Mar 31, 2014
[1] Accounting Convention:
a. The company follows the Mercantile system of accounting and
recognizes income and expenditure on accrual basis except in case of
significant uncertainties.
b. Financial Statements are based on historical cost. These costs are
not adjusted to reflect the impact of changing value in the purchasing
power of money.
c. The Accounts are prepared on accounting principal of "Going
Concern".
[2] Use of Estimates:
The preparation of financial statements requires 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 revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/materialised.
[3] Owned Fixed Assets:
Fixed assets are stated at cost net of recoverable taxes and includes
inward freight, duties & taxes and incidental expenses related to the
acquisition.
[4] Leased Assets:
a. Operating Leases: Rentals are expensed with reference to lease terms
and other considerations.
b. Finance Leases: There are no finance lease contracts during the
reporting period.
[5] Intangible Assets:
Intangible assets, if any, are stated at cost of acquisition less
accumulated amortisation.
[6] Depreciation:
Depreciation on fixed assets is provided to the extent of depreciable
amount on written down value method (WDV) at the rates and in the
manner prescribed in Schedule XIV to the Companies Act, 1956 over their
useful life. As there are no items of finance leased assets and
intangible assets, no depreciation is provided thereon.
[7] Impairment of Assets:
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount. In
the opinion of management, there are no items of impaired assets on the
reporting date.
[8] Foreign Exchange Transactions:
a. Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
b. Monetary items denominated in foreign currencies at the year end are
restated at year end rates. In case of items which are covered by
forward exchange contracts, the difference between the year end rate
and rate on the date of the contract is recognised as exchange
difference and the premium paid on forward contracts is recognised over
the life of the contract.
c. Non monetary foreign currency items are carried at cost.
d. Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the profit and loss
account except in case of long term liabilities, where they relate to
acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
[9] Investments:
The company classifies its investments in shares of listed and unlisted
companies into the Long term investments and Current Investments. The
Long term investments are stated at Cost Price. Provision for
diminution in the value of long-term investments is made only if such a
decline is other than temporary. The Current investments are carried at
lower of cost or quoted/fair value.
[10] Inventories:
Inventories consist of equity shares of companies held by the assessee
for the trading purpose. As informed to us & on the basis of test
checks applied, we are of the opinion that the inventories are valued
at cost price by following the FIFO method of valuation. In respect of
Closing Stock, we have relied upon the certificate given by the
assessee both as to Quantity and its valuation.
[11] Revenue Recognisation:
In appropriate circumstances Revenue (Income) is recognized when no
significant uncertainly as to measurability or collect ability exists.
[12] Employee Benefits:
a. Short-term employee benefits are recognised as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
b. Post employment and other long term employee benefits are recognised
as an expense in the profit and loss account for the year in which the
employee has rendered services. The expense is recognised at the
present value of the amounts payable determined using actuarial
valuation techniques. Actuarial gains and losses in respect of post
employment and other long term benefits are charged to the profit and
loss account.
c. In respect of employees stock options, the excess of fair price on
the date of grant over the exercise price is recognised as deferred
compensation cost amortised over the vesting period.
[13] Borrowing Cost:
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 asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to profit and loss account.
[14] Provision for Current Tax and Deferred Tax:
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred tax resulting from ''timing difference'' between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognised and carried forward only to extent
that there is a virtual certainty that the asset will be realised in
future.
[15] Provision, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities, if any, are not recognised but are disclosed in
the notes. Contingent Assets are neither recognised nor disclosed in
the financial statements.
Mar 31, 2013
[1] Accounting Convention:
a. The company follows the Mercantile system of accounting and
recognizes income and expenditure on accrual basis except in case of
significant uncertainties.
b. Financial Statements are based on historical cost. These costs are
not adjusted to reflect the impact of changing value in the purchasing
power of money.
c. The Accounts are prepared on accounting principal of "Going
Concern".
[2] Use of Estimates:
The preparation of financial statements requires 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 revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/ materialised.
[3] Owned Fixed Assets :
Fixed assets are stated at cost net of recoverable taxes and includes
inward freight, duties & taxes and incidental expenses related to the
acquisition.
[4] Leased Assets:
a. Operating Leases: Rentals are expensed with reference to lease
terms and other considerations.
b. Finance Leases: There are no finance lease contracts during the
reporting period.
[5] intangible Assets:
Intangible assets, if any, are stated at cost of acquisition less
accumulated amortisation.
