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Accounting Policies of Nahar Capital & Financial Services Ltd. Company

Mar 31, 2015

I) Accounting Convention

The financial statements are prepared under the historical cost convention, in accordance with applicable accounting standards and relevant presentation requirements of the companies Act, 2013.

ii) Investments

a) Investments are classified into Current Investments and long-term investments.

b) Current Investments are valued category wise at book value or fair value, whichever is lower.

c) Long Term Investments are stated at cost. Diminution in value of investments if any is not considered because of temporary nature.

iii) Stock-in-trade

Stock in Trade is valued category wise at cost or fair value, whichever is lower.

iv) Revenue Recognition

Income from Investments

Dividend Income is recognized when the company's right to receive payment is established. Profit/Loss on Sale of investments is considered at the time of sale/redemption.

Interest Income

Interest Income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

v) Fixed Assets And Depreciation

(a) Tangible assets are stated at cost less accumulated depreciation. Cost of acquisition is inclusive of freight, duties, taxes and other incidental expenses. Depreciation is charged on straight line basis as per the rates specified in Schedule- II of the Companies Act, 2013.

(b) Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as cost of relevant fixed asset. Other borrowing costs are recognized as an expense in the period in which they are incurred.

(c) Effective from April 1, 2014, the useful life of Fixed Assets have been revised in accordance with Schedule II to The Companies Act,2013. Further, based on the transitional provisions provided in Note 7(b) of Schedule - II to the act, and amount of Rs. 12138 has been reduced from retained earning in respect of assets having no useful life as on Ist April 2014 and is included in the figure of depreciation during the year and is not shown seprately in the above chart.

vi) Accounting for Taxes on Income

Provision for Taxation for the year comprises of current taxes and deferred tax. Current Taxes consists of Income Tax payable on the current year income. Deferred Tax is calculated for timing differences.

vii) Impairment of Assets

At each Balance Sheet date, an assessment is made whether any indication exists that an asset has impaired. If any such indication exists, an impairment loss i.e. the amount by which that carrying amount of an asset exceeds its recoverable amount in provided in the books of account.

viii) Provisions and Contingent Liabilities

a) Provisions are recognized for liabilities that can be measured by using a substantial degree of estimation, if:

- The company has a present obligation as a result of a past event,

- A probable outflow of resources embodying economic benefits is expected to settle the obligation and

- The amount of the obligation can be reliably estimated

b) Contingent liability is disclosed in the case of:

- A present obligation arising from a past event when it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or

- A possible obligation, unless the probability of outflow in settlement is remote.

c) Re-imbursement expected in respect of expenditure required to settle a provision is recognized only when it is virtually certain that the re-imbursement will be received.

ix) Retirement Benefits

Gratuity

The Company has taken a Group Gratuity Policy from LIC of India to discharge its liability of Gratuity. The calculation of premium under the policy is made on the basis of actuarial valuation done by LIC.

x) Material events occurring after the balance sheet date are taken into cognizance.

xi) The accounts of the Company have been prepared on going concern basis.

xii) Prior period extraordinary changes in accounting policies, having material effect on the financial affairs of the company (if any) are disclosed.


Mar 31, 2014

I) Accounting Convention

The financial statements are prepared under the historical cost convention, in accordance with applicable accounting standards and relevant presentation requirements of the companies Act, 1956.

ii) Investments

a) Investments are classified into Current Investments and long-term investments.

b) Current Investments are valued category wise at book value or fair value, whichever is lower.

c) Long Term Investments are stated at cost. Diminution in value of investments if any is not considered because of temporary nature.

iii) Stock-in-trade

Stock in Trade is valued category wise at cost or fair value, whichever is lower.

iv) Revenue Recognition Income from Investments

Dividend Income is recognized when the company''s right to receive payment is established. Profit/Loss on Sale of investments is considered at the time of sale/redemption.

Interest Income

Interest Income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

v) Fixed Assets And Depreciation

(a) Tangible assets are stated at cost less accumulated depreciation. Cost of acquisition is inclusive of freight, duties, taxes and other incidental expenses. Depreciation is charged on straight line basis as per the rates specified in Schedule- XIV of the Companies Act, 1956.

