Mar 31, 2018
1. SIGNIFICANT ACCOUNTING POLICIES:
a) Basis of preparation of Financial Statements
These financial statements have been prepared in accordance with Generally Accepted Accounting Principles in India (Indian GAAP), including the Accounting Standards notified under the relevant provisions of the Companies Act, 2013.
The financial statements are prepared on accrual basis under the historical cost convention. The financial statements are presented in the India rupees.
b) Use of Estimates
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including contingent liabilities) on the date of financial statements, and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those of the estimates. Management believes that the estimates used in preparation of the Financial Statements are prudent and reasonable.
c) Fixed Assets
i. Fixed assets are stated at actual cost less accumulated depreciation till the date of the balance sheet.
ii. Depreciation on fixed assets has been provided on Written down Value (WDV) method based on the useful lives of assets as specified in Schedule II to the companies Act, 2013.
d) Revenue Recognition
- Income from sale of investment is recognised on transfer of all significant risk and rewards of ownership to the buyer.
- Profit or Loss from dealing in shares & securities are recognised on settlement date.
- Interest income is recognized on time proportion basis.
- Other income is recognised on accrual basis.
e) Taxation
Income Tax comprises of Current Tax and net changes in Deferred Tax Assets or Liabilities during the year. Current Tax is determined at the amount of tax payable in respect of taxable income for the year as per the Income-tax Act, 1961
Deferred Tax Assets and Liabilities are recognised for the future tax consequences of timing differences between the book profit and tax profit. Deferred Tax Assets and Liabilities other than on carry forward losses and unabsorbed depreciation under tax laws are recognised when it is reasonably certain that there will be future taxable income. Deferred Tax Asset on carry forward losses and unabsorbed depreciation, if any, are recognised when it is virtually certain that there will be future taxable profit. Deferred tax assets and liabilities are measured using substantively enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognised in the Statement of Profit and Loss in the period of substantive enactment of the change.
f) Investment
Long term investments are stated at cost. Provision for diminution in the value of investments is made if such a decline is other then temporary in the opinion of the management.
g) Employee Benefit
Company does not have any benefits plans to its employee so far.
h) Provisions, Contingent Liabilities and Contingent Assets
A provision is recognised when the Company has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions are not discounted to their present value and are determined based on the best estimates at the balance sheet date required to settle the obligation. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimation. A contingent liability is disclosed unless the possibility of an outflow of resources embodying the economic benefits is remote. Contingent Assets are neither recognised nor disclosed in the financial statements.
(i) The Company has one class of equity shares having a par value of Re.1/- each. Each share holder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to approval of the Shareholder in the ensuing Annual General Meeting (AGM), except in the case of interim dividend which is ratified by the Shareholders at the AGM.
(ii) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:
(iv) The Company does not have any holding Company / ultimate holding company.
(v) No ordinary shares have been reserved for issue under option and contracts / commitments for the sale of shares / disinvestment as at the Balance Sheet date.
(vi) No securities convertible into Equity / Preference shares issued by the Company during the year.
(vii) No calls are unpaid by any Director or Officer of the Company during the year.
Mar 31, 2016
1. BACKGROUND:
IndiaNivesh Limited was incorporated on 21st December 1931. The company is listed on the BSE and is a registered NBFC. IndiaNivesh Limited is actively involved, as a principal, in acquisition and management of Stressed Assets as well as consultancy services.
2. SIGNIFICANT ACCOUNTING POLICIES:
a) Basis of preparation of Financial Statements
These financial statements have been prepared in accordance with Generally Accepted Accounting Principles in India (Indian GAAP), including the Accounting Standards notified under the relevant provisions of the Companies Act, 2013.
The financial statements are prepared on accrual basis under the historical cost convention. The financial statements are presented in the India rupees.
b) Use of Estimates
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including contingent liabilities) on the date of financial statements, and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those of the estimates. Management believes that the estimates used in preparation of the Financial Statements are prudent and reasonable.
c) Fixed Assets
i. Fixed assets are stated at actual cost less accumulated depreciation till the date of the balance sheet.
ii. Depreciation on fixed assets has been provided on Written down Value (WDV) method based on the useful lives of assets as specified in Schedule II to the companies Act, 2013.
d) Revenue Recognition
-Income from sale of investment is recognized on transfer of all significant risk and rewards of ownership to the buyer.
