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Accounting Policies of Ankush Finstock Ltd. Company

Mar 31, 2015

A. Use of Estimates :

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management's best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

b. Tangible fixed assets :

Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the assets to its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

Subsequent expenditure related to an item of fixed asset is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day to day repairs/maintenance expenditure and cost of replacing parts, are charged to the statement of profit and loss for the period during which such expenses are incurred.

Gains or losses arising from de recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit & loss when the asset is de recognized.

c. Depreciation on Tangible Fixed Asset :

Depreciation on fixed asset is calculated on Written down Value method considering the useful life prescribed under the Schedule II to The Companies Act,

d. Investments :

Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long-term investments.

Long term investments are carried at cost. However, provision for diminution in value is to be made to recognize a decline other than temporary in the value of investments.

e. Inventories :

The company accounts for the traded shares & securities & tobacco remaining unsold at the end of the year as Stock-in- Trade and the same is valued at cost or market value whichever is lower.

f. Revenue Recognition :

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

Revenue from sales is recognized on the basis of delivery of shares & securities & tobacco.. Dividend income is accounted on receipt basis.

g. Retirement Benefits :

Retirement benefit in the form of provident fund is a defined contribution scheme. The contributions to the provident fund are charged to the statement of profit & loss for the year when the contributions are due. Provision for gratuity is made as per Actuarial Valuation report as prescribed under payment of Gratuity Act.

h. Income Tax :

Tax expense comprises current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961 enacted in India and tax laws prevailing in the respective tax jurisdiction where the company operates. The tax rates and tax laws used to compute the amount are those that are enacted, at the reporting date.

Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been announced up to the Balance Sheet date. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences between the taxable income and accounting income. The effect of tax rate change is considered in the Profit & Loss Account of the respective year of change.

i. Earnings per share :

Basic earnings per share is computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during the period.

j. Provisions and Contingent liabilities : A provision is recognized when the Company has a present obligation as a result of past event. It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimate.

Where no reliable estimate can be made, a disclosure is made as a contingent liability. A disclosure for a contingent liability is also made when there is a possible 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.

k. Cash & Cash equivalents :

Cash and cash equivalents comprise cash and cash on deposit with banks and corporations. The company considers all highly liquid investments with a remaining maturity at the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash equivalents.

l. Related Party Transactions :

Disclosure of transactions with related parties as required by Accounting Standard 18 " Related Party Disclosure" has been set out in a statement given herewith. Related parties as defined under clause 3 of the Accounting Standard have been identified on the basis of representations made by key managerial personnel and information available with the company.


Mar 31, 2014

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below:

a. Use of Estimates :

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

b. Tangible fixed assets :

Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the assets to its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

Subsequent expenditure related to an item of fixed asset is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day to day repairs/maintenance expenditure and cost of replacing parts, are charged to the statement of profit and loss for the period during which such expenses are incurred.

Gains or losses arising from de recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit & loss when the asset is de recognized.

c. Depreciation on Tangible Fixed Asset

Depreciation on fixed asset is calculated on Written down Value method using the rates prescribed under the Schedule XIV to The Companies Act, 1956.

d. Investments :

Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long- term investments.

Long term investments are carried at cost. However, provision for diminution in value is to be made to recognize a decline other than temporary in the value of investments.

e. Inventories :

The company accounts for the traded shares & securities & tobacco remaining unsold at the end of the year as Stock-in- Trade and the same is valued at cost or market value whichever is lower.

f. Revenue Recognition :

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

Revenue from sales is recognized on the basis of delivery of shares & securities & tobacco.. Dividend income is accounted on receipt basis.

g. Retirement Benefits :

Retirement benefit in the form of provident fund is a defined contribution scheme. The contributions to the provident fund are charged to the statement of profit & loss for the year when the contributions are due. Provision for gratuity is made as per Actuarial Valuation report as prescribed under payment of Gratuity Act.

h. Income Tax :

Tax expense comprises current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961 enacted in India and tax laws prevailing in the respective tax jurisdiction where the company operates. The tax rates and tax laws used to compute the amount are those that are enacted, at the reporting date.

Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been announced up to the Balance Sheet date. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences between the taxable income and accounting income. The effect of tax rate change is considered in the Profit & Loss Account of the respective year of change.

i. Earnings per share :

Basic earnings per share is computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during the period.

j. Provisions and Contingent liabilities :

A provision is recognized when the Company has a present obligation as a result of past event. It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimate.

Where no reliable estimate can be made, a disclosure is made as a contingent liability. A disclosure for a contingent liability is also made when there is a possible 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.

k. Cash & Cash equivalents :

Cash and cash equivalents comprise cash and cash on deposit with banks and corporations. The company considers all highly liquid investments with a remaining maturity at the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash equivalents.

l. Related Party Transactions :

Disclosure of transactions with related parties as required by Accounting Standard 18 " Related Party Disclosure" has been set out in a statement given herewith. Related parties as defined under clause 3 of the Accounting Standard have been identified on the basis of representations made by key managerial personnel and information available with the company.


Mar 31, 2013

A. Use of Estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contin- gent liabilities, at the end of the reporting period. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

b. Tangible fixed assets

Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost com- prises purchase price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the assets to its working condition for the intended use. Any trade discounts and rebates are de- ducted in arriving at the purchase price.

Subsequent expenditure related to an item of fixed asset is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day to day repairs/maintenance expenditure and cost of replacing parts, are charged to the statement of profit and loss for the period during which such ex- penses are incurred.

Gains or losses arising from de recognition of fixed assets are measured as the dif- ference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit & loss when the asset is de recognized.

c. Depreciation on Tangible Fixed Asset

Depreciation on fixed asset is calculated on Written down Value method using the rates prescribed under the Schedule XIV to The Companies Act, 1956.

d. Investments

Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long- term investments.

Long term investments are carried at cost. However, provision for diminution in value is to be made to recognize a decline other than temporary in the value of investments.

e. Inventories

The company accounts for the traded shares & securities remaining unsold at the end of the year as Stock-in- Trade and the same is valued at cost or market value whichever is lower.

f. Revenue Recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

Revenue from sales is recognized on the basis of delivery of shares & securities. Dividend income is accounted on receipt basis.

g. Retirement Benefits

Retirement benefit in the form of provident fund is a defined contribution scheme. The contributions to the provident fund are charged to the statement of profit & loss for the year when the contributions are due. Provision for gratuity is made as per Actuarial Valuation report as prescribed under payment of Gratuity Act.

h. Income Tax

Tax expense comprises current and de- ferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the In- come Tax Act, 1961 enacted in India and tax laws prevailing in the respective tax jurisdiction where the company operates. The tax rates and tax laws used to com- pute the amount are those that are en- acted, at the reporting date.

Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been announced up to the Bal- ance Sheet date. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differ- ences between the taxable income and accounting income. The effect of tax rate change is considered in the Profit & Loss Account of the respective year of change.

i. Earnings per share

Basic earnings per share are computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during the period.

j. Provisions and Contingent liabilities

A provision is recognized when the Com- pany has a present obligation as a result of past event. It is probable that an outflow of resources embodying economic ben- efits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the re- porting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimate.

Where no reliable estimate can be made, a disclosure is made as a contingent liability. A disclosure for a contingent liability is also made when there is a possible 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 out- flow of resources is remote, no provision or disclosure is made.

k. Cash & Cash equivalents

Cash and cash equivalents comprise cash and cash on deposit with banks and cor- porations. The company considers all highly liquid investments with a remaining matu- rity at the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash equiva- lents.

l. Related Party Transactions

Disclosure of transitions with related par- ties as required by Accounting Standard 18 " Related Party Disclosure" has been set out in a statement given herewith. Related parties as defined under clause 3 of the Accounting Standard have been iden- tified on the basis of representations made by key managerial personnel and informa- tion available with the company.


