Mar 31, 2015
A. Use of Estimates :
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities and the disclosure of contingent liabilities, at the end of
the reporting period. Although these estimates are based on the
management's best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amounts of assets or
liabilities in future periods.
b. Tangible fixed assets :
Fixed assets are stated at cost, net of accumulated depreciation and
accumulated impairment losses, if any. The cost comprises purchase
price, borrowing cost if capitalization criteria are met and directly
attributable cost of bringing the assets to its working condition for
the intended use. Any trade discounts and rebates are deducted in
arriving at the purchase price.
Subsequent expenditure related to an item of fixed asset is added to
its book value only if it increases the future benefits from the
existing asset beyond its previously assessed standard of performance.
All other expenses on existing fixed assets, including day to day
repairs/maintenance expenditure and cost of replacing parts, are
charged to the statement of profit and loss for the period during which
such expenses are incurred.
Gains or losses arising from de recognition of fixed assets are
measured as the difference between the net disposal proceeds and the
carrying amount of the asset and are recognized in the statement of
profit & loss when the asset is de recognized.
c. Depreciation on Tangible Fixed Asset :
Depreciation on fixed asset is calculated on Written down Value method
considering the useful life prescribed under the Schedule II to The
Companies Act,
d. Investments :
Investments, which are readily realizable and intended to be held for
not more than one year from the date on which such investments are
made, are classified as current investments. All other investments are
classified as long-term investments.
Long term investments are carried at cost. However, provision for
diminution in value is to be made to recognize a decline other than
temporary in the value of investments.
e. Inventories :
The company accounts for the traded shares & securities & tobacco
remaining unsold at the end of the year as Stock-in- Trade and the same
is valued at cost or market value whichever is lower.
f. Revenue Recognition :
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the company and the revenue can be
reliably measured.
Revenue from sales is recognized on the basis of delivery of shares &
securities & tobacco.. Dividend income is accounted on receipt basis.
g. Retirement Benefits :
Retirement benefit in the form of provident fund is a defined
contribution scheme. The contributions to the provident fund are
charged to the statement of profit & loss for the year when the
contributions are due. Provision for gratuity is made as per Actuarial
Valuation report as prescribed under payment of Gratuity Act.
h. Income Tax :
Tax expense comprises current and deferred 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 and tax laws
prevailing in the respective tax jurisdiction where the company
operates. The tax rates and tax laws used to compute the amount are
those that are enacted, at the reporting date.
Deferred tax assets and liabilities are measured using the tax rates
and tax laws that have been announced up to the Balance Sheet date.
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to timing differences between the taxable
income and accounting income. The effect of tax rate change is
considered in the Profit & Loss Account of the respective year of
change.
i. Earnings per share :
Basic earnings per share is computed by dividing the net profit after
tax by the weighted average number of equity shares outstanding during
the period.
j. Provisions and Contingent liabilities : A provision is recognized
when the Company has a present obligation as a result of past event. It
is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation. Provisions are not discounted
to their present value and are determined based on the best estimate
required to settle the obligation at the reporting date. These
estimates are reviewed at each reporting date and adjusted to reflect
the current best estimate.
Where no reliable estimate can be made, a disclosure is made as a
contingent liability. A disclosure for a contingent liability is also
made when there is a possible obligation that may, but probably will
not, require an outflow of resources. Where there is a possible
obligation or a present obligation in respect of which the likelihood
of outflow of resources is remote, no provision or disclosure is made.
k. Cash & Cash equivalents :
Cash and cash equivalents comprise cash and cash on deposit with banks
and corporations. The company considers all highly liquid investments
with a remaining maturity at the date of purchase of three months or
less and that are readily convertible to known amounts of cash to be
cash equivalents.
l. Related Party Transactions :
Disclosure of transactions with related parties as required by
Accounting Standard 18 " Related Party Disclosure" has been set out in
a statement given herewith. Related parties as defined under clause 3
of the Accounting Standard have been identified on the basis of
representations made by key managerial personnel and information
available with the company.
Mar 31, 2014
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year, except for the
change in accounting policy explained below:
a. Use of Estimates :
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities and the disclosure of contingent liabilities, at the end of
the reporting period. Although these estimates are based on the
management''s best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amounts of assets or
liabilities in future periods.
b. Tangible fixed assets :
Fixed assets are stated at cost, net of accumulated depreciation and
accumulated impairment losses, if any. The cost comprises purchase
price, borrowing cost if capitalization criteria are met and directly
attributable cost of bringing the assets to its working condition for
the intended use. Any trade discounts and rebates are deducted in
arriving at the purchase price.
