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Accounting Policies of Mehta Securities Ltd. Company

Dec 31, 2014

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Dec 31, 2013

1. Accounting Convention Basis of accounting :

The financial statements are prepared under the historical cost convention, on accrual basis of accounting in accordance with the Companies Act, 1956 and in accordance with generally accepted accounting principles (Indian ''GAAP'') are in compliance with the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI).

2. Use of Estimates :

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent amount as at the date of financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Any revision to the accounting estimates is recognized in the periods in which the results are known / materialized.

3. The Company''s main business is to provide corporate advisory services, investments and Broking. All other activities are incidental to the main business. As such, there are no separate reportable segments, as per Accounting Standard on ''Segment Reporting'' (AS 17) issued by the Institute of Chartered Accountants of India.

4. Income and Expenditure :

Income and Expenditure are accounted on accrual basis.

5. Fixed Assets :

All the fixed assets have been stated at their original cost inclusive of any expenses incurred for the acquisi- tion and / or installation as reduced by any sale / discard and accumulated depreciation.

The company makes an assessment of any indicator that may lead to impairment of assets on an annual basis. As asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value, there is no such assets which is impaired during the year.

6. Depreciation :

The Company has provided depreciation at the rate prescribed in Schedule XIV to The Companies Act, 1956.

7. Investments :

a. Long Term investments are carried in the financial statement at cost, less any diminution in value, other than temporary as per AS-13

b. Shares, Debentures, Units, Warrants and Securities those are intended, at the time of acquisition, and there after to be held for a period exceeding twelve months are classified as "Investments".

c. Shares, Debentures, Units, Warrants and Securities are accounted under Investments on trade dates.

d. Rights entitlements are accounted for as Investments at issue price plus acquisition cost, if any.

e. Bonus entitlements are recognised on ex-bonus dates without any acquisition cost.

f. The cost of Investments include brokerage, service tax and stamp duty.

8. Valuation of Investments :

(a) Current Investments : Current Investments are carried at lower of cost or quoted/fair value. as per AS-13

(b) Long Term Investments : Quoted Investment are valued at cost or market value whichever is lower. Unquoted Investments are stated at cost. The decline in the value of the unquoted investment, other than temporary, is provided for as per AS-13.

Cost is inclusive of brokerage, fees and duties but excludes securities transaction tax.

9. Related Party Transactions :

Parties are considered to be related if at any time during the year, one party has the ability to control the other party or to exercise significant influence over the other party in making financial and/or operating decisions.

10. Provisions, Contingent Liabilities and Contingent Assets :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.


Dec 31, 2012

1. Accounting Convention Basis of accounting :

The financial statements are prepared under the historical cost convention, on accrual basis of accounting in accordance with the Companies Act, 1956 and in accordance with generally accepted accounting principles (Indian ''GAAP’) are in compliance with the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI).

2. Use of Estimates :

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent amount as at the date of financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Any revision to the accounting estimates is recognized in the periods in which the results are known / materialized.

3. The Company’s main business is to provide corporate advisory services, investments and Broking. All other activities are incidental to the main business. As such, there are no separate reportable segments, as per Accounting Standard on ''Segment Reporting’ (AS 17) issued by the Institute of Chartered Accountants of India.

4. Income and Expenditure :

Income and Expenditure are accounted on accrual basis.

5. Fixed Assets :

All the fixed assets have been stated at their original cost inclusive of any expenses incurred for the acquisi- tion and / or installation as reduced by any sale / discard and accumulated depreciation. The company makes an assessment of any indicator that may lead to impairment of assets on an annual basis. As asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value, there is no such assets which is impaired during the year.

6. Depreciation :

The Company has provided depreciation at the rate prescribed in Schedule XIV to The Companies Act, 1956.

