Mar 31, 2015
1. Basis of Accounting:- The financial statements are prepared on the
basis of going concern, under historical cost convention and on accrual
basis of accounting and in compliance with the Accounting Standards
referred to in section 133 of the Companies Act, 2013 ("the Act"), read
with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant
provisions of the Act. Claims against the company are recognized when
finally accepted by the company.
2. Use of Estimates:
The preparation of the financial statements, in conformity with
generally accepted accounting principles, requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, revenues and expenses and disclosure of contingent
liabilities at the date of the financial statements. Actual results
could differ from those estimates. Management believes that the
estimates used in the preparation of the financial statements are
prudent and reasonable. Any revision to the accounting estimates is
recognized prospectively.
3 Classification of Assets and Liabilities:-
Assets and Liabilities are classified as Current / Non-current
considering, inter alia, expected realization / settlement thereof in
the Company's normal Operating Cycle (of 5 months) or a period of 12
months from Balance Sheet date.
4 Fixed Assets:- (a) Fixed Assets are carried at cost of acquisition
less accumulated depreciation.
(b) Cost is inclusive of duties, taxes, erection / commissioning
expenses and incidental expenses and Sales Tax set off wherever
applicable.
5 Method of Depreciation:- Depreciation has been provided, considering
the lives as prescribed by Schedule II of the Act, on Written Down
Value Method in respect of Tangible Assets.
Assets costing less than Rs, 5000/- each, acquired during the financial
year, are being fully charged off to the Statement of Profit and Loss.
6 Valuation of Investments:- Long Term Investments are carried at cost.
The cost of investments includes brokerage, Security Transaction Tax
and stamp duty. Provision for diminution, if any, is made to recognize
a decline, other than temporary, in the value of investments. In case
of sale of investments or part thereof the purchase cost is allocated
as per weighted average method in accordance with Accounting Standard
13-Accounting for Investments.
7 Valuation of Stock in Trade:- Stock in trade (Quoted Shares) is
valued at cost or market price whichever is lower. In case of sale of
Stock in Trade (Quoted Shares) or part thereof the purchase cost is
allocated as per weighted average method in accordance with Accounting
Standard 13- Accounting for Investments.
8 Income Recognition:- (a) Sale of trading goods is recognized on the
date of invoice exclusive of sales tax/VAT and trade discount.
(b) Profit / Loss from trading in Shares are accounted on the date of
contract note received from the Broker.
9 Provision for Current Tax & Deferred Tax:-
(a) Current Tax:
Provision for Current Tax is made on the basis of taxable income for
the current year in accordance with the provisions of the Income Tax
Act, 1961.
(b) Deferred Tax:
Income tax expense is accrued in accordance with Accounting Standard 22
 Accounting for Taxes on Income, which includes current and deferred
taxes. Deferred Income Taxes reflect the impact of timing differences
between taxable income & accounting income for the year and
reversal/restatement of timing differences of earlier years.
Deferred tax assets and liabilities are measured using the tax rate and
tax laws that have been enacted or substantively enacted by the balance
sheet date.
Deferred tax assets are recognized for all reversible timing
differences, carry forward of unused tax assets and unused tax losses
subject to consideration of prudence. Carrying amount of deferred tax
assets is reviewed at each balance sheet date on the same
consideration.
10. Provisions, Contingent Liabilities and Contingent Assets:- (a) The
Company recognizes as Provisions, the liabilities being present
obligations arising out of past events, the settlement of which is
expected to result in an outflow of resources and which can be measured
only by using a substantial degree of estimation.
(b) Contingent Liability is disclosed, unless the possibility of an
outflow of resources is remote.
(c) Contingent Assets are neither recognized nor disclosed.
11. Foreign Currency Transactions:-
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transactions. Foreign currency
denominated assets and liability at the balance sheet date is
translated at the exchange rate prevailing on the date of the Balance
Sheet.
Mar 31, 2014
1. Basis of Accounting-
The Financial Statements are prepared under the historical cost
convention and are in accordance with applicable mandatory Accounting
Standards notified by the Companies (Accounting Standards) Rules, 2006
and the relevant provisions of the Companies Act, 1956.