[6] Depreciation :
Depreciation on fixed assets is provided to the extent of depreciable
amount on written down value method (WDV) at the rates and in the
manner prescribed in Schedule XIV to the Companies Act, 1956 over their
useful life. As there are no items of finance leased assets and
intangible assets, no depreciation is provided thereon.
[7] Impairment of Assets:
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount. In
the opinion of management, there are no items of impaired assets on the
reporting date.
[8] Foreign Exchange Transactions:
a. Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
b. Monetary items denominated in foreign currencies at the year end
are restated at year end rates. In case of items which are covered by
forward exchange contracts, the difference between the year end rate
and rate on the date of the contract is recognised as exchange
difference and the premium paid on forward contracts is recognised over
the life of the contract.
c. Non monetary foreign currency items are carried at cost.
d. Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the profit and loss
account except in case of long term liabilities, where they relate to
acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
[9] Investments:
The company classifies its investments in shares of listed and unlisted
companies into the Long term investments and Current Investments. The
Long term investments are stated at Cost Price. Provision for
diminution in the value of long-term investments is made only if such a
decline is other than temporary. The Current investments are carried at
lower of cost or quoted/ fair value..
[10] Inventories:
Inventories consist of equity shares of companies held by the assessee
for the trading purpose. As informed to us & on the basis of test
checks applied, we are of the opinion that the inventories are valued
at cost price by following the FIFO method of valuation. In respect of
Closing Stock, we have relied upon the certificate given by the
assessee both as to Quantity and its valuation.
[11] Revenue Recognisation:
In appropriate circumstances Revenue (Income) is recognized when no
significant uncertainly as to measurability or collect ability exists.
[12] Employee Benefits:
a. Short-term employee benefits are recognised as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
b. Post employment and other long term employee benefits are
recognised as an expense in the profit and loss account for the year in
which the employee has rendered services. The expense is recognised at
the present value of the amounts payable determined using actuarial
valuation techniques. Actuarial gains and losses in respect of post
employment and other long term benefits are charged to the profit and
loss account.
c. In respect of employees stock options, the excess of fair price on
the date of grant over the exercise price is recognised as deferred
compensation cost amortised over the vesting period.
[13] Borrowing Cost:
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 asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to profit and loss account.
[14] Provision for Current Tax and Deferred Tax:
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred tax resulting from ''timing difference'' between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognised and carried forward only to extent
that there is a virtual certainty that the asset will be realised in
future.
[15] Provision, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities, if any, are not recognised but are disclosed in
the notes. Contingent Assets are neither recognised nor disclosed in
the financial statements.
Mar 31, 2012
[1] Accounting Convention:
a. The company follows the Mercantile system of accounting and
recognizes income and expenditure on accrual basis except in case of
significant uncertainties.
b. Financial Statements are based on historical cost. These costs are
not adjusted to reflect the impact of chanqinq value in the purchasing
power of money.
c The Accounts are prepared on accounting principal of "Going Concern".
[2] Use of Estimates :
The preparation of financial statements requires 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 revenues and expenses during the reporting period. Difference
between the actual results and estimates are recoanised in the Deriod
in which the results are known/ materialised.
[3] Owned Fixed Assets :
Fixed assets are stated at cost net of recoverable taxes and includes
inward freight, duties & taxes and incidental expenses related to the
acquisition.
[4] Leased Assets:
a. Operating Leases: Rentals are expensed with reference to lease
terms and other considerations.
b. Finance Leases: There are no finance lease contracts during the
reporting period.
[5] Intangible Assets :
Intangible assets, if any, are stated at cost of acquisition less
accumulated amortisation.
[6] Depreciation :
Depreciation on fixed assets is provided to the extent of depreciable
amount on written down value method (WDV) at the rates and in the
manner prescribed in Schedule XIV to the Companies Act, 1956 over their
useful life. As there are no items of finance leased assets and
intangible assets, no depreciation is provided thereon.
[7] Impairment of Assets :
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in. which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount. In
the opinion of management, there are no items of impaired assets on the
reoortina date.
[8] Foreign Exchange Transactions :
a. Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
b. Monetary items denominated in foreign currencies at the year end
are restated at year end rates. In case of items which are covered by
forward exchange contracts, the difference between the year end - rate
and rate on the date of the contract is recognised as exchange
difference and the premium paid on forward contracts is recoanised over
the life of the contract.
c. Non monetary foreign currency items are carried at cost.
d. Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the profit and loss
account except in case of long term liabilities, where they relate to
acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
[9] Investments:
The company classifies its investments in shares of listed and unlisted
companies into the Long term investments and Current Investments. The
Long term investments are stated at Cost Price. Provision for
diminution in the value of long-term investments is made only if such a
decline is other than temporary. The Current investments are carried at
lower of cost or quoted/ fair value..
