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Accounting Policies of Gold Rock Investments Ltd. Company

Mar 31, 2013

I) Basis of Preparation of financial Statements

The financial statement are prepared in accordance with Indian Generally Accepted Accounting Principle ("GAAP") under the historical cos convention on the accrual basis GAAP comprises Notified Accounting Standards prescribed by the Companies (Accounting Standard) Rules 2006 as amended'', the provisions of'' the Companies Act 1956 and guidelines issued by the Securities and Exchange Board of India (SEBI) Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision of an existing accounting standard requires a change in the accounting policy hitherto in use.

ii) Use of Estimates

The preparation of the financial statements in conformity with GAAP require the management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. Examples of such estimates include provisions for doubtful debts, future obligations under employee retirement benefit plans. income taxes. and the useful lives of fixed assets. and intangible assets. The difference between the actual result and estimate are recognised in the period in which results are know or materialised.

iii) Revenue Recognition

Interest is accounted for on accrual basis. Dividend is accounted for on cash basis,

iv)

Fixed assets are stated at cost less accumulated depreciation and net of impairment loss if any, All costs relating to the acquisition and installation of fixed assets are capitalized,

v) Depreciation

The Company provides depreciation on WDV method at the rates specified in Schedule XIV of the Companies Act, 1956. Leasehold 1 and is amortized over the period of lease.

vi) Investments

investments are classified into Current Investment and Long Term Investments. Current Investments are carried at lower of the cost or fair / quoted value.

The Long Term investments are stated al cost, Cost is inclusive of brokerage. fees and duties. The decline in the market quotation of the investments other than temporary is provided wherever considered necessary,

vii) Impairment of Assets

The fined assets are reviewed for Impairment ai each balance sheet day. In case of am such indication, the recoverable amount of these assets is determined. and if such recoverable amount of the asset or cash-generating unit to which the asset belongs is less than it''s carrying amount, the impairment Loss is recognized by writing dawn such assets to their recoverable amount, An impairment loss is reversed if there is change in the recoverable amount and such loss either no longer exists or his decreased.

viii) Employee Benefits

Short-term employee benefits are charged off at the undiscounted amount in the year in which the related service is rendered.

Gratuity and Leave Encash item is accounted on cash basis,

ix) Earning per Share

Earning per share is computed by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of shares outstanding during the year.

x) Income-tax

a) Income tax expense comprises current tax and deferred tax .

b) Deferred tax asset and liabilities are recognised for the future tax consequences of timing differences, subject to the consideration of prudence Deferred tax assets and liabilities are measured using the tax rate enacted or substantively enacted by the balance sheet date at the carrying amount of deferred tax asset / liability are reviewed at each balance sheet date.

e) Deferred tax asset arising mainly on account of brought forward Losses and unabsorbed depreciation under tax laws, are recognised, only if there is a virtual certainty of its realisation, supported by convincing evidence.

Deferred tax assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation,

xi) Prior Period items

Prior period income/expenses are accounted under the respective heads. Material items, if any. are disclosed separately under the respective heads.

xii) Provisions & Contingent Liabilities:

The Company creates a provision when there is a present obligation as a result of an obligating event that probably requires an outflow of resources and a reliable estimated can be made of the amount of the obligation, A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of out flow of resources is remote, no provision or disclosure is made,

xiii) Other Accounting Policies

These are consistent with the generally accepted accounting practices.


Mar 31, 2012

I) Basis of preparation of Financial statements.

The financial statements are prepared in accordance with Indian Generally Accepted Accounting principles ("GAAP") under the historical cost conversion on the accrual basis GAAP comprises Notified Accounting standard by the companies (Accounting standard)Rules 2006 as amended the provisions of the companies Act,1956 and guide lines issued by the section and exchanges of the companies (SEBI) issued accounting standard is initially adopted or a revision of an existing accounting stand requires a changes in the accounting policy hitherto infuse.

ii) Use of Estimates.

The preparation of the financial statements in conformity with GAAP requires the management to make and assumptions that affect the reported balances of assets and liability and disclosures relating amount of income and expenses during the period examples of such estimates including provisions for doubtful debits future obligations under employee benefit planes income and debits of fixed assets and intangible assets the difference between the actual result and estimate are recognized in the period in which results are know or materialized.

iii) Revenue Recognition

Interest is accounted for on accrual basis

Dividend is accounted for on cash basis.

iv) Fixed Assets

Fixed assets are stated at cost less accumulated deprecations and net of impairment loss, if any All costs relating to the acquisition and installation of fixed assets are capitalized.

v) Depreciation

The company provides depreciation on WDV withhold at the rates specified in schedule XIV of the companies Act,1956 Leasehold land is amortized over the period of lease.

vi) Investments

Investments are classified in to current investment and long term investments current investments are carried at lower of the cost or fair/ quoted value.