2 Classification of Assets and Liabilities:-
Assets and Liabilities are classified as Current / Non-current
considering, inter alia, expected realization / settlement thereof in
the Company''s normal Operating Cycle (of 5 months) or a period of 12
months from Balance Sheet date.
3 Fixed Assets-
a) Fixed Assets are carried at cost of acquisition except office
premises revalued on 14th March, 1994 which is stated at a value
determined by the valuers, less accumulated depreciation.
b) Cost is inclusive of duties, taxes, erection / commissioning
expenses and incidental expenses and Sales Tax set off wherever
applicable.
4 Method of Depreciation-
Depreciation on assets has been provided on Written Down Value Method
in accordance with rates specified in notification no. GSR 756(E) dated
16th December 1993 and Circular no. 14/ 93 (No. 1/12/92-CL V) dated
20th December, 1993 issued by the Ministry of Law, Justice and Company
Affair, Department of Company Affairs and in the manner specified in
Schedule XIV of the Companies Act, 1956 read with the said Notification
and Circular.
5 Valuation of Investments-
Long Term Investments are carried at cost. The cost of investments
includes brokerage, Security Transaction Tax and stamp duty. Provision
for diminution, if any, is made to recognize a decline, other than
temporary, in the value of investments.
6 Valuation of Stock in Trade-
Stock in trade (Un-quoted shares) is valued at cost or net realisable
value whichever is lower. Stock in trade (Quoted Shares) is valued at
cost or market price whichever is lower.
7 Income Recognition-
a) Sale of trading goods is recognized on the date of invoice exclusive
of sales tax/VAT and trade discount.
b) Profit / Loss from trading in Shares are accounted on the date of
contract note received from the Broker.
8 Provision for Current & Deferred Tax-
a) Provision for Current Tax is made on the estimated taxable income,
at the rate applicable to the relevant assessment year.
b) In accordance with Accounting Standard 22 "Accounting for Taxes on
Income" issued by the ICAI, the deferred tax for timing differences is
accounted for, using the tax rates and laws that have been enacted or
substantially enacted by the balance sheet date.
c) Deferred tax assets arising from timing differences are recognized
only on the consideration of prudence.
9. Provisions, Contingent Liabilities and Contingent Assets-
a) The Company recognizes as Provisions, the liabilities being present
obligations arising out of past events, the settlement of which is
expected to result in an outflow of resources and which can be measured
only by using a substantial degree of estimation.
b) Contingent Liabilities are disclosed by way of a note to the
financial statements after careful evaluation by the management of the
facts and legal aspects of the matter involved.
c) Contingent Assets are neither recognized nor disclosed.
10. Impairment of Assets:-
Management periodically assesses using external and internal sources
whether there is an indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the
assets and its eventual disposal. The impairment loss to be expensed is
determined as the excess of the carrying amount over the higher of the
assets net sales or present value as determined above.
11. Foreign Currency Transactions:-
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transactions. Foreign currency
denominated assets and liability at the balance sheet date is
translated at the exchange rate prevailing on the date of the Balance
Sheet.
Mar 31, 2013
1. Basis of Accounting:-
The Financial Statements are prepared under the historical cost
convention and are in accordance with applicable mandatory Accounting
Standards notified by the Companies (Accounting Standards) Rules, 2006
and the relevant provisions of the Companies Act, 1956.
2. Classification of Assets and Liabilities:-
Assets and Liabilities are classified as Current / Non-current
considering, inter alia, expected realization / settlement thereof in
the Company''s normal Operating Cycle (of 5 months) or a period of 12
months from Balance Sheet date.
3. '' Fixed Assets:-
a) Fixed Assets are carried at cost of acquisition except office
premises revalued on 14th March, 1994 which is stated at a value
determined by the valuers, less accumulated depreciation.
b) Cost is inclusive of duties, taxes, erection / commissioning
expenses and incidental expenses and Sales Tax set off wherever
applicable.
4. Method of Depreciation:-
Depreciation on assets has been provided on Written Down Value Method
in accordance with rates specified in notification no. GSR 756(E) dated
16* December 1993 and Circular no. 14/93 (No. 1/12/92-CL V) dated
20*'' December, 1993 issued by the Ministry of Law, Justice and
Company Affair, Department of Company Affairs and in the manner
specified in Schedule XIV of the Companies Act, 1956 read with the said
Notification and Circular.
