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moneycontrol.com भारत | लेखांकन नीति > Finance - Investments > लेखांकन नीति फॉलोड से अवतील एंटरप्राइज - बीएसई: 504390, NSE: N.A

अवतील एंटरप्राइज

बीएसई: 504390  |  NSE: N.A  |  ISIN: INE292N01018  |  Finance - Investments

खोजें अवतील एंटरप्राइज कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
i) Accounting Policies
 
 The financial statements are prepared under historical cost convention,
 in accordance with the generally accepted accounting principles in
 India and provision of the Companies Act, 2013. The accounts are
 maintained on accrual basis as a going concern.
 
 ii) Valuation of Inventories
 
 Inventories are valued at cost or Market Value whichever is lower,
 
 The value of diminution in unquoted securities is unascertainable as
 the necessary information is not available and is considered to be
 valued at market value as cost.
 
 iii) Cash Flow Statement
 
 Cash flow statement is prepared under Indirect Method and the same is
 annexed.
 
 iv) Depreciation on Fixed Assets
 
 Depreciation on fixed assets is provided on WDV method in accordance
 with the life of the assets specified in the Part C of the Schedule II
 of the Companies Act, 2013 as per the details below.
 
 SI No Nature of the assets          Estimated useful life in years
 
 1 Motor Vehicles                    8
 
 2 Computers - End User Devices      3
 
 3 Office Equipment''s                5
 
 v) Revenue Recognition
 
 The income of the company is derived from trading in shares and
 interest on loan given to companies & investments in properties.
 
 Interest income is recognized on time proportion basis taking into
 account the amount outstanding and rate applicable.
 
 The revenue and expenditure are accounted on a going concern.
 
 vi) Accounting for Fixed Assets
 
 Fixed Assets are stated at the cost of acquisition less accumulated
 depreciation. Cost includes all identifiable expenditure incurred to
 bring the assets to its present condition and location. Any gains or
 losses on account of exchange difference either on settlement or
 translation where they relate to the acquisition of fixed assets are
 adjusted to the carrying cost of such assets.
 
 vii) Accounting for the effects of changes in Foreign exchange rates
 
 The company has not incurred any transaction in foreign currencies.
 Therefore, this standard is not applicable for the current reporting
 period.
 
 viii) Accounting for Investments
 
 The company has made investment in immovable properties.
 
 a) Long-term Investments are valued at cost less provision for
 permanent diminution in value of such investments.
 
 b) Current Investments are valued at lower-of cost and market value.
 
 During the F.Y. 2011-12 the company has made capital investments in the
 partnership firm - Green Investment Inc, in which company is the
 partner.
 
 ix) Accounting for Employee Benefits
 
 a) Short Term Employees Benefits:
 
 All employee benefits payable wholly within twelve months of rendering
 the services are classified as short term employee benefit.
 
 Benefits such as salaries, wages, short term compensated absences etc.
 and the expected cost of bonus, ex-gratia are recognized in the period
 in which the employee renders the related services.
 
 b) Post - employment benefit
 
 (a) Defined Contribution plans:
 
 State Governed provident fund cum employees pension scheme, are defined
 contribution plans. The contribution paid / payable under the schemes
 is recognized during the period in which the employees render the
 related services.
 
 x) Related Party Disclosures
 
 As per accounting standard 18, the disclosure of transactions with the
 related parties are given below
 
 List of related parties where control exists and related parties with
 whom transactions have been taken place and relationships :-
 
 Sr.No. Name of the related party               Relationship
 
 1    Jaynati R. Bhandari (Director)
 
                                               Key Management Personnel
 
 2    Gautam R. Bhandari (Director)
 
 3    Schwabe Incoat
 
 
 
 4    Solitaire Contractions               Enterprise over which Key
                                           Management Personnel are able
 5    Green Investments Inc.               execise significant influence.
 
 6    Guru Rajendra Trading Pvt. Ltd.
 
 Transaction with Related party during the year
 
                                                         (Amount in Rs.)
 
