Mar 31, 2015
A Basis of Preparation of Financial Statements
The accounts have been prepared on the accrual basis of accounting,
under historical cost convention and in accordance with the generally
accepted accounting principles to comply with the Accounting Standards
specified under section 133 of the Companies Act, 2013 ("the Act"),
read with rule 7 of the Companies (Accounts) Rules, 2014 and the
relevant provisions of "the Act", except where otherwise stated. The
accounting policies adopted in the preparation of the financial
statements are consistent with those followed in the previous year.
B 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 recognized in the periods in which
the results are known / materialize.
C Fixed Assets and Depreciation
Fixed Assets are carried on at cost of acquisition less accumulated
depreciation and impairment loss, if any. Cost comprise purchase price,
all direct expenses relating to the acquisition and installation and
any attributable cost of bringing the asset to its working condition
for the intended use. Depreciable amount for assets is the cost of an
asset, or other amount substituted for cost, less its estimated
residual value. Depreciation has been provided on straight line method
as per the useful life prescribed in Schedule II to the Companies Act,
2013. Assets costing less than Rs. 5,000/- each are fully depreciated in
the year of capitalization.
D Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognized in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
E Foreign Currency Transactions
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction. Monetary
items denominated in foreign currencies at the year end are restated at
year end rates. Any income or expense on account of exchange difference
either on settlement or on translation is recognized in the Statement
of Profit and Loss except in case of long term liabilities, where they
relate to acquisition of fixed assets, in which case they are adjusted
to the carrying cost of such assets.
F Investments
Non-Current Investments (unquoted), are carried individually at cost.
Non-Current Investments (quoted), are carried individually at cost less
provision for diminution, other than temporary, in the value of such
investments. Current investments are carried individually, at the lower
of cost and fair value.
G Inventories (Securities)
Quoted securities are valued at lower of the cost or last available
market price. However, in case of securities where Market Price is not
available through out the year, the same are valued at the rate at
which they were valued in the previous year. Unquoted securities are
valued at cost. Units of Mutual Funds are valued at cost or market
value whichever in lower. Net asset value of units declared by mutual
funds is considered as market value for non-exchange traded Mutual
Funds.
H Revenue Recognition
Revenue from sale of services are recognized when services are rendered
and related costs are incurred. Interest income is accounted on accrual
basis. Dividend income is accounted for when the right to receive it is
established.
Employee Benefits
The Company's contribution to Provident fund is charged to the
Statement of Profit and Loss. The Gratuity liability, which is a defend
benefit plan, is provided on the basis of actuarial valuation as on
balance sheet date and same is unfunded. Employees are entitled to
avail leave instead of leave encashment.
J 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.
K Earnings per share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year.
L Provision for Taxation
Provision for taxation is made for the income tax liability as per the
provisions of the Income Tax Act, 1961. Deferred Tax is recognized on
timing differences being the differences between the taxable incomes
and accounting incomes that originate in one period and are capable of
reversal in one or more subsequent period, at the current rate of tax.
M Provisions, Contingent Liabilities and Contingent Assets
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an out flow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made. Contingent
Assets are neither recognized nor disclosed in the financial
statements.
Mar 31, 2014
A Basis of Preparation of Financial Statements
The accounts have been prepared on the accrual basis of accounting,
under historical cost convention and in accordance with the generally
accepted accounting principles, Companies Accounting Standards notified
by the Central Government of India under the Companies (Accounting
Standards) Rules, 2006 and the provisions of Companies Act, 1956,
except where otherwise stated. The accounting policies adopted in the
preparation of the financial statements are consistent with those
followed in the previous year.
B 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.
C Fixed Assets and Depreciation
Fixed Assets are carried on at cost of acquisition less accumulated
depreciation and impairment loss, if any. Cost comprise purchase price,
all direct expenses relating to the acquisition and installation and
any attributable cost of bringing the asset to its working condition
for the intended use. Depreciation has been provided on straight line
method of depreciation at the rates prescribed under Schedule XIV to
the Companies Act, 1956. Assets costing less than Rs. 5,000/- each are
fully depreciated in the year of capitalisation.
D Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
E Foreign Currency Transactions
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction. Monetary
items denominated in foreign currencies at the year end are restated at
year end rates. Any income or expense on account of exchange difference
either on settlement or on translation is recognised in the Statement
of Profit and Loss except in case of long term liabilities, where they
relate to acquisition of fixed assets, in which case they are adjusted
to the carrying cost of such assets.
F Investments
Non-Current Investments (unquoted), are carried individually at cost.
Non-Current Investments (quoted), are carried individually at cost less
provision for diminution, other than temporary, in the value of such
investments. Current investments are carried individually, at the lower
of cost and fair value.
G Inventories (Securities)
Quoted securities are valued at lower of the cost or last available
market price. However, in case of securities where Market Price is not
available through out the year, the same are valued at the rate at
which they were valued in the previous year. Unquoted securities are
valued at cost. Units of Mutual Funds are valued at cost or market
value whichever in lower. Net asset value of units declared by mutual
funds is considered as market value for non-exchange traded Mutual
Funds.
H Revenue Recognisition
Revenue from sale of services are recognised when services are rendered
and related costs are incurred. Interest income is accounted on accrual
basis. Dividend income is accounted for when the right to receive it is
established.
I Employee Benefits
The Company''s contribution to Provident fund is charged to the
Statement of Profit and Loss. The Gratuity liability, which is a
defined benefit plan, is provided on the basis of actuarial valuation
as on balance sheet date and same is unfunded. Employees are entitled
to avail leave instead of leave encashment.
J 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.
K Earnings per share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year.
L Provision for Taxation
Provision for taxation is made for the income tax liability as per the
provisions of the Income Tax Act, 1961. Deferred Tax is recognized on
timing differences being the differences between the taxable incomes
and accounting incomes that originate in one period and are capable of
reversal in one or more subsequent period, at the current rate of tax.
M Provisions, Contingent Liabilities and Contingent Assets
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made. Contingent
Assets are neither recognized nor disclosed in the financial
statements.
Mar 31, 2013
A Basis of Preparation of Financial Statements
The accounts have been prepared on the accrual basis of accounting,
under historical cost convention and in accordance with the generally
accepted accounting principles, Companies Accounting Standards notified
by the Gentral Government of India under the Companies (Accounting
Standards) Rules, 2006 and the provisions of Companies Act, 1956,
except where otherwise stated.
B Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/ materialised.
C Fixed Assets
Fixed Assets are carried on at cost of acquisition less accumulated
depreciation. Depreciation has been provided on straight line method of
depreciation at the rates prescribed under Schedule XIV to the
Companies Act, 1956.
D impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment toss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment toss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
E Foreign Currency Transactions
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction. Monetary
items denominated in foreign currencies at the year end are restated at
year end rates. Any income or expense on account of exchange difference
either on settlement or on translation is recognised in the Statement
of Profit and Loss except in case of long term liabilities, where they
relate to acquisition of fixed assets, in which case they are adjusted
to the carrying cost of such assets.
F Inventories (Securities)
Investments in securities are shown as inventories. Quoted securities
are valued at lower of the cost or last available market price.
However, in case of securities where Market Price is not available
through out the year, the same are valued at the rate at which they
were valued in the previous year. Unquoted securities are valued at
cost. Units of Mutual Funds are valued at cost or market value
whichever in lower. Net asset value of units declared by mutual funds
is considered as market value for non-exchange traded Mutual Funds.
G Revenue Recognisition
Revenue from sale of services are recognised when services are rendered
or related costs are incurred. Interest income is accounted on accrual
basis. Dividend income is accounted for when the right to receive it is
established.
H Employee Benefits
Short-term employee benefits are recognised as an expense in the
Statement of Profit and Loss of the year in which the related service
is rendered. Post employment and other long term employee benefits
other than gratuity are recognised as an expense in the Statement of
Profit and Loss as and when paid. Increamental gratuity liability
calculated on the basis of 15 days last drawn salary for each completed
year of service is recognised as an expense in the Statement of Profit
and Loss.
