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Accounting Policies of Khoobsurat Ltd. Company

Mar 31, 2014

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.

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.

3. Recognition of Income & Expenses

Items of Income and Expenditure are recognized and accounted for on Accrual basis except dividend.

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.

5. Fixed Assets

Fixed Assets are stated at cost net of recoverable taxes, less accumulated depreciation and impairment loss, if any. Depreciation on assets is provided on written down value method as per rates prescribed in Schedule XIV to the Companies Act 1956.

6. Depreciation

a. Depreciation on Fixed Assets is provided to the extent of depreciable amount on written down value(WDV) at the rates specified in schedule XIV of the Companies Act 1956 over their useful life.

b. Depreciation on additions/ deletions is calculated on pro-rata with respect to date of addition/deletions.

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.

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.

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.

10. Provision for Taxation

Provision for Income Tax is made on the basis of estimated taxable income for the period at current rates.

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 IncomeTax 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.

12. Other Notes on Financial Statements Figures of previous year has been regrouped/rearranged re-casted whenever necessary.


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

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.

1.5 Depreciation

Depreciation on Fixed Assets has been 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.

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 as 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 "Accounting 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.

1.14 Miscellaneous Expenditure

No Miscellaneous Expenditure is written off during the year.


Mar 31, 2012

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

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.

1.5 Depreciation

Depreciation on Fixed Assets has been 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.

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 "Accounting 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.

1.14 Miscellaneous Expenditure

No Miscellaneous Expenditure is written off during the year.


Mar 31, 2011

1. Accounting Policies not specifically referred to otherwise are in consonance with generally accepted accounting principles.

2. Expenses and Income considered payable and receivable respectively are accounted for on accrual basis.

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.

Fixed Assets

4. 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.

Depreciation

5. Depreciation on Fixed Assets has been 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.

Stock-in-trade

6. 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.

Revenue Recognition

7. Income is accounted on accrual basis except Dividend.

Gratuity

8. None of the Employee has completed the service period to become eligible for payment of gratuity.

Taxation

9. Provision for Taxation has been made as per Income Tax Act and Rules made there under.

Contingent Liabilities

10. Contingent Liabilities not provided for : Nil


Mar 31, 2010

1 Accounting Polcies not specifically referred to otherwise are in consonance with generally accepted accounting principles

2 Expenses and Income considered payable and receivable respectively ant accounted for on accrual basis

3 In the opinion of the Board, the Curront Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business. The provisions of all known iatttlies are adequate and not in excess of the amount reasonably necessary.

Fixed Assets

4 Fixed Assets are stated at cost less Depreciation, cost comprises the purchases once and other aithoutabkt costs Depreciation on assets is provided on written down value method as per rates prescribed m Schedule XIV to the Companies Act 1956

Depreciation

5 Depredation on Fixed Assets has been provided for on Diminishing Balance Method at rates specified in schedule XIV of the Companies Act 1956 Depreciation on Assets purchased.'' sold dunng the year has been provided for on pro-rata basis

Stock-in-trade

6 The Securities acquired with the intention of short term holding and trading positions ana considered as Stock in Trade and shown as current assets. Ouoted stocks are valued at cost or market < ~ver is tower and Unquoted Slocks are valued at Cost..

Revenue Recognition

7 income is accounted on accrual basis except Dividend Gratuity

8 None of the Employee has completed the service period to become eligible for payment of grai Taxation

9. Provision for Taxation has been made as per Income Tax Act and Rules made there under

Contingent Liabilities

10 Contingent Liabilities not provided for: Nil Others

11 None of the Raw Materials. Stores. Spares and Components consumed or purchased dunng the year have been imported

12 None ol the Earnings / Expenditures is In Foreign Currency

13 Balance of Debtors, Creditors Deposits, Loans and Advances are subject to confirmation

14 in the option ol the Board, the Current Assets. Loans & Advances are approximately of the value stated II realized in the ordinary course ol business The provision lor depreciation and all known liabilities are adequate and not In excess ol the amounts reasonably necessary

 
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