Mar 31, 2015
1.1 SYSTEM OF ACCOUNTING
1.1.1 The accounts have been prepared under the historical cost
convention except where otherwise stated.
1.1.2 The company follows the mercantile system of accounting.
1.2 REVENUE RECOGNITION :-
Income / Expenses/ Revenues are accounting for on accrual basis in
accordance with the Accounting Standard (AS-9) issued by the Institute
of Chartered Accountants of India. Accordingly, wherever there are
uncertainties in the ascertainment / realization of Income, the same is
not accounted for.
1.3 FIXED ASSETS: -
Fixed assets are stated at cost less depreciation.
1.4 DEPRECIATION :-
Depreciation on tangible assets is provided on the straight-line method
over the useful lives of assets. The useful lives of the Assets are
takenas prescribed under Part C of Schedule II of the Companies Act
2013.Depreciation for assets purchased / sold during a period is
proportionately charged.
1.5 INVESTMENTS :-
Investments (long term) are valued at cost less permanent diminution,
if any.
1.6 STOCK IN TRADE :-
Stock in Trade of shares/Debentures/Units etc. is valued at scrip wise
lower of cost or net realizable value.
1.7 EMPLOYEES BENEFITS:-
Employee benefits are recognized / accounted for on the basis of
revised AS-15 detailed as under:-
1.7.1 Short term employee benefits are recognized as expense at the
undiscounted amount in the profit & loss account of the year in which
they are incurred.
1.7.2 Employee benefits under defined benefit plans comprise of
gratuity which is accounted for as atthe year end based on actuarial
valuation by following the projected unit credit (PUC) method.
1.7.3 Leave encashment benefits are paid to employees at the year end.
1.7.4 Termination benefits are recognized as an expense as and when
incurred.
1.7.5 The actuarial gains & losses arising during the year are
recognized in profit & loss account ofthe year without restoring to any
amortization.
1.8 DEFERRED TAXATION:-
Tax liability of the company is estimated considering the provisions of
the Income Tax Act, 1961. Deferred Tax is recognized subject to the
consideration of prudence, on timing difference, being the difference
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods.
1.9 IMPAIRMENT OF FIXED ASSETS
Consideration is given at each balance sheet date to determine whether
there is any indication of impairment of the carrying amount of the
Company's fixed assets. If any indication exists, an asset's
recoverable amount is estimated. An impairment loss is recognized
whenever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is the greater of the net selling price
and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value based on an appropriate
discount factor.
Reversal of impairment losses recognized in prior years is recorded
when there is an indication that the impairment losses recognized for
the asset no longer exist or have decreased. However, the increase in
carrying amount of an asset due to reversal of an impairment loss is
recognized to the extent it does not exceed the carrying amount that
would have been determined (net of depreciation) had no impairment loss
been recognized for the assets in prior years.
1.10 CONTINGENCIES
The company creates a provision when there is 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.When 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.
Mar 31, 2014
1.1 SYSTEM OF ACCOUNTING
1.1.1 The accounts have been prepared under the historical cost
convention except where otherwise stated.
1.1.2 The company follows the mercantile system of accounting.
1.2 REVENUE RECOGNITION :-
Income / Expenses/ Revenues are accounting for on accrual basis in
accordance with the Accounting Standard (AS-9) issued by the Institute
of Chartered Accountants of India. Accordingly, wherever there are
uncertainties in the ascertainment / realization of Income, the same is
not accounted for.
1.3 FIXED ASSETS: -
Fixed assets are stated at cost less depreciation.
1.4 DEPRECIATION :-
Depreciation is charged on all the assets on the straight-line method
in the manner and at the rates specified in schedule XIV to the
Companies Act, 1956.
1.5 INVESTMENTS :-
Investments (long term) are valued at cost less permanent diminution,
if any.
1.6 STOCK IN TRADE :-
Stock in Trade of shares/Debentures/Units etc. is valued at scrip wise
lower of cost or net realizable value.
1.7 EMPLOYEES BENEFITS:-
Employee benefits are recognized / accounted for on the basis of
revised AS-15 detailed as under:-
1.7.1 Short term employee benefits are recognized as expense at the
undiscounted amount in the profit & loss account of the year in which
they are incurred.
1.7.2 Employee benefits under defined benefit plans comprise of
gratuity which is accounted for as at the year end based on actuarial
valuation by following the projected unit credit (PUC) method.
1.7.3 Leave encashment benefits are paid to employees at the year end.
1.7.4 Termination benefits are recognized as an expense as and when
incurred.
1.7.5 The actuarial gains & losses arising during the year are
recognized in profit & loss account of the year without restoring to
any amortization.
