SIGNIFICANT ACCOUNTING POLICIES     

 "01. ACCOUNTING CONVENTIONS:

The Financial Statements are brpared on Historical Cost Convention. Financial Statements are brpared in accordance with relevant brsentational requirements of the Companies Act, 2013 and applicable mandatory Accounting Standards as brscribed under section 133 of Companies Act, 2013 read with rule 7 of the Companies (Accounts ) Rules, 2014.

2 FIXED ASSETS:

Fixed assets are stated at cost less accumulated debrciation and impairment if any. Cost comprises the purchase price inclusive of duties, taxes, and incidental expenses upto the date, the asset is ready for its intended use.

3 DEbrCIATION:

Debrciation on Fixed Assets has been provided based on useful life assigned to each asset brscribed in accordance with Part-"C" of Schedule-II of the Companies Act, 2013.

Debrciation on fixed assets added / disposed off during the year, isprovided on pro-rata basis with reference to the date of addition / disposal.

In a case of impairment, if any, debrciation is provided on the revised carrying amount of the assets over their remaining useful life.

4 IMPAIRMENT OF FIXED ASSETS:

The carrying amounts of assets are reviewed at each balance sheet date to determine whether there is any indication of impairment based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its receive after impairment, debrciation is provided on the revised carrying amount of the assets over its remaining useful life.

5 INVESTMENTS:

Investments that are readily realizable and intended to be held for not more than a year areclassified as Current Investments. All other Investments are classified as Non Current Investments. Current Investments are stated at lower of cost and market rate on an individual investment basis. Non Current Investments are considered 'at cost' on individual investment basis, unless there is a decline other than temporary in the value, in which case adequate provision is made against such diminution in the value of investments.

6 RECOGNITION OF INCOME & EXPENDITURE:

Income & Expenditures are accounted for on accrual basis.

7 EARNING PER SHARE:

Earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders, by the weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

8 TAXES ON INCOME:

Current Tax is determined as the amount of tax payable in respect of taxable income for the year.

Deferred Tax is recognised, subject to consideration of prudence, in respect of deferred tax assets / liabilities on timing difference, being the difference between taxable income and accounting income that originated in one period and are capable of reversal in one or more subsequent periods.

9 CONTINGENCIES:

These are disclosed by way of notes on the Balance sheet. Provisions is made in the accounts in respect of those contingencies which are likely to materialize into liabilities after the year end, till the finalization of accounts and material effect on the position stated in the Balance Sheet.

10 PROVISIONING FOR DEFERRED TAXES:

The Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred Tax resulting from "timings difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date. The Deferred Tax Asset is recognized and carried forward only to the extent that there is a reasonable certainty that the assets will be realized in future.

NOTE-2 OTHER NOTES ON ACCOUNTS: 

i . Based on the information / documents available with the Company, no creditor is covered under Micro, Small and Medium Enterprise Development Act, 2006. As a result, no interest provision/payments have been made by the Company to such creditors, if any, and no disclosures thereof are made in these accounts.

ii. The Financial Statements and Notes on accounts has been brpared as per the Companies Act, 2013 with their Schedule as the same is effective from 1st April, 2014.

iii. Trade receivables balances are subject to confirmation by the respectiveparties.

iv.Segment Report :

The Company does not have any income from revenue from operation hence there are no separate reportable segments as per Accounting Standard 17.

v. Deferred Taxation :

The company will recogonise the deferred tax liabilities / assets on the timing differences for the period in which there is virtual certainty of future income by way of prudence in accordance with AS-22 " Accounting For Taxes On Income " issued by the Institute of Chartered Accountants of India.

vi .The Company has Complied this information based on the current information in its possession. As at 31.03.2015, No supplier has intimated the Company about its status as a Micro or Small enterprise or its Registration with the appropriate authority under the Micro, Small and Medium Enterprises Development Act, 2006amount dueto Micro Small and Medium Enterises as on 31.03.2015 Rs. NIL ( P.Y. Rs. NIL )

vii. Estimated amount of contracts remaining to be executed on capital account and notprovided for (net of advances) Rs. 2,09,74,922/- (brvious year Rs. NIL)

viii.Effective from 1st April, 2014, the Company has charged debrciation based on the useful life of the assets as per the requirement of Schedule II of the Companies Act, 2013. It has recomputed the debrciation on various fixed assets in accordance with and in the manner brscribed with Part C of Schedule II of the Companies Act, 2013. The aggregate difference between the debrciation so computed as per the companiesAct, 2013 till 31st March, 2014 and the debrciation charged in the accounts till 31st March, 2014 has been debited to the opening balance of profit & Loss Account.

Deferred Tax assets arising there on has been debited to or credited to against the opening balance of Profit & Loss Account

ix. No provisions has been made for fall, if any, in the market value of quoted securities or break-up value of unquoted securities, held as Investments, diminutionwhere, if any, is not permanent in nature.

x. Provision for taxation on Income for the year has been made under section 115JB of the income tax act, being Minimum alternate tax higher than tax calculated on income under normal computation as per income tax act. Accordingly the statement of profit and loss has been credited minimum alternate tax credit receivable has been debited with similar amount.

Xi The management has assessed that there is no impairment of Fixed assets requiring provisions in the accounts. Accordingly, there is nodebit to the Profit & Loss Account for the impairment of assets.

xii. No Provision has been made on account of gratuity as none of the employees have put in completed years of Service as required by the payment of gratuity act.

xiii. No provision has been made on account of leave salary as there are no leave to the credit of employees as at the end of the year.

xiv. Previous Year figures have been regrouped, rearranged or recasted wherever considered necessary. 

In terms of our report of even date

For MAROTI & ASSOCIATES

Chartered Accountants

Firm Reg. No. : 322770E 

( FCA. M. K. Maroti )

( Partner )

Membership Number 057073 

For and on behalf of the Board

Navin Chandra Sharma DIN : 00081104 Managing Director 

Kailash Chandra Sharma DIN : 00081202 Director 

Prakash Chandra Panda Company Secretary 

Place : Kolkata

Date : 25th Day of May, 2015