Happy Birthday Mehul !!!

Many Many happy returns of the day dear..

Always be the way you are true & honest..

Happy Birthday Karan

Wish you a many many happy returns of the day

we enjoyed the treat
Thanks so much
Wish you a great year ahead
May all your dreams come true

Happy birth day !!!

Happy Birthday Arvind Sir

Wish you an many many happy returns of the day :)

Happy Birthday Yogada :)

Wish you Many Many Happy Returns of the Day Dear !!!!

Had great time and enjoyed a lot with you dear

Keep Smiling and have Fun

Had very nice treat

Cheers
Ruchi

VISIT TO US ASIA BUSINESS EXPO 2010

Dear Colleagues

As you all must be aware that S R Corporate  Services has participated in the Expo as a Business setup advisor , the team visiting was Mr. Rakesh Parik and Mr. Rohit Dubey. It was over all a great experience to understand and interact with many people from various countries.

We have various kind of experiences which we would share with you all as and when we people meet and the discussion comes up. 

for the time being we have few photograph to share with you all

MANY MANY HAPPY RETURNS OF THE DAY

DEAR JYOTI ,

WISH YOU A MANY MANY HAPPY RETURNS OF THE DAY.....
wE TRULY ACKNOWLEDGE YOUR EFFORTS IN OUR TEAM WHICH HAS HELP US TO REACH TOWARDS OUR GOAL..
JYOTI HAS A VERY ELEGANT WAY OF SPEAKING WHILE INTERACTING WITH OTHERS THAT IS ALSO AN ATTRIBUTE THAT WE ADMIRE

WISH YOU MANY MANY HAPPY RETURNS OF THE DAY
wISH U GUD LUCK & LOTS OF SUCCESS IN ALL YOUR EFFORTS
GOD BLESS YOU
:)

MANY MANY HAPPY RETURNS OF THE DAY DEAR RUCHI

Hi Ruchi,

Wish you happy wala birthday today all your wish come true, god bless you.

Ruchi it was really nice journey working with you really it was memorable days in our life , she is very understanding, smart, good leadership, very aggressive towards her work & know how to create her own environment. Ruchi you have made a drastic change in your personal life continue with this change in your future life too, always be happy keep smiling.

I wish you all the best for your future life.

Enjoy the day............

India Business Guide – 2010

As most of us must be knowing that S R Corporate Services is participating in the upcoming business expo organised by U S Asia Business forum in Los Angeles on 15-19th September. We have decided to prepare a comprehensive Business guide for the Foreign Companies looking to establish in India. This Guide will provide very detailed information about India. The work for the Guide preparation is in full swing as i can see tonight team of 8 people are working on the same and not time limit for tonight.

 

All the best , Keep working……………….you will be updated on event

Happy Birthday Viday

Dear Vidya

Wish You Happywala Birthday…. Always keep smiling and do remain the way U are.

It was really nice to see all the happy expressions on ur face

Do enjoy n have Fun

Tk care n have a wonderful year ahead ….

Ruchi

Independence Day

Dear All,

Tomorrow we are going to celebrate our "independence day"...we do talk(good and bad) a lot about our country in our every day life,most of the time we all criticise the wrong policies & system...

Today, lets try to explore what "Aazadi" means to us, what comes to our mind when we hear "hum aazad desh hai".....

Gujarat is home to India's wealth-creators

Gujarat's Gross State Domestic Product grew by 10.2 a year in the Tenth Five-Year Plan (2002-07) and the growth target for the Eleventh Plan (2007-12) has been set at 11.2 per cent a year.

To accomplish this target, the state government is leaving no stone unturned in providing policy and infrastructure support to industry.

According to Gujarat Chief Minister Narendra Modi, "The state government's investor-friendly policies are helping Gujarat grow at this pace. This is reflected in the fact that there is zero labour-hour loss in the state. Gujarat is not rich in several minerals like coal. Notwithstanding this, power and steel companies are still flocking to the state."

Gujarat accounts for 15.14 per cent ($114.52 billion) of the total investments in India, highest amongst all states in India, according to the Vibrant Gujarat web site.

Powerful state

Gujarat, one India's most industrialised states, has powered its way from a power-deficit to a power-surplus state.

Almost all leading power project developers have either set up projects in the state or have expressed their intentions of doing so.

That Gujarat has emerged as the power hotspot of the country is indicated by the fact that 31 national and international companies inked MoUs with the state government during the Vibrant Gujarat Global Investors' Summit 2009 for setting up a total generating capacity of 43,000 Mw.

The state government plans to double its power generation capacity from the current 10,000 Mw to 20,000 Mw by 2012.

