Piocore - Notes On Accounts

M/S.
PIOCORE ENGINEERING PRIVATE LIMITED

CIN :U74999WB2018PTC225586
Nasser Avenue, Durgapur – 713212
SCHEDULE NO G: NOTES ON ACCOUNTS ATTACHED TO AND FORMING PART OF THEBALANCE

SHEET AS AT 31ST MARCH, 2022 AND PROFIT & LOSS ACCOUNT FOR THE
YEAR ENDED ON THAT DATE.
-------------------------------------------------------------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES:
 Basis of preparation of financial statements

The financial statements are prepared and presented under historical cost convention on accrual basis of accounting,
in accordance with Indian Generally Accepted Accounting Principles (India GAAP), Accounting Standards issued
by the Institute of Chartered Accountants of India (ICAI) and in accordance with the requirements of the Companies
Act, 1956. The Accounting Policies have been consistently applied except where a newly adopted or a revision to an
existing accounting standard requires a change in the accounting policy hitherto in use.
The Company evaluates all recently issued or revised accounting standards on an ongoing basis.
 Use of estimates
The preparation of financial statements requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities on the date of the
financial statements and reported amounts of revenues and expenses during the period reported. Actual results could
differ from those estimates.
 Revenue recognition
Revenues from sales are recognized when materials are delivered which is when title passes to the customer.
Interest is recognized using the time proportion method, based on rates implicit in the transaction. Other income is
recognized on accrual basis.
 Fixed Assets and work-in-progress

Fixed assets are stated at historical cost less accumulated depreciation. Costs include all expenses incurred to bring
the assets to its present location and condition.
Interest on borrowed money allocated to and utilized for fixed assets, pertaining to the period up to the date of
capitalization is capitalized. Assets acquired on direct finance lease are capitalized at the gross value and interest
thereon is charged to profit and loss account.
 Depreciation and amortization

Depreciation is usually provided on Written Down Value Method (WDV) method at rates mentioned in the
Companies Act, 2013. Assets under capital lease are amortized over their estimated useful life or the lease term,
whichever is lower.
Fixed assets purchased for specific projects are depreciated over the period of the project.
M/S. PIOCORE ENGINEERING PRIVATE LIMITED

CIN :U74999WB2018PTC225586
SCHEDULE NO G: NOTES ON ACCOUNTS ATTACHED TO AND FORMING PART OF THE

BALANCE SHEET AS AT 31ST MARCH, 2022 AND PROFIT & LOSS ACCOUNT
FOR THE YEAR ENDED ON THAT DATE (CONTD)
-------------------------------------------------------------------------------------------------------------------------------------
 Investments
Long-term investments (other than investments in affiliates) are stated at cost less provision for diminution in the
value of such investments. Diminution in value is provided for where the management is of the opinion that the
diminution is of other than temporary nature. Short-term investments are valued at lower of cost or net realizable
value.
 Taxation
Income taxes are accrued in the same period that the related revenue and expenses arise. A provision is made for
income tax annually, based on the tax liability computed, after considering tax allowances and exemptions. The
company offsets, on a year-on-year basis, the current tax assets and liabilities, where it has a legally enforceable
right and where it intends to settle such assets and liabilities on a net basis.
The difference that result between the profits considered for income taxes and the profit as per the financial
statements are identified, and thereafter a deferred tax assets or a deferred tax liability is recorded for timing
differences, namely the differences that originate in one accounting period and reverse in another., based on the tax
effect of the aggregate amount of the time difference. The tax effect is calculated on the accumulated timing
differences at the end of an accounting period based on enacted or subsequently enacted regulations. Deferred tax
assets, other than those relating to unabsorbed depreciation and carry forward business loss, are recognized only if
there is reasonable certainty that they will be realized and are reviewed for the appropriateness of their respective
carrying values at each reporting date.
 Provisions and contingent liabilities

The company creates a provision when there is a present obligation as a result of an obligating event the probably of
which requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may but
probably will not require an outflow of resources. Where there is a possible obligation or a present obligation in
respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
 Impairment of assets
The company assesses at each balance sheet date whether there is any indication that an asset including goodwill
may be impaired. If any such indication exists, the company estimates the recoverable amount of the asset. If such
recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs to
is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated
as an impairment loss and is recognized in the profit and loss account. If at the balance sheet date there is an
indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and
the asset is reflected at the recoverable amount subject to maximum of depreciated historical cost. In respect of
goodwill the impairment loss will be reversed only when it was caused by specific external events and their effects
have been reversed by subsequent external events.
M/S. PIOCORE ENGINEERING PRIVATE LIMITED
CIN :U74999WB2018PTC225586
SCHEDULE NO G: NOTES ON ACCOUNTS ATTACHED TO AND FORMING PART OF THE

BALANCE SHEET AS AT 31ST MARCH, 2022 AND PROFIT & LOSS ACCOUNT
FOR THE YEAR ENDED ON THAT DATE (CONTD)
-------------------------------------------------------------------------------------------------------------------------------------
2. Contingent liabilities not provided for Rs. Nil
3. Auditor’s Remuneration includes fees for:

Statutory Audit fees including Service Tax -Rs.7,500/- (P.Y. 7,500)
4. Earning per share (Rupees)

31/03/2022 31/03/2021
Profit/(Loss) during the year (14,055) (11,776)
No. of equity shares outstanding 10000 10000
Earning per share (Basic & diluted) (1.41) (1.18)
5. Previous year figures have been regrouped / rearranged wherever necessary.
Schedule No. A to L are attached to and forming

Part of the Balance Sheet as at 31st March, 2022
and signed for the purpose of identification.
For Rai Abhishek & Associates BISWANATH GHOSE

Chartered Accountant Director
Firm Regn. No. 327301E
MOU GHOSH
Director
CA Abhishek Kr. Rai
Partner
Membership No. : 064814
Durgapur, September 24th, 2022

Piocore - Notes On Accounts

Uploaded by

Copyright:

Available Formats

Piocore - Notes On Accounts

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Piocore - Notes On Accounts

Uploaded by

Copyright:

Available Formats

M/S.

PIOCORE ENGINEERING PRIVATE LIMITED

SCHEDULE NO G: NOTES ON ACCOUNTS ATTACHED TO AND FORMING PART OF THEBALANCE

 Basis of preparation of financial statements

 Fixed Assets and work-in-progress

 Depreciation and amortization

M/S. PIOCORE ENGINEERING PRIVATE LIMITED

SCHEDULE NO G: NOTES ON ACCOUNTS ATTACHED TO AND FORMING PART OF THE

 Provisions and contingent liabilities

SCHEDULE NO G: NOTES ON ACCOUNTS ATTACHED TO AND FORMING PART OF THE

3. Auditor’s Remuneration includes fees for:

4. Earning per share (Rupees)

5. Previous year figures have been regrouped / rearranged wherever necessary.

Schedule No. A to L are attached to and forming

For Rai Abhishek & Associates BISWANATH GHOSE

Durgapur, September 24th, 2022

You might also like