Mar 31, 2015
A. Basis of Preparation of Financial Statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP), including the Accounting Standards notified under the
relevant provisions of the Companies Act, 2013 and the guidelines
issued by the Reserve Bank of India, wherever applicable.
The financial statement has been prepared under the historical cost
convention using accrual method of accounting
B. Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting standards generally accepted in India requires
judgments, estimates and assumptions to be made that affect the
reported amounts of assets and liabilities and the disclosures relating
to Contingent Assets and Contingent liabilities as on the date of the
financial statements and the reported amount of Revenues and Expenses
during reporting period. Management believes that the estimates used in
the preparation of the Financial Statements are prudent and reasonable.
Actual results could differ from those estimates.
C. Fixed Assets
All Fixed Assets are stated at acquisition cost less accumulated
depreciation.
D. Depreciation
Depreciation on Fixed Assets has been provided on straight-line method.
Depreciation is provided on based on useful life of the assets as
prescribed in Schedule II to the Companies Act, 2013.
E. Investments
Investments are long term in nature and are stated at cost of
acquisition. In the opinion of the management, the decline in the
market value of investment is temporary in nature; hence no provision
for diminution in the value of investments has been made.
F. Inventories
Shares and Securities purchased for trading purpose are shown as
Inventories under the head current assets and are valued at cost or
market price whichever is lower.
G. Revenue Recognition
Sales
Income from Sale of Shares is recognised on the date of transaction.
Interest Income
Interest on Loan is recognised on a time proportion basis taking into
account the outstanding amount and the applicable rate.
H. Retirement Benefits
Payment of Gratuity Act is not applicable to the company as numbers of
employees are less than the minimum required for applicability of
Gratuity Act.
I. Taxation
Provision of Current tax is made with reference to taxable income
computed for the accounting period for which the financial statements
are prepared by applying the tax rate as applicable. The deferred tax
charge is recognized using the enacted tax rate. Deferred tax Assets
are recognized only to the extent that there is virtual certainty
supported by convincing evidence that sufficient future taxable income
will be available against which such deferred tax asset can be
realized.
Deferred tax asset/liabilities are reviewed as at Balance sheet date
based on the developments during the year and reassess
assets/liabilities in terms of Accounting Standard  22 issued by ICAI.
J. Earning Per Share (EPS)
Basic and diluted earnings per share are computed in accordance with
Accounting Standard 20 "Earnings per Share".
Basic earnings per share is calculated by dividing the net profit or
loss after tax for the year attributable to equity shareholders by the
weighted average number of equity shares outstanding during the year.
Diluted earnings per share are computed using the weighted average
number of equity shares and dilutive potential equity shares
outstanding during the year except where the results are anti-dilutive.
K. Provision, Contingent Liabilities and Contingent Assets
A provision is recognized when the company has a present obligation as
a result of past event and it is probable that outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to their
present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to reflect the current best
estimates. Contingent Liabilities are not recognized but are disclosed
in the notes. Contingent Assets are neither recognized nor disclosed in
the notes to financial statements.
Mar 31, 2014
A) Method of Accounting
The accompanying financial Statements are prepared under the historical
cost convention on accrual basis of accounting. These are presented in
accordance with the normally accepted Accounting Principles in India,
provisions of the Companies Act, 1956, and the guidelines issued by the
Reserve Bank of India, wherever applicable. The Company follows the
mercantile system of accounting and recognizes income and expenditure
on accrual basis.
B) Revenue Recognition Sales
Income from Sale of Shares is recognized on the date of transaction.
Interest Income
Interest on Loan is recognized on a time proportion basis taking into
account the outstanding amount and the applicable rate.
C) Fixed Assets
Fixed Assets are stated at cost inclusive of expenses related to
acquisition. Fixed assets are valued at cost less depreciation.
D) Depreciation
The Company provides depreciation on Straight Line method in terms of
Section 205(2)(b) of the Companies Act''1956.
E) Investments
Investments are long term in nature and are stated at cost of
acquisition. In the opinion of the management, decline in the fair
market value of investments are of temporary nature, hence no provision
has been made.
F) Inventories
Shares and Securities purchased for trading purpose are shown as stock
in shares and securities under the head current assets and are valued
at lower of cost or market price.
G) Retirement Benefit
Payment of Gratuity Act is not applicable to the company as numbers of
employees are less than the minimum required for applicability of
Gratuity Act.
H) Taxation
a) Provision for taxation has been made as per current rules &
regulations of the Income Tax Act, 1961.
b) Deferred tax liabilities or assets are recognized using the future
tax rates, to the extent the management feels that there is virtual
certainty that sufficient future taxable income will be available
against which such deferred tax assets/liabilities can be realized.
Such assets/ liabilities are reviewed as at each Balance Sheet date, to
reassess realization.
