Mar 31, 2015
01. ACCOUNTING CONVENTIONS
The Financial Statements are prepared on Historical Cost Convention.
Financial Statements are prepared in accordance with relevant
presentational requirements of the Companies Act, 2013 and applicable
mandatory Accounting Standards as prescribed under section 133 of
Companies Act, 2013 read with rule 7 of the Companies (Accounts )
Rules, 2014.
02. FIXED ASSETS
Fixed assets are stated at cost less accumulated depreciation and
impairment if any. Cost comprises the purchase price inclusive of
duties, taxes, and incidental expenses upto the date, the asset is
ready for its intended use..
03. DEPRECIATION
Depreciation on Fixed Assets has been provided based on useful life
assigned to each asset prescribed in accordance with Part - "C" of
Schedule-II of the Companies Act, 2013.
Depreciation on fixed assets added / disposed off during the year, is
provided on pro-rata basis with reference to the date of addition /
disposal.
In a case of impairment, if any, depreciation is provided on the
revised carrying amount of the assets over their remaining useful life.
04 INTANGIBLE ASSETS
Intangible Assets are recognized if:
It is probable that the future economic benefits that are attributable
to the assets will flow to the Company and the cost/fair value of the
assets can be measured reliably.
05 IMPAIRMENT OF FIXED ASSETS
The carrying amounts of assets are reviewed at each balance sheet date
to determine whether there is any indication of impairment based on
internal/external factors. An impairment loss is recognized wherever
the carrying amount of an asset exceeds its recoverable amount.
After impairment, depreciation is provided on the revised carrying
amount of the assets over its remaining useful life.
06 EARNING PER SHARE
Earnings per share is 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 year attributable to equity shareholders and
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
07 INVESTMENTS
Investments that are readily realizable and intended to be held for not
more than a year are classified as Current Investments. All other
Investments are classified as Non Current Investments. Current
Investments are stated at lower of cost and market rate on an
individual investment basis. Non Current Investments are considered 'at
cost' on individual investment basis, unless there is a decline other
than temporary in the value, in which case adequate provision is made
against such diminution in the value of investments.
08 RECOGNITION OF INCOME & EXPENDITURE
Income and expenditure are accounted for on accrual basis . Interest
income is recognized on a time proportion basis taking into account the
amount outstanding and the rate applicable. Dividend income is
recognized when the shareholder's right to receive payment is
established by the balance sheet date. Income from Mutual Fund will be
accounted for at the time of Redemption.
09 CONTINGENCIES :
These are disclosed by way of notes on the Balance sheet. Provisions is
made in the accounts in respect of those contingencies which are likely
to materialize into liabilities after the year end, till the
finalization of accounts and material effect on the position stated in
the Balance Sheet.
10 PROVISIONING FOR DEFERRED TAXES
The Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred Tax resulting from "timings difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantially enacted as on the Balance Sheet date. The
Deferred Tax Asset is recognized and carried forward only to the extent
that there is a reasonable certainty that the assets will be realized
in future.
11 PRELIMINARY EXPENSES
Preliminary Expense is amortised over a period of Five years.
12 TAXES ON INCOME
Current Tax is determined as the amount of tax payable in respect of
taxable income for the year.
Deferred Tax is recognised, subject to consideration of prudence, in
respect of deferred tax assets / liabilities on timing difference,
being the difference between taxable income and accounting income that
originated in one period and are capable of reversal in one or more
subsequent periods.
Mar 31, 2014
01. ACCOUNTING CONVENTIONS
The Financial Statements are prepared on Historical Cost Convention.
Financial Statements are prepared in accordance with relevant
presentational requirements of the Companies Act, 1956 and applicable
mandatory Accounting Standards as notified by the Companies (Accounting
Standard) Rules, 2006 and the relevant provisions of the Companies Act,
1956.
02. FIXED ASSETS
Fixed assets are stated at cost less accumulated depreciation and
impairment if any. Cost comprises the purchase price inclusive of
duties, taxes, and incidental expenses upto the date, the asset is
ready for its intended use.
03. DEPRECIATION
Depreciation on Fixed Assets are provided on Straight-line Method at
the rates prescribed in the Schedule-XIV of the Companies Act, 1956.
Depreciation on fixed assets added / disposed off during the year, is
provided on pro-rata basis with reference to the date of addition /
disposal.
In a case of impairment, if any, depreciation is provided on the
revised carrying amount of the assets over their remaining useful life.
04 INTANGIBLE ASSETS Intangible Assets are recognized if:
It is probable that the future economic benefits that are attributable
to the assets will flow to the Company and the cost/fair value of the
assets can be measured reliably.