Subsequent expenditure related to an item of fixed asset is added to
its book value only if it increases the future benefits from the
existing asset beyond its previously assessed standard of performance.
All other expenses on existing fixed assets, including day to day
repairs/maintenance expenditure and cost of replacing parts, are
charged to the statement of profit and loss for the period during which
such expenses are incurred.
Gains or losses arising from de recognition of fixed assets are
measured as the difference between the net disposal proceeds and the
carrying amount of the asset and are recognized in the statement of
profit & loss when the asset is de recognized.
c. Depreciation on Tangible Fixed Asset
Depreciation on fixed asset is calculated on Written down Value method
using the rates prescribed under the Schedule XIV to The Companies Act,
1956.
d. Investments :
Investments, which are readily realizable and intended to be held for
not more than one year from the date on which such investments are
made, are classified as current investments. All other investments are
classified as long- term investments.
Long term investments are carried at cost. However, provision for
diminution in value is to be made to recognize a decline other than
temporary in the value of investments.
e. Inventories :
The company accounts for the traded shares & securities & tobacco
remaining unsold at the end of the year as Stock-in- Trade and the same
is valued at cost or market value whichever is lower.
f. Revenue Recognition :
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the company and the revenue can be
reliably measured.
Revenue from sales is recognized on the basis of delivery of shares &
securities & tobacco.. Dividend income is accounted on receipt basis.
g. Retirement Benefits :
Retirement benefit in the form of provident fund is a defined
contribution scheme. The contributions to the provident fund are
charged to the statement of profit & loss for the year when the
contributions are due. Provision for gratuity is made as per Actuarial
Valuation report as prescribed under payment of Gratuity Act.
h. Income Tax :
Tax expense comprises current and deferred 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 and tax laws
prevailing in the respective tax jurisdiction where the company
operates. The tax rates and tax laws used to compute the amount are
those that are enacted, at the reporting date.
Deferred tax assets and liabilities are measured using the tax rates
and tax laws that have been announced up to the Balance Sheet date.
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to timing differences between the taxable
income and accounting income. The effect of tax rate change is
considered in the Profit & Loss Account of the respective year of
change.
i. Earnings per share :
Basic earnings per share is computed by dividing the net profit after
tax by the weighted average number of equity shares outstanding during
the period.
j. Provisions and Contingent liabilities :
A provision is recognized when the Company has a present obligation as
a result of past event. It is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation.
Provisions are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
reporting date. These estimates are reviewed at each reporting date and
adjusted to reflect the current best estimate.
Where no reliable estimate can be made, a disclosure is made as a
contingent liability. A disclosure for a contingent liability is also
made when there is a possible obligation that may, but probably will
not, require an outflow of resources. Where there is a possible
obligation or a present obligation in respect of which the likelihood
of outflow of resources is remote, no provision or disclosure is made.
k. Cash & Cash equivalents :
Cash and cash equivalents comprise cash and cash on deposit with banks
and corporations. The company considers all highly liquid investments
with a remaining maturity at the date of purchase of three months or
less and that are readily convertible to known amounts of cash to be
cash equivalents.
l. Related Party Transactions :
Disclosure of transactions with related parties as required by
Accounting Standard 18 " Related Party Disclosure" has been set out in
a statement given herewith. Related parties as defined under clause 3
of the Accounting Standard have been identified on the basis of
representations made by key managerial personnel and information
available with the company.
Mar 31, 2013
A. Use of Estimates
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities and the disclosure of contin- gent liabilities, at the end
of the reporting period. Although these estimates are based on the
management''s best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amounts of assets or
liabilities in future periods.
b. Tangible fixed assets
Fixed assets are stated at cost, net of accumulated depreciation and
accumulated impairment losses, if any. The cost com- prises purchase
price, borrowing cost if capitalization criteria are met and directly
attributable cost of bringing the assets to its working condition for
the intended use. Any trade discounts and rebates are de- ducted in
arriving at the purchase price.
Subsequent expenditure related to an item of fixed asset is added to
its book value only if it increases the future benefits from the
existing asset beyond its previously assessed standard of performance.
All other expenses on existing fixed assets, including day to day
repairs/maintenance expenditure and cost of replacing parts, are
charged to the statement of profit and loss for the period during which
such ex- penses are incurred.
