Mar 31, 2014
(a) Basis of Accounting
The financial statements have been prepared under the historical cost convention and on accrual basis of accounting and in accordance with applicable Accounting Standards and relevant presentational requirement of the Companies Act, 1956.
(b) Recognition of Income
(i) Sales of Shares & Securities
Sale of Shares are recognized as per contract note.
Rent Income is recognized as per contract between the parties.
(iii) Other income
(a) Other income is recognised on accrual basis except when realization of such Income is uncertain.
(b) The prudential norms for income recognition and provisioning in respect of Loans and Advances. have been made as per RBI norms for Non-Banking Financial Companies.
(c) Fixed Assets
(ii) These costs exclude Mod vat / Service tax credit if availed, but include The borrowing cost up to the date commercial production, wherever applicable.
(iii) As required by AS 28 on impai rment of Assets issued by ICAI, the Company has Carried out as exercise of identifying the assets that may have been impaired. There were no impaired assets during the year mainly on account of economic performance and alternative viability of such assets.
(i) Depreciation has been provided on W ritten Down Val ue Method basis on all assets at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956 and New Schedule II as per Companies Act, 2013.
Investments are long-term investments and are stated at the cost of their acquisition. Long term investments are stated at cost less provisions, if any, for decline other Than temporary in their value.
Inventories are valued at lower of cost and net realizable value.
(g) Retirement Benefits (i) Gratuity
Gratuity is provided on the basis of actual valuation
(ii) Leave Encashment
The benefit of encashment of leave is given to the employees of the company during Their service and on retirement. The accumulated leave liability as at the end of the Year is provided for on actual valuation.
The provision for taxation is ascertained on the basis of assessable profits computed in accordance with the provisions of the Income-tax 1961.
Deferred tax is recognized, subject to the consideration of prudence, on timing differences, being the differences between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent Periods.
*Deferred Tax assets are recognized only if there is a reasonable or virtual certainty That they will be realized and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.
Provisions and Contingent (I) Liability:
The Company creates a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate Can be made of the amount of the obligation.
A disclosure for a contingent liability is made when there is a possible obligation Or a present obligation that may, but probably will not require an outflow of resources When there is possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
Mar 31, 2013
Mar 31, 2011
I Basis of Accounting - The Financial Statements are Prepared on Accrual Basis under the Historic Cost Convention and are in accordance with the requirements of the Companies Act 1956.
a) Interest on loans is accounted on annual basis and as per the terms and conditions and wherever receivable.
b) Dividend Income is accounted on receipt basis.
ii. Stock in Trade - The Securities held as stock in trade under current asset are valued at cost or fair value whichever is lower
iii. All expenses are accounted for on accrual basis.