Mar 31, 2014
1 Basis of preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rule, 2006, (as amended) and
the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year.
2 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 revenue, 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.
3 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. The following specific recognition criteria are met
before revenue is recognized:
a) Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate.
Interest income is included under the head "Revenue from Operations" in
the statement of profit and loss.
b) Dividend
Dividend income is recognized when the company''s right to receive
dividend is established by the reporting date.
c) Other Income
Other items of revenue are recognized in accordance with the Accounting
Standard (AS-9) "Revenue Recongnition".
4 Inventories
Inventories are valued at lower of cost or net realizable value. Net
realizable value is the estimated selling prince in the ordinary course
of business, less estimated costs of completion and estimated costs
necessary to make the sale.
5 Investments:
Investments, which are readily realizable and intended to the 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.
Current investments are carried in the financial statements at lower of
cost and fair value determined on an individual investment basis. Long
Term Investments are carried at cost. However, provision for diminution
in value is made to recognize a decline other than temporary in the
value of the investments. In case of investments in mutual funds, the
net asset value of units declared by the mutual funds is considered as
the fair value.
In accordance with the Revised Schedule VI to the Companies Act, 1956,
the portion of the Long Term Investments classified above, and expected
to be realised within 12 months of the reporting date, have been
classified as current investments.
On disposal of an investment, the difference between its carrying
amount and net disposal proceeds is charged or credited to the
statement of profit and loss.
6 Earnings Per Share .
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period. Partly
paid equity shares are treated as fraction of an equity share to the
extent that they are entitled to participate in dividends relative to a
fully paid equity share during the reporting period. The Weighted
average number of equity shares outstanding during the period is
adjusted for events such as bonus issue, bonus element in a rights
issue, share spilit, and reverse share split (consolidation of shares)
that have changed the number of equity shares outstanding, without a
corresponding change in resources.
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 are
adjusted for the effects of all dilutive potential equity shares.
7 Income Taxes
Current Taxes
Provision for current income-tax is recognized in accordance with the
provisions of Indian Income- tax Act, 1961 and is made annually based
on the tax liability after taking credit for tax allowances and
exemptions.
Deferred Taxes
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to timing differences that result between the
profits offered for income taxes and the profits as per the financial
statements. Deferred tax assets and liabilities are measured using the
tax rates and the tax laws that have been enacted or substantially
enacted at the balance sheet date. Deferred tax Assets are recognized
only to the extent there is reasonable certainty that the assets can be
realized in the future. Deferred Tax Assets are reviewed as at each
Balance Sheet date
8 Contingent Liabilities
A contingent liability is a possible obligation that arise from past
events whose existence will be confirmed by the occurence or non
occurrence of one or more uncertain future events beyond the control of
the company or a present obligation that is not recognized because it
is not probable that an outflow of resources will be required to settle
the obligation. A contingent liability also arises in extremely rare
cases where there is a liability that cannot be recognized because it
cannot be measured reliably. The company does not recognize a
contingent liability but discloses its existence in the financial
statements.
9 Provisions
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 estimates.
Where the company expects some or ail of a provision to be reimbursed,
the reimbursement is recognized as a separate asset but only when the
reimbursement is virtually certain. The expense relating to any
provision is presented in the statement of profit and loss net of any
reimbursement.
10 Cash and Cash Equivalents
Cash and Cash Equivalents for the purposes of cash flow statement
comprise cash at bank, cash in hand and short term investments with an
original maturity of three months or less.
11 Miscelleneous Expenditure :
Preliminary expenditure is written off in the year in which it is
incurred, in accordance with provision of Accounting Standard - 26
"Intangible Assets".
Mar 31, 2013
1.1 Basis of preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in ail material respects with the accounting standards notified
under the Companies (Accounting Standards) Rule, 2006, (as amended) and
the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year.
1.2 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 revenue, 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.
1.3 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. The following specific recognition criteria are met
before revenue is recognized:
a) Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate,
Interest income is included under the head "Revenue from Operations" in
the statement of profit and loss.
b) Dividend
Dividend income Is recognized when the company''s right to receive
dividend is established by the reporting date.
c) Other Income
Other items of revenue are recognized in accordance with the Accounting
Standard (AS-9) "Revenue Recongnition".