Gains or losses arising from de recognition of fixed assets are
measured as the dif- ference between the net disposal proceeds and the
carrying amount of the asset and are recognized in the statement of
profit & loss when the asset is de recognized.
c. Depreciation on Tangible Fixed Asset
Depreciation on fixed asset is calculated on Written down Value method
using the rates prescribed under the Schedule XIV to The Companies Act,
1956.
d. Investments
Investments, which are readily realizable and intended to be held for
not more than one year from the date on which such investments are
made, are classified as current investments. All other investments are
classified as long- term investments.
Long term investments are carried at cost. However, provision for
diminution in value is to be made to recognize a decline other than
temporary in the value of investments.
e. Inventories
The company accounts for the traded shares & securities remaining
unsold at the end of the year as Stock-in- Trade and the same is valued
at cost or market value whichever is lower.
f. Revenue Recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the company and the revenue can be
reliably measured.
Revenue from sales is recognized on the basis of delivery of shares &
securities. Dividend income is accounted on receipt basis.
g. Retirement Benefits
Retirement benefit in the form of provident fund is a defined
contribution scheme. The contributions to the provident fund are
charged to the statement of profit & loss for the year when the
contributions are due. Provision for gratuity is made as per Actuarial
Valuation report as prescribed under payment of Gratuity Act.
h. Income Tax
Tax expense comprises current and de- ferred tax. Current income tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the In- come Tax Act, 1961 enacted in India and tax
laws prevailing in the respective tax jurisdiction where the company
operates. The tax rates and tax laws used to com- pute the amount are
those that are en- acted, at the reporting date.
Deferred tax assets and liabilities are measured using the tax rates
and tax laws that have been announced up to the Bal- ance Sheet date.
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to timing differ- ences between the taxable
income and accounting income. The effect of tax rate change is
considered in the Profit & Loss Account of the respective year of
change.
i. Earnings per share
Basic earnings per share are computed by dividing the net profit after
tax by the weighted average number of equity shares outstanding during
the period.
j. Provisions and Contingent liabilities
A provision is recognized when the Com- pany has a present obligation
as a result of past event. It is probable that an outflow of resources
embodying economic ben- efits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation.
Provisions are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the re-
porting date. These estimates are reviewed at each reporting date and
adjusted to reflect the current best estimate.
Where no reliable estimate can be made, a disclosure is made as a
contingent liability. A disclosure for a contingent liability is also
made when there is a possible obligation that may, but probably will
not, require an outflow of resources. Where there is a possible
obligation or a present obligation in respect of which the likelihood
of out- flow of resources is remote, no provision or disclosure is
made.
k. Cash & Cash equivalents
Cash and cash equivalents comprise cash and cash on deposit with banks
and cor- porations. The company considers all highly liquid investments
with a remaining matu- rity at the date of purchase of three months or
less and that are readily convertible to known amounts of cash to be
cash equiva- lents.
l. Related Party Transactions
Disclosure of transitions with related par- ties as required by
Accounting Standard 18 " Related Party Disclosure" has been set out in
a statement given herewith. Related parties as defined under clause 3
of the Accounting Standard have been iden- tified on the basis of
representations made by key managerial personnel and informa- tion
available with the company.
Mar 31, 2012
A. Change in accounting policy
Till the year ended 31st March, 2011 the company was using pre-revised
schedule VI of the Companies Act, 1956 for the preparation and
presentation of its financial statements. During the year ended 31st
March, 2012, the revised schedule VI notified under the Companies Act,
1956, has become applicable to the company. The company has
reclassified previous year's figures to confirm to this year's
classification.
b. Use of Estimates
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities and the disclosure of contingent liabilities, at the end of
the reporting period. Although these estimates are based on the
management's best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amounts of assets or
liabilities in future periods.
c. Tangible fixed assets
Fixed assets are stated at cost, net of accumulated depreciation and
accumulated impairment losses, if any. The cost comprises purchase
price, borrowing cost if capitalization criteria are met and directly
attributable cost of bringing the assets to its working condition for
the intended use. Any trade discounts and rebates are deducted in
arriving at the purchase price.
Subsequent expenditure related to an item of fixed asset is added to
its book value only if it increases the future benefits from the
existing asset beyond its previously assessed standard of performance.