Singapore-based infrastructure firm Universal Success Enterprises, promoted by Prasoon Mukherjee, has committed an investment proposal of Rs 50,000 crore (Rs 500 billion) for a 10,000 Mw power station.

The Reliance-Anil Dhirubhai Ambani Group is setting up a new power plant with a capacity in the range of 6,000-8,000 Mw.

The Tata Group is already in an advanced stage of setting up a coal-fired ultra mega power project at Mundra in Kutch, slated to be operationalised by September 2011.

Last year, the Adani Group commissioned the first unit of its 4,620 Mw coal-based power project at Mundra. The company has planned an investment of close to Rs 20,000 crore (Rs 200 billion) for the project.

Torrent Power, which supplies power to more than 2 million customers in Ahmedabad, Surat and Gandhinagar, dedicated the Sugen mega power project with a total installed generation capacity of 1147.5 MW to the nation in September last year.

The company plans to expand generating capacity by 3,000 Mw.

Going green

Green energy is another focus area of the state government, and Gujarat came up with a separate Solar Power Policy in 2009.

The Clinton Foundation, Tata Power, NTPC and the Adani Group have expressed the intention of setting up solar projects in the state.

And Gujarat Urja Vikas Nigam Ltd, an apex electricity company in the state, has inked power purchase agreements with over two dozen companies to procure solar power totalling 420 Mw.

Gujarat also has wind power generation capacity of 1,864 Mw and potential for 10,645 Mw, and GUVNL has inked PPAs for wind power totalling 925 Mw.

Ports

Gujarat is home to 41 ports and handles 25 per cent of the country's sea cargo.

The state government envisages development of 10 green-field ports, six of them in the private sector and four as joint-sector ports.

The new private and joint sector ports will be operated on the Build-Own-Operate-Transfer principle.

The Adani Group, Pipavav Shipyard, Gujarat Pipavav Port and ABG Group have entered the ports business.

The state government is also focusing on shipyards, and Jindal Shipyard, Bharati Shipyard, Afcons and Dolphin group have expressed interest in investing in the sector.

It's SEZzzzzling!

Exports from Gujarat's special economic zones accounted for over Rs 100,000 crore (Rs 1 trillion) of the total exports of Rs 200,000 crore (Rs 2 trillion) from all of India's SEZs in 2009-10.

Reliance Industries' Jamnagar SEZ became the single largest SEZ in the country, with its exports crossing Rs 75,000 crore (Rs 750 billion), while the Surat SEZ emerged second with its exports crossing Rs 22,000 crore (Rs 220 billion).

The state has about 10 operational SEZs and close to 60 notified SEZs.

Oil is well here

Gujarat outranks all other states in production of crude oil and natural gas in India. Reliance Industries' refinery at Jamnagar is India's largest and the biggest grassroots refinery in the world.

The Essar group has also set up a refinery in Jamnagar.

About 36 per cent of India's installed refining capacity is in Gujarat. The state houses the only two operational LNG terminals in the country, at Dahej and Hazira.

SIR and DMIC

The Gujarat government enacted the Special Investment Region Act in March 2009 for setting up new cities in the state.

About 12 such special investment regions -- including Dahej, Sanand, Dholera, Changodar, Santalpur and Hazira - have been identified and master plans are being prepared. Each will be at least 100 sq km in area.

Gujarat has also taken the lead in chalking out the master plan for the Delhi-Mumbai Industrial Corridor, a $130 billion infrastructure project being developed by the Central government in partnership with Japan. About 38 per cent of the DMIC's potential investment area is in Gujarat.

Dholera, in the DMIC, will be the first city to be developed by the Gujarat Industrial Development Board.

With an area of 360 sq km, Dholera will see an investment of Rs 55,000-60,000 crore (Rs 550-600 billion), of which Rs 38,000 crore (Rs 380 billion) will be on a public-private partnership basis.

Dholera's first phase is likely to be completed in 2016 and the aim is to attract a population of two million.

Vibrant Summit

Held biannually since 2003, the Vibrant Gujarat summit aims to attract foreign investment and knowhow into the state.

Japan and Canada have agreed to be the official partners for Vibrant Gujarat Global Investors' Summit 2011 (to be held on January 12 and 13 next year).

VGGIS 2009 saw a mammoth investment commitment of Rs 12 lakh crore (Rs 12 trillion) through the signing of over 8,500 memoranda of understanding.

The way ahead

The government has infrastructure projects worth Rs 11.81 lakh crore (Rs 11.81 trillion) lined up for the next 10 years, according to an authoritative three-volume project report, Blueprint for Infrastructure in Gujarat 2020, released recently by Chief Minister Narendra Modi.