Mar 31, 2012

A. Change in accounting policy

Till the year ended 31st March, 2011 the company was using pre-revised schedule VI of the Companies Act, 1956 for the preparation and presentation of its financial statements. During the year ended 31st March, 2012, the revised schedule VI notified under the Companies Act, 1956, has become applicable to the company. The company has reclassified previous year's figures to confirm to this year's classification.

b. Use of Estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management's best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

c. Tangible fixed assets

Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the assets to its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

Subsequent expenditure related to an item of fixed asset is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day to day repairs/maintenance expenditure and cost of replacing parts, are charged to the statement of profit r.nd loss for the period during which such expenses are incurred

Gains or losses arising from de recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit & loss when the asset is de recognized.

d. Depreciation on Tangible Fixed Asset

Depreciation on fixed asset is calculated on Written down Value method using the rates prescribed under the Schedule XIV to The Companies Act, 1956. The Company has used the following rates to provide depreciation on its fixed assets:

e. Investments

Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long- term investments.

Long term investments are carried at cost. However, provision for diminution in value is to be made to recognize a decline other than temporary in the value of investments.

f. Inventories

The company accounts for the traded shares & securities remaining unsold at the end of the year as Stock-in- Trade and the same is valued at cost or market value whichever is lower.

g. Revenue Recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

Revenue from sales is recognized on the basis of delivery of shares & securities Dividend income is accounted on receipt basis.

h. Retirement Benefits

Retirement benefit in the form of provident fund is a defined contribution scheme. The contributions to the provident fund are charged to the statement of profit & loss for the year when the contributions are due. Provision for gratuity is made as per Acturial Valuation report as prescribed under payment of Gratuity Act.

i. Income Tax

Tax expense comprise' current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961 enacted in India and tax laws prevailing in the respective tax jurisdiction where the company operates. The tax rates and tax laws used to ccmpute the amount are those that are enacted, at the reporting date

Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been announced up to the Balance Sheet date. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences between the taxable income and accounting income. The effect of tax rate change is considered in the Profit & Loss Account of the respective year of change.

j. Earnings per share.

Basic earnings per share are computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during the period.

k. Provisions and Contingent liabilities

A provision is recognized when the Company has a present obligation as a result of past event. It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimate Where no reliable estimate can be made, a disclosure is made as a contingent liability. A disclosure for a contingent liability is also made when there is a possible 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.

I. Cash & Cash equivalents

Cash and cash equivalents comprise cash and cash on deposit with banks and corporations. The company considers all highly liquid investments with a remaining maturity at the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash equivalents.

m. Related Party Transactions

Disclosure of transitions with related parties as required by Accounting Standard 18 "Related Party Disclosure" has been set out in a statement given herewith. Related parties as defined under clause 3 of the Accounting Standard have been identified on the basis of representations made by key managerial personnel and information available with the company.


Mar 31, 2011

The accounts are prepared on an accrual basis and under the historical cost conventions, and are in line with the relevant laws as well as the guidelines prescribed by the Department of Company affairs and the Institute of Chartered Accountants of India.

(A) METHOD OF ACCOUNTING

i. The financial statements have been prepared under the historical cost conventions and in accordance with the applicable Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act, 1956.

ii. All the expenses, Assets and liabilities items having material bearing on the financial statements are recognized on accrual basis.

(B) REVENUE RECOGNITION

Revenue from sales is recognized on the basis of delivery of shares & securities. Dividend income is accounted on receipt basis.

(C) FIXED ASSETS AND DEPRECIATION

Fixed assets are stated at costs of acquisition less accumulated depreciation. All cost, directly attributable to fixed assets is capitalized.

Depreciation on fixed assets is provided on WDV method as per the rates & manner specified in schedules XIV of the Companies Act, 1956.

(D) INVENTORIES

The company accounts for the traded shares & securities remaining unsold at the end of the year as Stock- in- Trade and the same is valued at cost or market value whichever is lower.

(E) INVESTMENTS:

Investments are long term in nature & it has been valued at cost, except that any permanent diminution in their value has been provided for in ascertaining their carrying amount.

(F) RETIREMENT BENEFITS

Retirement Benefits are accounted for on accrual basis, in accordance with Accounting Standard (AS) 15 (Revised)"Employee Benefits" issued by the Institute of Chartered Accountants of India.

