Significant Accounting Policies : A Basis of Preparation of Financial Statement: These Financial statements have been brpared in accordance with the generally accepted accounting principles in India including the Accounting Standards notified under the relevant provisions of Companies act' 2013 The financial statements are brpared on accrual basis under historical cost convention, except for certain financial instruments which are measured at fair value. B Use of estimates The brparation of financial statements requires the management of the company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expense during the year. Example of such estimates include provision for doubtful receivables, employee benefits, provision for income taxes, accounting for contract costs expected to be incurred, the useful lives of debrciable fixed assets and provision for impairment. C Own Fixed Assets Fixed Assets are stated at cost and includes amounts added on revaluation, less accumulated debrciation and impairment loss, if any. All costs, including financing costs till commencement of commercial production, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the fixed assets, if any are capitalized. D Intangible Assets The company does not have any Intangible Asset. E Debrciation and Amortization Debrciation is provided based on useful life of the assets as brscribed in Schedule II of the Companies Act'2013. F Impairment of Assets An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount. G Foreign Currency Transactions There is no foreign currency transactions made during the year. H Investments Investments are stated at cost. I Inventories Company is engaged in service providing activity hence there is no stock. J Revenue Recognition Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection. Revenue from operations. K Employee Benefits No Provision has been made in respect of liabilities for future payment of gratuities as on 31 st March 2015 as the company follows the system of accounting such expenses as and when it arises. L Borrowing Costs Company did not borrow any loan and hence not paying any interest in brvious year. M Financial Derivatives and Commodity Hedging Transactions There is no financial derivatives and commodity hedging transaction made during the year. N Segment Reporting As per Accounting Standard (AS) 17 on "Segment Reporting", The Company is engage in one segment. OThere is no transaction with related party. P There is no transaction with related party. Notes on Accounts: 1. Tax expenses for the current year comprises of current tax and deferred tax.Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of Income Tax Act 1961. Deferred tax is recognized, on timing differences between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. There are no timing differences and therefore no deferred tax assets or liabilities are recognized. 2. Previous year figures have been regrouped / rearranged wherever necessary to confirm to current year's brsentation. 3. Figures have been rounded off nearest to the Rupees. 4. There are no Micro, small and Medium enterprises, as defined in the Micro, small and Medium Enterprises Development Act, 2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made The above information regarding micro, small and medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors. |