Mar 31, 2016
(All amounts in '', except share data and unless otherwise stated)
Note 1 Company Information & Accounting Policies Company Information
The company is incorporated on 25th August,]982 at Calcutta, West Bengal, India. It is a Public limited company by its shares. The company operates in Capital Market, Commodity Market& Textile Markets. The activities of the company include trading, investing in shares& other securities dealing in textile products and other related activities of capital market as well as Commodity Mai
Accounting Policies
Basis of Preparation of Financial Statements
The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the applicable Accounting Standards notified under Section 21(3c) of the Companies Act, 956 and the relevant provisions thereof.
All assets and liabilities have been classifieds current or non-corellas per the Companyâs normal operating cycle and other criteria set out in Revised Schedule VI to the Companies Act, B56.and the reliever itâ pr hosiers of which continuative applicable in respect of Section B3 of Companies Act, 20B in terms of GeneralCircularl5/20B dated September B, 20B of the Ministry of Corporate Off
Based on the nature of products and the time between acquisition of assets for processing and their realization cash and cash equivalents, the Company has ascertained its operating cycle as 2 months for the purpose of current/ noncurrent classification of assets and liable
Use of Estimates
The preparation of the financial statements in conformity with the generally accepted principles requires the management to make estimates and assumptions that effect the reported amount of assets ,liabilities ,revenues and expenses and disclosure of contingent assets and liabilities. The estimates and assumptions used in the accompanying financial statements based upon managementâs evaluation of the relevant facts and circumstances as of the date of the financial statements .Actual results may differ from that estimates and assumptions used in preparing the accompanying financial statements Any differences of actual results to success tomatoes are recognized in the period in which the results are known / material
Cash Flow Statement
Cash flow statement has been prepared in accordance with the indirect method âas explained instable issued by Fixed Assets & Depreciation fixed Assets are stated at cost less accumulated depreciation thereon. Subsequent expenditures related to an item of fixed asset are added to its book value only if they increase the future benefits from the existing asset beyond its previously assessed standard of Performa
Items of fixed assets that have been retired from active use and are held for disposal are stated at the lower of their book value and net realizable value and are shown separately in the financial statements under Other Current Assets. Losses arising from there tenement, and gains or losses arising from disposal of fixed assets which are carried at cost are recognized in the profit and loss act
The cost of fixed assets comprises purchase price and any attributable cost of bringing the assets to its working condition for its intended use. The Company provides pro-rat depreciation from the date on which assets is acquired/ put to use. Depreciation is provided on the Writer Down value method over the estimated useful lives of the assets or the rates prescribed under Schedule XIV of the Companies Act, 1956, whichever is higher. In respect of assets sold, prorated precautionâs provided up to the date on which assets is sold. On all assets depreciation has been provided using the Written Down Value method at the rates specified in Schedule XIV to the Companies Act, B56.and the relevant provisions there of which continuative applicable in respect of Section BB of Companies Act, 20B in terms of General Circular B/20B dated September B, 20B of the Ministry of Corporate Affairs.
Intangible Assets & Amortization
Intangibles assets are stated at cost less accumulated amortization. These are being amortized over the estimated useful life, as determined by the management. Leasehold land is amortized over the primary period of e.
Revenue Recognition
Revenue is recognized to the extent it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. The following specific recognition criteria must also be met before re demonize
a) Income is recognized on accrual basis as soon as the sale takes place and ownership transfer.
Other Income Recognition
Interest investments is booked on a time proportion basis taking into account the amount invested and thereto interest
Purchase
Purchases recognized on passing of ownership in share based on brokers purchase note as well as for textile materials based on purchase invoices along with challis.
Expenditure
Expenses are accounted for on accrual basis and provision is made for all known losses and reliability Investments
Current investments are stated at the lower of cost and fair value. Long-term investments are stated at cost. A provision for diminution is made to recognize a decline, other than temporary, in the value of long-term airtime investment
Cash & Cash Equivalents
The Company considers all highly liquid financial instruments, which are readily convertibles limited original maturities of three months or less from the date of purchase, to be cash equivalents.
