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Accounting Policies of Consecutive Investments & Trading Company Ltd. Company

Mar 31, 2014

I) Basis of Accounting

The financial statements are prepared on accrual basis of accounting and in accordance with the provisions of thecompanies Act, 1956 and comply in all material aspects with all the applicable Accounting standards notified by the companies (Accounting Standard) Rules, 2006.

All assets and liabilit ies have been classified as current or non-current as per the criteria set out in the Revised Scheduled VI to the Companies Act, 1956. The company has ascertained its operating cycle as12 months for the purpose of current and non-current classification of assets and liabilities.

ii) Investments

Long Term Investments are stated at cost of acquisition. Provision for diminution Is made to recognize a decline, other than temporary, in the value of investments. Current Investments are carried at lower of cost and fair value.

iii) Loans and Advances :

Loans and Advances are stated after making adequate provision for doubtful advances.

iv) Recognisition of Income & Expenditure

Items of Income and expenditure are recognised on accrual and prudent basis.

v) Taxation

a) Current Income Tax is provided by applying the provisions of the Income Tax Act, 1961 on current year.

b) Deffered tax assets and liabilities resulting from timing differences between book profits a accounted for under the liability method and measured at substantially enacted rates of tax at the Balance Sheet date to the extent that there that there is reasonable / virtual certainty that sufficient future taxable income will be available against which such deferred tax asset / virtual liability can be realized.

Vi) Provisions, Contingent Liabilities and Contingent Assets.

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated.

Liabilities which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed by way of notes to the accounts.

Contingent Assets are neither recognized nor disclosed in the financial statements.

vii) Prior Period Items

Prior Period Items are included in the respective heads of accounts and material items are disclosed by way of notes to account.

The above accounting policies are consistant form year to year and there has been no change in the accounting policies during year.


Mar 31, 2013

I) Basis of Accounting

The financial statements are prepared on accrual basis of accounting and in accordance with the provisions of thecompanies Act, 1956 and comply in all material aspects with all the applicable Accounting standards notified by the companies (Accounting Standard) Rules, 2006.

All assets and liabilit ies have been classified as current or non-current as per the criteria set out in the Revised Scheduled VI to the Companies Act, 1956. The company has ascertained its operating cycle as12 months for the purpose of current and non-current classification of assets and liabilities.

ii) Investments

Long Term Investments are stated at cost of acquisition. Provision for diminution Is made to recognize a decline, other than temporary, in the value of investments. Current Investments are carried at lower of cost and fair value.

iii) Loans and Advances :

Loans and Advances are stated after making adequate provision for doubtful advances.

iv) Recognisition of Income & Expenditure

Items of Income and expenditure are recognised on accrual and prudent basis.

v) Taxation

a) Current Income Tax is provided by applying the provisions of the Income Tax Act, 1961 on current year.

b) Deffered tax assets and liabilities resulting from timing differences between book profits a accounted for under the liability method and measured at substantially enacted rates of tax at the Balance Sheet date to the extent that there that there is reasonable / virtual certainty that sufficient future taxable income will be available against which such deferred tax asset / virtual liability can be realized.

Vi) Provisions, Contingent Liabilities and Contingent Assets.

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated.

Liabilities which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed by way of notes to the accounts.

Contingent Assets are neither recognized nor disclosed in the financial statements.

vii) Prior Period Items

Prior Period Items are included in the respective heads of accounts and material items are disclosed by way of notes to account.

The above accounting policies are consistant form year to year and there has been no change in the accounting policies during year.


Mar 31, 2012

I) Basis of Accounting

The financial statements are prepared on accrual basis of accounting and in accordance with the provisions of thecompanies Act, 1956 and comply in all material aspects with all the applicable Accounting standards notified by the companies (Accounting Standard) Rules, 2006.

All assets and liabilit ies have been classified as current or non-current as per the criteria set out in the Revised Scheduled VI to the Companies Act, 1956. The company has ascertained its operating cycle as12 months for the purpose of current and non-current classification of assets and liabilities.

ii) Investments

Long Term Investments are stated at cost of acquisition. Provision for diminution Is made to recognize a decline, other than temporary, in the value of investments. Current Investments are carried at lower of cost and fair value.

iii) Loans and Advances :

Loans and Advances are stated after making adequate provision for doubtful advances.

iv) Recognisition of Income & Expenditure

Items of Income and expenditure are recognised on accrual and prudent basis.

v) Taxation

a) Current Income Tax is provided by applying the provisions of the Income Tax Act, 1961 on current year.

b) Deffered tax assets and liabilities resulting from timing differences between book profits a accounted for under the liability method and measured at substantially enacted rates of tax at the Balance Sheet date to the extent that there that there is reasonable / virtual certainty that sufficient future taxable income will be available against which such deferred tax asset / virtual liability can be realized.

Vi) Provisions, Contingent Liabilities and Contingent Assets.

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated.

