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Accounting Policies of Siddha Ventures Ltd. Company

Mar 31, 2014

A. Basis of Accounting

The financial statements have been prepared on accrual basis and under the historical cost convention in accordance with Generally accepted Accounting Principles (GAAP) in India and the Accounting Standard (AS) and the relevant provisions of the Companies Act, 1956.

B. Revenue recognition

Income and Expenditure are accounted for on accrual basis except otherwise stated.

C. Fixed Assets

Fixed assets are stated at cost of acquisition, inclusive of expenses incidental to their acquisition as reduced by accumulated depreciation thereon.

D. Investments

Unquoted Investment comprising of shares in private limited company is valued at cost price.

E. Inventories

Inventories comprising quoted and un- quoted shares. The quoted share valued at lower of cost or market value and unquoted shares are valued at cost.

F. Employee''s Benefits

a) Contribution to Provident Fund and other Funds are made in accordance with the Provident Fund and Family Pension Act, 1952 with effect from lstjuly,1995

b) Gratuity has not been provided in the accounts for the current year.

G. Taxation

Tax expenses comprises of current and deferred tax.

Current Tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book & tax profit for the year is accounted for using tax rates and tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred Tax Assets arising from the timing difference are recognised to the extent that there is virtual certainty that sufficient future taxable income will be available.

Minimum Alternate Tax (MAT) credit is recognised as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period.

H. Provisions and Contingencies

A provision is recognised when the Company has a legal and constructive obligation as a result of a past event, for which it is possible that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. A contingent liability is disclosed when the Company has a possible or present obligation where it is not probable that an outflow of resources will be required to settle it. Contingent assets are neither recognised nor disclosed.


Mar 31, 2013

A. Basis of Accounting

The financial statements have been prepared on accrual basis and under the historical cost convention in accordance with Generally accepted Accounting Principles (GAAP) in India and the Accounting Standard (AS) and the relevant provisions of the Companies Act, 1956.

B. Revenue recognition

Income and Expenditure are accounted for on accrual basis except otherwise stated

C Fixed Assets

Fixed assets ore stated at cost of acquisition, inclusive of expenses incidental 10 their acquisition as reduced by accumulated depreciation thereon.

D. Investments

Unquoted Investment comprising of shares to private limited company is valued at cost price.

E Inventories

Inventories comprising quoted and un- quoted shares. The quoted share valued at lower of cost or inJirket value and un- quoted shares axe valued at cost.

F. Qnployee''s Benefits

a) Contribution to Provident Fund and other Funds are made in accordance with die Provident Fund and Family Pension Act, 1952 with effect from 1st hily,l995

b) Gratuity Jiasnoi been provided in the accounts for the current year.

G. Taxation

Tax expenses comprises of current and deferred tax.

Current Tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book A tax profit for the year is accounted for using lax rates and tax laws thai have been enacted or substantially enacted at the Balance Sheet date. Deferred Tax Assets arising from the timing difference are recognised to the extent that there is virtual certainty that sufficient future taxable income will bo available.

Minimum Alternate Tax (MAT) credit is recognised as on asset only when and ro the extent there convincing evident*- that the Company wuT pay normal income tax during ihc specified period H. Provisions and Contingencies

A provision is recognised when the Company has a legal and constructive obligation as a result of a past event, for which it is possible that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. A contingent liability is disclosed when the Company has a possible or present obligation where it is not probable that an outflow of resources wfll be required to settle it. Contingent assets are neither recognised nor disclosed


Mar 31, 2012

A. Basis of Accounting

The financial Statements have Seen prepared on accrual basis and under the historical cost convention in accordance with Generally accepted Accounting Principles (GAAP) in India and the Accounting Standard (AS) and the relevant provisions of the Companies Act, 1956.

B. Revenue recognition

Income and Expenditure are accounted for on accrual basis accept otherwise Stated.

C. Fixed Assets

Fixed assets are stated at cost of acquisition, inclusive of expenses incidental to their acquisition as reduced by accumulated depreciation thereon.

D. Investments

Unquoted investment comprising of shares in private limited company is valued at Cost price.

E. Inventories

Inventories comprising quoted and un-quoted shares. The quoted share valued at lower of cost or market value and un-quoted shares are valued at cost.

F. Employee's Benefits

a) Contribution to Provident Fund and other Funds are made in accordance with the Provident Fund and Family Pension Act, 1952 with effect from 1st July, 1995.

b) Gratuity has not been provided in the accounts for the current year.

G. Taxation

Tax expenses comprises of current and deferred tax.

Current Tax is determined as the amount of tax payable in respect of taxable income for the year. The deferred tax for timing difference between the book & tax profit for the year is accounted for using tax rates, and tax laws that have been enacted to substantially enacted to the Balance Sheet date. Deferred Tax Assets arising from the timing difference are recognised to the extent that there is virtual certainty that sufficient future taxable Income will be available.

Minimum Alternate Tax (MAT) credit is recognised as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period

H. Provisions and Contingencies

A provision is recognised when the Company has a legal and constructive obligation as a result of a past event, for which it is possible that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. A contingent liability is disclosed when the Company has a possible or present obligation where it is not probable that an outflow of resources will be required to settle it. Contingent assets are neither recognised nor disclosed.

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