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Accounting Policies of Tatia Global Vennture Ltd. Company

Mar 31, 2015

BRIEF DESCRIPTION OF THE COMPANY AND ITS BUSINESS

M/s. TATIA GLOBAL VENNTURE LTD was incorporated in India, and is engaged primarily into financing activities along with investing in to long term and short term projects, securities, debts related instruments etc.

A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

1. The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and the provisions as specified under section 133 of the Companies Act, 2013 read with rule 7 of the companies (Accounts) Rules ,2014 and other relevant provisions of the Companies Act 2013 and/or Companies Act ,1956 as applicable.

2. Method of Accounting - The Company maintains its accounts under mercantile basis of accounting.

3. The Accounting Standards recommended by The Institute of Chartered Accountants of India have been followed wherever applicable to the Company.

4. Use of Estimates :- The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income

B. REVENUE RECOGNITION

1. Interest Income are recognized on the date which they have become due or up on receipt whichever is earlier. The Interest income is recognized on gross basis.

2. In respect of other incomes, accrual system of accounting is followed.

C FIXED ASSETS, DEPRECIATION & IMPAIRMENT

The Fixed assets are stated at cost of their acquisition less depreciation .

D. VALUATION OF CLOSING STOCK

The company does not hold any inventories during the year under review and hence the valuation is dispensed with.

E. INVESTMENTS & DEPOSITS

Investments/Deposits are classified as long-term wherever applicable and are shown and valued at cost, there are no current investments in the company.

F. RETIREMENT BENEFITS

Contribution of Provident fund, Gratuity and Leave encashment benefits wherever applicable is being accounted on actual liability basis.

G. FOREIGN CURRENCY TRANSACTION

There are no reportable Foreign Currency related transaction in the company during the year under review.

H. TAX ON INCOME

a. Tax on income for the current period is determined on the basis of Taxable Income computed in accordance with the provisions of the Income Tax Act 1961.

b. Deferred Tax on timing differences between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date as per the Accounting Standard (AS 22) laid down by the Institute of Chartered Accountants of India (ICAI).

I. EARNINGS PER SHARE (EPS)

The earnings considered in ascertaining the Company's earnings per share is net profit after tax. The earnings per share for the year is 0.05/- (Basic & Diluted) as compared to the previous year of Rs.0.03/- (Basic & Diluted).

Earnings Per Share

The Following reflects the profit and share data used in the basic and diluted EPS Computations

31.03.2015 31.03.2014 Note Rs. Rs.

Total Operation for the year

Profit / (Loss) after tax 7,413,919 4,948,697

Less Dividends on convertibel preference shares and tax thereon - -

Net Profit/ (Loss) for calculation of basic EPS 7,413,919 4,948,697

Net Profit/ (Loss) as above 7,413,919 4,948,697

Add : Dividends on convertible preference shares & tax thereon - -

Add : Interest on bonds convertible into equity shares (net of tax) - -

Net Profit/ (Loss) for calculation of diluted EPS 7,413,919 4,948,697

Continuing Operations

Profit / (Loss) after tax 7,413,919 4,948,697

Less Dividends on convertibel preference shares and tax thereon - -

Net Profit for calculation of basic EPS 7,413,919 4,948,697

Net Profit as above 7,413,919 4,948,697

Add : Dividends on convertible preference shares & tax thereon - -

Add : Interest on bonds convertible into equity shares (net of tax) - -

Net Profit/ (Loss) for calculation of diluted EPS 7,413,919 4,948,697

Weighted averate number of equity shares in calculating basic EP 0.05 0.03

Effect of Dilution :

Convertible Preference Shares - -

Convertible Bonds - -

Stock options granted under ESOP - -

Weighted averate number of equity shares in calculating basic EPS 0.05 0.03

J. CONTINGENT LIABILITIES AND CAPITAL CONTRACTS

The company as on date have not provided for any contingent liability (Previous Year NIL) and there are no unexecuted capital contracts which are outstanding or remaining to be performed.

K. IMPAIRMENT OF ASSETS

As required by accounting standard 28 issued by the Institute of Chartered Accountants of India, provision for impairment loss of Assets is not required to be made as the estimated realizable value of such assets will be more or equal to the carrying amount of the respective assets as stated in the Balance Sheet.

L. BUSINESS SEGMENT

The Company is engaged primarily in one segment, accordingly there are no separate reportable segment as per the accounting standard 17 (Segmental Reporting) issued by Institute of Chartered Accountants of India.

