Mar 31, 2014
1) GENERAL
The Financial statement are prepared under the historical cost
convention on the basis of going concern as per applicable accounting
standard and the provisions of the Companies Act 1956, as adopted
consistently by the company The company follows mercantile system of
accounting.
2) REVENUE RECOGNITION
Revenue / Income and expenditures are accounted for on accrual basis ,
as and when they are earned or incurred .
3) In the opinion of the board all the current assets and the loan and
advances are approximately of the value stated if realized in the
ordinary course of business. The provision for all known liabilities
are adequate and are not in excess of the amount considered reasonably
necessary. Sundry Debtors, Creditors and loans & advances are shown as
appearing in the accounts, and are subject to confirmation.
Mar 31, 2011
1) GENERAL
The Financial statement are prepared under the historical cost
convention on the basis of going concern as per applicable accounting
standard and the provisions of the Companies Act 1956, as adopted
consistently by the company . The company follows mercantile system of
accounting,
2) FIXED ASSTES
Fixed Assets are Stated at cost/less accumulated depreciation . Cost
comprises of purchase price or construction cost including any cost of
bringing the asset to its working condition for use.
3) DEPRECIATION
Depreciation on Fixed Assets has been provided on W.D.V. method as per
clarification and on the basis of rates specified in schedule XIV to the
companies Act, 1956.
4) INVESTMENT
Long Term Investment are stated at cost. In case of permanent
diminution in value of certain investment appropriate provision for the
same was made in Accounts in earlier year. The same provision for the
same was made in Accounts in earlier year. The same provision is
continuing. There is no further diminution in value of investment.
5) INVENTORIES OF SHARES AND REAL ESTATE (STOCK IN TRADE)
a) Shares, stock are valued at cost as on 31st March, 2011 as per
practice.
b) Real estate are valued at expected net realizable value or cost
whichever is lower.
6) REVENUE RECOGNITION
Revenue / Income except divided and expenditures except Municipal Taxes
are accounted for on accrual basis, as and when they are earned or
incurred.
7) Deferred Tax resulting from timing difference between book & tax
profits is accounted for under the liability method at the current rate
of tax to the extent that the timing difference are expected to
crystallize. Tax provision has been made according to Income Tax Act,
1961.
8) EMPLOYEES BENEFITS
The Company has provided gratuity amounting to Rs.27750.00 only (as per
guide lines prescribed in AS-15, issued by The Institute of Chartered
Accountants Of India & as per provisions of Gratuity Act) for all
employees on completed year of Service. The provision is made for 15
days salary of each completed years of services.
Mar 31, 2010
1) GENERAL
The Financial statement are prepared under the historical cost
convention on the basis of going Conner in per applicable accounting
standard and the provisions of the Companies Act 1956.. as adopted
consistently by the company . The company follows mercantile system of
accounting.
2) FIXED ASSTES
Fixed Assets are stated at cost/revalued amount less accumulated
depreciation . Coat Comprises of purchase price or construction cost
including any cost of bringing the asset to its working condition for
use.
3) DEPRECIATION.
Depreciation on Fixed Assets has been provided on W.D.V. method as per
clarification and on the basis of rates specified in schedule XIV to
the companies Act,1956.
4) INVESTMENT
Long Term investment are stated at cast. In case there is a permanent
diminution in value of any investment appropriate provision for the
same is made in Accounts.
5) INVENTORIES OF SHARES AND REAL ESTATE (STOCK IN TRADE)
a) Shares stock are valued cost as on 31st March 2010.
b) Real estate are valued at expected net realizable value or cost
whichever is lower.
6) REVENUE RECOGNITION
Revenue/Income except dividend and expenditures except Municipal Taxes
are accounted For on accrual as and when they are earned or incurred.
7) DEFERRED TAX
deferred Tax resulting from timing difference between book & tax
profits is accounted for under the liability method at the current rate
of tax to the extent that the timing difference are expected to
crystallize. Tax provision has been made according to Income Tax
Act,1961.
8) EMPLOYEES BENEFITS
The company has provided gratuity amounting to Rs.33400.00 only(as per
guide lines prescribed in AS-15- issued by The Institute Of Chartered
Accountants Of India & as per provisions of Gratuity Act, for all
employees on completed year of service. The provision is made for 15
days salary of each completed year of services..
Mar 31, 2009
1) GENERAL
The Financial s atement are prepared under the historical cost
convention on the basis of going concern i s per applicable accounting
standard and the provisions of the Companies Act 1956,. as adoplid
consistently by the company . The company follows mercantile system of
accounting.
2) FIXED ASSTLS
Fixed Assets Ere staled at cost / revalued amount less accumulated
depreciation , Cost comprises of rurchnse price or construction cost
including any cost of bringing the asset to its working condition tor
use.
3 ) DEPRECIATION
Depreciation on; Fixed Assets has been provided on W.D.V. method as per
clarification and on the basis of ates specified in Schedule XIV to the
companies Act 1956 .
4 ) INVESTMENT
Long Term investment are stated at cost. In case there is a permanent
diminution in value of any .investment appropriate provision for the
same is made in Accounts .
5) INVENTORIES OF SHAKES AND REAL ESTATE (STOCK IN TRADE)
a) Shares.stock are valued at cost as on 3Is'',March 2009 while upto
proceeding previous year it was valued at cost or market price which
ever is less. Due to change in basis of valuation profit has increased
by Rs. 2132911.45,
b ) Real estate are valued at expected net realizable value or cost
whichever is lower .
6) REVENUE RECOGNITION
Revenue / Income except dividend and expenditures except Municipal
Taxes are accounted for on accrual basis , as and when they are earned
or incurred .
7) Deferred Tax resulting from timing difference between book & tax
profits is accounted for under the liability method at the current rate
of lax to the extent that the timing difference arc expected to
crystalyse . Tax provision has been made according to Income Tax Act
1961 .
8) Folowing Mutual funds were shown as stock in trade at cost or market
price whichever is lower till 31.03.2008 and shown under the head
Inventories in Balance Sheet as at 31.03.2008. The management has
decided to convert the same into long term Investments as at 21.OS.08 &
the market value of these Mutual Funds as at 21.08.2008 has been
considered for calculating the value at which these arc to be
transferred to Investment account. The difference between the cost and
market value has been shown in profit & loss account for the year ended
on 31.03.2009.
9 ) EMPLOYEES BENEFITS
The Company, lias provided gratuity amounting to Rs. 15,600.00 only( as
per guide lines prescribed in AS - 15 , issued by The Institute Of
Chartered Accountants Of India & as per provisions of Gratuity Act) for
all employees on completed year of service. The provision is made for
15 days salary of each completed year of services .