Mar 31, 2014
A) General
The significant accounting policies have been predominantly presented
below in the order of the Accounting Standards notified under the
Companies (Accounting Standards) Rules, 2006 (as amended). The order of
presentation may be customized for each Company.
b) Basis of accounting and 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) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956.
The Financial Statement have been prepared on accrual basis under the
Historical cost convention except to the extent stated otherwise.
c) Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP and requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognized in the periods in which
the results are known/materialize.
d) Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
e) Cash flow statement
Cash flows are reported using the indirect method, whereby
profit/(loss) before extraordinary items and tax is adjusted for the
effects of transactions of non-cash nature and any deferrals or
accruals of past or future cash receipts or payments. The cash flows
from operating, investing and financing activities of the Company are
segregated based on the available information.
f) Depreciation and Amortization
Depreciation has been provided on the written-down-value-line method as
per the rates prescribed in Schedule XIV to the Companies Act, 1956.
g) Other income
Interest income is accounted on accrual basis. Dividend income is
accounted for when the right to receive it is established.
h) Tangible fixed assets
Fixed assets, carried at cost less accumulated depreciation and
impairment losses, if any. The cost of fixed assets includes interest
on borrowings attributable to acquisition of qualifying fixed assets up
to the date the asset is ready for its intended use and other
incidental expenses incurred up to that date. Fixed assets acquired
and put to use for project purpose are capitalized and depreciation
thereon is included in the project cost till commissioning of the
project.
i) Investments
Long-term investments (excluding investment properties), are carried
individually at cost less provision for diminution, other than
temporary, in the value of such investments. Current investments are
carried individually, at the lower of cost and fair value. Cost of
investments includes acquisition charges such as brokerage, fees and
duties.
j) Quoted Investment
The management has given custody of all the shares certificates to
depository authorities for completing the demating formalities and
hence we are unable to conduct the physical verification of shares.
Further some of the shares are in the name of directors and their
relatives and yet not transferred in the name of the company.
k) Unquoted Investment
These share certificates are not available for verification, although
allotment acknowledgement letter from respective companies were made
available. The shares in respect of which market quotations are not
available, disclosed under "Unquoted Investment".
l) Employee benefits
Employee benefits include provident fund, superannuation fund, gratuity
fund, compensated absences, long service awards and post-employment
medical benefits.
m) Earnings per share
Basic earnings per share is computed by dividing the profit/(loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the
profit/(loss) after tax (including the post tax effect of extraordinary
items, if any) as adjusted for dividend, interest and other charges to
expense or income relating to the dilutive potential equity shares, by
the weighted average number of equity shares considered for deriving
basic earnings per share and the weighted average number of equity
shares which could have been issued on the conversion of all dilutive
potential equity shares.
n) Related Party Disclosures:
Disclosures as required by the Accounting Standard 18 "Related Party
Disclosures" are given below:
List of Related Parties
i. Controlling Companies
BRCM Limited, Anusuya Rajiv Private Limited and Rajiv Associates
Private Limited.
ii. Key Management Personnel and their relatives
Ms. Aparna Gupta and Mrs. Anusuya Gupta and Pravin Jain HUF.
o) Taxes on income
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income Tax
Act, 1961.
Deferred tax is recognized on timing differences, being the differences
between the taxable income and the accounting income that originate in
one period and are capable of reversal in one or more subsequent
periods. Deferred tax is measured using the tax rates and the tax laws
enacted or substantially enacted as at the reporting date. Deferred tax
assets are recognized for timing differences of other items only to the
extent that reasonable certainty exists that sufficient future taxable
income will be available against which these can be realized.
p) Provisions
A provision is recognized when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the 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.
Mar 31, 2013
A) General
The significant accounting policies have been predominantly presented
below in the order of the Accounting Standards notified under the
Companies (Accounting Standards) Rules, 2006 (as amended). The order of
presentation may be customized for each Company.
b) Basis of accounting and 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) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956.
