Mar 31, 2018
Note 1 : Significant Accounting Policies:
A Basis of Preparation of Financial Statements:
The Financial Statements have been prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis and in compliance with all the mandatory accounting standards as prescribed under section 133 of the Companies Act 2013 (âActâ) read with Rule 7 of the Companies (Accounts) Rules, 2014 (amended subsequently).
The Company follows mercantile system of accounting and recognizes Income & Expenditure on accrual basis to the extent measurable and where there is certainty of ultimate realization in respect of incomes.
B Use of Estimates:
The preparation of financial statements are in conformity with generally accepted accounting principles which require estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Differences between actual and estimated results are recognized in the period in which the results are materialized.
C Revenue Recognition:
i) Profit or Loss from dealing in shares and securities are recognized on settlement dates.
ii) Interest is recognised on a time proportion basis taking in to account the amount outstanding and the rate applicable.
ii) Dividend on shares is being considered when the right to receive payment is established.
iii) In respect of other heads of income, the Company follows the practice of accounting on accrual basis.
D Property plant and equipments:
Property plant and equipments are stated at cost of acquisition less accumulated depreciation. The cost of acquisition comprises the purchase price and any other attributable cost of bringing the asset to its working condition for its intended use.
E Depreciation:
i) Depreciation on Property plant and equipments is provided on âStraight Line Methodâ considering their useful lives and residual value as provided in Schedule II of Companies Act, 2013.
ii) Depreciation on revalued assets to the extent of revaluation is charged from Revaluation Reserve.
F Impairment of Property plant and equipments:
At the end of each year, the Company determines whether a provision should be made for impairment loss on Property plant and equipments by considering the indication that an impairment loss may have occurred in accordance with Accounting Standard 28 on âImpairment of Assetsâ. Where the recoverable amount of any Property plant and equipments is lower than its carrying amount, a provision for impairment loss on Property plant and equipments is made for the difference.
G Investments:
Investments that are intended to be held for more than a year, from the date of acquisition, are classified as long term investment and are carried at cost less any provision for permanent diminution in value. Investments other than long term investments being current investments are valued at cost or fair value whichever is lower.
H Accounting for Taxes of Income:
Current Taxes
Provision for current income-tax is recognized in accordance with the provisions of Indian Income-tax Act, 1961 and is made annually based on the tax liability after taking credit for tax allowances and exemptions.
Deferred Taxes
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences that result between the profits offered for income taxes and the profits as per the financial statements. Deferred tax assets and liabilities are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the balance sheet date. Deferred tax Assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred Tax Assets are reviewed as at each Balance Sheet date.
Minimum Alternative Tax
Minimum Alternative Tax (MAT) credit is recognised as an asset in accordance with the recommendation contained in the Guidance note issued by the Institute of Chartered Accountants of India. The said asset is created by way of credit to the Statement of Profit and Loss and shown as MAT credit entitlement. The Company review the same at each Balance Sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal Income Tax during the specified period.
I Provisions and Contingent Liabilities:
i) Contingent Liabilities in respect of show cause notices received are considered only when they are converted into demands. Payments in respect of such demands, if any, are shown as advances.
ii) Contingent Liabilities under various fiscal laws includes those in respect of which the Company/department is in appeal.
iii) Contingent Liabilities if any, are disclosed by way of notes.
J Prior Period Items:
Material amount of Income and Expenditure pertaining to prior years are disclosed separately.
K Employee Benefits:
Retirement benefits in the form of Gratuity are considered as defined benefit obligations and are provided on the basis of the actuarial valuation, using the projected unit credit method as at the date of the Balance Sheet.
L Earnings Per Share:
The Company reports basic and diluted Earnings Per Share (EPS) in accordance with the Accounting Standard 20 on Earnings Per Share. Basic EPS is computed by dividing the net profit or loss for the year by the weighted average number of equity shares outstanding during the year. Diluted EPS is computed by dividing the net profit or loss for the year by the weighted average number of equity shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares, except where the results are anti-dilutive.
Mar 31, 2016
Note 1 : Significant Accounting Policies
A Basis of Preparation of Financial Statements :
The Financial Statements have been prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis and in compliance with all the mandatory accounting standards as prescribed under section 133 of the Companies Act 2013 (''Act'') read with Rule 7 of the Companies (Accounts) Rules, 2014.
The Company follows mercantile system of accounting and recognizes Income & Expenditure on accrual basis to the extent measurable and where there is certainty of ultimate realization in respect of incomes.