The report says that the share of the power sector will be Rs 223,000 crore (Rs 2.23 trillion), that of ports and shipbuilding Rs 119,000 crore (Rs 1.19 trillion), gas Rs 123,000 crore (Rs 1.23 trillion), urban infrastructure Rs 112,000 crore (Rs 1.12 trillion) and that of the Dholera SIR Rs 109,000 crore (Rs 1.09 trillion).

About" Gratuity" - A word we have been hearing since childhood

The Payment of Gratuity Act 1972:- Gratuity is a voluntary Payment made by the employer to the employee in recognition of continuous, meritorious services and sincere efforts by the employee towards the organization.It is governed under the Payment of Gratuity Act 1972.It is an Act to provide for a scheme for the payment of gratuity to employees engaged in factories, mines, Oilfields, plantations, ports, railway companies, and shops or other establishments.

Applicability:-As per the Gratuity Act, the scheme for the payment of gratuity is available to:

· Employees engaged in factories, mines, oilfields, plantations, ports, railway companies, shops or other establishments and for matters connected therewith or incidental with.

· Every shop or establishment within the meaning of any law for the time being in force in relation to shops and establishments in a State, in which ten or more persons are employed, or were employed, on any day of the preceding twelve months;

· Such other establishments or class of establishments, in which ten or more employees are employed, or were employed, on any day of the preceding twelve months, as the Central Government may, by notification, specify in this behalf.

Employee :-The term “employee” is defined in Section 2(e) of the Act as any person (other than an apprentice) who is employed for wages, whether the terms of such employment are express or implied, in any kind of work, manual or otherwise, in or in connection with the work of a factory, mine, oilfield, plantation, port, railway company, shop or other establishment to which this Act applies, but does not include any such person who holds a post under the Central Government or a State Government and is governed by any other Act or by any rules providing for payment of gratuity;’.

Gratuity Entitlement :-Gratuity is payable to an employee (nominee – in case of death of employee) who has rendered continuous service of five years or more on his termination of employment, superannuation, retirement or resignation. Completion of continuous service of five years is not necessary where the termination of employment is due to death or disablement due to accident or disease.

Exceptions:-Forfeiture of gratuity amount wholly or partially or to the extent of Damage /loss in case of an employee whose service has been terminated for:

· Any act, willful omission or negligence causing any damage or loss to, or destruction of, property belonging to the employer; or

· Act of riotous or disorderly conduct or any other act of violence on part of employee; or

· Any act which constitutes an of fence involving moral turpitude, in the course of his employment.

Nomination:-In case of death, the gratuity is payable to any of the following persons:

· Nominee

· Heirs (in absence of nomination)

· In case nominee/ heir is a minor, such amount will be deposited with the controlling authority who shall invest the same for the benefit of such minor in such bank or other financial institution, as may be prescribed, until such minor attains majority.

The Gratuity limit has been raised from 3.5 lakhs to 10 lakhs:-There has been amendment in the Payment of Gratuity Act 1972, following proposal of Labor and Employment Ministry, demands from trade unions and others to remove the ceiling or increase the maximum payable amount, which was fixed in 1997. It shall come into force on 24 May 2010 as per the Notification in the Official Gazette.

Maximum Limit :-The Gratuity limit as per Section 4(3) has been raised from 3.5 lakhs to 10 lakhs. This will give advantage to both private and public sector employees. According to this new amendment, the maximum gratuity exemption as per IT Act also increases to Rs. 10,00,000.

Determination of Gratuity Amount

· For every completed year of service or part thereof in excess of six months, the employer shall pay gratuity to an employee at the rate of fifteen days’ wages based on the rate of wages last drawn by the employee concerned.

· The Gratuity calculation is done as per the last average remuneration drawn and time in years served by an employee.

· The amount of gratuity payable to an employee shall not exceed Rs. 10,00,000 (increased from Rs. 3,50,000).

· In order to compute the gratuity payable in case of employees em ployed in seasonal establishments, daily wages, or piece rated employ ees. Computation will be as per the provision of the Act.

· It can be formulated as follows:

·

· Basic + DA (Wages Last drawn)* 15days 126 * number of years of continuous service (six months or less to be ignored and more than six months to be counted as full year)

TIME LIMIT / FORMS FOR APPLICATION TO BE MADE TO EMPLOYER
Sr.	Particulars	Form	Timeline	Compliance by
1.	Nomination	F	30 days after completing 1 year service	Employee
2.	Application for Gratuity
	· on gratuity be- coming payable to the employee	I	30 days from the date of gratuity becoming pay-able	Employee
	· on gratuity be- coming payable to the nominee	J	30 days from the date of gratuity becoming pay-able	Nominee
	· on gratuity be- coming payable to heir	K	1 year from the date of gratuity becoming pay-able	Legal Heir

Enjoy The Office Picnic

Dear Friends ,

Do enjoy this office picnic and have lot of fun , forgetting and putting aside all your worries and pain .