 Sr Name of the Related Party       Transaction  F.Y.2014-15 F.Y. 2013-14
 No.                                with Related
                                    Party
 
 1    Schwabe Incoat                Profit Share          NIL  3,94,424/-
 
 2    Schwabe Incoat                Interest Income       NIL  2,01,294/-
 
 3    Green Investments Inc.        Profit Share     1,511 /-   (4,107/-)
 
 xi)    Earning Per Share
 
 EPS is calculated in accordance with accounting standard prescribed.
 
 Basic/Diluted earning per share are calculated by dividing Net profit
 for the period attributable to the Equity shareholder (after deducting
 preference dividend and attributable taxes) by the weighted average
 number of equity shares outstanding during the period.
 
 Particualrs                                 F.Y. 2014-15    F.Y. 2013-14
 
 I  Net Profit after tax as per statement     1,33,80,065     1,30,57,219
    of profit and loss attributable to
    Equity shareholders
 
 Ii Weighted Average number of equity            4,00,000        4,00,000
    shares used as denominator for
    calculating EPS
 
 Iii. Basic and Diluted Earning per share           33.45           32.64
 
 Iv Face Value per equity share                        10              10
 
 xii) Accounting for Taxes on Income
 
 Income taxes are accounted for in accordance with Accounting Standard
 22 on Accounting for taxes on Income (AS 22) issued by The Institute
 of Chartered Accountants of India.  Tax comprises both current and
 deferred tax. Current tax is measured at the amount expected to be paid
 to/recovered from the tax authorities using the applicable tax rates.
 Deferred tax assets and liabilities are recognized for future tax
 consequences attributable to timing differences between taxable income
 and accounting income that are capable of reversal in one or more
 subsequent periods and are measured using relevant enacted tax rates.
 
 The Company has brought forward losses available for set off under the
 Income Tax Act, 1961. However in view of the present uncertainty
 regarding generation of sufficient future income, net deferred tax
 asset at the year end, including related credit for the year, has not
 been recognized in these accounts on prudent basis.
 
 Provision for current taxation for the Company of Rs.34,00,550 /-
 represents the amount of tax payable on the taxable income for the year
 as determined in accordance with the provisions of the Income Tax Act,
 1961.
 
 Earlier the company was paying the taxes as per the provision of
 Minimum Alternate Tax pursuant to the provisions of Section 115JB of
 the Income Tax Act, 1961 of India. The Finance Act, 2005 inserted sub
 section (1A) to section 115JAA to grant tax credit in respect of MAT
 paid under section 115JB of the Act with effect from assessment year
 2006-07 and carry forward the credit for a period of 10 years.
 Accordingly, the MAT Credit of Rs.53,28,757/-/7fo. 11,66,738/- of
 A.Y.2010-11 and Rs.41,62,019/- of A.Y.2011-12] is available to be set
 off against tax liability.
 
 During the current F.Y. MAT credit of Rs.21,87,345/- is utilized out of
 the total MAT credit of Rs.53,28,757/- from the current year tax
 liability. & balance MAT Credit of Rs Rs.31,41,412/-[ Rs.31,41,412/- of
 A.Y.2011-12] is available to be set off against future tax liability.
 
 xiii) Provision, Contingent Liabilities and Contingent Assets
 
 There arc no Contingent Liabilities as Certified by Management,
 
 Particulars As at at
 
                                    31st March,2013       31st March,2014
 
 Contingent liabilities
 
  *   Claims against the company
      not acknowledged as debt         NIL                   NIL
 
  *   Guarantees                       NIL                   NIL
 
  *   Other Money for which the
      company is contingently liable   NIL        NIL        NIL    NIL
 
 Commitments
 
 *   Estimated amount of contracts
    unexecuted on capital account      NIL                   NIL
 
 *   Uncalled liability on shares and
    other investments partly paid      NIL                   NIL
 
 *   Other commitments                 NIL     NIL           NIL   NIl
 
                                       Total   NIL                 NIL
 
 
 
 
 
स्रोत: रेलीगरे टेचनोवा

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