Mar 31, 2015
A. Changes in accounting policy
Accounting policies unless specifically stated to be otherwise are
consistent and are in accordance with generally accepted accounting
principles.
b. Revenue recognition
Revenue is being recognized in accordance with the guidance note on
Accrual basis of accounting issued by the institute of Chartered
Accountants of India. Accordingly wherever there is uncertainty in the
realization of income, the same is not accounted for till such time the
uncertainty is resolved. Income from Sale of Shares is recognized on
the execution of the transaction on the stock exchange. All expenses
are accounted for on accrual basis.
c. Fixed assets:
Fixed Assets are valued at Historical cost, less Depreciation. Cost of
fixed Assets includes cost of purchase and/or construction as increased
by necessary expenditure incurred to make them ready for use in the
business.
d. Inventories
Inventories include investments in shares & bonds of other companies.
The company classifies such investments & bonds as inventory and
valuation of them has been made at lower of cost or market value.
e. Depreciation
Fixed assets are depreciated on a Written down Value method over the
estimated useful lives of the assets considering the guidelines of Part
C of Schedule II to the Companies Act, 2013.
f. Taxes on income
Current taxes on income have been provided by the Company in accordance
with the relevant provisions of the Income Tax Act, 1961. Deferred
Taxes has been recognized on timing differences between accounting
income and taxable income subject to consideration of prudence.
g. Employee Benefits
Provision for Gratuity has not been made, as presently no employee is
eligible for the same. Provision of provident fund and ESI has not
been made, as the Provisions of the same are yet not applicable to the
company. The company is not paying leave encashment benefits to its
employees as per the rules of the company.
h. Borrowing Cost
General and specific borrowing costs directly attributable to the
acquisition, construction or production of qualifying assets, which are
assets that necessarily take a substantial period of time to get ready
for their intended use or sale, are added to the cost of those assets,
until the month in which such assets are substantially ready for their
intended use or sale. All other borrowing costs are recognized in
Statement of Profit and Loss in the year in which they are incurred.
i. Earning Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period is
adjusted for the effects of all dilutive potential equity shares.
j. Cash and Cash Equivalents
In the cash flow statement, cash and cash equivalents includes cash in
hand, demand deposits with banks, other short-term highly liquid
investments with original maturities of three months or less.
Mar 31, 2014
A. Changes in accounting policy
The revised Schedule VI notified under the Companies Act, 1956, has
become applicable to the company, for preparation and presentation of
its financial statements. The adoption of revised Schedule VI does not
impact recognition and measurement principles followed for preparation
of financial statements. However, it only impact on the presentation
and disclosures made in the financial statements. The company has also
reclassified previous year''s figure in accordance with the requirements
applicable for the current year.
b. Revenue recognition
Having regard to the size, nature and level of operation of the
business, the company is applying accrual basis of accounting for
recognition of income earned and expenses incurred in the normal course
of business.
c. Fixed assets:
The Company does not have any Fixed Assets during the year.
d. Inventories
Inventories include Investments in shares of other companies. The
company classifies such investments as inventory and valuation of them
has been made at lower of cost or market value. However, unquoted
investments are stated at cost.
e. Depreciation
The company does not have any Fixed Assets during the year. However do
not charge any depreciation.
f. Taxes on income
Current taxes on income have been provided by the Company in accordance
with the relevant provisions of the Income Tax Act, 1961. Deferred
Taxes has been recognised on timing differences between accounting
income and taxable income subject to consideration of prudence.
Mar 31, 2013
A. Changes In accounting policy
During the year ended 31" March 20*3, the revised Schedule VI noted
under the Companies Act, 1954, has become applicable to the company,
for propagate and presentation of list financial statements. The
adoption of revised Schedule VI does n- impact recognition and
measurement principles followed for preparation of financial stat
newts. However, It only Impact on the presentation and disclosures made
in the financial stamen''s. The company has also reclassified previous
year''s figure in accordance with the frequents applicable for the
current year.
b. Revenue recognition
Having regard to the size, nature and level of operation of the
jasmines, the company Is applying accrual basis of accounting for
recognition of income same and expenses Incurred in the normal course
of business,
c. Fixed assets:
The company does not have any Fixed Assets during the year.
d. Inventories
Inventories include investments in shares of other companies. The
company classifies such investments as inventory and valuation of them
has been made a owed of cost or market value. However, unquoted
Investments are stated at cost.
e. Depreciation
The company does not have any fixed assets during the year. He ever do
not charge any depreciation. & Taxes on Income Current taxes on Income
have been provided by the Company In ace dance with the relevant
provisions of the Income Tax Act, 1961, Deferred Taxes has tax n
recognized on timing differences between accounting income and taxable
income soul jet to consideration of prudence.
Mar 31, 2012
1.1 Basis of Preparation of Financial Statements
These financial statements have been prepared on the accrual basis of
accounting, under the historical cost convention and in accordance with
the Companies Act, 1956 arid the applicable accounting standards issued
by the institute of Chartered Accountants of India.
1.2 Revenue Recognition
Expenses are recognized on accrual basis and provisions are made for
all known losses and expenses. Dividend income is recognized when the
right to receive dividend is established. Interest income is recognized
on the time proportion method.
1.3 Taxation
Provision for current Income Tax is made in accordance with the Income
Tax Act, 1961.
In accordance with Accounting Standard 22 Accounting for Taxes on
Income, Issued by the Institute of Chartered Accountants of India, the
deferred tax liability for timing differences between book and the
profits occurs when there are actual taxable profits for the year.
Deferred tax assets are not recognized unless there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized.
1.4 Basic Earnings per Share
Basic Earnings per share is determined by dividing net income by the
weighted average number of shares outstanding during the years.