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Accounting Policies of Anukaran Commercial Enterprises Ltd. Company

Mar 31, 2014

1. Use Of Estimates:

The preparation of financial statements in conformity with the Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialised.

2. Cash and cash equivalents (for purposes of Cash Flow Statement):

Cash comprises cash on hand and current bank accounts.

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

3. Revenue Recognition:

Sales are recognised, net of returns and trade discounts, on transfer of significant risks and rewards of ownership to the buyer, which generally coincides with the delivery of goods to customers.

4. Investments :

Long term Investments are stated at cost.

Current Investments are carried at lower of cost and quoted/fair value.

5. Related Party Disclosures:

Related party Disclosure (where transactions have taken place): In terms of Accounting Standard AS- 18, all related parties have been identified by management and relied upon by the auditors.

. Key Management Personnel:

Mr. Kushal Shah - Director

Mr. Manoj Shah - Director

Mr. Hemen Shah - Director

Mr. Dumpy Gangar - Director

. Related Parties where control exist

- Maximaa Systems Limited

. Transactions with related party as at 31st March 2014 -

- Maximaa Systems Limited - Loan given - Rs. 50,00,000/-

6. Earnings Per Share (EPS):

Basic earning per share are calculated by dividing the net profit/ (loss) for the year attributable to equity shareholders by weighted average number of equity share outstanding during the period.

7. Provision for Current Tax:

Provision for current tax is made after considering benefits admissible under the provisions of Income Tax Act, 1961.

8. Contingent Liabilities:

There are no contingent liabilities as on the Balance Sheet date.


Mar 31, 2013

1. Use Of Estimates:

The preparation of financial statements in conformity with the Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialised.

2. Cash and cash equivalents (for purposes of Cash Flow Statement):

Cash comprises cash on hand and current bank accounts. Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

3. Revenue Recognition:

Sales are recognised, net of returns and trade discounts, on transfer of significant risks and rewards of ownership to the buyer, which generally coincides with the delivery of goods to customers.

4. Investments :

Long term Investments are stated at cost.

Current Investments are carried at lower of cost and quoted/fair value.

5. Related Party Disclosures:

Related party Disclosure (where transactions have taken place): In terms of Accounting Standard AS-18, all related parties have been identified by management and relied upon by the auditors.

- Key Management Personnel:

Mr. Kushal Shah - Director

Mr. Manoj Shah - Director

Mr. Hemen Shah - Director

Mr. Dumpy Gangar - Director

- Related Parties where control exist - N.A.

- Transactions with related party as at 31st March 2013 - None

6. Earnings Per Share (EPS):

Basic earning per share are calculated by dividing the net profit/ (loss) for the year attributable to equity shareholders by weighted average number of equity share outstanding during the period.

7. Provision for Current Tax:

Provision for current tax is made after considering benefits admissible under the provisions of Income Tax Act, 1961.

8. Contingent Liabilities:

There are no contingent liabilities as on the Balance Sheet date.


Mar 31, 2012

AS 1.1 2.1 Change in accounting policies

Presentation and disclosure of 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, for preparation and presentation of its financial statements.

The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

AS 1.1 2.2 Use of Estimates

The preparation of financial statements in conformity with the Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialised.


Mar 31, 2010

AS-1 DISCLOSURE OF ACCOUNTING POLICIES

The accounts are prepared in accordance with the accounting principles generally accepted in India and are in line with the relevant Laws as well as guidelines prescribed by the Department of Company Affairs and the Institute of Chartered Accountants of India.

1. Basis of preparation

a) The financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India ("GAAP") under the historical cost convention on an accrual basis and comply in all material respects with the mandatory Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government in consultation with the National Advisory Committee on Accounting Standards. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous period.

b) Accounting policies not specifically referred to otherwise are consistent with the generally accepted accounting principles followed by the Company.

c) 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 liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the period reported. Actual results could differ from those estimates. Any revision to accounting estimates is recognised in accordance with the requirements of the respective accounting standard.

AS-3 CASH FLOW STATEMENTS

Cash flow statement has been prepared under Indirect Method. Cash and Cash Equivalents comprise cash in hand, Current and other accounts including term deposits held with banks.

AS-4 CONTINGENCIES AND EVENTS OCCURING AFTER THE BALANCE SHEET DATE

There have been no changes In Accounts Receivable (Sundry Debtors) compared to previous year, therefore impairment of financial assets in respect of receivables doesnt arise.

AS-5 PRIOR PERIOD ITEMS AND CHANGES IN ACCOUNTING POLICIES

Prior period expenses amounting to Rs.33,161/- and Prior Period Income of Rs.NILAhave been accounted in the current year, thereby overstating the net profits for the year by Rs.33,161/-

AS-6 DEPRECIATION ACCOUNTING

Depreciation is provided under Written Down Value (W.D.V) Method at the rate specified in the Income Tax Act, 1961.

AS-9 REVENUE RECOGNITION

No sales have been made in current Financial Year.

Other items of revenue are recognized in accordance with the accounting standard.

AS-10 FIXED ASSETS

Fixed Assets are capitalized at cost inclusive of interest, freight, duties, taxes and all incidental expenses related thereto.

AS-11 FOREIGN EXCHANGE TRANSACTION

There are no transactions incurred in Foreign Currency. AS-12 ACCOUNTING FOR GOVERNMENT GRANTS

No Government Grants were granted to the company.

AS-13 INVESTMENTS

Unquoted investments are stated at cost.

All the Quoted Investments have been Revalued as at 26 August, 2009 at the market value prevailing on that date. As a result, the aggregate value of the quoted investments increased as compared to their total book value by Rs. 4,08,91,813/- and this amount has been Debited to Investment Account and Credited to Revaluation Reserve.

AS-15 EMPLOYEE BENEFITS

As per the management the provisions of Gratuity Act, Provident Fund Act and Employees state insurance scheme are not applicable to the company at present.

 
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