Liabilities which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed by way of notes to the accounts.

Contingent Assets are neither recognized nor disclosed in the financial statements.

vii) Prior Period Items

Prior Period Items are included in the respective heads of accounts and material items are disclosed by way of notes to account.

The above accounting policies are consistant form year to year and there has been no change in the accounting policies during year.


Mar 31, 2011

I) Basis of Accounting

The Financial Statements are prepared on accrual basis of accounting and in accordance with the provisions of the Companies Act. 1956 and comply in all material aspects with all the applicable Accounting Standards notified by the Companies (Accounting Standard) Rules, 2006.

ii) Fixed Assets and Depreciation

(A) Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation. Cost includes freight, duties, taxes and incidental expenses related to the acquisition of the fixed assets.

(B) Depreciation

(a) Depreciation is provided pro rata to the period of use, on the "Written Down Value Method" in accordance with the provisions of Section 205(2)(a) of the Companies Act, 1956, in the manner and at the rates specified in Schedule XIV to the Companies Act, 1956.

(b) Assets costing less then Rs. 5,000/- are depreciated at 100% in the year of acquisition.

iii) Impairment of Assets:

Where there is an indication that an asset is impaired, the recoverable amount, if any, is estimated and the impairment loss is recognised to the extent carrying amount exceed recoverable amount.

iv) Investments

Long Term Investments are stated at cost of acquisition. Provision for diminution is made to recognize a decline, other than temporary, in the value of investments. Current Investments are carried at lower of cost and fair value.

v) Sundry Debtors & Loans and Advances :

Sundry Debtors and Loans and Advances are stated after making adequate provision for doubtful balances.

vi) Recognisition of Income & Expenditure

Items of income and expenditure are recognised on accrual and prudent basis.

vii) Taxation

a) Current Income Tax is provided by applying the provisions of the Income Tax Act, 1961 on the profit for the current year.

b) .Deferred tax reflects the impact of timing diferrences between taxable income and accounting income. Deferred tax assets are recognised and carried forward only where it is reasonably certain that they shall be realised in the forseable future.

(c) Provision for Fringe Benefits Tax has been made in respect of employee benefits and other specified expenses as determined under the Income Tax Act, 1961.

viii) Provisions, Contingent Liabilities and Contingent Assets.

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated.

Liabilities which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed by way of Notes to the accounts.

Contingent Assets are neither recognized nor disclosed in the financial statements.

ix) Prior Period Items

Prior Period items are included in the respective heads of accounts and material items are disclosed by way of notes to account.

The above accounting policies are consistant from year to year and there has been no change in the accounting policies during the year.


Mar 31, 2010

I) Basis of Accounting

The Financial Statements are prepared on accrual basis of accounting and in accordance with the provisions of the Companies Act, 1956 and comply in all material aspects with all the applicable Accounting Standards notified by the Companies (Accounting Standard) Rules, 2006.

ii) Fixed Assets and Depreciation

(A) Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation. Cost includes freight, duties, taxes and incidental expenses related to the acquisition of the fixed assets.

(B) Depreciation

(a) Depreciation is provided pro rata to the period of use, on the "Written Down Value Method" in accordance with the provisions of Section 205(2)(a) of the Companies Act, 1956, in the manner and at the rates specified in Schedule XIV to the Companies Act, 1956.

(b) Assets costing less then Rs. 5,000/- are depreciated at 100% in the year of acquisition.

iii) Impairment of Assets:

Where there is an indication that an asset is impaired, the recoverable amount, if any, is estimated and the impairment loss is recognised to the extent carrying amount exceed recoverable amount,

iv) Investements

Long Term Investments are stated at cost of acquisition. Provision for diminution is made to recognize a decline, other than temporary, in the value of investments. Current Investments are carried at lower of cost and fair value.

v) Sundry Debtors & Loans and Advances :

Sundry Debtors and Loans and Advances are stated after making adequate provision for doubtful balances.

vi) Recognisiticn of Income & Expenditure

Items of income and expenditure are recognised on accrual and prudent basis.

vii) Taxation

a) Current Income Tax is provided by applying the provisions of the Income Tax Act, 1961 on the profit for the current year.

b) Deferred tax reflects the impact of timing diferrences between taxable income and accounting income. Deferred tax assets are recognised and carried forward only where it is reasonably certain that they shall be realised in the forseable future.

(c) Provision for Fringe Benefits Tax has been made in respect of employee benefits and other specified expenses as determined under the Income Tax Act, 1961.

viii) Provisions, Contingent Liabilities and Contingent Assets.

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated.

Liabilities which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed by way of Notes to the accounts.

Contingent Assets are neither recognized nor disclosed in the financial statements.

ix) Prior Period Items

Prior Period items are included in the respective heads of accounts and material items are disclosed by way of notes to account.

The above accounting policies are consistant from year to year and there has been no change in the accounting policies during the year.

 
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