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Accounting Policies of Jay Energy and S. Energies Ltd. Company

Mar 31, 2014

The Financial Statements are prepared under the historical cost convention on the accrual basis of accounting and in accordance with accounting principals generally accepted in India and comply with the accounting standards notified by the Central Government of India, under the Companies (Accounting Standards) rules 2006 and relevant provisions of the Companies Act, 1956. The significant accounting polices are as follows:

(a) Disclosure of accounting policies

The accounts are maintained on accrual basis as a going concern.

(b) Valuation of inventories

There being no inventory, not applicable.

(c) Cash flow statements

The cash flow statement is prepared under "Indirect method" and the same is annexed.

(d) Prior period item debited to Profit & Loss A/c during the year amounting Rs. Nil ( P.Y 27,82,174).

(e) Depreciation has not been provided on the Fixed Assets during the year.

(f) Revenue were recognized on accrual basis. The expenditure are accounted on a going concern basis and the provisions for all known liabilities have been made.

(g) Accounting for fixed assets

Fixed assets are stated at cost including taxes, duties, freight and other incidental expenses if any incurred in relation to acquisition of the same.

(h) The matter of Accounting for effects in foreign exchange rates is not applicable, as there are no such transactions.

(i) Investments are stated at cost.

(j) Accounting for retirement benefits:

Retirement benefits, if any, will be provided on cash basis. However this matter is not applicable in the current financial year. The matters of P.F., E. S. I etc. are not applicable to the Company.

(k) Borrowing cost

As the company has not borrowed any money, this matter is not applicable

(l) Segment reporting

As there is no Sales / Income, this matter is also not applicable.

(m) Related party disclosure

There are no transactions requiring Disclosure under the Standard issued by the Institute of Chartered Accountants of India.

(n) Leases

This matter is not applicable.

(o) Earnings per share

The Face value of the share is Re. 21- and the Earning per sharp is not disclosed due to loss of current year.

(p) Consolidated financial statements

There being no subsidiary, this matter is not applicable.

(q) Accounting for taxes on income

As the company has incurred loss during the year, the provision for taxation is not made in the accounts.

(r) Accounting for intangible assets

As per the practice adopted by the company, the Intangible assets have not been amortised.

(s) Provision, contingent Liability & Contingent Assets:- As on 31-03-2013 Rs. NIL (P.Y. Rs. NIL)


Mar 31, 2012

1. Basis of Preparation of Financial Statements :

The financial statements have been prepared under the historical cost convention and on accounting principle of going concern, on an accrual concept, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted by the Company.

2. Use of Estimates :

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known / materialized.

3. Revenue Recognition :

The Company follows mercantile system of accounting and recongnises income and expenditure on accrual basis.

4. Fixed Assets and Depreciation :

i) All tangible & intangible fixed assets are stated at historical cost of accquisition or construction including all incidental cost of acquisition, less accumulated depreciation / amortisation and impairment loss, if any.

ii) Depreciation on fixed assets is provided on SLM Method at the rate and in the manner prescribed in Schedule XIV of the Companies Act, 1956. However, depreciation has not been provided for the year ended on 31st March, 2012.

5. Investments :

The securities acquired with the intention of holding till maturity or for a longer period are classified as investments.Investments are carried at cost arrived at on weighted average basis. Commissions earned in respect of securities acquired upon deveolvement are reduced from the cost of acquisition. Appropriate provision is made for other than temporary diminution in the value of investments.

6. Tax on Income :

Current Tax is the amount of tax payable for the year as determined in accordance with the provisions of the Income Tax Act, 1961. Deferred Tax is recognized on timing differences between taxable profit and book profit using tax rates enacted or substantively enacted as at the balance sheet date. Deferred tax asset is recognized and carried forward only to the extent that there is a reasonable certainty that the asset will be realized in future.

7. Impairment :

Impairment is ascertained at each balance sheet date in respect of Cash Generating Units. An impairment loss is recognized whenever the carrying amount of an asset exceeds its recovarable amount. The coverable amount is the greater of the net realizable value and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value based on an appropriate discount factor.

8. Miscellaneous Expenditure :

The Public Issue Expenses incurred forthe public issue of the company are shown under the head "Miscellaneous Expenditure" on the asset side of the Balance Sheet. The same has not been amortised during the year.

9. Earning Per Share :

Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding during the year.


Mar 31, 2011

1. Basis of Preparation of Financial Statements :

The financial statements have been prepared under the historical cost convention and on accounting principle of going concern, on an accrual concept, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted by the Company.

2. Use of Estimates :

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known / materialized.

3. Revenue Recognition :

The Company follows mercantile system of accounting and recongnises income and expenditure on accrual basis.

4. Fixed Assets and Depreciation :

i) All tangible & intangible fixed assets are stated at historical cost of accquisition or construction including all incidental cost of acquisition, less accumulated depreciation / amortisation and impairment loss, if any.

ii) Depreciation on fixed assets is provided on SLM Method at the rate and in the manner prescribed in Schedule XIV of the Companies Act, 1956. However, depreciation has not been provided for the year ended on 31st March, 2011.

5. Investments :

The securities acquired with the intention of holding till maturity or for a longer period are classified as investments.Investments are carried at cost arrived at on weighted average basis. Commissions earned in respect of securities acquired upon deveolvement are reduced from the cost of acquisition. Appropriate provision is made for other than temporary diminution in the value of investments.