M. RELATED PARTY DISCLOSURES

The Company had no transactions with the related parties during the year under review other than temporary current account transactions.

A INVESTMENT IN GROUP COMPANIES

S. Script Name No. of Shares Amount Rs. Remarks no

1 M/s. Kreon Finnancial 12381985 29250000/- Group Services Ltd Company

B LOANS BORROWED

S. Script Name Amount Rs. Interest Remarks no Amount Rs.

1 M/s. Ashram onlne.com Ltd 95,21,576/- 7,26,126/- Group Company

2 M/s.Make My innerwear 519128/- 43221/- Group India Pvt Ltd Company

C LOANS GIVEN

S. Script Name Amount Rs. Interest Remarks no Amount Rs.

1 Sarvamangal Estate& 1519129 126477 Group Company Holdings Pvt Ltd

N. PERSONNEL

During the year under review, no employee was in receipt of remuneration in excess of limits laid down under the companies act other than below:-

There are no employees employed throughout the financial year were in receipt of remuneration which in aggregate was more that Rs.6000000/- per annum Rs.500000/- per month.

O. RECEIVABLES AND PAYABLES

The receivables and payables as stated in Current Assets, Loans and Advances and Current Liabilities and in the opinion of the management have a value and realization equal to the amount at which they are stated in the Balance Sheet and provision for all known liabilities if any has been made by the company.

P. AUDITOR REMUNERATION

S. Particulars 2014 - 2015 2013 - 2014 no

1. Statutory Audit Fees Rs. 15000/- Rs. 15000/-

Q . DUES TO SME'S

Management has determined that there were no balances outstanding as at the beginning of the year and no transactions entered with micro, small and medium enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006, during the current year, based on the information available with the company as at March 31, 2015.

R. CASH AND CASH EQUIVALENTS (FOR PURPOSES OF CASH FL OW STATEMENT)

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances, (with 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.

S. CASH FLOW STATEMENT

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

T. GENERAL

1. The figures for the previous year have been regrouped / reclassified / rearranged where ever necessary with the conformity with the current year figures for facilitating proper comparisons.

2. The company has followed prudential norms, except otherwise stated, prescribed by Reserve Bank of India for Non-Banking Finance Companies-financial statements.

3. The figures have been rounded off to the nearest rupee.


Mar 31, 2014

A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

1. The financial statements have been prepared to comply in all material respects with the Notified accounting standard by the companies Accounting standards Rules,2006 and the relevant provisions of the companies Act''1956.

The financial statements have been prepared under the historical cost convention on an accrual basis. The accounting polices have been consistently applied by the company and except for the changes in accounting policy discussed are fully if any, are consistent with those used in previous year.

REVENUE RECOGNITION

1. Income for sales have been reported on gross basis.

2. Inrespect of other incomes, accrual system of accounting is followed

B. USE OF ESTIMATES

The preparation of financial statement in line with the generally accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amount of assets , liabilities, disclosures relating to contingent liabilities and assets as at the balance sheet date and the reported amounts of income and expenses during the year. Difference between the actual amounts and the estimates are recognized in the year in which the events become known / are materialized.

C. FIXED ASSETS, DEPRECIATION & IMPAIRMENT

1. The Fixed Assets are stated at cost of their acquisition less depreciation.

2. Depreciation is provided on fixed assets, on written down value method, as per the rates specified in Schedule XIV of the Companies Act, 1956

D. VALUATION OF CLOSING STOCK

Wherever applicable inventories have been valued at cost or net realized value whichever is less. However during the year under review the company does not hold any inventories other than held by its Subsidiaries.

E. INVESTMENTS

Investments are classified as long-term and current investments. Long-term investments are shown at cost, or written down value (in case of other than temporary diminution) and there are no Current Investments in the company.

The company has valued the investments in its subsidiaries at the cost price at which the investment were made.

The company has also made certain investments as strategic investments in to the project which are directly identifiable with specific project . As the nature of the project being falling in to main business activity of the company the same have been classified under advance during he year under review.

F. IMPAIRMENT OF ASSETS As required by AS -28 issued by the Institute of Chartered Accounts of India, provision for Impairment loss of Assets is not required to be made as the estimated realizable value of such assets will be more or equal to the carrying amount stated in the Balance Sheet.

G. RETIREMENT BENEFITS

Contribution of Provident fund ,Gratuity and leave encashment benefits wherever applicable is being accounted on actual liability basis as currently the company does not make any contributions during the period.

