Accounting Policies of Aarnav Fashions Ltd. Company

Mar 31, 2014

A CORPORATE INFORMATION :

Kayel Securities Limited (the Company) is a company domiciled in India and Incorporated under the provisions of the Companies Act, 1956,

B BASIS OF ACCOUNTING:

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

1.01 ACCOUNTING CONVENTION :

The accounts have been prepared under the historical cost convention and on the basis of going concern. All expenses and income to the extent considered payable and receivable respectively, unless stated otherwise, have been accounted for on mercantile basis.

1.02 METHOD OF ACCOUNTING:

The Accounts are maintained on accrual basis.

1.03 INVESTMENT:

Non-current investments outstanding in balance sheet are carried at cost. Diminution in value, if any, which is of temporary nature, is not provided.

1.04 INVENTORIES :

Inventories are Valued at Cost.

1.05 REVENUE:

(a) Revenue from operations is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection. Revenue from operations (gorss) & Income from operations (gross) represents the amounts receivable for goods and services sold.

(b) Interest income is recognized on time proportion basis taking into account the amounts outstanding and the rates applicable.

1.06 INCOME TAX:

Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India.

1.07 GENERAL:

Any other accounting policy not specifically referred to are consistent with generally accepted accounting principles.

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Mar 31, 2013

A CORPORATE INFORMATION :

Kayel Securities Limited (the Company) is a company domiciled in India and Incorporated under the provisions of the Companies Act ' 1956.

B BASIS OF ACCOUNTING:

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

1.01 ACCOUNTING CONVENTION :

The accounts have been prepared under the historical cost convention and on the basis of going concern. All expenses and income to the extent considered payable and receivable respectively, unless stated otherwise, have been accounted for on mercantile basis.

1.02 METHOD OF ACCOUNTING:

The Accounts are maintained on accrual basis

1.03 INVESTMENT:

Non-current investments outstanding in balance sheet are carried at cost. Diminution in value, if any, which is of temporary nature, is not provided.

1.04 INVENTORIES:

Inventories are Valued at Cost.

1.05 REVENUE:

(a) Revenue from operations is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection. Revenue from operations( gorss) & Income from operations (gross) represents the amounts receivable for goods and services sold.

(b) lnterest income is recognized on time proportion basis taking into account the amounts outstanding and the rates applicable.

1.06 INCOME TAX :

Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India.

1.07 GENERAL:

Any other accounting policy not specifically referred to are consistent with generally accepted accounting principles.