Mar 31, 2016
SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2016
1. SIGNIFICANT ACCOUNTING POLICIES
a) Basis of Accounting:
The accounts of the Company have been prepared on historical cost convention using the accrual basis of accounting on consistent basis.
b) Investments:
Long term investments are stated at cost. Incidental expenses incurred in acquiring the investments are added to the cost. Decline in carrying amount of investments, if any, other than of temporary nature is provided for in the Statement of Profit and Loss .
c) Revenue Recognition:
Consultancy / Service charges income is recognized on accrual basis as per the terms of agreements.
d) Retirement Benefits:
Long term / short term compensated absences and Gratuity liability are recognized on actuarial valuation basis.
e) Taxation:
The provision for current tax, if any, is computed in accordance with the relevant tax regulations. Deferred Tax is recognized on timing difference between accounting and taxable income for the year by applying applicable tax rates as per Accounting Standard-22 on "Accounting for Taxes on Income". Deferred Tax Assets is recognized wherever there is reasonable certainty that future taxable income will be available against which such Deferred Tax Assets can be realized.
f) Provisions and Contingent Liabilities:
Provisions are recognized in the accounts for present probable obligations arising out of past events that require outflow of resources, the amount of which can be reliably estimated.
Contingent liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company, unless likelihood of an outflow of resources is remote. Contingent assets are not recognized in the accounts, unless there is virtual certainty as to its realization.
d. Rights, preferences and restrictions attached to shares: The Company has one class of equity shares of face vale of ''10 each. Every shareholder is entitled to one vote for every shares held. In the event of liquidation the equity shareholders shall be entitled to receive remaining assets of the Company after distribution of all dues in proportion of their holdings.
e. In preceding five years the Company has not allotted any shares without payment being received in cash and it has not issued bonus shares or bought back any shares.
Mar 31, 2015
A) Basis of Accounting:
The accounts of the company have been prepared on historical cost
convention using the accrual basis of accounting on consistent basis.
b) Investments:
Long term investments are stated at cost. Incidental expenses incurred
in acquiring the investments are added to the cost. Decline in
carrying amount of investments, if any, other than of temporary nature
is provided for in the Statement of Profit and Loss .
c) Revenue Recognition :
Consultancy / Service charges income is recognised on accrual basis as
per the terms of agreements.
d) Retirement Benefits:
Long term / short term compensated absences and Gratuity liability are
recognized on actuarial valuation basis.
e) Taxation:
The provision for current tax, if any, is computed in accordance with
the relevant tax regulations. Deferred Tax is recognised on timing
difference between accounting and taxable income for the year by
applying applicable tax rates as per Accounting Standard-22 on
"Accounting for Taxes on Income". Deferred Tax Assets is recognised
wherever there is reasonable certainty that future taxable income will
be available against which such Deferred Tax Assets can be realised.
f) Provisions and Contingent Liabilities:
Provisions are recognised in the accounts for present probable
obligations arising out of past events that require outflow of
resources, the amount of which can be reliably estimated.
Contingent liabilities are disclosed in respect of possible obligations
that arise from past events but their existence is confirmed by the
occurrence or non occurrence of one or more uncertain future events not
wholly within the control of the company, unless likelihood of an
outflow of resources is remote. Contingent assets are not recognised in
the accounts, unless there is virtual certainty as to its realisation.
Mar 31, 2014
A) Basis of Accounting :
The accounts of the company have been prepared on historical cost
convention using the accrual basis of accounting on consistent basis.
b) Investments :
Long term investments are stated at cost. Incidental expenses incurred
in acquiring the investments are added to the cost. Decline in carrying
amount of investments, if any, other than of temporary nature is
provided for in the Statement of Profit and Loss.
c) Revenue Recognition :
Consultancy / Service charges income is recognised on accrual basis as
per the terms of agreements.
d) Retirement Benefits :
Long term / short term compensated absences and Gratuity liability are
recognized on actuarial valuation basis.
e) Taxation:
The provision for current tax, if any, is computed in accordance with
the relevant tax regulations. Deferred Tax is recognised on timing
difference between accounting and taxable income for the year by
applying applicable tax rates as per Accounting Standard-22 on
"Accounting for Taxes on Income". Deferred Tax Assets is recognised
wherever there is reasonable certainty that future taxable income will
be available against which such Deferred Tax Assets can be realised.
f) Provisions and Contingent Liabilities:
Provisions are recognised in the accounts for present probable
obligations arising out of past events that require outflow of
resources, the amount of which can be reliably estimated.
Contingent liabilities are disclosed in respect of possible obligations
that arise from past events but their existence is confirmed by the
occurrence or non occurrence of one or more uncertain future events not
wholly within the control of the company, unless likelihood of an
outflow of resources is remote. Contingent assets are not recognised in
the accounts, unless there is virtual certainty as to its realisation.