The Financial Statement have been prepared on accrual basis under the
Historical cost convention except to the extent stated otherwise
c) Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognized in the periods in which
the results are known / materialize.
d) Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
e) Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
f) Depreciation and amortization
Depreciation has been provided on the written-down-value-line method as
per the rates prescribed in Schedule XIV to the Companies Act, 1956.
g) Other income
Interest income is accounted on accrual basis. Dividend income is
accounted for when the right to receive it is established.
h) Tangible fixed assets
Fixed assets, carried at cost less accumulated depreciation and
impairment losses, if any. The cost of fixed assets includes interest
on borrowings attributable to acquisition of qualifying fixed assets up
to the date the asset is ready for its intended use and other
incidental expenses incurred up to that date. Fixed assets acquired
and put to use for project purpose are capitalized and depreciation
thereon is included in the project cost till commissioning of the
project.
i) Investments
Long-term investments (excluding investment properties), are carried
individually at cost less provision for diminution, other than
temporary, in the value of such investments. Current investments are
carried individually, at the lower of cost and fair value. Cost of
investments include acquisition charges such as brokerage, fees and
duties.
j) Quoted Investment
The management has given custody of all the shares certificates to
depository authorities for completing the demoting formalities and
hence we are unable to conduct the physical verification of shares.
Further some of the shares are in the name of directors and their
relatives and yet not transferred in the name of the company.
k) Unquoted Investment
These share certificates are not available for verification, although
allotment acknowledgement letter from respective companies were made
available. The shares in respect of which market quotations are not
available, disclosed under "Unquoted Investment".
I) Employee benefits
Employee benefits include provident fund, superannuation fund, gratuity
fund, compensated absences, long service awards and post-employment
medical benefits.
m) Deferred Tax:
Deferred taxation liability as required by AS-22" Deferred taxation"
issued by ICAI is not provided in accounts as the quantum of the same
on account of depreciation is not material..
n) Earnings per share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) as adjusted for dividend, interest and other charges to
expense or income relating to the dilutive potential equity shares, by
the weighted average number of equity shares considered for deriving
basic earnings per share and the weighted average number of equity
shares which could have been issued on the conversion of all dilutive
potential equity shares.
o) Related Party Disclosures :
Disclosures as required by the Accounting Standard 18 "Related Party
Disclosures" are given below: List of Related Parties
a) Controlling Companies
BRCM Limited, Anusuya Rajiv Private Limited and Rajiv Associates
Private Limited
b) Key Management Personnel and their relatives
Ms. Apama Gupta and Mrs. Anusuya Gupta and Pravin Jain HUF
p) Taxes on income
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income Tax
Act, 1961.
Deferred tax is recognized on timing differences, being the differences
between the taxable income and the accounting income that originate in
one period and are capable of reversal in one or more subsequent
periods. Deferred tax is measured using the tax rates and the tax laws
enacted or substantially enacted as at the reporting date. Deferred tax
assets are recognized for timing differences of other items only to the
extent that reasonable certainty exists that sufficient future taxable
income will be available against which these can be realized.
q) Provisions
A provision is recognized when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the 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.
Mar 31, 2010
1. General:
a) Financial Statements are prepared on historical cost basis and in
consonance with the generally accepted accounting principles.
b) All revenues and expenses are accounted on accrual basis except to
the extent stated otherwise.
2. Fixed Assets and Depreciation :
a) Fixad Assets
Fixed Assets are stated at cost of acquisition and other direct cost
incurred up to the date the assets is put to use.
b) Depreciation
Depreciation on fixed assets is provided on written down value method
at the rates specified in Schedule XIV of the Companies Act, 1956.
3. Investments
Investments are stated at cost.
4. Sundry Debtors and Receivables :
Sundry Debtors and Loans and Advances are stated at the value if
realized in the ordinary course of business. Irrecoverable amounts, if
any are accounted and/or provided for as per managements judgment or
only upon final settlement of accounts with the parties.
5. IMPAIRMENT OF ASSETS:
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. Where there is an indication that an
asset is impaired, the recoverable amount, if any, is estimated and
impairment loss is recognized to the extent of carrying amount exceeds
recoverable amount.
6. PROVISIONS. CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
7. Borrowing Cost:
Borrowing costs directly attributable to the acquisition or
construction of fixed assets are capitalized as part of the cost of the
assets, upto the date the assets is put to use. Other borrowing costs
are charged to the Profit and Loss Account in the year in which they
are incurred.
