Mar 31, 2015
I. Basis of Accounting and preparation of financial statements :
These financial statements have been prepared to comply in all material
aspects with applicable accounting principles in India, the applicable
Accounting Standards prescribed under Section 133 of the Companies Act,
2013 ('Act') read with Rule 7 of the Companies (Accounts) Rules, 2014,
till the Standards of Accounting or any other addendum thereto are
prescribed by Central Government in consultation and recommendation of
the National Financial Reporting Authority, the existing Accounting
Standards notified under the Companies Act 1956 (the Act) shall
continue to apply. Consequently, these financial statements are
prepared to comply in all material aspects with the Accounting
Standards notified under sub section (3C) of section 211 of the Act
{Companies (Accounting Standards) Rules, 2006} and other relevant
provisions of the Companies Act 2013.
All assets and liabilities have been classified as current or
non-current as per the Company's normal operating cycle and other
criteria set out in the Schedule III to the Companies Act, 2013. Based
on the nature of products and the time between acquisition of assets
for processing and their realization in cash and cash equivalents, the
Company has ascertained its operating cycle as 12 months for the
purpose of current/non-current classification of assets and
liabilities.
ii. Use Of Estimates :
The presentation of financial statements in conformity with the
generally accepted accounting principles require estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenue and expenses during the reported period. Differences
between the actual result and estimates are recognized in the period in
which the results are known/materialize. Management believes that the
estimates used in the preparation of financial statements are prudent
and reasonable. Future results could differ from these estimates.
iii. Cash Flow :
Cash flow statement has been prepared in accordance with the "indirect
method" as explained in the Accounting Standard 3 issued by the
Institute of Chartered Accountants of India.
iv. Fixed Assets :
Tangible assets are stated at cost of acquisition, including any
attributable cost for bringing the assets to its working condition for
its intended use, less accumulated depreciation and impairment loss.
Depreciation on tangible assets is calculated on a pro-rata basis on
the Written Down Value Method at the rates prescribed under Schedule II
to the Companies Act, 2013 with the exception of the following:- assets
costing Rs. 5,000/- or less are fully depreciated in the year of
purchase.
v. Revenue recognition :
Revenue is recognized to the extent it is probable that the economic
benefits will flow to the Company and the revenue can be reliably
measured. The following specific recognition criteria must also be met
before revenue is recognized
a) Income from advisory services is recognised on accrual basis.
b) Profit / loss earned on sale of investment is recognised on trade
date basis. Profit/Loss on sale of Investment is determined on basis of
FIFO cost of the investment sold.
Other income recognition
Interest on investments and Loans and Advances is booked on a time
proportion basis taking into account the amounts invested or loan given
and the rate of interest.
Dividend income is recognized when the right to receive payment is
established.
Expenditure
Expenses are accounted for on accrual basis and provision is made for
all known losses.
vi. Foreign Currency transactions :
Foreign currency transactions are recorded in the books at exchange
rates prevailing on the date of the transaction. Exchange differences
arising on foreign exchange transactions settled during the period are
recognized as income or expense in the profit and loss account of the
same period.
Foreign currency assets and liabilities are translated at the period
end rates and the resultant exchange differences, are recognized in the
profit and loss account.
vii. Borrowing Cost :
Borrowing Costs that are directly attributable to the acquisition or
production of qualifying assets are capitalized as the cost of the
respective assets. Other Borrowing Costs are charged to the Profit and
Loss Account in the period in which they are incurred.
viii. Employees benefits :
All employee benefit obligations payable wholly within twelve months of
the rendering the services are classified as Short Term Employee
Benefits. Such Benefits are estimated and provided for in the period in
which the employee renders the related service.
Post employment Benefits
1. P.F. and E.S.I.C Scheme is not applicable to the company.
2. Gratuity is accounted when an employee works for more the 6 months.
ix. Inventories
Inventories are measured at lower of the cost and net realizable value.
