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Accounting Policies of TTI Enterprise 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) and to comply with the Accounting Standards notified under the Section 133 of the Companies Act 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014) and other accounting pronouncements of the Institute of Chartered Accountants of India. The Company follows the directives prescribed by the Reserve Bank of India ('RBI') for Non Banking Finance Companies.

The Financial Statements have been prepared under the historical cost convention on an accrual basis. However income is not recognised and also provision is made in respect of non performing assets as per the guidelines for prudential norms prescrobed by the RBI. Except otherwise mentioned, the accounting policies applied by the company are consistent with those used in earlier years.

2.2. 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 and expenses during the year. The Management believes that the estimates used in 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.

2.3. Non Current, Current Investments & Inventories

Non Current Investments, are valued at cost (on FIFO) after providing for obsolescence and other losses, where considered necessary Cost includes all charges in bringing the goods to the point of sale, including all levies, charges and other expenses. Provision for Diminution in Value of Long Term Investments is made if such decline is other than temporary in the eyes of the Management.

Current Investments and Inventories of Shares are valued at cost or fair Value whichever is lower as per provisions of As13

2.4. Short term loans & Advances

These are unsecured , considered good by the management except as otherwise disclosed and provided for.

2.5. Revenue Recognition

The company follows accrual basis of accounting. Revenues are recognized when there is certainity as to measurability or collectability. Dividend Income is recognized when the right to

receive the dividend is unconditional at the Balance Sheet Date. Interest Income is recognized on the time proportion basis. Profit / Loss on sale of Investments is recognised at the time of actual sale/ redemption. The revenue Recognition Policy of the company are in confirmity with the provisions of AS 9

2.6. The Company has no other business apart from its core business of Investment and Finance. Thus segment wise information is not applicable.

2.7. Taxation

The Provision for Taxation is made at the average rate of Tax as applicable for the Income of the previous Year as defined under the Income Tax Act, 1961

Tax expense comprises both Current Tax and Deferred Tax at the applicable enacted or substantively enacted rates. Current Tax represents the amount of Income Tax payable/ recoverable in respect of taxable income/ loss for the reporting period.

Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability. Accordingly, MAT is recognised as an asset in the Balance Sheet.

2.8. Disclosure as required by Accounting Standard 18 (AS-18) ' Related Party Disclosures' issued by the ICAI

Related Party Transactions

Details of related parties

Description of relationship Names of related party

Key Management Personnel (KMP)

Directors

Jitendra Kumar Mehta, Binjal Mehta (appointed w.e f. 14.08.14), Alok Kumar Goenka, Subrata Saha (appointed w.e f. 14.08.2014) and Ajay Agarwal (resigned w.e.f. 20.08.2014)

Company Secretary

Binjal Mehta - (Resigned w.e.f. 31.07.2014) Sunita Singh (from 14.08.2014 to 28.12.2014) Sradha Gupta (w.e.f. 30.03.2015) Chief Financial Officer Sumant Kumar Singh (w.e.f. 10.12.2014)

Subsidiaries of the Company

Pushpadant Enterprises Ltd. (Divested)

Sindhuchita Enterprises Ltd. (Divested)

Keshwi Traders Ltd. (Divested)

Gokuleshwar Estates Ltd. (Divested)

Pratibhanu Mercantile Ltd.

Locavi Enterprises Ltd.

Simmander Merchants Ltd.

Udyati Traders Ltd.

Enterprises in which KMP & their Relatives have Significant Influence DWA Pvt. Ltd.

** Advances given to subsidiaries in FY 2013-14 have been converted into Equity Shares during the current Financial Year. No New Funds have been advanced during the year for subscribing to the shares of the subsidiaries. Consequently the balances of advances given to subsidiaries has been reduced to NIL except an amount of Rs.21,00,000/- receivable from Sindhuchita Enterprises Ltd. which has not been converted in equity and would be repaid by the company. Sindhuchita Enterprises Ltd.is no longer a Subsidiary of the Company (Divested) No amount is either receivable or payable from any of the related party except for the amount of Rs. 21 lacs mentioned above.

