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Accounting Policies of Systematix Securities Ltd. Company

Mar 31, 2014

A. Basis of Preparation of Financial Statement:

These Financial statements have been prepared in accordance with the generally accepted accounting principles in India under historical cost convention on accrual basis, except for certain financial instruments which are measured at fair value. These financial statements have been prepared to comply in all material aspects with the accounting standards notified under section 211 (3C) [Companies (Accounting Standards) Rules, 2006 as amended] and other relevant provisions of the Companies Act, 1956.

B. Use of estimates

The preparation of financial statements requires the management of the company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expense during the year. Example of such estimates include provision for doubtful receivables, employee benefits, provision for income taxes, accounting for contract costs expected to be incurred, the useful lives of depreciable fixed assets and provision for impairment.

C. Own Fixed Assets

Fixed Assets are stated at cost and includes amounts added on revaluation, less accumulated depreciation and impairment loss, if any. All costs, including financing costs till commencement of commercial production, net charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the fixed assets if any are capitalized.

D. Intangible Assets

The company does not have any Intangible Asset.

E. Depreciation and Amortization

Depreciation on Fixed Assets has not been provided at assets reaches their Residual value.

F. Impairment of Assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

G. Foreign Currency Transactions

There is no foreign currency transactions made during the year.

H. Investments

Investments are stated at cost.

I. Inventories

Company is engaged in service providing activity hence there is no stock.

J. Revenue Recognition

Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection. Revenue from operations.

K. Employee Benefits

- No Provision has been made in respect of liabilities for future payment of gratuities as on 31st March 2014 as the company follows the system of accounting such expenses as and when it arises.

- No provision has been made for liabilities in respect of un-availed leave (if any) of the employee as on 31st March 2014, as the company follows system of accounting for such expenses as and when it paid.

- No provision has been made for liabilities in respect of Contribution to Provident Fund and Family Pension Fund if any of the employees as on 31st March 2013, as the company follows system of accounting for such expenses as and when it paid.

L. Borrowing Costs

Company did not borrow any loan and hence not paying any interest in previous year.

M. Financial Derivatives and Commodity Hedging Transactions

There is no financial derivatives and commodity hedging transaction made during the year.

N. Segment Reporting

As per Accounting Standard (AS) 17 on ''Segment Reporting'', The Company is engage in one segment.

O. There is no transaction with related party.


Mar 31, 2011

A) Method of Accounting

The Financial statements are prepared under historical cost convention and are in accordance with the requirement of the Companies Act, 1956 and is following accrual basis of accounting.

b) Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation.

c) Depreciation

Depreciation on Fixed Assets has been charged on Straight Line Method at the rates prescribed under Schedule XIV to the Companies Act, 1956.

d) Retirement Benefit

No provision for gratuity has been made as no employee has put in the qualifying period of service for entitlement of this benefit.

e) Investments

Investments are stated at cost.

(f) Annual Accounts have been prepared on a going concern basis.


Mar 31, 2010

A) Method of Accounting

The Financial statements are prepared under historical cost convention and are in accordance with the requirement of the Companies Act, 1956 and is following accrual basis of accounting.

b) Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation.

c) Depreciation

Depreciation on Fixed Assets has been charged on Straight Line Method at the rates prescribed under Schedule XIV to the Companies Act, 1956.

d) Retirement Benefit

No provision for gratuity has been made as no employee has put in the qualifying period of service for entitlement of this benefit.

e) Investments

Investments are stated at cost. (f) Annual Accounts have been prepared on a going concern basis.

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