05 IMPAIRMENT OF FIXED ASSETS
The carrying amounts of assets are reviewed at each balance sheet date
to determine whether there is any indication of impairment based on
internal/external factors. An impairment loss is recognized wherever
the carrying amount of an asset exceeds its recoverable amount.
After impairment, depreciation is provided on the revised carrying
amount of the assets over its remaining useful life.
06 EARNING PER SHARE
Earnings per share is 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
year attributable to equity shareholders and weighted average number of
shares outstanding during the year are adjusted for the effects of all
dilutive potential equity shares.
07 INVESTMENTS
Investments that are readily realizable and intended to be held for not
more than a year are classified as Current Investments. All other
Investments are classified as Non-Current Investments. Current
Investments are stated at lower of cost and market rate on an
individual investment basis. Non-Current Investments are considered ''at
cost'' on individual investment basis, unless there is a decline other
than temporary in the value, in which case adequate provision is made
against such diminution in the value of investments.
08 RECOGNITION OF INCOME & EXPENDITURE
Income and expenditure are accounted for on accrual basis. Interest
income is recognized on a time proportion basis taking into account the
amount outstanding and the rate applicable. Dividend income is
recognized when the shareholder''s right to receive payment is
established by the balance sheet date. Income from Mutual Fund will be
accounted for at the time of Redemption.
09 CONTINGENCIES :
These are disclosed by way of notes on the Balance sheet. Provisions is
made in the accounts in respect of those contingencies which are likely
to materialize into liabilities after the year end, till the
finalization of accounts and material effect on the position stated in
the Balance Sheet.
10 PROVISIONING FOR DEFERRED TAXES
The Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred Tax resulting from " timings difference " between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantially enacted as on the Balance Sheet date .
The Deferred Tax Asset is recognized and carried forward only to the
extent that there is a reasonable certainty that the assets will be
realized in future.
11 PRELIMINARY EXPENSES
Preliminary Expense is amortised over a period of Five years.
12 TAXES ON INCOME
Current Tax is determined as the amount of tax payable in respect of
taxable income for the year.
Deferred Tax is recognised, subject to consideration of prudence, in
respect of deferred tax assets / liabilities on timing difference,
being the difference between taxable income and accounting income that
originated in one period and are capable of reversal in one or more
subsequent periods.
Mar 31, 2012
A) System of Accounting
The Company follows the mercantile basis of accounting both as to
income and expenditure except in case of items with significant
uncertainties. Financial statements are based on historical costs,
convention and in accordance with applicable Accounting Standards
referred in section 211 (3C) of the Companies act 1956 and generally
accepted accounting principles.
b) Use of estimates
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and the disclosure of
contingent liabilities on the date of the financial statements and
reported amounts of revenues and costs during the reporting period.
Examples of such estimates include estimated costs to be incurred on
contracts, provision for doubtful debt, future obligations under
employee retirement benefit plan and estimated useful life of assets.
Actual results could differ from those estimates. Any revision to
accounting estimates shall be recognized prospectively in current and
future periods.
c) Provisions and contingencies
The Company recognises a provision when there is present obligation as
a result of past event and it is more likely than not that there will
be an outflow of resources to settle such obligation and the amount of
such obligation can be reliably estimated. Provisions are not
discounted to their present value and are determined based on the
management's best estimate of the amount of obligation at the year-end.
These are reviewed at each balance sheet date and adjusted to reflect
current management estimates.
Contingent liabilities are disclosed in respect of possible obligations
that have arisen from past events and the existence of which will be
confirmed only by the occurrence or non-occurrence of future events not
wholly within the control of the Company. Contingent liabilities are
also disclosed for present obligations in respect of which it is not
probable that there will be an outflow of resources or a reliable
estimate of the amount of obligation cannot be made.
When there is a possible obligation or a present obligation where the
likelihood of an outflow of resources is remote, no disclosure or
provision is made.
d) Fixed Assets
(i) All fixed assets are valued at cost of acquisition less accumulated
depreciation thereon. (ii) Depreciation: -
(a) The Company has provided for depreciation on all assets under
Straight-line method at the rates prescribed in Schedule XIV of the
Companies Act, 1956.
