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Accounting Policies of Daulat Securities Ltd. Company

Mar 31, 2015

A) System of Accounting:

The Financial statements have been prepared to comply with the Generally Accepted Accounting Principles in India (Indian GAAP), including the Accounting Standards notified under relevant provisions of Companies Act 2013. The Financial Statements are prepared on accrual basis under the historical cost convention, except for certain fixed assets which are carried at revalued amounts. The Financial statements are presented in Indian Rupees.

b) Use of Estimate:

The preparation of Financial statement in conformity with Indian GAAP require judgments, estimates and assumptions to be made that affect the reported amount of assets and Liabilities, disclosure of contingent liabilities on the date of financial statements and reported amount of revenues and expenses during the reporting period.. Difference between the actual results and estimates are recognized in the period in which results are known/materialized.

c) Fixed Assets:

Tangible Assets are stated at cost net off recoverable taxes, trade discounts & rebate and include amounts added on revaluation, less accumulated Depreciation and impairment-loss if any. The cost of Tangible Assets Comprises its Purchase price, borrowing cost and any cost directly attributable to bringing the asset to its working condition for its intended use, net charges on foreign exchange contracts and adjustments arising from exchange rate variation attributable to assets.Subsequent expenditures related to an item of Tangible asset are added to its book value only if they increase the future benefits from the existing Asset beyond its previously assessed standard of performance.

d) Depreciation:

Depreciation on Fixed Assets is provided to the extent of depreciable amount on written down value method (WDV). Depreciation is provided based on useful life of the asset as prescribed in Schedule II of Companies act 2013, except in respect of the following assets, where useful life is different than those prescribed in Schedule II.

e) Investments:

Investments are non-current and valued at cost. Expenses relating to transfer are charged to revenue. Provision for diminution in value is not considered unless such diminution is permanent in nature. Gains / Losses on disposal of the investments are recognized as Income / Expenditure.

f) Inventories:

Items of inventories are valued at lower of cost and net realizable value after providing for obsolesce, if any.

g) Accounting for Taxes on Income:

Tax expenses comprises of current tax & deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities, using applicable rates of taxes. Deferred income tax reflect the current period timing differences between taxable income and accounting income for the period and reversal of timing differences of earlier years/period. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future income will be available except that deferred tax assets, in case there are unabsorbed depreciation or losses are recognized if there is virtual certainty that sufficient future taxable income will be available to realize the same.

h) Employee Benefit

Provision on gratuity is made on accrual basis in terms of provisions of payment of Gratuity Act as on the last date of the Financial year. However Actuarial Valuation is not done as per AS-15.


Mar 31, 2014

A) System of Accounting:

All income and expenses are accounted for on accrual basis.

b) Fixed Assets:

Fixed Assets are stated at cost of acquisition inclusive of expenses incidental to their acquisition as reduced by accumulated depreciation thereon.

c) Depreciation:

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

d) Investments:

Investments are non-current and valued at cost. Expenses relating to transfer are charged to revenue. Provision for diminution in value is not considered unless such diminution is permanent in nature. Gains / Losses on disposal of the investments are recognized as Income / Expenditure.

e) Inventories are valued at cost or market value whichever is lower.

f) Accounting for Taxes on Income:

Deferred tax is recognised on timing differences; being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are recognised only if there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets will be realized. Such assets are reviewed as at each Balance Sheet date to reassess reliability thereof.

g) Employee Benefit

Provision on gratuity is made on accrual basis in terms of provisions of payment of Gratuity Act as on the last date of the financial year. However Actuarial Valuation is not done as per AS-15. INFORMATION PURSUANT TO THE PROVISIONS OF PART II OF SCHEDULE VI TO THE COMPANIES ACT, 1956


Mar 31, 2013

A)System of Accounting:

All income and expenses are accounted for on accrual basis.

b) Fixed Assets:

Fixed Assets are stated at cost of acquisition inclusive of expenses incidental to their acquisition as reduced by accumulated depreciation thereon.

c) Depreciation:

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

d) Investments:

Investments are non-current and valued at cost. Expenses relating to transfer are charged to revenue. Provision for diminution in value is not considered unless such diminution is permanent in nature. Gains / Losses on disposal of the investments are recognized as Income / Expenditure.

e) Inventories are valued at cost or market value whichever is lower.

f) Accounting for Taxes on Income:

Deferred tax is recognised on timing differences; being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are recognised only if there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets will be realized. Such assets are reviewed as at each Balance Sheet date to reassess reliability thereof.

g) Employee Benefit

The company has provided for gratuity payable in the accounts to employees who have completed the requisite period of service.


Mar 31, 2012

A) System of Accounting:

All income and expenses are accounted for on accrual basis.

b) Fixed Assets:

Fixed Assets are stated at cost of acquisition inclusive of expenses incidental to their acquisition as reduced by accumulated depreciation thereon.

c) Depreciation:

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

d) Investments:

Investments are valued at cost. Expenses relating to transfer are charged to revenue. Provision for diminution in value is not considered unless such diminution is permanent in nature. Gains/Losses on disposal of the investments are recognized as Income/Expenditure.

e) Inventories are valued at cost or market value whichever is lower.

f) Accounting for Taxes on Income:

Deferred tax is recognised on timing differences; being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are recognised only if there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets will be realized. Such assets are reviewed as at each Balance Sheet date to reassess reliability thereof.


Mar 31, 2010

(1) a) System of Accounting:

All income and expenses are accounted for on accrual basis.

b) Fixed Assets:

Fixed Assets are stated at cost of acquisition inclusive of expenses incidental to their acquisition as reduced by accumulated depreciation thereon.

c) Depreciation:

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

d) Investments:

Investments are valued at cost. Expenses relating to transfer are charged to revenue. Provision for diminution in value is not considered unless such diminution is permanent in nature. Gains / Losses on disposal of the investments are recognized as Income / Expenditure.

e) Inventories are valued at cost or market value whichever is lower.

f) Accounting for Taxes on Income:

Deferred tax is recognised on timing differences, 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. Deferred tax assets are recognised only if there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets will be realized. Such assets are reviewed as at each Balance Sheet date to reassess reliability thereof.

 
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