Impairment of Assets
An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there is a change in the estimated revere
Taxation
Provision for current income T axis made on the taxable income using the applicable tax rates and tax laws. Deferred tax assets or liabilities arising on account of timing differences between book and tax profits, which are capable of reversal in one or more subsequent years is recognized using tax rate and tax laws that have been enacted or subsequently enacted. Deferred tax asset in respect of unabsorbed depreciation and carry forward losses are not recognized unless there is sufficient assurance that there will be sufficient future taxable income available to realize such losses
Earnings per Share
Basic earnings per shares calculated by dividing the net profit for the period attributable to equity share holders by the weighted average number of equity shares outstanding during the p
Stock in Trade
Shares are valued at cost or market value, whichever is lower.
Contingent Liabilities & Provisions
A provision is recognized when there is a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and in respect of which reliable estimate can be made. Provision is not discounted to its present value and is determined based on the best estimate required to settle the obligation at the yearend date
Other Notes and Additional Information forming part of Financial Statements
i) In the opinion of the management, current assets, loans and advances and other receivabla2alhBafele'' value of at least the amounts at which they are stated in the accounts
Mar 31, 2015
Company Information
The company is incorporated on 25th August, 1982 at Calcutta, West
Bengal, India. It is a Public limited company by its shares.
Accounting Policies
Basis of Preparation of Financial Statements
The accounts have been prepared to comply in all material aspects with
applicable accounting principles in India, the applicable Accounting
Standards notified under Section 211(3c) of the Companies Act, 1956 and
the relevant provisions thereof.
All assets and liabilities have been classified as current or
non-current as per the Company's normal operating cycle and other
criteria set out in Revised Schedule VI to the Companies Act, 1956.
and the relevant provisions thereof which continue to be applicable in
respect of Section 133 of Companies Act, 2013 in terms of General
Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate
Affairs.
Based on the nature of products and the time between acquisition of
assets for processing and their realization in cash and cash
equivalents, the Company has ascertained its operating cycle as 12
months for the purpose of current / non-current classification of
assets and liabilities.
Use of Estimates
The preparation of the financial statements in conformity with the
generally accepted principles requires the management to make estimates
and assumptions that effect the reported amount of assets, liabilities,
revenues and expenses and disclosure of contingent assets and
liabilities. The estimates and assumptions used in the accompanying
financial statements are based upon management's evaluation of the
relevant facts and circumstances as of the date of the financial
statements. Actual results may differ from that estimates and
assumptions used in preparing the accompanying financial statements.
Any differences of actual results to such estimates are recognized in
the period in which the results are known / materialized.
Cash Flow Statement
Cash flow statement has been prepared in accordance with the "indirect
method" as explained in the AS-3 issued by the Institute of Chartered
Accountants of India.
Fixed Assets & Depreciation
Fixed Assets are stated at cost less accumulated depreciation thereon.
Subsequent expenditures related to an item of fixed asset are added to
its book value only if they increase the future benefits from the
existing asset beyond its previously assessed standard of performance.
Items of fixed assets that have been retired from active use and are
held for disposal are stated at the lower of their book value and net
realizable value and are shown separately in the financial statements
under Other Current Assets. Losses arising from the retirement of, and
gains or losses arising from disposal of fixed assets which are carried
at cost are recognized in the profit and loss account
The cost of fixed assets comprises purchase price and any attributable
cost of bringing the assets to its working condition for its intended
use. The Company provides pro-rata depreciation from the date on which
assets is acquired / put to use. Depreciation is provided on the
Written Down value method over the estimated useful lives of the assets
or the rates prescribed under Schedule XIV of the Companies Act, 1956,
whichever is higher. In respect of assets sold, prorata depreciation is
provided up to the date on which assets is sold. On all assets
depreciation has been provided using the Written Down Value method at
the rates specified in Schedule XIV to the Companies Act, 1956.and the
relevant provisions thereof which continue to be applicable in respect
of Section 133 of Companies Act, 2013 in terms of General Circular
15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs.
Intangible Assets & Amortization
Intangibles assets are stated at cost less accumulated amortization.
These are being amortized over the estimated useful life, as determined
by the management. Leasehold land is amortized over the primary period
of the lease.