-Profit or Loss from dealing in shares & securities are recognized on settlement date.
-Interest income is recognized on time proportion basis.
-Other income is recognized on accrual basis.
e) Taxation
Income Tax comprises of Current Tax and net changes in Deferred Tax Assets or Liabilities during the year. Current Tax is determined at the amount of tax payable in respect of taxable income for the year as per the Income-tax Act, 1961
Deferred Tax Assets and Liabilities are recognized for the future tax consequences of timing differences between the book profit and tax profit. Deferred Tax Assets and Liabilities other than on carry forward losses and unabsorbed depreciation under tax laws are recognized when it is reasonably certain that there will be future taxable income. Deferred Tax Asset on
carry forward losses and unabsorbed depreciation, if any, are recognized when it is virtually certain that there will be future taxable profit. Deferred tax assets and liabilities are measured using substantively enacted tax rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statement of Profit and Loss in the period of substantive enactment of the change.
f) Investment
Long term investments are stated at cost. Provision for diminution in the value of investments is made if such a decline is other then temporary in the opinion of the management.
g) Employee Benefit
Company does not have any benefits plans to its employee so far.
h) Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when the Company has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions are not discounted to their present value and are determined based on the best estimates at the balance sheet date required to settle the obligation. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimation. A contingent liability is disclosed unless the possibility of an outflow of resources embodying the economic benefits is remote. Contingent Assets are neither recognized nor disclosed in the financial statements.
Mar 31, 2015
A) Basis of preparation of Financial Statements
These financial statements have been prepared to comply with Generally
Accepted Accounting Principles in India (Indian GAAP), including the
Accounting Standards notified under the relevant provisions of the
Companies Act, 2013.
The financial statements are prepared on accrual basis under the
historical cost convention. The financial statements are presented in
the India rupees.
b) Use of Estimates
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities (including contingent liabilities) on the date of
financial statements, and the reported amount of revenues and expenses
during the reporting period. Actual results could differ from those of
the estimates. Management believes that the estimates used in
preparation of the Financial Statements are prudent and reasonable.
c) Fixed Assets
i. Fixed assets are stated at actual cost less accumulated
depreciation till the date of the balance sheet.
ii. Depreciation on fixed assets has been provided on Written down
Value (WDV) method based on the useful lives of assets as specified in
Schedule II to the companies Act, 2013.
d) Revenue Recognition
- Income from sale of investment is recognised on transfer of all
significant risk and rewards of ownership to the buyer.
- Profit or Loss from dealing in shares & securities are recognised on
settlement date.
- Interest income is recognized on time proportion basis.
e) Taxation
Income Tax comprises of Current Tax and net changes in Deferred Tax
Assets or Liabilities during the year. Current Tax is determined at the
amount of tax payable in respect of taxable income for the year as per
the Income-tax Act, 1961
Deferred Tax Assets and Liabilities are recognised for the future tax
consequences of timing differences between the book profit and tax
profit. Deferred Tax Assets and Liabilities other than on carry forward
losses and unabsorbed depreciation under tax laws are recognised when
it is reasonably certain that there will be future taxable income.
Deferred Tax Asset on carry forward losses and unabsorbed depreciation,
if any, are recognised when it is virtually certain that there will be
future taxable profit. Deferred tax assets and liabilities are
measured using substantively enacted tax rates. The effect on deferred
tax assets and liabilities of a change in tax rates is recognised in
the Statement of Profit and Loss in the period of substantive enactment
of the change.
f) Investment
Long term investments are stated at cost. Provision for diminution in
the value of investments is made if such a decline is other then
temporary in the opinion of the management.
g) Employee Benefit
Company does not have any benefits plans to its employees so far.
h) Provisions, Contingent Liabilities and Contingent Assets
A provision is recognised when the Company has a present legal or
constructive obligation as a result of a past event and it is probable
that an outflow of resources will be required to settle the obligation,
in respect of which reliable estimate can be made. Provisions are not
discounted to their present value and are determined based on the best
estimates at the balance sheet date required to settle the obligation.
Provisions are reviewed at each balance sheet date and adjusted to
reflect the current best estimation. A contingent liability is
disclosed unless the possibility of an outflow of resources embodying
the economic benefits is remote. Contingent Assets are neither
recognised nor disclosed in the financial statements.
