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Accounting Policies of Hind Commerce Ltd. Company

Mar 31, 2014

A. The financial statements are prepared on accrual basis of accounting with the generally accepted accounting principles in India., provisions of the Companies Act, 1956 (the Act) and comply in material aspects with the accounting standards notified under Section 211(3C) of the Act, read with Companies (Accounting Standards) Rules, 2006.Accounting Policies not referred to otherwise are consistent with Generally Accepted Accounting Principles and are consistent with those used in the previous year.

b. Fixed Assets are stated at cost less depreciation. The Company capitalises all cost relating to acquisition and installation of Fixed Assets.

c. Depreciation has been provided on pro-rata basis on straight-line method at the rates & on the basis specified in Schedule XIV to the Companies Act,1956.

d. Long term investments are stated at cost after deducting provision made for permanent diminution in the value, if any. Current investment are stated at lower of cost & fair market value.

e. Loans & Advances are stated after making adequate provision for doubtful advances.

f. Leave encashment benefit accrued as per Company''s Rules are charged to the Statement of Profit & Loss.

g. Income-tax expense comprises current tax and deferred tax charge or credit. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date. 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 asset on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation.At each Balance Sheet date, the carrying amount of deferred tax asset is reviewed to reassure realisation.

h. Sales is accounted net of Sales Tax/ VAT.

i. Export sales are accounted for on the basis of the date of bill of lading/airways bill.

j. Export benefit available under the Export Import policy of the Government of India are accounted for in the year of export, to the extent measurable.

k. Stock is valued at lower of cost and net realiable value. Cost include purchase price as well as incidental expenses. Cost formula used is either ''Specific Identification'' or ''FIFO''.

l. Transaction denominated in foreign currencies are recorded at the exchange rates prevailing at the date of the transaction. Monetary items denominated in Foreign currency at the year end are translated at year end rates. The exchange differences arising on settlement/translation are recognised in the revenue accounts.

m. Future/Option transactions

Initial and additional margin paid over and above initial margin for entering into contracts for Equity Index/Stock Futures/Currency Futures/ Commodities Stock Futures and or Equity Index/Stock Options/Currency Options, which are released on final settlement/squaring-up of underlying contracts are disclosed under "Other current assets". Mark-to-market margin-Equity Index/Stock Futures/ Currency Futures/Commodities Stock Futures represting the amount paid in respect of mark to market is disclosed under "Other current assets".

"Equity Index/Stock Option /Currency Option Premium Account" represents premium paid or received for buying or selling the Options, respectively.

On final settlement or squaring up of contracts for Equity Index/Stock Futures/Currency Future / Commodities Stock Futures, the realized profit or loss after adjusting the unrealized loss already accounted, if any, is recognized in the Statement of Profit and Loss. On settlement or squaring up of Equity Index / Stock Options/Currency Option, before expiry, the premium prevailing in "Equity Index/Stock Option/Currency Option Premium Account" on that date is recognized in the Statement of Profit and Loss.

As at the Balance Sheet date, the Mark to Market/Unrealised Profit/(Loss) on all outstanding future/options portfolio comprising of Securities and Equity/Currency/Commodities Derivatives positions is determined on scrip basis with net unrealized losses on scrip basis being recognized in the Statement of Profit and Loss and the net unrealized gains on scrip basis are ignored.

Segment Reporting

The Company is engaged solely in trading activity during the year and all activities of the Company revolve around this activity. As such there are no reportable segment as defined by Accounting Standard 17 on Segment Reporting issued by the Institute of Chartered Accountants of India.