Cost of inventories comprises all costs of purchase (net of input
credit) and other costs incurred in bringing the inventories to their
present location and condition. Costs of consumable and trading
products are determined by using the First-In First-Out Method (FIFO).
x. Investments
Long-term Investments are carried individually at cost less provision
for diminution, other than temporary, in the value of such Investments.
Current investments are carried individually at the lower of cost and
fair value. Costs of investments include acquisition charges such as
brokerage, fees and duties.
xi. Accounting for taxes on income:
a) Income tax comprises the current tax and net change in deferred tax
assets, which are made in accordance with the provisions as per the
Income Tax Act, 1961.
b) Deferred Tax resulting from timing differences between accounting
income and taxable income for the period is accounted for using the tax
rates and laws that have been enacted or substantially enacted as at
the balance sheet date. Te deferred tax asset is recognized and carried
forward only to the extent that there is reasonable certainty that
sufficient future taxable income will be available against which such
deferred tax asset can be realized.
xii. Leased Assets :
Assets acquired on leases where a significant portion of the risks and
rewards of the ownership are retained by the lessor, are classified as
Operating Leases. Te rental and all other expenses of leased assets are
treated as revenue expenditure.
xiii. Provisions and Contingent liabilities :
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably 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 that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
xiv. Impairment of Assets :
The Company assesses at each balance sheet date whether there is any
indication that an assets 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 recoverable amount of the cash
generating unit to which the assets belongs is less than the carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as impairment loss and is recognized in the profit
and loss account. If at the balance date there is an indication that if
a previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the assets is reflected at the recoverable
amount.
xv. Cash and cash equivalents :
The Company considers all highly liquid financial instruments, which
are readily convertible into cash and have original maturities of three
months or less from the date of purchase, to be cash equivalents.
xvi. Segment information :
a) The Company's business segments are identified around products in
which company deals.
b) The accounting policies used in the preparation of the financial
statements of the Company are also applied for segment reporting.
c) Segment revenues, expenses, assets and liabilities are those, which
are directly attributable to the segment or are allocated on an
appropriate basis. Corporate and other revenues, expenses, assets and
liabilities to the extent not allocable to segments are disclosed in
the reconciliation of reportable segments with the financial
statements.
d) Figures in brackets are in respect of the previous year.
e) Segment Revenues, Results and Other Information:
xvii. Earnings per Share:
Earnings per share is calculated by dividing the profit/(loss)
attributable to the equity shareholders by the weighted average number
of equity shares outstanding during the year. The number used in
calculating the basic and diluted earnings per share are stated below:
xviii. Related Party Transactions:
A. Related parties and their relationship
key Management Personnel:
Mr. Deepak Sitaram Bansal - Managing Director*
Ms. Priya M Pareek - Chief Financial Officer*
Mr. Vijay Achari - Chief Financial Officer#
Mr. Nitin Kore - Company Secretary*
Mr. Pratik Pujara - Company Secretary#
Mr. Alok Kumar Behra - Managing Director#
# Mr. Alok Kumar Behra Resigned from Directorship w.e.f 10.12.2014
# Mr. Pratik Pujra Resigned from Company Secretary w.e.f. 05.03.2015
# Mr. Vijay Achari Resigned from Chief Financial Ofcer w.e.f.
25.03.2015
* Appointment as Managing Director w.e.f. 01.10.2014
* Appointment as Chief Financial Officer w.e.f. 25.03.2015
* Appointment as Company Secretary w.e.f. 05.03.2015
others: enterprises over which key Management Personnel are able to
exercise significant influence / controls
- Mahavir Industries Limited
- Raiment Consultancy Services Private Limited
- Mimo Trading Private Limited
- Vinita Common trade Private Limited
- Ganwari Silica Private Limited
- Basuki Plaza Private Limited
- GCM Commodity & Derivatives Limited
- Mindscale Projects Private Limited
Mar 31, 2014
1. Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on accrual basis under the historical
cost convention. The accounting policies adopted in the preparation of
the financial statements are consistent with those followed in the
previous year.