Mar 31, 2014
A) Basis of preparation of Financial Statements
The financial statements have been prepared to comply in all material
respect with the Generally Accepted Accounting Principles in India
including the applicable Accounting Standards issued pursuant to the
Companies (Accounting Standards) Rules, 2006 and relevant provisions of
the Companies Act, 1956. The financial statements are prepared under
the historical cost convention on accrual and going concern basis.
b) Use of Estimates
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities (including contingent liabilities) on the date of
financial statements, and the reported amount of revenues and expenses
during the reporting period. Actual results could differ from those of
the estimates. Management believes that the estimates used in
preparation of the Financial Statements are prudent and reasonable.
c) Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. Cost includes all incidental expenses related to
acquisition and installation & other pre-operation expenses until the
asset is ready to put to use for its intended purposes.
e) Revenue Recognition
- Profit or Loss from dealing in shares & securities are recognised on
settlement date.
- Interest income is recognized on time proportion basis.
f) Taxation
Income Tax comprises of Current Tax and net changes in Deferred Tax
Assets or Liabilities during the year. Current Tax is determined at the
amount of tax payable in respect of taxable income for the year as per
the Income-tax Act, 1961 Deferred Tax Assets and Liabilities are
recognised for the future tax consequences of timing differences
between the book profit and tax profit. Deferred Tax Assets and
Liabilities other than on carry forward losses and unabsorbed
depreciation under tax laws are recognised when it is reasonably
certain that there will be future taxable income. Deferred Tax Asset on
carry forward losses and unabsorbed depreciation, if any, are
recognised when it is virtually certain that there will be future
taxable profit. Deferred tax assets and liabilities are measured using
substantively enacted tax rates. The effect on deferred tax assets and
liabilities of a change in tax rates is recognised in the Statement of
Profit and Loss in the period of substantive enactment of the change
g) Investment
Long term investments are stated at cost. Provision for diminution in
the value of investments is made if such a decline is other then
temporary in the opinion of the management. Cost of borrowing i.e.
interest for specific investment which is of long term nature has been
apportioned on cost of investment in conformity with the Accounting
Standard -16 Borrowing Cost.
h) Employee Benefit
Company does not have any benefits plans to its employee so far.
i) Provisions, Contingent Liabilities and Contingent Assets
A provision is recognised when the Company has a present legal or
constructive obligation as a result of a past event and it is probable
that an outflow of resources will be required to settle the obligation,
in respect of which reliable estimate can be made. Provisions are not
discounted to their present value and are determined based on the best
estimates at the balance sheet date required to settle the obligation.
Provisions are reviewed at each balance sheet date and adjusted to
reflect the current best estimation. A contingent liability is
disclosed unless the possibility of an outflow of resources embodying
the economic benefits is remote. Contingent Assets are neither
recognised nor disclosed in the financial statements.
j) Cash and Cash Equivalents
Cash comprises of Cash on Hand, Cheques on Hand and demand deposits
with Banks. Cash Equivalents are short term, highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risks of changes in value.
k) Earnings per Share
Basic earnings per share is calculated by dividing the net profit/
(loss) after tax for the period attributable to equity shareholders of
the Company by the weighted average number of equity shares in issue
during the period.
Diluted earnings per share is calculated by dividing the net profit
after tax for the year attributable to equity shareholder of the
Company by the weighted Average number of shares outstanding during the
year adjusted for the effects of all dilutive potential equity shares.
(I) The Company has one class of equity shares having a par value of
Re.1/- each. Each share holder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to approval
of the Shareholder in the ensuing Annual General Meeting (AGM), except
in the case of interim dividend which is ratified by the Shareholders
at the AGM.
(iv) The Company does not have any holding Company / ultimate holding
company.
(v) No ordinary shares have been reserved for issue under option and
contracts / commitments for the sale of shares / disinvestment as at
the Balance Sheet date. (vi) 33975000 shares were allotted as stock
split by the Company during the financial years 2012-13 .
(vii) No securities convertible into Equity / Preference shares issued
by the Company during the year.
(viii) No calls are unpaid by any Director or Officer of the Company
during the year.