(b) Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as cost of relevant fixed asset. Other borrowing costs are recognized as an expense in the period in which they are incurred.

vi) Accounting for Taxes on Income

Provision for Taxation for the year comprises of current taxes and deferred tax. Current Taxes consists of Income Tax payable on the current year income. Deferred Tax is calculated for timing differences.

vii) Impairment of Assets

At each Balance Sheet date, an assessment is made whether any indication exists that an asset has impaired. If any such indication exists, an impairment loss i.e. the amount by which that carrying amount of an asset exceeds its recoverable amount in provided in the books of account.

viii) Provisions and Contingent Liabilities

a) Provisions are recognized for liabilities that can be measured by using a substantial degree of estimation, if:

* The company has a present obligation as a result of a past event,

* A probable outflow of resources embodying economic benefits is expected to settle the obligation and

* The amount of the obligation can be reliably estimated

b) Contingent liability is disclosed in the case of:

* A present obligation arising from a past event when it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or

* A possible obligation, unless the probability of outflow in settlement is remote.

c) Re-imbursement expected in respect of expenditure required to settle a provision is recognized only when it is virtually certain that the re-imbursement will be received.

ix) Retirement Benefits Gratuity

The Company has taken a Group Gratuity Policy from LIC of India to discharge its liability of Gratuity. The calculation of premium under the policy is made on the basis of actuarial valuation done by LIC.

x) Material events occurring after the balance sheet date are taken into cognizance.

xi) The accounts of the Company have been prepared on going concern basis.

xii) Prior period extraordinary changes in accounting policies, having material effect on the financial affairs of the company (if any) are disclosed.


Mar 31, 2013

I) Accounting Convention

The financial statements are prepared under the historical cost convention, in accordance with applicable accounting standards and relevant presentation requirements of the companies Act, 1956.

ii) Investments

a) Investments are classified into Current Investments and long-term investments.

b) Current Investments are valued category wise at bookvalueorfairvalue, whicheveris lower.

c) Long Term Investments are stated at cost. Diminution in value of investments if any is not considered because of temporary nature.

iii) Stock-in-trade

Stock in Trade is valued category wise at cost or fair value, whichever is lower.

iv) Revenue Recognition

Income from Investments

Dividend Income is recognized when the company''s right to receive payment is established. Profit/Loss on Sale of investments is considered at the time of sale/redemption.

Interest Income

Interest Income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

v) Fixed Assets And Depreciation

(a) Tangible assets are stated at cost less accumulated depreciation. Cost of acquisition is inclusive of freight, duties, taxes and other incidental expenses. Depreciation is charged on straight line basis as per the rates specified in Schedule- XIV of the Companies Act, 1956.

(b) Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as cost of relevant fixed asset. Other borrowing costs are recognized as an expense in the period in which they are incurred.

vi) Accounting for Taxes on Income

Provision for Taxation for the year comprises of current taxes and deferred tax. Current Taxes consists of Income Tax payable on the current year income. Deferred Tax is calculated for timing differences.

vii) Impairment of Assets

At each Balance Sheet date, an assessment is made whether any indication exists that an asset has impaired. If any such indication exists, an impairment loss i.e. the amount by which that carrying amount of an asset exceeds its recoverable amount in provided in the books of account.

viii) Provisions and Contingent Liabilities

a) Provisions are recognized for liabilities that can be measured by using a substantial degree of estimation, if:

- The company has a present obligation as a result of a past event,

- A probable outflow of resources embodying economic benefits is expected to settle the obligation and

- The amount of the obligation can be reliably estimated

b) Contingent liability is disclosed in the case of:

- A present obligation arising from a past event when it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or

- A possible obligation,unless the probability of outf low in settlement is remote.

c) Re-imbursement expected in respect of expenditure required to settle a provision is recognized only when it is virtually certain that the re-imbursement will be received.

ix) Retirement Benefits

Gratuity

The Company has taken a Group Gratuity Policy from LIC of India to discharge its liability of Gratuity. The calculation of premium under the policy is made on the basis of actuarial valuation done by LIC.

x) Material events occuring afterthe balance sheet date are taken into cognizance.

xi) The accounts of the Company have been prepared on going concern basis.

xii) Prior period extraordinary changes in accounting policies, having material effect on the financial affairs of the company (if any) are disclosed.


