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. Debrciation has been provided at the rates and in accordance of Companies Act, 2013. Depriciation had been provided up to the residual value as directed by the Companies Act, 2013 4. INVESTMENTS Company does not hold any investment.. 5. INVENTORIES Raw Materials and Finished products, produced and purchased by the Company are carried at cost or market value whichever is less. 6. REVENUE AND EXPENDITURE RECOGNITION Revenue is recognized and expenditure is accounted for on their accrual except insurance claim, claims in respect of material purchased and sold which are accounted for on cash basis. 7. MISCELLANEOUS EXPENDITURE Miscellaneous Expenditure such as brliminary expenditure are amortized over a period of 5 years. 8. DEFERRED 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 if there is virtual certainty that they will be realized. 9. FOREIGN CURRENCY TRANSACTION There were no foreign transactions done by company during the period. 10. CONTINGENT LIABILITIES There is no such liability. 11. TRADE RECEIVABLE AND PAYABLE Balances of trade payable and receivable are subject to confirmation, reconciliation and consequental adjustments, if any. 12. EMPLOYEE BENEFIT EXPENSES Particulars Current Year Previous Year Salary 61004 108241 13. DETAILS OF PAYMENT OF AUDITORS Particulars Current Year Previous Year 1. There is no such amount due to micro and small enterprises as information provided by the company. |