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.