Mar 31, 2012

I) Accounting Convention

The financial statements are prepared under the historical cost convention, in accordance with applicable accounting standards and relevant presentation requirements of the companies Act, 1956.

ii) Investments

a) Investments are classified into Current Investments and long-term investments.

b) Current Investments are valued category wise at book value or fair value, whichever is lower.

c) Long Term Investments are stated at cost. Diminution in value of investments if any is not considered because of temporary nature.

iii) Stock-in-trade

Stock in Trade is valued category wise at cost or fair value, whichever is lower.

iv) Revenue Recognition Income from Investments

Dividend Income is recognized when the company's right to receive payment is established. Profit/Loss on Sale of investments is considered at the time of sale/redemption.

Interest Income

Interest Income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

v) Fixed Assets And Depreciation

(a) Tangible assets are stated at cost less accumulated depreciation. Cost of acquisition is inclusive of freight, duties, taxes and other incidental expenses. Depreciation is charged on straight line basis as per the rates specified in Schedule- XIV of the Companies Act, 1956.

(b) Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as cost of relevant fixed asset. Other borrowing costs are recognized as an expense in the period in which they are incurred.

vi) Accounting for Taxes on Income

Provision for Taxation for the year comprises of current taxes and deferred tax. Current Taxes consists of Income Tax payable on the current year income. Deferred Tax is calculated for timing differences.

vii) Impairment of Assets

At each Balance Sheet date, an assessment is made whether any indication exists that an asset has impaired. If any such indication exists, an impairment loss i.e. the amount by which that carrying amount of an asset exceeds its recoverable amount in provided in the books of account.

viii) Provisions and Contigent Liablities

a) Provisions are recognized for liablities that can be measured by using a substantial degree of estimation, if:

- The company has a present obligation as a result of a past event,

- A probable outflow of resources embodying economic benefits is expected to settle the obligation and

- The amount of the obligation can be reliably estimated

b) Contigent liability is disclosed in the case of:

- A present obligation arising from a past event when it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or

- A possible obligation, unless the probability of outflow in settlement is remote.

c) Re-imbursement expected in respect of expenditure required to settle a provision is recognized only when it is virtually certain that the re-imbursement will be received.

ix) Retirement Benefits Gratuity

The Company has taken a Group Gratuity Policy from LIC of India to discharge its liability of Gratuity. The calculation of premium under the policy is made on the basis of actuarial valuation done by LIC.

x) Material events occuring after the balance sheet date are taken into cognizance.

xi) The accounts of the Company have been prepared on going concern basis.

xii) Prior period extraordinary changes in accounting policies, having material effect on the financial affairs of the company (if any) are disclosed.








Mar 31, 2011

I. ACCOUNTING CONVENTION

The financial statements are prepared under the historical cost convention, in accordance with applicable accounting standards and relevant presentation requirements of the Companies Act, 1956.

ii. INVESTMENT

a) Investments are classified into Current Investments and long-term investments.

b) Current Investments are valued category wise at book value or fair value, whichever is lower.

c) Long Term Investments are stated at cost. Diminution in value of investments if any is not considered because of temporary nature.

iii. STOCK-IN-TRADE

Stock in Trade is valued category wise at cost or fair value, whichever is lower.

iv. REVENUE RECOGNITION Income from Investments

Dividend Income is recognized when the company's right to receive payment is established. Profit/Loss on Sale of Investments is considered at the time of sale/redemption.

Interest Income

Interest Income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

v. FIXED ASSETS AND DEPRECIATION

Tangible assets are stated at cost less accumulated depreciation. Cost of acquisition is inclusive of freight, duties, taxes

and other incidental expenses.

