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Accounting Policies of Kiduja India Ltd. Company

Mar 31, 2015

1. BASIS OF PREPARATION OF ACCOUNTS:

The financial statements are prepared on the basis of historical cost convention, on a going concern basis and in accordance with applicable Accounting Standards as specified in the Companies (Accounting Standards) Rules 2006 ("the Rules") and the relevant provisions of the Companies Act, 1956, read with the general circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013 to the extent applicable. All expenses and income to the extent ascertainable with reasonable certainty are accounted for on accrual basis.

2. USE OF ESTIMATES:

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) and Accounting Standard (AS) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements and reported amounts of revenue and expenses for that year. Actual result could differ from these estimates. Any revision to accounting estimates is recognized prospectively.

3. REVENUE RECOGNITION:

i) Income from sale / redemption of securities is recognized as and when risks and rewards therein are transferred as per the terms of the contracts.

ii) Interest income is recognized on accrual basis. Overdue interest is recognized as income ' on realization.

iii) Dividend income is accounted on an accrual basis when the Company's right to receive the dividend is established.

iv) The Company complies with prudential norms for income recognition and provisioning for non-performing assets as prescribed by the Reserve Bank of India for Non Banking Financial Companies. In addition, the Company adopts an approach to provisioning that is based on the past experience, realization of security, erosion over time in value of security and other related factors.

4. FIXED ASSETS:

Fixed Assets are stated at cost less accumulated depreciation.

5. IMPAIRMENT OF ASSET:

At each Balance Sheet date where there is any indication that any asset including goodwill may be impaired, the carrying value of such asset is reduced to its recoverable amount and the amount of such impairment loss is charged to Statement of Profit and Loss. If at the balance sheet date, there is any indication that a previously assessed impairment loss no longer exists, then such loss is reversed and the asset is restated to that effect.

6. DEPRECIATION:

"Depreciation on Fixed assets is provided on Straight Line Method at the rates and in the manner specified in Schedule II to the Companies Act, 2013."

7. INVESTMENTS:

Long Term Investments are stated at cost and other incidental cost of acquisition. In case, there is a diminution in value other than temporary, provision for the sam§-%'^Fdf in the accounts on individual investment basis. Current Investments are valued at lower of cost or market/fair value.

8. INVENTORY:

Inventory is valued at lower of the cost or market value.

9. BORROWING COSTS:

Borrowing costs attributable to the acquisition or construction of capital assets are capitalized as part of the cost of such assets upto the date when such asset is ready for its intended use. Other borrowing costs are recognized as expenses in the period in which they are incurred.

10. EMPLOYEE BENEFITS:

i) Liability towards Leave entitlements (short term) of employees is determined as per the rules of the Company and provided for.

ii) Liability towards Gratuity entitlement is determined as per the provisions of Payment of Gratuity Act, 1972 and provided for.

11. TAXATION:

i) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income-tax Act, 1961 and considering assessment orders and decisions of appellate authorities in the Company's case. Tax credit is recognized in respect of Minimum Alternate Tax (MAT) as per the provisions of Section 115JAA of the Income-tax Act, 1961 based on convincing evidence that the Company will pay normal Income Tax within the statutory time frame and is reviewed at each balance sheet date.

ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantively enacted as of the Balance Sheet date. Deferred tax assets are recognized to the extent there is reasonable certainty that these assets can be realized in future.

12. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

i) A provision is recognized when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

ii) Disclosures for a Contingent Liability is made, without a provision in books, when there is an obligation that may, but probably will not, require outflow of resources.

iii) Contingent Assets are neither recognized nor disclosed in the financial statements.

13. GENERAL:

Accounting Policies not specifically referred to hereinabove are consistent and in accordance with generally accepted accounting principles.