1.4 Inventories
Inventories are valued at lower of cost or net realizable value. Net
realizable value is the estimated selling prince in the ordinary course
of business, less estimated costs of completion and estimated costs
necessary to make the sale.
1.5 Investments:
Investments, which are readily realizable and intended to the 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.
Current investments are carried in the financial statements at lower of
cost and fair value determined on an individual Investment basis. Long
Term Investments are carried at cost. However, provision for diminution
in value is made to recognize a decline other than temporary in the
value of the investments. In case of investments in mutual funds, the
net asset value of units declared by the mutual funds is considered as
the fair value.
In accordance with the Revised Schedule VI to the Companies Act, 1956,
the portion of the Long Term Investments classified above, and expected
to be realised within 12 months of the reporting date, have been
classified as current Investments.
On disposal of an investment, the difference between its carrying
amount and net disposal proceeds is charged or credited to the
statement of profit and loss.
1.6 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period. Partly
paid equity shares are treated as fraction of an equity share to the
extent that they are entitled to participate In dividends relative to a
fully paid equity share during the reporting period. The Weighted
average number of equity shares outstanding during the period is
adjusted for events such as bonus issue, bonus element in a rights
Issue, share spilit, and reverse share split (consolidation of shares)
that have changed the number of equity shares outstanding, without a
corresponding change in resources.
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 are
adjusted for the effects of all dilutive potential equity shares.
1.7 Income Taxes Current Taxes
Provision for current income-tax is recognized in accordance with the
provisions of Indian Income- tax Act, 1961 and is made annually based
on the tax liability after taking credit for tax allowances and
exemptions.
Deferred Taxes
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to timing differences that result between the
profits offered for income taxes and the profits as per the financial
statements. Deferred tax assets and liabilities are measured using the
tax rates and the tax laws that have been enacted or substantially
enacted at the balance sheet date. Deferred tax Assets are recognized
only to the extent there is reasonable certainty that the assets can be
realized in the future. Deferred Tax Assets are reviewed as at each
Balance Sheet date
1.8 Contingent Liabilities
A contingent liability is a possible obligation that arise from past
events whose existence will be confirmed by the occurence or non
occurrence of one or more uncertain future events beyond the control of
the company or a present obligation that Is not recognized because it
Is not probable that an outflow of resources will be required to settle
the obligation. A contingent liability also arises in extremely rare
cases where there is a liability that cannot be recognized because it
cannot be measured reliably. The company does not recognize a
contingent liability but discloses its existence In the financial
statements.
1.9 Provisions
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 estimates.
Where the company expects some or all of a provision to be reimbursed,
the reimbursement is recognized as a separate asset but only when the
reimbursement is virtually certain. The expense relating to any
provision is presented in the statement of profit and loss net of any
reimbursement.
1.10 Cash and Cash Equivalents
Cash and Cash Equivalents for the purposes of cash flow statement
comprise cash at bank, cash in hand and short term Investments with an
original maturity of three months or less.
1.11 Miscelleneous Expenditure :
Preliminary expenditure is written off in the year in which it is
Incurred, In accordance with provision of Accounting Standard - 26
"Intangible Assets".
Mar 31, 2012
1.1 Basis of preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rule, 2006, (as amended) and
the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
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.
1.2 Change in Accounting Policy:
Presentation and Disclosure of Financial Statement
During the year ended 31st March 2012, 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 has significant impact on presentation and
disclosures made in the financial statements. The company has also
reclassified the previous year's figures in accordance with the
requirements applicable in the current year.
1.3 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 revenue, 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.
1.4 Investments:
Investments, which are readily realizable and intended to the 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.
Current investments are carried in the financial statements at lower of
cost and fair value determined on an individual investment basis. Long
Term Investments are carried at cost. However, provision for diminution
in value is made to recognize a decline other than temporary in the
value of the investments. In case of investments in mutual funds, the
net asset value of units declared by the mutual funds is considered as
the fair value.