8. Taxation :
a) Provision for Income Tax is made on the basis of the estimated
taxable Income for the current year in accordance with the provisions
of the Income Tax Act, 1961.
b) Deferred Tax resulting from timing differences between book and tax
profits is accounted for under the liability method, at the current
rate of tax, to the extent that the timing differences are expected to
crystallize. Deferred Tax Asset, if any, is recognized and carried
forward only to the extent that there is a reasonable certainty that
the asset will be realized in future.
Mar 31, 2003
1. General:
a) Financial Statements are prepared on historical cost basis and in
consonance with the generally accepted accounting principles.
b) All revenues and expenses are accounted on accrual basis except to
the extent stated otherwise.
2. Fixed Assets and Depreciation ;
a) Fixed Assets
Fixed Assests are stated at cost of acquisition and other direct cost
incurred up to the date the assets is put to use.
b) Depreciation
Depreciation on fixed assets is provided on written down value method
at the rates specified in Schedule XIV of the Companies Act, 1956.
3. Investments
a) Investments are stated at cost.
b) Investment in Shares for which market value as on 31st March, 2003
is not available shown as unquoted investments.
4. Sundry Debtors and Receivables :
Sundry Debtors and Loans and Advances are stated at the value if
realised in the ordinary course of business. Irrecoverable amounts, if
any are accounted and/or provided for as per managements judgment or
only upon final settlement of accounts with the parties.
5. Contingent Liabilities :
Contingent liabilities are disclosed by way of note on the balance
sheet. Provision is made in accounts for those liabilities, which are
likely to materialise after the year end and having effect on the
position stored in the balance sheet at the year end.
6. Borrowing Cost:
Borrowing costs directly attributable to the acquisition or
construction of fixed assets are capitalised as part of the cost of the
assets, upto the date the assets is put to use. Other borrowing costs
are charged to the Profit and Loss Account in the year in which they
are incurred.
7. Taxation ;
a. Provision for Income Tax is made on the basis of the estimated
taxable Income for the current year in accordance with the provisions
of the Income Tax Act, 1961.
b. Deferred Tax resulting from timing differences between book and tax
profits is accounted for under the liability method, at the current
rate of tax, to the extent that the timing differences are expected to
crystalise.
Mar 31, 2002
1. General :
a) Financial Statements are prepared on historical cost basis and in
consonance with the generally accepted accounting principles.
b) All revenues and expenses are accounted on accrual basis except to
the extent stated otherwise.
2. Fixed Assets and Depreciation :
a) Fixed Assets
Fixed Assests are stated at cost of acquisition and other direct cost
incurred up to the date the assets is put to use.
b) Depreciation
Depreciation on fixed assets is provided on written down value method
at the rates specified in Schedule XIV of the Companies Act, 1956.
3. Investments
a) Investments are stated at cost.
b) Investment in Shares for which market value as on 31st March, 2002
is not available shown as unquoted investments.
4. Sundry Debtors and Receivables :
Sundry Debtors and Loans and Advances are stated at the value if
realised in the ordinary course of business. Irrecoverable amounts, if
any are accounted and/or provided for as per managements judgment or
only upon final settlement of accounts with the parties.
5. Contingent Liabilities :
Contingent liabilities are disclosed by way of note on the balance
sheet. Provision is made in accounts for those liabilities, which are
likely to materialise after the year end and having effect on the
position stored in the balance sheet at the year end.
6. Borrowing Cost :
Borrowing costs directly attributable to the acquisition or
construction of Fixed Assets are capitalised as part of the cost of the
assets, upto the date the assets is put to use. Other borrowing costs
are charged to the Profit & Loss Account in the year in which they are
incurred.
7. Taxation ;
a. Provision for Income Tax is made on the basis of the estimated
taxable Income for the current year in accordance with the provisions
of the Income Tax Act, 1961.
b. Deferred Tax resulting from timing differences between book and tax
profits is accounted for under the liability method, at the current
rate of tax, to the extent that the timing differences are expected to
crystalise.