Mar 31, 2013
I) Basis of Preparation of financial Statements
The financial statement are prepared in accordance with Indian
Generally Accepted Accounting Principle ("GAAP") under the historical
cos convention on the accrual basis GAAP comprises Notified Accounting
Standards prescribed by the Companies (Accounting Standard) Rules 2006
as amended'', the provisions of'' the Companies Act 1956 and guidelines
issued by the Securities and Exchange Board of India (SEBI) Accounting
policies have been consistently applied except where a newly issued
accounting standard is initially adopted or a revision of an existing
accounting standard requires a change in the accounting policy hitherto
in use.
ii) Use of Estimates
The preparation of the financial statements in conformity with GAAP
require the management to make estimates and assumptions that affect
the reported balances of assets and liabilities and disclosures
relating to contingent liabilities as at the date of the financial
statements and reported amounts of income and expenses during the
period. Examples of such estimates include provisions for doubtful
debts, future obligations under employee retirement benefit plans.
income taxes. and the useful lives of fixed assets. and intangible
assets. The difference between the actual result and estimate are
recognised in the period in which results are know or materialised.
iii) Revenue Recognition
Interest is accounted for on accrual basis. Dividend is accounted for
on cash basis,
iv)
Fixed assets are stated at cost less accumulated depreciation and net
of impairment loss if any, All costs relating to the acquisition and
installation of fixed assets are capitalized,
v) Depreciation
The Company provides depreciation on WDV method at the rates specified
in Schedule XIV of the Companies Act, 1956. Leasehold 1 and is
amortized over the period of lease.
vi) Investments
investments are classified into Current Investment and Long Term
Investments. Current Investments are carried at lower of the cost or
fair / quoted value.
The Long Term investments are stated al cost, Cost is inclusive of
brokerage. fees and duties. The decline in the market quotation of the
investments other than temporary is provided wherever considered
necessary,
vii) Impairment of Assets
The fined assets are reviewed for Impairment ai each balance sheet
day. In case of am such indication, the recoverable amount of these
assets is determined. and if such recoverable amount of the asset or
cash-generating unit to which the asset belongs is less than it''s
carrying amount, the impairment Loss is recognized by writing dawn such
assets to their recoverable amount, An impairment loss is reversed if
there is change in the recoverable amount and such loss either no
longer exists or his decreased.
viii) Employee Benefits
Short-term employee benefits are charged off at the undiscounted amount
in the year in which the related service is rendered.
Gratuity and Leave Encash item is accounted on cash basis,
ix) Earning per Share
Earning per share is computed by dividing the net profit or loss for
the year attributable to equity shareholders by the weighted average
number of shares outstanding during the year.
x) Income-tax
a) Income tax expense comprises current tax and deferred tax .
b) Deferred tax asset and liabilities are recognised for the future tax
consequences of timing differences, subject to the consideration of
prudence Deferred tax assets and liabilities are measured using the tax
rate enacted or substantively enacted by the balance sheet date at the
carrying amount of deferred tax asset / liability are reviewed at each
balance sheet date.
e) Deferred tax asset arising mainly on account of brought forward
Losses and unabsorbed depreciation under tax laws, are recognised, only
if there is a virtual certainty of its realisation, supported by
convincing evidence.
Deferred tax assets on account of other timing differences are
recognised only to the extent there is a reasonable certainty of its
realisation,
xi) Prior Period items
Prior period income/expenses are accounted under the respective heads.
Material items, if any. are disclosed separately under the respective
heads.
xii) Provisions & Contingent Liabilities:
The Company creates a provision when there is a present obligation as a
result of an obligating event that probably requires an outflow of
resources and a reliable estimated can be made of the amount of the
obligation, A disclosure for a contingent liability is made when there
is a possible obligation or a present 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,
xiii) Other Accounting Policies
These are consistent with the generally accepted accounting practices.
Mar 31, 2012
I) Basis of preparation of Financial statements.
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting principles ("GAAP") under the historical
cost conversion on the accrual basis GAAP comprises Notified Accounting
standard by the companies (Accounting standard)Rules 2006 as amended
the provisions of the companies Act,1956 and guide lines issued by the
section and exchanges of the companies (SEBI) issued accounting
standard is initially adopted or a revision of an existing accounting
stand requires a changes in the accounting policy hitherto infuse.
ii) Use of Estimates.
The preparation of the financial statements in conformity with GAAP
requires the management to make and assumptions that affect the
reported balances of assets and liability and disclosures relating
amount of income and expenses during the period examples of such
estimates including provisions for doubtful debits future obligations
under employee benefit planes income and debits of fixed assets and
intangible assets the difference between the actual result and estimate
are recognized in the period in which results are know or materialized.
iii) Revenue Recognition
Interest is accounted for on accrual basis
Dividend is accounted for on cash basis.
iv) Fixed Assets
Fixed assets are stated at cost less accumulated deprecations and net of
impairment loss, if any All costs relating to the acquisition and
installation of fixed assets are capitalized.
v) Depreciation
The company provides depreciation on WDV withhold at the rates specified
in schedule XIV of the companies Act,1956
Leasehold land is amortized over the period of lease.
vi) Investments
Investments are classified in to current investment and long term
investments current investments are carried at lower of the cost or
fair/ quoted value.
The long term investments are stated at cost is inclusive of brokerage
fees and duties the decline in the market quotation of the investments
other than temporary is provided wherever considered necessary.
vii) Impairment of Assets
The fixed assets are reviewed for impairment at each balance sheet date
in case of any such indication the recoverable amount of these assets
is determined and if such recoverable amount of the asset or cash
generating unit to which the a asset belongs is less than it''s carrying
amount the impairment loss is recognized by writing down such assets to
their recoverable amount An impairment loss is reversed if there is
change in the recoverable amount and such loss either no longer exists
or has decreased.
viii) Employee Benefits
Short term employee benefits are changed off at the undiscounted amount
in the year in which the related services is rendered.