Mar 31, 2013
A) Basis of preparation of Financial Statements
The financial statements have been prepared to comply in all material
respect with the Generally Accepted Accounting Principles in India
including the applicable Accounting Standards issued pursuant to the
Companies (Accounting Standards) Rules, 2006 and relevant provisions of
the Companies Act, 1956. The financial statements are prepared under
the historical cost convention on accrual and going concern basis.
b) Use of Estimates
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities (including contingent liabilities) on the date of
financial statements, and the reported amount of revenues and expenses
during the reporting period. Actual results could differ from those of
the estimates. Management believes that the estimates used in
preparation of the Financial Statements are prudent and reasonable.
c) Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. Cost includes all incidental expenses related to
acquisition and installation & other pre-operation expenses until the
asset is ready to put to use for its intended purposes.
e) Revenue Recognition
- Advisory Fee Income is recognized based on contractual agreements.
- Interest income is recognized on time proportion basis.
f) Foreign Currency Transactions
Foreign currency transactions are accounted at the exchange rates
prevailing on the date of the transaction. Foreign currency monetary
items outstanding as at the Balance Sheet date are reported using the
closing rate. Gains and losses resulting from the settlement of such
transactions and translation of monetary assets and liabilities
denominated in foreign currencies are recognized in the Statement of
Profit and Loss.
g) Taxation
Income Tax comprises of Current Tax and net changes in Deferred Tax
Assets or Liabilities during the year. Current Tax is determined at the
amount of tax payable in respect of taxable income for the year as per
the Income-tax Act, 1961.
Deferred Tax Assets and Liabilities are recognized for the future tax
consequences of timing differences between the book profit and tax
profit. Deferred Tax Assets and Liabilities other than on carry forward
losses and unabsorbed depreciation under tax laws are recognized when
it is reasonably certain that there will be future taxable income.
Deferred Tax Asset on carry forward losses and unabsorbed depreciation,
if any, are recognized when it is virtually certain that there will be
future taxable profit. Deferred tax assets and liabilities are measured
using substantively enacted tax rates. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in the
Statement of Profit and Loss in the period of substantive enactment of
the change
h) Investment
Long term investments are stated at cost. Provision for diminution in
the value of investments is made if such a decline is other then
temporary in the opinion of the management. Cost of borrowing i.e.
interest for specific investment which is of long term nature has been
apportioned on cost of investment in conformity with the Accounting
Standard -16 Borrowing Cost.
i) Employee Benefit
Company does not have any benefits plans to its employee so far.
j) Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized when the Company has a present legal or
constructive obligation as a result of a past event and it is probable
that an outflow of resources will be required to settle the obligation,
in respect of which reliable estimate can be made. Provisions are not
discounted to their present value and are determined based on the best
estimates at the balance sheet date required to settle the obligation.
Provisions are reviewed at each balance sheet date and adjusted to
reflect the current best estimation. A contingent liability is
disclosed unless the possibility of an outflow of resources embodying
the economic benefits is remote. Contingent Assets are neither
recognized nor disclosed in the financial statements.
k) Cash and Cash Equivalents
Cash comprises of Cash on Hand, Cheques on Hand and demand deposits
with Banks. Cash Equivalents are short term, highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risks of changes in value.
l) Earnings per Share
Basic earnings per share is calculated by dividing the net profit/
(loss) after tax for the period attributable to equity shareholders of
the Company by the weighted average number of equity shares in issue
during the period.
Diluted earnings per share is calculated by dividing the net profit
after tax for the year attributable to equity shareholder of the
Company by the weighted Average number of shares outstanding during the
year adjusted for the effects of all dilutive potential equity shares.
Mar 31, 2012
A) Basis of preparation of Financial Statements
The financial statements have been prepared to comply in all material
respect with the Generally Accepted Accounting Principles in India
including the applicable Accounting Standards issued pursuant to the
Companies (Accounting Standards) Rules, 2006 and relevant provisions of
the Companies Act, 1956. The financial statements are prepared under
the historical cost convention on accrual and going concern basis.
b) Use of Estimates
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities (including contingent liabilities) on the date of
financial statements, and the reported amount of revenues and expenses
during the reporting period. Actual results could differ from those of
the estimates. Management believes that the estimates used in
preparation of the Financial Statements are prudent and reasonable. '
c) Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. Cost includes ail incidental expenses related to
acquisition and installation & other pre-operation expenses until the
asset is ready to put to use for its intended purposes.
d) Depreciation
Depreciation on Fixed Assets is provided on written down value method,
at the rates prescribed by Schedule XIV of the Companies Act, 1956.
a) Revenue Recognition .
