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Accounting Policies of Maa Jagdambe Tradelinks Ltd. Company

Mar 31, 2015

2.1 Basis of preparations

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respect with the accounting standards notified under the Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provision of the Companies Act 2013. The financial statements have been prepared on an accrual basis and under the historical cost conventions. The accounting policies adopted in the preparation of the financial statements are consistent with those of the previous year.

2.2 Revenue Recognition:

a) Income from Shares & Securities trading is recognized as income or loss on the date of actual trade and are shown net of brokerage expenses.

b) The dividend income is accounted for when the right to receive the payment is established whereas, interest income and other income is accounted on accrual basis.

c) The amount recognized as sale is exclusive of sales tax / VAT and are net of returns and excludes freight and other charges and accounted for at-time when the invoices are raised.

2.3 Fixed Assets- Tangibles

Tangible Assets are stated at cost of acquisition less accumulated depreciation and amortization. All costs relating to the acquisition and installation of tangible assets are capitalized and include borrowing costs directly attributable to acquisition of tangible assets upto the date the asset is put to use.

2.4 Depreciation- Tangibles

Depreciation on tangible assets is provided to the extent of depreciable amount on straight line method over the useful life of such assets as specified in Schedule II to the Companies Act, 2013.

2.5 Investments:

Investments are either classified as current or long term based on Management's intention at the time of purchase. Investments that are intended to be held for one year or more are classified as long term investments and investments that are intended to be held for less than one year are classified as current investments. Long term investments are carried at cost less provisions made for permanent diminution in the value, if any. Current investments are valued at the lower of cost and fair value of each investment individually.

2.6 Stock in trade

The Stock of Raw Material is valued at cost. The Stock of Traded and Finished Goods are valued at lower of cost or market value.

2.7 Taxes on Income:

a) Income-tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with income tax laws) and deferred tax charge or credit (reflecting the tax effect of timing differences between accounting income and taxable income for the period).

b) Deferred tax is recognized for all the timing differences, subject to the consideration of prudence in respect of deferred tax assets. Deferred tax assets are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date.

2.8 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as results of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in Notes to Accounts, while contingent assets are neither recognized nor disclosed in the financial statements.

2.9 Provisions, Contingent Liabilities and Contingent Assets

Basic Earnings per Share is calculated by dividing the net profit after tax for the year attributable to equity shareholders of the Company by the weighted average number of shares outstanding during the year.


Mar 31, 2014

1.1 Basis of preparations

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respect with the accounting standards notified under the Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provision of the Companies Act 1956. The financial statements have been prepared on an accrual basis and under the historical cost conventions. The accounting policies adopted in the preparation of the financial statements are consistent with those of the previous year.

2.2 Revenue Recognition:

a) Income from Shares & Securities trading is recognized as income or loss on the date of actual trade and are shown net of brokerage expenses.

b) The dividend income is accounted for when the right to receive the payment is established whereas, interest income and other income is accounted on accrual basis.

c) The amount recognized as sale is exclusive of sales tax / VAT and are net of returns and excludes freight and other charges and accounted for at time when the invoices are raised.

2.3 Investments:

Investments are either classified as current or long term based on Managements intention at the time of purchase. Investments that are intended to be held for one year or more are classified as long term investments and investments that are intended to be held for less than one year are classified as current investments. Long term investments are carried at cost less provisions made for permanent diminution in the value, if any. Current investments are valued at the lower of cost and fair value of each investment individually.

2.4 Stock in trade

The Stock of Raw Material is valued at cost. The Stock of Traded and Finished Goods are valued at lower of cost or market value.

2.5 Taxes on Income:

a) Income-tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with income tax laws) and deferred tax charge or credit (reflecting the tax effect of timing differences between accounting income and taxable income for the period).

b) The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that the assets can be realized in future.

2.6 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as results of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in Notes to Accounts, while contingent assets are neither recognized nor disclosed in the financial statements.

2.7 Cash Flow Statement

Cash flow statements are prepared in accordance with the "Indirect Method" as explained in the Accounting Standard (AS) 3 – Cash Flow Statements as prescribed under section 211(3C) of the Companies Act 1956.

2.8 Provisions, Contingent Liabilities and Contingent Assets

Basic Earning per Share is calculated by dividing the net profit after tax for the year attributable to equity shareholders of the Company by the weighted average number of shares outstanding during the year.