Revenue Recognition
Revenue is recognized to the extent it is probable that the economic
benefits will flow to the Company and the revenue can be reliably
measured. The following specific recognition criteria must also be met
before revenue is recognized.
a) Income is recognized on accrual basis as soon as the sale takes
place and ownership transfer.
Other Income Recognition
Interest on investments is booked on a time proportion basis taking
into account the amounts invested and the rate of interest.
Dividend income on investments is accounted for when the right to
receive the payment is established.
Purchase
Purchase is recognized on passing of ownership in share based on
broker's purchase note as well as for textile materials based on
purchase invoices along with challans.
Expenditure
Expenses are accounted for on accrual basis and provision is made for
all known losses and liabilities.
Investments
Current investments are stated at the lower of cost and fair value.
Long-term investments are stated at cost. A provision for diminution is
made to recognize a decline, other than temporary, in the value of
long-term investments. Investments are classified into current and
long-term investments.
Investments that are readily realizable and are intended to be held for
not more than one year from the date on which such investments are
made, are classified as current investments. All other investments are
classified as noncurrent investments.
Cash & Cash Equivalents
The Company considers all highly liquid financial instruments, which
are readily convertible into cash and have original maturities of three
months or less from the date of purchase, to be cash equivalents.
Impairment of Assets
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to
Statement of Profit and Loss in the year in which an asset is
identified as impaired. The impairment loss recognized in prior
accounting period is reversed if there is a change in the estimated
recoverable value.
Taxation
Provision for current Income Ta x is made on the taxable income using
the applicable tax rates and tax laws. Deferred tax assets or
liabilities arising on account of timing differences between book and
tax profits, which are capable of reversal in one or more subsequent
years is recognized using tax rate and tax laws that have been enacted
or subsequently enacted. Deferred tax asset in respect of unabsorbed
depreciation and carry forward losses are not recognized unless there
is sufficient assurance that there will be sufficient future taxable
income available to realize such losses.
Earnings per Share
Basic earnings per share is calculated by dividing the net profit for
the period attributable to equity shareholders by the weighted average
number of equity shares outstanding during the period.
The weighted average number of equity shares outstanding during the
period and for all periods presented is adjusted for events, such as
bonus shares, other than the conversion of potential equity shares,
that have changed the number of equity shares outstanding, without a
corresponding change in resources. For the purpose of calculating
diluted earnings per share, the net profit for the period attributable
to equity shareholders and the weighted average number of shares
outstanding during the period is adjusted for the effects of all
dilutive potential equity shares.
Stock in Trade
Shares are valued at cost or market value, whichever is lower.
Contingent Liabilities & Provisions
A provision is recognized when there is a present obligation as a
result of a past event, it is probable that an outflow of resources
will be required to settle the obligation and in respect of which
reliable estimate can be made. Provision is not discounted to its
present value and is determined based on the best estimate required to
settle the obligation at the yearend date
These are reviewed at each year end date and adjusted to reflect the
best current estimate
Contingent liabilities are disclosed when there is a possible
obligation arising from past events, the existence of which will be
confirmed only by the occurrence or non occurrence of one or more
uncertain future events not wholly within the control of the Company or
a present obligation that arises from past events where it is either
not probable that an outflow of resources will be required to settle or
a reliable estimate of the amount cannot be made.
Mar 31, 2014
1.1 Basis of Preparation of Financial Statements
The Financial Statements have been prepared under the historical cost
convention and in accordance with the provisions of the Companies Act,
1956. Accounting policies not referred to otherwise are consistent and
are in consonance with the generally accepted accounting principles in
India.
1.2 Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amount of assets and liabilities on the
date of the financial statements and the reported amount of revenues
and expenses during the reporting period. Difference between the actual
results and estimates are recognized in the period in which the results
are known to be materialized.
1.3 Recognition of Income & Expenses
Items of Income and Expenditure are recognized and accounted for on
Accrual basis except dividend.
1.4 Method of Valuation
Quoted Inventories/Stock-in-trade has been valued at cost or Market
Price whichever is lower. Unquoted Shares are valued at cost.
