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Accounting Policies of Chokhani Securities Ltd. Company

Mar 31, 2015

A. Basis Of Preparation Of Financial Statements

These financial statements have been prepared to comply with the Generally Accepted Accounting Principles in India (Indian GAAP), including the Accounting Standards notified under the relevant provisions of the Companies Act, 2013. The financial statements are prepared on accrual basis under the historical cost convention.

B. Use Of Estimates

The preparation of financial statements in conformity with Indian GAAP requires judgements, estimates and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of contingent 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.

C. Fixed Assets:

Company has no Fixed Assets.

D. Depreciation:

As the Company do not have any Fixed Assets, the question of depreciation does not arise.

E. Investments

Current investments are carried at lower of cost and quoted/fair value, computed category-wise. Non Current investments are stated at cost. Provision for diminution in the value of Non Current investments is made only if such a decline is other than temporary.

F. Taxation:

Income Tax expense comprises of current tax and deferred tax, charge or credit. The deferred charge or credit is recognized using current tax rates. Where there is unabsorbed or carry forward depreciation, deferred tax assets are recognized only if there is virtual certainty of realisation of such assets. Other deferred tax assets are recognised only to the extent there is reasonable certainty of realisation in future. Deferred tax assets/ liabilities are reviewed as at each Balance Sheet date based on developments during the year and available case laws to reassess realization/liabilities.

G. Inventories:

Stocks of shares, securities and commodities have been valued at cost or market value whichever is lower.

H. Income:

Interest on Loans and Other financial instruments are accounted for on accrual basis.

I. Recognition of Expenditure:

Revenue Expenditure is accounted for on accrual basis.

J. Provisions, Contingent Liabilities And Contingent Assets

Provision is recognized in the accounts when there is a present obligation as a result of past event(s) and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed unless the possibility of outflow of resources is remote. Contingent assets are neither recognised nor disclosed in the financial statements.


Mar 31, 2014

I. Basis of preparation of financial statements:

a) The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting policies, and the provisions of the Companies Act, 1956 as adopted consistently by the Company.

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

II. Basis of Accounting:

All Income and Expenditure items having a material bearing on the financial statements are recognized on accrual system.

III. Fixed Assets:

Company has no Fixed Assets.

IV. Depreciation:

Company does not have any Fixed Assets. Therefore, no depreciation is provided.

V. Taxation:

Income Tax expense comprises current tax deferred tax charge or credit. The deferred charge or credit is recognized using current tax rates. Where there is unabsorbed or carry forward depreciation, deferred tax assets are recognized only if there is virtual certainty of realisation of such assets. Other deferred tax assets are recognised only to the extent there is reasonable certainty of realisation in future. Deferred tax assets/ liabilities are reviewed as at each Balance Sheet date based on developments during the year and available case laws to reassess realization/liabilities.

VI Inventories:

Stocks of shares, securities and Commodities have been valued at cost or market value whichever is lower.

VII. Income:

Interest on Inter Corporate Deposits, Loan and other financial services are accounted for on accrual basis.

VIII. Recognition of Expenditure:

Revenue expenditure is accounted for on accrual basis.


Mar 31, 2012

I. Basis of preparation of financial statements:

a) The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting policies, and , the provisions of the Companies Act, 1956 as adopted consistently by the Company.

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

II. Basis of Accounting:

All Income and Expenditure items having a material bearing on the financial statements are recognized on accrual system.

III. Fixed Assets:

Company does not have any Fixed Assets.

IV. Depreciation:

Company does not have any Fixed Assets. Therefore, no depreciation is provided.

V. Taxation:

Income Tax expense comprises current tax deferred tax charge or credit. The deferred charge or credit is recognized using current tax rates. Where there is unabsorbed or carry forward depreciation, deferred tax assets are recognized only if there is virtual certainty of realisation of such assets. Other deferred tax assets are recognised only to the extent there is reasonable certainty of realisation in future. Deferred tax assets/ liabilities are reviewed as at each Balance Sheet date based on developments during the year and available case laws to reassess realisation / liabilities.

VII. Inventories:

Stocks of shares, securities and Commodities have been valued at cost or market value whichever is lower.

VIII. Income:

Interest on Inter Corporate Deposits, Loan and other financial services are accounted for on accrual basis.

IX. Recognition of Expenditure:

Revenue expenditure is accounted for on accrual basis.

X. Miscellaneous Expenditure:

The Company amortizes Miscellaneous Expenditure over a period of ten years.


Mar 31, 2011

1. Basis of preparation of financial statements:

a) The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting policies, and the provisions of the Companies Act, 1956 as adopted consistently by the Company.

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

2. Basis of Accounting:

All Income and Expenditure items having a material bearing on the financial statements are recognized on accrual system.

3. Fixed Assets:

Fixed Assets are valued at cost less accumulated depreciation.

4. Depreciation:

Depreciation on Fixed Assets is provided on written down value method at the rates provided and in the manner specified in Schedule XIV of the Companies Act, 1956..

5. Taxation:

Income Tax expense comprises current tax deferred tax charge or credit and provision for Fringe Benefit Tax. The deferred charge or credit is recognized using current tax rates. Where there is unabsorbed or carry forward depreciation, deferred tax assets are recognized only if there is virtual certainty of realisation of such assets. Other deferred tax assets are recognised only to the extent there is reasonable certainty of realisation in future. Deferred tax assets/ liabilities are reviewed as at each Balance Sheet date based on developments during the year and available case laws to reassess realisation / liabilities.

6. Inventories:

Stocks of shares and securities have been valued at cost or market value whichever is lower.

7. Income:

Interest on debentures and dividend on shares are accounted for on receipt basis.

8. Recognition of Expenditure:

Revenue expenditure is accounted for on accrual basis.

9. Miscellaneous Expenditure: -

The Company amortizes Miscellaneous Expenditure over a period of ten years.


Mar 31, 2010

I. Basis of preparation of financial statements:

a) The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting policies, and the provisions of the Companies Act, 1956 as adopted consistently by the Company.

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

II. Basis of Accounting:

All Income and Expenditure items having a material bearing on the financial statements are recognized on accrual system.

III. Fixed Assets:

Fixed Assets are valued at cost less accumulated depreciation.

IV. Depreciation:

Depreciation on Fixed Assets is provided on written down value method,at the rates provided and in the manner specified in Schedule XIV of the Companies Act, 1956..

V. Taxation:

Income Tax expense comprises current tax deferred tax charge or credit and provision for Fringe Benefit Tax. The deferred charge or credit is recognized using current tax rates. Where there is unabsorbed or carry forward depreciation, deferred tax assets are recognized only if there is virtual certainty of realisation of such assets. Other deferred tax assets are recognised only to the extent there is reasonable certainty of realisation in future. Deferred tax assets/ liabilities are reviewed as at each Balance Sheet date based on developments during the year and available case laws to reassess realisation / liabilities.

VI. Inventories:

Stocks of shares and securities have been valued at cost or market value whichever is lower.

VIII. Income:

Interest on debentures and dividend on shares are accounted for on receipt basis.

IX. Recognition of Expenditure:

Revenue expenditure is accounted for on accrual basis.

X. Miscellaneous Expenditure: -

The Company amortizes Miscellaneous Expenditure over a period of ten years.

 
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