7. Investments :

a. Long Term investments are carried in the financial statement at cost, less any diminution in value, other than temporary as per AS-13

b. Shares, Debentures, Units, Warrants and Securities those are intended, at the time of acquisition, and there after to be held for a period exceeding twelve months are classified as "Investments".

c. Shares, Debentures, Units, Warrants and Securities are accounted under Investments on trade dates.

d. Rights entitlements are accounted for as Investments at issue price plus acquisition cost, if any.

e. Bonus entitlements are recognised on ex-bonus dates without any acquisition cost.

f. The cost of Investments include brokerage, service tax and stamp duty.

8. Valuation of Investments :

(a) Current Investments : Current Investments are carried at lower of cost or quoted/fair value. as per AS-13

(b) Long Term Investments : Quoted Investment are valued at cost or market value whichever is lower. Unquoted Investments are stated at cost. The decline in the value of the unquoted investment, other than temporary, is provided for as per AS-13.

Cost is inclusive of brokerage, fees and duties but excludes securities transaction tax.

9. Related Party Transactions :

Parties are considered to be related if at any time during the year, one party has the ability to control the other party or to exercise significant influence over the other party in making financial and/or operating decisions.

10. Provisions, Contingent Liabilities and Contingent Assets :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.


Dec 31, 2011

1. Accounting Convention Basis of accounting :

The financial statements are prepared under the historical cost convention, on accrual basis of accounting in accordance with the Companies Act, 1956 and in accordance with generally accepted accounting principles (Indian 'GAAP') are in compliance with the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI).

2. Use of Estimates :

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent amount as at the date of financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Any revision to the accounting estimates is recognized in the periods in which the results are known / materialized.

3. The Company's main business is to provide corporate advisory services, investments and Broking. All other activities are incidental to the main business. As such, there are no separate reportable segments, as per Accounting Standard on 'Segment Reporting' (AS 17) issued by the Institute of Chartered Accountants of India.

4. Income and Expenditure :

Income and Expenditure are accounted on accrual basis.

5. Fixed Assets :

All the fixed assets have been stated at their original cost inclusive of any expenses incurred for the acquisi- tion and / or installation as reduced by any sale / discard and accumulated depreciation. The company makes an assessment of any indicator that may lead to impairment of assets on an annual basis. As asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value, there is no such assets which is impaired during the year.

6. Depreciation :

The Company has provided depreciation at the rate prescribed in Schedule XIV to The Companies Act, 1956.

7. Investments :

a. Long Term investments are carried in the financial statement at cost, less any diminution in value, other than temporary.

b. Shares, Debentures, Units, Warrants and Securities those are intended, at the time of acquisition, to be held for a period exceeding twelve months are classified as "Investments".

c. Shares, Debentures, Units, Warrants and Securities are accounted under Investments on trade dates.

d. Rights entitlements are accounted for as Investments at issue price plus acquisition cost, if any.

e. Bonus entitlements are recognised on ex-bonus dates without any acquisition cost.

f. The cost of Investments include brokerage, service tax and stamp duty.

8. Valuation of Investments :

(a) Current Investments : Current Investments are carried at lower of cost or quoted/fair value.

(b) Long Term Investments : Quoted Investment are valued at cost or market value whichever is lower. Unquoted Investments are stated at cost. The decline in the value of the unquoted investment, other than temporary, is provided for.

Cost is inclusive of brokerage, fees and duties but excludes securities transaction tax.

9. Related Party Transactions :

Parties are considered to be related if at any time during the year, one party has the ability to control the other party or to exercise significant influence over the other party in making financial and/or operating decisions.

10. Provisions, Contingent Liabilities and Contingent Assets :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.


Dec 31, 2008

1. Accounting Convention Basis of accounting :

The financial statements are prepared under the historical cost convention, on accrual bass of accounting in accordance with the Companies Act, 1956 and in accordance with generally accepted aa unting principles (Indian GAAP) are in compliance with the Accounting Standards issued by the Institute of i nartered Accoun- tants of India (ICAI).

