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Accounting Policies of Standard Capital Markets Ltd. Company

Mar 31, 2014

1. BASIS OF PREPARATION OF FIANANCIAL STATMENTS

The accounts of the company are prepared under historical cost convention and on accrual basis, in accordance with the generally accepted accounting principles in India, the applicable Accounting Standards issued by the ICAI and the relevant provisions of The Companies Act,1956, except otherwise stated..

2. USE OF ESTIMATES

The preparation of financial statements requires management to make certain estimates assumptions that affect the amounts reported in the financial statements and notes thereto. Differences between actual amounts and estimates are recognized in the period in which they materialize.

3. FIXED ASSETS

Fixed Assets have been stated at cost. The cost means cost of acquisition inclusive of freight, duties and incidental expenses.

4. DEPRECIATION

Depreciation on fixed assets has been provided on ''straight line method'' at the rates and in the manner specified under schedule XIV of the Companies Act''1956.

5. INVENTORY

Inventories of stock in trade are valued at lower of cost and market value.

6. INVESTMENTS

Non Current/Long term Investments are stated at cost. Provision for diminution in the value of long term/Non Current investments is made only if such a decline is other than temporary.

7. CLASSIFICATION OF ASSETS AND PROVISIONING

Classification of Assets on finance as ''non-performing assets'' and making appropriate provisions thereon have been made in consonance to the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directirons''1998 (Notification No. 119, dated 31.01.1998, as amended from time to time)

8. REVENUE RECOGNITION & ACCRUAL OF EXPENSES

Sales are recognized at Sale Value exclusive of taxes and are recorded at net of discounts and returns, if any. Income is recognized on accrual basis.

All expenses are charged to Profit & Loss Account as and when accrued. Provisions are made for all known losses and liabilities.

9. TAXES ON INCOME

Provision for Current Income Tax is made on the current tax rate based on the assessable income computed under the Income Tax Act,1961.

Deferred Tax Assets and Liabilities are recognized for future tax consequences attributable to the timing differences between taxable income and accounting income that are capable of reversal in one or more subsequent periods and are measured using tax rates enacted as a the Balance Sheet date.


Mar 31, 2012

1. USE OF ESTIMATES

The preparation of financial statements requires management to make certain estimates assumptions that affect the amounts reported in the financial statements and notes thereto. Differences between actual amounts and estimates are recognized in the period in which they materialize.

2. FIXED ASSETS

Fixed Assets have been stated at cost. The cost means cost of acquisition inclusive of freight' duties and incidental expenses.

3. DEPRECIATION

Depreciation on fixed assets has been provided on `straight line method' at the rates and in the manner specified under schedule XIV of theCompaniesAct'1956.

4. INVENTORY

Inventories of stockin trade are valued at lower of cost and market value.

5. INVESTMENTS

Non Current/Long term Investments are stated at cost. Provision for diminution in the value of of long term/Non Current investments is made only if such a decline is other than temporary.

6. CLASSIFICATION OF ASSETS AND PROVISIONING

Classification of Assets on finance as `non-performing assets' and making appropriate provisions thereon have been made in consonance to the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directirons'1998 (Notification No. 119' dated 31.01.1998' as amended from time to time)

7. REVENUE RECOGNITION &ACCRUAL OF EXPENSES

Sales are recognized at Sale Value exclusive of taxes and are recorded at net of discounts and returns' if any. Income is recognized on accrual basis.

All expenses are charged to Profit & Loss Account as and when accrued. Provisions are made for all known losses and liabilities.

8. BORROWING COSTS

Borrowing Cost related to general business activities are recognized as an expense in the period in which these are incurred.

9. TAXES ON INCOME

Provision for Current Income Tax is made on the current tax rate based on the assessable income computed under the Income Tax Act'1961.

Deferred Tax Assets and Liabilities are recognized for future tax consequences attributable to the timing differences between taxable income and accounting income that are capable of reversal in one or more subsequent periods and are measured using tax rates enacted as a the Balance Sheet date.


Mar 31, 2010

The Company is incorporated in New Delhi under the Companies Act, 1956. The main activity of the Company is financing and trading in shares.

1. Basis of Accounting :

The accounts are prepared under historical cost convention on an accrual basis and in accordance with the requirements of the Companies Act, 1956.

2. Fixed Assets: Fixed assets have been stated at cost of acquisition, including taxes & other identifiable direct expenses.

3. Depreciation:

a. Depreciation on fixed assets is provided on straight line method at the rate and in the manner prescribed in Schedule XIV to the Companies Act, 1956 as amended up to date.

b. On assets sold, discarded etc. during the year, depreciation is provided up to date of sale/discard.

4. Revenue Recognition: Income from Assets on Finance are accounted for as and when due. In line with the prudential norms for income recognition issued for Non Banking Financial Companies by the Reserve Bank of India form time to time, income on non-performing assets is accounted for on receipts basis.

5. Investments: Current Investments are stated at lower of cost and fair value and lor.g term investments are stated at cost. Where applicable, provision is made where there is a permanent fall in valuation of long term investments.

6. Inventories: Items of Inventories are measured at lower of cost or net realisable value.

7. Income: Income is accounted for on accrual basis.

8. Classification of Assets and Provisioning

Classification of assets on finance as non-performing assets and making appropriate provisions thereon have been made in consonance to the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998 (Notification No. 119 dated 31.01.1998, as amended from time to time.

9. Other Accounting Policies

Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

 
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