Note : 1 Basis of brparation The financial statements are brpared under the historical cost convention on the accrual basis of accounting, in accordance with the Indian Generally Accepted Accounting Principles (GAAP) and company with the accounting standards, as brscribed by the companies (Accounting Standards) Rules, 2006, and provisions of the Companoes Act, 1956, to the extent applicable, as adopted consistently by the company. The Financial Statements have been brpared in Indian rupees. Note : 2 The Financial statements for the year ended March 31, 2015 had been brpared as per the then applicable, br-revised schedules VI to the companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31 March, 2015 are brpared as per Revised Schedule VI. Accordingly, the brvious year figure have also been reclassified to confirm to this year's classification. Such reclassification of brvious year figure does not impact recognition and measurement principles followed for brparation of financial statements. Note : 3 NOTES ON ACCOUNTS 3.1 Accounting estimate: The brparation of financial statements in conformity with the generally accepted accounting principles in India (Indian GAAP) requires management to make estimates and assumptions that effect the reported amounts of Asset and liabilities and the discloure of contingent liabilities on the date of the financial statements. Actual results could differ from those estimates. Any revision to accounting estimates is prospectively recognized in current and future periods. 3.2 Fixed Assets: Fixed assets existing as on 31.03.1993 have been revalued as per the report of Government Approved Valuer. The revalued assets are stated at the revalued figure less accumulated debrciation calculated on the revalued figure for the year ended on 31.03.1993 and subsequent year. The assets acquried after 31.03.1993 are stated at the cost of acquisiion including incidental expenses related to acquisition & installation less accumulated debrciation except for lease hold land. 3.3 Debrciation: Debrciation on fixed assets is provided on straight line method at the rates brscribed in Schedule - XIV of the Companies Act, 1956 pro-rata for the period the assets has been put to use. 3.4 Impairment of Assets: Pursuant to Accounting Standard (AS-28) - Impairment of Assets issued the Institute of Chartered Accountants of India, the carrying amounts of the Company's assets including intangible assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount is estimated, as higher of the net selling price and the value in use. An impairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount. If at the Balance Sheet date, there is indication that a brviously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is assessed at the recoverable amount subject to maximum of debrciable historical cost. 3.5 Earnings Per Share ('EPS') The basic EPS is computed by dividing the net profit attributable to the equity shareholders for the year by the weighted average number of equity shares outstanding during the year. 3.6 Provision and Contingencies: A provision is recognized when there is brsent obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate. A disclosure for a contingent liability is made when there is a possible or brsent obligation that may, but probably will not require an outflow of resource. When there is a possible obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. 3.7 Borrowing Costs: Borrowing Costs are charged to Profit & Loss account except those which attributed to the acquisition or construction of qualifyling assets. Note : 1 No provision for Income Tax has been made in view of carried forward losses. Note : 2 Contingent liabilities for uncompleted contract of capital expenditure not provided for Rs. NIL Note : 3 The Company has closed down in business operations. There are very few employees. Therefore no Provision of Gratuity is made in the accounts. Note : 4. Corresponding figures of brvious year are rearranged / regrouped wherever found necessary. Note : 5.Balances are subject to confirmation. Note : 6.In the opinion of the board, Current Assets, Loans & Advances are Approximately at the value stated if realised in the ordinary course of business. The provisions for all known liabilities are made in accounts and the same are adequate and not in excess of amounts reasonably necessary. Note : 7.RELATED PARTY DISCLOSURES Related party disclosures as required under Accounting Standard on " Related Party Disclosures" issued by the Insutitute of Chartered Accountants of India are given below : The are no transactions with related parties. Note : 8.During the year the company has not carried out any business activity. Therefore Accounting standard 17 on segment Reporting is not applicable. Note : 9. The Company has unabsorbed debrciation and carried forward losses under the Tax Laws. Also during the current year there is substantial unabsorbed debrciation and business loss. In absence of virtual certainty of sufficient future taxable income, deferred tax asset / liability has not been recognised by way of prudence in accordance with AS-22-"Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India. In terms of our report attached. For SHAH & DALAL For and on behalf of the Board of Directors Chartered Accountants MALAY J. DALAL Partner M. No. 36776 Firm Reg. No. 109432W Sanjay S. Shah Managing Director Amrish V. Pandya Director Paresh V. Sukhadiya CFO Place : Ahmedabad Date : 30.05.2015 |