All other expenses on existing fixed assets, including day to day
repairs/maintenance expenditure and cost of replacing parts, are
charged to the statement of profit r.nd loss for the period during
which such expenses are incurred
Gains or losses arising from de recognition of fixed assets are
measured as the difference between the net disposal proceeds and the
carrying amount of the asset and are recognized in the statement of
profit & loss when the asset is de recognized.
d. Depreciation on Tangible Fixed Asset
Depreciation on fixed asset is calculated on Written down Value method
using the rates prescribed under the Schedule XIV to The Companies Act,
1956. The Company has used the following rates to provide depreciation
on its fixed assets:
e. Investments
Investments, which are readily realizable and intended to be held for
not more than one year from the date on which such investments are
made, are classified as current investments. All other investments are
classified as long- term investments.
Long term investments are carried at cost. However, provision for
diminution in value is to be made to recognize a decline other than
temporary in the value of investments.
f. Inventories
The company accounts for the traded shares & securities remaining
unsold at the end of the year as Stock-in- Trade and the same is valued
at cost or market value whichever is lower.
g. Revenue Recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the company and the revenue can be
reliably measured.
Revenue from sales is recognized on the basis of delivery of shares &
securities Dividend income is accounted on receipt basis.
h. Retirement Benefits
Retirement benefit in the form of provident fund is a defined
contribution scheme. The contributions to the provident fund are
charged to the statement of profit & loss for the year when the
contributions are due. Provision for gratuity is made as per Acturial
Valuation report as prescribed under payment of Gratuity Act.
i. Income Tax
Tax expense comprise' current and deferred 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 and tax laws
prevailing in the respective tax jurisdiction where the company
operates. The tax rates and tax laws used to ccmpute the amount are
those that are enacted, at the reporting date
Deferred tax assets and liabilities are measured using the tax rates
and tax laws that have been announced up to the Balance Sheet date.
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to timing differences between the taxable
income and accounting income. The effect of tax rate change is
considered in the Profit & Loss Account of the respective year of
change.
j. Earnings per share.
Basic earnings per share are computed by dividing the net profit after
tax by the weighted average number of equity shares outstanding during
the period.
k. Provisions and Contingent liabilities
A provision is recognized when the Company has a present obligation as
a result of past event. It is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation.
Provisions are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
reporting date. These estimates are reviewed at each reporting date and
adjusted to reflect the current best estimate Where no reliable
estimate can be made, a disclosure is made as a contingent liability. A
disclosure for a contingent liability is also made when there is a
possible obligation that may, but probably will not, require an outflow
of resources. Where there is a possible obligation or a present
obligation in respect of which the likelihood of outflow of resources
is remote, no provision or disclosure is made.
I. Cash & Cash equivalents
Cash and cash equivalents comprise cash and cash on deposit with banks
and corporations. The company considers all highly liquid investments
with a remaining maturity at the date of purchase of three months or
less and that are readily convertible to known amounts of cash to be
cash equivalents.
m. Related Party Transactions
Disclosure of transitions with related parties as required by
Accounting Standard 18 "Related Party Disclosure" has been set out
in a statement given herewith. Related parties as defined under clause
3 of the Accounting Standard have been identified on the basis of
representations made by key managerial personnel and information
available with the company.
Mar 31, 2011
The accounts are prepared on an accrual basis and under the historical
cost conventions, and are in line with the relevant laws as well as the
guidelines prescribed by the Department of Company affairs and the
Institute of Chartered Accountants of India.
(A) METHOD OF ACCOUNTING
i. The financial statements have been prepared under the historical
cost conventions and in accordance with the applicable Accounting
Standards issued by the Institute of Chartered Accountants of India and
relevant presentational requirements of the Companies Act, 1956.
ii. All the expenses, Assets and liabilities items having material
bearing on the financial statements are recognized on accrual basis.
(B) REVENUE RECOGNITION
Revenue from sales is recognized on the basis of delivery of shares &
securities. Dividend income is accounted on receipt basis.
(C) FIXED ASSETS AND DEPRECIATION
Fixed assets are stated at costs of acquisition less accumulated
depreciation. All cost, directly attributable to fixed assets is
capitalized.
Depreciation on fixed assets is provided on WDV method as per the rates
& manner specified in schedules XIV of the Companies Act, 1956.
(D) INVENTORIES
The company accounts for the traded shares & securities remaining
unsold at the end of the year as Stock- in- Trade and the same is
valued at cost or market value whichever is lower.
(E) INVESTMENTS:
Investments are long term in nature & it has been valued at cost,
except that any permanent diminution in their value has been provided
for in ascertaining their carrying amount.
(F) RETIREMENT BENEFITS
Retirement Benefits are accounted for on accrual basis, in accordance
with Accounting Standard (AS) 15 (Revised)"Employee Benefits" issued
by the Institute of Chartered Accountants of India.
