Mar 31, 2014
1.1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
A. SYSTEM OF ACCOUNTING :
The Financial statements are prepared under the historical cost
convention on accrual basis of accounting, in accordance with Generally
Accepted Accounting Principles in India, the Accounting Standards
issued by the Institute of Chartered Accountants of India and relevant
provisions of the Companies Act,1956.
B. USE OF ESTIMATES :
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles (GAAP) in India requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosures of contingent liabilities on
the date of financial statements and reported amounts of income and
expenses during the period. Although these estimates are based upon
management''s best knowledge of current events and actions, actual
result could differ from these estimates.
C. CONSISTENCY :
Accounting Policies have been consistently applied by the Company and
are consistent with those used in the previous year.
1.2. FIXED ASSETS
Fixed Assets are stated at their original cost of
acquisition/installation (net of cenvat credit availed) net of
accumulated depreciation, amortization and impairment
1.3. DEPRECIATION
Depreciation is provided on written down value/straight line method at
the rates and in the manner prescribed in Schedule XIV to the Companies
Act, 1956.Assets costing below Rs.5000/- are depreciated at 100%.
1.4. OPERATING INCOMES:
Sales are recognised on execution of contracts by the broker, net of
all expenses. if any. Dividend income is recognised on receipt basis.
Interest income is recognised on the time proportion basis as certified
by the banker/institution.
1.5. INVENTORIES :
Inventories of the company consisting of shares and securities are
valued by the management at cost or market value which ever is lower.
1.6. INVESTMENTS :
Non Current and Unquoted Current Investments are stated at cost &
Quoted Current Investments at lower of cost or market price.Provision
for diminution in the value of Non Current Investments is made only if
such a decline is other than temporary in the opinion of the
management.
On disposal of an investment, the difference between its carrying
amount and net disposal proceeds is charged or credited to the
Statement of Profit and Loss. Profit or Los on sale of investments is
determined on a first-in-first-out (FIFO) basis.
1.7. PROVISION FOR TAXATION : Current Tax:
Provision is made for income tax, under the tax payable method, based
on the liability as computed after taking credit for allowances and
exemptions. Adjustments in books are made only after the completion of
the assessment. In case of Matters under appeal, due to disallowances
or otherwise, full provision is made when the said liabilities have
been determined.
Deffered Tax:
The tax effect is calculated on the accumulated timing diffrences at
the end of each financial year. The deferred tax assets are recognised
only is there is reasonable certainity that they will be realised and
are reviewed for the appropriateness of their respective carrying at
each balance sheet date.
1.8. PROVISIONS AND CONTINGENCIES :
The Company creates a provision when there exists a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not require an outflow of resources. When there is a possible
obligation or a present obligation in respect of which likelihood of
outflow of resources is remote, no provision or disclosure is made.
1.9. EARNINGS PER SHARE :
The Basic and Diluted Earnings Per Share ("EPS") is computed by
dividing the net profit after tax for the year by weighted average
number of equity shares outstanding during the year from time to time.
1.10. IMPAIRNMENT OF ASSETS:
An Impairment asset is charged for when the asset is identified as
impaired. The impaired loss recognized in the prior accounting period
is reversed if there has been a change in the estimate of recoverable
amount.
1.11. The policies not specifically mentioned above are in agreement
with the Accounting Standards issued by the institute of Chartered
Accountants of India.
Mar 31, 2013
1.1 Accoiiiilim; Policies have been consisleiillv ai)|)hed bv the Company
and are consistent with those used in the previous vear.
1.2. HMD ASSETS
fixed Assets arc stated at their original cost
ofacc|iiisilion/inslallalion (net of cenvat credit availed) net of
accumulated depreciation, amortization and impairment losses.
Depreciation is provided on written down value/straight line method at
the rates and in the manner prescribed in Schedule XIV to the Companies
Act, 1956.Assets costing
1.4. OPERATING INCOMES:
les are recognised on execution ol eonlracls by the broker, net of all
expenses, if any. Dividend income is recognised when the right to
receive payment is established. Interest income is recognised on Ihe
time proportion basis
Invenloi ics ol the company consisting ol shares and securities arc
valued by the management at cost or market value which ever is lower.
INVESTMENTS:
Nun ( in i cut and Unquoted Current Investments are slated at cost &
Quoted Current Investments at lower of cost or market price.Provision
for diminution in the value of Non Currenl Investments is made only if
such a decline is other than temporary in the opinion of Ihe
management.
In disposal of an investment, the difference between its carrying
amount and net disposal proceeds is charged or credited to the
Statement of Profit and Loss. Profit or Loss on sale of investments is
determined on a firsl-in-first-out (FIFO) basis.
1.7. PROVISION I OK TAXATION : ( uncut Tax:
Provision is made for income tax, under the tax payable method, based
on the liability as computed alter taking credit for allowances and
exemptions. Adjustments in books arc made only after the completion of
Ihe assessment. In case of Matters under appeal, due to disallowances
or otherwise, full provision is made when the said liabilities.
Differed Tax:
The ta.x effect is calculated on the accumulated timing diffrences at
the end of an tax assets are recognised only is there is reasonable
certainity that they will be realised and arc reviewed for the
appropriateness of their respective carrying at each balance sheet
date.