H. TAX ON INCOME

a. Tax on income for the current period is determined on the basis of Taxable Income computed in accordance with the provisions of the Income Tax Act 1961.

b. Deferred Tax on timing differences between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date as per the Accounting Standard (AS 22) laid down by the Institute of Chartered Accountants of India (ICAI).

I .EARNINGS PER SHARE (EPS)

The earnings considered in ascertaining the Company''s earnings per share is net profit after tax. The earnigs per share for the year is Rs 0.03 as compared to the previous year of Rs. 0.01 The EPS reported is basic and diluted.

J. FOREIGN CURRENCY TRANSACTION

There are no reportable foreign exchange transaction during the year under review.

K. SEGMENTAL REPORT

The company has derived its income during the year primarily in the one Segment, accordingly there are no separate reportable segment as per the Accounting Standard 17 ( segmental Reporting ) issue by the Institute of Chartered Accountants of India.

L. RELATED PARTY DISCLOSURES

The Company transactions with the related parties during the year under review are as under:-

Name of the persons Nature of Transaction Amount (RS )

a. Bharat Tatia Salary 70000/-

b. Sundry Creditors (Non- Interest bearing)

Bharat Tatia current account 27784/-

M. DUES TO SME''S

Management has determined that there were no balances outstanding as at the beginning of the year and no transactions entered with micro, small and medium enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006, during the current year, based on the information available with the company as at March 31,2014

O. GENERAL

a. The figures for the previous year are not comparable with the current year to effect of scheme of arrangement in current year. The figures for previous year are given statistical purposes only and have been regrouped / reclassified / rearranged where ever necessary.


Mar 31, 2012

A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

1. The financial statements have been prepared to comply in all material respects with the Notified accounting standard by the companies Accounting standards Rules,2006 and the relevant provisions of the companies Act'1956.

The financial statements have been prepared under the historical cost convention on an accrual basis . The accounting polices have been consistently applied by the company and except for the changes in accounting policy discussed ore fully if any, are consistent with those used in previous year.

REVENUE RECOGNITION

1. Inrespect of income from Infra project , the company has accounted income on contracted values, for the year under review there is no income being reported under infra projects.

2. Inrespect of other incomes, accrual system of accounting is followed

B. USE OF ESTIMATES

The preparation of financial statement sin with the generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amount of assets , liabilities, disclosures relating to contingent liabilities and assets as at the balance sheet date and the reported amounts of income and expenses during the year. Difference between the actual amounts and the estimates are recognized in the year in which the events become known / are materialized

C. FIXED ASSETS, DEPRECIATION & IMPAIRMENT

1. The Fixed Assets are stated at cost of their acquisition less depreciation.

2. Depreciation is provided on fixed assets, on written down value method, as per the rates specified in Schedule XIV of the Companies Act, 1956

D. VALUATION OF CLOSING STOCK

Wherever applicable inventories have been valued at cost or net realized value whichever is less. However during the year under review the company does not hold any inventories other than held by its Subsidiaries .

E. INVESTMENTS

Investments are classified as long-term and current investments. Long-term investments are shown at cost, or written down value (in case of other than temporary diminution) and there are no Current Investments in the company.

The company has valued the investments in its subsidiaries at the cost price at which the investment were made.

The company has also made certain investments as strategic investments in to the project which are directly identifiable with specific project . As the nature of the project being falling in to main business activity of the company the same have been classified under advance during he year under review.

F. OTHER NON - CURRENT ASSETS

Goodwill : Goodwill is amortised over a period of five years, based on management estimates. Deferred Revenue Expenses have been written off over a period of five years.

G. IMPAIRMENT OF ASSETS

As required by AS -28 issued by the Institute of Chartered Accounts of India , provision for Impairment loss of Assets is not required to be made as the estimated realizable value of such assets will be more or equal to the carrying amount stated in the Balance Sheet.

H. RETIREMENT BENEFITS

Contribution of Provident fund ,Gratuity and leave encashment benefits wherever applicable is being accounted on actual liability basis as currently the company does not make any contributions during the period.

I. TAX ON INCOME

a. Tax on income for the current period is determined on the basis of Taxable Income computed in accordance with the provisions of the Income Tax Act 1961.

b. Deferred Tax on timing differences between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date as per the Accounting Standard (AS 22) laid down by the Institute of Chartered Accountants of India (ICAI) .

J. EARNINGS PER SHARE (EPS)

The earnings considered in ascertaining the Company's earnings per share is net profit after tax. The earnigs per share for the year is Rs -0.04 as compared to the previous year of Rs. -0.04 The EPS reported is basic and diluted.

