Mar 31, 2015
1.1. Basis of accounting and preparation of financial statements
The financial statements of the company have been prepared in accordance
with the Generally Accepted Accounting Principles in India (Indian GAAP)
to comply with the Accounting Standards specified under Section 133
of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts)
Rules 2014 and the relevant provisions of the Companies Act, 2013. The
Financial Statements has been prepared on accrual basis under the
historical cost convention. The Accounting Policies adopted in the
preparation of the financial statements are consistent with those
followed in the previous year.
1.2 Use of estimates
The preparation of the financial statements in conformity With the
Indian GAAP requires the mangem ent to make estimates and assumptions
considered in the reported amount of assets and liabilities (including
contingent liabilities and the reported income and expenses during the
year. The management believes that the estimates used in the preparation
of the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are knoWn / materialise.
1.3 Fixed Assets and Depreciation
1.3.1 Fixed Assets are stated at cost, less accumulated depreciation.
Cost comprises the purchase price and any attributable cost of bringing
the assets to its working condition for its intended use. Financing cost
relating to acquisition of fixed assets are also included to the extent
they relate to the period till such assets are ready to be put to
1.3.2 Depreciable am ount for assets is the cost of an asset, less its
esti mated residual value . Depreciation on tangible fixed assets has
been provided under the Straight
Line Method as per the useful life prescribed in Schedule II to the
Companies Act, 2013.
1.3.3 Fixed assets individually costing Rs.5,000 or less are fully
depreciated in the year of
purchase / installation. Depreciation on additions and disposals during
the period is provided on a pro-rata basis.
1.4 Investments
The Company values its investments at cost. In case of quoted
investments, provision for diminution in the value of investments is not
made as in the opinion of management such diminution is not of a
permanent nature.
1.5 Cash and cash equivalents
Cash and cash equivalents in the cash flow statement comprises cash in
hand and balance in bank in current accounts, deposit accounts and in
margin money deposits.
1.6 Cash Flow Statement
Cash Flo'ws 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
or past or future cash receipts or payments . The Cash from operating,
investing and financing activities of the company are segregated based
on the available information.
1.7 Inventory
The Company values its inventories of shares at cost.
1.8 Tax Expenses
Income tax expense comprises current tax as per Income Tax Act, 1961 and
deferred tax charge or credit ( reflecting the tax effects of timing
difference between accounting income and taxable income for the period).
The deferred tax charge or credit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates that have been
enacted or substantively enacted by the balance sheet date.
1.9 Employee Benefits
Pursuant to the requirements of AS 15 (revised 2005) on Employee
benefits , issued by the Institute of Chartered Accountants of India
which has become effective from April 1,2007, the Company has not
provided for employee benefits as per the revised requirements of the
standard.
1.10 Provisions and Contingencies
A provision is recognised when the company has a present obligation as a
result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a reliable
estimate can be made. Provisions are not discounted to their present
value and are determined based on the best estimate required to settle
the obligation at the reporting date. These estimates are reviewed at
each reporting date and adjusted to reflect the current best estimate.
Contingent Liablities are disclosed unless the possibility of outflow of
resources is remote. Contingent Assets are neither recognised nor
disclosed in the financial statements.
Mar 31, 2014
1.1. Basis of preparation of financial statements
The accompanying financial statements for the year ended 31st March,
2014 have been prepared and presented under the historical cost
convention on the accrual basis of accounting unless stated otherwise
and comply with the mandatory Accounting Standards (''AS'') prescribed
under the Companies Act, 1956 read with the General Circular 15/2013
dated 13 September 2013 issued by the Ministry of Corporate Affairs, in
respect of Section 133 of the Companies Act, 2013 and other accounting
principles generally accepted in India.
1.2. Use of estimates
The preparation of financial statements in confirmity with the
generally accepted accounting principles (''GAAP'') requires management
to make estimates and assumptions that affect the reported amounts of
income and expenses of the period, assets and liabilities and
disclosures relating to contingent liabilities as of the date of the
financial statements. Actual results could differ from those estimates.
Any revision in accounting estimates is recognised prospectively in
future periods.
