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Accounting Policies of Goldline International Finvest Ltd. Company

Mar 31, 2016

Note No. 1: SIGNIFICANT ACCOUNTING POLICIES 1.i Basis of Preparation of Financial Statements

The financial statements are prepared and presented under the historical cost convention on accrual basis of accounting in accordance with the generally accepted accounting principles in India ("GAAP"), applicable Accounting Standards issued by The Institute of Chartered Accountants of India and under the historical cost convention, on accrual basis.

1.ii Revenue Recognition :

Revenue is being recognized in accordance with the Guidance Note on Accrual Basis of Accounting issued by The Institute of Chartered Accountants of India. Accordingly, wherever there are uncertainties in the realization of income same is not accounted for till such time the uncertainty is resolved.

1.iii Treatment of Expenses :

All expenses are accounted for on accrual basis.

1.iv Fixed Assets:

Fixed Assets are stated at historical cost, less depreciation. Costs of fixed assets include taxes, duties, freight and other expense incidental and related there to the construction, acquisition, and installation of respective assets.

1.v Inventories :

Company does not have inventories at the end of year.

1.vi Depreciation / Amortization :

Depreciation on fixed assets has been provided on WDV method on prorata basis over the useful life prescribed in schedule II to the Companies Act, 2013 after considering salvage value of five percent of original cost. The Company has considered useful life of assets same as prescribed under the Companies Act, 2013.

Depreciation up to 31.03.2014 was provided on WDV method on prorate basis at the rates prescribed in schedule XIV to the Companies Act, 1956.

Due to transition from schedule XIV to schedule II, depreciation on assets existing as on 31.03.2014, has been provided in such a way so that assets should be depreciated after considering salvage value of five percent of original cost of the assets over a useful life of assets as prescribed under schedule II of the companies Act, 2013.

Assets of which useful life has already been expired but depreciation charged till previous financial year was less than 95% of original cost of the assets, difference of 95% of Original Cost and depreciation charged till last year, has been charged to profit and loss account as depreciation, if any.

Assets on which depreciation has already been charged above of 95% of Original Cost of the assets till previous financial year and written down value of the assets is less than 5% of Original Cost, salvage value has been considered remaining WDV as on first day of current financial year.

1.vii Taxes on Income :

a. Provision for current tax has been made as per the provisions of Income Tax Act, 1961.

b. Deferred tax has been recognized, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent period.

1.viii Earning Per Share :

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

1.ix Transaction in Foreign Currency:

No foreign Currency Transaction has made during the year.

1.x. Investments :

Long term investments are carried at cost. However, provision is made for diminution in value (if any), other than temporary, on an individual basis.

1.xi Accounting for Provisions, Contingent Liabilities and Contingent Assets :

Provisions, if any are recognized in terms of Accounting Standard 29 - Provisions, Contingent Liabilities and Contingent Assets (AS-29), notified by the Companies (Accounting Standards) Rules, 2006. Contingent Assets are not recognized in the financial statements.

1.xii Related Party Disclosure:

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below:

- List of related parties where control exists and related parties with whom transactions have taken place and relationships:

1

During the year under Review Mr. Mahesh chand has resigned from the post of Directorship and Mr. Uma shnakar appointed in place of him w.e.f.25.01.2016.

- During the year under Review Ms. Asha Rani has resigned from the post of Directorship and Ms. Archana Devi appointed in place ofher w.e.f. 17.09.2015.

The Chairman of the Audit Committee was present at the last Annual General Meeting


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.

 
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