K. FOREIGN CURRENCY TRANSACTION

All foreign currency monetary transactions are recorded at the rate prevailing on the date of transaction / realization . All exchange difference are recogonised as income or expenses as the case may be during the year.

L. SEGMENTAL REPORT

The company has derived its income during the year primarily in the one Segment , accordingly there are no separate reportable segment as per the Accounting Standard 17 ( segmental Reporting ) issue by the Institute of Chartered Accountants of India.


Mar 31, 2010

Brief description of the Company and its Business

TATIA GLOBAL VENNTURE LIMITED was incorporated in India, and is engaged in the Business with the main objects of the company being Real Estate, Infrastructure Developers and Textile and Accessories.

A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared to comply in all material respects with the standards notified under the Companies (Accounting Standards) Rules,2006 and the relevant provisions of the Companies Act,1956. The financial Statements have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the company and except for the changes in accounting policy discussed ore fully blow if any, are consistent with those used in previous year.

REVENUE RECOGNITION

1. In respect of income from infraproject, the Company has accounted income on contracted values. For the year under review there is no income being reported under infra projects.

2. In respect of other incomes, accrual system of accounting is followed.

B. USE OF ESTIMATES

The preparation of financial statement sin conformity with the Generally Accepted Accounting Principles requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, disclosures relating to contingent liabilities and assets as at the balance sheet date and the reported amounts of income and expenses during the year. Difference between the actual amounts and the estimates are recognized in the year in which the events become known / are materialized.

C. FIXED ASSETS, DEPRECIATION & IMPAIRMENT

1. The Fixed Assets are stated at cost of their acquisition less depreciation.

2. Depreciation is provided on fixed assets, on written down value method, as per the rates specified in Schedule XIV of the Companies Act, 1956. Depreciation on fixed assets added / disposed off/ discarded during the year has been provided on pro-rata basis with reference to the date of addition/discarding.

D. VALUATION OF CLOSING STOCK

Wherever applicable inventories have been valued at cost or net realizable value whichever is less. however during the year under review the company does not hold any inventories other than held by its subsidiaries.

E. INVESTMENTS

Investments are classified as long-term and current investments. Long-term investments are shown at cost or written down value (in case of other than temporary diminution) and there are no Current Investments in the company.

The company has valued the investment in its subsidiaries at the cost price at which the investment were made.

The company has also made certain investments as strategic investments in to the project which are directly identifiable with specific project.As the nature of the project being falling in to main business activity of the company the same have been classified under advances during the year under review.

F. INTANGIBLE ASSETS

Goodwill : Goodwill is amortised over a period of five years, based on management estimates. Preliminary Expenses have been amortised and being written off over a period of five years.

G. IMPAIRMENT OF ASSETS

As required by AS-28 issued by the Institute of Chartered Accountants of India, provision for impairment loss of Assets is not required to be made as the estimated realizable value of such assets will be more or equal to the carrying amount stated in the Balance Sheet.

H. RETIREMENT BENEFITS

Contribution of Provident fund, Gratuity and Leave encashment benefits wherever applicable is being accounted on actual liability basis as currently the company does not fall within the purview of the respective acts and not contributions were required to be made either by company or any of its employees.

I. TAX ON INCOME

a. Tax on income for the current period is determined on the basis of Taxable Income computed in accordance with the provisions of the Income Tax Act 1961.

b. Deferred Tax on timing differences between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date as per the Accounting Standard (AS 22) laid down by the Institute of Chartered Accountants of India (ICAI).

J.EARNINGS PER SHARE (EPS)

The earnings considered in ascertaining the Companys earnings per share is net profit after tax. The earnigs per share for the year is Rs 0.16 (basic EPS)as compared to the previous year of Rs 0.22 and Rs 0.10 (Diluted EPS) as against the previous year EPS of Rs N A

K.FOREIGN CURRENCY TRANSACTIONS

All foreign currency monetary transactions are recorded at the rate prevailing on the date of transaction/realization. All exchange differences are recogonised as income or expense as the case may be during the year.

During the year under review the company has received a sum of Rs 5.70 crores (Rupees Five Crores and Seventy Lakhs) towards 25% of upfront money on account of issue of 38,00,000 preferential warrants issued @ of Rs 60/- each (including premium of Rs 50/- each) on paid up value of Rs 10/- each to two Foreign Institutional Investors (FII). However the company has received the said sum in Indian currency from the local account of respective FIIs after conversion of foreign currency.