6. Tax on Income :

Current Tax is the amount of tax payable for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred Tax is recognized on timing differences between taxable profit and book profit using tax rates enacted or substantively enacted as at the balance sheet date. Deferred tax asset is recognized and carried forward only to the extent that there is a reasonable certainty that the asset will be realized in future.

7. Impairment :

Impairment is ascertained at each balance sheet date in respect of Cash Generating Units. An impairment loss is recognized whenever the carrying amount of an asset exceeds its recovarable amount. The coverable amount is the greater of the net realizable value and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value based on an appropriate discount factor.

8. Miscellaneous Expenditure :

The Public Issue Expenses incurred forthe public issue of the company are shown under the head "Miscellaneous Expenditure" on the asset side of the Balance Sheet. The same has not been amortised during the year.

9. Earning Per Share :

Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding during the year.


Mar 31, 2010

(i) Revenue Recognition

(a) Revenue from issue management services, loan syndication, financial advisory services etc., is recognized based on the stage of completion of assignments and terms of agreement with the client.

(b) Gains and losses on dealing with securities & derivatives are recognized on trade date.

(ii) Stock-in-trade (i.e. Inventories)

(a) The securities acquired with the intention of holding for short-term are classified as investment and securities acquired for trading are classified as stock-in-trade.

(b) The securities held as stock-in-trade are valued at lower of cost arrived at on weighted average basis or market/fair value, computed category-wise. In case of investments transferred to stock-in-trade, carrying amount on the date of transfer is considered as cost. Commission earned in respect of securities acquired upon devolvement is reduced from the cost of acquisition. Fair value of unquoted shares is taken at break up value of shares as per the latest audited Balance Sheet of the concerned company. In case of debt instruments, fair value is worked out on the basis of yield to maturity rate selected considering quotes where available and credit profile of the issuer and market related spreads over the government securities.

(c) Discounted instruments like Commercial paper / treasury / bills / zero coupon instruments are valued at carrying cost. The difference between the acquisition cost and the redemption value of discounted instruments is apportioned on a straight line basis for the period of holding and recognized as Interest income.

(d) Units of mutual fund are valued at lower of cost and net asset value.

(iii) Investments

The securities acquired with the intention of holding till maturity or for a longer period are classified as investments, (b) Investments are carried at cost arrived at on weighted average basis. Commissions earned in respect of securities acquired upon devolvement are reduced from the cost of acquisition. Appropriate provision is made for other than temporary diminution in the value of investments.

(iv) Fixed Assets and Depreciation

(a) Fixed assets are stated at historical cost less accumulated depreciation and impairment loss, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for intended use.

(b) Depreciation on fixed assets is provided on SLM Method at the rate and in the manner prescribed in Schedule XIV of the Companies Act, 1956. But no depreciation for the year ended on 31.03.2010 has been charged.

(v) Deferred Tax

No provisions made as Depreciation has not been charged by the company during the year.

(vi) Derivatives Transactions

(a) All open positions are marked to market.

(b) Gains are recognized only on settlement/expiry of the derivative instruments except for Interest Rate derivatives where even markto-market gains are recognized.

(c) Receivables/payables on open position are disclosed as current assets/current liabilities, as the case may be.

(v) Earning Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding during the period.


Mar 31, 2009

(i) Revenue Recognition

(a) Revenue from issue management services, loan syndication, financial advisory services etc., is recognized based on the stage of completion of assignments and terms of agreement with the client.

(b) Gains and losses on dealing with securities & derivatives are recognized on trade date.

(ii) Stock-in-trade (i.e. Inventories)

(a) The securities acquired with the intention of holding for short-term are classified as investment and securities acquired for trading are classified as stock-in-trade.

(b) The securities held as stock-in-trade are valued at lower of cost arrived at on weighted average basis or market/ fair value, computed category-wise. In case of investments transferred to stock-in-trade, carrying amount on the date of transfer is considered as cost. Commission earned in respect of securities acquired upon devolvement is reduced from the cost of acquisition. Fair value of unquoted shares is taken at break-up value of shares as per the latest audited Balance Sheet of the concerned company. In case of debt instruments, fair value is worked out on the basis of yield to maturity rate selected considering quotes where available and credit profile of the issuer and market related spreads over the government securities

(c) Discounted instruments like Commercial paper/treasury bills/zero coupon instruments are valued at carrying cost. The difference between the acquisition cost and the redemption value of discounted instruments is apportioned on a straight line basis for the period of holding and recognized as Interest income.

(d) Units of mutual fund are valued at lower of cost and net asset value.

(iii) Investments

The securities acquired with the intention of holding till maturity or for a longer period are classified as investments, (b) Investments are carried at cost arrived at on weighted average basis. Commissions earned in respect of securities acquired upon devolvement are reduced from the cost of acquisition. Appropriate provision is made for other than temporary diminution in the value of investments.

(iv) Fixed Assets and Depreciation

(a) Fixed assets are stated at historical cost less accumulated depreciation and impairment loss, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for intended use.

(b) Depreciation on fixed assets is provided on SLM Method at the rate and in the manner prescribed in Schedule XIV of the Companies Act, 1956.But no depreciation for the year ended on 31.03.2009 has been charged.

(v) Deferred Tax

No provisions made as Depreciation has not been charged by the company during the year.

(vi) Derivatives Transactions

(a) All open positions are marked to market.

(b) Gains are recognized only on settlement/expiry of the derivative

instruments except for Interest Rate derivatives where even mark to-market gains are recognized.

(c) Receivables/payables on open position are disclosed as current assets/current liabilities, as the case may be.

(vii) Earning Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding during the period.