NOTE - 1 Significant Accounting Policies : 01. ACCOUNTING CONVENTIONS The Financial Statements are brpared on Historical Cost Convention. Financial Statements are brpared in accordance with relevant brsentational requirements of the Companies Act, 2013 and applicable mandatory Accounting Standards as brscribed under section 133 of Companies Act, 2013 read with rule 7 of the Companies (Accounts ) Rules, 2014. 02. FIXED ASSETS Fixed assets are stated at cost less accumulated debrciation and impairment if any. Cost comprises the purchase price inclusive of duties, taxes, and incidental expenses upto the date, the asset is ready for its intended use.. 03. DEbrCIATION Debrciation on Fixed Assets has been provided based on useful life assigned to each asset brscribed in accordance with Part - "C" of Schedule-II of the Companies Act, 2013. Debrciation on fixed assets added / disposed off during the year, is provided on pro-rata basis with reference to the date of addition / disposal. In a case of impairment, if any, debrciation is provided on the revised carrying amount of the assets over their remaining useful life. 04 INTANGIBLE ASSETS Intangible Assets are recognized if: It is probable that the future economic benefits that are attributable to the assets will flow to the Company and the cost/fair value of the assets can be measured reliably. 05 IMPAIRMENT OF FIXED ASSETS The carrying amounts of assets are reviewed at each balance sheet date to determine whether there is any indication of impairment based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. After impairment, debrciation is provided on the revised carrying amount of the assets over its remaining useful life. 06 EARNING PER SHARE Earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders, by the weighted average number of equity shares outstanding during the year For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares. 07 INVESTMENTS Investments that are readily realizable and intended to be held for not more than a year are classified as Current Investments. All other Investments are classified as Non Current Investments. Current Investments are stated at lower of cost and market rate on an individual investment basis. Non Current Investments are considered 'at cost' on individual investment basis, unless there is a decline other than temporary in the value, in which case adequate provision is made against such diminution in the value of investments. 08 RECOGNITION OF INCOME & EXPENDITURE Income and expenditure are accounted for on accrual basis . Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable. Dividend income is recognized when the shareholder's right to receive payment is established by the balance sheet date. Income from Mutual Fund will be accounted for at the time of Redemption. 09 CONTINGENCIES : These are disclosed by way of notes on the Balance sheet. Provisions is made in the accounts in respect of those contingencies which are likely to materialize into liabilities after the year end, till the finalization of accounts and material effect on the position stated in the Balance Sheet. 10 PROVISIONING FOR DEFERRED TAXES The Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deferred Tax resulting from "timings difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date. The Deferred Tax Asset is recognized and carried forward only to the extent that there is a reasonable certainty that the assets will be realized in future. 11 brLIMINARY EXPENSES Preliminary Expense is amortised over a period of Five years. 12 TAXES ON INCOME Current Tax is determined as the amount of tax payable in respect of taxable income for the year. Deferred Tax is recognised, subject to consideration of prudence, in respect of deferred tax assets / liabilities on timing difference, being the difference between taxable income and accounting income that originated in one period and are capable of reversal in one or more subsequent periods. NOTE 17 OTHER NOTES ON ACCOUNTS i. Based on the information / documents available with the Company, no creditor is covered under Micro, Small and Medium Enterprise Development Act, 2006. As a result, no interest provision/payments have been made by the Company to such creditors, if any, and no disclosures thereof are made in these accounts. ii.The Company has parked temporarily its surplus funds in money market liquid funds which are readily realisable. iii.The management has assessed that there is no impairment of Fixed Assets requiring provision in the Accounts. Accordingly, there is no debit to the Profit & Loss Account for the impairment of Assets. iv.The Financial Statements and Notes on Account has been brpared as per Companies Act, 2013 with their Schedule as the same is effective on 1st April, 2014 v.Deferred Taxation : No Provision has been made for Deferred Tax Assets in respect of assessed unabsorbed brought forward losses and unabsorbed debrciation as per Income Tax Act in view on uncertainly of income that will be available for realisation of the said asset. However, the company will made the deferred tax assets/ liabilities on the timing difference for the period in which there is virtual certainty of future income. vi.Segment Report: The Company is not engaged in any business during the year so Segment Reporting as per Accounting Standard 17 is not applicable. vii The Company has Complied this information based on the current information in its possession. As at 31.03.2015, No supplier has intimated the Company about its status as a Micro or Small enterprise or its Registration with the appropriate authority under under Micro, Small and Medium Enterprise Development Act, 2006. Amount due to Micro Small and Medium Enterprises as on 31.03.2015 Rs. NIL (PYRs. NIL) viii Effective from 1st April, 2014, the Company has charged debrciation based on the useful life of the assets as per the requirement of Schedule II of the Companies Act, 2013. It has recomputed the debrciation on various fixed assets in accordance with and in the manner brscribed with Part C of Schedule II of the Companies Act, 2013. The aggregate difference between the debrciation so computed as per the companies Act, 2013 till 31st March, 2014 and the debrciation charged in the accounts till 31st March, 2014 has been debited to the opening balance of profit & Loss Account. Deferred Tax assets arising there on has been debited to or credited to against the opening balance of Profit & Loss Account. ix No provision has been made on account of leave salary as there are no leave to the credit of employees as at the end of the year. x No provision has been made on account of gratuity as there are no employees who have completed the required number of years as per the Payment of Gratuity Act, 1972. xi Previous Year figures have been regrouped, rearranged or recasted wherever considered necessary. In terms of our report of even date For MAROTI & ASSOCIATES (Chartered Accountants) Firm Reg. No : 322770E FCA. M. K. Maroti (Partner) Membership No. 057073 For and on behalf of the Board VINITA DAGA (DIN 00080647) Managing Director PRADEEP KUMAR DAGA (DIN 00080515) Director SWETA SETHIA Company Secretary HARSHWANT JOSHI Chief Financial Officer Place : Kolkata Date : 26.05.2015 |