B Use of Estimates :
The preparation of financial statements are in conformity with generally accepted accounting principles which requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Differences between actual and estimated results are recognized in the period in which the results are materialized.
C Revenue Recognition :
i) Profit or Loss from dealing in shares and securities are recognized on settlement dates.
ii) Interest is recognized on a time proportion basis taking in to account the amount outstanding and the rate applicable.
ii) Dividend on shares is being considered when the right to receive payment is established.
iii) In respect of other heads of income, the Company follows the practice of accounting on accrual basis.
D Fixed Assets :
Fixed Assets are stated at cost of acquisition less accumulated depreciation. The cost of acquisition comprises the purchase price and any other attributable cost of bringing the asset to its working condition for its intended use.
E Depreciation :
i) Depreciation on Fixed Assets is provided on ''Straight Line Method'' considering their useful lives and residual value as provided in Schedule II of Companies Act, 2013.
ii) Depreciation on revalued assets to the extent of revaluation is charged from Revaluation Reserve.
F Impairment of Fixed Assets :
At the end of each year, the Company determines whether a provision should be made for impairment loss on fixed assets by considering the indication that an impairment loss may have occurred in accordance with Accounting Standard 28 on "Impairment of Assets". Where the recoverable amount of any fixed assets is lower than its carrying amount, a provision for impairment loss on fixed assets is made for the difference.
G Investments :
Investments that are intended to be held for more than a year, from the date of acquisition, are classified as long term investment and are carried at cost less any provision for permanent diminution in value. Investments other than long term investments being current investments are valued at cost or fair value whichever is lower.
H Accounting for Taxes of Income :
Current Taxes
Provision for current income-tax is recognized in accordance with the provisions of Indian Income-tax Act, 1961 and is made annually based on the tax liability after taking credit for tax allowances and exemptions.
Deferred Taxes
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences that result between the profits offered for income taxes and the profits as per the financial statements. Deferred tax assets and liabilities are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred Tax assets are reviewed as at each Balance Sheet date.
I Provisions and Contingent Liabilities :
i) Contingent Liabilities in respect of show cause notices received are considered only when they are converted into demands. Payments in respect of such demands, if any, are shown as advances.
ii) Contingent Liabilities under various fiscal laws includes those in respect of which the Company/department is in appeal.
iii) Contingent Liabilities if any, are disclosed by way of notes.
J Prior Period Items :
Material amount of Income and Expenditure pertaining to prior years are disclosed separately.
K Employee Benefits :
Retirement benefits in the form of Gratuity are considered as defined benefit obligations and are provided on the basis of the actuarial valuation, using the projected unit credit method as at the date of the Balance Sheet.
Mar 31, 2015
A Basis of Preparation of Financial Statements :
The Financial Statements have been prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis and in compliance with all the
mandatory accounting standards as prescribed under Section 133 of the
Act read with rule 7 of the Companies (Accounts) Rules, 2014
Company follows mercantile system of accounting and recognizes Income &
Expenditure on accrual basis to the extent measurable and where there
is certainty of ultimate realization in respect of incomes.
B Use of Estimates:
The preparation of financial statements are in conformity with
generally accepted accounting principles which requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and reported
amounts of revenues and expenses during the reporting period.
Differences between actual and estimated results are recognized in the
period in which the results are materialized.
C Revenue Recognition
i) Profit or Loss from dealing in shares and securities are recognized
on settlement dates.
ii) Interest is recognised on a time proportion basis taking in to
account the amount outstanding and the rate applicable.
ii) Dividend on shares is being considered when the right to receive
payment is established.
iii) In respect of other heads of income, the Company follows the
practice of accounting on accrual basis.
D Fixed Assets:
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. The cost of acquisition comprises the purchase price and
any other attributable cost of bringing the asset to its working
condition for its intended use.
E Depreciation:
i) Depreciation on Fixed Assets is provided on 'Straight Line Method'
considering their useful lives and residual value as provided in
Schedule II of the Act.
ii) Depreciation on revalued assets to the extent of revaluation is
charged from Revaluation Reserve.
F Impairment of Fixed Assets:
At the end of each year, the Company determines whether a provision
should be made for
impairment loss on fixed assets by considering the indication that an
impairment loss may have occurred in accordance with Accounting
Standard 28 on "Impairment of Assets". Where the recoverable amount of
any fixed assets is lower than its carrying amount, a provision for
impairment loss on fixed assets is made for the difference.