5. Valuation of Investments:-
Long Term Investments are carried at cost The cost of investments
includes brokerage, Security Transaction Tax and stamp duty. Provision
for diminution, if any, is made to recognize a decline, other than
temporary, in the value of investments.
6. Valuation of Stock in Trade:-
Stock in trade (Un-quoted shares) is valued at cost or net realizable
value whichever is lower. Stock in trade (Quoted Shares) is valued at
cost or market price whichever is lower.
7. Income Recognition:-
a) Sale of trading goods is recognized on the date of invoice exclusive
of sales tax/VAT and trade discount
b) Profit / Loss from trading in Shares are accounted on the date of
contract note received from the Broker.
8. Provision for Current & Deferred Tax:-
a) Provision for Current Tax is made on the estimated taxable income,
at the rate applicable to the relevant assessment year.
b) In accordance with Accounting Standard 22 "Accounting for Taxes on
Income'' issued by the ICAI, the deferred tax for timing differences
is accounted for, using the tax rates and laws that have been enacted
or substantially enacted by the balance sheet date.
c) Deferred tax assets arising from timing differences are recognized
only on the consideration of prudence. ,
9. Provisions, Contingent Liabilities and Contingent Assets:-
a) The Company recognizes as Provisions, the liabilities being present
obligations arising out of past events, the settlement of which is
expected to result in an outflow of resources and which can be measured
only by using a substantial degree of estimation.
b) Contingent Liabilities are disclosed by way of a note to the
financial statements after careful evaluation by the management of the
facts and legal aspects of the matter involved.
c) Contingent Assets are neither recognized nor disclosed.
10. Impairment of Assets:-
Management periodically assesses using external and internal sources
whether there is an indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the
assets and its eventual disposal. The impairment loss to be expensed is
determined as the excess of the carrying amount over the higher of the
assets net sales or present value as determined above.
11. Foreign Currency Transactions:-
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transactions. Foreign currency
denominated assets and liability at the balance sheet date is
translated at the exchange rate prevailing on the date of the Balance
Sheet
Mar 31, 2012
1. Basis of Accounting-
The Financial Statements are prepared under the historical cost
convention and are in accordance with applicable mandatory Accounting
Standards notified by the Companies (Accounting Standards) Rules, 2006
and the relevant provisions of the Companies Act, 1956.
2. Classification of Assets and Liabilities:-
Assets and Liabilities are classified as Current / Non-current
considering, inter alia, expected realization / settlement thereof in
the Company's normal Operating Cycle (of 5 months) or a period of 12
months from Balance Sheet date.
3. Fixed Assets:-
a) Fixed Assets are carried at cost of acquisition except office
premises revalued on 14th March, 1994 which is stated at a value
determined by the valuers, less accumulated depreciation.
b) Cost is inclusive of duties, taxes, erection / commissioning
expenses and incidental expenses and Sales Tax set off wherever
applicable.
4. Method of Depreciation:-
Depreciation on assets has been provided on Written Down Value Method
in accordance with rates specified in notification no. GSR 756(E) dated
16th December 1993 and Circular no. 14/93 (No. 1/12/92-CL V) dated 20th
December, 1993 issued by the Ministry of Law, Justice and Company
Affair, Department of Company Affairs and in the manner specified in
Schedule XIV of the Companies Act, 1956 read with the said Notification
and Circular.
5. Valuation of Investments:-
Long Term Investments are carried at cost. The cost of investments
includes brokerage, Security Transaction Tax and stamp duty. Provision
for diminution, if any, is made to recognize a decline, other than
temporary, in the value of investments.
6. Valuation of Stock in Trade:-
Stock in trade (Un-quoted shares) is valued at cost or net realisable
value whichever is lower. Stock in trade (Quoted Shares) is valued at
cost or market price whichever is lower.
7. Income Recognition:-
a) Sale of trading goods is recognized on the date of invoice exclusive
of sales tax/VAT and trade discount.
b) Profit / Loss from trading in Shares are accounted on the date of
contract note received from the Broker.