[10] Inventories:
Inventories consist of equity shares of companies held by the assessee
for the trading purpose. As informed to us & on the basis of test
checks applied, we are of the opinion that the inventories are valued
at cost price by following the FIFO method of valuation. In respect of
Closing Stock, we have relied upon the certificate aiven bv the
assessee both as to Ouantitv and its valuation.
[11] Revenue Recognisation :
In appropriate circumstances Revenue (Income) is recognized when no
significant uncertainly as to measurability or collect ability exists.
[12] Employee Benefits:
a. Short-term employee benefits are recognised as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
b. Post employment and other long term employee benefits are
recognised as an expense in the profit and loss account for the year in
which the employee has rendered services. The expense is recognised at
the present value of the amounts payable determined using actuarial
valuation techniques. Actuarial gains and losses in respect of post
employment and other long term benefits are charoed to the nrofit and
loss account.
c. In respect of employees stock options, the excess of fair price on
the date of grant over the exercise price is recognised as deferred
compensation cost amortised over the vesting period.
[13] Borrowing Cost:
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 asset is one that necessarily takes
substantial period of time to qet readv for intended use. All other
borrowmq costs are charqed to orofit and loss account.
[14] Provision for Current Tax and Deferred Tax :
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred tax resulting from 'timing difference' between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognised and carried forward only to extent
that there is a virtual certainty that the asset will be realised in
future.
[15] Provision, Contingent Liabilities and Contingent Assets :
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities, if any, are not recognised but are disclosed in
the notes. Contingent Assets are neither recognised nor disclosed in
the financial statements.
Mar 31, 2010
[1] Accounting Convention:
a. The company follows the Mercantile system of accounting and
recognizes income and expenditure . on accrual basis except in case of
significant uncertainties.
b. Financial Statements are based on historical cost. These costs are
not adjusted to reflect the impact of changing value in the purchasing
power of money.
c. The Accounts are prepared on accounting principal of "Going
Concern".
[2] Use of Estimates:
The preparation of financial statements requires 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 o revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/ materialised.
[3] Owned Fixed Assets:
Fixed assets are stated at cost of acquisition inclusive of inward
freight, duties & taxes and incidenta expenses related to the
acquisition.
[4] Leased Assets:
a. Operating Leases: Rentals are expensed with reference to lease
terms and other considerations.
b. Finance Leases: There are no finance lease contracts during the
reporting period.
[5] Intangible Assets:
Intangible assets, if any, are stated at cost of acquisition less
accumulated amortisation.
[6] Depreciation :
Depreciation on fixed assets is provided on straight line method (SLM)
at the rates and in the mannei prescribed in Schedule XIV to the
Companies Act, 1956 over their useful life. As there are no items of
finance leased assets and intangible assets, no depreciation is
provided thereon.
[7] Impairment of Assets:
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount. In
the opinion of management, there are no items of impaired assets on the
reportinc date.
[8] Foreign Exchange Transactions:
a. Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
b. Monetary items denominated in foreign currencies at the year end
are restated at year end rates. Ir case of items which are covered by
forward exchange contracts, the difference between the year enc rate
and rate on the date of the contract is recognised as exchange
difference and the premium paic on forward contracts is recognised over
the life of the contract.
c. Non monetary foreign currency items are carried at cost.
d. Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the profit and loss
account except in case of long term liabilities, where they relate tp
acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
[9] Investments:
The company classifies its investments in shares of listed and unlisted
companies into the Long term investments and Current Investments. The
Long term investments are stated at Cost Price. Provision for.
diminution in the value of long-term investments is made only if such a
decline is other than temporary. The. Current investments are carried
at lower of cost or quoted/ fair value..
[10] Inventories:
Inventories consist of equity shares of companies held by the assessee
for the trading purpose. As informed to us & on the basis of test
checks applied, we are of the opinion that the inventories are valued
at cost price. by following the FIFO method of valuation. In respect
of Closing Stock, we have relied upon the certificate. given by the
assessee both as to Quantity and its valuation.
[11] Revenue Recognisation :
In appropriate circumstances Revenue (Income) is recognized when no
significant uncertainly as tt measurability or collect ability exists.
