Mar 31, 2015
1. Basis of Accounting
The financial statements are prepared under the historical cost
convention on an accrual basis of accounting in accordance with the
accounting standards specified under Section 133 of the Companies Act
2013. The accounts have been prepared on a going concern concept.
2. Use of Estimates
Theses financial statements have been prepared on the basis of
estimates, wherever necessary, which have an effect on the reported
amounts of assets and liabilities as on the date of the statements and
the reported amounts of income and expenditure for the reporting
period. The difference between actuals and estimates is recognized in
the subsequent period when the actuals are known.
3. Revenue Recognition
Revenue is recognized and expenditure is accounted for on their
accrual. The income is said to be accrued when the risk and rewards
relating to the goods of services has been transferred to the buyer.
Following are accounted on cash basis:
a) Gratuity and leave encashment benefits to the employees
4. Fixed Assets, Depreciation and Impairment
(a) Fixed assets are stated at the cost of acquisition less accumulated
depreciation. Depreciation on fixed assets is provided on straight-line
method on a prorata basis at the rates prescribed under Schedule III to
the Companies Act, 2013.
(b) Intangible assets are recognized as per the criteria specified in
Accounting Standard 26 "Intangible Assets" issued by the Institute of
Chartered Accountants of India and are amortized as follows:
(c) An asset is treated as impaired when its carrying cost exceeds its
recoverable value. An impairment loss is charged to the Profit and Loss
Account in the year in which as asset is identified as impaired. The
impairment loss recognized in prior accounting periods is reversed if
there has been a change in the estimate of recoverable amount.
5. Investments
Investments include all securities which are intended to be held to
maturity or for a period not less than one year. Long Term Investments
are carried at cost less provision for permanent diminution in the
value of such investments, if any. Current Investments are carried at
the lower of cost and market value.
6. Stock-in-Trade
Stock-in-trade are stated at Cost or market value whichever is lower.
7. Retirement Benefits
The company has not provided provision in the books of account with
respect to the retirement benefits of the employees as per the
guidelines provided by the payment of Gratuity Act, 1972.
8. Deferred Tax
Deferred tax is recognized, subject to the consideration of prudence in
respect of deferred tax assets on timing differences, being the
difference between taxable incomes and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods. Deferred tax assets including asset arising from unabsorbed
depreciation and losses carried forward, are not recognized unless
there is virtual certainty that sufficient future taxable income will
be available against which such deferred tax can be realized.
9. 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.
10. Earning Per Share
Earning per shares has been arrived by taking into consideration the
profit after tax divided by the weighted average number of shares for
the relevant financial year. The same is arrived as per Accounting
Standards  20 to determine the comparison of performance among
different enterprises for the same period and among different periods
for the same enterprises. Separate disclosure have been made for the
earnings per share excluding extraordinary items.
Mar 31, 2014
1. Basis of Accounting
The financial statements are prepared under the historical cost
convention on an accrual basis of accounting in accordance with the
accounting standards prescribed under Section 211(3C) of the Companies
Act, 1956 and the practices prevailing within the broking industry in
India. The accounts have been prepared on a going concern concept,
although the going concern concept is not more feasible to suspension
of manufacturing activity as well as no availability of power from
Gujarat Electricity Board.
2. Use of Estimates
Theses financial statements have been prepared on the basis of
estimates, wherever necessary, which have an effect on the reported
amounts of assets and liabilities as on the date of the statements and
the reported amounts of income and expenditure for the reporting
period. The difference between actuals and estimates is recognized in
the subsequent period when the actuals are known.
3. Revenue Recognition
Revenue is recognized and expenditure is accounted for on their
accrual. The income is said to be accrued when the risk and rewards
relating to the goods of services has been transferred to the buyer.
Following are accounted on cash basis:
a) Profit / loss (mark to market) on derivatives transactions on
account of hedging / trading in commodities is account on receipt
basis.
b) Gratuity and leave encashment benefits to the employees
4. Fixed Assets, Depreciation and Impairment
(a) Fixed assets are stated at the cost of acquisition less accumulated
depreciation. Depreciation on fixed assets is provided on straight-line
method on a pro-rata basis at the rates prescribed under Schedule XIV
to the Companies Act, 1956.
(b) Intangible assets are recognized as per the criteria specified in
Accounting Standard 26 "Intangible Assets" issued by the Institute of
Chartered Accountants of India and are amortized as follows:
(c) An asset is treated as impaired when its carrying cost exceeds its
recoverable value. An impairment loss is charged to the Profit and Loss
Account in the year in which as asset is identified as impaired. The
impairment loss recognized in prior accounting periods is reversed if
there has been a change in the estimate of recoverable amount.
5. Investments
Investments include all securities which are intended to be held to
maturity or for a period not less than one year. Long Term Investments
are carried at cost less provision for permanent diminution in the
value of such investments, if any. Current Investments are carried at
the lower of cost and market value.
