Note no : 1 Significant Accounting Policies 1. Basis of Accounting The Assessee has Followed Mercantile Basis of accounting 2. Fixed Assets Fixed Assets are stated at actual cost less accumulated debrciation and impairment loss. Actual cost is inclusive of freights, installation cost, duties, taxes and other incidental expenses for bringing the asset to its working condition for its intended use but net of CENVAT. 3. Debrciation Debrciation on fixed assets has been provided at Written down value method. 4. Revaluation of Fixed Assets No Revaluation of Fixed Assets has been done the financial Year. 5. Lease Transactions Finance Lease or similar arrangements, which effectively transfer to the Company substantially all the risks and benefits incidental to ownership of the leased item, are capitalized and disclosed as leased assets, Finance charges are charged directly against income. 6. Investment Investment has been stated At Cost 7. Inventories Raw Material And Work in Progress Has been valued At cost And Finished Goods Has Been Valued At Cost or Net Realisable Value Whichever is less. 8. Revenue Recognition Sales have been Stated Net of Tax And Duties. 9. Sundry Debtors Debtors are subject to confirmation. 10. Sundry Creditors Sundry Creditors Are subject to Confirmation. 11. Unsecured Loans Unsecured Loans Are subject to Confirmation. 12. Investment Income Investment Income is Recognized on accrual Basis, Inclusive of related Tax Deducted At Source. 13. Proposed Dividend No Dividend has been proposed 14. Retirement Benefits Retirement Benefits are incorporated on the Cash Basis As And When Paid. 15. Taxes on Income The company has not earned any profit during the year hence there is no tax is provided in the books of accounts. Deferred Tax Assets on Unabsorbed Debrciation And Carry Forward of losses in not recognised unless there is virtual certainty that there will be sufficient future taxable income available to realise such Assets. 16. Foreign Currency Transactions Any income or expense on account of exchange difference between the date of transaction and on settlement Date or on translation is recognized in the profit and loss account as income or expense except in cases where they relate to the acquisition of fixed assets in which case they are adjusted to the carrying cost of such assets. 17. Segment Reporting Segment are identified in line with the Accounting Standard on Segment Reporting ( AS -17 ) taking into account the organization structure as well as the differential risk and returns of the segments. The unallocable items include income and expenses items which are nor directly identifiable to any segment and therefore nor allocated to any business segment. Notes to Account for the year ending 30th June,2014 1. PROPOSED DIVIDEND The company has proposed dividend of Rs 0.00 (Rs 0.00 per equity share) (Previous Year. Rs Nil) on equity shares and Rs 0.00 (Rs 0.00 per brference share) (Previous Year. Rs Rs Nil) on brference shares during the current period. 2. QUOTED AND UNQUOTED INVESTMENTS The Aggregate amount of Quoted Investment is Rs. Nil (Previous Year Rs. Nil) and the aggregate amount of unquoted investments is Rs. 6,38,225.00 (Previous Year Rs. 1,38,225.00) 3. Figures have been regrouped and rearranged wherever found necessary As Per Audit Report of Even Date FOR PRAVIN CHOBE & CO. (Chartered Accountants) Reg No. :117521W PRAVIN N. CHOBE (Proprietor) Membership No : 102964 FOR SHAKTI brSS LIMITED Raghav Sharma 00588740 (Chairman & Managing Director) Kailashchand Sharma 02431885 (Director) Place : NAGPUR Date : 26/08/2014 |