2. Use of Estimates
The preparation of the financial statements in conformity with 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.
3. Inventories
Inventories are valued at the lower of cost (on FIFO basis) and the net
realisable value after providing for obsolescence and other losses,
where considered necessary.
4. Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
5. Cash Flow Statements
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.
6. Revenue Recognition
All incomes and expenditure are recognised as per ÂAccounting
Standard-9'' accounted on accrual basis except where stated otherwise.
Dividends on investments are accounted for when the right to receive
the dividend is established.
7. Employee Benefits
a. P. F. and E.S.I.C Scheme is not applicable to the company.
b. Gratuity is accounted when an employee works for more than 6 Months.
8. Segment Reporting
The Company identifies primary segments based on the dominant source,
nature of risks and returns and the internal organisation and
management structure. The operating segments are the segments for which
separate financial information is available and for which operating
profit/loss amounts are evaluated regularly by the executive Management
in deciding how to allocate resources and in assessing performance.
The accounting policies adopted for segment reporting are in line with
the accounting policies of the Company. Segment revenue, segment
expenses, segment assets and segment liabilities have been identified
to segments on the basis of their relationship to the operating
activities of the segment.
Inter-segment revenue is accounted on the basis of transactions which
are primarily determined based on market / fair value factors.
Revenue, expenses, assets and liabilities which relate to the Company
as a whole and are not allocable to segments on reasonable basis have
been included under "unallocated revenue / expenses / assets /
liabilities"
9. Investments
Long-term investments are carried individually at cost less provision
for diminution, other than temporary, in the value of such investments.
Current investments are carried individually, at the lower of cost and
fair value. Costs of investments include acquisition charges such as
brokerage, fees and duties.
10. Borrowing Cost
Borrowing costs directly attributable to the acquisition and
construction of qualifying fixed assets are capitalized as part of the
cost of the assets, up to the date the asset is put to use. Other
borrowing costs are charged to the Profit and Loss Account.
11. Taxes on Income
Current Tax is determined as the tax payable in respect of taxable
income for the year, if any. Deferred tax for the year is recognised
on timing difference; being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred Tax Assets and
Liabilities are measured using the tax rates and tax laws that have
been enacted or substantively enacted by the Balance Sheet date.
Deferred Tax Assets are recognised and carried forward only if there is
a reasonable/virtual certainty of realisation.
12. Provisions and Contingencies
A provision is recognised when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. Contingent liabilities
are disclosed in the Notes.
13. Impairment of Assets
At the end of each year, the Company assesses whether any impairment
loss may have occurred in respect of its Assets in accordance with
Accounting Standard - 28 "Impairment of Assets" issued by the Institute
of Chartered Accountants of India, and Impairment Losses if any are
accounted for by the company in accordance with the Standard
applicable.
Mar 31, 2012
A) Basis of Accounting
The financial statements are prepared on accrual basis following the
historical cost convention in accordance with Indian Generally Accepted
Accounting Principles (GAAP). GAAP comprises the mandatory Accounting
standards (as applicable to small and Medium Sized Enterprises)
referred to inSection 211 (3C) and other requirements of the companies
Act,1956.
b) Use of Estimates
The preparation of financial statements in comformity with I-GAAP
requires that the management of the company makes estimates and
assumptions that affect the reported amounts of income and expenses of
the period.
c) Revenue recognitions
All incomes are recognized on accural basis. Sales are recognized up to
the transfer of significant risk and reward of ownership to the
customers.
d) Expenditure
Expneses are accounted on accrual basis and provisions is made for all
known losses and liabilities.
e) Inventories
The inventories are valued at cost and FIFO basis and realizable value
which ever is lower.
f) Depreciation / Amortization
The Company is not having any Fixed Assets during the year under
review.
g) Taxes on Income
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of Income Ta x
Act, 1961. Deferred tax is recognised, on timing differences, being the
difference between taxable income.
