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Accounting Policies of Shailja Commercial Trade Frenzy Ltd. Company

Mar 31, 2015

17.1 Basis of Preparation of Standalone Financial Statements

The Company maintains its accounts on accrual basis following the historical cost convention in accordance with generally accepted accounting principles ["GAAP"] in India. GAAP comprises mandatory accounting standards as prescribed under section 133 of Companies Act, 2013 (the Act) read with Rule 7 of Companies (Accounts) Rules,2014, the provisions of the Act (to the extent notified). Accounting policies have been consistently applied except where a newly-issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. The Standalone financial statements have been prepared in accordance with Accounting Standard 21 'Standalone Financial Statements', Accounting Standard 23 'Accounting for Associates in Standalone Financial Statements, and Accounting Standard 27 'Financial Reporting of Interest in Joint Ventures' issued by the Companies (Accounting Standard) Rules, 2006.

17.2 Use of estimates

The preparation of the Standalone 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 Standalone 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.

17.3 Revenue Recognitions

Revenue in respect of finished goods is recognized on delivery during the accounting year.

17.4 Employee Benefits

All Employees benefits falling due wholly within twelve month of rendering the services are classified as short term employee benefits which include benefits like salary, wages, short term compensated, absences and performance incentives and are recognized as expense in the period in which the employee renders the related services.

17.5 Material events after balance sheet date

Events which are of material nature after the balance sheet date are accounted for in the accounts.

17.6 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.

17.7 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. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations.

17.8 Investment

i) Unquoted Shares are valued at cost.

ii) ii) Investments in property are valued at cost.

17.9 Cash and Cash equivalents

Cash and Cash equivalents comprise cash and cash on deposit with banks and corporations. The Company considers all highly liquid investments with a remaining maturity at the date of purchase of three months or less and that are readily convertible to known amounts of cash to be cash equivalents.

17.10 Cash Flow Statements

Cash Flow Statement has been prepared in accordance with Accounting Standard 3 issued by Institute of Chartered Accountants of India.


Mar 31, 2014

(i) The financial statemen: has been prepared on the historic# cost convention and With generally accepted accounting principles

(it) tens for Profit 5- Loss a/c have been accounted for on accrual basis.

(ill) An investment has been made n unquoted shares and has been stated at cost.

2 NOTES ON ACCOUNTS.

(i)

(ii) The Company is isted on Calcutta Stock Exchange.

(III) There is no Contingent Liability for the year under review

iv) There is nc employee e gible for the benefit of gratu.ty hence no such provision is made.

(v) In the opinion of Vie Board and to the best of their knowledge and belief* the value of realizaiicn Of current assets in the ordinary course of business wil not be less tear the amount at which they are stated in the Balance Sheet.

(iv) As per information and explanation provided by the Management there are no outstanding dues of SSI undertakings as required by Schedule Vi of the Companies Act. 1955.

(v) The Company has no amount to be paid to Micro, Small and Medium Enterprises in accordance with provisions of Micro, Small &. Medium Enterprises Development Act 2006

(vi) In terms of Accounting Standard 20. the calculation of EPS is given be low; - Profit/ [Loss) after Taxation: - Rs 1 742.GO

(a) Weighted Average number of Equity Shares outstanding during the year - 2 49.000 shares

(b) Normal value of shares - Rs 10/ share

(c) Basic and Diluted EPS:- Rs 0 01

(vii) In accordance with the Accounting Standard AS-22 "Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India, Deferred Tax Asset is not created as a matter cf prudence as there :is no reasonably certainty of future profit


Mar 31, 2013

(i) The financial statement has been prepared on the historical cost convention and with generally accepted accounting principles.

(ii) Items for Profit B loss a/c have been accounted for on accrual basis.

{iii) An investment has been made in unquoted shares and has been stated at cost.




Mar 31, 2012

(i) The financial statement has been prepared on the historical cost convention and with generally accepted accounting principles.

(ii) Items for Profit 8 Loss a/c have been accounted for on accrual basis,

(iii) An investment has been made in unquoted shares and has been stated at cost.

 
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