Home  »  Company  »  Joindre Capital  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Joindre Capital Services Ltd. Company

Mar 31, 2015

A) Basis of Accounting :

These financial statements are prepared in accordance with generally accepted accounting principles applicable in India under the historical cost convention except for certain financial instruments which are measured at fair value. These financial statements comply with the applicable provisions of the Companies Act, 2013 and the accounting standards.

B) Use of Estimates :

The preparation of Financial Statements in conformity with the Accounting Standards generally accepted in India 'requires, the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and reported amounts of revenues and expenses for the year. Actual results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in current and future periods.

C) Fixed Assets :

i) Tangible/Intangible Assets are stated at acquisition cost, net of accumulated depreciation/amortization and accumulated impairment losses, if any. Intangible assets are amortized on straight line basis over their estimated lives. ii) Items of fixed assets that have retired from active use and are held for disposal are stated at the lower of their net book value and net realizable value are shown separately in the financial statements. Any expected loss is recognized immediately in the statement of Profit and Loss. iii) Gains or losses are arising from the retirement or disposal proceeds and the carrying amount of the asset and recognized as income or expense in the statement of Profit and Loss.

D) Method of Depreciation and Amortization:

i) Depreciation is provided on straight line method, over the estimated useful of the assets.

ii) Effective from 01/04/2014, the Company depreciates its fixed assets over the useful life in the manner prescribed in schedule II of the Act, as against the earlier practice of depreciating at the rate prescribed in schedule XIV of the Companyes Act 1956. iii) Cost of software capitalized is amortized over a period of 6 years. iv) Depreciation on additions to assets on sale/discernment of assets is calculated on pro rata from the month of such addition or up to the month of such sale/discernment, as the case may be.

E) Impairment of Assets :

The management periodically assesses using internal sources whether there is any indication that an asset may be impaired. If an asset is impaired, the Company recognizes an impairment loss as the excess of the carrying amount of the asset over the recoverable amount.

F) Investments :

i) Long term and strategic investments are stated at cost.

ii) Current investments are stated at lower of cost and fair value determined on individual investment basis.

G) Revenue Recognition :

Revenue is recognized to the extent that it is probable that the economic benefit 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:

i) Income from Brokerage is accounted on accrual basis i.e. on the transactions executed up to 31st March of the Financial Year.

ii) Interest income is recognized on a time proportion basis taking into account the amount outstanding and the applicable interest rate.

iii) Dividend income is recognized when the company's right to receive dividend is established by the reporting date. iv) Revenue in respect of Other Income is recognized when no significant uncertainty as to its determination or realization exists.

H) Retirement Benefits :

i) Defined Contribution Plans : The Company contributes on a defined contribution basis to Employees' Provident Fund towards post employment benefits, all of which are administered by the respective Government authorities, and has no further obligation beyond making its contribution, which is expensed in the year to which it pertains.

ii) Defined Benefit Plans : The gratuity scheme is administered through the Life Insurance Corporation of India [ LIC ]. The liability for the defined benefit plan of Gratuity is determined on the basis of an actuarial valuation by an independent actuary at the year end, which is calculated using projected unit credit method. Actuarial gains and losses which comprise experience adjustment and the effect of changes in actuarial assumptions are recognized in the Profit and Loss Account

iii) Leave Salary Liability : The encashment of leave salaries paid to employees is charged to Profit & Loss Account every year at actual basis.

I) Taxes on Income :

i) Tax expenses comprise of current and deferred tax.

ii) Current tax is measured at the amount expected to be paid on the basis of relief's and deductions available in accordance with the provisions of the Income Tax Act, 1961.

iii) Deferred tax reflects the impact of current year timing differences between accounting and taxable income and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates and laws that have been enacted or substantively enacted as of the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized and are reviewed at each balance sheet date.

J) Leases :

Leases are classified as operating leases where the less or effectively retains substantially all the risks and benefits of the ownership of the leased assets. Operating lease payments are recognized as expenses in the Profit and Loss Account as and when paid.

K) Provisions, Contingent Liabilities and Contingent Assets :

Provision is recognized when the company has a present obligation as a result of past events and it is probable that the outflow of resources will be required to settle the obligation and in respect of which reliable estimates can be made. A disclosure for contingent liability is made when there is a possible obligation, that may, but probably will not require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision / disclosure is made. Contingent assets are not recognized in the financial statements. Provisions and contingencies are reviewed at each balance sheet date and adjusted to reflect the correct management estimates.


Mar 31, 2014

A) Basis of Accounting :

These financial statements are prepared in accordance with generally accepted accounting principles applicable in India under the historical cost convention except for certain financial instruments which are measured at fair value. These financial statements comply with the applicable provisions of the Companies Act, 1956/ 2013 and the accounting standards.

