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Accounting Policies of Typhoon Holdings Ltd. Company

Mar 31, 2014

A. Accounting Conventions

The accompanying financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India, the applicable Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956.

All Income & Expenditure items having material bearing on the financial statements are recognized on accrual basis except material uncertainty.

b. Fixed Assets

Fixed Assets are disclosed at historical cost of acquisition.

c. Depreciation

Depreciation on fixed assets is provided on Straight line method at the rates prescribed in schedule XIV to the Companies Act, 1956. Depreciation on additions during the years have been provided on pro-rata basis.

d. Taxation

The provision for taxation is ascertained profit computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax is recognized subject to the consideration of prudence, on timing difference, being the difference taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent period.

c: Terms / Rights attched to equity shares

The Company has only one class of equity shares having par value at Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution all preferential amounts. The Distribution will be in proportion to the number of equity shares held by the shareholders.


Mar 31, 2013

A. Accounting Convention : The financial statements have been prepared in accordance with the historical cost convention and going concern basis.

b. Regular item of other income and expenditure are recognized on accrual basis.

2. Balances of Debtors, Creditors, Loans and Advances are subject to confirmation / reconciliation.

3. Additional information required to Part II of Schedule VI of the Companies Act, 1956 are either nil or not applicable.


Mar 31, 2012

A. Accounting Convention : The financial statements have been prepared in accordance with the historical cost convention and going concern basis.

b. Regular item of other income and expenditure are recognized on accrual basis.


Mar 31, 2011

A. Accounting Convention: The financial statements have been prepared in accordance with the historical cost convention and going concern basis.

b. Regular item of other income and expenditure are recognized on accrual basis.


Mar 31, 2010

1. The Financial Statements are prepared under the historical cost convention in accordance with mandatory accounting standard and relevant requirement of the Companies Act, 1956

2. The Company adopts accruals system of accounting.


Mar 31, 2009

A) Accounting Convention: The financial statements have been prepared in accordance with the historical cost convention and going concern basis.

b) Regular item of other income and expenditure are recognized on accrual basis.

 
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