8. Provision for Current & Deferred Tax-
a) Provision for Current Tax is made on the estimated taxable income,
at the rate applicable to the relevant assessment year.
b) In accordance with Accounting Standard 22 ÃAccounting for Taxes on
Incomeà issued by the ICAI, the deferred tax for timing differences
is accounted for, using the tax rates and laws that have been enacted
or substantially enacted by the balance sheet date.
c) Deferred tax assets arising from timing differences are recognized
only on the consideration of prudence.
9. Provisions, Contingent Liabilities and Contingent Assets-
a) The Company recognizes as Provisions, the liabilities being present
obligations arising out of past events, the settlement of which is
expected to result in an outflow of resources and which can be measured
only by using a substantial degree of estimation.
b) Contingent Liabilities are disclosed by way of a note to the
financial statements after careful evaluation by the management of the
facts and legal aspects of the matter involved.
c) Contingent Assets are neither recognized nor disclosed.
10. Impairment of Assets:-
Management periodically assesses using external and internal sources
whether there is an indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the
assets and its eventual disposal. The impairment loss to be expensed is
determined as the excess of the carrying amount over the higher of the
assets net sales or present value as determined above.
11. Foreign Currency Transactions:-
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transactions. Foreign currency
denominated assets and liability at the balance sheet date is
translated at the exchange rate prevailing on the date of the Balance
Sheet.
Mar 31, 2011
1. Basis of Accounting:-
The Financial Statements are prepared under the historical cost
convention and are in accordance with applicable mandatory Accounting
Standards notified by the companies (Accounting Standards) Rules, 2006
and the relevant provisions of the Companies Act, 1956.
2. Fixed Assets:-
a) Fixed Assets are carried at cost of acquisition except office
premises revalued on 14th March, 1994 which is stated at a value
determined by the valuers, less accumulated depreciation.
b) Cost is inclusive of duties, taxes, erection / commissioning
expenses and incidental expenses and Sales Tax set off wherever
applicable.
3. Method of Depreciation:-
Depreciation on assets has been provided on Written Down Value Method
in accordance with rates specified in notification no. GSR 756(E) dated
16th December 1993 and Circular no. 14/93 (No. 1/12/92-CL V) dated 20th
December, 1993 issued by the Ministry of Law, Justice and Company
Affair, Department of Company Affairs and in the manner specified in
Schedule XIV of the Companies Act, 1956 read with the said Notification
and Circular.
4. Valuation of Investments:-
Long Term Investments are valued on FIFO basis. The cost of investments
includes bro- kerage, Security Transaction Tax and stamp duty. A
provision for diminution, if any, is made to recognize a decline, other
than temporary, in the value of investments.
5. Valuation of Stock in Trade:-
Stock in trade (Un-quoted shares) is valued at cost or Net Realisable
Value whichever is lower. In case of Stock in trade (Quoted Shares) is
valued at cost or market price whichever is lower.
6. Income Recognition:-
a) Sale of trading goods is recognized on the date of invoice exclusive
of sales tax and trade discount.
b) Profit / Loss from trading in Shares are accounted on the date of
contract note received from the Broker.
7. Provision for Current & Deferred Tax:-
a) Provision for Current Tax is made on the estimated taxable income,
at the rate applicable to the relevant assessment year.
b) In accordance with Accounting Standard 22 "Accounting for Taxes on
Income" issued by the ICAI, the deferred tax for timing differences is
accounted for, using the tax rates and laws that have been enacted or
substantially enacted by the balance sheet date.
c) Deferred tax assets arising from timing differences are recognized
only on the consid- eration of prudence.
8. Provisions, Contingent Liabilities and Contingent Assets:-
a) The Company recognizes as Provisions, the liabilities being present
obligations arising out of past events, the settlement of which is
expected to result in an outflow of resources and which can be measured
only by using a substantial degree of estimation.
b) Contingent Liabilities are disclosed by way of a note to the
financial statements after careful evaluation by the management of the
facts and legal aspects of the matter involved.
c) Contingent Assets are neither recognized nor disclosed.