Hope you all enjoy tomorrow's fun trip .

DO revert with your comments when you are back from this experience ...............

E'njoy !

Albert EINSTEIN - Interesting Fact

No human being has ever been so readily identified with the notion of pure genius as Albert Einstein (1879 - 1955)
 

When Einstein was five years old his father gave him a pocket compass. It was this compass that sparked Einstein’s interest in science. The fact that the compass pointed in the same direction no matter how it was turned made him curious about understanding the force behind it.

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In 1895 when Albert Einstein appeared for the University Entrance Exam he could only manage to pass in the math and science sections and failed in the rest of the subjects. 

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Einstein, who was never able to recall his own phone number, was famous for not memorizing anything that could be quickly and easily looked up in a standard reference volume. "Never memorize what you can look up in books," he said

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Einstein was good friends with the film star Charlie Chaplin. Of the crowds that followed them, separately and when they attended events together, Chaplin told Einstein, "People cheer me because they all understand me, and they cheer you because nobody understands you."

Albert Einstein won the Nobel Prize for his work in the area of Photoelectric Effect in the year 1921. Einstein was not present to receive his Nobel Prize in December 1922 because he was on a trip to Japan.

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Einstein was offered the Presidency of Israel in 1952 but declined it. An element named einsteinium was discovered in 1952 and named in his honor.

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Albert Einstein was also not particularly concerned about being well dressed. He also stopped wearing socks because he found his big toe would make a hole in the sock. His favorite past time was sailing. Einstein also loved going for walks around the town and that was one of his favorite activities. He also loved music and used to play the violin.

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When Albert Einstein died, his final words died with him. The nurse at his side didn't understand German.

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After Albert Einstein’s death in 1955 his brain was removed without approval from his family and an autopsy was conducted. Thomas Harvey conducted this autopsy and eventually it was discovered that Einstein’s brain had large portion of glial cells in the region that synthesizes information. Other studies also indicated that Einstein’s brain did not have a particular kind of wrinkle and this allowed the neurons to communicate better with each other.  

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there are more facts and rare picutures of AI you can visit to http://www.life.com/image/first/in-gallery/41842/exclusive-the-day-einstein-died

Working Father’s

Have mostly heard about working Mother’s, the way they are dedicated towards their family and work and how they balance their personal and professional life.

But feel that even working father’s are playing the similar role.

From my past memories, I have mostly seen my father working hard for our family and for our better future and settled life. In these course of time working father’s do devote their time for their family and children.

Taking us for different rides in various Amusement parks to ridding on their back too.

Helping children’s in their academic to frivolous activities till helping their partner in household activities and many more…...

I simply feel every father in this world loves their family very much and they play no less important for their family

Happy Birthday Rakesh Sir :)

Firstly Wish You Many Many Happy Returns of the Day Rakesh Sir :)

Sir you have always motivated & encouraged to try new things irrespective of positive or negative outcome as at least we would learn something from our experience

Sir has been always approachable, friendly and nurturing all of us to grow in Personal & Professional life

Hope all your dreams come true

Have a Great Day

20 Powerful Beliefs That Will Push You Toward Success - by Dumb Little Man

20 Powerful Beliefs That Will Push You Toward Success - by Dumb Little Man

Preliminary Expenses - An Analysis - Mayur Mundra

An Analysis on Preliminary Expenses :

These are incurred for the incorporation of a company. They may be paid by the promoters before the company is incorporated or by the company after it is incorporated. And they include the following:

a) professional charges paid for drafting of memorandum of association
and articles of association;

b) professional charges for consultation in incorporating the company;

c) cost of printing of the initial copies of MoA and AoA;

d) stamp duty for the documents;

e) registration fee paid to the Registrar of Companies (RoC) for
incorporation; f) bank charges incurred on the above; and

g) incidental expenses such as stationary, conveyance, and so on.

Preliminary expenses are those incurred in connection with the incorporation of the company. Shares are issued after the company is incorporated. Share issue expenses are not a part of preliminary expenses. Therefore, it is a wrong to disclose share issue expense as part of preliminary expenses. No accounting entry would be permissible under this head once the company is incorporated.

These are to be recorded under a separate head of account. Section 78 of the Companies Act, dealing with utilisation of securities premium, states defraying of preliminary expense under a clause different from the clause defraying expenditure incurred on issue of shares and/or debentures. It also indicates that share issue expenses are different from preliminary expenses.

