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Accounting Policies of Mishka Finance and Trading Ltd. Company

Mar 31, 2015

I. Corporate Information:

Mishka Finance & Trading Limited is engaged in the business of Trading various product.

ii. Basis of Accounting & Preparation of Financial Statements:

These financial statements have been prepared to comply with the Generally Accepted Accounting Principles in India (Indian GAAP), including the Accounting Standards notified under the relevant provisions of the Companies Act, 2013.

iii. Inventories:

Inventories are stated at lower of cost or net realizable value.

iv. Taxes on income :

Provision for tax is made on the basis of the estimated taxable income as per the provisions of the Income Tax Act, 1961 and the relevant Finance Act, after taking into consideration judicial pronouncements and opinions of the Company's tax advisors.

v. Earnings per Share:

Basic earnings per share is computed by dividing the profit/(loss) after tax (including the post- tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share is computed by dividing the profit/(loss) after tax (including the post- tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of shares which could have been issued on the conversion of all dilutive potential equity shares.


Mar 31, 2014

I. Corporate Information:

Mishka Finance & Trading Limited is public limited listed company. The Company operates in the business of Trading.

ii. Basis of Accounting & Preparation of Financial Statements:

Preparation and presentation of financial statements of the company is disclosed as per the revised Schedule VI notified under the Companies Act, 1956 However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the Company. Accounting policies not stated explicitly otherwise are consistent with Generally Accepted Accounting Principles (GAAP).

The Company generally follows mercantile system of accounting and recognize significant items of income and expenditure on accrual basis as a going concern.

iii. Use of Estimates:

The preparation of the financial statements in conformity with Indian GAAP requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities on the date of the financial statements and reported amounts of revenues and expenses for the year. The management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.

iv. Investments:

Investments are long term in the nature and stated at cost.

v. Revenue Recognition:

For dealing in Shares & Securities in cash market segment the same are accounted for on the basis of bill dates received from the brokers.

vi. Employee Benefits:

Short Term Employee Benefits:

All employee benefits payable wholly within twelve months of rendering the services are classified as short term employee benefits. Benefits such as salaries, wages, performance incentives etc. are recognized at actual amounts due in the period in which the employee renders the related service.

vii. Inventories:

Inventories are stated at cost or net realisable value whichever is lower.

viii. Taxes on income :

Provision for tax is made on the basis of the estimated taxable income as per the provisions of the Income Tax Act, 1961 and the relevant Finance Act, after taking into consideration judicial pronouncements and opinions of the Company''s tax advisors.

Deferred tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

ix. Earnings per Share:

Basic earnings per share is computed by dividing the profit/(loss) after tax (including the post-tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share is computed by dividing the profit/(loss) after tax (including the post-tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of shares which could have been issued on the conversion of all dilutive potential equity shares.


Mar 31, 2012

A) Basis of Accounting :

The accounts have been prepared on the basis of historical cost and in accordance with applicable accounting standards. Mercantile system of accounting is followed except certain expenditure and income which are accounted for on payment / receipt basis on account of uncertainties.

b) Investment are shown in the Balance Sheet at cost.

In case of quoted investments, provision for diminution in value of investments is , if such diminution is of a permanent nature in the opinion of management.

 
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