Mar 31, 2013
A) Method of Accounting
The accompanying financial Statements are prepared under the historical
cost convention on accrual basis of accounting. These are presented in
accordance with the normally accepted Accounting Principles in India,
provisions of the Companies Act, 1956, and the guidelines issued by the
Reserve Bank of India, wherever applicable. The Company follows the
mercantile system of accounting and recognises income and expenditure
on accrual basis.
B) Revenue Recognition Sales
Income from Sale of Shares is recognised on the date of transaction.
Interest Income
Interest on Loan is recognised on a time proportion basis taking into
account the outstanding amount and the applicable rate.
C) Fixed Assets
Fixed Assets are stated at cost inclusive of expenses related to
acquisition. Fixed assets are valued at cost less depreciation.
D) Depreciation
The Company provides depreciation on Straight Line method in terms of
Section 205(2)(b) of the Companies Act'' 1956.
E) Investments
Investments are long term in nature and are stated at cost of
acquisition. In the opinion of the management, decline in the fair
market value of investments are of temporary nature, hence no provision
has been made.
F) Inventories
Shares and Securities purchased for trading purpose are shown as stock
in shares and securities under the head current assets and are valued
at lower of cost or market price.
G) Retirement Benefit
Payment of Gratuity Act is not applicable to the company as numbers of
employees are less than the minimum required for applicability of
Gratuity Act.
H) Taxation
a) Provision for taxation has been made as per current rules &
regulations of the Income Tax Act, 1961.
b) Deferred tax liabilities or assets are recognized using the future
tax rates, to the extent the management feels that there is virtual
certainty that sufficient future taxable income will be available
against which such deferred tax assets/liabilities can be realized.
Such assets/ liabilities are reviewed as at each Balance Sheet date, to
reassess realization.
Mar 31, 2012
A) Method of Accounting
The accompanying financial Statements are prepared under the historical
cost convention on accrual basis of accounting. These are presented in
accordance with the normaly accepted Accounting Principles in India,
provisions of the Companies Act, 1956, and the guidelines issued by the
Reserve Bank of India, wherever applicable. The Company follows the
mercantile system of accounting and recognises income and expenditure
on accrual basis,
B) Revenue Recognition Sales
Income from Sale of Shares is recognised on the date of transaction.
Interest Income
Interest on Loan is recognised on a time proportion basis taking into
account the outstanding amount and the applicable rate.
C) Fixed Assets
Fixed Assets are stated at cost inclusive of expenses related to
acquisition. Fixed assets are valued at cost less depreciation.
D) Depreciation
The Company provides depreciation on Straight Line method in terms of
Section 205(2)(b) of the Companies Act''1956.
E) Investments
Investments are long term in nature and are stated at cost of
acquisition. In the opinion of the management, decline in the fair
market value of investments are of temporary nature, hence no provision
has been made.
F) Inventories
Shares and Securities purchased for trading purpose are shown as stock
in shares and securities under the head current assets and are valued
at lower of cost or market price.
G) Retirement Benefit
Payment of Gratuity Act is not applicable to the company as numbers of
employees are less than the minimum required for applicability of
Gratuity Act.
H) Taxation
a) Provision for taxation has been made as per current rules &
regulations of the Income Tax Act, 1961.
b) Deferred tax liabilities or assets are recognized using the future
tax rates, to the extent the management feels that there is virtual
certainty that sufficient future taxable income will be available
against which such deferred tax assets/liabilities can be realized Such
assets/ liabilities are reviewed as at each Balance Sheet date, to
reassess realization.
Mar 31, 2011
1. Accounting Convention & System of Accounting
The accompanying financial Statements are prepared under the historical
cost convention on accrual basis of accounting. These are presented in
accordance with the normally accepted Accounting Principles in India,
provisions of the Companies Act, 1956, and the guidelines issued by the
Reserve Bank of India, wherever applicable.
2. Fixed Assets
Fixed Assets are stated at cost inclusive of expenses related to
acquisition. Fixed assets are valued at cost less depreciation.
3. Depreciation
The Company provides depreciation on Straight Line method in terms of
Section 205<2)(b) of the Companies Act''1956.
4. Investments
Investments are long term in nature and are stated at cost of
acquisition. In the opinion of the management, decline in the fair
market value of investments are of temporary nature, hence no provision
has been made,
5. Revenue Recognition
Sales
Income from Sale of Shares is recognised on the date of transaction.
Interest Income
Interest on Loan is recognised on a time proportion basis taking into
account the outstanding amount and the applicable rate.
6. Stock in Trade
Shares and Securities purchased for trading purpose are shown as stock
in shares and securities under the head current assets and are valued
at lower of cost or market price.
7. Retirement Benefit
Payment of Gratuity Act is not applicable to the company as numbers of
employees are less than the minimum required for applicability of
Gratuity Act.