G Investments:
Investments that are intended to be held for more than a year, from the
date of acquisition, are classified as long term investment and are
carried at cost less any provision for permanent diminution in value.
Investments other than long term investments being current investments
are valued at cost or fair value whichever is lower.
H Accounting for Taxes of Income:
Current Taxes
Provision for current income-tax is recognized in accordance with the
provisions of Indian Income- tax Act, 1961 and is made annually based
on the tax liability after taking credit for tax allowances and
exemptions.
Deferred Taxes
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to timing differences that result between the
profits offered for income taxes and the profits as per the financial
statements. Deferred tax assets and liabilities are measured using the
tax rates and the tax laws that have been enacted or substantially
enacted at the balance sheet date. Deferred tax Assets are recognized
only to the extent there is reasonable certainty that the assets can be
realized in the future. Deferred Tax Assets are reviewed as at each
Balance Sheet date.
I Provisions and Contingent Liabilities:
i) Contingent Liabilities in respect of show cause notices received are
considered only when they are converted into demands. Payments in
respect of such demands, if any, are shown as advances.
ii) Contingent Liabilities under various fiscal laws includes those in
respect of which the Company/department is in appeal.
iii) Contingent Liabilities if any, are disclosed by way of notes.
J Prior Period Items:
Material amount of Income and Expenditure pertaining to prior years are
disclosed separately.
K Employee Benefits:
Retirement benefits in the form of Gratuity are considered as defined
benefit obligations and are provided on the basis of the actuarial
valuation, using the projected unit credit method as at the date of the
Balance Sheet.
L Inventories:
Stock of shares and securities is valued at lower of cost or market
value.
Mar 31, 2012
A Basis of Preparation of Financial Statements :
The Financial Statements are prepared under the historical cost
convention, on a going concern concept and in compliance with the
Accounting Standards issued by the ICAI/Companies (Accounting
Standard), Rules, 2006. The Company follows mercantile system of
accounting and recognizes Income & Expenditure on accrual basis to the
extent measurable and where there is certainty of ultimate realization
in respect of incomes. Accounting Policies not specifically referred to
otherwise, are consistent and in consonance with the generally accepted
Accounting Principles.
B Use of Estimates:
The preparation of Financial Statements are in conformity with
generally accepted accounting principles which requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and reported
amounts of revenues and expenses during the reporting period.
Differences between actual and estimated results are recognized in the
period in which the results are materialized.
C For the financial year ended 31st March, 2012, the Revised Schedule
VI notified under the Companies Act, 1956, is applicable to the
Company, for presentation and disclosures in financial statements. The
Company has reclassified the previous year's figures in accordance with
the Revised Schedule VI as applicable in the current year.
D Revenue Recognition :
i) Profit or Loss from dealing in Shares and Securities are recognized
on settlement dates.
ii) Dividend on Shares is being considered when the right to receive
payment is established.
iii) In respect of other heads of income, the Company follows the
practice of accounting on accrual basis.
E Fixed Assets:
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. The cost of acquisition comprises the purchase price and
any other attributable cost of bringing the asset to its working
condition for its intended use.
F Depreciation:
i) Depreciation on Fixed Assets is provided on 'Straight Line Method'
at the rates and in the manner as specified in Schedule XIV of the
Companies Act, 1956.
ii) Depreciation on Revalued Assets to the extent of revaluation is
charged from Revaluation Reserve.
G Impairment of Fixed Assets:
At the end of each year, the Company determines whether a provision
should be made for impairment loss on fixed assets by considering the
indication that an impairment loss may have occurred in accordance with
Accounting Standard 28 on "Impairment of Assets" issued by the ICAI/
Companies (Accounting Standard), Rules, 2006. Where the recoverable
amount of any fixed assets is lower than its carrying amount, a
provision for impairment loss on fixed assets is made for the
difference.
H Investments:
Investments that are intended to be held for more than a year, from the
date of acquisition, are classified as Long Term Investments and are
carried at cost less any provision for permanent diminution in value.
Investments other than Long Term Investments being Current Investments
are valued at cost or fair value whichever is lower.
I Accounting for Taxes of Income:
Current Taxes
Provision for current Income-Tax is recognized in accordance with the
provisions of Indian Income- Tax Act, 1961 and is made annually based
on the tax liability after taking credit for tax allowances and
exemptions.