*Based on the information so far available with the company, there are no dues payable to MSME as defined in the Micro, Small and Medium Enterprises Development Act, 2006


Mar 31, 2013

1.1 Basis of preparations

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respect with the accounting standards notified under the Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provision of the Companies Act 1956. The financial statements have been prepared on an accrual basis and under the historical cost conventions. The accounting policies adopted in the preparation of the financial statements are consistent with those of the previous year.

1.2 Revenue Recognition:

a) Income from Shares & Securities trading is recognized as income or loss on the date of actual trade and are shown net of brokerage expenses.

b) The dividend income is accounted for when the right to receive the payment is established whereas, interest income and other income is accounted on accrual basis.

c) The amount recognized as sale is exclusive of sales tax/VAT and are net of returns and excludes freight and other charges and accounted for at time when the invoices are raised.

1.3 Investments:

Investments are either classified as current or long term based on Managements intention at the time of purchase. Investments that are intended to be held for one year or more are classified as long term investments and investments that are intended to be held for less than one year are classified as current investments. Long term investments are carried at cost less provisions made for permanent diminution in the value, if any. Current investments are valued at the lower of cost and fair value of each investment individually.

1.4 Stock in trade

The Stock of quoted shares is valued at lower of cost or market value.

1.5 Taxes on Income:

a) Income-tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with income tax laws) and deferred tax charge or credit (reflecting the tax effect of timing differences between accounting income and taxable income for the period).

b) The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that the assets can be realized in future.

1.6 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as results of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in Notes to Accounts, while contingent assets are neither recognized nor disclosed in the financial statements.

1.7 Cash Flow Statement

Cash flow statements are prepared in accordance with the "Indirect Method" as explained in the Accounting Standard (AS) 3 - Cash Flow Statements as prescribed under section 211(3C) of the Companies Act 1956.

1.8 Provisions, Contingent Liabilities and Contingent Assets

Basic Earnings per Share is calculated by dividing the net profit after tax for the year attributable to equity shareholders of the Company by the weighted average number of shares outstanding during the year.


Mar 31, 2011

1.Accounting Policies :-

a. The Company follows the Prudential Norms for Asset Classification, Income Recognition, Accounting Standards, and Provisioning for bad and doubtful debts as prescribed by the Reserve Bank of India for Non Banking Financial companies.

b. Accounts have been prepared on historical cost and accrual basis

c. Invertible are valued at cost. (Refer Note No. '4' given below}

d. Dividend Income is accounted for in the fear in which it is declared

e. Fructose& Sale of Shares & Other Sews are accounted for on the basis of Bill dates received from the brokers.

f. Long Term Investment are stated at cost. Provisioning for loss in the value ,of investments is made on the basis of permanent impairment in each security '

g. Income-tax expense comprises current tax and deferred tax charge or credit. The deferred tax as** and deferred tax liability is canted by applying tax rate and tax laws that have been enacted or substantively enacting 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 a virtual certainty of its realization, supported by convening evidence. Deferred tax aspirin account of other timing differences are reckonable only to the extent there is a enable certainty of its realisation. At each Balance Sheet date, the carrying amount of deferred tax assets are reviewed to reassure realisation.


Mar 31, 2010

A. The company follows the prudential Norms for Asset Classification, Income Recognition, Accounting Standards, and Provisioning for bad and doubtful debts as prescribed by the Reserve Bank of India for Non Banking Financial Companies.

b. Accounts have been prepared on historical cost and accrual basis.

c. Inventories are valued at cost. (Refer Note No. '4' given below).

d. Dividend Income is accounted for in the year in which it is declared.

e. Purchase & Sale of Shares & Other Securities are accounted for on the basis of Bill dates received from the brokers.

f. Long Term Investments are stated at cost Provisioning for loss in the value of investments is made on the basis of permanent impairment m each security.

g. Income tax expense comprises current tax and deferred tax charge or credit. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax assete arising mainly on account of brought forward losses and unabsorbed depredation under tax laws, are recognized, only if there is a virtual certainty of its realisation, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation. At each Balanced Sheet date, the carrying amount of deferred tax assets are reviewed to reassure realisation.

 
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