Mar 31, 2014

1. BASIS OF PREPARATION OF ACCOUNTS:

The financial statements are prepared on the basis of historical cost convention, on a going concern basis and in accordance with applicable Accounting Standards as specified in the Companies (Accounting Standards) Rules 2006 ("the Rules'') and the relevant provisions of the Companies Act, 1956, read with the general circular 15/2013 dated 13"'' September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013 to the extend applicable. All expenses and income to the extent ascertainable with reasonable certainty are accounted for on accrual basis.

2. USE OF ESTIMATES:

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) and Accounting Standard (AS) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements and reported amounts of revenue and expenses for that year. Actual result could differ from these estimates. Any revision to accounting estimates is recognized prospectively.

3. REVENUE RECOGNITION:

i) Income from sale / redemption of securities is recognized as and when risks and rewards therein are transferred as per the terms of the contracts.

ii) Interest income is recognized on accrual basis. Overdue interest is recognized as income on realization.

iii) Dividend income is accounted on an accrual basis when the Company''s right to receive the dividend is established.

iv) The Company complies with prudential norms for income recognition and provisioning for non-performing assets as prescribed by the Reserve Bank of India for Non Banking Financial Companies. In addition, the Company adopts an approach to provisioning that is based on the past experience, realization of security, erosion over time in value of security and other related factors.

4. FIXED ASSETS:

Fixed Assets are stated at cost less accumulated depreciation.

5. IMPAIRMENT OF ASSET:

At each Balance Sheet date where there is any indication that any asset including goodwill may be impaired, the carrying value of such asset is reduced to its recoverable amount and the amount of such impairment loss is charged to Statement of Profit and Loss. If at the balance sheet date, there is any indication that a previously assessed impairment loss no longer exists, then such loss is reversed and the asset is restated to that effect.

6. DEPRECIATION:

Depreciation on fixed assets is provided on Straight Line Method at the rates and in the manner prescribed under Schedule XIV to the Companies Act, 1956.

7. INVESTMENTS:

Long Term Investments are stated at cost and other incidental cost of acquisition. In case, there is a diminution in value other than temporary, provision for the same is made in the accounts on individual investment basis. Current Investments are valued at lower of cost or market/fair value.

8. INVENTORY:

Inventory is valued at lower of the cost or market value.

9. BORROWING COSTS:

Borrowing costs attributable to the acquisition or construction of capital assets are capitalized as part of the cost of such assets upto the date when such asset is ready for its intended use. Other borrowing costs are recognized as expenses in the period in which they are incurred.

10. EMPLOYEE BENEFITS:

i) Liability towards Leave entitlements (short term) of employees is determined as per the rules of the Company and provided for.

ii) Liability towards Gratuity entitlement is determined as per the provisions of Payment of Gratuity Act, 1972 and provided for.

11. TAXATION:

i) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income-tax Act. 1961 and considering assessment orders and decisions of appellate authorities in the Company''s case. Tax credit is recognized in respect of Minimum Alternate Tax (MAT) as per the provisions of Section 115JAA of the Income-tax Act, 1961 based on convincing evidence that the Company will pay normal Income Tax within the statutory time frame and is reviewed at each balance sheet date.

ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantively enacted as of the Balance Sheet date. Deferred tax assets are recognized to the extent there is reasonable certainty that these assets can be realized in future.

12. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

i) A provision is recognized when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

ii) Disclosures for a Contingent Liability is made, without a provision in books, when there is an obligation that may, but probably will not, require outflow of resources.

iii) Contingent Assets are neither recognized nor disclosed in the financial statements.

13. GENERAL:

Accounting Policies not specifically referred to hereinabove are consistent and in accordance with generally accepted accounting principles.

