12 December 2013
NOTES FORMING PART OF THE ACCOUNTS 1. SIGNIFICANT ACCOUNTING POLICIES :
1. GENERAL: Accounts are prepared on Historical Cost Convention using actual method. /Accounting Policies not specifically referred to otherwise, are consistent and in consonance with generally accepted accounting principles.
2. FIXED ASSETS: Fixed assets are stated at cost of the acquisition inclusive of inward freight, duties taxes and incidental expenses. The Company has revalued the Fixed Assets by competent values in the year 1994-95 which is commonly accepted and preferred method. All increase of Rs.*******/- in net book value arising on revaluation of fixed Assets.
3. DEPRECIATION: Depreciation on Fixed Assets on Historical cost have been provided on written down value method at the rates provided and in the manner specified in the Schedule XIV of the Companies Act, 1956.
4. CAPITAL SUBSIDEY : Capital Subsidy of Rs.******/- received from Government of Andhra Pradesh fixed Assets is Credited to Reserve and surpluses instead of Crediting it to Assets on the stipulation that the same will be done after fulfilling conditions mentioned in the Order.
5. INCOME TAX: Current Tax is provided based on the Tax Computation under the Income Tax Act, 1961 differed Tax for timing difference between taxable Income and Accounting Income is accepted for using the tax rates that are substantively enacted by the Balance Sheet date.
6. DIFFERED TAX: Differed Tax Assets are recognized only to the extent where there is reasonable certainty that they shall be realized.
7. INVESTMENTS: Investments are shown at cost.
8. In the absence of any clime under “interest on delayed payments to small scale and Ancillary industrial undertakings Act 1993” the company did not make any provision for such payments.
II. NOTES FORMING PART OF THE ACCOUNTS
SI No. Particulars Year ending 31-03-2013 Year ending 31-03-2012 I. 1) Managerial Remuneration 2) Other allowance to MD
II. Additional information required under Expenses incurred on employees exempted through out the year who are in receipt of remuneration aggregating not less than Rs. 3,60,000/- per annum NIL NIL III. Consumption of imported and indigenous Materials. A) Imported NIL NIL B) Indigenous Raw Material Stores Percentage 100% 100% VI. PARTICCULARS OF CAPACITIES AND PRODUCTION
24. ADDITIONAL INFORMATION TO THE FINANCIAL STATEMENTS
1) Current Assets & Current Liabilities: Sundry debtors, Loans & Advances and Sundry Creditors balances are subject to confirmation by the parties. 2) In the absence of any claim under interest on delayed payments to Small Scale and Ancillary Industries Undertaking Act, 1993 the Company did not make any provisions for such payment. 3) All the figures have been rounded off to the nearest paise. 4) The Company has not received any monies under share warrants during the year. 5) The Company does not have any amount towards share application money pending allotment at the end of the current reporting period. 6) Details on derivative instruments and unhedged foreign currency exposurs – NIL (previous year – NIL) 7) Details of fixed assets held for sale – NIL (previous year – NIL) 8) Value of Imports calculated on CIF basis – NIL (previous year – NIL) 9) Expenditure in Foreign Currency – NIL (previous year - NIL) 10) Earnings in Foreign Exchange – NIL (previous year - NIL) 11) Amounts remitted in Foreign Currency on account of dividend – NIL (previous year - NIL)
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