| A. BASIS OF ACCOUNTING
The financial statements have been prepared in accordance with
Generally Accepted Accounting Principles in India (Indian "GAAP") under
the historical cost convention on an accrual basis in compliance with
all material aspects of the Accounting Standards (AS) notified under
Section 133 of the Companies Act, 2013 read together with the paragraph
7 of the Companies (Accounts) Rules 2014.The Financial Statements have
been prepared under the historical cost convention on an accrual basis.
B. USE OF ESTIMATES
Preparation of financial statement in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities and the disclosures of contingent liabilities, at the end
of the reporting period. Although these estimates are based on the
management's best knowledge of current events and actions, uncertainty
about these assumptions and estimates could results in differences
between the actual results and estimates could result in differences
between the actual results and estimates which are recognized in future
period.
C TANGIBLE FIXED ASSETS & DEPRECIATION
Tangible Fixed Assets are carried at cost, less accumulated
depreciation and impairment loss, if any. Cost comprises the purchase
price and any attributable cost of bringing the asset to its working
condition for its intended use. Depreciation is provided pro rata for
the period of use on Written Down Value basis as per the useful life of
the assets prescribed under Schedule II of the Companies Act, 2013
except for leasehold improvements which are prescribed under Schedule
II of the Companies Act, 2013 which are depreciated over the remaining
expected lease term and employee perquisite related assets which are
depreciated over the remaining expected lease term and employee
perquisite related assets which are depreciated over three years.
D INTANGIBLE ASSETS AND AMORTIZATION
Intangible Assets are measured at acquisition cost less accumulated
amortization and accumulated impairment losses if any. Intangible
assets are amortized on Written Down Value basis.
E INVESTMENTS
Investments are classified into long-term investments as noncurrent
investments.
Non Current Investment:
Investments that are intended to be held for one year or more are
classified as long-term investments. Non Current Investment are carried
at acquisition/ amortized cost. A Provision is made for diminution,
other than temporary, in the value of Investment.
Current Investment
Investments that are intended to be held for less than one year are
classified as current investments. Current Investment are carried at
the lower of cost or fair value on an individual basis.
G BORROWING COST
Interest and other costs in connection with the borrowing of the funds
to the extent related / attributed to the acquisition/construction of
qualifying fixed assets are capitalized up to the date when such assets
are ready for its intended use and other borrowing costs are charged to
Profit & Loss Account.
H REVENUE RECOGNITION
Revenue is recognized to the extent that it is probable that the
economic benefit will flow to the company and revenue can be reliably
measured. Sales are recognized when significant risk and rewards of
ownership of the goods have passed to the buyer which coincides with
delivery and are recorded net of trade discounts VAT and Sales Tax.
Revenue from services are recognized as they are rendered based on
agreements/ arrangements with the concerned parties and recognized net
of services tax (If Applicable). Interest income is recognized on time
proportion basis taking into account the amount outstanding and the
applicable rate.
I. RETIREMENT AND OTHER EMPLOYEE BENEFITS
Company has not carried out Actuarial valuation as required under AS-15
Employee Benefits, since none of the employee have completed one year
of continues service.
J TAXATION
Tax Expenses includes provision for current tax and deferred tax.
Provision for Current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the
provisions of the Income Tax Act, 1961.Deferred tax is recognized,
subject to the consideration of prudence, on timing difference, being
the difference between taxable income and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods. Minimum Alternative Tax (MAT) credit is recognized
as an asset only when and to the extent there is convincing evidence
that the Company will pay normal income-tax during the specified
period. In the year in which the MAT credit note issued by Institute of
Chartered Accountants of India ("ICAI"), the said asset is created by
way of a credit to the Statement of Profit and Loss. The Company
reviews the same at each balance sheet date and writes down the
carrying amount of MAT credit entitlement to the extent there is no
longer convincing evidence to the effect that Company will pay normal
income tax during the specified period.
K PROVISION AND CONTINGENCIES
The company creates a provision when there is present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation
cannot be made.
L AUDITORS Remuneration:
Particulars Period ended Year ended
31.03.2015 31.03.2014
For Audit Fees (incl Service Tax) 1,12,360/- 22472/-
M EARNING PER SHARE:
Basic Earnings Per Share (EPS) is computed by dividing the net profit
for the year attributable to the equity shareholders, by weighted
average number of equity shares outstanding during the year. Numbers
used for calculating basic and diluted earnings per share are as stated
below:
Particulars For the year For the year
ended 31st ended 31st
March 2015 March 2014
Profit for the year 5,79,558 6,25,802
Weighted average number of Equity
shares outstanding 1,13,90,000 6,59,477
Earnings Per Share (Rs.) - Basic
(Face value of Rs. 10 per share) 0.05 0.95
stock options/ performance
share schemes - -
Weighted average number of Equity
shares (including dilutive shares)
outstanding 1,13,90,000 6,59,477
Earnings Per Share (Rs.) - Diluted
(Face value of Re. 10 per share) 0.05 0.95
11. RELATED PARTIES DISCLOSURE-
As per Accounting Standard -18 issued by the Institute of Chartered
Accountants of India the related parties transactions are disclosed as
under:-
a) List of Related Parties:- ( as Certified by Management)
i) Enterprises where control exists
Holding Company: N.A.
ii) Subsidiary Company:
* Advantage Commodities Pvt. Ltd.
iii) Key Management Personnel
Mr. AnandraoGole Managing director
Mr. JairajBafna Chief Financial Officer & director
Mr. Suresh Kulkarni director
Mr. Mani Ananthanarayan Director- upto 25th March 2015
Mr. Satish Bokdia Director
Ms. Nalini Shetty Director w.e.f. 26th March, 2015
O In the opinion of the Board current assets, Loans and Advances are
approximately of the values based if realized in ordinary course of
business.
P Sundry Debtors, Sundry Creditors, Loans & deposits, Bank Balances are
subject to confirmation.
Q The Schedules referred to above are an integral part of Balance
Sheet.
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