You are on page 1of 3

Trikha Hospitality & Services Pvt Ltd Schedules forming part of accounts as at March 31,2009 Schedule 8: Notes to accounts

1 Background The company was incorporated during the year under review and is engaged in the business of Hospitality services . 2.Significant Accounting Policies These financial statements have been prepared in accordance with the Accounting Standards as prescribed by the Institute of Chartered Accountants of India and referred to in section 211(3)(c) of the Companies Act 1956, as applicable to the company . Significant accounting policies adopted in the presentation of the accounts are: a. Basis of Accounting These accounts are prepared on the mercantile basis. b. Revenue Recognition Revenue from Food and Beverage Sales is recognised on actual sales . c. Fixed Assets Fixed Assets are stated at their original cost of acquisition / installation less depreciation. All direct expenses attributable to acquisition / installation of assets are capitalized. d. Depreciation / Asset Impairment Depreciation is charged on a pro rata basis on the Written Down Value method at rates prescribed by Schedule XIV of the Companies Act, 1956. e. Retirement benefits No employee of the company was entitled to any retirement benefits . f. Transactions in foreign exchange Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction. Monetary items denominated in foreign currency and outstanding at the balance sheet date are translated at the exchange rate ruling on that date. Exchange differences on foreign exchange transactions other than those relating to fixed assets are recognised in the Profit & Loss Account. Exchange differences on liability relating to Fixed Assets are capitalized as a part of the asset .

g. Taxes on Income Income tax comprises current tax and deferred tax. Current tax is determined in accordance with the provisions of Income Tax Act, 1961. Advance taxes and provisions for current taxes are presented in the balance sheet after off setting advance taxes paid and income tax provisions. Deferred tax charge or credit is recognised on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal, subject to consideration of prudence, in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. h. Use of estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as at the date of the financial statements and reporting amounts of income and expenses during the year. Examples of such estimates include provision for doubtful debts, future obligations under employee retirement benefit plans, income taxes, foreseeable estimated contract losses and useful life of fixed and intangible assets. Actual results could differ from these estimates. Any revision to accounting estimates is recognised prospectively in the current and future periods. i.Provisions and contingencies A provision is recognised when the Company has a present obligation as a result of a past event, when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and reliable estimate can be made of the amount of the obligation. A contingent liability is recognised where there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. 3. Payment to Auditors ( excluding Service tax) Year ended March 31,2009 Rs 15,000 Period ended March 31,2008 Rs 15,000

For Audit Fee

4.Additional Information required to be given pursuant to Part II of Schedule VI of the Companies Act, 1956 Remuneration paid to Directors : Nil (Nil)

Expenditure in Foreign Exchange : Nil (Nil) CIF Value of imports Earnings in Foreign Exchange : Nil (Nil) : Nil(Nil)

5. In the opinion of the Board, current assets, loans and advances have a value not less than the amount at which they are stated.

6. Balances of Sundry Debtors and Creditors are subject to confirmation . 7. Previous year figures may have been provided as this is the first year of company after incorporation. 8.Contingent Liabilities : Nil 9 . Claims against the company not acknowledged as debts : Nil 10.Disclosures as per Micro, Medium and Small Enterprises Development Act, 2006 (MSMED) Pursuant to amendments to Schedule VI to the Companies Act, 1956 vide Notification No. GSR 719 (E) dated 16 November, 2007, the amounts due to Micro and Small Enterprises only to be disclosed as against the earlier disclosure requirement of amounts due to Small Scale Industrial Undertakings Based on the information available with the Company, the balance due to Micro & Small Enterprises as defined under the MSMED Act, 2006 is Rs. Nil and no interest has been paid or is payable under the terms of the MSMED Act, 2006. Further, during the previous year no amounts were payable to small scale undertakings which were outstanding for more than 30 days. 11.As per the information available with the Company, there are no dues outstanding to the Small Scale Industrial Undertakings

For and on behalf of the board

July 22, 2009