| 1. EMPLOYEE BENEFITS
Since there are no employees eligible for any retirement benefits as
per the terms of the contract, no gratuity or leave encashment
provisions are made as per AS 15
2. Impairment of Assets :
In terms of the requirements of the Accounting standards-28 on
"Impairment of Assets" issued by the Institute of Chartered Accountants
of India, no provision for impairment in value has been considered
necessary by the management as there are no assets carried in the
books, except computers.
3. Provision, Contingent Liabilities and Contingent Assets :
As per the best estimate of the management, no provision is required to
be made as per Accounting Standard (AS) 29 "Provision, Contingent
Liabilities and Contingent Assets" as notified by the Companies
(Accounting Standards) Rules 2006, in respect of any present obligation
as a result of a past event that could lead to a probable outfl ow of
resources which would be required to settle the obligation.
4. Segment Reporting
As the Company has stopped operations and deriving the income from only
other sources, segment reporting under Accounting Standard - 17 of ICAI
is not applicable.
5. Related Party Transactions
The Company has made the following transactions with related parties as
per the provisions of Accounting Standard
|