Note No.: 1 - SIGNIFICANT ACCOUNTING POLICIES:
1.1 Basis of preparation of financial StatementAccounting Convention and Policy: The accounts are prepared under the historical cost convention and in accordance with applicable accounting standards issued by Institute of Chartered Accountants of India.
1.2 Accounting System: The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except where there are significant uncertainties.
1.3 Contingent Liabilities:-
All known liabilities are provided for in the accounts except liabilities that are of a contingent nature, in respect of which suitable disclosures are made in the accounts.
1.4 Fixed Assets:-
Fixed assets are stated as cost less depreciation cost and any attributable cost of bringing the asset to its working condition for its intended use.
1.5 Method of Depreciation:-
Depreciation on fixed assets has been provided on written down value method at the rates and in the manner specified in Schedule II to the Companies Act, 2013.
1.6 Valuation of Inventories:-
Raw Material and Finished stock is valued at cost or net realizable value whichever is lower.
1.7 Capitalization of Expenses:-
All the capital expenses allocated to the concerned capital assets.
1.8 Treatment of Research & Development expenditure:-
Research and Development expenditure of capital nature are capitalized and those of revenue nature are charged to profit & Loss account in the year in which these are incurred.
1.9 Treatment of Retirement benefit:-
In respect of retirement benefits payable (i.e. Gratuity, Leave Encashment etc.) to the employees at the time of retirement, liability is provided on the basis of actuarial valuation report.
1.10 Disclosure of events subsequent to the Balance Sheet:-
All the major events subsequent to Balance Sheet which have material effect on the working of the assessee, has been disclosed wherever necessary
1.11 Treatment of prior period items:-
The net of items relating to prior period if debit, is debited to statement of Profit and Loss and if credit is credited to statement of Profit & Loss and treated as Income of the year.
1.12 Treatment of preliminary expenses and deferred revenue expenditure:-
All preliminary, pre-incorporation and deferred revenue expenditure being intangible is being written off completely in the year in which it is expended as required by AS-26 for Intangible Assets issued by the Institute of Chartered Accountants of India
1.13 Recognition of income and expenditure:-
Items of Income and Expenditure are recognized on accrual basis.
1.14 Going concern:-
The company has been preparing the accounts on going concern basis and all accounting policies are consistently followed.
1.15 Foreign Exchange Transaction:-
Foreign Currency transactions are booked at the rate prevailing at the time of transaction and any Gain/loss arising out of fluctuations in exchange rate is accounted for at the year end as per AS-11 issued by the Institute of Chartered Accountants of India.
Note no.: 27 - OTHER DISCLOSURES
27.1 The number of employees who were employed throughout the financial year and were in
receipt of remuneration which in aggregate were not less than ^ 120,00,000/- per annum as employed for a part of the year and were in receipt of remuneration at a rate which in aggregate was not less than ^ 10,00,000/- per month, is NIL.
27.2 Director's have forgone their claims of meeting fees for the board meeting attended by them.
27.3 Contingent Liabilities:
Claim against the company not acknowledged as debts is nil as confirmed by the director
27.4 In the opinion of the management current assets, loans and advances have the value of realization in the ordinary course of business at least equal to the amount at which they are stated and all known liabilities have been adequately provided for.
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