[12] Employee Benefits:
a. Short-term employee benefits are recognised as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
b. Post employment and other long term employee benefits are
recognised as an expense in the profit. and loss account for the year
in which the employee has rendered services. The expense is recognised
at the present value of the amounts payable determined using actuarial
valuation techniques. Actuaria gains and losses in respect of post
employment and other long term benefits are charged to the profit" and
loss account.
c. In respect of employees stock options, the excess of fair price on
the date of grant over the exercise. price is recognised as deferred
compensation cost amortised over the vesting period.
[13] Borrowing Cost::
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalised at part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to qet ready for intended use. All other
borrowing costs are charged to profit and loss account.
[14] Provision for Current Tax and Deferred Tax :
Provision for current tax is made after taking into consideration
benefits admissible under the provisions the Income Tax Act, 1961.
Deferred tax resulting from timing difference between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on this balance sheet date. The
deferred tax asset is recognised and carried forward only to extent
that there is virtual certainty that the asset will be realised in
future.
[15] Provision, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent: Liabilities, if any, are not recognised but are disclosed
in the notes. Contingent Assets are neither recognise nor disclosed in
the financial statements.
Mar 31, 2009
[1] Accounting Convention :
a. The company follows the Mercantile system of accounting and
recognizes income and expenditure on accrual basis except in case of
significant uncertainties.
b. Financial Statements are based on historical cost. These costs are
not adjusted to reflect the impact of changing value in the purchasing
power of money.
c. The Accounts are prepared on accounting principal of "Going
Concern".
[2] Use of Estimates :
The preparation of financial statements requires 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 revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/ materialised.
[3] Owned Fixed Assets :
Fixed assets are stated at cost of acquisition inclusive of inward
freight, duties & taxes and incidental expenses related to the
acquisition.
[4] Leased Assets:
a. Operating Leases: Rentals are expensed with reference to lease
terms and other considerations.
b. Finance Leases: There are no finance lease contracts during the
reporting period.
[5] Intangible Assets :
Intangible assets, if any, are stated at cost of acquisition less
accumulated amortisation.
[6] Depreciation :
Depreciation on fixed assets is provided on straight line method (SLM)
at the rates and in the manner prescribed in Schedule XIV to the
Companies Act, 1956 over their useful life. As there are no items of
finance leased assets and intangible assets, no depreciation is
provided thereon.
[7] Impairment of Assets :
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount. In
the opinion of management, there are no items of impaired assets on the
reporting date.
[8] Foreign Exchange Transactions :
a. Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction.
b. Monetary items denominated in foreign currencies at the year end
are restated at year end rates. In case of items which are covered by
forward exchange contracts, the difference between the year end rate
and rate on the date of the contract is recognised as exchange
difference and the premium paid on forward contracts is recognised over
the life of the contract.
c. Non monetary foreign currency items are carried at cost.
d. Any income or expense on account of exchange difference either on
settlement or on translation is recognised in the profit and loss
account except in case of long term liabilities, where they relate to
acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
[9] Investments:
The company classifies its investments in shares of listed and unlisted
companies into the Long term investments and Current Investments. The
Long term investments are stated at Cost Price. Provision for
diminution in the value of long-term investments is made only if such a
decline is other than temporary. The Current investments are carried at
lower of cost or quoted/ fair value..
[10] Inventories:
The company is a non banking finance company holding membership of BSE
Ltd. It is engaged in the business of finance and investments
activities. As certified by the management, there are no items of
inventory held by the company as on 31.03.2009.
[11] Revenue Recognisation :
In appropriate circumstances Revenue (Income) is recognized when no
significant uncertainly as to measurability or collect ability exists.
[12] Employee Benefits:
a. Short-term employee benefits are recognised as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
b. Post employment and other long term employee benefits are
recognised as an expense in the profit and loss account for the year in
which the employee has rendered services. The expense is recognised at
the present value of the amounts payable determined using actuarial
valuation techniques. Actuarial gains and losses in respect of post
employment and other long term benefits are charged to the profit and
loss account.
c. In respect of employees stock options, the excess of fair price on
the date of grant over the exercise price is recognised as deferred
compensation cost amortised over the vesting period.
[13] Borrowing Cost:
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 asset is one that necessarily takes
substantial period of time to qet ready for intended use. All other
borrowinq costs are charqed to profit and loss account.
[14] Provision for Current Tax and Deferred Tax :
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred tax resulting from timing difference between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognised and carried forward only to extent
that there is a virtual certainty that the asset will be realised in
future.
[15] Provision, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities, if any, are not recognised but are disclosed in
the notes. Contingent Assets are neither recognised nor disclosed in
the financial statements.
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