1.8. JlKOVISIONS AND CONTINGENCIES :
e Company creates a provision when there exists a present obligation as
a result of a past event that probably requires an outflow of resources
and a reliable estimate # can be made of the amount of the obligation.
A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may, but probably will
not require an outflow of resources. When there is a possible
obligation or a present obligation in respect of which likelihood of
outflow of resources is remote, no provision or disclosure is made.
1.9. EARNINGS PER SHAKE:
The Basic and Diluted Earnings Per Share ("EPS") is computed by
dividing the net profit after tax for the year by weighted average
number of equity shares outstanding during the year from time to time.
11), EMPAIRNMENT OF ASSETS:
An Impairment asset is charged for when the asset is identified as
impaired. The impaired loss recognized in the prior accounting period
is reversed if there has been a change in the estimate of recoverable
amount.
11. The policies not specifically mentioned above are in agreement
with the Accounting Standards issued by the institute of Chartered
Accountants of India.
Mar 31, 2011
L. ACCOUNTING CONVENTION:
The Accounts are prepared under the historic cost convention on Going
concern concept as per the mandatory accounting standards. The Company
generally follows mercantile system of accounting and recognises income
& expenditure on accrual basis except those with significant
uncertainties.
2. FIXED ASSETS:
Fixed assets are stated at cost less accumulated depreciation.
3. DEPRECIATION:
Depreciation is provided on written down value method at the rates and
in the manner prescribed in Schedule XIV to the Companies Act, 1956.
Deprecation on addition/deletion of assets during the year is provided
on pro-rata basis.
Assets costing below Rs.5000/- are depreciated at 100%.
4. SALES:
Sales are exclusive of any duties or taxes levied by the Central
Government, State Government or any Local Authority.
5. INVENTORIES:
Inventories of shares is valued at cost.
Inventories have been taken, valued and certified by the management.
6. INCOME TAX:
Current Tax: Provision is made for income tax, under the tax payable
method, based on the liability as computed after taking credit for
allowances and exemptions. Adjustments in books are made only after the
completion of the assessment. In case of matters under appeal, due to
disallowances or otherwise, full provision is made when the said
liabilities are accepted by the Company.
Deferred Tax: The tax effect is calculated on the accumulated timing
differences at the end of an accounting period based on prevailing
enacted regulations. Deferred tax assets are recognised only if there
is reasonable certainty that they will be realised and are reviewed for
the appropriateness of their respective carrying values at each balance
sheet date.
7. INVESTMENTS:
Long Term and Unquoted Current Investments are stated at cost & Quoted
Current Investments at lower of cost or market price . Provision for
diminution in the value of Long Term Investments is made only if such a
decline is other than temporary in the opinion of the management.
8. IMPAIRMENT OF ASSETS:
An asset is treated as impaired when the carrying cost of the assets
exceeds its recoverable value. An impairment loss is charged for when
the asset is identified as impaired. The impairment loss recognized in
the prior accounting period is reversed if there has been a change in
the estimate of recoverable amount.
The policies not specifically mentioned above are in agreement with the
Accounting Standards issued by the Institute of Chartered Accountants of
India.
Mar 31, 2010
1. ACCOUNTING CONVENTION:
The Accounts are prepared under the historic cost convention on Going
concern concept as per the mandatory accounting standards. The Company
generally follows mercantile system of accounting and recognises income
& expenditure on accrual basis except those with significant
uncertainities.
2 FIXED ASSETS:
Fixed assets are stated at cost less accumulated depreciation.
3 DEPRECIATION:
Depreciation is provided on written down value method at the rates and
in the manner prescribed in Schedule XIV to the Companies Act, 1956.
Deprecation on addition/deletion of assets during the year is provided
on pro-rata basis.
Assets costing below Rs.5000/- are depreciated at 100%.
4. SALES:
Sales are exclusive of any duties or taxes levied by the Central
Government, State Government or any Local Authority.
5 INVENTORIES:
Inventories of shares is valued at cost.
Inventories have been taken, valued and certified by the management.
6. INCOME TAX:
Current Tax: Provision is made for income tax, under the tax payable
method, based on the liability as computed after taking credit for
allowances and exemptions. Adjustments in books are made only after the
completion of the assessment. In case of matters under appeal, due to
disallowances or otherwise, full provision is made when the said
liabilities are accepted by the Company.
Deferred Tax: The tax effect is calculated on the accumulated timing
differences at the end of an accounting period based on prevailing
enactad regulations. Deferred tax assets are recognised only if there
is reasonable certainty that they will be realised and are reviewed for
the appropriateness of their respective carrying values at each balance
sheet date.
7. INVESTMENTS:
Long Term and Unquoted Current Investments are stated at cost & Quoted
Current Investments at lower of cost or market price . Provision for
diminution in the value of Long Term Investments is made only if such a
decline is other than temporary in the opinion of the management.
8. IMPAIRMENT OF ASSETS:
An asset is treated as impaired when the carrying cost of the assets
exceeds its recoverable value. An impairment loss is charged for when
the asset is identified as impaired. The impairment loss recognized in
the prior accounting period is reversed if there has been a change in
the estimate of recoverable amount.
The policies not specifically mentioned above are in agreement with the
Accounting Standards issued by the Institue of Chartered Accountants of
India.
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