(b) Depreciation on additions to assets or sale or disposal of assets
is calculated on pro-rata basis from to the date of addition/
deduction.
e) Intangible Assets Intangible assets are recognized if:
It is probable that the future economic benefits that are attributable
to the assets will flow to the company, and the cost /fair value of the
assets can be measured reliably.
f) Impairment of assets
Management periodically assesses using external and internal sources
whether there is an indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
the future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. The impairment loss to be expensed is
determined as the excess of the carrying amount over the higher of the
assets net selling price and present value as determined above. An
impairment loss is reversed if there has been a change in the estimate
used to determine the recoverable amount. An impairment loss is
recorded only to the extent that assets carrying cost does not exceed
the carrying amount that would have been determined net of depreciation
and amortization, if no impairment loss has been recognized.
g) Foreign Currency Transactions
Foreign exchange transactions are recorded at the exchange rates
prevailing at the date of the transaction. Realised gains and losses on
foreign exchange transactions during the year are recognised in the
profit and loss account. Monetary assets and liabilities denominated in
foreign currencies as at the balance sheet date are translated at the
closing exchange rates on that date. The resultant exchange differences
are recognised in the profit and loss account.
h) Income Taxes
Tax expense for the year, comprising current tax and deferred tax is
included in determining the net profit for the year.
Deferred tax assets are recognized, subject to the consideration of
prudence, for all deductible timing differences and carried forward to
the extent it is probable that future taxable profit will be available
against with such deferred tax assets can be realized.
Deferred tax assets and liabilities are measured at the tax rates that
have been enacted or substantively enacted by the Balance Sheet date.
i) Post employment and other benefits
Short- term employee benefits:
All employee benefits payable wholly within twelve months of rendering
service are classified as short-term employee benefits. Benefits such
as salaries, allowances, short-term compensated absences and the
expected cost of other benefits is recognised in the period in which
the employee renders the related serviced
j) Earnings per share
Basic earnings per share are computed 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.
Mar 31, 2011
A) System of Accounting
The Company follows the mercantile basis of accounting both as to
income and expenditure except in case of items with significant
uncertainties. Financial statements are based on historical costs,
convention and in accordance with applicable Accounting Standards
referred in section 211 (3C) of the Companies act 1956 and generally
accepted accounting principles.
b) Use of estimates
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and the disclosure of
contingent liabilities on the date of the financial statements and
reported amounts of revenues and costs during the reporting period.
Examples of such estimates include estimated costs to be incurred on
contracts, provision for doubtful debt, future obligations under
employee retirement benefit plan and estimated useful life of assets.
Actual results could differ from those estimates. Any revision to
accounting estimates shall be recognized prospectively in current and
future periods.
c) Provisions and contingencies
The Company recognises a provision when there is present obligation as
a result of past event and it is more likely than not that there will
be an outflow of resources to settle such obligation and the amount of
such obligation can be reliably estimated. Provisions are not
discounted to their present value and are determined based on the
management's best estimate of the amount of obligation at the year-end.
These are reviewed at each balance sheet date and adjusted to reflect
current management estimates. Contingent liabilities are disclosed in
respect of possible obligations that have arisen from past events and
the existence of which will be confirmed only by the occurrence or
non-occurrence of future events not wholly within the control of the
Company. Contingent liabilities are also disclosed for present
obligations in respect of which it is not probable that there will be
an outflow of resources or a reliable estimate of the amount of
obligation cannot be made.
When there is a possible obligation or a present obligation where the
likelihood of an outflow of resources is remote, no disclosure or
provision is made.
d) Fixed Assets
(i) All fixed assets are valued at cost of acquisition less accumulated
depreciation thereon.
(ii) Depreciation: -
(a) The Company has provided for depreciation on all assets under
Straight-line method at the rates prescribed in Schedule XIV of the
Companies Act, 1956.
(b) Depreciation on additions to assets or sale or disposal of assets
is calculated on pro-rata basis from/ to the date of addition/
deduction.
e) Intangible Assets
Intangible assets are recognised if:
It is probable that the future economic benefits that are attributable
to the assets will flow to the company, and the cost /fair value of the
assets can be measured reliably.
f) Foreign Currency Transactions
Foreign exchange transactions are recorded at the exchange rates
prevailing at the date of the transaction. Realised gains and losses
on foreign exchange transactions during the year are recognised in the
profit and loss account. Monetary assets and liabilities denominated in
foreign currencies as at the balance sheet date are translated at the
closing exchange rates on that date. The resultant exchange differences
are recognised in the profit and loss account,
g) Income Taxes
Tax expense for the year, comprising current tax and deferred tax is
included in determining the net profit for the year.
Deferred tax assets are recognized, subject to the consideration of
prudence, for all deductible timing differences and carried forward to
the extent it is probable that future taxable profit will be available
against with such deferred tax assets can be realized.
Deferred tax assets and liabilities are measured at the tax rates that
have been enacted or substantively enacted by the Balance Sheet date.
h) Impairment of assets
Management periodically assesses using external and internal sources
whether there is an indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
the future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. The impairment loss to be expensed is
determined as the excess of the carrying amount over the higher of the
assets net selling price and present value as determined above. An
impairment loss is reversed if there has been a change in the estimate
used to determine the recoverable amount, An impairment loss is
recorded only to the extent that assets carrying cost does not exceed
the carrying amount that would have been determined net of depreciation
and amortisation, if no impairment loss has been recognised.
i) Post employment and other benefits Short- term employee benefits:
All employee benefits payable wholly within twelve months of rendering
service are classified as short-term employee benefits. Benefits such
as salaries, allowances, short-term compensated absences and the
expected cost of other benefits is recognised in the period in which
the employee renders the related serviced
j) Earnings per share
Basic earnings per share is computed 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.
