Mar 31, 2014
The Company follows mercantile system of accounting, and recognises income and expenses on accrual basis.
Fixed Assets are recorded at cost of acquisition including the expenditure incurred in connection with the acquisition and installation of the assets.
Depreciation is provided on written down value method in accordance with the rates and in the manner provided in the Schedule XIV to the Companies Act, 1956.
All the investments are long term investments and are stated at cost.
Borrowing costs that are attributable to the acquisition or construction of qualifying assets, the assets that take substantial period of time to get ready for intended use, are capitalised as part of the cost of such
Intangible Assets are stated at cost of acquisition less accumulated amortization.
Service Receipts are recognized on completion of provision of services and are recorded inclusive of all the relevant taxes and duties. The same is recognized as income on completion of transaction and at the time
The Company does not have defined employee retirement policy as the employee strength does not exceed the statutory minimum.
IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of the Asset exceeds its recoverable value. An impairment loss is charged to the Profit & Loss account in the year in which an asset is identified as impaired.
USE OF ESTIMATES
The preparation of financial statements requires management to make estimates and assumption that affect the reported amounts of assets and liabilities on the date of financial statements, the reported amount of
EARNINGS PER SHARE
The Company reports basic and diluted earnings per share in accordance with ASÂ20 "Earnings Per Share". Basic earnings per share are computed by dividing the net profit or loss for the period by the weighted
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Contingent liabilities as defined in AS-29 "Provisions, Contingent Liabilities and Contingent Assets" are disclosed by way of notes to accounts. Provision is made if it becomes probable that an outflow of future
TAXES ON INCOME:
Current tax is determined as the tax payable in respect of taxable income for the year.
Mar 31, 2003
A) Basis of Accounting
The Accounts of the Company are prepared on accrual basis except where otherwise stated, in accordance with the normally accepted accounting principles.
b) Revenue Recognition
Revenue is recognized on the basis of completion of settlement for brokerage income and for sale & purchase of shares. Dividends are stated on receipt basis.
c) Fixed Assets
Fixed assets are stated at cost less accumulated depreciation.
Depreciation on fixed assets is provided on the basis on Written Down Value Method at the rates prescribed in Schedule XIV to the Companies Act, 1956.
e) Investments Investmenst are stated at cost.
Investments include share and securities purchased with the intention of holding them as investment as per Board resolution. Profit and loss on sale of investment is computed on the basis of specific identification of cost & investments sold.
f) Miscellaneous Expenditure
Preliminary Expenses are amortized over a period of ten years.
g) Contingent Liabilities
Contingent Liabilities are determined on the basis of available information and are disclosed by way of notes.