Mar 31, 2013

A. The Financial statements are prepared on accrual basis of accounting with the generally accepted accounting principles in India., provisions of the Companies Act, 1956 (the Act) and comply in material aspects with the accounting standards notified under Section 211(3C) of the Act, read with Companies (Accounting Standards) Rules, 2006. Accounting Policies not referred to otherwise are consistent with Generally Accepted Accounting Principles and are consistent with those used in the previous year.

b. Fixed Assets are stated at cost less depreciation. The Company capitalises all cost relating to acquisition and installation of Fixed Assets.

c. Depreciation has been provided on pro-rata basis on straight-line method at the rates & on the basis specified in Schedule XIV to the Companies Act, 1956.

d. Long term investments are stated at cost after deducting provision made for permanent diminution in the value, if any. Current investment are stated at lower of cost & fair market value.

e. Loans & Advances are stated after making adequate provision for doubtful advances.

f. Leave encashment benefit accrued as per Company''s Rules are charged to the Statement of Profit & Loss.

g. Income-tax expense comprises current tax and deferred tax charge or credit. The deferred tax asset and eferred tax liability is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date. 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 asset on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation,At each Balance Sheet date, the carrying amount of deferred tax asset is reviewed to reassure realisation.

h. Sales is exclusive of Sales Tax/VAT.

i. Export sales are accounted for on the basis of the date of bill of lading/airways bill.

j. Export benefit available under the Export Import policy of the Government of India are accounted for in the year of export, to the extent measurable.

k. Stock is valued at lower of cost and net realiable value. Cost include purchase price as well as incidental expenses. Cost formula used is either ''Specific Identification'' or ''FIFO''

l. Transaction denominated in foreign currencies are recorded at the exchange rates prevailing at the date of the transaction. Monetary items denominated in Foreign currency at the year end are translated at year end rates. The exchange differences arising on settlement/translation are recognised in the revenue accounts.

m. Future/Option transactions

Initial and additional margin paid over and above initial margin for entering into contracts for Equity Index/Stock Futures/Currency Futures/ Commodities Stock Futures and or Equity Index/Stock Options/Currency Options, which are released on final settlement/squaring-up of underlying contracts are disclosed under "Other current assets". Mark-to-market margin-Equity Index/Stock Futures/ Currency Futures/Commodities Stock Futures represting the amount paid in respect of mark to market is disclosed under "Other current assets".

"Equity Index/Stock Option /Currency Option Premium Account" represents premium paid or received for buying or selling the Options, respectively.

On final settlement or squaring up of contracts for Equity Index/Stock Futures/Currency Future/Commodities Stock Futures, the realized profit or loss after adjusting the unrealized loss already accounted, if any, is recognized in the Statement of Profit and Loss. On settlement or squaring up of Equity Index/Stock Options/Currency Option, before expiry, the premium prevailing in "Equity Index/Stock Option/Currency Option Premium Account" on that date is recognized in the Statement of Profit and Loss.

As at the Balance Sheet date, the Mark to Market/Unrealised Profit/(Loss) on all outstanding future/options portfolio comprising of Securities and Equity/Currency/Commodities Derivatives positions is determined on scrip basis with net unrealized losses on scrip basis being recognized in the Statement of Profit and Loss and the net unrealized gains on scrip basis are ignored.


Mar 31, 2012

Not Available


Mar 31, 2011

A. The financial statements are prepared on accrual basis of accounting with the generally accepted accounting principles in India., provisions of the Companies Act 1956 (the Act)and comply in material aspects with the accounting standards notified under Section 211(3C)of the Act, read with Companies (Accounting Standards) Rules, 2006.Accounting Policies not referred to otherwise are consistent with Generally Accepted Accounting Principles and are consistent with those used in the previous year.

b. Fixed Assets are stated at cost less depreciation. The Company capitalises all cost relating to acquisition and installation of Fixed Assets.

c. Depreciation has been provided on pro-rata basis on straightline method at the rates & on the basis specified in Schedule XIV to the Companies Act,1956.

d.Long term investments are stated at cost after deducting provision made for permanent diminution in the value, if any. Current investments are stated at lower of cost & fair market value.

e. Loans & Advances are stated after making adequate provision for doubtful advances,

f. Leave encashment benefit accrued as per Company''s Rules are charged to the Profit & Loss Account.

g. Income-tax expense comprises current tax and deferred tax charge or credit. The deferred tax asset and deferred tax libility is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date. 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 asset on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation.At each Balance Sheet date, the carrying amount of deferred tax asset is reviewed to reassure realisation.

 
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