1.5 Fixed Assets
The company has no Fixed Assets during the current year and hence there
is no depreciation debited in the Profit & Loss Account
1.6 Depreciation
Since the company has no fixed assets, there is nothing to be debited
regarding depreciation
1.7 Current Assets & Liabilities
In the opinion of the Board, all the assets (there is no Fixed Assets &
Non-current Investment) are at least approximately of the value stated
in the accounts, if realized in the ordinary course of business, unless
otherwise stated. The provisions of all known liabilities are adequate
and are not in excess of the amount considerably necessary by the
management.
1.8 Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
Contingent Liability, if any are disclosed by way of notes
1.9 Provision for Gratuity
Provision for Gratuity is made when there is a reasonable certainty of
staff continuing the service for minimum eligible period or has
completed such period. However, it has not been made in the accounts
for the year as there is no such reasonable certainty of completion.
1.10 Provision for Taxation
Provision for Income Tax is made on the basis of estimated taxable
income for the period at current rates.
1.11 Provision for Deferred Tax
The Company recognizes deferred tax assets and liabilities in terms
with Accounting standard 22 issued by the Institute of Chartered
Accountants of India on "Accounting for Taxes on Income". Provision for
Income Tax is made on the basis of estimated taxable income for the
period at current rates. Tax expense comprises both Current Tax and
Deferred Tax at the applicable enacted or substantively enacted rates.
Current Tax represents the amount of Income Tax payable/ recoverable in
respect of taxable income/ loss for the reporting period. Deferred Tax
represents the effect of timing difference between taxable income and
accounting income for the reporting period that originates in one year
and are capable of reversal in one or more subsequent years.
Mar 31, 2013
1.1 Accounting Policies not specifically referred to otherwise are in
consonance with generally accepted accounting principles.
1.2 Expenses and Income considered payable and receivable respectively
are accounted for on accrual basis.
1.3 In the opinion of the Board, the Current Assets, Loans and Advances
are approximately of the value stated if realized in the ordinary
course of business. The provisions of all known liabilities are
adequate and not in excess of the amount reasonably necessary.
1.4 Fixed Assets
Generally Fixed Assets are stated at cost less Depreciation, cost
comprises the purchases price and other attributable costs.
Depreciation on assets is provided on written down value method as per
rates prescribed in Schedule XIV to the Companies Act 1956 however the
Company was not having any Fixed Assets during the year under review.
1.5 Depreciation
According to Company policy, Depreciation on Fixed Assets is generally
provided for on Diminishing Balance Method at rated specified in
schedule XIV of the Companies Act 1956. Depreciation on Assets
purchased/sold during the year has been provided for on pro-rata basis
however the Company was not having any Fixed Assets during the year
under review thus no provision for Depreciation is required to be made
for the year under review.
1.6 Stock-in-trade
The Securities acquired with the intention of short term holding and
trading positions are considered as Stock in Trade and shown as current
assets. Quoted stocks are valued at cost or market value, whichever is
lower and Unquoted Stocks are valued at Cost..
1.7 Revenue Recognition
Income is accounted on accrual basis except Dividend.
1.8 Gratuity
None of the Employee has completed the service period to become
eligible for payment of gratuity.
1.9 Taxation
Provision for Taxation has been made as per Income Tax Act and Rules
made there under.
1.10 Contingent Liabilities
Contingent Liabilities not provided for : Nil
1.11 Others
None of the Raw Materials, Stores, Spares and Components consumed or
purchased during the year have been imported.
None of the Earnings / Expenditures is in Foreign Currency.
Balance of Debtors, Creditors, Deposits, Loans and Advances are subject
to confirmation.
In the opinion of the Board, the Current Assets, Loans & Advances are
approximately of the value stated if realized in the ordinary course of
business. The provision for depreciation and all known liabilities are
adequate and not in excess of the amounts reasonably necessary.
1.12 Investments
All investments are held or intended to be held for one year or more
and therefore considered a long term investments and valued at cost as
per AS 13 issued by ICAI. Provision for diminution in the value of
long term investments is made only if such a decline is other than
temporary in opinion of the management.
