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Accounting Policies of Goldcrest Corporation Ltd. Company

Mar 31, 2015

1.1 Basis of Preparation of Financial Statements :

These financial statements have been prepared on the accrual basis of accounting, under the historical cost convention and in accordance with the Companies Act, 1956 and the applicable Accounting Standards ("AS") issued by the Institute of Chartered Accountants of India ("ICAI").

1.2 Fixed Assets :

Cost of fixed assets comprises of purchase price, duties, levies and any directly attributable cost of bringing the asset to its working condition for the intended use. Borrowing costs related to the acquisition or construction of the qualifying fixed assets for the period up to the completion of their acquisition or construction are included in the book value of the assets.

1.3 Depreciation :

Depreciation on assets is provided at the rates and in the manner prescribed in Schedule II to the Companies Act, 2013.

1.4 Valuation of Investments :

Investments that are readily realizable and intended to be held for less than 1 year are classified as current Investment. Current Investments are carried at lower of cost and fair value.

Long-term investments are stated at cost less amount written off, where there is a permanent diminution in value.

1.5 Valuation of Inventories :

Inventories are valued at lower of cost or net realizable value. The cost includes direct expenses incurred for bringing the goods to its present location.

1.6 Retirement benefits :

The present liability for the future payment of gratuity to employees has been provided by the Company as per actuarial valuation.

1.7 Revenue Recognition :

The company is in the business of trading in commodity whereby, sales are recognized when goods are supplied and are recorded net of rebates and sales tax.

Expenses are recognized on accrual basis and provisions are made for all known losses and expenses.

Dividend income is recognized when the right to receive Dividend is established. Interest income is recognized on the time proportion method. All other income are recognized as and when due.

1.8 Deferred Taxation :

Income tax expense comprises of current tax and deferred tax charge or credit. Current tax is the amount of income tax determined to be payable or recoverable in respect of the taxable income or loss for a period made in accordance with the Income Tax Act, 1961.

Deferred tax charge or credit and the corresponding deferred tax liability and assets are recognized using the tax rates that have been enacted on the balance sheet date.

In accordance with Accounting Standard 22 – Accounting for Taxes on Income, issued by the Institute of Chartered Accountants of India, the deferred tax liability for timing differences between book and tax profits occurs when there are actual taxable profits for the year.

Timing difference are the differences between the taxable income and accounting income for a period that originate in one period and capable of reversal in one or more subsequent periods. Deferred tax assets arising from unabsorbed depreciation or carry forward losses are recognized only if there is virtual certainty of realization of such amounts. Others are recognized only to the extent there is reasonable certainty of realization on the future. They are reviewed at each balance sheet date to reassess the reliability.

1.9 Segment Reporting

The company is dealing in four types of business activities consisting of Share Trading Operations, Commodity Operation, Operations & Maintenance of Software Development Park and Others. Hence Segment is identified Business activity wise as per Accounting Standard 17 on Segment Reporting.


Mar 31, 2014

1.1 Basis of Preparation of Financial Statements ;

These financial statements have been prepared on the accrual basis of accounting, under the historical cost convention and in accordance with the Companies Act, 1956 and the applicable Accounting Standards ("AS") issued by the Institute of Chartered Accountants of India ("ICAI").

1.2 Fixed Assets :

Cost of fixed assets comprises of purchase price, duties, levies and any directly attributable cost of bringing the asset to its working condition for the intended use. Borrowing costs related to the acquisition or construction of the qualifying fixed assets for the period up to the completion of their acquisition or construction are included in the book value of the assets. Fixed Assets includes Property acquired by Gold crest Realty Trust situated at Viman Nagar, Pune.

1.3 Depreciation:

Depreciation on assets is provided at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

1.4 Valuation of Investments :

Investment that are readily realizable and intended to be held for less than 1 year are classified as current Investment .Current Investments are carried at lower of cost and fair value.

Long-term investments are stated at cost less amount written off, where there is a permanent diminution in value.

1.5 Valuation of Inventories :

Inventories are valued at lower of cost or net realizable value. The cost includes direct expenses incurred for bringing the goods to its present location.

1.6 Retirement benefits:

The present liability for the future payment of gratuity to employees has been provided by the Company as per actuary valuation.

1.7 Revenue Recognition:

The company is in the business of trading in commodity whereby, sales are recognized when goods are supplied and are recorded net of rebates and sates tax.

Expenses are recognized on accrual basis and provisions are made for all known losses and expenses.

Dividend income is recognized when the right to receive Dividend is established. Interest income is recognized on the time proportion method. All other income are recognized as and when due.

1.8 Deferred Taxation:

Income tax expense comprises of current tax and deferred tax charge or credit. Current tax is the amount of income tax determined to be payable or recoverable in respect of the taxable income or loss for a period made in accordance with the Income Tax Act, 1961

Deferred tax charge or credit and the corresponding deferred tax liability and assets are recognized using the tax rates that have been enacted on the balance sheet date.