6. Stock-in-Trade
Stock-in-trade are stated at cost or market value whichever is lower
(valued at market value in the previous year)
7. Retirement Benefits
The company has not provided provision in the books of account with
respect to the retirement benefits of the employees as per the
guidelines provided by The Payment of Gratuity Act, 1972.As per
representation made by the company, since no employees of the company
has been in employment for the period more than 5 years, provision for
the same is not required.
8. Deferred Tax
Deferred tax is recognized, subject to the consideration of prudence in
respect of deferred tax assets on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods. Deferred tax assets including asset arising from unabsorbed
depreciation and losses carried forward, are not recognized unless
there is virtual certainty that sufficient future taxable income will
be available against which such deferred tax can be realized.
9. 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.
10. Earning Per Share
Earning per shares has been arrived by taking into consideration the
profit after tax divided by the weighted average number of shares for
the relevant financial year. The same is arrived as per Accounting
Standards - 20 to determine the comparison of performance among
different enterprises for the same period and among different periods
for the same enterprises. Separate disclosure have been made for the
earnings per share excluding extraordinary items.
Mar 31, 2013
1. Basis of Accounting:
The financial statements are prepared under the historical cost
convention on an accrual basis of accounting in accordance with the
accounting standards prescribed under Section 211(3C) of the Companies
Act, 1956 and the practices prevailing within the broking industry in
India. The accounts have been prepared on a going concern concept,
although the going concern concept is not more feasible to suspension
of manufacturing activity as well as no availability of power from
Gujarat Electricity Board.
2. Use of Estimates:
Theses financial statements have been prepared on the basis of
estimates, wherever necessary, which have an effect on the reported
amounts of assets and liabilities as on the date of the statements and
the reported amounts of income and expenditure for the reporting
period. The difference between actuals and estimates is recognized in
the subsequent period when the actuals are known.
3. Revenue Recognition:
Revenue is recognized and expenditure is accounted for on their
accrual. The income is said to be accrued when the risk and rewards
relating to the goods of services has been transferred to the buyer.
Following are accounted on cash basis:
a) Gratuity and leave encashment benefits to the employees
b) Insurance claims
4. Fixed Assets, Depreciation and Impairment:
(a) Fixed assets are stated at the cost of acquisition less accumulated
depreciation. Depreciation on fixed assets is provided on straight-line
method on a pro-rata basis at the rates prescribed under Schedule XIV
to the Companies Act, 1956.
(b) Intangible assets are recognized as per the criteria specified in
Accounting Standard 26 ÂIntangible Assets issued by the Institute of
Chartered Accountants of India and are amortized as follows:
(c) An asset is treated as impaired when its carrying cost exceeds its
recoverable value. An impairment loss is charged to the Profit and Loss
Account in the year in which as asset is identified as impaired. The
impairment loss recognized in prior accounting periods is reversed if
there has been a change in the estimate of recoverable amount.
5. Investments:
Investments include all securities which are intended to be held to
maturity or for a period not less than one year.
Long Term Investments are carried at cost less provision for permanent
diminution in the value of such investments, if any. Current
Investments are carried at the lower of cost and market value.
6. Stock-in-Trade:
Stock-in-trade are stated at market value
7. Retirement Benefits:
The company has not provided provision in the books of account with
respect to the retirement benefits of the employees as per the
guidelines provided by the payment of Gratuity Act, 1972.
8. Deferred Tax:
Deferred tax is recognized, subject to the consideration of prudence in
respect of deferred tax assets on timing differences, being the
difference between taxable incomes and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods. Deferred tax assets including asset arising from unabsorbed
depreciation and losses carried forward, are not recognized unless
there is virtual certainty that sufficient future taxable income will
be available against which such deferred tax can be realized.
9. 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.
10. Earning Per Share:
Earning per shares has been arrived by taking into consideration the
profit after tax divided by the weighted average number of shares for
the relevant financial year. The same is arrived as per Accounting
Standards  20 to determine the comparison of performance among
different enterprises for the same period and among different periods
for the same enterprises. Separate disclosure has been made for the
earnings per share excluding extraordinary items.
Mar 31, 2012
1. Basis of Accounting
The financial statements are prepared under the historical cost
convention on an accrual basis of accounting in accordance with the
accounting standards prescribed under Section 211(3C) of the Companies
Act, 1956 and the practices prevailing within the broking industry in
India. The accounts have been prepared on a going concern concept,
although the going concern concept is not more feasible to suspension
of manufacturing activity as well as no availability of power from
Gujarat Electricity Board.
2. Use of Estimates
Theses financial statements have been prepared on the basis of
estimates, wherever necessary, which have an effect on the reported
amounts of assets and liabilities as on the date of the statements and
the reported amounts of income and expenditure for the reporting
period. The difference between actuals and estimates is recognized in
the subsequent period when the actuals are known.
3. Revenue Recognition
Revenue is recognized and expenditure is accounted for on their
accrual. The income is said to be accrued when the risk and rewards
relating to the goods of services has been transferred to the buyer.