Depreciation is charged on Straight Line basis, as per rates specified in Schedule XIV of the Companies Act, 1956.

vi. ACCOUNTING FOR TAXES ON INCOME

Provision for Taxation for the year comprises of current taxes and deferred tax. Current Taxes consists of Income Tax payable on the current year income. Deferred Tax is calculated for timing differences.

vii. IMPAIRMENT OF ASSETS

At each balance sheet date, an assessment is made whether any indication exists that an asset has been impaired. If any such indication exists, an impairment loss i.e. the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.

viii.PROVISIONS AND CONTIGENT LIABLITIES

a) Provisions are recognized for liabilities that can be measured by using a substantial degree of estimation, if:

- The company has a present obligation as a result of a past event,

- A probable outflow of resources embodying economic benefits is expected to settle the obligation and

- The amount of the obligation can be reliably estimated

b) Contingent liability is disclosed in the case of:

-A present obligation arising from a past event when it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or -A possible obligation, unless the probability of outflow in settlement is remote.

c) Re-imbursement expected in respect of expenditure required to settle a provision is recognized only when it is virtually certain that the re-imbursement will be received

ix. RETIREMENT BENEFITS Gratuity

The Company has taken a Group Gratuity Policy from LIC of India to discharge its liability for Gratuity. The calculation of premium under the policy is made on the basis of actuarial valuation done by LIC.

x. Material events occurring after the balance sheet date are taken into cognizance.

xi. The accounts of the Company have been prepared on going concern basis.

xii. Prior period extraordinary changes in accounting policies, having material effect on the financial affairs of the Company (if any) are disclosed.




Mar 31, 2010

I. ACCOUNTING CONVENTION

The financial statements are prepared under the historical cost convention, in accordance with applicable accounting standards and relevant presentation requirements of the Companies Act, 1956.

ii. INVESTMENT

a) Investments are classified into Current Investments and long-term investments.

b) Current Investments are valued category wise at book value or fair value, whichever is lower.

c) Long Term Investments are stated at cost. Diminution in value of investments if any is not considered because of temporary nature.

iii. STOCK-IN-TRADE

Stock in Trade is valued category wise at cost or fair value, whichever is lower.

iv. REVENUE RECOGNITION Income from Investments

Dividend Income is recognized when the companys right to receive payment is established. Profit/Loss on Sale of Investments is considered at the time of sale/redemption.

Interest Income

Interest Income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

v. FIXED ASSETS AND DEPRECIATION

Tangible assets are stated at cost less accumulated depreciation. Cost of acquisition is inclusive of freight, duties, taxes and other incidental expenses.

Depreciation is charged on Straight Line basis, as per rates specified in Schedule XIV of the Companies Act, 1956.

vi. ACCOUNTING FOR TAXES ON INCOME

Provision for Taxation for the year comprises of current taxes and deferred tax. Current Taxes consists of Income Tax payable on the current year income. Deferred Tax is calculated for timing differences.

vii. IMPAIRMENT OF ASSETS

At each balance sheet date, an assessment is made whether any indication exists that an asset has been impaired. If any such indication exists, an impairment loss i.e. the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.

viii.PROVISIONS AND CONTIGENT LIABLITIES

a) Provisions are recognized for liabilities that can be measured by using a substantial degree of estimation, if:

-The company has a present obligation as a result of a past event,

-A probable outflow of resources embodying economic benefits is expected to settle the obligation and

-The amount of the obligation can be reliably estimated

b) Contingent liability is disclosed in the case of:

-A present obligation arising from a past event when it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or -A possible obligation, unless the probability of outflow in settlement is remote. C) Re-imbursement expected in respect of expenditure required to settle a provision is recognized only when it is virtually certain that the re-imbursement will be received

ix. RETIREMENT BENEFITS Gratuity

The Company has taken a Group Gratuity Policy from LIC of India to discharge its liability for Gratuity. The calculation of premium under the policy is made on the basis of actuarial valuation done by LIC. x Material events occurring after the balance sheet date are taken into cognizance. xi The accounts of the company have been prepared on going concern basis. xii Prior period extraordinary changes in accounting policies, having material effect on the financial affairs of the Company (if any) are disclosed.

 
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