I Provision for Taxation
Provision for taxation is made for the income tax liability as per the
provisions of the Income Tax Act, 1961. Deferred Tax is recognized on
timing differences being the differences between the taxable incomes
and accounting incomes that originate in one period and are capable of
reversal in one or more subsequent period, at the current rate of tax.
J Provisions, Contingent Liabilities and Contingent Assets
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made. Contingent
Assets are neither recognized nor disclosed in the financial
statements.
Mar 31, 2012
A Basis of Preparation of Financial Statements
The accounts have been prepared on the accrual basis of accounting,
under historical cost convention and in accordance with the generally
accepted accounting principles, Companies Accounting Standards notified
by the Central Government of India under the Companies (Accounting
Standards) Rules, 2006 and the provisions of Companies Act, 1956,
except where otherwise stated.
B Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/ materialized.
C Fixed Assets
Fixed Assets are carried on at cost of acquisition less accumulated
depreciation. Depreciation has been provided on straight line method of
depreciation at the rates prescribed under Schedule XIV to the
Companies Act, 1956.
D Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognized in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
E Foreign Currency Transactions
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the transaction. Monetary
items denominated in foreign currencies at the yearend are restated at
year end rates. Any income or expense on account of exchange difference
either on settlement or on translation is recognized in the Profit and
Loss account except in case of long term liabilities, where they relate
to acquisition of fixed assets, in which case they are adjusted to the
carrying cost of such assets.
F Inventories (Securities)
Investments in securities are shown as inventories. Quoted securities
are valued at lower of the cost or last available market price.
However, in case of securities where Market Price is not available
throughout the year, the same are valued at the rate at which they
were valued in the previous year. Unquoted securities are valued at
cost. Units of Mutual Funds are valued at cost or market value
whichever in lower. Net asset value of units declared by mutual funds
is considered as market value for non-exchange traded Mutual Funds.
G Revenue Recognisition
Revenue from sale of services are recognized when services are rendered
or related costs are incurred. Interest income is accounted on accrual
basis. Dividend income is accounted for when the right to receive it is
established.
H Employee Benefits
Short-term employee benefits are recognized as an expense in the Profit
and Loss Account of the year in which the related service is rendered.
Post employment and other long term employee benefits other than
gratuity are recognized as an expense in the Profit and Loss Account as
and when paid. Incremental gratuity liability calculated on the basis
of 15 days last drawn salary for each completed year of service is
recognized as an expense in the Profit and Loss Account.
I Provision for Taxation
Provision for taxation is made for the income tax liability as per the
provisions of the Income Tax Act, 1961. Deferred Tax is recognized on
timing differences being the differences between the taxable incomes
and accounting incomes that originate in one period and are capable of
reversal in one or more subsequent period, at the current rate of tax.
J Provisions, Contingent Liabilities and Contingent Assets
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made. Contingent
Assets are neither recognized nor disclosed in the financial
statements.
Mar 31, 2011
(a) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The financial statements are prepared as a going concern on historical
cost convention and on accrual method of ac- counting in accordance
with the generally accepted accounting principles, Companies Accounting
Standards notified by the Central Government of India under the
Companies (Accounting Standard) Rules, 2006 and the provisions of the
Companies Act, 1956 as adopted consistently by the company.
(b) FIXED ASSETS
Fixed assets are stated at cost less accumulated depreciation.
(c) DEPRECIATION
Depreciation on fixed assets is charged on straight line method as per
the rates prescribed in schedule XIV to the Com- panies Act, 1956.
(d) INVESTMENTS
Investments in shares are shown as stock-in-trade. Quoted Shares are
valued at Cost or Market Price whichever is lower. Un-quoted,
un-traded shares are valued at cost as certified by the Board of
Directors of the Company.
(e) 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 financial statements and the reported amount
of revenues and expenses during the reporting period. Differences
between the actual results and the estimates are recognized in the
period in which the results are known/ materialized.
(f) RETIREMENT BENEFITS
Provident Fund and Employees Pension Scheme Contributions are accounted
for on accrual basis. Incremental Gratuity Liability on the basis of 15
days salary for each completed year service is charged to revenue. As
per the terms of appointment the employees are not entitled to en cash
the unutilized leave.