Following are accounted on cash basis:
a) Gratuity and leave encashment benefits to the employees
b) Insurance claims
c) Interest on loans taken/granted
4. Fixed Assets, Depreciation and Impairment
(a) Fixed assets are stated at the cost of acquisition less accumulated
depreciation. Depreciation on fixed assets is provided on straight-line
method on a prorata basis at the rates prescribed under Schedule XIV to
the Companies Act, 1956.
(b) Intangible assets are recognized as per the criteria specified in
Accounting Standard 26 "Intangible Assets" issued by the Institute of
Chartered Accountants of India and are amortized as follows:
(c) An asset is treated as impaired when its carrying cost exceeds its
recoverable value. An impairment loss is charged to the Profit and Loss
Account in the year in which as asset is identified as impaired. The
impairment loss recognized in prior accounting periods is reversed if
there has been a change in the estimate of recoverable amount.
5. Investments
Investments include all securities which are intended to be held to
maturity or for a period not less than one year.
Long Term Investments are carried at cost less provision for permanent
diminution in the value of such investments, if any. Current
Investments are carried at the lower of cost and market value.
6. Stock-in-Trade
Securities held as stock-in-trade are stated at cost (calculated on a
first in first out method)
7. Retirement Benefits
The company has not provided provision in the books of account with
respect to the retirement benefits of the employees as per the
guidelines provided by The payment of Gratuity Act, 1972.
8. Deferred Tax
Deferred tax is recognized, subject to the consideration of prudence in
respect of deferred tax assets on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods. Deferred tax assets including asset arising from unabsorbed
depreciation and losses carried forward, are not recognised unless
there is virtual certainty that sufficient future taxable income will
be available against which such deferred tax can be realised.
9. 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.
10. Earning Per Share
Earning per shares has been arrived by taking into consideration the
profit after tax divided by the weighted average number of shares for
the relevant financial year. The same is arrived as per Accounting
Standards à 20 to determine the comparison of performance among
different enterprises for the same period and among different periods
for the same enterprises. Separate disclosure have been made for the
earnings per share excluding extraordinary items.
Mar 31, 2010
1. Basis of Accounting
The financial statements are prepared under the historical cost
convention on an accrual basis of accounting in accordance with the
accounting standards prescribed under Section 211(3C) of the Companies
Act, 1956 and the practices prevailing within the broking industry in
India. The accounts have been prepared on a going concern concept,
although the going concern concept is not more feasible to suspension
of manufacturing activity as well as no availability of power from
Gujarat Electricity Board.
2. Use of Estimates
Theses financial statements have been prepared on the basis of
estimates, wherever necessary, which have an effect on the reported
amounts of assets and liabilities as on the date of the statements and
the reported amounts of income and expenditure for the reporting
period. The difference between actuals and estimates is recognized in
the subsequent period when the actuals are known.
3. Revenue Recognition
Revenue is recognized and expenditure is accounted for on their
accrual. The income is said to be accrued when the risk and rewards
relating to the goods of services has been transferred to the buyer.
Following are accounted on cash basis:
a) Gratuity and leave encashment benefits to the employees
b) Insurance claims
c) Interest on loans taken/granted
4. Fixed Assets, Depreciation and Impairment
(a) Fixed assets are stated at the cost of acquisition less accumulated
depreciation. Depreciation on fixed assets is provided on straight-line
method on a prorata basis at the rates prescribed under Schedule XIV to
the Companies Act, 1956.
(b) Intangible assets are recognized as per the criteria specified in
Accounting Standard 26 "Intangible Assets" issued by the Institute of
Chartered Accountants of India and are amortized as follows:
(c) An asset is treated as impaired when its carrying cost exceeds its
recoverable value. An impairment loss is charged to the Profit and Loss
Account in the year in which as asset is identified as impaired. The
impairment loss recognized in prior accounting periods is reversed- if
there has been a change in the estimate of recoverable amount.
5. Investments Investments include all securities which are intended
to be held to maturity or for a period not less than one year.
Long Term Investments are carried at cost less provision for permanent
diminution in the value of such investments, if any. Current
Investments are carried at the lower of cost and market value.
6. Stock-in-Trade
Securities held as stock-in-trade are stated at cost (calculated on a
first in first out method) or market value whichever is lower.
7. Retirement Benefits
The company has not provided provision in the books of account with
respect to the retirement benefits of the employees as per the
guidelines provided by The payment of Gratuity Act, 1972.
8. Deferred Tax
Deferred tax is recognized, subject to the consideration of prudence in
respect of deferred tax assets on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods. Deferred tax assets including asset arising from unabsorbed
depreciation and losses carried forward, are not recognised - . . -
unless there is virtual certainty that sufficient future taxable income
will be available against which such deferred tax can be realised.
9. 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.
10. Earning Per Share
Earning per shares has been arrived by taking into consideration the
profit after tax divided by the weighted average number of shares for
the relevant financial year. The same is arrived as per Accounting
Standards - 20 to determine the comparison of performance among
different enterprises for the same period and among different periods
for the same enterprises. Separate disclosure have been made for the
earnings per share excluding extraordinary items.
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