B) Use of Estimates :

The preparation of Financial Statements in conformity with the Accounting Standards generally accepted in India ''requires, the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and reported amounts of revenues and expenses for the year. Actual results could differ from these estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.

C) Fixed Assets and Depreciation / Amortization :

i) Fixed Assets are stated at historical cost of acquisition less accumulated depreciation till the date of Balance Sheet.

ii) Depreciation is provided on "straight line method" as per Section 205 (2) (b) of the Companies Act,1956 at the rates prescribed in Schedule XIV thereto.

D) Impairment of Assets :

The management periodically assesses using internal sources whether there is any indication that an asset may be impaired. If an asset is impaired, the Company recognizes an impairment loss as the excess of the carrying amount of the asset over the recoverable amount.

E) Investments :

i) Long term and strategic investments are stated at cost.

ii) Current investments, if any, are stated at lower of cost and fair value determined on individual investment basis.

F) Revenue Recognition :

Revenue is recognised to the extent that it is probable that the economic benefit 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:

i) Income from Brokerage is accounted on accrual basis i.e. on the transactions executed upto 31st March of the Financial Year.

ii) Interest income is recognized on a time proportion basis taking into account the amount outstanding and the applicable interest rate.

iii) Dividend income is recognized when the company''s right to receive dividend is established by the reporting date.

iv) Revenue in respect of Other Income is recognised when no significant uncertainty as to it''s determination or realisation exists.

G) Retirement Benefits :

i) Defined Contribution Plans : The Company contributes on a defined contribution basis to Employees'' Provident Fund towards post employment benefits, all of which are administered by the respective Government authorities, and has no further obligation beyond making its contribution, which is expensed in the year to which it pertains.

ii) Defined Benefit Plans : The gratuity scheme is administered through the Life Insurance Corporation of India [ LIC ]. The liability for the defined benefit plan of Gratuity is determined on the basis of an actuarial valuation by an independent actuary at the year end, which is calculated using projected unit credit method. Actuarial gains and losses which comprise experience adjustment and the effect of changes in actuarial assumptions are recognised in the Profit and Loss Account

iii) Leave Salary Liability : The encashment of leave salaries paid to employees is charged to Profit & Loss Account every year at actual basis.

H) Taxes on Income :

i) Tax expenses comprise of current and deferred tax.

ii) Current tax is measured at the amount expected to be paid on the basis of relief''s and deductions available in accordance with the provisions of the Income Tax Act, 1961.

iii) Deferred tax reflects the impact of current year timing differences between accounting and taxable income and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates and laws that have been enacted or ''substantively enacted as of the balance sheet date. Deferred tax assets are recognised only to the extent there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised and are reviewed at each balance sheet date.

I) Leases :

Leases are classified as operating leases where the lessor effectively retains substantially all the risks and benefits of the ownership of the leased assets. Operating lease payments are recognised as expenses in the Profit and Loss Account as and when paid. J) Provisions, Contingent Liabilities and Contingent Assets :

Provision is recognised when the company has a present obligation as a result of past events and it is probable that the outflow of resources will be required to settle the obligation and in respect of which reliable estimates can be made. A disclosure for contingent liability is made when there is a possible obligation, that may, but probably will not require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision / disclosure is made. Contingent assets are not recognised in the financial statements. Provisions and contingencies are reviewed at each balance sheet date and adjusted to reflect the correct management estimates.

b) Terms / Right attached to shares

i) The Company has one class of equity shares having par value of Rs. 10/- per share. Each holders of equity shares is entitled to one vote per share held. The Company declares and pays dividend in Indian rupees. The dividend if proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend.

ii) In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.


Mar 31, 2013

A) Basis of Accounting :

The financial statements are prepared under the historical cost convention on the "Accrual Concept" of accountancy in accordance with the accounting principles generally accepted in India and they comply with the Accounting Standards prescribed in the Companies [ Accounting Standards ] Rules, 2006 issued by the Central Government to the extent applicable and with the applicable provisions of the Companies Act, 1956.

B) Use of Estimates :

The preparation of Financial Statements in conformity with the Accounting Standards generally accepted in India requires, the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and reported amounts of revenues and expenses for the year. Actual results could differ from these estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.

C) Fixed Assets and Depreciation / Amortization :

i) Fixed Assets are stated at historical cost of acquisition less accumulated depreciation till the date of Balance Sheet.

ii) Depreciation is provided on "straight line method" as per Section 205 (2) (b) of the Companies Act,1956 at the rates prescribed in Schedule XIV thereto.

D) Impairment of Assets :

The management periodically assesses using internal sources whether there is any indication that an asset may be impaired. If an asset is impaired, the Company recognizes an impairment loss as the excess of the carrying amount of the asset over the recoverable amount.