(g) REVENUE RECOGNITION
i. Refunds from government department are accounted for on receipt
basis.
ii. Sale of shares are booked on the basis of broker's note / debit
note raised
iii. Professional fees are accounted on the basis of bills raised
(h) TAXES ON INCOME
The provision for current taxation is computed in accordance with the
relevant tax regulations taking into account avail- able deductions and
exemptions.
The tax effect of the timing differences that result between taxable
income and accounting income and are capable of reversal in one or more
subsequent periods are recorded as a deferred tax asset or deferred tax
liability. They are measured using the substantively enacted tax rates
and tax regulations as of the Balance Sheet date.
Deferred tax assets arising mainly on account of brought forward losses
and unabsorbed depreciation under tax laws, are recognized, only if
there is virtual certainty of its realization, supported by convincing
evidence. Deferred tax assets on account of other timing differences
are recognized only to the extent there is a reasonable certainty of
its realization.
(i) CONTINGENT LIABILITIES
These are disclosed by way of notes on Account. Provision is made in
the accounts in respect of liabilities which are likely to materialize
after the year till the finalization of accounts and have material
effect on the position stated in the Balance Sheet.
j) PROVISIONS AND CONTINGENT LIABILITIES:
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably re- quires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
Mar 31, 2010
(a) BASIS OF PREPARATION OF FINANCIAL STATEMENTS :
The financial statements are prepared as a going concern on historical
cost convention and on accrual method of ac- counting in accordance
with the generally accepted accounting principles, Companies Accounting
Standards notified by the Central Government of India under the
Companies (Accounting Standard) Rules, 2006 and the provisions of the
Companies Act, 1956 as adopted consistently by the company.
(b) FIXED ASSETS
Fixed assets are stated at cost less accumulated depreciation.
(c) DEPRECIATION
Depreciation on fixed assets is charged on straight line method as per
the rates prescribed in schedule XIV to the Com- panies Act, 1956.
(d) INVESTMENTS
Investments in shares are shown as stock-in-trade. Quoted Shares are
valued at Cost or Market Price whichever is lower. Un-quoted, un-traded
shares are valued at cost as certified by the Board of Directors of the
Company.
(e) 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 financial statements and the reported amount
of revenues and expenses during the reporting period. Differences
between the actual results and the estimates are recognized in the
period in which the results are known/materialized.
(f) RETIREMENT BENEFITS
Provident Fund and Employees Pension Scheme Contributions are accounted
for on accrual basis. Incremental Gratu- ity Liability on the basis of
15 days salary for each completed year service is charged to revenue.
As per the terms of appointment the employees are not entitled to
encash the unutilized leave.
(g) REVENUE RECOGNITION
i. Refunds from government department are accounted for on receipt
basis. ii. Sale of shares are booked on the basis of brokers note /
debit note raised iii. Professional fees are accounted on the basis of
bills raised (h) TAXES ON INCOME
The provision for current taxation is computed in accordance with the
relevant tax regulations taking into account avail- able deductions and
exemptions.
The tax effect of the timing differences that result between taxable
income and accounting income and are capable of reversal in one qr more
subsequent periods are recorded as a deferred tax asset or deferred tax
liability. They are measured using the substantively enacted tax rates
and tax regulations as of the Balance Sheet date.
Deferred tax assets arising mainly on account of brought forward losses
and unabsorbed depreciation under tax laws, are recognized, only if
there is virtual certainty of its realization, supported by convincing
evidence. Deferred tax assets on account of other timing differences
are recognized only to the extent there is a reasonable certainty of
its realization.
(i) CONTINGENT LIABILITIES
These are disclosed by way of notes on Account. Provision is made in
the accounts in respect of liabilities which are likely to materialize
after the year till the finalisation of accounts and have material
effect on the position stated in the Balance Sheet. 0) PROVISIONS AND
CONTINGENT LIABILITIES:
The Company recognizes a provision when there is a present obligation
as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not, require an outflow of resources. Where there is a possible
obligation or a present obligation that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
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