In accordance with Accounting Standard 22 - Accounting for Taxes on Income, issued by the Institute of Chartered Accountants of India, the deferred tax liability for timing differences between book and tax profits occurs when there are actual taxable profits for the year.

Timing difference are the differences between the taxable income and accounting income for a period that originate in one period and capable of reversal in one or more subsequent periods. Deferred tax assets arising from unabsorbed depreciation or carry forward losses are recognized only if there is virtual certainty of realization of such amounts. Others are recognized only to the extent there is reasonable certainty of realization on the future. They are reviewed at each balance sheet date to reassess the readability.

1.9 Segment Reporting

The company is dealing in four types of business activities consisting of Share Trading Operations, Commodity Operation, Operations & Maintenance of Software Development Park and Others. Hence Segment is identified Business activity wise as per Accounting Standard 17 on Segment Reporting.


Mar 31, 2013

1.1 Basis of Preparation of Financial Statements :

These financial statements have been prepared on the accrual basis of accounting, under the historical cost convention and in accordance with the Companies Act, 1956 and the applicable Accounting Standards ("AS") issued by the Institute of Chartered Accountants of India ("ICAI").

1.2 Fixed Assets :

Cost of fixed assets comprises of purchase price, duties, levies and any directly attributable cost of bringing the asset to its working condition for the intended use. Borrowing costs related to the acquisition or construction of the qualifying fixed assets for the period up to the completion of their acquisition or construction are included in the book value of the assets. Fixed Assets includes Property acquired by Goldcrest Realty Trust situated at Viman Nagar, Pune.

1.3 Depreciation:

Depreciation on assets is provided at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

1.4 Valuation of Investments :

Long-term investments are stated at cost less amount written off, where there is a permanent diminution in value.

1.5 Valuation of Inventories :

Inventories are valued at lower of cost or net realisable value. The cost includes direct expenses incurred for bringing the goods to its present location.

1.6 Retirement benefits:

Gratuity payment to employee is accounted when it becomes due and payable.

1.7 Revenue Recognition:

The company is in the business of trading in commodity whereby, sales are recognized when goods are supplied and are recorded net of rebates and sales tax.

Expenses are recognized on accrual basis and provisions are made for all known losses and expenses.

Dividend income is recognized when the right to receive dividend is established. Interest income is recognized on the time proportion method. All other income are recognized as and when due.

1.8 Deferred Taxation :

Income tax expense comprises of current tax and deferred tax charge or credit. Current tax is the amount of income tax determined to be payable or recoverable in respect of the taxable income or loss for a period made in accordance with the Income Tax Act, 1961.

Deferred tax charge or credit and the corresponding deferred tax liability and assets are recognized using the tax rates that have been enacted on the balance sheet date.

In accordance with Accounting Standard 22 - Accounting for Taxes on Income, issued by the Institute of Chartered Accountants of India, the deferred tax liability for timing differences between book and tax profits occurs when there are actual taxable profits for the year.

Timing difference are the differences between the taxable income and accounting income for a period that originate in one period and capable of reversal in one or more subsequent periods. Deferred tax assets arising from unabsorbed depreciation or carry forward losses are recognized only if there is virtual certainty of realization of such amounts. Others are recognized only to the extent there is reasonable certainty of realization on the future. They are reviewed at each balance sheet date to reassess the realisability.

1.9 Segment Reporting

The company is dealing in fourtypes of business activities consisting of Share Trading Operations, Commodity Operation, Operations & Maintenance of Software Development Park and Others. Hence Segment is identified Business activity wise as per Accounting Standard 17 on Segment Reporting.


Mar 31, 2012

1.1 Basis of Preparation of Financial Statements:

These financial statements have been prepared on the accrual basis of accounting, under the historical cost convention and in accordance with the Companies Act, 1956 and the applicable Accounting Standards ("AS") issued by the Institute of Chartered Accountants of India ("ICAI").

1.2 Fixed Assets:

Cost of fixed assets comprises of purchase price, duties, levies and any directly attributable cost of bringing the asset to its working condition for the intended use. Borrowing costs related to the acquisition or construction of the qualifying fixed assets for the period up to the completion of their acquisition or construction are included in the book value of the assets. Fixed Assets includes Property acquired by Goldcrest Realty Trust situated at Viman Nagar, Pune.

1.3 Depreciation:

Depreciation on assets is provided at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

1.4 Valuation of Investments :

Long-term investments are stated at cost less amount written off, where there is a permanent diminution in value.

1.5 Valuation of Inventories:

Inventories are valued at lower of cost or net realisable value. The cost includes direct expenses incurred for bringing the goods to its present location.

1.6 Retirement benefits:

Gratuity payment to employee is accounted when it becomes due and payable.

1.7 Revenue Recognition:

The company is in the business of trading in commodity whereby, sales are recognized when goods are supplied and are recorded net of rebates and sales tax.

Expenses are recognized on accrual basis and provisions are made for all known losses and expenses.

