STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2015. 1. SIGNIFICANT ACCOUNTING POLICIES (i) BASIS FOR brPARATION OF FINANCIAL STATEMENTS. The financial statements have been brpared under the historical cost convention, in accordance with Accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 2013, as adopted consistently by the company. All income and expenditure having a material bearing on the financial statements are recognized on accrual basis. (ii) REVENUE RECOGNITION. The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties. (iii) FIXED ASSETS AND DEbrCIATION. Fixed Assets are value at cost less debrciation. The debrciation has been calculated as brscribed in Companies Act, 2013 on single shift and if the Asset is purchased during the year debrciation is provided on the days of utilisation in that year. 2. NOTES FORMING PART OF ACCOUNTS (i) Balance of cash on hand at the end is accepted as certified by the management of the company (ii) The figures of the brvious year are taken as it is from the report of the brvious auditor. (iii) Balance of Sundry Debtors, Creditors, unsecured loans, Loans & advances are subject to confirmation of the parties. (iv) As per the information and explanation given to us the company has not granted any Loans or Guarantees or made any investment during the year related to Section 186. Note 2 - Previous year figures The figures of the brvious year have been re-arranged, re-grouped and re- classified wherever necessary. As per our attached report of even date For, PADMANABH INDUSTRIES LIMITED For, Vishves .A. Shah & Co, Chartered Accountants Firm No. 121356W (Vishves A. Shah) (Proprietor) M. Mo. : 109944 For and on behalf of the board of directors Ashish M. Shah (Managing Director) (DIN : 03129204) Bhavin Shah (Director) (DIN : 02216130) Rameshbhai Shah Chief Financial Officer (PAN : ADRPS2416A) Place : Ahmedabad Date : 30th May, 2015 |