Provision for gratuity is made as per payment of Gratuity Act..

Contribution to Provident Fund made by the company has been charged to Profit & Loss Account.

(G) SEGMENT REPORTIONG

The company has disclosed Business segment as the primary segment. Segments have been identified taking into accounts nature of business, organization structure & trading in shares and securities. Other business segments reported are commission income. The company deals only in domestic market. As such there are no reportable geographical segments.

Segment Revenue, Segment Results, Segment Assets & Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

(H) INCOME TAXES

(i) Current tax is measured at the amount expected to be paid to the taxation authorities, using the applicable tax rates and tax laws.

(ii) Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been announced up to the Balance Sheet date. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences between the taxable income and accounting income. The effect of tax rate change is considered in the Profit & Loss Account of the respective year of change.

(I) BORROWING COST:

Borrowing costs attributable to the acquisition or construction of a qualifying asset is capitalized as part of the cost of the asset. Other borrowing costs are recognized as an expense in the period in which they are incurred.

(J) RELATED PARTY TRANSACTIONS

Disclosure of transactions with related parties, as required by Accounting Standard 18"Related Party Disclosure" has been set out in a statement given herewith. Related parties as defined under clause 3 of the Accounting Standard have been identified on the basis of representations made by key managerial Personnel and information available with the company.

(K) EARNING PER SHARE

The earnings considered in ascertaining the Company's EPS comprises the net profit after tax attributable to equity shareholder. The number of shares used in company basic EPS is the weighted average number of shares outstanding during the year.

(L) OTHER POLICIES

Accounting policies not specifically referred to above are consistent with the generally accepted accounting practices.


Mar 31, 2010

The accounts are prepared on an accrual basis and under the historical cost conventions, and are in line with the relevant laws as well as the guidelines prescribed by the Ministry of Corporate Affairs and the Institute of Chartered Accountants of India.

(A) METHOD OF ACCOUNTING

i. The financial statements have been prepared under the historical cost conventions and in accordance with the applicable Accounting Standards issued by the Institute of Chartered Accountants of India and relevant presentational requirements of the Companies Act, 1956.

ii. All the expenses, Assets and liabilities items having material bearing on the financial statements are recognized on accrual basis.

(B) REVENUE RECOGNITION

Revenue from sales is recognized on the basis of delivery of shares & securities.

Dividend income is accounted on receipt basis.

(C) FIXED ASSETS AND DEPRECIATION

Fixed assets are stated at costs of acquisition less accumulated depreciation. All cost, directly attributable to fixed assets is capitalized.

Depreciation on fixed assets is provided on WDV method as per the rates & manner specified in schedules XIV of the Companies Act, 1956.

(D) INVENTORIES

The company accounts for the traded shares & securities remaining unsold at the end of the year as Stock-in- Trade and the same is valued at cost or market value whichever is lower.

(E) INVESTMENTS:

Investments are long term in nature & it has been valued at cost, except that any permanent diminution in their value has been provided for in ascertaining their carrying amount.

(F) RETIREMENT BENEFITS

Retirement Benefits are accounted for on accrual basis, in accordance with Accounting Standard (AS) 15 (Revised) "Employee Benefits" issued by the Institute of Chartered Accountants of India.

I Provision for gratuity is made as per payment of Gratuity Act..

II Contribution to Provident Fund made by the company has been charged to Profit & Loss Account.

(G) SEGMENT REPORTIONG

As the entire operation of the company is related to one reportable segment comprising of trading in shares. The Company deals only in domestic market. As such there are no geographical reportable segment as per Accounting Standard 17.

(H) INCOME TAXES

(i) Current tax is measured at the amount expected to be paid to the taxation authorities, using the applicable tax rates and tax laws.

(ii) Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been announced up to the Balance Sheet date. Deferred tax assets and liabilities are recognised for the future tax consequences attributable to timing differences between the taxable income and accounting income. The effect of tax rate change is considered in the Profit & Loss Account of the respective year of change.

(I) OTHER POLICIES

Accounting policies not specifically referred to above are consistent with the generally accepted accounting practices.

 
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