In accordance with the Revised Schedule VI to the Companies Act, 1956,
the portion of the Long Term Investments classified above, and expected
to be realised within 12 months of the reporting date, have been
classified as current investments.
On disposal of an investment, the difference between its carrying
amount and net disposal proceeds is charged or credited to the
statement of profit and loss.
1.5 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. The following specific recognition criteria are met
before revenue is recognized:
a) Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate.
Interest income is included under the head "Revenue from Operations" in
the statement of profit and loss.
b) Dividend
Dividend income is recognized when the company's right to receive
dividend is established by the reporting date.
c) Other Income
Other items of revenue are recognized in accordance with the Accounting
Standard (AS-9) "Revenue Recognition".
1.6 Income Taxes Current Taxes
Provision for current income-tax is recognized in accordance with the
provisions of Indian Income-tax Act, 1961 and is made annually based
on the tax liability after taking credit for tax allowances and
exemptions.
Deferred Taxes
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to timing differences that result between the
profits offered for income taxes and the profits as per the financial
statements. Deferred tax assets and liabilities are measured using the
tax rates and the tax laws that have been enacted or substantially
enacted at the balance sheet date. Deferred tax Assets are recognized
only to the extent there is reasonable certainty that the assets can be
realized in the future. Deferred Tax Assets are reviewed as at each
Balance Sheet date
1.7 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period. Partly
paid equity shares are treated as fraction of an equity share to the
extent that they are entitled to participate in dividends relative to a
fully paid equity share during the reporting period. The Weighted
average number of equity shares outstanding during the period is
adjusted for events such as bonus issue, bonus element in a rights
issue, share split, and reverse share split (consolidation of shares)
that have changed the number of equity shares outstanding, without a
corresponding change in resources.
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 are
adjusted for the effects of all dilutive potential equity shares.
1.8 Provisions
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 estimates.
Where the company expects some or all of a provision to be reimbursed,
the reimbursement is recognized as a separate asset but only when the
reimbursement is virtually certain. The expense relating to any
provision is presented In the statement of profit and loss net of any
reimbursement.
1.9 Contingent Liabilities
A contingent liability is a possible obligation that arise from past
events whose existence will be confirmed by the occurrence or non
occurrence of one or more uncertain future events beyond the control of
the company or a present obligation that is not recognized because it
is not probable that an outflow of resources will be required to settle
the obligation. A contingent liability also arises in extremely rare
cases where there is a liability that cannot be recognized because it
cannot be measured reliably. The company does not recognize a
contingent liability but discloses its existence in the financial
statements.
1.10 Cash and Cash Equivalents
Cash and Cash Equivalents for the purposes of cash flow statement
comprise cash at bank, cash in hand and short term investments with an
original maturity of three months or less.
1.11 Miscellaneous Expenditure :
Preliminary expenditure is written off in the year in which it is
incurred, in accordance with provision of Accounting Standard - 26
"Intangible Assets" issued by Institute of Chartered Accountant of
India.
Mar 31, 2010
1) BASIS OF PREPARATION:
Accounting Convention:
The accounts have been prepared under historical cost convention on
accrual basis and comply with the applicable Accounting Standards
referred to in Section 211 (3C) of the Companies Act, 1956.
2) USE OF ESTIMATES:
The preparation of financial statement in conformity with generally
accepted accounting principles requires management to make estimate and
assumption that affect the reported amounts of assets and liabilities
and disclosure of contingent liabilities at the date of the financial
statement and the result of operation during the reporting period end.
Although these estimate are based upon managements best knowledge of
current events and action, actual result could differ from these
estimates.
3) REVENUE RECOGNITION:
The Income and Expenses are accounted on accrual basis.
4) INVENTORIES:
Stock of shares is valued on average cost basis.
5) INVESTMENTS:
Investments held for long term are stated at cost.
6) CONTINGENT LIABILITIES:
Contingent Liabilities are not provided for in accounts.
7) PROVISION FOR DEFERRED TAX:
The Deferred Tax for the timing difference between the books and tax
profits has been recognized by the company in terms of Accounting
Standard 22, issued by the Institute of Chartered Accountants of India.
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