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Accounting Policies of Premier Capital Services Ltd. Company

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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