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Accounting Policies of Kabra Commercial Ltd. Company

Mar 31, 2015

(i) Convention

The financial statement have been prepared in accordance with applicable Accounting Standards in India.

A summary of important accounting policies which have been applied consistently is set out below. The financial statements have also been prepared in accordance with the relevant presentational requirements of the Companies Act, 2013

(ii) Basis of Accounting

The financial statements have been prepared in accordance with historical cost convention. All income and expenses, unless specifically stated to be otherwise, have been accounted for on accrual basis.

(iii) Fixed Assets

Fixed Assets are recorded at cost/ revaluation amount. They are stated at historic cost less accumulated depreciation and impairment loss, if any.

(iv) Depreciation on fixed assets have been provided on written down value basis at the rates specified under Schedule II of the Companies Act, 2013.

(v) a) Long term Investments are shown in the Balance Sheet at cost.

b) Profit / Loss on sale of Investments are credited / debited to Revenue Accounts.

(vi) Employee Benefit

a) Short term employee benefits are charged off in the year in which the related service is rendered

b) The Company is not making any provision in accounts for gratuity liability as the same is charged to Profit & Loss account in the year of payment (refer note No.v)

c) Leave encashment benefit is paid in the year itself and there is no amount outstanding on this account.

(vii) Impairment of Assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged for when an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable value.

(viii) Current Tax

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

(ix) Deferred Tax

Deferred Tax for timing difference between tax profit and book profit is accounted for using the substantively enacted tax rates and laws that have been applicable as on the date of Balance Sheet.

(x) Provisions, Contingent Liabilities & Contingent Assets

Provisions are recognised in respect of present obligations arising out of past events where there are reliable estimate of the probable outflow of resources. Contingent liabilities are the possible obligation of the past events, the existence of which will be confirmed only by the occurrence or non-occurrence of a future event. These are not provided for but are disclosed by way of Notes on Accounts. Contingent Assets are not provided for or disclosed.

(xi) Foreign Currency Transactions

Transaction in foreign currencies are recognised at the rates existing at transaction time at which the transaction is settled. Year-end balances of receivables/payables are translated at applicable forward contract / year-end rates and resultant translation differences relating to fixed assets are adjusted against fixed assets and the balance is recognised in the Profit and Loss Account.




Mar 31, 2014

(i) Convention

The financial statement have been prepared in accordance with applicable Accounting Standards in India.

A summary of important accounting policies which have been applied consistently is set out below.

The financial statements have also been preparered in accordance with the relevant presentational requirements of the Companies Act, 1966

(ii) Basis of Accounling

The financial statements have been prepared in accordance with historical cost convention. Al income and expenses, unless specifically stated to ba otherwise, have been accounted for on accrual basis.

(iii). Fixed Assets

Fixed Assets are recorded at cost revaluation amount They are stated at historic coat less accumulated depreciation and irepairmen! loss, if any.

(iv) Depreciation on fixed assets have been provided on written down value basis at the rates specified under Schedule Xiv of the Companies Act, 1956.

(v) a) Long term Investments are shown in the Balance Sheet at cost.

b) Profit / Loss cm sale of Investmants and credited / debited to Revenue Accounts.

(vi) Employee Benefit

a) Short term employee benefits are charged off in the year in which the related service is rendered

b) The Company Is not making any provision in accounts for gratuity liability as the same is chsrgati to Profit & Loss account in Ihe year of payment (refer note No.vi}

c) Leave encashment benefit is paid in the year itself and there is no amount outstanding on this account.

(vii) Impairment of Assets

An asset is tratd as impaled whan trie carrying cost of asset Exceeds its recoverable value. An Impairment loss is charged for when an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable value.

(viii) Current Tax

current tax is the amount of tax payable on the taxable income for the year as determined In accordance with the provisions of income Tax Act 1961.

(ix) Deferred Tax

Deferred Tax for timing difference between tax profit and book profit is accounted for using the substantively enacted lax rates and laws that have been applicable as on the date of Balance Sheet.

(x) Provisions, contingent Liabilities & Contingent Assets

Provisions are recongnised in respect of present obligations arising out of past events where , there are reliable estimate of the probable outflow of resources. Contingent liabilities are the possible obligation of the past events, the existence of which will be confirmed only by the occurrence or non-occurrnece of a future evet. These are not provided 1or cut are disclosed by way of Notes on Accounts. Contingent Assets are not provided lor or disclosed.

(xii) Foreign Currency Transactions

Transaction in foreign currencies are recognised at the rates existing at transaction time at which the transaction is settled, Year. balances of receivableB/payablos are translated at applicable forward centred / year-end rates and resultant transation differences relating to fixed assets are adjusted against fixed assets and the balance Is recognised in the profit and Loss Acoount.


Mar 31, 2013

(i) Convention

The financial statement have been prepared In accordance with applicable Accounting Standards In India.

A summary of important accounting policies which have been applied consistently Is set out below.

The financial statements have also been prepared in accordance with the relevant presentational requirements of the Companies Act, 1956

(ii) Basis of Accounting

The financial statements have been prepared in accordance with historical cost convention, all income and expenses, unless specifically stated to be otherwise, have been accounted for on accrual basic.