Gratuity and leave Encashment is accounted on cash basis.
ix) Earnings per share
Earnings per share is computed by dividing the net profit or loss for
the year attributable to equity shareholders by the weighted average
member of shares outstanding during the year.
x) Income-tax
a) Income tax expense companies current tax and deferred tax.
b) Deferred tax asset and liability are recognized for the future tax
consequences of timing differences. subject to the consideration of
rate enacted or substantively enacted by the balance sheet date at the
carrying amount of deferred tax asset liability are reviewed at cash
balance sheet date.
c) Deferred tax asset arising mainly on account of brought forward
losses and unabsorbed depreciation under tax laws, are recognized only
if there is a virtual certainty of its realization supported by
convincing evidence.
Deferred tax assets on account of other timing differences are
recognized only to the extent there is a reasonable certainty of its
realization.
xi) Prior period items
prior period income expenses are accounted under the respective heads
material items if any are disclosed separately under respective heads.
xii) Provisions & contingent Liabilities
The company creates a provision when there is a present obligation as a
result of an obligating event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation A disclosed for a contingent liability is made when there is
a possible obligation or a present obligation that may but probably
will not require an outflow of resources. where there is a possible
obligation ago a present obligation in respect of which he likelihood of
outflow of resources is remote. no provision or disclosure is made.
xiii) other Accounting policies
These are consistent with the generally accepted accounting practices.
Mar 31, 2011
I) Basis of Preparation of Financial Statements
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention on the accrual basis except for Dividend Income and
Employee Retirement Benefits. Which are accounted on cash basis GAAP
comprises mandatory accounting standards issued by the Institute of
Chartered Accountants of India ("ICAI"), the provisions of the
Companies Act, 1956 and guidelines issued by the Securities and
Exchange Board of India (SEBI) Accounting policies have been
consistently applied except where a newly issued accounting standard is
initially adopted or a revision of an existing accounting standard
requires a change in the accounting policy hitherto in use.
ii) Use of Estimates
The preparation of the financial statements in conformity with GAAP
requires the management to make estimates and assumptions that affect
the reported balances of assets and liabilities and disclosures
relating to contingent assets and liabilities as at the date of the
financial statements and reported amounts of income and expenses during
the period. Examples of such estimates include provisions for doubtful
debts, future obligations under employee retirement benefit plans,
income taxes, post-sales customer support and the useful lives of fixed
assets and intangible assets. The difference between the actual result
and estimate are recognised in the period in which results are known or
materialised.
iii) Revenue Recognition
Interest is accounted for on accrual basis.
Dividend is accounted for on cash basis.
All other income is accounted fro on accrual basis.
iv) Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and net
of impairment loss, if any. All costs relating to the acquisition and
installation of Fixed assets are capitalized.
v) Depreciation
The Company provides depreciation on WDV method at the rates specified
in Schedule XIV of the Companies Act, 1956
Leasehold Land is amortized over the period of lease.
vi) Investments
Investments are classified into Current Investment and Long Term
Investments Current Investments are carried at lower of the cost or
fair / quoted value. Long Term Investments are carried at cost.
Provision for diminution in the value is made only if, in the opinion
of the management, such a decline is other than temporary.
vii) Stock in Trade
Stock of shares is valued at cost of market value whichever is lower.
viii) Impairment of Assets
The fixed assets are reviewed for impairment at each balance sheet
date. In case of any such indication, the recoverable amount of these
assets is determined, and if such recoverable amount of the asset or
cash-generating unit to which the asset belongs is less than its
carrying amount, the impairment loss is recognized by writing down such
assets to their recoverable amount. An impairment loss is reversed if
there is change in the recoverable amount and such loss either no
longer exists or has decreased.
ix) Employee Benefits
Short-term employee benefits are charged off at the undiscounted amount
in the year in which the related service is rendered.
Gratuity and Leave Encashment is accounted on cash basis.
x) Earning Per Share
In accordance with the Accounting Standard 20 ( AS - 20) "Earnings Per
Share" issued by the Institute of Chartered Accountants of India, basic
/ diluted earnings per share is computed using the weighted average
number of shares outstanding during the period.
xi) Income-tax
a) Income lax expense comprises current tax and deferred tax.
b) Deferred tax asset and liabilities are recognised for the future tax
consequences of liming differences, subject to Ihe consideration of
prudence. Deferred lax assets and liabilities are measured using the
tax rate enacted or substantively enacted by the balance sheet date at
the carrying amount of deferred tax asset / liability are reviewed at
each balance sheet date.
c) Deferred tax asses arising mainly on account of brought forward
losses and unabsorbed depreciation under tax laws, are recognised, only
if there is a virtual certainty of its realisation, supported by
convincing evidence.
Deferred tax assets on account of other timing differences are
recognised only to the extent there is a reasonable certainty of its
realisation.
xii) Prior Period items
Prior period income/ expenses are accounted under the respective heads.
Material items, if any, are disclosed separately under the respective
heads.
xiii) Preliminary Expenditure
Preliminary expenses are written off over a period five years
xiv) Provisions & Contingent Liabilities:
The Company creates a provision when there is a present obligation as a
result of an obligating event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation A disclosure for a contingent liability is made when there
is a possible obligation or a present 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.
xv) Other Accounting Policies
These are consistent with the generally accepted accounting practices.
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