Mar 31, 2015
1. Accounting Convention
The financial statement have been prepared on the basis of Going
Concern, under Historical Cost Convention on accrual basis, to comply
all material aspects with applicable generally accepted accounting
principles in India ("Indian GAAP") and in accordance with Section 133
of the Companies Act, 2013 and the relevant provisions of the act.
2. Revenue Recognition
a) The Company generally follows the mercantile system of accounting
and recognizes income and expenditure on an accrual basis except those
with significant uncertainties.
b) Claims made by the Company and those made on the company are
recognized in the profit and loss Account as and when the claims are
accepted.
3. Employee Benefits
a) Short term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss Account of the year in which
the related service is rendered.
b) Termination benefits are recognized as an expense as and when
incurred.
4. Borrowing Costs
Borrowing costs attributable to the acquisition or construction of
qualifying assets are capitalized as a part of such assets. All other
borrowing costs are charged to revenue. A qualifying asset is an asset
that necessarily requires substantial period of time to get ready for
its intended use or sale.
5. Cash Flow Statement
Cash flow statement has been prepared in accordance with the indirect
method prescribed in Accounting Standard 3-Cash Flow Statement issued
by the Institute of Chartered Accountants of India
6. Investments
a) Investments held as long term investments are stated at cost
comprising of acquisition and incidental expenses less permanent
diminution in value, if any.
7. Taxes on Income
a) Current tax is determined as the amount of tax payable in respect of
taxable income for the year as determined in accordance with the
provisions of the Income Tax Act, 1961/ relevant tax regulations
applicable to the Group.
b) Minimum Alternate Tax (MAT) paid in accordance with the tax laws,
which give future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset, if there is convincing
evidence that the Group will pay normal income tax. Accordingly, MAT is
recognized as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the Group.
c) Deferred tax is recognized on timing differences being the
difference between taxable incomes and accounting income that originate
in one period and are capable of reversal in subsequent periods,
subject to consideration of prudence. There being no timing difference,
hence deferred tax not recognized.
8. Provisions, contingent liabilities and contingent assets
Provisions are recognized only when there is a present obligation as a
result of past events and when a reasonable estimate of the amount of
obligation can be made. Contingent liabilities disclosed for possible
obligation which will be confirmed only by future events not wholly
within the control of the group or present obligations arising from
past events where it is not probable that an outflow of resources will
be required to settle the obligation or a reliable estimate of the
amount of the obligation cannot be made. Contingent assets are neither
recognized nor disclosed in the financial statements.
Mar 31, 2014
1. Accounting Convention
The financial statement have been prepared on the basis of Going
Concern, under Historical Cost Convention on accrual basis, to comply
all material aspects with applicable generally accepted accounting
principles in India ("Indian GAAP") and in accordance with the
Accounting Standards notified under section 211 (3C) of the Companies
Act 1956, and the relevant provisions of the act read with the General
Circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013
and the relevant provisions of the act.
2. Revenue Recognition
a) The Company generally follows the mercantile system of accounting
and recognizes income and expenditure on an accrual basis except those
with significant uncertainties.
b) Claims made by the Company and those made on the company are
recognized in the profit and loss Account as and when the claims are
accepted.
3. Employee Benefits
a) Short term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss Account of the year in which
the related service is rendered.
b) Termination benefits are recognized as an expense as and when
incurred.
4. Borrowing Costs
Borrowing costs attributable to the acquisition or construction of
qualifying assets are capitalized as a part of such assets. All other
borrowing costs are charged to revenue. A qualifying asset is an asset
that necessarily requires substantial period of time to get ready for
its intended use or sale.
5. Cash Flow Statement
Cash flow statement has been prepared in accordance with the indirect
method prescribed in Accounting Standard 3-Cash Flow Statement issued
by the Institute of Chartered Accountants of India
6. Investments
a) Investments held as long term investments are stated at cost
comprising of acquisition and incidental expenses less permanent
diminution in value, if any. Diminution in value of quoted shares is
generally not considered to be of permanent nature.
