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Accounting Policies of Bervin Investment & Leasing Ltd. Company

Mar 31, 2015

A. ACCOUNTING POLICIES

1. GENERAL

1.1 The accounts have been prepared on the basis of "HISTORICAL COST CONVENTION" in accordance with the generally accepted accounting policies.

1.2 The company follows "ACCRUAL METHOD" of accounting, except where otherwise stated.

2. REVENUE RECOGNITION

Income has been recognized on "ACCRUAL BASIS".

3. FIXED ASSETS

Fixed Assets in the Balance Sheet are stated at cost, including direct and indirect expenses incurred in connection therewith, less accumulated depreciation provided on W.D.V. method, as per Income Tax Act, 1961.

4. INVESTMENTS

4.1 Long Term Investments are stated at cost after deducting provision for diminution in market value as at March 31,2015 (subject to revision), in cases where the fall in market value has been considered by the management of permanent nature.

4.2 Investment of the company indicates subscription / investment towards capital of industrial enterprises in India and accordingly in the opinion of the Board of Directors the investment of the company in the shares of other companies is covered by Section 372A(B) of the Companies Act, 1956.

5. INVENTORIES

The company does not have any inventory or stock in trade at the close of the accounting year.

6. CONTINGENT LIABILITIES

Liabilities, though contingent, are provided for if there are reasonable prospects of such liabilities maturing. Other contingent liabilities, barring frivolous claims, not acknowledged as debts, are disclosed by way of notes on accounts.

7.PRIOR PERIOD ADJUSTMENTS. EXTRAORDINARY ITEMS AND CHANGES INACCOUNTING POLICY

Prior period adjustments, extra-ordinary items and changes in accounting policies having material impact on the financial affairs of the company, wherever considered necessary are disclosed.


Mar 31, 2014

1. GENERAL

1.1 The accounts have been prepared on the basis of "HISTORICAL COST CONVENTION" in accordance with the generally accepted accounting policies.

1.2 The company follows "ACCRUAL METHOD" of accounting, except where otherwise stated.

2. REVENUE RECOGNITION

Income has been recognized on "ACCRUAL BASIS".

3. FIXED ASSETS

Fixed Assets in the Balance Sheet are stated at cost, including direct and indirect expenses incurred in connection therewith, less accumulated depreciation provided on W.D.V. method, as per Income Tax Act, 1961.

4. INVESTMENTS

4.1 Long Term Investments are stated at cost after deducting provision for diminution in market value as at March 31, 2014 (subject to revision), in cases where the fall in market value has been considered by the management of permanent nature.

4.2 Investment of the company indicates subscription / investment towards capital of industrial enterprises in India and accordingly in the opinion of the Board of Directors the investment of the company in the shares of other companies is covered by Section 372A(B) of the Companies Act, 1956.

5. INVENTORIES

The company does not have any inventory or stock in trade at the close of the accounting year.

6. CONTINGENT LIABILITIES

Liabilities, though contingent, are provided for if there are reasonable prospects of such liabilities maturing. Other contingent liabilities, barring frivolous claims, not acknowledged as debts, are disclosed by way of notes on accounts.

7. PRIOR PERIOD ADJUSTMENTS. EXTRA ORDINARY ITEMS AND CHANGES IN ACCOUNTING POLICY

Prior period adjustments, extra-ordinary items and changes in accounting policies having material impact on the financial affairs of the company, wherever considered necessary are disclosed.


Mar 31, 2013

1. GENERAL

1.1 The accounts have been prepared on the basis of "HISTORICAL COST CONVENTION" in accordance with the generally accepted accounting policies.

1.2 The company follows "ACCRUAL METHOD" of accounting, except where otherwise stated.

2. REVENUE RECOGNITION

Income has been recognized on "ACCRUAL BASIS".

3. FIXED ASSETS

Fixed Assets in the Balance Sheet are stated at cost, including direct and indirect expenses incurred in connection therewith, less accumulated depreciation provided on W.D.V. method, as per Income Tax Act, 1961.

4. INVESTMENTS

4.1 Long Term Investments are stated at cost after deducting provision for diminution in market value as at March 31, 2013 (subject to revision), in cases where the fall in market value has been considered by the management of permanent nature.

4.2 Investment of the company indicates subscription / investment towards capital of industrial enterprises in India and accordingly in the opinion of the Board of Directors the investment of the company in the shares of other companies is covered by Section 372A(B) of the Companies Act, 1956.

5. INVENTORIES

The company does not have any inventory or stock in trade at the close of the accounting year.

6. CONTINGENT LIABILITIES

Liabilities, though contingent, are provided for if there are reasonable prospects of such liabilities maturing. Other contingent liabilities, barring frivolous claims, not acknowledged as debts, are disclosed by way of notes on accounts.

7. PRIOR PERIOD ADJUSTMENTS, EXTRA ORDINARY ITEMS AND CHANGES IN ACCOUNTING POLICY

Prior period adjustments, extra-ordinary items and changes in accounting policies having material impact on the financial affairs of the company, wherever considered necessary are disclosed.


