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Accounting Policies of KBS India Ltd. Company

Mar 31, 2015

I. ACCOUNTING CONCEPTS:

The Company follows the Mercantile System of Accounting and recognises Income and Expenditure on Accrual Basis. The Accounts are prepared on historical cost basis as a going concern. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting Principles.

ii. FIXED ASSETS:

Fixed Assets are stated at cost less depreciation.

iii. DEPRECIATION:

Depreciation on Fixed Assets is charged in the account on written down value method at the rates specified in the new Companies Act, 2013.

iv. INVESTMENTS:

Long Term Investments are stated at cost. Provision for diminution in the value of long term investments is not made as there is no decline in the value of the investments.

v. INVETORIES:

Shares that are deposited with Bombay Stock Exchange and Share stock (Own Trading) are valued at Cost.

vi. BROKERAGE EARNED:

Brokerage earned is accounted on the basis of transaction done during the accounting year irrespective of whether the same are settled during the year or not. Brokerage earned is shown as net i.e. after deduction of Brokerage paid.

vii. RETIREMENT BENEFITS:

No provision for future liabilities made in respect of gratuity, leave encashment, etc.

2. Balances of Sundry Debtors, Sundry Creditors and payables, deposits, loans & advances given or taken from the parties, are subject to confirmation.

3. As Company being share and stock broking and Investment Company additional information as required under part II of Schedule – VI of Companies Act, 2013, is irrelevant and not applicable.

4. Number of Employees of the Company in respect of or entitled to receive Emolument in the aggregate of Rs. 12, 00,000/- or more per annum or Rs. 1,00,000/- or more per month employed for part of the year: ONE

5. As there is no remuneration paid in excess of the minimum limit as specified under section 349 of the Companies Act, 1956 to the Managerial Persons, calculation of net profit under the said section 349 is not required.


Mar 31, 2014

I. ACCOUNTING CONCEPTS:

The Company follows the Mercantile System of Accounting and recognises Income and Expenditure on Accrual Basis. The Accounts are prepared on lustorical cost basis as a going concern Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting Principles.

ii. FIXED ASSETS:

Fixed Assets are stated at cost less depreciation.

iii. DEPRECIATION:

Depreciation on Fixed Assets is charged m the account on written down value method at the rates specified in Schedule XTV of the Companies Act. 1956.

iv INVESTMENTS:

Long Term Investments are stated at cost Provision for diminution in the value of long term investments is not made as there is no decline in the value of the investments.

v, INVETORIES:

Shares that are deposited with Bombay Stock Exchange and Share stock (Own Trading) are valued at Cost.

vi. BROKERAGE EARNED:

Brokerage earned is accounted on the basis of transaction done during the accounting year irrespective of whether the same are settled during the year or not. Brokerage earned is shown as net i.e. after deduction of Brokerage paid.

vii. RETIREMENT BENEFITS:

No provision for future liabilities made in respect of gratuity, leave encashment, etc.

1. Balances of Smidiy Debtors. Sundry Creditors and payables, deposits, loans & advances given or taken from the parties, are subject to confirmation.

2. As Company being share and stock broking and Investment Company additional information as required under part II of Schedule - VI of Companies Act. 1956, is irrelevant and not applicable

3. Number of Employees of the Company in respect of or entitled to receive emolument m the aggregate of Rs 12,00,000''- or more per annum or Rs. 1. 00,000- or more pelmouth employed for part of the year

4. As there is i»o remuneration paid in excess of the minimum limit as specified under section 349 of the Companies Act, 1956 to the Managerial Persons, calculation of net profit under the said section 349 is not required.


Mar 31, 2013

I. ACCOUNTING CONCEPTS:

The Company follows the Mercantile System of Accounting and recognises Income and Expenditure on Accrual Basis. The Accounts are prepared on historical cost basis as a going concern. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting Principles.

ii. FIXED ASSETS:

Fixed Assets are stated at cost less depreciation.

iii. DEPRECIATION:

Depreciation on Fixed Assets is charged in the account on written down value method at the rates specified in Schedule XIV of the Companies Act, 1956.

iv. INVESTMENTS:

Long Term Investments are stated at cost. Provision for diminution in the value of long term investments is not made as there is no decline in the value of the investments.

v. INVENTORIES:

Shares that are deposited with BSE Limited and Share stock (Own Trading) are valued at Cost.

vi. BROKERAGE EARNED:

Brokerage earned is accounted on the basis of transaction done during the accounting year irrespective of whether the same are settled during the year or not. Brokerage earned is shown as net i.e. after deduction of Brokerage paid.

vii. RETIREMENT BENEFITS:

No provision for future liabilities made in respect of gratuity, leave encashment, etc.


