| 1. Corporate Information :-
ALKA DIAMOND INDUSTRIES LIMITED (The Company) was incorporated under
the provision of Companies Act 1956 on 28th day of September 1989
2. Basis of Preparation of Financial Statement:-
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the Accounting Standards notified
under the relevant provisions of the Companies Act 2013.
The financial statements are prepared on accrual basis and under the
historical cost convention. The financial statements are presented in
Indian rupees rounded off to the nearest rupees.
2. Use of Estimates:
The preparation of financial statements are in conformity with
generally accepted accounting principles requires estimates and
assumption to be made that effect the reported amount of assets and
liabilities on the date of the financial Statements and reported
amounts of revenues and expenses during the reporting period.
Differences between actual results and estimated are recognized in the
period in which the results are materialized.
3. Revenue Recognition:-
The company follows the accrual basis of accounting except in the
following cases, where the same are recorded on the basis of
realization or ascertainment of rights and obligations
a. Insurance claims
b. Payment of bonus and leave salary
c. Gratuity
4. Fixed Assets
Tangible assets are stated at cost, less accumulated depreciation and
impairment, if any. Direct costs are capitalized until such assets are
ready for use
5. Depreciation:
Depreciation on Fixed Assets is provided on Written Down Value (W.D.V.)
Method in accordance with the Schedule XIV of the Companies Act, 1956.
6. Inventories:
This is not applicable for your company.
7. Impairment of fixed Assets
At the end of each year, the Company determines whether a provision
should be made for impairment loss on fixed assets by considering the
indication that an impairment loss may have occurred in accordance with
Accounting Standard 28 on "Impairment of Assets". Where the recoverable
amount of any fixed assets is lower than its carrying amount, a
provision for impairment loss on fixed assets is made for the
difference.
8. INVESTMENTS
Investments are stated at cost of acquisition.
9. Prior Period Items:
Material amount of Income and expenditure pertaining to prior years are
disclosed separately.
10. Contingencies and events occurring after the date of Balance
Sheet: - NIL |