7. Taxes on Income
a) Current tax is determined as the amount of tax payable in respect of
taxable income for the year as determined in accordance with the
provisions of the Income Tax Act, 1961/ relevant tax regulations
applicable to the Group.
b) Minimum Alternate Tax (MAT) paid in accordance with the tax laws,
which give future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset, if there is convincing
evidence that the Group will pay normal income tax. Accordingly, MAT is
recognized as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the Group.
c) Deferred tax is recognized on timing differences being the
difference between taxable incomes and accounting income that originate
in one period and are capable of reversal in subsequent periods,
subject to consideration of prudence. There being no timing
difference, hence deferred tax not recognized.
b) Provisions, contingent liabilities and contingent assets
Provisions are recognized only when there is a present obligation as a
result of past events and when a reasonable estimate of the amount of
obligation can be made. Contingent liabilities disclosed for possible
obligation which will be confirmed only by future events not wholly
within the control of the group or present obligations arising from
past events where it is not probable that an outflow of resources will
be required to settle the obligation or a reliable estimate of the
amount of the obligation cannot be made. Contingent assets are neither
recognized nor disclosed in the financial statements.
Note: The company on March 20, 2014 had split its equity shares from ""
10/- each to ~ 1/- each. Consequent to the same the issued, subscribed
and paid up capital of the company changed to 37060920 equity shares of
~ 1/- each from 3706092 equity shares of ~ 10/- each.
B) Terms / Right attached to equity shares
The Company has one class of issued shares referred to as equity shares
having a par value ~ 1/-each. Holder of equity shares is entitled to
one vote per share. The dividend proposed by the board of directors, if
any, is subjected to the approval of shareholders in Annual General
Meeting. In the event of liquidation of the Company the holder of the
equity shares will be entitled to receive remaining assets of the
Company after settlement of all preferential amounts. The distribution
will be in proportion to the number of equity shares held by the equity
shareholders.
D) Aggregate number of bonus shares issued, shares issued for
consideration other than cash and shares bought back during the period
of five years immediately preceding the reporting date
No Bonus shares, shares for consideration other than cash have been
issue during the period of five years immediately preceding the
reporting date.
Mar 31, 2012
1. Basis of Accounting:
Financial statements are prepared under HISTORICAL COST CONVENTION
going concern and on the ACCRUAL BASIS and in accordance with the
requirements of the COMPANIES ACT, 1956.
2. Balances:
Balances of Sundry Debtors and Creditors are subject to confirmation.
3. Recognition of Income:
Income from operation which comprises Financial Services / Brokerages /
Commission is all accounted on accrual basis. Interest income is
recorded on time basis.
4.Inventory:
Inventory of shares and stocks are valued at cost.
5. Taxation:
Current Tax as per Income Tax Act, 1961 is considered. Deferred Tax is
accounted as per the Accounting Standard (AS - 22) issued by The
Institute of Chartered Accountants of India, whereby Deferred tax is
calculated on timing difference of Depreciation and is charges to
Profit and Loss Account.
Mar 31, 2009
1) GENERAL ACCOUNTING PRINCIPAL :-
The Company adopts the accrual basis in the preparation of accounts.
2) INCOME FROM OPRATION :-
Income from operation which comprises Financial ServicesBrokerageCommission are all accounted for on accrual basis .
3) EXPENSES :-
The Company provides for all expenses on accrual basis .
4) FIXED ASSETS :-
Fixed assets are capitalized at cost inclusive of expenses Depreciation
on Fixed Assets is provided at Written down value method in accordance
with provision of schedule XIV to the Companies Act, 1956.
5) INVESTMENT & STOCK :-
Investments are capitalized at cost plus expenses.
6) STOCK IN TRADE (SHARES):-
Stocks of shares at the End of the Financial Year are valued at Cost or
Market Price whichever is Lower ,as valued and certified by the
Management.
Mar 31, 2000
A) Systems of Accounting
The Company adopts the accrual basis in the preparation of the
accounts.
b) Income From Operation
Income From Operation which comprises Lease RentalsHire
ChargesBrokrageCommission are all accounted for on accural basis.
c) Expenses
The Company provides for all expenses on accrual basis.
d) Fixed Assets
Fixed Assets are capitalised at cost inclusive of expenses.
Depreciation on Fixed Assets is provided at written down value method
in accordance with provision of schedule XIV to the Companies Act,
1956.
e) Investment & Stock
1) Investment are Capitalised at cost plus expenses.
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