Mar 31, 2011

I. ACCOUNTING CONCEPTS:

The Company follows the Mercantile System of Accounting and recognises Income and Expenditure on Accrual Basis. The Accounts are prepared on historical cost basis as a going concern. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting Principles.

ii. FIXED ASSETS:

Fixed Assets are stated at cost less depreciation.

iii. DEPRECIATION:

Depreciation on Fixed Assets is charged in the account on written down value method at the rates specified in Schedule XIV of the Companies Act, 1956.

iv. INVESTMENTS:

Long Term Investments are stated at cost. Provision for diminution in the value of long term investments is not made as there is no decline in the value of the investments.

v. INVETORIES:

Shares that are deposited with Bombay Stock Exchange are valued at Cost.

vi. BROKERAGE EARNED:

Brokerage earned is accounted on the basis of transaction done during the accounting year irrespective of whether the same are settled during the year or not. Brokerage earned is shown as net i.e. after deduction of Brokerage paid.

vii. RETIREMENT BENEFITS:

No provision for future liabilities made in respect of gratuity, leave encashment, etc.


Mar 31, 2010

I. Accounting concepts:

The Company follows the Mercantile System of Accounting and recognises Income and Expenditure on Accrual Basis. The Accounts are prepared on historical cost basis as a going concern. Accounting policies not referred to otherwise are consistentwith Generally Accepted Accounting Principles.

ii. Fixed Assets:

Fixed Assets are stated at cost less depreciation.

iii. Depreciation:

Depreciation on Fixed Assets is charged in the account on written down value method at the rates specified in ScheduleXIVoftheCompaniesAct,1956.

iv. Investments:

Investments are shown at cost.

v. Inventories:

Shares that are deposited with Bombay Stock Exchange are valued at Cost.

vi. Brokerage earned:

Brokerage earned is accounted on the basis of transaction done during the accounting year irrespective of whether the same are settled during the yearor not. Brokerage earned isshown as net i.e. afterdeduction of Brokerage paid.

vii. Retirement benefits:

No provision forfuture liabilities made in respect of gratuity, leave encashment, etc.

viii Advances from sister concern:

Advances from sister concern include money borrowed from time to time and repaid for which no interest is paid or provided.

ix Deferred Revenue Expenditure:

During the year company has written off Rs. 3,11,789/- from deferred revenue expenditure and debited to Profit & Loss Account.


Mar 31, 2009

I. ACCOUNTING CONCEPTS:

The Company follows the Mercantile System of Accounting and recognises Income and Expenditure on Accrual Basis. The Accounts are prepared on historical cost basis as a going concern. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting Principles.

ii. FIXEDASSETS:

Fixed Assets are stated at cost less depreciation.

iii. DEPRECIATION:

Depreciation on Fixed Assets is charged in the account on written down value method at the rates specified in Schedule XIV ofthe Companies Act, 1956.

iv. INVESTMENTS:

Investments are shown at cost.

v. INVETORIES:

Shares that are deposited with Bombay Stock Exchange are valued at Cost.

vi. BROKERAGE EARNED:

Brokerage earned is accounted on the basis of transaction done during the accounting year irrespective of whether the same are settled during the year or not. Brokerage earned is shown as net i.e. after deduction of Brokerage paid.

vii. RETIREMENT BENEFITS:

No provision forfuture liabilities made in respect of gratuity, leave encashment, etc.

viii ADVANCES FROM SISTER CONCERN:

Advances from sister concern include money borrowed from time to time and repaid for which no interest is paid or provided.

ix DEFERRED REVENUE EXPENDITURE:

During the year company has written off Rs. 3,11,789/- from deferred revenue expenditure and debited to Profit & LossAccount.

 
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