NOTES FORMING PART OF THE FINANCIAL STATEMENTS PART- I: NOTES TO ACCOUNTING STANDARDS 1.0 SIGNIFICANT ACCOUNTING POLICIES (a). Basis of Accounting:- The Financial Statements are brpared in accordance with the requirements of the Companies Act , 1956 under the historical cost convention on an accrual basis unless otherwise stated and/or immaterial. (b). Revenue Recognition:- (i) Revenue is recognized when it is reasonably certain that it will be received. (ii) Revenue from redemption of mutual funds has been recognized on realization basis. (c). Fixed Assets:- (i) Fixed Assets are shown at Cost less Debrciation amount. (ii)Capital Work In progress has been shown at actual cost. (d). Debrciation:- (i) Debrciation is calculated on all the assets on Straight Line Method at the rates and manner specified under the Companies Act, 1956. (ii) No debrciation has been provided on capital work in progress. (e). Retirement Benefits (AS 15):- All retirement benefits including Gratuity and Leave encashment will be recognized on cash basis. No actuarial valuations has been made. (f) Unamortized Expenses:- Preliminary and Pre-Operative Expenses as well as Public Issue Expenses are kepi pending allocation. (g) Contingent Liabilities:- These are contained under Revised Schedule VI, as brsented through Annexure- 1, hereto. (h) Prior Period Items and Extra-Ordinary Items:- These are contained under Revised Schedule VI, as brsented through Annexure – 1 hereto. PART- II: OTHER NOTES (a). The company is not holding more than 50 percent capital in any company. Therefore within The meaning Section 4 Of the Companies Act 1956. The company is not owing any subsidiary and hence no consolidation of financial statements are required. (b). Balances of all the parties are subject to confirmations and reconciliations. (c). In the opinion of the management, the current assets are approximately of the values stated, if realized in the ordinary course of business unless otherwise stated. The provisions of all liabilities are adequate and not in excess of the amount considered reasonably necessary. (d). Previous Year's figures have been re-grouped and re-arranged wherever considered necessary. (e). Immaterial items have been ignored on making disclosure. (f). Wherever external evidences were not available, reliance had been made on internal evidences and / or explanation provided by the management. For, JANAK SONI & ASSOCIATES Chartered Accountants F.R.N.:- 121405W C. A. Janakkumar S. Soni Proprietor Sd/- Director Sd/- Director Place: AHMEDABAD Date: 17th August, 2012 |