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Accounting Policies of Kinetic Trust Ltd. Company

Mar 31, 2015

(a) ACCOUNTING CONVENTION: The Financial statements have been prepared in accordance with the historical cost convention and generally accepted accounting principles. A summary of the important accounting policies, which have been followed consistently, is set out below.

(b) FIXED ASSETS: Fixed Assets are stated at cost of acquisition inclusive of freight & incidental expenses less depreciation thereof.

(c) DEPRECIATION: Depreciation on owned Assets has been charged on straight line method as per rates and in the manner prescribed in Schedule-XIV of the Companies Act 1956. No Depreciation has been charged on additions of Rs. 22.12 lacs, on account of revaluation of the office premises during the year 1993-94.

(d) INVESTMENTS: Investments are valued at cost.

(e) REVENUE RECOGNITION:

(i) Income from consultancy and advisory services is accounted for on accrual basis.

(ii) In respect of other heads of income except dividends, the company follows the practice of accounting such income on accrual basis.

(iii)Sales and Purchase of the company consists of the sale and purchase of shares in the secondary market and has been accounted for on accrual basis.

(iv) All the expenses have been accounted for on mercantile basis.

(f) PROVISION FOR TAXATION: Provision for taxation is computed as per total income returnable under the Income Tax Act, 1961.

(g) DEFERRED TAX: Deferred Tax Liability is provided pursuant to Accounting Standard [AS-22]. Deferred Tax Asset and Deferred Tax Liability are calculated by applying tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred Tax Assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws are recognized, only if there is virtual certainty of its realization, supported by convincing evidence. Deferred Tax Assets on account of other timing differences are recognized only to the extent there is reasonable certainty of its realization.

(h) OTHER ACCOUNTING POLICIES: These are consistent with the generally accepted accounting policies.


Mar 31, 2014

(a) ACCOUNTING CONVENTION: The Financial statements have been prepared in accordance with the historical cost convention and generally accepted accounting principles. A summary of the important accounting policies, which have been followed consistently, is set out below.

(b} FIXED AS5ETS: Fixed Assets are stated at cost of acquisition inclusive of freight & incidental expenses less depreciation thereof

(c) DEPRECIATION: Depreciation on owned Assets has been charged on straight line method as per rates and in the manner prescribed in Sdiedule-XIV of the Companies Act 1956. No Depreciation has been charged on additions of Rs. 22.12 lacs, on account of revaluation of the office premises during the year 1993-94.

(d) IN VESTMENTS: Investmentsarevaluedatcost

(e) REVENUE RECOG NlTION:

(i) Income from consultancy and advisory services is accounted for on accrual basis.

(ii) In respect of other heads of income except dividends, the company follows the practice of accounting such income on accrual basis.

(iii) Sales and Purchase of the company consists of the sale and purchase of shares in the secondary market and has been accounted for on accrual basis.

(iv} All the expenses have been accounted for on mercantile basis.

(f) AMORTISATION OF MISC EXPENSES: The Company amortises preliminary expenses including public issue expenses over a period of ten years and other deferred revenue expenditure over a period of five years,

(g) PROVISION FOR TAXATION: Provision for taxation is computed as per total income returnable under the Income Tax Act, 1961.

{h) DEFERRED TAX: Deferred Tax Liability is provided pursuant to Accounting Standard [AS-22]. Deferred Tax Asset and Deferred Tax Liability are calculated by applying tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred Tax Assets arising mainly on account of brought forward losses and unabsorbed depredation under tax laws, are recognized, only if there is virtual certainty of its realization, supported by convincing evidence. Deferred Tax Assets on account of other timing differences are recognized only to the extent there is reasonable certainty of its realization.


Mar 31, 2013

(a) ACCOUNTING CONVENTION: The Financial statements have been prepared in accordance with the historical cost convention and generally accepted accounting principles. A summary of the important accounting policies, which have been followed consistently, is set out below.

(b) FIXED ASSETS: Fixed Assets are stated at cost of acquisition inclusive of freight & incidental expenses less depreciation thereof.

(c) DEPRECIATION: Depreciation on owned Assets has been charged on straight line method as per rates and in the manner prescribed in Schedule-XIV of the Companies Act 1956. No Depreciation has been charged on additions of Rs. 22.12 lacs, on account of revaluation of the office premises during the year 1993-94.

(d) INVESTMENTS: Investments are valued at cost.

(e) REVENUE RECOGNITION:

(i) Income from consultancy and advisory services is accounted for on accrual basis.

(ii) In respect of other heads of income except dividends, the company follows the practice of accounting such income on accrual basis.