Mar 31, 2010
A) System of Accounting
The Company follows the mercantile basis of accounting both as to
income and expenditure except in case of items with significant
uncertainties. Financial statements are based on historical costs,
convention and in accordance with applicable Accounting Standards
referred in section 211 (3C) of the Companies act 1956 and generally
accepted accounting principles.
b) Use of estimates
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and the disclosure of
contingent liabilities on the date of the financial statements and
reported amounts of revenues and costs during the reporting period.
Examples of such estimates include estimated costs to be incurred on
contracts, provision for doubtful debt, future obligations under
employee retirement benefit plan and estimated useful life of assets.
Actual results could differ from those estimates. Any revision to
accounting estimates shall be recognized prospectively in current and
future periods.
c) Provisions and contingencies
The Company recognises a provision when there is present obligation as
a result of past event and it is more likely that there will be an
outflow of resources to settle such obligation and the amount of such
obligation can be reliably estimated. Provisions are not discounted to
their present value and are determined based on the managements best
estimate of the amount of obligation at the year-end. These are
reviewed at each balance sheet date and adjusted to reflect current
management estimates. Contingent liabilities are disclosed in respect
of possible obligations that have arisen from past events and the
existence of which will be confirmed only by the occurrence or
non-occurrence of future events not wholly within the control of the
Company. Contingent liabilities are also disclosed for present
obligations in respect of which it is not probable that there will be
an outflow of resources or a reliable estimate of the amount of
obligation cannot be made.
When there is a possible obligation or a present obligation where the
likelihood of an outflow of resources is remote, no disclosure or
provision is made.
d) Fixed Assets
(i) All fixed assets except referred to in 1 (d) (ii) (b) below are
valued at cost of acquisition less accumulated depreciation thereon.
(ii) Depreciation; -
(a) The Company has provided for depreciation on all assets under
Straight-line method at the rates prescribed in Schedule XIV of the
Companies Act, 1956.
(b) Revaluation of Companys Premises at Tardeo, Mumbai has been made
on 1 * March 1994, on the basis of Valuation Report submitted by M/s.
N.B. Dharmadhikari, valuers appointed for the purpose. The resultant
Increase on such revaluation over the written down value of this asset
has been credited to Revaluation Reserve. Depreciation of this
resultant increase has been reduced from Revaluation Reserve.
(c) Depreciation on additions to assets or sale or disposal of assets
is calculated on pro-rata basis from/ to the date of addition/
deduction.
e) Intangible Assets
Intangible assets are recognised if:
It is probable that the future economic benefits that are attributable
to the assets will flow to the company, and the cost /fair value of the
assets can be measured reliably.
f) Foreign Currency Transactions
Foreign exchange transactions are recorded at the exchange rates
prevailing at the date of the transaction. Realised gains and losses
on foreign exchange transactions during the year are recognised in the
profit and loss account. Monetary assets and liabilities denominated in
foreign currencies as at the balance sheet date are translated at the
closing exchange rates on that date. The resultant exchange differences
are recognised in the profit and loss account,
g) Income Taxes
Tax expense for the year, comprising current.tax and deferred tax is
included in determining the net profit for the year.
Deferred tax assets are recognized, subject to the consideration of
prudence, for all deductible timing differences and carried forward to
the extent it is probable that future taxable profit will be available
against with such deferred tax assets can be realized.
Deferred tax assets and liabilities are measured at the tax rates that
have been enacted or substantively enacted by the Balance Sheet date.
h) Impairment of assets
Management periodically assesses using external and internal sources
whether there is an indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
the future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. The impairment loss to be expensed is
determined as the excess of the carrying amount over the higher of the
assets net selling price and present value as determined above. An
impairment loss is reversed if there has been a change in the estimate
used to determine the recoverable amount. An impairment loss is
recorded only to the extent that assets carrying cost does not exceed
the carrying amount that would have been determined net of depreciation
and amortisation, if no impairment loss has been recognised.
I) Post employment and other benefits Short- term employee benefits:
All employee benefits payable wholly within twelve months of rendering
service are classified as short-term employee benefits. Benefits such
as salaries, allowances, short-term compensated absences and the
expected cost of other benefits is recognised in the period in which
the employee renders the related serviced.
j) Earnings per share
Basic earnings per share is computed 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.
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