Deferred Taxes
Deferred Tax Assets and Liabilities are recognized for the future tax
consequences attributable to timing differences that result between the
profits offered for Income Taxes and the profits as per the Financial
Statements. Deferred Tax Assets and Liabilities are measured using the
tax rates and the tax laws that have been enacted or substantially
enacted at the balance sheet date. Deferred Tax Assets are recognized
only to the extent there is reasonable certainty that the assets can be
realized in the future. Deferred Tax Assets are reviewed as at each
Balance Sheet date.
J Employee Benefits :
i) Company's contribution to Provident Fund and Other Funds for the
year is accounted on accrual basis and charged to the Profit & Loss
Account for the year
ii) Liability for Leave Encashment Benefits has been provided on
accrual basis.
iii) Retirement Benefits in the form of Gratuity are considered as
defined benefit obligations and are provided on the basis of the
actuarial valuation, using the projected unit credit method as at the
date of the Balance Sheet.
K Provisions and Contingent Liabilities:
i) Contingent Liabilities in respect of show cause notices received are
considered only when they are converted into demands. Payments in
respect of such demands, if any, are shown as advances.
ii) Contingent Liabilities under various fiscal laws includes those in
respect of which the Company/Department is in appeal.
iii) Contingent Liabilities if any, are disclosed by way of notes.
L Prior Period Items:
Material amount of Income and Expenditure pertaining to prior years are
disclosed separately.
M Inventories:
Stock of Shares and Securities is valued at lower of Cost or Market
Value.
Mar 31, 2011
1. Basis of Preparation of Financial Statements:
The financial statements are prepared under the historical cost
convention, on a going concern concept and in compliance with the
Accounting Standards issued by the ICAI/ Companies (Accounting
Standard) Rules, 2006 Company follows mercantile system of accounting
and recognizes Income & Expenditure on accrual basis to the extent
measurable and where there is certainty of ultimate realization in
respect of incomes. Accounting policies not specifically referred to
otherwise, are consistent and in consonance with the generally accepted
accounting principles.
2. Use of estimates:
The preparation of financial statements are in conformity with
generally accepted accounting principles which requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and reported
amounts of revenues and expenses during the reporting period.
Differences between actual and estimated results are recognized in the
period in which the results are materialized.
3. Recognition of Income and expenditure:
The Company follows the accrual basis of accounting except in the case
of Insurance claims, where the same are recorded on cash basis.
4. Revenue Recognition:
a. Profit or Loss from dealing in Shares and Securities are recognized
on settlement dates.
b. Dividend on Shares is being considered when the right to receive
payment is established.
c. In respect of other heads of income, the Company follows the
practice of accounting on accrual basis.
5. Fixed Assets:
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. The cost of acquisition comprises the purchase price and
any other attributable cost of bringing the asset to its working
condition for its intended use.
6. depreciation:
a. Depreciation on Fixed Assets is provided on ÃStraight Line MethodÃ
at the rates and in the manner as specified in Schedule XIV of the
Companies Act, 1956.
b. Depreciation on Revalued Assets to the extent of revaluation is
charged from Revaluation Reserve.
7. Impairment of Fixed Assets:
At the end of each year, the Company determines whether a provision
should be made for impairment Loss on Fixed Assets by considering the
indication that an impairment Loss may have occurred in accordance with
Accounting Standard 28 on "Impairment of Assets" issued by the
ICAI/Companies (Accounting standard), Rules, 2006. Where the
recoverable amount of any Fixed Assets is lower than its carrying
amount, a provision for impairment Loss on Fixed Assets is made for the
difference.
8. Investments:
Investments those are intended to be held for more than a year from the
date of acquisition are classified as long term investment and are
carried at cost less any provision for permanent diminution in value.
Investments other than long term investments being current investments
are valued at cost or fair market value whichever is lower.
9. Inventory:
Stock of Shares and Securities is valued at lower of cost or market
value.
10. Accounting for taxation on Income:
Current taxes
Provision for current Income-tax is recognized in accordance with the
provisions of Indian Income-Tax Act, 1961 and is made annually based on
the Tax liability after taking credit for Tax allowances and
exemptions.
Deferred taxes
Deferred Tax Assets and Liabilities are recognized for the future tax
consequences attributable to timing deferences that result between the
profits offered for Income Taxes and the profits as per the financial
statements. Deferred Tax Assets and Liabilities are measured using the
Tax Rates and the Tax Laws that have been enacted or substantially
enacted at the Balance Sheet date. Deferred Tax Assets are recognized
only to the extent there is reasonable certainty that the assets can be
realized in the future. Deferred Tax Assets are reviewed as at each
Balance Sheet date.