2. Use of Estimates :

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent amount as at the date of financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Any revision to the accounting estimates is recognized in the periods in which the results are known /materialized.

3. The Companys main business-is to provide corporate advisory services, investments and Broking. All other activities are incidental to the main business. As such, there are no separate reportable segments, as per Accounting Standard on Segment Reporting (AS 17) issued by the Institute of Chartered Accountants of India. t -

4. Income and Expenditure:

Income and Expenditure are accounted on accrual basis.

5. Fixed Assets :

All the fixed assets have been stated at their original cost inclusive of any expenses incurred for the acquisition and I or installation as reduced by any sale / discard and accumulated depreciation.

The company makes an assessment of any indicator that may lead to impairment of assets on an annual basis.

As asset is treated as impaired when the carrying crw ? the asset exceeds its recoverable value, there is no such assets which fe impaired during the year.

6. Depreciation :

The Company has provided depreciation at the ra -sc i ad in Sent. juie XIV to The Companies Act, 1956.

7. Investments:

a. Long Term investments are-carried in the financial statement at cost, less any diminution in value, other than temporary.

b. Shares, Debentures, Units, Warrants and Securities those are intended, at the time of acquisition, to be hejd for a period exceeding twelve months are classified as "Investments".

c. Shares, Debentures, Units, Warrants and Securities are accounted under Investments on trade dates.

d. Rights entitlements are accounted for as Investments at issue price plus acquisition cost, if any.

e. Bonus entitlements are recognised on ex-bonus dates without any acquisition cost.

f. The cost of Investments include brokerage, service tax and stamp duty,

8. Valuation of Investments :

Quoted scripts under Investments, are valued at cost. The company has written off value of investments as per the policy and resolution of the Board.

9. Related Party Transactions :

Parties are considered to be related if at any time during the year, one party has the ability to control the other party or to exercise significant influence over the other party in making financial and/or operating decisions.

10. Provisions, Contingent Liabilities and Contingent Assets :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities afe not recognized but are disclosed-in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.


Dec 31, 1996

1. Basis of Accounting.: The Company prepares its financial statements in accordance with generally accepted accounting principles and with the requirement of the Companies Act, 1956.

2. Income and Expenditure.: Income and expenditure are accounted on accrual basis.

3. Fixed Assets.: All the fixed assets have been stated at their original cost inclusive of any expenses incurred for the acquisition and/or installation as reduced by any sale/discard and accumulated depreciation.

4. Depreciation.; The Company has provided depreciation on straight line basis at the rate prescribed in Schedule XIV to the Companies Act, 1956.

5. Investment.: Investment are stated at cost.

6. Current Assets.: Stock-In-Trade is valued at actual cost or market price whichever is lower.

7. Amortization of Miscellaneous Expenditure.: Miscellaneous expenditure are amortized over a period of ten year.

8. Contingent Liabilities.: Contingent liabilities are determined on the basis of available information and are disclosed by way of note to the accounts.


Dec 31, 1995

1. Basis of Accounting.

The Company prepares its financial statements in accordance with generally accepted accounting principles and with the requirement of the Companies Act, 1956.

2. Income and Expenditure.

Income and expenditure are accounted on accrual basis.

3. Fixed Assets.

All the fixed assets have been stated at their original cost inclusive of any expenses incurred for the acquisition and/or installation as reduced by any sale/discard and accumulated depreciation.

4. Depreciation.

The Company has provided depreciation on straight line basis at the rate prescribed in Schedule XIV to the Companies Act, 1956.

5. Investment.

Investments are stated at cost.

6. Current Asset.

Investments held as Stock-in-trade is valued at actual cost or market price which ever is lower.

7. Amortization of Miscellaneous Expenditure.

Miscellaneous expenditure are amortized over a period of ten year.

8. Contingent Liabilities.

Contingent liabilities are determined on the basis of available information and are disclosed by way of note to the accounts.

 
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