1.13 Differed Tax Assets/Liabilities
The company had recognized deferred tax assets and liabilities in terms
with Accounting Standard 22 issued by the Institute of Chartered
Accountants of India on ÂAccounting for Taxes on Income Deferred tax
is recognized on timing differences (being the difference between
taxable income under Income Tax Act, and Accounting Income) which
originate in one period and are capable of reversal in subsequent
period Deferred Tax Assets are recognized only if there is reasonable
certainly of recouping them against future taxable Profit. All such
assets there is reasonable certainly of recouping them against future
taxable Profit. All such assets and liabilities are reviewed on each
Balance Sheet date to reflect the charged position.
Mar 31, 2012
A) Principle & Pratice :
The Financial Statements have been prepared under the historical cost
convention in accordance with generally accepted accounting principles,
following Accounting standards and other provisions ot the Companies
Act, and ongoing concern concept.
b) System of Accounting :
Generally Mercantile System of Accounting is followed except loss on
speculation of shares tiling fees and unascertained items which have
been taken on cash basis.
c) Recognition of Income & Expenses :
Items of Income and Expenditure are recognised on accrual basis save as
above.
d) Current Assets & Liabilities :
In the opinion of the Board, all the Assets (there is no Fixed Assets &
Non-current Investment) are at least approximately of the value stated
in the accounts, if realized in the ordinary course of business, unless
otherwise stated. The provision of all the known liabilities are
adequate and are not in excess of the amount considered reasonably
necessary by the management.
e) Method of valuation :
Stock in Trade of shares are valued at cost without recognizing
temporary diminution in their values. The other items are valued at
cost or market value whichever is lower. However there is no stock of
other items at the year end,
0 Contingent Liabilities & Commitments :
Contingent Liabilities are provided in the Accounts on the best
judgement basis depending upon the degree of certainty of the
contingency. Commitments are provided on the basis of estimated amount
and penod of occurrence. The balance of both of them not provided for,
are disclosed by way of note. However, there is no known or expected
Contingent Liability or Commitment at the end of the year.
9) Provision for Gratuity:
Provision for Gratuity is made when there is a reasonable certainty of
Staff continuing the service for minimum eligible period or has
completed such period. However, it has not been made in the accounts
for the year as there is no such reasonable certainty or completion.
h) Provision for Taxation :
Provision for Taxation has been made in accordance with Income Tax Act
& Rules thereunder.
i) Recognition of Deferred Tax -
The Company recognises deferred tax assets and liabilities in terms
with Accounting Standard 22 issued by the Institute of Chartered
Accountants of India on "Accounting for Taxes on Income- Deferred tax
is recognised on timing differences (being the difference between
taxable income under Income Tax Act and Accounting income) which
originate in one period and are capable of reversal tn subsequent
period. Deferred Tax Assets over & above Deferred Tax Liabilities are
recognised only if there is reasonable certainly of recouping them
against taxable Profit in foreseeable future. All such assets and
liabilities are reviewed on each Balance Sheet date to reflect the
changed position.
Mar 31, 2011
1 DEFERRED TAX ASSETS/LIABILITIES :
The Company has not acquired any fixed assets (no Depreciation
Difference) and there is no Deferred Tax Liability. The Company has not
carried forward business losses under the ncome Tax Act, 1961, there is
no Deferred Tax Assets. Hence, the Deferred Tax Assets and Uab.lrt.es
have not been Accounted for. This is in accordance with Accounting
Standard India n9 for Taxes on ,Income" issued bV the ,Institute of
Chartered Accoutants of
2. CURRENT ASSETS/LIABILITIFR
In the opinion of the Board, the Current Assets and Loans & Advances
are approximately of the value stated in the accounts, if realised in
the ordinary course of business unless otherwise stated. The provisions
of all known liabilities is adequate and is not in excess cf the amount
considered reasonably necessary by the management save as stated herein
3. CONTINGENT LIABILITY;
Income Tax Demands of Rs. 41,822/- & 2,27,7 56/-for Asst. Yrs. 1990-91
& 1997-98 respectively are not recognized /accounted for in the books
of accounts. The same shall be set off with the refundables of the
recent years.
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