I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS''.
During the year ended 31st March 2012, the revised Schedule VI notified
under the Companies Act 1956, has become applicable to the company, for
preparation and presentation of its financial statements. However, it
has significant impact on presentation and disclosures made in the
financial statements. The company has also re-classified the previous
year figures in accordance with the figures of the current year.
II. BASIS OF ACCOUNTING .
The financial statement are prepared under historical cost convention,
on accrual basis, in accordance with the provisions of Companies Act
1956 and the accounting principles generally accepted in India and
comply with the Accounting Standards notified by the Companies
(Accounting Standards) Rules, 2006.
Stock is valued at cost Fluctuation in value of stock in trade is
accounted on realization.
IV. FIXED ASSETS
Fixed Assets are stated at cost of acquisition less accumulated
The company has provided depreciation on Fixed Assets on written down
value basis at the revised rates prescribed under the Income Tax Act
Investments being Long Term Investments are stated at cost
VIII. TAXES ON INCOME
Income Tax expenses comprises of current tax and deferred tax (charge
or credit). Provision for Income Tax is made on the basis of taxable
income for the current accounting year in accordance with the
provisions of the Income Tax Act, 1961. There is no deferred tax
liability up to the year ended 31st March, 2012.