2.9. Provisions & Contingencies

The Company makes provision against standards assets @ 0.25% as per RBI Prudential Norms. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. However, the provisions made against Standard Assets once created is not written back until and unless the managemnt is of the view that the provisions made are far in excess of the requirments as per prudential norms.No Contingent liability exists as on the date of the Balance Sheet.

2.10. Micro small and Medium Enterprises-The Company does not have and outstandings to any creditors as on the Balance Sheet date.

2.11. Earning Per Share

Basic & Diluted earnings per share is computed by dividing the profit / (loss) after tax by the weighted average number of equity shares outstanding during the year.

2.12. Cash and cash equivalents (for the purpose of Cash Flow Statement)

Cash comprises cash on hand and deposits with banks in current Accounts. 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.

2.13. Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit / (loss) is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments.

2.14. Amalgamation Expenses are being written off over a period of 5 years.

2.15. Foreign Currency Transactions - NIL

2.16 Exceptional items of Expenditure consists of expenses incurred by the company in getting its shares listed on the Bombay Stock Exchange.

2.17. The Company has prepared these financial statements as per the format prescribed by schedule III to the Companies Act, 2013 ('the schedule') issued by Ministry of Corporate Affairs. Previous Year's Figures have been recast /restated to conform to the classification required by the Schedule.


Mar 31, 2014

The Accounting pocilies followed by the the company as defined in the General Instructions in respect of Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended).

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 notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements on have been prepared accrual basis under the historical cost convention.

1.2. 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 and expenses during the year. The Management believes that the estimates used in 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. Non Current, Current Investments & Inventories

Non Current , are valued at cost (on FIFO) after providing for obsolescence and other losses, where considered necessary. Cost includes all charges in bringing the goods to the point of sale, including all levies, charges and other expenses. Provision for Diminution in Value of Long Term Investments is made if such decline is other than temporary in the eyes of the Management.

Current Investments and Inventories of Shares are valued as per provisions of AS 13

1.4. Short term loans & Advances

These are unsecured , considered good by the management.

1.5 Advance to Susidiaries

The company has advanced money to its susidiaries free of Interest. The same is unsecured.

1.6. Revenue Recognition

The company follows accrual basis of accounting. Revenues are recognized when there is certainity as to measurability or collectability. Dividend Income is recognized when the right to receive the dividend is unconditional at the Balance Sheet Date. Interest Income is recognized on the time proportion basis. Profit / Loss on sale of Investments is recognised at the time of actual sale/ redemption

1.7. The Company has no other business apart from its core business of Investment and Finance. Thus segment wise information is not applicable.

1.8. Taxation

The Provision for Taxation is made at the average rate of Tax as applicable for the Income of the previous Year as defined under the Income Tax Act, 1961 Tax expense comprises both Current Tax and Deferred Tax at the applicable enacted or substantively enacted rates.

Current Tax represents the amount of Income Tax payable/ recoverable in respect of taxable income/ loss for the reporting period.

Deferred Tax represents the effect of timing difference between taxable income and accounting income for the reporting period that originates in one year and are capable of reversal in one or more subsequent years.

1.9 Value of Imports on C.I.F. basis, expenditure in foreign currency, remittance in foreign currency, earnings in foreign Exchange - NIL

1.10 Number of Employees who are entitled to emolument aggregating to Rs.60,00,000/- p.a or more OR Rs.5,00,000/- per month or more who are employed for the part of the year is NIL ( Previous Year NIL)

1.11. Provisions & Contingencies

The Company makes provision against standards assets @ 0.25% as per RBI Norms. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. However, the provisions made against Standard Assets once created is not written back until and unless the managemnt is of the view that the provisions made are far in excess of the requirments as per prudential norms.No Contingent liability exists as on the date of the Balance Sheet.