Company is issued one class of equrty shares having a face value of Rs.10 per share. Each shareholder has right to vote in resolution Peace of Profile Company and his voting right on a poll shall be in proportion to the share of the paid-up equrty capital of the Company. In the event of liquidation, the equity shareholders are entitled to receive the remaining assets of the Company after payments to secured and unsecured creditors, in proportion io their shareholding.

a) Loan from a Body Corporale is secured by way of lien marked on the Units of Venture Capital Funds, further secured by way of mortgage of properties of a Whole Time Director & an associate body corporate and personal guarantee ol the Managing Director of the Company. The rate of interest applicable on the loan amount is 15.75% p.a.till 26th August. 2013 and thereafter 21% p.a. (previous year 15.75% p.a.)

b) There are no defaults in repayment of the loan


Mar 31, 2012

1. GENERAL .

The financial statements are prepared on the basis of historical cost convention, in accordance with applicable accounting standards referred to in Section 211 (3C) of Companies Act, 1956 and on the accounting principles of a going concern. All expenses and income to the extent payable and receivable, respectively, with reasonable certainty are accounted for on accrual basis.

2. USE OF ESTIMATES :

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) and Accounting Standard (AS) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements and reported amounts of revenue and expenses for that year Actual result could differ from these estimates. Any revision to accounting estimates is recognised prospectively.

3. REVENUE RECOGNITION :

i) Income from sale / redemption of securities is recognized as and when risks and rewards therein are transferred as per the terms of the contracts.

ii) Interest income is recognized on accrual basis. Overdue interest is recognized as income on realization.

iii) Fees and commission income are recognized when due.

iv) Dividend income is accounted on an accrual basis when the Company's right to receive the dividend is established.

v) The Company complies with prudential norms for income recognition and provisioning for non-performing assets as prescribed by the Reserve Bank of India for Non Banking Financial Companies. In addition, the Company adopts an approach to provisioning that is based on the past experience, realization of security, erosion over time in value of security and other related factors.

4. FIXED ASSETS:

i) Fixed Assets are stated at cost less accumulated depreciation.

ii) IMPAIRMENT OF ASSET : At each Balance Sheet date where there is any indication that any asset may be impair arraying value of such asset is reduced to its recoverable amount and, of such impairment loss is charged to Profit and Loss Statement/'Want the balance sheet date, there is any indication that a previously assessed longer exists, then such loss is reversed and the asset. 5. BORROWING COSTS :

Borrowing costs attributable to the acquisition or construction of capital assets are capitalized as part of the cost of such assets upto the date when such asset is ready for its intended use. Other borrowing costs are recognised as expenses in the period in which they are incurred.

6. DEPRECIATION:

Depreciation on fixed assets is provided on Straight Line Method at the rates and in the manner prescribed under Schedule XIV to the Companies Act, 1956.

7. INVESTMENTS.

Long Term Investments are stated at cost. In case, there is a diminution in value other than temporary, provision for the same is made in the accounts. Current Investments are valued at cost.

8. INVENTORY:

Inventory is valued at lower of the cost or market value.

9. EMPLOYEE BENEFITS :

i) Liability towards Leave entitlements (short term) of employees is determined as per the rules of the Company and provided for.

ii) Liability towards Gratuity entitlement is determined as per the provisions of Payment of Gratuity Act, 1972 and provided for.

10. TAXATION:

i) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income-tax Act, 1961. Tax credit is recognised in respect of Minimum Alternate Tax (MAT) as per the provisions of Section 115JAA of the Income-tax Act, 1961 based on convincing evidence that the Company will pay normal Income Tax within the statutory time frame and is reviewed at each balance sheet date.

ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantively enacted as of the Balance Sheet date. Deferred tax assets are recognised to the extent there is reasonable certainty that these assets can be realised in future.

11. EQUITY INDEX / STOCK FUTURES / OPTIONS.

i) "Initial Margin - Equity Derivative Instrument", representing initial margin paid for entering into contracts for equity index/ stock futures which are released on final settlement/ squaring-up of underlying contracts, are disclosed under Loans and Advances.

ii) Equity Index/ Stock Futures are marked-to-market on a daily basis. Debit or Credit balance disclosed under Loans and Advances or Current Liabilities, respectively, in the "Mark-to-Market Margin - Equity Index/ Stock Futures Account", represents the net amount paid or received on the basis of in the prices of index/ stock futures till the Balance Sheet date.

iii) On final settlement or squaring-up of contracts for equity index / stock futures, the profit or loss is calculated as the difference between the settlement / squaring-up price and the contract price. Accordingly, debit or credit balance pertaining to the settled / squared-up contract in "Mark-to-Market Margin - Equity Index / Stock Futures Account" after adjustment of provision for anticipated losses is recognized in the Profit and Loss Account.

12. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS :

A provision is made based on a reliable estimate when it is probable that an outflow of resources embodying economic benefit will be required to settle an obligation. Contingent liabilities, if material, are disclosed by way of notes on accounts. Contingent assets are not recognised or disclosed in the financial statements.


Mar 31, 2010

1. GENERAL:

The financial statements are prepared on the basis of historical cost convention, in accordance with applicable accounting standards and on the accounting principles of a going concern. All expenses and income to the extent payable and receivable, respectively, with reasonable certainty are accounted for on accrual basis.

2. USE OF ESTIMATES:

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) and Accounting Standard (AS) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements and reported amounts of revenue and expenses for that year. Actual result could differ from these estimates. Any revision to accounting estimates is recognised prospectively.

3. REVENUE RECOGNITION

i) Income from sale / redemption of securities is recognized as and when risks and rewards therein are transferred as per the terms of the contracts.

ii) Interest income is recognized on accrual basis. Overdue interest is recognized as income on realization.

iii) Fees and commission income are recognized when due.

iv) Divided income is accounted on an accrual basis when the Companys right to receive the dividend is established.

v) The Company complies with prudential norms for income recognition and provisioning for non-performing assets as prescribed by the Reserve Bank of India for Non Banking Financial Companies. In addition, the Company adopts an approach to provisioning that is based on the past experience, realization of security, erosion over time in value of security and other related factors.

4. FIXED ASSETS:

i) Fixed Assets are stated at cost less accumulated depreciation.

ii) IMPAIRMENT OF ASSET : At each Balance Sheet date where there is any indication that any asset may be impaired, the carrying value of such asset is reduced to its recoverable amount and the amount of such impairment loss is charged to profit and loss account. If at the balance sheet date, there is any indication that a previously assessed impairment loss no longer exists, then such loss is reversed and the asset is restated to that effect.

5. BORROWING COSTS :

Borrowing costs attributable to the acquisition or construction of capital assets are capitalized as part of the cost of such assets upto the date when such asset is ready for its intended use. Other borrowing costs are recognised as expenses in the period in which they are incurred.

6. DEPRECIATION:

Depreciation on fixed assets is provided on Straight Line Method at the rates and in the manner prescribed under Schedule XIV to the Companies Act, 1956.

7. INVESTMENTS:

Long Term Investments are stated at cost. In case, there is a diminution in value other than temporary, provision for the same is made in the accounts.

8. VALUATION OF INVENTORY:

Inventory is valued at lower of the cost or market value.

9. EMPLOYEE BENEFITS:

i) Liability towards Leave entitlements (short term) of employees is determined as per the rules of the Company and provided for.

ii) Liability towards Gratuity entitlement is determined as per the provision of Payment of Gratuity Act, 1972 and provided for.

10.TAXATION:

i) Provision for current tax is made and retained in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income-tax Act, 1961. Tax credit is recognised in respect of Minimum Alternate Tax (MAT) as per the provisions of Section 115JAA of the Income-tax Act, 1961 based on convincing evidence that the Company will pay normal Income Tax within the statutory time frame and is reviewed at each balance sheet date.

ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws mat have been enacted or substantively enacted as of the Balance Sheet date. Deferred tax assets are recognised to the extent there is reasonable certainty that these assets can be realised in future.