Mar 31, 2011
1. Basis Of Accounting
The financial statements are prepared on accrual basis following the
historical cost conventional in accordance with Indian Generally
Accepted Accounting Principles(GAAP). GAAP comprises the mandatory
Accounting Standards(as applicable to Small and Medium Sized
Enterprises) referred to in Sector 211 (3C) and other requirements of
the Companies Act, 1956.
2. Use of Estimates
The preparation of financial statements in conformity with I-GAAP
requires that the management of the company makes estimates and
assumptions that affect the reported amounts of income and expenses of
the period.
3. Revenue Recolonisations
All incomes are recognized on accrual basis. Sales are recognized up to
the transfer of significant risk and reward of ownership to the
customers.
4. Expenditure
Expenses are accounted on accrual basis and provision is made for all
known losses and liabilities.
5. Inventories
The Inventories are valued at cost and FIFO basis and realizable value
Which ever is lower.
6.Taxes on Income
Current tax is determined based on the provisions of the Income Tax
Act, 1961 including treatment of Retention amount as a contingent
amount taxable in the year of its accrual/receivable.
Mar 31, 2010
1.BASIS OF PREPARATION OF FINANCIAL STATEMENT
The accompanying financial statements have been prepared under
historical cost convention on an accrual basis in accordance with
generally accepted accounting principals and provisions of the company
act 1956 and the applicable accounting standards issued by Institute of
Chartered Accountants of India. The accounting policies are consistent
with those used in previous year.
2. USE OF ESTIMATES
The preparation of financial statements, in conformity with generally
accepted accounting principals, requires estimates and assumptions to
be made that affect the reported amount of assets and liabilities on
the financial statements and the reported amounts of revenues and
expenses during the reporting year. Difference between actual results
and estimates are recognized in the year in which result are known /
materialize.
3. FIXED ASSETS
Fixed assets are recorded at cost of acquisition or construction
including incidental expenses. They are seated at historical cost less
accumulated depreciation and accumulated impairment losses, If any.
4. INVESTMENTS
Long term investments are stated at cost and provision of dimunition is
made if the decline of value is other than temporary in nature.
5. INVENTORIES
Inventories are valued at cost and FIFO basis.
6. TAXATION
Provision is made for Income Tax liability estimated to arise on the
results for the year at the current rate of tax in accordance with
Income Tax Act 1961
Deferred income Tax is provided, using the liability method, on all
temporary differences at the Balance Sheet date between the tax bases of
assets and liabilities and their carrying amounts for financial
reporting purpose.
Deferred tax assets recognized only to the extent that there is a
reasonable certainty that sufficient future taxable profits will be
available against which such deferred tax assets can be realized.
Deferred Tax Assets and liabilities are measured using the tax rates
and the law that have been enacted or subsequently enacted at the
Balance Sheet date.
7. FOREIGN CURRENCY TRANSACTION .
Transactions in foreign currency are recorded at original rate of
exchange in force at the time transactions are effected Exchange
differences arising on settlement of monetary item or on reporting
companies' monetary item at rate different from those at which they
were initially recorded during the year or reported in previous
financial statement are recognized as income or as expenses in the year
which they arise.
8. PROVISIONS CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions involving substantial degree of estimation in measurement of
recognised when there is present probable that there will be an outflow
of resources. Contingent liabilities are not recognised but are
disclosed in the notes. Contingent assets are neither recongised nor
disclosed in the financial statement.
9. BORROWING COSTS
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalised as part of the cost
of such assets. A qualifying assets is one mat necessarily takes a
substantial period of time to get ready for its intended use or sale.
All other borrowing costs are charged to revenue.
10. IMPAIRMENT OF ASSETS
An Assets is treated as impaired when the carrying cost of the assets
exceeds its recoverable value. An impairment loss recognised in the
prior accounting periods is reversed if there has been a change in the
estimate of recoverable amount.
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