Home  »  Company  »  Goldline Intl.  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Goldline International Finvest Ltd. Company

Mar 31, 2014

1. GENERAL

The Financial Statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956 as adopted consistently by the company.

Basis of Accounting

The financial statements are prepared under the historical cost convention on the concept of a going conce rn, in accordance with the Generally Accepted Accounting Principles and mandatory Accounting Standards as notified under the Companies (Accounting Standards) Rules, 2006 and as per the provisions and presentational requirements of the Companies Act, 1956.

2 Changes in Accounting policies

The accounting policies adopted are co nsistent with those of previous financial yea r. The management assure s that there has been no change in accounting policies as compared to that of previous year which would have any significant effect on these financials.

3 Recognition of Income

Revenue Operation of the company has accrued fr om sale of Securities & finance c harges in terms of commitments with borrowers. Other income is mainly accounted on accrual basis, except in case of significant uncertainties.

4 Tangible Fixed Assets

Fixed assets are stated at cost less acc umulated d epreciation and impairment loss es, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

Borrowing costs relating to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.

4 (A)- Depreciation on tangible fixed assets

No Depreciation has been provided on Land.

5 Taxes on Income

Current tax is determined and provided for on the a mount of taxable income at the applicable rates for the rele vant financial year. Deferred Tax Assets and Liabilities (DTA/ DTL) are recognised, subject to consideration of prudence, on timing differences, being the difference between taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods.The DTA is recognised only to the extent that there is reasonable certainty of sufficient future profits against which such DTA can be realised.

6 Contingent Liability

The contingent liabilities, if any, are disc losed in th e Notes to Accounts. Provision is made in the accounts, if i t becomes probable that there will be outflow of resources for settling the obligation.

7 Events occurring after the balance sheet date

Adjustments to assets and liabilities are made for e vents occurring after the balance sheet date to provide additional information materially affecting the determination of the amounts of assets or liabilities relating to conditions existing at the balance sheet date.

8 Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the year/ period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year/ period.

9 Use of estimates

The preparation of financial statements, in conform ity with generally accepted acco unting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities on the date of the financial statements and the results of operations during the reporting year. Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.

10 Foreign Currency Transaction

Transactions denominated in foreign curren cies are normally reco rded at the exchange rate pre vailing at the t ime of the transaction. Monetary items denominated in foreign currencies at the year end are translated at the rate ruling at the year end rate.

B- NOTES TO THE ACCOUNTS

1) The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

4) All the investments made by the company are valued at Cost .

5) Managerial Remuneration: -

6) The inventories of the company are valued as per cost price and market price whic h ever is less.

7) Deffered tax arising on account of timing differeance and which are capable of reversal in one or more subsequent periods is recognised using the tax rates and tax laws that have been enacted or substantively enacted. Deffered tax assests are recognised unless there is virtual certainty with respect to the reversal of the same in future years.

8) The revised Schedule VI as notified under the companies Act,1956, has become applicable to the company for the presentation of its financial statements for the year ending jANUARY 31,2013. The adoptation of the revised Schedule VI requirements has significantly modified the presentation and disclosurs which have been complied with in these financial statements Previous year figures have been reclassified in accordance with current year requirements.

9) All schedules annexed to and form integral part of the Balance Sheet and Profit & Loss Account.

10) Minimum Alternative Tax (MAT) is recognised as an asset only when and to the extent there is convicing evid ence that the company will pay normal income tax during the specefied period. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entilement to the extent there is no longer convicing evidence to the effect that company will pay normal Income Tax during the specified period.

11) Value of Import on CIF Basis Nil

12) Earnings in Foreign Exchange (FOB Value) Nil

13) Expenditure in Foreign Currency Nil

14) The Company has no employee to whom the provisions of section 217 (2A) of the Companies Act, 1956 are applicable.


Mar 31, 2013

1. GENERAL

The Financial Statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956 as adopted consistently by the company.

2. ACCOUNTING POLICIES

(a) Income and Expenses are being accounted for an accrual basis.

(b) Fixed Assets are stated at cost less Depreciation. Cost comprises the purchase price and any attributable cost of bringing the assets to working condition for its intended use.

(c) Depreciation is provided using the Straight Line method at the rates and in the manner specified in Schedule XIV of the Companies Act 1956.

3. Figures of previous year have been regrouped, re-cast or rearranged to make them comparable with Current year''s figures wherever deemed necessary.

4. Figures in bracket indicate negative figure.

5. Balances of some of the Parties are subject to confirmation & reconciliation.

6. Information required under Paragraph 3 and'' 4 of the Schedule VI of the Companies Act, 1956 are given to the extent applicable.

7. The Company does not own any amount due to any Small Scale Industrial Unit outstanding for more than 30 days as on 31st March 2013.


Mar 31, 2012

1. GENERAL

The Financial Statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956 as adopted consistently by the company.

2. ACCOUNTING POLICIES

(a) Income and Expenses are being accounted for an accrual basis.

(b) Fixed Assets are stated at cost less Depreciation. Cost comprises the purchase price and any attributable cost of bringing the assets to working condition for its intended use.

(c) Depreciation is provided using the Straight Line Method at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956.

3. Figures of previous year have been regrouped, re-cast or rearranged to make them comparable with Current year''s figures wherever deemed necessary.

4. Figures in bracket indicate negative figure.

5. Balances of some of the Parties are subject to confirmation & reconciliation.

6. Information required under Paragraph 3 and 4 of the Schedule VI of the Companies Act, 1956 are given to the extent applicable.

7. The Company does not own any amount due to any Small Scale Industrial Unit outstanding for more than 30 days as on 31st March 2012.


Mar 31, 2011

1. GENERAL

The Financial Statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956 as adopted consistently by the company.

2. ACCOUNTING POLICIES

(a) Income and Expenses are being accounted for an accrual basis.

(b) Fixed Assets are stated at cost less Depreciation. Cost comprises the purchase price and any attributable cost of bringing the assets to working condition for its intended use.

(c) Depreciation is provided using the Straight Line Method at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956.

3. Figures of previous year have been regrouped, re-cast or rearranged to make them comparable with Current year''s figures wherever deemed necessary.

4. Figures in bracket indicate negative figure.

5. Balances of some of the Parties are subject to confirmation & reconciliation.

6. Information required under Paragraph 3 and 4 of the Schedule VI of the Companies Act, 1956 are given to the extent applicable.

7. The Company does not own any amount due to any Small Scale Industrial Unit outstanding for more than 30 days as on 31st March 2011.

 
Subscribe now to get personal finance updates in your inbox!