Mahashree Trading Ltd. कंपली की लेखा नीति

Mar 31, 2014

1.1 Basis for Preparation of Accounts

The Financial statement are prepared to comply in all material aspects with all the applicable accounting principles in India, the applicable accounting standards notified U/s 211(3) of The Companies Act, 1956 and the relevant provisions of The Companies Act,1956. The financial Statements have been prepared in accordance with the historical cost convention,

1.2 Revenue Recognition

Revenue is recognized as and when there is reasonable certainty of its ultimate realization. Dividend income is recognized when the right to receive dividend is established.

1.3 Investment

Investment which are readily realizable and intended to be held for 1 year or less from the date on which such Investments are made are classified as current Investments. All other Investments are classified as long-term investments. A long term investment is stated at cost. No provision for diminution in the market value of quoted investments is considered necessary as in the opinion of the management; the diminution is of temporary nature.

1.4 Taxes on Income

Current tax is the amount of tax payable on the table income for the year as determined in accordance with the provision of the Income Tax Act, 1956.

Deferred tax asset and liabilities are to be recognized for future tax consequences of riming differences, between the taxable income and the accounting income for the year and measured using enacted tax rates expected to apply to taxable income in the year in which the timing difference are expected to be reversed or settled. Deferred tax asset arising on account of carried forward losses are to be recognized and carried forward to the extent that there is a virtual certainty that sufficient future taxable income will be available against which deferred tax asset can be realized in other cases, Deferred Tax Asset are to be recognized and carried forward bases on reasonable certainty of future taxable income. Management is of the opinion that the company does not have differed tax asset/liability

1.5 Provision and contingents

A Provision is recognized when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimate.

A disclosure for contingent liability is made where there is a possible or present obligation that may, but probably will not require outflow of resources. When there is possible obligation in respect of which the like hood of outflow of resources is remote, no provision or disclosure is made.

1.6 Sundry Debtors, Creditors Loans and advances are subject to confirmation by the respective parties.

1.7 Additional information under Schedule VI of the Companies Act, 1956 are either Nil or not applicable.

1.8. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification /disclosure.

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Mar 31, 2011

A) The financial Statements have been prepared in accordance with generally accepted accounting principles as well as the requirements of the companies Act, 1956. The accounts have been prepared under the historic cost convention and on accrual basis.

b) The company has no fixed assets.

c) Long term investments are stated at cost. Diminution in value if any, which is of a temporary nature, is not provided for.

d) The Company has no deferred tax liability.

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Mar 31, 2010

1. In the opinion of the management, the current Assets, Loans, and advances are not less than value stated if realized in ordinary course of business. The provision for known liabilities are adequate and not in excess of amount reasonably necessary.

2. Accounting Policies;

a) The financial Statements have been prepared in accordance with generally accepted accounting principles as well as the requirements of the companies Act, 1956. The accounts have been prepared under the historic cost convention and on accrual basis.

b) The company has no fixed assets.

c) Long term investments are stated at cost. Diminution in value if any, which is of a temporary nature, is not provided for.

d) The Company has no deferred tax liability.