| Disclosure of accounting policies, change in accounting policies and changes in estimates explanatory NOTE – 1SIGNIFICANT ACCOUNTING POLICIES 1.1 System of AccountingThe Company adopts the accrual basis in the brparation of accounts. 1.2 Fixed AssetsAll fixed assets are stated at cost of acquisition less debrciation. 1.3 DebrciationDebrciation has been provided on the written down value method at the rates brscribed in Schedule XIV to the Companies Act, 1956. Full debrciation has been provided on additions costing less than Rs. 5,000 each. 1.4 InvestmentsInvestments are stated at cost. 1.5 Employee Benefits(a) Short Term Employee BenefitsLeave Encashment has been provided on the basis of the monetary value of unavailed leave remaining to the credit of the employees at the end of the year.(b) Retirement Benefitsa) Defined Contribution PlanContribution to Provident Fund and Family Pension Fund are Charged to Profit and Loss Account. The Company has no further obligations beyond its contributions. b) Defined Benefit Plan – GratuityGratuity Liability is funded as per the Group Gratuity Scheme of Life Insurance Corporation of India. The Present Value of the defined benefit obligation at the Balance Sheet less the fair Value of Plan Assets is recognised as a liability/(asset) in the Balance Sheet. The defined Benefit Obligation is calculated by using the Projected Unit Credit Method. Actuarial Gains and Losses are charged to or credited to the Profit and Loss Account in the year in which such gains or losses arise.Disclosure of employee benefits explanatory1.1 Employee Benefits(a) Short Term Employee BenefitsLeave Encashment has been provided on the basis of the monetary value of unavailed leave remaining to the credit of the employees at the end of the year.(b) Retirement Benefitsa) Defined Contribution PlanContribution to Provident Fund and Family Pension Fund are Charged to Profit and Loss Account. The Company has no further obligations beyond its contributions. b) Defined Benefit Plan – GratuityGratuity Liability is funded as per the Group Gratuity Scheme of Life Insurance Corporation of India. The Present Value of the defined benefit obligation at the Balance Sheet less the fair Value of Plan Assets is recognised as a liability/(asset) in the Balance Sheet. The defined Benefit Obligation is calculated by using the Projected Unit Credit Method. Actuarial Gains and Losses are charged to or credited to the Profit and Loss Account in the year in which such gains or losses arise.Disclosure of enterprise's reportable segments explanatory18.6 Segment ReportingThe Company did not carry on any business activity during the year. Since there were no revenue from operations, the requirement of reporting on the business segments do not arise.
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