E) Investments :

i) Long term and strategic investments are stated at cost.

ii) Current investments, if any, are stated at lower of cost and fair value determined on individual investment basis.

F) Revenue Recognition :

Revenue is recognised to the extent that it is probable that the economic benefit 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:

i) Income from Brokerage is accounted on accrual basis i.e. on the transactions executed upto 31st March of the Financial Year.

ii) Interest income is recognized on a time proportion basis taking into account the amount outstanding and the applicable interest rate.

iii) Dividend income is recognized when the company''s right to receive dividend is established by the reporting date.

iv) Revenue in respect of Other Income is recognised when no significant uncertainty as to it''s determination or realisation exists.

G) Retirement Benefits :

i) Defined Contribution Plans : The Company contributes on a defined contribution basis to Employees'' Provident Fund towards post employment benefits, all of which are administered by the respective Government authorities, and has no further obligation beyond making its contribution, which is expensed in the year to which it pertains.

ii) Defined Benefit Plans : The gratuity scheme is administered through the Life Insurance Corporation of India [LIC]. The liability for the defined benefit plan of Gratuity is determined on the basis of an actuarial valuation by an independent actuary at the year end, which is calculated using projected unit credit method. Actuarial gains and losses which comprise experience adjustment and the effect of changes in actuarial assumptions are recognised in the Profit and Loss Account

iii) Leave Salary Liability : The encashment of leave salaries paid to employees is charged to Profit & Loss Account every year at actual basis.

H) Taxes on Income :

i) Tax expenses comprise of current and deferred tax.

ii) Current tax is measured at the amount expected to be paid on the basis of reliefs and deductions available in accordance with the provisions of the Income Tax Act, 1961.

iii) Deferred tax reflects the impact of current year timing differences between accounting and taxable income and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates and laws that have been enacted or ''substantively enacted as of the balance sheet date. Deferred tax assets are recognised only to the extent there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised and are reviewed at each balance sheet date.

I) Leases :

Leases are classified as operating leases where the lessor effectively retains substantially all the risks and benefits of the ownership of the leased assets. Operating lease payments are recognised as expenses in the Profit and Loss Account as and when paid.

J) Provisions, Contingent Liabilities and Contingent Assets :

Provision is recognised when the company has a present obligation as a result of past events and it is probable that the outflow of resources will be required to settle the obligation and in respect of which reliable estimates can be made. A disclosure for contingent liability is made when there is a possible obligation, that may, but probably will not require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision / disclosure is made. Contingent assets are not recognised in the financial statements. Provisions and contingencies are reviewed at each balance sheet date and adjusted to reflect the correct management estimates.


Mar 31, 2010

1) Accounting Convention:

The Financial Statements are prepared under the historical cost convention, in accordance with the Generally Accepted Accounting Principles (GAAP) as followed In India, applicable Accounting Standards Issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act. 1956

2) Revenue Recognition:

Income from Brokerage is accounted on accrual basis i.e. on the Iransactions executed upto 37st March of the Financial Year.

3) Fixed Assets:

a) Fixed Assets are stated at actual cost less accumulated depreciation till the date of the Balance Sheet.

b] Depreciation is provided on straight line method as per the rate and in the manner specified in Schedule XIV to the Companies Act. 1956.

4) Investments:

Investments being long term in nature have been valued at cost

5) Stock-in-Trade:

Share Trading, Vandha Stocks are valued at cost or market value whichever is less, except stock contracted for sale at the year end which are valued at contracted pnce

6) Retirement Benefits:

a): Contribution to Provident/Pension Funds and Leave Encashments are charged to Profit & Loss Account every year at actuals.

b) The Company has opted for Group Gratuity Policy from Life Insurance Corporation of India The annual contribution to the Scheme calculated on actuarial basis has been debited to the Profit and Loss Account.

7) Taxation:

Income Tax Expense comprises of current tax (i.e. amount of tax for the period determined in accordance with the income tax law), deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the period) and Erine Benefit Tax. The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rales that have been substantially enacled by the Balance Sheet date. Deferred Tax Assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future; however. where there is unabsorbed depreciation or carried forward loss under taxation law. Deterred Tax Assets are recognized only if there is a virtual certainly of realization of such assets. Deterred Tax Assets are reviewed as at each Balance Sheet date and written down or written up to reflect the amount thal is reasonably/virtually certain (as lhe case may be) to be realized.

8) Impairment:

The management periodically assesses using internal sources whether there is any indication that an asset may be impaired. It an asset is impaired, the Company recognizes an impairment loss as the excess of the carrying amount of the asset over the recoverable arnount

9) Provisions, Contingent Liabilities and Contingent Assets 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 (i) Possible obligation which will be confirmed only by future events no! wholly within the control of the Company or (ii) Present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation 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.

 
Subscribe now to get personal finance updates in your inbox!