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Accounting Policies of Premium Capital Markets & Investments Ltd. Company

Mar 31, 2014

A. INCOME RECOGNITION:

1. Dividend Income accounted for on receipt basis.

2. Interest and other income are account for on accrual basis expect for not performing assets.

B. EXPENSES:

It is the policy of the company to provide all the known expenses on accrual basis expect as state else- where in the notes to the accounts.

C. FIXED ASSETS:

Fixed Assets are stated at Historical cost less depreciation.

D. DEPRECIATION:

Depreciation on Fixed assets has been provided on straight line method on Pro-rata basis as per the rates prescribed in schedule XIV on the Companies Act, 1956.

E. VALUATION OF INVESTMENTS:

Unquoted Investments are valued at. cost.

F. BORROWING COSTS:

Borrowing cost that are directly attributable to the acquisition of qualifying assets are capitalized for the period until the asset is ready for its intended use. Other borrowing costs are recognized as an expense in the period in which they are incurred. No. borrowing costs were eligible for capitalization during the financial year.

G. RETIREMENT BENEFITS:

The company has not provided for Retirement benefits as in the opinion of management provision of provident fund, Gratuity, Leave encashment are not applicable to the company.








Mar 31, 2010

A. INCOME RECOGNITION:

1. Dividend Income accounted for on receipt basis.

2. Interest and other income are accounted for on accrual basis except for not performing assets,

B. EXPENSES:

It is the policy of the company to provide all the known expenses on accrual basis except as state elsewhere in the notes to the accounts.

C. FIXED ASSETS :

Fixed Assets are stated at Historical cost less depreciation.

D. DEPRECIATION:

Depreciation on Fixed assets has been provided on straight line method on Pro-rata basis as per the rates prescribed in schedule XIV to the Companies Act 1956.

E. VALUATION OF INVESTMENTS :

(a) Long term Investments are valued at cost. However the management is of the view thai the shortfall of Rs. 25.71, Lacs between the aggregate book value of long term investment in quoted share and aggregate market value as at 31st March. 2010 is temporary & in view of management provision of Rs. 8.51 Lacs is sufficient.

Current investment are valued at cost and no further provision of Rs. 4,89,727/- has been made for diminution in the market value as at the end of year.

E AMORTISATION POLICY:

Public Issue Expenses Preliminary & pre-operative expenses are amortise over a Period of 10 years on pro-rata Basis.

G. BORROWING COSTS:

Borrowing cost that are directly attributable to the acquisition of qualifying assets are capitalised for the period until the asset is ready for its intended use. Other borrowing costs are recognised as an expense in the period in which they are incurred. No borrowing costs were eligible for capitalisation during the financial year.

H. RETIREMENT BENEFITS:

The company has not provided for Retirement benefits as in the opinion of management provisions of provident fund, Gratuity, Leave encashment are not applicable to the company.

 
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