1.12. Micro small and Medium Enterprises-The Company does not have and outstandings to any creditors as on the Balance Sheet date.

1.13. Earning Per Share

Basic & Diluted earnings per share is computed by dividing the profit / (loss) after tax by the weighted average number of equity shares outstanding during the year.

1.15. Cash and cash equivalents (for the purpose of Cash Flow Statement)

Cash comprises cash on hand and deposits with banks in current Accounts. 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.

1.16. Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit / (loss) is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments.

1.17. Amalgamation Expenses are being written off over a period of 5 years.

1.18. The Company has prepared these financial statements as per the format prescribed by revised schedule VI to the Companies Act, 1956 (''the schedule'') issued by Ministry of Corporate Affairs. Previous years'' figures have been recast / restated to conform to the classification required by the Revised Schedule VI.


Mar 31, 2013

The Accounting pocilies followed by the the company as defined in the General Instructions in respect of Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended).

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 notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements on have been prepared accrual basis under the historical cost convention.

1.2. 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 and expenses during the year. The Management believes that the estimates used in 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. Inventories & Current Investments

Inventories are valued at cost (on FIFO) after providing for obsolescence and other losses, where considered necessary. Cost includes all charges in bringing the goods to the point of sale, including octroi and other levies, transit insurance and receiving charges.

1.4. Cash and cash equivalents (for the purpose of Cash Flow Statement)

Cash comprises cash on hand and deposits with banks in current Accounts. 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.

1.5. Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit / (loss) is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments.

1.6. Revenue Recognition

The company follows accrual basis of accounting. Revenues are recognized when there is certainity as to measurability or collectability. Dividend Income is recognized when the right to receive the dividend is unconditional at the Balance Sheet Date. Interest Income is recognized on the time proportion basis. Profit / Loss on sale of Investments is recognised at the time of actual sale/ redemption

1.7. Taxation

The Provision for Taxation is made at the average rate of Tax as applicable for the Income of the previous Year as defined under the Income Tax Act, 1961

1.8. Earning Per Share

Basic & Diluted earnings per share is computed by dividing the profit / (loss) after tax by the weighted average number of equity shares outstanding during the year.

1.9. Provisions & Contingencies

The Company has made provision against standards assets @ 0.25% as per RBI Norms. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. No Contingent liability exists as on the date of the Balance Sheet.

1.10. Short term loans & Advances

These are unsecured , considered good by the management.


Mar 31, 2012

1. Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit / (loss) 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 whole of cash is generated from the operating activities of the company.

2. Revenue Recognition

The company follows accrual basis of accounting. Revenues are recognized when there is certainity as to measurability or collectability. Dividend Income is recognized when the right to receive the dividend is unconditional at the Balance Sheet Date. Interest Income is recognized on the time proportion basis.

3. Investments

Current investments are carried individually, at the lower of cost and fair value. Cost of investments include acquisition charges such as brokerage, fees and duties.

4. Taxation

The Provision for Taxation is made at the average rate of Tax as applicable for the Income of the previous Year as defined under the Income Tax Act, 1961

5. Earning Per Share

Basic & Diluted earnings per share is computed by dividing the profit / (loss) after tax by the weighted average number of equity shares outstanding during the year.

6. Provisions & Contingencies

The Company has made provision against standards assets @ 0.25% as per RBI Norms. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. No Contingent liability exists as on the date of the Balance Sheet.

7. Share Capital

The Company has split the shares of Rs. 10/- each fully paid up into five equity shares of Rs. 2/- each fully paid up during the year.

8. Short term loans & Advances

These are unsecured , considered good by the management.

9. Disclosure as required by Accounting Standard 18 (AS-18) '' Related Party Disclosures'' issued by the ICAI Related Party Transactions

10. As required in terms of paragraph 9BB of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998 issued by Reserve Bank of India, enclosed in the annexure the required - Schedule O the Balance Sheet of a Non Banking Financial Company.