1.3. Fixed Assets and Depreciation
1.3.1. Fixed Assets are stated at cost, less accumulated depreciation.
Cost comprises the purchase price and any attributable cost of bringing
the assets to its working condition for its intended use. Financing
cost relating to acquisition of fixed assets are also included to the
extent they relate to the period till such assets are ready to be put
to use.
1.3.2. Depreciation on fixed assets is provided on straight Line Method
based at the rates specified in schedule XIV to the Companies Act,
1956.
1.3.3. Fixed assets individually costing Rs.5,000 or less are fully
depreciated in the year of purchase/installation. Depreciation on
additions and disposals during the period is provided on a pro-rata
basis.
1.4. Investments
The Company values its investments at cost. In case of quoted
investments, provision for diminution in the value of investments is
not made as in the opinion of management such diminution is not of a
permanent nature.
1.5. Cash and cash equivalents
Cash and cash equivalents in the cash flow statement comprises cash in
hand and balance in bank in current accounts, deposit accounts and in
margin money deposits.
1.6. Foreign Currency Transactions
1.6.1. Initial Recognition : Foreign currency transactions are recorded
in the reporting currency, by applying to the foreign currency amount
the exchange rate between the reporting currency and the foreign
currency at the date of the transaction.
1.6.2. Conversion : Foreign currency monetary items are reported using
the closing rate. Non - monetary items, which are carried in terms of
historical cost denominated in a foreign currency, are reported using
the exchange rate at the date of the transaction.
1.6.3. Exchange Differences: Exchange differences arising on the
settlement of monetary items at rates different from those at which
they were initially recorded during the year, or reported in previous
financial statements, are recognised as income or as expense in the
year in which they arise.
1.7. Tax Expenses
Income tax expense comprises current tax as per Income Tax Act, 1961
and deferred tax charge or credit ( reflecting the tax effects of
timing difference between accounting income and taxable income for the
period). The deferred tax charge or credit and the corresponding
deferred tax liabilities or assets are recognized using the tax rates
that have been enacted or substantively enacted by the balance sheet
date.
1.8. Employee Benefits
Pursuant to the requirements of AS 15 (revised 2005) on "Employee
benefits", issued by the Institute of Chartered Accountants of India
which has become effective from April 1,2007, the Company has not
provided for employee benefits as per the revised requirements of the
standard.
D. Share options granted under the Employee Share Option Scheme:
The Company has not granted stock options to its employees under
Employee Stock Option Scheme during the year under audit.
E. Detail of shares allotted without payment being received in cash
during five years immediately preceding the Balance Sheet date are
given below:
The Company has not allotted any fully paid up equity shares without
payment being received in cash and by way of bonus shares nor has
bought back any class of equity shares during the period of five years
immediately preceding the balance sheet date.
D. Although the book/market value of certain investments (amount not
ascertained) is lower than cost, considering the strategic and long
term nature of the investments and asset base of the investee
companies, in the opinion of the management such decline is temporary
in nature and no provision is necessary for the same.
Mar 31, 2012
1.1. Basis of preparation of financial statements
The financial statements have been prepared and presented under the
historical cost convention on the accrual basis of accounting and
comply with the Accounting Standards prescribed by Companies
(Accounting Standards) Rules, 2006, as amended, other pronouncements of
the Institute of Chartered Accountants of India (ICAI) and the relevant
provisions of the Companies Act, 1956 to the extent applicable except
wherever specially stated.
1.2 Use of estimates
The preparation of financial statements in confirmity with the
generally accepted accounting principles (''GAAP'') requires management
to make estimates and assumptions that affect the reported amounts of
income and expenses of the period, assets and liabilities and
disclosures relating to contingent liabilities as of the date of the
financial statements. Actual results could differ from those estimates.
Any revision in accounting estimates is recognised prospectively in
future periods.
1.3 Fixed Assets and Depreciation
1.3.1 Fixed Assets are stated at cost, less accumulated depreciation.
Cost comprises the purchase price and any attributable cost of bringing
the assets to its working condition for its intended use. Financing
cost relating to acquisition of fixed assets are also included to the
extent they relate to the period till such assets are ready to be put
to use.