9. Impairment of Assets:-
Management periodically assesses using external and internal sources
whether there is an indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the
assets and its eventual disposal. The impairment loss to be expensed is
determined as the excess of the carrying amount over the higher of the
assets net sales or present value as determined above.
10. Foreign Currency Transactions:-
Transactions in foreign currency are recorded at the exchange rate
prevailing on the date of the transactions. Foreign currency
denominated assets and liability at the balance sheet date is
translated at the exchange rate prevailing on the date of the Balance
Sheet.
11. Earnings per share:-
In determining the earnings per share, the Company considers the net
profit after tax and post tax effect of any extra-ordinary/exceptional
item is shown separately. The number of shares considered in computing
basic earnings per share is the weighted average number of shares
outstanding during the year.
Mar 31, 2010
1. Basis of Accounting:-
The Financial Statements are prepared under the historical cost
convention and are in accordance with applicable mandatory Accounting
Standards notified by the companies (Accounting Standards) Rules, 2006
and the relevant provisions of the Companies Act, 1956.
2. Fixed Assets:-
a) Fixed Assets are carried at cost of acquisition except office
premises revalued on 14th March, 1994 which is stated at a value
determined by the valuers, less accumulated depreciation.
b) Cost is inclusive of duties, taxes, erection / commissioning
expenses and incidental expenses and Sales Tax set off wherever
applicable.
3. Method of Depreciation :-
Depreciation on assets has been provided on written down value method
in accordance with rates specified in notification no. GSR 756(E) dated
16th December 1993 and Circular no. 14/93 (No. 1 /12/92-CL V) dated
20th December, 1993 issued by the Ministry of Law, Justice and Company
Affair, Department of Company Affairs and in the manner specified in
Schedule XIV of the Companies Act, 1956 read with the said Notification
and Circular.
4. Valuation of Investments:-
Long Term Investments are valued on FIFO basis. The cost of investments
includes brokerage, Security Transaction Tax but does not include stamp
duty, which is charged to revenue. A provision for diminution, if any,
is made to recognize a decline, other than temporary, in the value of
investments.
5. Valuation of Stock in Trade: -
Stock in trade (Un-quoted shares) in absence of market price is carried
at cost. In case of Stock in trade (Quoted Shares) is valued at cost or
market price whichever is lower.
6. Income Recognition:-
a) Sales of trading goods is accounted for inclusive of sales tax, net
of trade discount and recognized on the date of invoice.
b) Profit / Loss from Trading in Shares are accounted on the date of
contract note received from the Broker.
7. Provision for Current & Deferred Tax:-
a) Provision for Current Tax is made on the estimated taxable income,
at the rate applicable to the relevant assessment year.
b) In accordance with Accounting Standard 22 "Accounting for Taxes on
Income" issued
by the ICAI, the deferred tax for timing differences is accounted for,
using the tax rates and laws that have been enacted or substantially
enacted by the balance sheet date.
c) Deferred tax assets arising from timing differences are recognized
only on the consideration of prudence.
8. Provisions, Contingent Liabilities and Contingent Assets:-
a) The Company recognizes as Provisions, the liabilities being present
obligations arising out of past events, the settlement of which is
expected to result in an outflow of resources and which can be measured
only by using a substantial degree of estimation.
b) Contingent Liabilities are disclosed by way of a note to the
financial statements after careful evaluation by the management of the
facts and legal aspects of the matter involved.
c) Contingent Assets are neither recognized nor disclosed.
9. Impairment of Assets:-
Management periodically assesses using external and internal sources
whether there is an indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the
assets and its eventual disposal. The impairment loss to be expensed is
determined as the excess of the carrying amount over the higher of the
assets net sales or present value as determined above.
10. Foreign Currency Transactions:-
Transactions in Foreign currency are recorded at the exchange rate
prevailing on the date of the transactions. Foreign currency
denominated assets and liability at the balance sheet date is
translated at the exchange rate prevailing on the date of the balance
sheet.
11. Earnings per share:-
In determining the earnings per share, the Company considers the net
profit after tax and post tax effect of any extra-ordinary/exceptional
item is shown separately. The number of shares considered in computing
basic earnings per share is the weighted average number of shares
outstanding during the year.
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