- Advisory Fee Income is recognised based on contractual agreements.
.
- Interest income is recognized on time proportion basis.
b) Foreign Currency Transactions
Foreign currency transactions are accounted at the exchange rates
prevailing on the date of the transaction. Foreign currency monetary
items outstanding as at the Balance Sheet date are reported using the
closing rate. Gains and losses resulting from the settlement of such
transactions and translation of monetary assets and liabilities
denominated in foreign currencies are recognised in the Statement of
Profit and Loss. -
c) Taxation
Income Tax comprises of Current Tax and net changes in Deferred Tax
Assets or Liabilities during the year. Current Tax is determined at the
amount of tax payable in respect of taxable income for the year as per
the Income-tax Act, 1961 Deferred Tax Assets and Liabilities are
recognised for the future tax consequences of timing differences
between the book profit and tax profit. Deferred Tax Assets and
Liabilities other than on carry forward losses and unabsorbed
depreciation under tax laws are recognised when it is reasonably
certain that there will be future taxable income. Deferred Tax Asset
on carry forward losses and unabsorbed depreciation, if any, are
recognised when it is virtually certain that there will be future
taxable profit. Deferred tax assets and liabilities are measured using
substantively enacted tax rates. The effect on deferred tax assets and
liabilities of a change in tax rates is recognised in the Statement of
Profit and Loss in the period of substantive enactment of the change
d) Investment
Long term investments are stated at cost. Provision for diminution in
the value of investments is made if such a decline is other then
temporary in the opinion of the management. Cost of borrowing i.e.
interest for specific investment which is of long term nature has been
apportioned on cost of investment in conformity with the Accounting
Stanaard 16 Borrowing Cost.
e) Employee Benefit
Company does not have any benefits plans to its employee so f or.
f) Provisions, Contingent Liabilities and Contingent Assets
A provision is recognised when the Company has a present legal or
constructive obligation as a result of a past event and it is probable
that an outflow of resources will be required to settle the obligation,
in respect of which reliable estimate can be made. Provisions are not
discounted to their present value and are determined based on the best
estimates at the balance sheet date required to settle the obligation.
Provisions are reviewed at each balance sheet date and adjusted to
reflect the current best estimation. A contingent liability is
disclosed unless the possibility of an outflow of resources embodying
the economic benefits is remote. Contingent Assets are neither
recognised nor disclosed in the financial statements.
g) Cash and Cash Equivalents
Cash comprises of Cash on Hand, Cheques on Hand and demand deposits
with Banks. Cash Equivalents are short term, highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risks of changes in value.
h) Earnings perShare
Basic earnings per share is calculated by dividing the net profit/
(loss) after tax for the period attributable to equity shareholders of
the Company by the weighted average number of equity shares in issue
during the period.
Diluted earnings per share is calculated by dividing the net profit
after tax for the year attributable to equity shareholder of the
Company by the weighted Average number of shares outstanding during the
year adjusted for the effects of all dilutive potential equity shares.
Mar 31, 2011
1. SYSTEM OF ACCOUNTING : Company follows accrual system of
accounting.
2. FIXED ASSETS: Fixed Assets are stated at cost of acquisition less
accumulated depreciation. Depreciation on all assets is provided on WDV
method as per rates prescribed in schedule XIV of the Companies
Act,1956.
3. TAXATION:Provisions for taxation comprisesofcurrent tax and
deferred tax charge or release. Deferred tax is recognised subject to
consideration of prudence on timing difference, being difference
between taxable and accounting income/expenditure that originate in one
period and are capable of reversal in one or more subsequent period(s).
Deferred tax assets arising out of carry forward losses and unabsorbed
depreciation are not recognised unless there is virtual certainty that
sufficient future taxable income will be available against which such
deferred tax assets will be realised.
4. INVESTMENT: Long term investments are stated at cost. Provision for
diminution in the value of investments is made only if such a decline
is other then temporary in the opinion of the management. Cost of
borrowing i.e. interest for specific investment which is of long term
nature has been apportioned on cost of investment in conformity with
the Accounting Standard à 16 Borrowing Cost.