Mar 31, 2012
1.1 Basis of Accounting :
The accounts of the company have been prepared on historical cost
convention using the accrual basis of accounting on consistent basis.
1.2 Investments:
Long term investments are stated at cost. Incidental expenses incurred
in acquiring the investments are added to the cost. Decline in carrying
amount of investments, if any, other than of temporary nature is
provided for in the Statement of Profit and Loss .
1.3 Revenue Recognition :
Income from Consultancy & Advisory Services is recognised as per the
terms of agreement.
Income interest is recognised on time accrual basis.
1.4 Taxation:
The provision for current tax, if any, is computed in accordance with
the relevant tax regulations. Deferred Tax is recognised on timing
difference between accounting and taxable income for the year by
applying applicable tax rates as per Accounting Standard-22 on
"Accounting for Taxes on Income". Deferred Tax Assets is recognised
wherever there is reasonable certainty that future taxable income will
be available against which such Deferred Tax Assets can be realised.
1.5 Provisions and Contingent Liabilities:
Provisions are recognised in the accounts for present probable
obligations arising out of past events that require outflow of
resources, the amount of which can be reliably estimated.
Contingent liabilities are disclosed in respect of possible obligations
that arise from past events but their existence is confirmed by the
occurrence or non occurrence of one or more uncertain future events not
wholly within the control of the company, unless likelihood of an
outflow of resources is remote. Contingent assets are not recognised in
the accounts, unless there is virtual certainty as to its realisation.
Mar 31, 2011
The Financial statements have been prepared on accrual basis and in
accordance with applicable accounting standards. A summary of the
important accounting policies, which have been applied is set out
below:
(i) Basis of Accounting :
The financial statements are prepared in accordance with the historical
cost convention.
(ii) Investments :
Long term investments are stated at cost. Incidental expenses incurred
in acquiring the investments are added to the cost. Decline in carrying
amount of investments, if any, other than of temporary nature is
provided for in the Profit and Loss Account.
(iii) Revenue Recognition :
Income from Cosultancy & Advisory Services is recognised as per the
terms of agreement.
Interest income is recognised on time accrual basis.
(iv) Taxation:
The provision for current tax, if any, is computed in accordance with
the relevant tax regulations. Deferred Tax is recognised on timing
difference between accounting and taxable income for the year by
applying applicable tax rates as per Accounting Standard-22 on
"Accounting for Taxes on Income". Deferred Tax Assets is recognised
wherever there is reasonable certainty that future taxable income will
be available against which such Deferred Tax Assets can be realised.
(v) Provisions and Contingent Liabilities:
Provisions are recognised in the accounts for present probable
obligations arising out of past events that require outflow of
resources, the amount of which can be reliably estimated.
Contingent liabilities are disclosed in respect of possible obligations
that arise from past events but their existence is confirmed by the
occurrence or non occurrence of one or more uncertain future events not
wholly within the control of the company, unless likelihood of an
outflow of resources is remote. Contingent assets are not recognised in
the accounts, unless there is virtual certainty as to its realisation.
Mar 31, 2010
The Financial statements have been prepared on accrual basis and in
accordance with applicable accounting standards. A summary of the
important accounting policies, which have been applied is set out
below:
(i) Basis of Accounting :
The financial statements are prepared in accordance with the historical
cost convention.
(ii) Investments :
Current unquoted investments are carried at lower of cost or fair
value. Long term investments are stated at cost. Incidental expenses
incurred in acquiring the investments are added to the cost. Decline in
carrying amount of investments, if any, other than of temporary nature
is provided for in the Profit and Loss Account.
(iii) Revenue Recognition :
Income from Consultancy & Advisory Services is recognised as per the
terms of agreement. Income interest is recognised on time accrual
basis.
(iv) Taxation:
The provision for current tax, if any, is computed in accordance with
the relevant tax regulations. Deferred Tax is recognised on timing
difference between accounting and taxable income for the year by
applying applicable tax rates as per Accounting Standard-22 on
"Accounting for Taxes on Income". Deferred Tax Assets is recognised
wherever there is reasonable certainty that future taxable income will
be available against which such Deferred Tax Assets can be realised.
(v) Provisions and Contingent Liabilities:
Provisions are recognised in the accounts for present probable
obligations arising out of past events that require outflow of
resources, the amount of which can be reliably estimated.
Contingent liabilities are disclosed in respect of possible obligations
that arise from past events but their existence is confirmed by the
occurrence or non occurrence of one or more uncertain future events not
wholly within the control of the company, unless likelihood of an
outflow of resources is remote. Contingent assets are not recognised in
the accounts, unless there is virtual certainty as to its realisation.
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