(Hi) Fixed Assets

Fixed Assets are recorded at cost/ revaluation amount. They are stated at his tone cost less accumulated depreciation and impairment loss, ff any.

(iv) Depreciation on fixed assets have been provided on written down value basis at the rates specified under Schedule XIV of the Companies Ad, 1956,

(v) a) Long term Investments are shown in the Balance Sheet at cost.

b) Profit / Loss on sale of to vestments are credited / debited to Revenue Accounts,

(vi) Employee Benefit

a) Short term employee benefits are charged off In the year in which the related service is rendered

b) The Company is not making any provision in accounts for gratulity liability as the same Is changed to Profit 5 Loss account in the year of payment (refer note No.vi)

c) Leave encashment benefit is paid in the year Itself and there Is no amount outstanding on this account.

(vii) Impairment of Assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged for when an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has boon a change in the estimate of recoverable value,

(viii) Current Tax

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

(ix) Deferred Tax

Deferred Tax for timing difference between tax profit and book profit is accounted for using the substantively enacted tax rates and laws that have been applicable as on the date of Balance Sheet

(x) Provisions, Contingent Liabilities & Contingent Assets

Provisions are recognised in respect of present obligations arising out of past events where there are re I la the estimate of the probable outflow of resources. Contingent liabilities arc the possible obligation of the past events, the existence of which will be confirmed only by the occurrence or non-occurrence of a future event. These are net provided for hut are disclosed by way of Notes on Accounts, Contingent Assets are not provided for or disclosed,

(xi) Foreign Currency Transactions

Transaction in foreign currencies are recognised at the rates existing at transaction time at which the transaction is settled. Year-end balances of receivables/payables are translated at applicable forward contract / year-end rates and resultant Iran station differences relating to fixed assets are adjusted against fixed assets and the balance is recognised in the Profit and Loss Account.


Mar 31, 2011

(A) Significant Accounting Policies

(i) Convention

the financial statement have been prepared In accordance with applicable Accounting Standards in India A summary of important accounting policies which have been applied consistently is set out below The financial statements have also been prepared in accordance with the relevant presentational requirements of the Companies Act. 1956

(ii) Basis of Accounting

The finannciel statements have been prepared m accordance with historical cost convention All Income and expenses, unless specifically slated to be otherwise, have been accounted for on accrual basis

(iii) Fixed Assets

a) Fixed Assets are recorded at cost t revaluation amount They are stated at histone cost less accumulated deprecation and impairment loss if any

b) Profit / Loss on sale of Fixed Assets are credited t debited to Revenue Accounts

c) The Compeny had revalued its office premises at Jaipur and Dhanbad on the basis of reports of the valuer dt. 14.2.2007 and dt 8.2 2007, valuing the said office premises at Rs 63,,60,000/- and Rs 45,09,450/- respectively and accordingly me said buildings of company have been revalued on 31. 03.2007. the net increase of Rs.10500000/- on revaluation was transferred to Revaluation Reserve

(iv) Depreciation on fixed assets have been provided on written down value basis at the rates specified under Schedule xiv of the Companies Act, 1956 ( v)

a ) Long term Investments are shown in the Balance Sheet at cost

b) Profit / Loss on sale of Investments are credited / debited to Revenue Accounts.

3) Short term employee benefits are changed off in the year In which the related service is rendered b) The Company is not making any provision in accounts for gratuity liability as the same is charged to Profit ft Loss account in the year of payment (refer note No VII)

c) Leave encashment benefit is paid in the year itself and there is no amount outstanding on this account

(vil) Impairment of Assets

An assets is treated as impaired when the carrying cost of assets exceeds its recoverable value An impairment loss is charged for when an asset is identified as impaired The impairment loss recognised in prior accounting period is reversed rf there has been a change in the estimate of recoverable value

(viii) Taxation on income

Current Tax is determined on the basis of the amount of lax payable for the year under Income Tax Act Deferred tax is calculated at the applicable lax rate and is recognised on timing differences between taxable income and accounting income that ongmote In one period and are capable of reversal in one or more subsequent period Deferred tax assets subject to consideration of prudence, are recognised and carried forward only to the extent trial there is reasonable certainty that sufficient future taxable income will be available agamst which such deferred tax assets can be realized

(ix) Provisions, Contingent Liabilities ft Contingent Assets

Provision are recognised in respect of present obligations arising out of cost events where there are reliable estimate of the probable outflow of resources Confingenl liabilities are the possible obligation of the past events,the existence of which will be confirmed only by the occurrence or non-occurrence of a future event. These are not provided for but are disclosed by way of Notes on Accounts. Contingent Assets are not provided for or disclosed.

(x) Foreign Currency Transactions

Transaction in foreign currencies are recognised at me rates existing at transaction time at which the transaction is settled Year - end balances of receivables / payables are translated a! applicable forward contract I year-end rates and resultant translation differences relating to fixed assets are adjusted against fixed assets and the balance is recognised in the profit end Loss Account VA





 
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