Provision for gratuity is made as per payment of Gratuity Act..
Contribution to Provident Fund made by the company has been charged to
Profit & Loss Account.
(G) SEGMENT REPORTIONG
The company has disclosed Business segment as the primary segment.
Segments have been identified taking into accounts nature of business,
organization structure & trading in shares and securities. Other
business segments reported are commission income. The company deals
only in domestic market. As such there are no reportable geographical
segments.
Segment Revenue, Segment Results, Segment Assets & Segment Liabilities
include the respective amounts identifiable to each of the segments as
also amounts allocated on a reasonable basis.
(H) INCOME TAXES
(i) Current tax is measured at the amount expected to be paid to the
taxation authorities, using the applicable tax rates and tax laws.
(ii) Deferred tax assets and liabilities are measured using the tax
rates and tax laws that have been announced up to the Balance Sheet
date. Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to timing differences between the taxable
income and accounting income. The effect of tax rate change is
considered in the Profit & Loss Account of the respective year of
change.
(I) BORROWING COST:
Borrowing costs attributable to the acquisition or construction of a
qualifying asset is capitalized as part of the cost of the asset. Other
borrowing costs are recognized as an expense in the period in which
they are incurred.
(J) RELATED PARTY TRANSACTIONS
Disclosure of transactions with related parties, as required by
Accounting Standard 18"Related Party Disclosure" has been set out in a
statement given herewith. Related parties as defined under clause 3 of
the Accounting Standard have been identified on the basis of
representations made by key managerial Personnel and information
available with the company.
(K) EARNING PER SHARE
The earnings considered in ascertaining the Company's EPS comprises the
net profit after tax attributable to equity shareholder. The number of
shares used in company basic EPS is the weighted average number of
shares outstanding during the year.
(L) OTHER POLICIES
Accounting policies not specifically referred to above are consistent
with the generally accepted accounting practices.
Mar 31, 2010
The accounts are prepared on an accrual basis and under the historical
cost conventions, and are in line with the relevant laws as well as the
guidelines prescribed by the Ministry of Corporate Affairs and the
Institute of Chartered Accountants of India.
(A) METHOD OF ACCOUNTING
i. The financial statements have been prepared under the historical
cost conventions and in accordance with the applicable Accounting
Standards issued by the Institute of Chartered Accountants of India and
relevant presentational requirements of the Companies Act, 1956.
ii. All the expenses, Assets and liabilities items having material
bearing on the financial statements are recognized on accrual basis.
(B) REVENUE RECOGNITION
Revenue from sales is recognized on the basis of delivery of shares &
securities.
Dividend income is accounted on receipt basis.
(C) FIXED ASSETS AND DEPRECIATION
Fixed assets are stated at costs of acquisition less accumulated
depreciation. All cost, directly attributable to fixed assets is
capitalized.
Depreciation on fixed assets is provided on WDV method as per the rates
& manner specified in schedules XIV of the Companies Act, 1956.
(D) INVENTORIES
The company accounts for the traded shares & securities remaining
unsold at the end of the year as Stock-in- Trade and the same is valued
at cost or market value whichever is lower.
(E) INVESTMENTS:
Investments are long term in nature & it has been valued at cost,
except that any permanent diminution in their value has been provided
for in ascertaining their carrying amount.
(F) RETIREMENT BENEFITS
Retirement Benefits are accounted for on accrual basis, in accordance
with Accounting Standard (AS) 15 (Revised) "Employee Benefits" issued
by the Institute of Chartered Accountants of India.
I Provision for gratuity is made as per payment of Gratuity Act..
II Contribution to Provident Fund made by the company has been charged
to Profit & Loss Account.
(G) SEGMENT REPORTIONG
As the entire operation of the company is related to one reportable
segment comprising of trading in shares. The Company deals only in
domestic market. As such there are no geographical reportable segment
as per Accounting Standard 17.
(H) INCOME TAXES
(i) Current tax is measured at the amount expected to be paid to the
taxation authorities, using the applicable tax rates and tax laws.
(ii) Deferred tax assets and liabilities are measured using the tax
rates and tax laws that have been announced up to the Balance Sheet
date. Deferred tax assets and liabilities are recognised for the future
tax consequences attributable to timing differences between the taxable
income and accounting income. The effect of tax rate change is
considered in the Profit & Loss Account of the respective year of
change.
(I) OTHER POLICIES
Accounting policies not specifically referred to above are consistent
with the generally accepted accounting practices.
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