARTERED ACCOUNTANTS (P.K.JAIN) PARTNER M.NO 112020 FOR AND ON BEHALF OF BOARD OF DIRECTORS SD/- NEERAJ GUPTA MANAGING DIRECTOR DIN:00073274 SD/- HARILAL SINGH FARAN DIRECTOR DIN:051249323 PLACE : MUMBAI DATED : 30/05/15 |