Dividend income is recognized when the right to receive dividend is established. Interest income is recognized on the time proportion method. All other income are recognized as and when due.

1.8 Deferred Taxation:

I ncome tax expense comprises of current tax and deferred tax charge or credit. Current tax is the amount of income tax determined to be payable or recoverable in respect of the taxable income or loss for a period made in accordance with the Income Tax Act, 1961.

Deferred tax charge or credit and the corresponding deferred tax liability and assets are recognized using the tax rates that have been enacted on the balance sheet date.

In accordance with Accounting Standard 22 - Accounting for Taxes on Income, issued by the Institute of Chartered Accountants of India, the deferred tax liability for timing differences between book and tax profits occurs when there are actual taxable profits for the year.

Timing difference are the differences between the taxable income and accounting income for a period that originate in one period and capable of reversal in one or more subsequent periods. Deferred tax assets arising from unabsorbed depreciation or carry forward losses are recognized only if there is virtual certainty of realization of such amounts. Others are recognized only to the extent there is reasonable certainty of realization on the future. They are reviewed at each balance sheet date to reassess the realisability.

1.9 Segment Reporting

The company is dealing in fourtypes of business activities consisting of Share Trading Operations, Commodity Operation, Operations & Maintenance of Software Development Park and Others. Hence Segment is identified Business activity wise as per Accounting Standard 17 on Segment Reporting.


Mar 31, 2010

1 Basis of Preparation of Financial Statements :

These financial statements have been prepared on the accrual basis of accounting, under the historical cost convention and in accordance with the Companies Act, 1956 and the applicable Accounting Standards ("AS") issued by the Institute of Chartered Accountants of India ("ICAI").

2 Fixed Assets :

Cost of fixed assets comprises of purchase price, duties, levies and any directly attributable cost of bringing the asset to its working condition for the intended use. Borrowing costs related to the acquisition or construction of the qualifying fixed assets for the period up to the completion of their acquisition or construction are included in the book value of the assets. Fixed Assets includes Property acquired by Goldcrest Realty Trust situated at Viman Nagar, Pune.

3 Depreciation:

Depreciation on assets is provided on the straight-line method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956. Depreciation on assets held by Goldcrest Realty Trust is charged, on Property @ 10%, on Plant & Machinary @ 15%, on Furniture & Fixture @10% & on Computers periphirals @ 60% calculated on Written Down Value.

4 Amortization:

Preliminary expenses have been entirely amortized.

5 Valuation of Investments :

Long-term investments are stated at cost less amount written off, where there is a permanent diminution in value.

6 Valuation of Inventories :

Inventories are valued at lower of cost or net realisable value. The cost includes direct expenses incurred for bringing the goods to its present location.

7 Current Assets :

All items of current assets are stated after adequate provisions for any diminution in the carrying value.

8 Retirement benefits :

Gratuity payment to employee is accounted when it becomes due and payable.

9 Revenue Recognition :

The company is in the business of trading in commodity whereby, sales are recognized when goods are supplied and are recorded net of rebates and sales tax.

Expenses are recognized on accrual basis and provisions are made for all known losses and expenses.

Dividend income is recognized when the right to receive dividend is established. Interest income is recognized on the time proportion method. All other income are recognized as and when due.

10 Deferred Taxation :

Income tax expense comprises of current tax and deferred tax charge or credit. Current tax is the amount of income tax determined to be payable or recoverable in respect of the taxable income or loss for a period made in accordance with the Income Tax Act, 1961.

Deferred tax charge or credit and the corresponding deferred tax liability and assets are recognized using the tax rates that have been enacted on the balance sheet date.

In accordance with Accounting Standard 22 - Accounting for Taxes on Income, issued by the Institute of Chartered Accountants of India, the deferred tax liability for timing differences between book and tax profits occurs when there are actual taxable profits for the year.

Timing difference are the differences between the taxable income and accounting income for a period that originate in one period and capable of reversal in one or more subsequent periods. Deferred tax assets arising from unabsorbed depreciation or carry forward losses are recognized only if there is virtual certainty of realization of such amounts. Others are recognized only to the extent there is reasonable certainty of realization on the future. They are reviewed at each balance sheet date to reassess the realisability.

11 Basic Earnings per Share

Basic Earnings per share is determined by dividing net income by the weighted average number of shares outstanding during the years.

12 Transactions with Related Parties

In our opinion, and according to information and explanations given to us, the Company has certain transactions with its related companies. A portion of the Companys assets, liabilities, revenues, costs and expenses arose from transactions with the related companies. These companies are related through common shareholding and/or directorships.

13 Segment Reporting

The company is dealing in Four types of business activities consisting of Share Trading Operations, commodity Operation, Operations & Maintenance of Software Development Park and Others. Hence Segment is identified Business activity wise as per Accounting Standard 17 on Segment Reporting. Also, the company is transacting from Mumbais Registered office as well as Jamnagar and Jodhpur Branch. Hence geographical area wise a Segment is identified as per Accounting Standard 17 on Segment Reporting.

 
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