11. EQUITY INDEX / STOCK FUTURES / OPTIONS:

i) "Initial Margin - Equity Derivative Instrument", representing initial margin paid for entering into contracts for equity index/ stock futures which are released on final settlement/ squaring-up of underlying contracts, are disclosed under Loans and Advances.

ii) Equity Index/ Stock Futures are marked-to-market on a daily basis. Debit or Credit balance disclosed under Loans and Advances or Current Liabilities, respectively, in the "Mark-to-Market Margin - Equity Index/ Stock Futures Account", represents the net amount paid or received on the basis of movement in the prices of index/ stock futures till the Balance Sheet date.

iii) On final settlement or squaring-up of contracts for equity index / stock futures, the profit or loss is calculated as the difference between the settlement / squaring-up price and the contract price. Accordingly, debit or credit balance pertaining to the settled / squared-up contract in "Mark-to- Market Margin - Equity Index / Stock Futures Accounf after adjustment of provision for anticipated losses is recognized in the Profit and Loss Account.

12.PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS : A provision is made based on a reliable estimate when it is probable that an outflow of resources embodying economic benefit will be required to settle an obligation. Contingent liabilities, if material, are disclosed by way of notes on accounts. Contingent assets are not recognised or disclosed in the financial statements.


Mar 31, 2009

1. GENERAL:

2. USE OF ESTIMATES :

The preparation of financial statements in conformity with generally accepted account princ i p lles (GAAP) and Accounting Standard (AS) requires management to make estimates and assumptions that affect the reported amounts of assets and iabilities and the disclosures of contingent liaexilptiens on accounting estimates is recognised prospectively.

3. REVENUE RECOGNITION :

4. Interest income is recognized on accrual basis. Overdue interest is recognzed as income on realization.

iv) Divided income is accounted on an accrual basis when the Companys right receive the dividend Is established.

v) The Company complies with prudential norms for income recognition and provisoning for non-performing assets as prescribed by the Reserve Bank of India for Non Banking Financ ial Companies. In addition, the Company adopts an approach to provisioning that is based on the past experience realization of security, erosion over time irr value of security and other related factors.

4. FIXED ASSETS:

i) Fixed Assets are stated at cost less accumulated depreciation.

ii) IMPAIRMENT OF ASSET : At each Balance Sheet date where there is any indication that any asset may be impaired, the carrying value of such asset is

5. BORROWING COSTS:

Are as part of the cost of such assets upto the date when such asset

6. DEPRECIATION :

7. INVESTMENTS:

8. VALUATION OF INVENTORY :

Inventory is valued at lower of the cost or market value.

9. EMPLOYEE BENEFITS :

i) Liability towards Gratuity entitlement is determined as per the provision of Payment of Gratuity Act, 1972 and provided for.

10. TAXATION:

1961. Tax credit is recognised in Aspect of Minmum Alternate Tax (MAT) as cotrthe ngeristals of Section 11eJAAof th« rncom^tw Actm 1961 based

ii) Deferred tax for timing differences between tax profitsland book profits is recognised to the extent there is reasonable certainty that these assets can be realised in future.

ii ) The Provision of Fringe Benefit Tax has been made in respect of employees benefits and other specified expenses as determined under the Income-tax Act, 1961.

11. EQUITY INDEX / STOCK FUTURES / OPTIONS:

"Initial Margin - Equity Derivative Instrumenf, representing initial margin disclosed under Loans and Advances.

Respectively, in the "Mark-to tarket Margin - Equity Index/ Stock Futures Account", represents the net amount paid or received on the basis of movement in the prices of index/stock futures till the Balance Sheet date.

ii) On final settlement or squaring-up of contracts for equity index / stock credit balance pertaining to the settled / squared-up contract in "Mark-to Market Margin Equity index / Stock Futures Account" after adjustment of provision for anticipated losses is recognized in the Profit and Loss Account.

12. PROVISIONS, CONTINGENT LABILITIES AND CONTINGENT ASSETS :

A provision is made based on a reliable estimate when it is probabte that an outflow of resources embodying economic benefit will be required to settle an obligation. Contingent liabilities, if material, are disclosed b/way of notes on accounts. Contingent assets are not recognised or discloyed in the financial statements.

 
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