| 1. BASIS OF ACCOUNTING
The financial statements are prepared under historical cost convention
and comply with applicable accounting standards issued by the Institute
of Chartered Accountants of India and relevant provisions of the
Companies Act, 1956/2013.
2. FIXED ASSETS:
Fixed assets are stated at cost of acquisition. Acquisition cost
includes taxes, duties, freight, insurance and other incidental
expenses related to acquisition and installation and are net of modvat
credits, where applicable. Revenue expenses incidental and related to
projects are capitalized along with the related fixed assets, where
appropriate.
3. REVENUE RECOGNITION:
Sales exclusive of Vat & WCT and exclusive of Service Tax are
recognized on dispatch. Price adjustments for sales made during a year
are recorded upon receipt of confirmed customer orders.
4. FOREIGN CURRENCY TRANSACTIONS:
During the year, the company has not entered any foreign transaction.
5. WARRANTY:
Product warranty costs are guaranteed by Performances Bank Guarantee.
6. INVENTORIES:
Inventories are stated at cost. 'Cost' is arrived at using weighted
average methods and includes appropriate overheads in case of work in
progress.
7. RESEARCH AND DEVELOPMENT EXPENDITURE:
During the year, The Company has not made any expenditure towards
Research and development expenditure.
8. TAXATION :
Provision for Income Tax, comprising current tax and deferred tax is
made on the basis of the results of the year.
In Accordance with Accounting Standard 22 Accounting for Taxes on
Income, issued by the Institute of Chartered Accountants of India, the
deferred tax for timing differences between the book and the tax
Profits for the year is accounted for using the tax rates and laws that
have been enacted or substantively enacted as of the balance sheet
date.
Deferred tax Liabilities arising from temporary timing differences are
recognized to the extent there is a reasonable certainty that the
assets can be realized in the future.
The accumulated deferred tax liability as on March 31, 2014 has been
recognized with a corresponding charge to the General Reserve.
9. SEGMENTAL REPORTING :
The accounting policies applicable to the reportable segment are the
same as those used in the preparation of the financial statements as
set out above.
Segment revenue expenses include amounts which can be directly
identifiable to the segment or allocable on a reasonable basis.
Segment assets include all operating assets used by the segment and
consist primarily of debtors, inventories and fixed assets, segment
liabilities include all operating liabilities and consist primarily of
creditors and statutory liabilities.
10. Debtors
Debtors are stated at book value after making provisions for doubtful
debts.
11. The figures for the previous year have been regrouped / rearranged
wherever necessary.
12. The Figures are rounded off to nearest rupee.
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