Recognising preliminary expenses: Since the expenditure is incurred and paid by the promoters even before the company is incorporated, there is normally a clause that the promoters are reimbursed of all the expenditure. It would not be proper to treat these expenses as accrued as on the date of incorporation of the company and to show them as outstanding expenditure. There cannot be any transactions entered into by the company before it is incorporated.

Accounting treatment of preliminary expenses: Preliminary expenses are capitalised and amortised over a reasonable period of time. Format of balance-sheet of a company provides for disclosure of un-amortised preliminary expenses under the head "Miscellaneous items".

Accounting Standard on preliminary expenses: AS 26 dealing with intangible assets covers preliminary expenses as well. The period over which these preliminary expenses are to be amortised is best left to the judgment of the directors of the company. AS 26 suggests writing off intangible assets over a period of 10 years, though a different period is permissible if it is justified in the opinion of the management. It is a common practice to write off these preliminary expenses in a period of five years, though there is no legal provision to this effect. A company can as well write off its preliminary expenses in the same year as it incurs.

Audit of preliminary expenses: Audit of a company in the first year of its incorporation involves audit of preliminary expenses. Over the next few years, the only matter to be concerned with is write off of
preliminary expenses. At the planning stage, the auditor should enquire of the company about the details of preliminary expenses. Reference to the minutes of the first meeting of board of directors
indicates the quantum of preliminary expenses and the period over which it is proposed to be written off. The auditor would do well to retain a copy of the minutes for his documentation.
It is common practice that the chartered accountant associated with the incorporation of a company is appointed as first auditor of the company; this is not essential, though. Incorporation of a company can as well be made with the help of other professionals such as company secretaries, advocates, and so on. During the course of audit, the auditor should vouch the expenditure with reference to the bills and vouchers of expenditure. There would be certain expenses, such as stamp duty affixed on the memorandum and articles of association, which is filed with the Registrar for incorporation. Therefore, the audit evidence in support of stamp duty paid is less conclusive. Under these circumstances, the auditor can verify the receipt issued by the Registrar of Stamps for
stamps issued by him. Additionally, he may require the company to produce a photocopy of the memorandum and articles of association, duly attested by a director of the company.
Audit of preliminary expenses is a peculiar situation since these are incurred even before the company is incorporated. The auditor should read the memorandum and articles of Association to see if the clause of reimbursing the preliminary expenditure is contained therein. Possibly, preliminary expenditure could have been incurred by more than one person. Each one of the promoters who incurs the expenditure in connection with the incorporation of the company has to produce a statement of expenditure to seek reimbursement. Such a statement should be supported by the details of expenditure and the relevant bills and receipts. The minutes of the board of directors would be helpful to quantify the expenditure. The board should adopt the preliminary expenditure and also decide the period over which it has to be written off.

Another area of concern to the auditor would be the mode of reimbursement of preliminary expenditure. It can be by way of reimbursement in cash or allotment of shares. If shares are allotted through reimbursement of preliminary expenditure, it amounts to allotment of shares in consideration other than cash, and the disclosure norms as per Schedule VI would apply.
Section 227(1A) requires an auditor to satisfy that transactions represented merely by way of book entries are not prejudicial to the interests of the company and its shareholders. Write-off of
preliminary expenditure being one such, the auditor should use his diligence to satisfy himself about both the quantum of preliminary expenditure as well as the period over which it is to be written off.
Auditor and preliminary expenses: When the chartered accountant engaged by the company for its incorporation is also the first auditor, the auditor should be cautious about the restrictions of
Section 226(3). He would be disqualified to be the auditor of the company if he accepts shares in consideration of his professional services.

Audit and Assurance Standard 26, on letters of engagement, suggests separate letters of engagement for separate assignments. Therefore, the auditor should issue separate letters of engagements for incorporation of the company and or its audit. After all, his engagement for incorporation is by the promoters and his appointment as an auditor is by the company.
Preliminary expenses under the Income-Tax Act: The I-T Act provides for amortisation of preliminary expenses. Section 35 D specifies the expenditure to be included in preliminary expenditure, which under the I-T Act is allowable for all types of assesses. Conceptually, this is different from preliminary expenses under company law.

Allowability of share issue expenses under the I-T Act: Share issue expenses are not normally allowable as business expenditure. The only possibility of claiming share issue expenses under the I-T Act is provided in Section 35 D. Preliminary expenses under this section covers expenditure incurred for raising funds for the project. As a result, if shares are issued to fund the project, such expenditure can be included under preliminary expenses and claimed for amortisation
under Section 35 D.