Mar 31, 2012

1. GENERAL

1.1 The accounts have been prepared on the basis of "HISTORICAL COST CONVENTION" in accordance with the generally accepted accounting policies.

1.2 The company follows "ACCRUAL METHOD" of accounting, except where otherwise stated.

2. REVENUE RECOGNITION

Income has been recognized on "ACCRUAL BASIS".

3. FIXED ASSETS

Fixed Assets in the Balance Sheet are stated at cost, including direct and indirect expenses incurred in connection therewith, less accumulated depreciation provided on W.D.V. method, as per Income Tax Act, 1961.

4. INVESTMENTS

4.1 Long Term Investments are stated at cost after deducting provision for diminution in market value as at March 31, 2012 (subject to revision), in cases where the fall in market value has been considered by the management of permanent nature.

4.2 Investment of the company indicates subscription / investment towards capita! of industrial enterprises in India and accordingly in the opinion of the Board of Directors the investment of the company in the shares of other companies is covered by Section 372A(B) of the Companies Act, 1956.

5. INVENTORIES

The company does not have any inventory or stock in trade at the dose of the accounting year.

6. CONTINGENT LIABILITIES

Liabilities, though contingent, are provided for if there are reasonable prospects of such liabilities maturing. Other contingent liabilities, barring frivolous claims, not acknowledged as debts, are disclosed by way of notes on accounts.

7. PRIOR PERIOD ADJUSTMENTS. EXTRA ORDINARY ITEMS AND CHANGES IN ACCOUNTING POLICY

Prior period adjustments, extra-ordinary items and changes in accounting policies having material impact on the financial affairs of the company, wherever considered necessary are disclosed.


Mar 31, 2011

1. GENERAL

1.1 The accounts have been prepared on the basis of "HISTORICAL COST CONVENTION" in accordance with the generally accepted accounting policies.

1.2 The company follows "ACCRUAL METHOD" of accounting, except where otherwise stated.

2. REVENUE RECOGNITION

Income has been recognized on "ACCRUAL BASIS".

3. FIXED ASSETS

Fixed Assets in the Balance Sheet are stated at cost, including direct and indirect expenses incurred in connection therewith, less accumulated depreciation provided on W.D.V. method, as per Income Tax Act, 1961.

4. INVESTMENTS

4.1 Long Term Investments are stated at cost after deducting provision for diminution in market value as at March 31, 2011 (subject to revision), in cases where the fall in market value has been considered by the management of permanent nature.

4.2 Investment of the company indicates subscription / investment towards capital of

industrial enterprises in India and accordingly in the opinion of the Board of Directors the investment of the company in the shares of other companies is covered by Section 372A(B) of the Companies Act, 1956.

5. INVENTORIES

The company does not have any inventory or stock in trade at the close of the accounting year.

6- CONTINGENT LIABILITIES

Liabilities, though contingent, are provided for if there are reasonable prospects of such liabilities maturing. Other contingent liabilities, barring frivolous claims, not acknowledged as debts, are disclosed by way of notes on accounts.

7. PRIOR PERIOD ADJUSTMENTS, EXTRA ORDINARY ITEMS AND

CHANGES IN ACCOUNTING POLICY

Prior period adjustments, extra-ordinary items and changes in accounting policies having material impact on the financial affairs of the company, wherever considered necessary are disclosed.


Mar 31, 2010

1. GENERAL

1.1 The accounts have been prepared on the basis of "HISTORICAL COST CONVENTION" in accordance with the generally accepted accounting policies.

1.2 The company follows "ACCRUAL METHOD" of accounting, except where otherwise stated.

2. REVENUE RECOGNITION

Income has been recognized on "ACCRUAL BASIS".

3. FIXED ASSETS

Fixed Assets in the Balance Sheet are stated at cost, including direct and indirect expenses incurred in connection therewith, less accumulated depreciation provided on W.D.V. method, as per Income Tax Act, 1961.

4. INVESTMENTS

4.1 Long Term Investments are stated at cost after deducting provision for diminution in market value as at March 31, 2010 (subject to revision), in cases where the fall in market value has been considered by the management of permanent nature.

4.2 Investment of the company indicates subscription / investment towards capital of industrial enterprises in India and accordingly in the opinion of the Board of Directors the investment of the company in the shares of other companies is covered by Section 372A(B) of the Companies Act, 1956.

5. INVENTORIES

The company does not have any inventory or stock in trade at the close of the accounting year.

6. CONTINGENT LIABILITIES

Liabilities, though contingent, are "provided for if there are reasonable prospects of such liabilities maturing. Other contingent liabilities, barring frivolous claims, not acknowledged as debts, are disclosed by way of notes on accounts.

7. PRIOR PERIOD ADJUSTMENTS. EXTRA ORDINARY ITEMS AND CHANGES IN ACCOUNTING POLICY

Prior period adjustments, extra-ordinary items and changes in accounting policies having material impact on the financial affairs of the company, wherever considered necessary are disclosed.