Significant Accounting Policies forming part of Balance Sheet as at 31st March 2015 a. Basis of Preparation of Financial Statements The financial statements have been brpared under historical cost convention in accordance with Indian Generally Accepted Accounting Principles on a going concern on accrual basis and the relevant provisions of the Companies Act, 2013. b. Grouping / Regrouping Previous year figures have been regrouped / reclassified wherever necessary so as to make comparable to figure of current year brsentation. The figures in bracket rebrsent corresponding figures of the brvious year. c. Fixed Assets Fixed Assets are stated at cost of acquisition less accumulated debrciation, recoverable taxes and impairment loss, if any. d. Debrciation and Amortisation Debrciation has been calculated on fixed assets on their written down value method in accordance with section 205 of the Companies Act, 2013 at the rates specified in Schedule XIV of the Companies Act 2013. The company follows the policy of charging debrciation on pro-rata basis on the assets acquired or disposed off during the year. There is no change in the method of providing debrciation as compared to brvious year. e. Impairment of Assets An assets is treated as impaired when the carrying cost of fixed assets exceeds its recoverable value. The company on an annual basis makes an assessment of any indicator that may lead to impairment of assets. If any such indication exists, the company estimates the recoverable amount of such assets. If such recoverable amount is less than the carrying amount, then the carrying amount is reduced to its recoverable amount by treating the difference between them as impairment loss and is charged to Profit and Loss Account. f. Investments Investments are shown at acquisition cost, if any. g. Inventories The Inventory is valued at lower of cost price and realisable value after providing for obsolescence, if any. h. Trade Receivable, Trade Payables and Loans and Advances Sundry Debtors, Creditors and Loans and advances are subjectto confirmation. i. Realisation value of Current Assets In the opinion of the Management, value of all the current assets including loans and advances, if realised in the normal course shall not be less than the value stated in Balance Sheet. j. Revenue Recognition a] Services: Revenue from rendering of services is recognized on the date on which the invoice is raised to customers. b] Products: Revenue from sale of products is recognized at a point of despatch of finished products to customers. k. Borrowing Cost There is no borrowing Cost which is attributable to acquisition of any assets. l. Foreign Currency Transactions There are no foreign currency transactions. m. Provision for Current and Deferred Income Taxes a] Income Tax: - Provision for current tax for the year is based on computations after considering rebates, relief and exemptions under the Income TaxAct, 1961 applicable to the company. b] Deferred Tax: - Deferred tax assets and liabilities are recognised for future consequences attributable to the time difference that result between the profit offered for income tax and the profit as per financial statement of the company. Deferred tax assets and liabilities are measured as per the tax rates / laws that have been enacted or substantively enacted by the Balance Sheet. Deferred tax assets and liabilities are reassessed for the appropriateness of their respective carrying amount at each balance sheet. n. Any other policy Any other policy matter which is not specifically mentioned herein is as per generally accepted accounting principles and standards. 2 Employees Benefits The company has not created any fund or trust for meeting its future liability for leave encashment or any other dues to employees. The liability will be met out of from its own fund whenever it may arise in future. 3 Impairment Assets There was no impairment of assets during the year. As per our report of even date For Udit Aggarwal & Associates Chartered Accountants Sd/- Udit Aggarwal Proprietor M.No. 529994 For and behalf of the Board of Directors Sd/- Servesh Gupta DINNO.01451093 Director Sd/- Satish Kumar Gupta DIN NO. 01451050CFO Director Sd/- Prem Sharma Place: - Noida Date: - 04/09/2015 |