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Accounting Policies of Titan Securities Ltd. Company

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.

 
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