The long term investments are stated at cost is inclusive of brokerage fees and duties the decline in the market quotation of the investments other than temporary is provided wherever considered necessary.

vii) Impairment of Assets

The fixed assets are reviewed for impairment at each balance sheet date in case of any such indication the recoverable amount of these assets is determined and if such recoverable amount of the asset or cash generating unit to which the a asset belongs is less than it''s carrying amount the impairment loss is recognized by writing down such assets to their recoverable amount An impairment loss is reversed if there is change in the recoverable amount and such loss either no longer exists or has decreased.

viii) Employee Benefits

Short term employee benefits are changed off at the undiscounted amount in the year in which the related services is rendered.

Gratuity and leave Encashment is accounted on cash basis.

ix) Earnings per share

Earnings per share is computed by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average member of shares outstanding during the year.

x) Income-tax

a) Income tax expense companies current tax and deferred tax.

b) Deferred tax asset and liability are recognized for the future tax consequences of timing differences. subject to the consideration of rate enacted or substantively enacted by the balance sheet date at the carrying amount of deferred tax asset liability are reviewed at cash balance sheet date.

c) Deferred tax asset arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognized only if there is a virtual certainty of its realization supported by convincing evidence.

Deferred tax assets on account of other timing differences are recognized only to the extent there is a reasonable certainty of its realization.

xi) Prior period items

prior period income expenses are accounted under the respective heads material items if any are disclosed separately under respective heads.

xii) Provisions & contingent Liabilities

The company creates a provision when there is a present obligation as a result of an obligating event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation A disclosed for a contingent liability is made when there is a possible obligation or a present obligation that may but probably will not require an outflow of resources. where there is a possible obligation ago a present obligation in respect of which he likelihood of outflow of resources is remote. no provision or disclosure is made.

xiii) other Accounting policies

These are consistent with the generally accepted accounting practices.


Mar 31, 2011

I) Basis of Preparation of Financial Statements

The financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles ("GAAP") under the historical cost convention on the accrual basis except for Dividend Income and Employee Retirement Benefits. Which are accounted on cash basis GAAP comprises mandatory accounting standards issued by the Institute of Chartered Accountants of India ("ICAI"), the provisions of the Companies Act, 1956 and guidelines issued by the Securities and Exchange Board of India (SEBI) Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision of an existing accounting standard requires a change in the accounting policy hitherto in use.

ii) Use of Estimates

The preparation of the financial statements in conformity with GAAP requires the management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. Examples of such estimates include provisions for doubtful debts, future obligations under employee retirement benefit plans, income taxes, post-sales customer support and the useful lives of fixed assets and intangible assets. The difference between the actual result and estimate are recognised in the period in which results are known or materialised.

iii) Revenue Recognition

Interest is accounted for on accrual basis.

Dividend is accounted for on cash basis.

All other income is accounted fro on accrual basis.

iv) Fixed Assets

Fixed assets are stated at cost less accumulated depreciation and net of impairment loss, if any. All costs relating to the acquisition and installation of Fixed assets are capitalized.

v) Depreciation

The Company provides depreciation on WDV method at the rates specified in Schedule XIV of the Companies Act, 1956

Leasehold Land is amortized over the period of lease.

vi) Investments

Investments are classified into Current Investment and Long Term Investments Current Investments are carried at lower of the cost or fair / quoted value. Long Term Investments are carried at cost. Provision for diminution in the value is made only if, in the opinion of the management, such a decline is other than temporary.

vii) Stock in Trade

Stock of shares is valued at cost of market value whichever is lower.

viii) Impairment of Assets

The fixed assets are reviewed for impairment at each balance sheet date. In case of any such indication, the recoverable amount of these assets is determined, and if such recoverable amount of the asset or cash-generating unit to which the asset belongs is less than its carrying amount, the impairment loss is recognized by writing down such assets to their recoverable amount. An impairment loss is reversed if there is change in the recoverable amount and such loss either no longer exists or has decreased.

ix) Employee Benefits

Short-term employee benefits are charged off at the undiscounted amount in the year in which the related service is rendered.

Gratuity and Leave Encashment is accounted on cash basis.

x) Earning Per Share

In accordance with the Accounting Standard 20 ( AS - 20) "Earnings Per Share" issued by the Institute of Chartered Accountants of India, basic / diluted earnings per share is computed using the weighted average number of shares outstanding during the period.

xi) Income-tax

a) Income lax expense comprises current tax and deferred tax.

b) Deferred tax asset and liabilities are recognised for the future tax consequences of liming differences, subject to Ihe consideration of prudence. Deferred lax assets and liabilities are measured using the tax rate enacted or substantively enacted by the balance sheet date at the carrying amount of deferred tax asset / liability are reviewed at each balance sheet date.

c) Deferred tax asses arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognised, only if there is a virtual certainty of its realisation, supported by convincing evidence.

Deferred tax assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation.

xii) Prior Period items

Prior period income/ expenses are accounted under the respective heads. Material items, if any, are disclosed separately under the respective heads.

xiii) Preliminary Expenditure

Preliminary expenses are written off over a period five years

xiv) Provisions & Contingent Liabilities:

The Company creates a provision when there is a present obligation as a result of an obligating event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

xv) Other Accounting Policies

These are consistent with the generally accepted accounting practices.

 
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