1.3.2 Depreciation on fixed assets is provided on straight Line Method
based at the rates specified in schedule XIV to the Companies Act,
1956.
1.3.3 Fixed assets individually costing Rs.5,000 or less are fully
depreciated in the year of purchase / installation. Depreciation on
additions and disposals during the period is provided on a pro-rata
basis.
1.4 Investments
The Company values its investments at cost. In case of quoted
investments, provision for diminution in the value of investments is
not made as in the opinion of management such diminution is not of a
permanent nature.
1.5 Cash and cash equivalents
Cash and cash equivalents in the cash flow statement comprises cash in
hand and balance in bank in current accounts, deposit accounts and in
margin money deposits.
1.6 Foreign Currency Transactions
1.6.1 Initial Recognition: Foreign currency transactions are recorded
in the reporting currency, by applying to the foreign currency amount
the exchange rate between the reporting currency and the foreign
currency at the date of the transaction.
1.6.2 Conversion: Foreign currency monetary items are reported using
the closing rate. Non -monetary items, which are carried in terms of
historical cost denominated in a foreign currency, are reported using
the exchange rate at the date of the transaction.
1.6.3 Exchange Differences: Exchange differences arising on the
settlement of monetary items at rates different from those at which
they were initially recorded during the year, or reported in previous
financial statements, are recognised as income or as expense in the
year in which they arise.
1.7 Tax Expenses
Income tax expense comprises current tax as per Income Tax Act, 1961
and deferred tax charge or credit ( reflecting the tax effects of
timing difference between accounting income and taxable income for the
period). The deferred tax charge or credit and the corresponding
deferred tax liabilities or assets are recognized using the tax rates
that have been enacted or substantively enacted by the balance sheet
date.
1.8 Employee Benefits
Pursuant to the requirements of AS 15 (revised 2005) on "Employee
benefits", issued by the Institute of Chartered Accountants of India
which has become effective from April 1, 2007, the Company has not
provided for employee benefits as perthe revised requirements of the
standard.
Mar 31, 2010
1. BASIS OF ACCOUNTING
a) The accounts of the Company have been prepared under the Historical
Cost Convention and in accordance with applicable Accounting Standards
except wherever specifically stated.
b) For recognition of Income and Expenditure, Mercantile System of
Accounting has been followed.
2. INVESTMENTS
The Company values its investments at cost. In case of quoted
investments, provision for diminution in the value of investments is
not made as in the opinion of management such diminution is not of a
permanent nature.
3. CLOSING STOCK
The Company values its closing stock of shares / securities at cost and
stock of traded goods at lower of cost or realizable value.
4. INCOME TAX
Tax expenses comprise both current & deferred taxes. Current tax is
provided for on the taxable profit of the year at applicable tax rates.
Deferred income tax reflects the impact of timing difference between
taxable income and accounting income for the year and reversal of
timing difference of earlier year.
5. DEPRECIATION
Depreciation has been provided on SLM basis following the rates
provided in Schedule XIV to the Companies Act 1956.
Mar 31, 2009
1. BASIS OF ACCOUNTING
a) The accounts of the Company have been prepared under the Historical
Cost Convention and in accordance with applicable Accounting Standards
except wherever specifically stated.
b) For recognition of Income and Expenditure, Mercantile System of
Accounting has been followed.
2 INVESTMENTS
The Company values its investments at cost. In case of quoted
investments, pr6vision for diminution in the value of investments is
not made as in the opinion of management such diminution is not of a
permanent nature.
3 CLOSING STOCK
The Company values its closing stock of shares / securities at cost.
4. INCOME TAX
Tax expenses comprise both current & deferred taxes. Current tax is
provided for on the taxable profit of the year at applicable tax rates.
Deferred income tax reflects the impact of timing difference between
taxable income and accoujiting income for the year and reversal of
timing difference of earlier year.
5 DEPRECIATION
Depreciation has been provided on SLM basis following the rates
provided in Schedule XIV to the Companies Act 1956.