1.8 DEFERRED TAXATION:-
Tax liability of the company is estimated considering the provisions of
the Income Tax Act, 1961. Deferred Tax is recognized subject to the
consideration of prudence, on timing difference, being the difference
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods.
1.9 IMPAIRMENT OF FIXED ASSETS
Consideration is given at each balance sheet date to determine whether
there is any indication of impairment of the carrying amount of the
Company''s fixed assets. If any indication exists, an asset''s
recoverable amount is estimated. An impairment loss is recognized
whenever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is the greater of the net selling price
and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value based on an appropriate
discount factor.
Reversal of impairment losses recognized in prior years is recorded
when there is an indication that the impairment losses recognized for
the asset no longer exist or have decreased. However, the increase in
carrying amount of an asset due to reversal of an impairment loss is
recognized to the extent it does not exceed the carrying amount that
would have been determined (net of depreciation) had no impairment loss
been recognized for the assets in prior years.
1.10 CONTINGENCIES
The company creates a provision when there is 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. When 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.
Mar 31, 2013
1.1 SYSTEM OF ACCOUNTING :- 1.1.1 The accounts have been prepared under
the historical cost convention except where otherwise stated. 1.1.2
The company follows the mercantile system of accounting.
1.2 REVENUE RECOGNITION :-
Income / Expenses/ Revenues are accounting for on accrual basis in
accordance with the Accounting Standard (AS-9) issued by the Institute
of Chartered Accountants of India. Accordingly, wherever there are
uncertainties in the ascertainment / realization of Income, the same is
not accounted for.
1.3 FIXED ASSETS: -
Fixed assets are stated at cost less depreciation.
1.4 DEPRECIATION :-
Depreciation is charged on all the assets on the straight-line method
in the manner and at the rates specified in schedule XIV to the
Companies Act, 1956.
1.5 INVESTMENTS :-
Investments (long term) are valued at cost less permanent diminution,
if any.
1.6 STOCK IN TRADE :-
Stock in Trade of shares/Debentures/Units etc. is valued at scrip wise
lower of cost or net realizable value.
1.7 EMPLOYEES BENEFITS:-
Employee benefits are recognized / accounted for on the basis of
revised AS-15 detailed as under:- 1.7.1 Short term employee benefits
are recognized as expense at the undiscounted amount in the profit &
loss account of the year in which they are incurred.
1.7.2 Employee benefits under defined benefit plans comprise of
gratuity which is accounted for as at the year end based on actuarial
valuation by following the projected unit credit (PUC) method.
1.7.3 Leave encashment benefits are paid to employees at the year end.
1.7.4 Termination benefits are recognized as an expense as and when
incurred.
1.7.5 The actuarial gains & losses arising during the year are
recognized in profit & loss account of the year without restoring to
any amortization.
1.8 DEFERRED TAXATION:-
Ta x liability of the company is estimated considering the provisions
of the Income Tax Act, 1961. Deferred Tax is recognized subject to the
consideration of prudence, on timing difference, being the difference
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods.
1.9 IMPAIRMENT OF FIXED ASSETS
Consideration is given at each balance sheet date to determine whether
there is any indication of impairment of the carrying amount of the
Company''s fixed assets. If any indication exists, an asset''s
recoverable amount is estimated. An impairment loss is recognized
whenever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is the greater of the net selling price
and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value based on an appropriate
discount factor.
Reversal of impairment losses recognized in prior years is recorded
when there is an indication that the impairment losses recognized for
the asset no longer exist or have decreased. However, the increase in
carrying amount of an asset due to reversal of an impairment loss is
recognized to the extent it does not exceed the carrying amount that
would have been determined (net of depreciation) had no impairment loss
been recognized for the assets in prior years.
1.10 CONTINGENCIES
The company creates a provision when there is 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. When 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.
Mar 31, 2012
A. SYSTEM OF ACCOUNTING :-
(i) The accounts have been prepared under the historical cost
convention except where otherwise stated. (ii) The company follows the
mercantile system of accounting.
B. REVENUE RECOGNITION :-
1. Income / Expenses/ Revenues are accounting for on accrual basis in
accordance with the Accounting Standard (AS-9) issued by the Institute
of Chartered Accountants of India. Accordingly, wherever there are
uncertainties in the ascertainment / realization of Income, the same is
not accounted for.
C. FIXED ASSETS: -
Fixed assets are stated at cost less depreciation.
D. DEPRECIATION :-
Depreciation is charged on all the assets on the straight-line method
in the manner and at the rates specified in schedule XIV to the
Companies Act, 1956.
E. INVESTMENTS :-
Investments (long term) are valued at cost less permanent diminution,
if any.