5. FOREIGN CURRENCY TRANSACTION: Recorded on the basis of exchange
rate prevailing on the date of their occurrence. Monetary foreign
currency assets and liabilities outstanding at the close of the year
are re-valued at the exchange rates prevailing on the balance sheet
date. Exchange differences arising on account of fluctuation in the
rate of exchange is recognised in the profit and loss account.
6. EMPLOYEE BENEFIT : Company does not have any benefits plans to its
employee so far.
7. PROVISIONS, CONTINGENT ASSETS & LIABILITIES
Provisions are recognised only when there is a present obligation as a
result of past events and when a reliable estimate of the amount of
obligation can be made. Contingent liability is disclosed for:
a) Possible obligation which will be confirmed only by future events
wholly within the control of the company or
b) Present obligations arising from past events where it is not
probable that an outflowof resources will be requiredtosettle the
obligationor a reliable estimate of the amount of the obligation cannot
be made. Contingent assets are not recognised in the financial
statements since this may result in the recognition of income that may
be never be realised.
Mar 31, 2010
1. SYSTEM OF ACCOUNTING: Company follows accrual system of accounting.
2. FIXED ASSETS : Fixed Assets are stated at cost of acquisition less
accumulated depreciation. Depreciation on all assets is provided on WDV
method as per rates prescribed in schedule XIV of the Companies Act,
1956.
3. TAXATION: Provisions for taxation comprises of current tax and
deferred tax charge or release and Fringe Benefit Tax. Deferred tax is
recognised subject to consideration of prudence on timing difference,
being difference between taxable and accounting income/expenditure that
originate in one period and are capable of reversal in one or more
subsequent period(s). Deferred tax assets arising out of carry forward
losses and unabsorbed depreciation are not recognised unless there is
virtual certainty that sufficient future taxable income will be
available against which such deferred tax assets will be realised.
4. INVESTMENT: Long term investments are stated at cost. Provision for
diminution in the value of investments is made only if such a decline
is other then temporary in the opinion of the management. Cost of
borrowing i.e. interest for specific investment which is of long term
nature has been apportioned on cost of investment in conformity with
the Accounting Standard -16 Borrowing Cost.
5. FOREIGN CURRENCY TRANSACTION : Recorded on the basis of exchange
rate prevailing on the date of their occurrence. Monetary foreign
currency assets and liabilities outstanding at the close of the year
are revalorised at the exchange rates prevailing on the balance sheet
date. Exchange differences arising on account of fluctuation in the
rate of exchange is recognised in the profit and loss account.
6. EMPLOYEE BENEFIT: Company does not have any benefits plans to its
employee so far.
7. CONTINGENT ASSETS & LIABILITIES: Contingent liabilities are not
provided for in the accounts and are separately disclosed in the Notes
on Accounts.
Mar 31, 2009
1. SYSTEM OF ACCOUNTING: Company follows accrual system of accounting.
2. FIXED ASSETS : Fixed Assets are stated at cost of acquisition less
accumulated depreciation. Depreciation on all assets is provided on WDV
method as per rates prescribed in schedule XIV of the Companies Act,
1956.
3. TAXATION : Provisions for taxation comprises of current tax and
deferred tax charge or release and Fringe Benefit Tax. Deferred tax is
recognised subject to consideration of prudence on timing difference,
being difference between taxable and accounting income/expenditure that
originate in one period and are capable of reversal in one or more
subsequent period(s). Deferred tax assets arising out of carry forward
losses and unabsorbed depreciation are not recognised unless there is
virtual certainty that sufficient future taxable income will be
available against which such deferred tax assets will be realised.
4. INVESTMENT: Long term investments are stated at cost. Provision for
diminution in the value of investments is made only if such a decline
is other then temporary in the opinion of the management.
5. INVENTORIES: inventories are valued at cost or net realisable value
whichever is lower (determined on weighted/ moving average basis)
6. FOREIGN CURRENCY TRANSACTION : Recorded on the basis of exchange
rate prevailing on the date of their occurrence. Monetary foreign
currency assets and liabilities outstanding at the close of the year
are revalorised at the exchange rates prevailing on the balance sheet
date. Exchange differences arising on account of fluctuation in the
rate of exchange is recognised in the profit and loss account.
7. EMPLOYEE BENEFIT: Company does not have any benefits plans to its
employee so far.
8. CONTINGENT LIABILITIES: Contingent liabilities are not provided for
in the accounts and are separately disclosed in the Notes on Accounts.
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