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Accounting Policies of Ishwarshakti Holdings & Traders Ltd. Company

Mar 31, 2014

A Basis of Accounting :

The financial statements are prepared under historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act, 1956 and as per the guidelines issued by the Reserve Bank of India, wherever applicable.

B Revenue Recognition :

Interest and other dues are accounted for on accrual basis except in respect of non-performing assets which income is recognised on cash basis. .

C Provision for Doubtful Debts and Written-off of Bad Debts:

Debts specifically considered fully or partially irrecoverable are written-off and Provision against sub-standard and doubtful assets is made in accordance with the guidelines issued by Reserve Bank of India. Sums recovered against debts earlier written off and provision no longer considered necessary in the context of the current status of the borrower are written back.

D Fixed Assets:

Fixed assets are stated at cost of acquisition less accumulated depreciation.

E Depreciation:

The depreciation has been provided on Written Down Value Method as per rates specified in Schedule XIV of the Companies Act, 1956.

F Investments;

Investments are stated at cost of acquisition & provision for diminution is made if fall in value is other than temporary in nature. Dividends are accounted for when received.

G Inventories :

Inventories are vaued at lower of average cost or market price. Cost for the purpose of closing stock valuation has been taken on annual average basis.

H Retirement Benefits:

(a) Earned leave by the employees is to be utilised or encashed in the same year, no carry forward of leave is allowed.

(b) No provision for gratuity has been made, as no employee has yet put in the qualifying period for service for entitlement to this benefit.

I Contingent Liabilities:

These are disclosed by way of notes to accounts.

J Taxation :

Provision is made for Income Tax liability estimated to arise on the results for the year at the current rate of tax in accordance with Income Tax Act, 1961. Deferred income tax is provided, using the liability method, on all temporary differences at the Balance Sheet date between the tax bases of assets and their carrying amounts liabilities and for financial reporting purpose.

Deferred tax assets are recognised only to the extent that there is a reasonable certainty that sufficient future taxable profits will be available against which such deferred tax assets can be realised.

Deferred tax assets and liabilities are measured using the tax rates and the law that have been enacted or subsequently enacted at the Balance Sheet date. llW''i


Mar 31, 2013

A Baste of Accounting :

The financial statements are prepared under historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act, 1956 and as per the guidelines issued by the Reserve Bank of India, wherever applicable,

B Revenue Recognition :

Interest and other dues are accounted for on accrual basis except in respect of non-performing assets which income is recognised on cash basis.

C Provision for Doubtful Debts and Written-off of Bad Debts :

Debts specifically considered Fully or partially irrecoverable are written-off and Provision against sub-standard and doubtful assets is made in accordance with the guidelines issued by Reserve Bank of India. Sums recovered against debts earlier written off and provision no longer considered necessary In the context of the current status of the borrower are written back,

D Fixed Assets:

Fixed assets are stated at cost of acquisition less accumulated depreciation,

E Depreciation:

The depreciation has been provided on Written Down Value Method as per rates specified in Schedule XIV of the Companies Act, 19SG.

F Investments:

investments are stated at cost of acquisition & provision for diminution is made if fall in value is other than temporary in nature. Dividends are accounted for when received.

G Inventories:

Inventories are vaued at lower of average cost or market price. Cost for the purpose of closing stock valuation has been taken on annual average basis.

H Retirement Benefits :

(a) Earned leave by the employees is to be utilised or encashed in the same year, no carry forward of leave is allowed.

(b) No provision for gratuity has been made, as no employee has yet put in the qualifying period for service for entitlement to this benefit,

I Contingent Liabilities: These are disclose by way of notes to accounts.

J Taxation;

Provision is made for Income Tax liability estimated to arise on the results for the year at the current rate of tax in accordance with Income Tax Act, 1961.


Mar 31, 2012

A Basis of Accounting :

The financial statements are prepared under historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act, 1956 and as per the guidelines issued by the Reserve Bank of India, wherever applicable.

B Revenue Recognition:

Interest and other dues ace accounted for on accrual basis except in respect of non-performing assets which income is recognised on cash basis.

C Provision for Doubtful Debts and Written-off of Bad Debts :

Debts specifically considered fully or partially irrecoverable are written-off and Provision against sub-standard and doubtful assets is made in accordance with the guidelines issued by Reserve Bank of India. Sums recovered against debts earlier written off and provision no longer considered necessary in the context of the current status of the borrower are written back.

D Fixed Assets :

Fixed assets are stated at cost of acquisition less accumulated depreciation.

E Depreciation:

The depreciation has been provided on Written Down Value Method as per rates specified in Schedule XIV of the Companies Act, 1956.

F Investments:

Investments are stated at cost of acquisition & provision for diminution is made if fall in value is other than temporary in nature. Dividends are accounted for when received.

G Inventories:

Inventories are valued at lower of average cost or market price. Cost for the purpose of closing stock valuation has been taken on annual average basis.

H Retirement Benefits:

(a) Earned leave by the employees is to be utilised or encashed in the same year, no carry forward of leave is allowed.

(b) No provision for gratuity has been made, as no employee has yet put in the qualifying period for service for entitlement to this benefit

I Contingent Liabilities:

These are disclosed by way of notes to accounts.


Mar 31, 2010

NOt Available

 
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