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Accounting Policies of Stocknet International Ltd. Company

Mar 31, 2012

1.1 Basis of accounting and preparation of financial statements

The financial statements have been prepared on the accrual basis of accounting, under the historical cost convention, in accordance with the accounting principles generally accepted in India and comply with the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956.

1.2 Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as at the date of financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Any revision to accounting estimates is recognized in the period in which the results are known/materialized.

1.3 Cash and cash equivalents

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

1.4 Fixed Assets

Fixed Assets are stated at cost of acquisition less accumulated depreciation. Cost includes all expenses, direct and indirect, specifically attributable to its acquisition and bringing it to its current location and working condition for its intended use.

1.5 Depreciation and Amortisation

Depreciation on Fixed Assets has been provided on Straight Line Method at the rates and in the manner specified in tee Schedule XIV of the Companies Act, 1956.

1.4 Revenue recognition

Both income and expenditure items are recognized on accrual and prudent basis.

1.5 Income Tax

Income Tax expense comprises of current tax and deferred charge or credit. Current tax is determined as the amount of tax payable in respect of taxable income for the year.

1.6 Earnings per share

Basic earnings per share is computed by dividing the profit l (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.


Mar 31, 2011

(a) Basis of Accounting ; The financial statements are prepared under the historical cost convention and comply with the mandatory Accounting Standards and Statements issued by The Institute of Chartered Accountants of India and The Companies Act, 1956. Ail income and expenditure having a material bearing on the financial statements are recognised on accrual basis.

(b) Fixed Assets : Fixed Assets are stated at cost of acquisition. Cost comprises purchase price and attributable cost.

(c) Depreciation : Depreciation on Straight Line Method basis is provided on tangible Fixed Assets in the manner and at the rates as per Schedule XIV to the rates applicable in The Companies Act, 1956.

(d) investments ; The investments are valued at cost.

(e) Inventories : The inventory items are stated at cost


Mar 31, 2010

(a) Basis of Accounting : The financial statements are prepared under the historical cost convention and comply with the mandatory Accounting Standards and Statements issued by The Institute of Chartered Accountants of India and The Companies Act, 1956. All income and expenditure having a material bearing on the financial statements are recognised on accrual basis.

(b) Fixed Assets : Fixed Assets are stated at cost of acquisition. Cost comprises purchase price and attributable cost.

(c) Depreciation : Depreciation on Straight Line Method basis is provided on tangible Fixed Assets in the manner and at the rates as per Schedule XIV to the rates applicable in The Companies Act, 1956.

(d) Investments : The investments are valued at cost.

(e) Inventories : The inventory items are stated at cost.

 
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