(iii) Sales and Purchase of the company consists of the sale and purchase of shares in the secondary market and has been accounted for on accrual basis. (iv) All the expenses have been accounted for on mercantile basis.

(f) AMORTISATION OF MISC EXPENSES: The Company amortizes preliminary expenses including public issue expenses over a period of ten years and other deferred revenue expenditure over a period of five years.

(g) PROVISION FOR TAXATION: Provision for taxation is computed as per total income returnable under the Income Tax Act, 1961.

(h) DEFERRED TAX: Deferred Tax Liability is provided pursuant to Accounting Standard [AS-22). Deferred Tax Asset and Deferred Tax Liability are calculated by applying tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred Tax Assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognized, only if there is virtual certainty of its realization, supported by convincing evidence. Deferred Tax Assets on account of other timing differences are recognized only to the extent there is reasonable certainty of its realization.


Mar 31, 2010

(a) ACCOUNTING CONVENTION: The Financial statements have been prepared in accordance with the historical cost convention and generally accepted accounting principles. A summary of the important accounting policies, which have been followed consistently, is set out below.

(b) FIXED ASSETS: Fixed Assets are stated at cost of acquisition inclusive of freight & incidental expenses less depreciation thereof.

(c) DEPRECIATION: Depreciation on owned Assets has been charged on straight line method as per rates and in the manner prescribed in Schedule-XIV of the Companies Act 1956. No Depreciation has been charged on additions of Rs. 22.12 lacs, on account of revaluation of the office premises during the year 1993-94.

(d) INVESTMENTS: Investments are valued at cost.

(e) REVENUE RECOGNITION:

(i) Income from consultancy and advisory services is accounted for on accrual basis.

(ii) In respect of other heads of income except dividends, the company follows the practice of accounting such income on accrual basis.

(iii) Sales and Purchase of the company consists of the sale and purchase of shares in the secondary market and has been accounted for on accrual basis.

(iv) All the expenses have been accounted for on mercantile basis.

(f) AMORTISATION OF MSCELLANEOUS EXPENSES: The Company amortizes preliminary expenses including public issue expenses over a period of ten years and other deferred revenue expenditure over a period of five years.

(g) DEFERRED TAX: Deferred Tax Liability is provided pursuant to Accounting Standard [AS-22]. Deferred Tax Asset and Deferred Tax Liability are calculated by applying tax rates an tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred Tax Assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognized, only if there is virtual certainty of its realization, supported by convincing evidence. Deferred Tax Assets on account of other timing differences are recognized only to the extent there is reasonable certainty of its realization.

(h) OTHER ACCOUNTING POLICIES: These are consistent with the generally accepted accounting policies.


Mar 31, 2009

(a) ACCOUNTING CONVENTION: The Financial statements have been prepared in accordance with the historical cost convention and generally accepted accounting principles. A summary of the important accounting policies, which have been followed consistently, is set out below.

(b) FIXED ASSETS: Fixed Assets are stated at cost of acquisition inclusive of freight & incidental expenses less depreciation thereof.

(c) DEPRECIATION: Depreciation on owned Assets has been charged on straight line method as per rates and in the manner prescribed in Schedule-XIV of the Companies Act 1956. No Depreciation has been charged on additions of Rs. 22.12 lacs, on account of revaluation of the office premises during the year 1993-94.

(d) INVESTMENTS: Investments are valued at cost.

(e) REVENUE RECOGNITION:

(i) Income from consultancy and advisory services is accounted for on accrual basis.

(ii) In respect of other heads of income except dividends, the company follows the practice of accounting such income on accrual basis.

(iii) Sales and Purchase of the company consists of the sale and purchase of shares in the secondary market and has been accounted for on accrual basis.

(iv) All the expenses have been accounted for on mercantile basis.

(f) AMORTISATION OF MISC EXPENSES: The Company amortises preliminary expenses including public issue expenses over a period of ten years and other deferred revenue expenditure over a period of five years.

(g) PROVISION FOR TAXATION: Provision for taxation is computed as per total income returnable under the Income Tax Act, 1961.

(h) DEFERRED TAX: Deferred Tax Liability is provided.pursuant to Accounting Standard [AS-22]. Deferred Tax Asset and Deferred Tax Liability are calculated by applying tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred Tax Assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognized, only if there is virtual certainty of its realization, supported by convincing evidence. Deferred Tax Assets on account of other timing differences are recognized only to the extent there is reasonable certainty of its realization.

(i) OTHER ACCOUNTING POLICIES: These are consistent with the generally accepted accounting policies.

 
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