11. Value of Imports on C.I.F. basis, expenditure in foreign currency, remittance in foreign currency, earnings in foreign Exchange - NIL

12. Number of Employees who are entitled to emolument aggregating to Rs.60,00,000/- p.a or more OR Rs.5,00,000/- per month or more who are employed for the part of the year is NIL ( Previous Year NIL)

13. The provisions of Payment of Gratuity Act is not applicable to the employees of the company for the year under review.

14. Previous Year''s figures have been rearranged and/or regrouped wherever necessary.


Mar 31, 2011

1. General

The Financial Statements are prepared on the historical cost basis and on the principle of a going concern. Accounting policies not specifically referred to otherwise are consistent with Generally Accepted Accounting Principal.

2. Use of Estimates

The presentation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of thefinancial statements and the reported amount of revenues and expenses during the reporting period. Difference between actual results and estimates are recognized in the period in which the results are known / materialized.

3. Investments

Long Term Investments are stated at cost of acquisition except where there is permanent dimunition in value of investments. Provision is made for dimunition in the value of investments, if in the opinion of the management, the dimunition is other than temporary.

4. Sundry Debtors , Loans & Advances

These are unsecured , considered good by the management.

5. Revenue Recognition

The company follows accrual basis of accounting. Revenues are recognized when there is certainity as to measurability or collectability. Dividend Income is recognized when the right to receive the dividend is unconditional at the Balance Sheet Date. Interest Income is recognized on the time proportion basis.

6. Expenses

All Known and material liability for expenses are accounted for on accrual basis.

7. Taxation

The Provision for Taxation is made at the average rate of Tax as applicable for the Income of the previous Year as defined under the Income Tax Act, 1961 TYCOON TRADES & INVESTMENTS LIMITED Financial year 2010-11 23 TTIL

8. Income Tax Demand: Appeal against the Order of Income Tax Officer for accounting year ended 31.03.1983 has been allowed. Estimated Liabilities on the basis of order passed in appeal is Rs.7291/- against which Provision in the books is Rs.6000/-. Short Provision will be adjusted in the books when the final order giving effect to relief granted in the appeal is received.

9. The Company has no other business apart from its core business of Investment and Finance. Thus segment wise information is not applicable.

10. Amalgamation Expenses are being written off over a period of 5 years.

11. Preliminary Expenses have arisen on consolidation of balances of the amalgamating companies

12. Disclosure as required by Accounting Standard 18 (AS-18) '' Related Party Disclosures'' issued by the ICAI

Name of the Related parties and description of relationship :

Alok Kumar Goenka - Director Ajay Kumar Agarwal - Director

Jitendra Kumar Mehta - Director ( Rs.60000 paid to Paraj Mehta HUF as rent)

(Relative of Mr.Jitendra Kumar Mehta as per Companies Act)

13. Earning per Share ( EPS ) computed in accordance with Accounting Standard 20 is as follows

Particulars

Profit/ ( Loss) after Tax (Amount Rs.) (8,035)

No of Shares outstanding (Face Value Rs.10) 10,404,422

Basic ( Weighted Avg.) 0.00

Diluted ( Weighted Avg.) 0.00

14. As required in terms of paragraph 9BB of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998 issued by Reserve Bank of India, enclosed in the annexure the required - Schedule O the Balance Sheet of a Non Banking Financial Company.

15. Value of Imports on C.I.F. basis, expenditure in foreign currency, remittance in foreign currency, earnings in foreign Exchange - NIL

16. The provisions of Payment of Gratuity Act is not applicable to the employees of the company for the year under review.

17. Number of Employees who are entitled to emolument aggregating to Rs.24,00,000/- p.a or more OR Rs.200000/- per month or more who are employed for the part of the year is NIL ( Previous Year NIL)

18. Contingent liabilities - No Contingent liability exists as on the date of the Balance Sheet

19. Previous Year''s figures have been rearranged and/or regrouped wherever necessary.

 
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