Mar 31, 2014
BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
METHOD OF ACCOUNTING:
a) The, Financial statement are prepared under the historical cost
convention on an accrual basis and comply with all mandatory Accounting
Standards issued by the Institute of Chartered of India and the
relevant provisions of the Companies Act, 1956.
b) The preparation of the financial statements require the Management
to make
estimates and assumptions considered in the reported amounts of assets
and liabilities (including the contingent liabilities) and the reported
income and expenses during the reporting period. The Management
believes that the estimates used in the preparation of the financial
statements are prudent and reasonable. The difference between the
actual results and the estimates are recognized in the period in which
the results are known/materialized.
c) The rights and liabilities pertaining to prior period operations but
arising in the current year, if material, are shown under 'prior period
adjustments' in the Profit & Loss Account;
FIXED ASSETS:
Tangible Fixed Assets
The "Gross Block" of fixed assets is shown at the cost of acquisition,
which includes taxes, duties and other identifiable direct expenses.
DEPRECIATION:
The Company has provided depreciation under Written Down Value Method
at the rates specified under Schedule XIV to the Companies Act, 1956, .
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 statement
of Profit & Loss 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.
INVESTMENTS:
Investments held by the company are of Non Current in nature, and are
shown at cost. Provision for diminution in the value of Non Current
Investments is made only if such a decline is other than temporary in
the opinion of the management.
Current investments, if any, are stated at the lower of cost and fair
value, considered category wise.
On disposal of an investment, the difference between its carrying
amount and net disposal proceeds is charged or credited to the
Statement of Profit & Loss on sale of investments and is determined on
a first-in-first-out (FIFO) basis.
REVENUE RECOGNITION:
All income and expenditures are accounted on accrual basis. Dividend
income on investments are accounted for when the right to receive the
payment is established.
PROVISION FOR TAXATION:
a) Tax expenses comprise of current and deferred tax.
b) Provision for current income tax is made on the basis of relevant
provisions of the Income tax act, 1961 as applicable to the financial
year.
c) Deferred tax charge or credit and correspondingly deferred tax asset
or liability is recognized using tax rates that have been enacted or
substantively enacted at the Balance Sheet date.
d) Deferred tax is recognized, subject to the consideration of
prudence, on timing differences, being the difference between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods.
PROPOSED DIVIDEND:
Dividends proposed by the. Board of Directors are provided for in the
accounts pending approval at the Annual General Meeting,
OTHER ACCOUNTING POLICIES:
These are consistent with the generally accepted accounting practices.
Other information required by Schedule VI, Part II of the Companies
Act, 1956 relating to employees, imports, exports, expenditure in
foreign currency and earnings in exchange are not given as the same are
not applicable. .
Mar 31, 2012
BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
METHOD OF ACCOUNTING:
a) The Financial statement are prepared under the historical cost
convention on an accrual basis and comply with all mandatory Accounting
Standards issued by the Institute of Chartered of India and the
relevant provisions of the Companies Act, 1956.
b) The rights and liabilities pertaining to prior period operations but
arising in the current year, if material, arc shown under 'prior
period adjustments'. in the Profit & Loss Account.
FIXED ASSETS:
Tangible Fixed Assets
The "Gross Block'" of fixed assets is shown at the cost of
acquisition, which includes taxes, duties and other identifiable direct
expenses.
DEPRECIATION:
The Company has provided depreciation under Written Down Value Method
at the rates specified under Schedule XIV to the Companies Act, 1956.
.
IMPAIRMENT OF ASSETS
Impairment loss, if any, if provided to the extent, the carrying amount
of assets exceeds their recoverable amount. Recoverable amount is
higher of an assets net selling price and its value in use. Value in
use is the present value of estimated future cash flows expected to
arise from the continuing use of an asset and from its disposable at
the end of its useful life.
INVESTMENTS:
Investments held by the company are of Non Current in nature, and are
shown at cost. Provision for diminution in the value of Non Current
Investments is made only if such a decline is other than temporary in
the opinion of the management.
On disposal of an investment, the difference between its carrying
amount and net disposal proceeds is charged or credited to the
Statement of Profit &r Loss on sale of investments is determined on a
first-in-first-out (FIFO) basis.
REVENUE RECOGNITION:
All income and expenditures are accounted on accrual basis. Dividend
incomes on investments are accounted for when the right to receive the
payment is established.
PROVISION FOR TAXATION:
a) Tax expenses comprise of current and deferred tax.
b) Provision for current income tax is made on the basis of relevant
provisions of the Income tax act, 1961 as applicable to the financial
year.
c) Deferred tax charge or credit and correspondingly deferred tax asset
or liability is recognized using tax rates that have been enacted or
substantively enacted at the Balance Sheet date.
d) Deferred tax is recognized, subject to the consideration of
prudence, on timing differences, being the difference between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods.
PROPOSED DIVIDEND:
Dividend proposed by the Board of Directors is provided for in the
accounts pending approval at the Annual General Meeting.
OTHER ACCOUNTING POLICIES:
These are consistent with the generally accepted accounting practices.
Mar 31, 2010
A) The Financial statement are prepared under the historical cost
convention on an accrual basis and comply with all mandatory Accounting
Standards issued by the Institute of Chartered of India and the
relevant provisions of the Companies Act, 1956.
b) The rights and liabilities pertaining to prior period operations but
arising in the current year, if material, are shown under prior period
adjustments in the Profit & Loss Account.
FIXED ASSETS:
The "Gross Block" of fixed assets is shown at the cost of acquisition,
which includes taxes, duties and other identifiable direct expenses.
DEPRECIATION:
The Company has provided depreciation under Written Down Value Method
at the rates specified under Schedule XIV to the Companies Act, 1956.
INVESTMENTS:
Investments held by the company are of long-term nature, and are shown
at cost.
REVENUE RECOGNITION:
All income and expenditures are accounted on accrual basis. Dividend
incomes on investments are accounted for when the right to receive the
payment is established.
DEFERRED TAX ASSETS:
The Company has accounted for Deferred Tax in accordance with the
Accounting Standard 22 - "Accounting for Taxes on Income" issued by the
Council of the Institute of Chartered Accountants of India. This has
resulted in a Deferred Tax Assets amounting to Rs.3,37,585/- as at the
year end. Deferred Tax Assets for the current year amounting to Rs
3,37,385/- has been recognized in the Profit and Loss Account under
Provision for Taxation". Hence, the profit for the year has increased
to that extent. The Deferred Tax Asset/(Liability) comprises of tax
effect of timing differences, carried forward business losses and
unabsorbed depreciation.
PROPOSED DIVIDEND:
Dividend proposed by the Board of Directors is provided for in the
accounts pending approval at the Annual General Meeting.
CONTINGENT LIABILITIES
The contingent liability in respect of partly paid investments in J. M.
Financial Property Fund Rs. 20,00,000/-(Previous year - 20,00,000/-).
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