I. SIGNIFICANT ACCOUNTING POLICIES : A. BASIS OF ACCOUNTING POLICIES: The financial statements have been brpared under the historical cost convention using accrual method of accounting in accordance with the generally accepted accounting principles in India and the provisions of companies Act, 1956 and the accounting standards as specified in companies(Accounting Standards) Rule, 2006. 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. FIXED ASSETS & DEbrCIATION: The Fixed Assets are stated at their original cost of acquisition including all expenses attributable to bring the assets to its intending use. The debrciation on Fixed Assets has been provided for on written down value method at the rate and in the manner brscribed in Schedule XIV of The Companies Act' 1956. None of the Fixed Assets have been revalued during the year. D. RECOGNITION OF INCOME & EXPENDITURE : Revenues /Income and cost/Expenditure are generally accounted on Accrual basis as they are earned or incurred. E. FOREIGN CURRENCY TRANSACTIONS: a. The reporting currency of the company is the Indian rupee. b. The company has not made any transaction in foreign exchange during the year. F. INVESTMENTS: The investment held by the company is carried at cost. G. PROVISION FOR CURRENT AND DEFERRED TAX: Current Income Tax is determined as an amount of taxes payable in respect of taxable income for the year. Deferred tax liability/assets in terms of Accounting Standard - 22, issued by The Institute of Chartered Accountants of India, is recognized, subject to the consideration of prudence in respect of Deferred Tax liability/assets arising due to timing differences. H. IMPAIRMENT OF ASSETS: At each balance sheet date, the management reviews the carrying amounts of its assets included in the cash generating unit to determine whether there is any indication that those assets were impaired. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of impairment. I. EMPLOYEES BENEFITS UNDER THE COMPANIES (ACCOUNTING STANDARDS) RULES, 2006. The Company has applied the revised Accounting Standard AS-15 EMPLOYEES BENEFITS UNDER THE COMPANIES (ACCOUNTING STANDARDS) RULES, 2006 relating to employees benefits notified under the companies (Accounting Standards) Rules 2006. According to the management there is no brsent obligation of any post employment benefits including payment of gratuity during the year. Therefore no actuarial gains or losses arose at the end of the year. III. NOTES ON ACCOUNTS 1. Payment to Auditors Rs. 25000/- (brv. year- Rs. 1124/-). 2. (i) Expenditure in Foreign Currency Rs. NIL. (ii) Earnings in Foreign Currency Rs. NIL. 3. Estimated amount of contract remaining to be executed on capital accounts and not provided for - NIL. ( Prev.year - NIL). 4. Contingent liability as on 31/03/2015 - NIL 5. The company has not received any intimation from vendors regarding their status under the Micro Small & Medium Enterprises Act, 2006 and hence disclosures relating to their outstanding amount and interest have not been made. 6. Balances of Sundry Debtors and Sundry Creditors, Advance from customers and advances are subject to confirmation. 7. In the opinion of the Board of Directors, the current Assets, Loans & Advances are approximately of the value stated if realized in the ordinary course of business. The provisions for debrciation and all know liabilities are adequate and not in excess of the amounts reasonably necessary. 8. Previous Year's figures have been regrouped and rearranged wherever necessary to conform to the classification adopted for the current year. 9. No employees of the company are in receipt of or are entitled to receive remuneration more than or equal to the rates brscribed under 217(2A) of the Companies Act,1956. As per our report of even date FRASER AND COMPANY LTD. AMIT M. SHAH Chartered Accountants (Amit M. Shah) Proprietor, Membership No.101844 Ashok C Patel Whole Time Director Naitik Modi Director Sd/- Shilpa Chhabra Company Secretary Dated: 29th May, 2015 Place : Kolkata |