F. STOCK IN TRADE :-
Stock in Trade of shares/Debentures/Units etc. is valued at scrip wise
lower of cost or net realizable value.
G. DEFERRED REVENUE EXPENDITURE :-
Preliminary and share issue expenses are amortized over a period of Ten
years.
H. EMPLOYEES BENEFITS:-
Employee benefits are recognized / accounted for on the basis of
revised AS-15 detailed as under:-
(a) Short term employee benefits are recognized as expense at the
undiscounted amount in the profit & loss account of the year in which
they are incurred.
(b) Employee benefits under defined benefit plans comprise of gratuity
which is accounted for as at the year end based on actuarial valuation
by following the projected unit credit (PUC) method.
(c) Leave encashment benefits are paid to employees at the year end.
(d) Termination benefits are recognized as an expense as and when
incurred.
(e) The actuarial gains & losses arising during the year are recognized
in profit & loss account of the year without restoring to any
amortization.
I. DEFERRED TAXATION:-
Tax liability of the company is estimated considering the provisions of
the Income Tax Act, 1961. Deferred Tax is recognized subject to the
consideration of prudence, on timing difference, being the difference
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods.
J. IMPAIRMENT OF FIXED ASSETS
Consideration is given at each balance sheet date to determine whether
there is any indication of impairment of the carrying amount of the
Company's fixed assets. If any indication exists, an asset's
recoverable amount is estimated. An impairment loss is recognized
whenever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is the greater of the net selling price
and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value based on an appropriate
discount factor.
Reversal of impairment losses recognized in prior years is recorded
when there is an indication that the impairment losses recognized for
the asset no longer exist or have decreased. However, the increase in
carrying amount of an asset due to reversal of an impairment loss is
recognized to the extent it does not exceed the carrying amount that
would have been determined (net of depreciation) had no impairment loss
been recognized for the assets in prior years.
K. CONTINGENCIES
The company creates a provision when there is 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. When 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.
Mar 31, 2010
A. SYSTEM OF ACCOUNTING :-
(i) The accounts have been prepared under the historical cost
convention except where otherwise stated. (ii) The company follows the
mercantile system of accounting.
B. REVENUE RECOGNITION :-
1. Income / Expenses/ Revenues are accounting for on accrual basis in
accordance with the Accounting Standard (AS-9) issued by the Institute
of Chartered Accountants of India. Accordingly, wherever there are
uncertainties in the ascertainment / realization of Income, the same is
not accounted for.
C. FIXED ASSETS: -
Fixed assets are stated at cost less depreciation.
D. DEPRECIATION :-
Depreciation is charged on all the assets on the straight-line method
in the manner and at the rates specified in schedule XIV to the
Companies Act, 1956.
E. INVESTMENTS :-
Investments (long term) are valued at cost less permanent diminution,
if any.
F. STOCK IN TRADE :-
Stock in Trade of shares/Debentures/Units etc. is valued at scrip wise
lower of cost or net realizable value.
G. DEFERRED REVENUE EXPENDITURE :-
Preliminary and share issue expenses are amortized over a period of Ten
years. H. EMPLOYEES BENEFITS:-
Employee benefits are recognized / accounted for on the basis of
revised AS-15 detailed as under:-
(a) Short term employee benefits are recognized as expense at the
undiscounted amount in the profit & loss account of the year in which
they are incurred.
(b) Employee benefits under defined benefit plans comprise of gratuity
which is accounted for as at the year end based on actuarial valuation
by following the projected unit credit (PUC) method.
(c) Leave encashment benefits are paid to employees at the year end.
(d) Termination benefits are recognized as an expense as and when
incurred.
(e) The actuarial gains & losses arising during the year are recognized
in profit & loss account of the year without restoring to any
amortization. L DEFERRED TAXATION :-
Tax liability of the company is estimated considering the provisions of
the Income Tax Act, 1961. Deferred Tax is recognized subject to the
consideration of prudence, on timing difference, being the difference
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods.
J. IMPAIRMENT OF FIXED ASSETS
Consideration is given at each balance sheet date to determine whether
there is any indication of impairment of the carrying amount of the
Companys fixed assets. If any indication exists, an assets
recoverable amount is estimated. An impairment loss is recognized
whenever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is the greater of the net selling price
and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value based on an appropriate
discount factor.
Reversal of impairmentlosses recognized in prior years is recorded
when there is an indication that the impairment losses recognized for
the asset no longer exist or have decreased. However, the increase in
carrying amount of an asset due to reversal of an impairment loss is
recognized to the extent it does not exceed the carrying amount that
would have been determined (net of depreciation) had no impairment loss
been recognized for the assets in prior years.
K. CONTINGENCIES
The company creates a provision when there is 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. When 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.