11. Prior Period Items:
Material amount of Income and Expenditure pertaining to prior years are
disclosed separately.
12. Employee Benefits:
i) Company's contribution to Provident Fund and other Funds for the
year is accounted on accrual basis and charged to the Profit & Loss
Account for the year.
ii) Liability for leave encashment benefits has been provided on
accrual basis.
iii) Retirement benefits in the form of Gratuity are considered as
defined benefit obligations and are provided on the basis of the
actuarial valuation, using the projected unit credit method as at the
date of the Balance Sheet
13. Treatment of Contingent Liabilities:
a. Contingent Liabilities in respect of show cause notices received
are considered only when they are converted into demands. Payments in
respect of such demands, if any, are shown as advances.
b. Contingent Liabilities under various Fiscal Laws includes those in
respect of which the Company/Department is in appeal.
c. Contingent Liabilities are disclosed by way of notes.
Mar 31, 2010
1. Basis of Preparation of Financial Statements:
The financial statements are prepared under the historical cost
convention, on a going concern concept and in compliance with the
Accounting Standards issued by the ICAI/ Companies (Accounting
Standard), Rules, 2006, Company follows mercantile system of accounting
and recognizes Income & Expenditure on accrual basis to the extent
measurable and where there is certainty of ultimate realization in
respect of incomes. Accounting policies not specifically referred to
otherwise, are consistent and in consonance with the generally accepted
accounting principles.
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 reported amounts of revenues and
expenses during the reporting period. Differences between actual
results and estimated are recognized in the period in which the results
are materialized.
3. Recognition of income and expenditure:
The Company follows the accrual basis of accounting except in the
following cases, where the same are recorded on the cash basis.
(a) Insurance claims
(b) Payment of bonus and leave salary
(c) Gratuity
4. Revenue Recognition:
(a) Profit or Loss from dealing in shares and securities are recognized
on settlement dates.
(b) Dividend on shares is being considered when the right to receive
payment is established.
(c) In respect of other heads of income, the Company follows the
practice of accounting on accrual basis.
5. Fixed Assets:
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. The cost of acquisition comprises the purchase price and
any attributable cost of bringing the asset to its working condition
for its intended use.
6. Depreciation:
(a) Depreciation on Fixed Assets is provided on Straight Line Method
at the rates and in the manner as specified in Schedule XIV of the
Companies Act, 1956.
(b) Depreciation on revalued assets to the extent of revaluation is
charged from Revaluation Reserve.
7. Impairment of Fixed Assets:
At the end of each year, the Company determines whether a provision
should be made for impairment loss on fixed assets by considering the
indication that an impairment loss may have occurred in accordance with
Accounting Standard 28 on ÃImpairment of Assetsà issued by the
ICAI/Companies (Accounting Standard), Rules, 2006. Where the
recoverable amount of any fixed assets is lower than its carrying
amount, a provision for impairment loss on fixed assets is made for the
difference.
8. Investments:
Investments those are intended to be held for more than a year from the
date of acquisition are classified as long-term investment and are
carried at cost less any provision for permanent diminution in value.
Investments other than long-term investments being current investments
are valued at cost or fair market value whichever is lower.
9. Inventory:
Stock of shares and securities is valued at lower of cost or market
value.
10. Accounting for Taxation on Income:
Current Taxes
Provision for current income-tax is recognized in accordance with the
provisions of Indian Income-tax Act, 1961 and is made annually based on
the tax liability after taking credit for tax allowances and
exemptions.
Deferred Taxes
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to timing differences that result between the
profits offered for income taxes and the profits as per the financial
statements. Deferred tax assets and liabilities are measured using the
tax rates and the tax laws that have been enacted or substantially
enacted at the balance sheet date. Deferred Tax Assets are recognized
only to the extent there is reasonable certainty that the assets can be
realized in the future. Deferred Tax Assets are reviewed as at each
Balance Sheet date.
11. Prior Period Items:
Material amount of Income and Expenditure pertaining to prior years are
disclosed separately.
12. Employee Benefits:
(a) Liability for bonus & leave encashment benefits has been accounted
for on cash basis.
(b) Gratuity liability is accounted for on cash basis.
13. Treatment of Contingent Liabilities:
(a) Contingent Liabilities in respect of show cause notices received
are considered only when they are converted into demands. Payments in
respect of such demands, if any, are shown as advances.
(b) Contingent Liabilities under various fiscal laws includes those in
respect of which the company/department is in appeal.
(c) Contingent Liabilities are disclosed by way of notes.