Mar 31, 2014
A. The financial statements are prepared on accrual basis of
accounting with the generally accepted accounting principles in India.,
provisions of the Companies Act, 1956 (the Act) and comply in material
aspects with the accounting standards notified under Section 211(3C) of
the Act, read with Companies (Accounting Standards) Rules,
2006.Accounting Policies not referred to otherwise are consistent with
Generally Accepted Accounting Principles and are consistent with those
used in the previous year.
b. Fixed Assets are stated at cost less depreciation. The Company
capitalises all cost relating to acquisition and installation of Fixed
Assets.
c. Depreciation has been provided on pro-rata basis on straight-line
method at the rates & on the basis specified in Schedule XIV to the
Companies Act,1956.
d. Long term investments are stated at cost after deducting provision
made for permanent diminution in the value, if any. Current investment
are stated at lower of cost & fair market value.
e. Loans & Advances are stated after making adequate provision for
doubtful advances.
f. Leave encashment benefit accrued as per Company''s Rules are charged
to the Statement of Profit & Loss.
g. Income-tax expense comprises current tax and deferred tax charge or
credit. The deferred tax asset and deferred tax liability is calculated
by applying tax rate and tax laws that have been enacted or
substantively enacted by the Balance Sheet date. 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 asset on account of other timing differences are
recognised only to the extent there is a reasonable certainty of its
realisation.At each Balance Sheet date, the carrying amount of deferred
tax asset is reviewed to reassure realisation.
h. Sales is accounted net of Sales Tax/ VAT.
i. Export sales are accounted for on the basis of the date of bill of
lading/airways bill.
j. Export benefit available under the Export Import policy of the
Government of India are accounted for in the year of export, to the
extent measurable.
k. Stock is valued at lower of cost and net realiable value. Cost
include purchase price as well as incidental expenses. Cost formula
used is either ''Specific Identification'' or ''FIFO''.
l. Transaction denominated in foreign currencies are recorded at the
exchange rates prevailing at the date of the transaction. Monetary
items denominated in Foreign currency at the year end are translated at
year end rates. The exchange differences arising on
settlement/translation are recognised in the revenue accounts.
m. Future/Option transactions
Initial and additional margin paid over and above initial margin for
entering into contracts for Equity Index/Stock Futures/Currency
Futures/ Commodities Stock Futures and or Equity Index/Stock
Options/Currency Options, which are released on final
settlement/squaring-up of underlying contracts are disclosed under
"Other current assets". Mark-to-market margin-Equity Index/Stock
Futures/ Currency Futures/Commodities Stock Futures represting the
amount paid in respect of mark to market is disclosed under "Other
current assets".
"Equity Index/Stock Option /Currency Option Premium Account" represents
premium paid or received for buying or selling the Options,
respectively.
On final settlement or squaring up of contracts for Equity Index/Stock
Futures/Currency Future / Commodities Stock Futures, the realized
profit or loss after adjusting the unrealized loss already accounted,
if any, is recognized in the Statement of Profit and Loss.
On settlement or squaring up of Equity Index / Stock Options/Currency
Option, before expiry, the premium prevailing in "Equity Index/Stock
Option/Currency Option Premium Account" on that date is recognized in
the Statement of Profit and Loss.
As at the Balance Sheet date, the Mark to Market/Unrealised
Profit/(Loss) on all outstanding future/options portfolio comprising of
Securities and Equity/Currency/Commodities Derivatives positions is
determined on scrip basis with net unrealized losses on scrip basis
being recognized in the Statement of Profit and Loss and the net
unrealized gains on scrip basis are ignored.
Segment Reporting
The Company is engaged solely in trading activity during the year and
all activities of the Company revolve around this activity. As such
there are no reportable segment as defined by Accounting Standard 17 on
Segment Reporting issued by the Institute of Chartered Accountants of
India.
Mar 31, 2013
A. The Financial statements are prepared on accrual basis of
accounting with the generally accepted accounting principles in India.,
provisions of the Companies Act, 1956 (the Act) and comply in material
aspects with the accounting standards notified under Section 211(3C)
of the Act, read with Companies (Accounting Standards) Rules, 2006.
Accounting Policies not referred to otherwise are consistent with
Generally Accepted Accounting Principles and are consistent with those
used in the previous year.
b. Fixed Assets are stated at cost less depreciation. The Company
capitalises all cost relating to acquisition and installation of Fixed
Assets.
c. Depreciation has been provided on pro-rata basis on straight-line
method at the rates & on the basis specified in Schedule XIV to the
Companies Act, 1956.
d. Long term investments are stated at cost after deducting provision
made for permanent diminution in the value, if any. Current investment
are stated at lower of cost & fair market value.
e. Loans & Advances are stated after making adequate provision for
doubtful advances.
f. Leave encashment benefit accrued as per Company''s Rules are charged
to the Statement of Profit & Loss.
g. Income-tax expense comprises current tax and deferred tax charge or
credit. The deferred tax asset and eferred tax liability is calculated
by applying tax rate and tax laws that have been enacted or
substantively enacted by the Balance Sheet date. 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 asset on account of other timing differences are
recognised only to the extent there is a reasonable certainty of its
realisation,At each Balance Sheet date, the carrying amount of deferred
tax asset is reviewed to reassure realisation.
h. Sales is exclusive of Sales Tax/VAT.
i. Export sales are accounted for on the basis of the date of bill of
lading/airways bill.
j. Export benefit available under the Export Import policy of the
Government of India are accounted for in the year of export, to the
extent measurable.
k. Stock is valued at lower of cost and net realiable value. Cost
include purchase price as well as incidental expenses. Cost formula
used is either ''Specific Identification'' or ''FIFO''
l. Transaction denominated in foreign currencies are recorded at the
exchange rates prevailing at the date of the transaction. Monetary
items denominated in Foreign currency at the year end are translated at
year end rates. The exchange differences arising on
settlement/translation are recognised in the revenue accounts.
m. Future/Option transactions
Initial and additional margin paid over and above initial margin for
entering into contracts for Equity Index/Stock Futures/Currency
Futures/ Commodities Stock Futures and or Equity Index/Stock
Options/Currency Options, which are released on final
settlement/squaring-up of underlying contracts are disclosed under
"Other current assets". Mark-to-market margin-Equity Index/Stock
Futures/ Currency Futures/Commodities Stock Futures represting the
amount paid in respect of mark to market is disclosed under "Other
current assets".
"Equity Index/Stock Option /Currency Option Premium Account" represents
premium paid or received for buying or selling the Options,
respectively.
On final settlement or squaring up of contracts for Equity Index/Stock
Futures/Currency Future/Commodities Stock Futures, the realized profit
or loss after adjusting the unrealized loss already accounted, if any,
is recognized in the Statement of Profit and Loss. On settlement or
squaring up of Equity Index/Stock Options/Currency Option, before
expiry, the premium prevailing in "Equity Index/Stock Option/Currency
Option Premium Account" on that date is recognized in the Statement of
Profit and Loss.
As at the Balance Sheet date, the Mark to Market/Unrealised
Profit/(Loss) on all outstanding future/options portfolio comprising of
Securities and Equity/Currency/Commodities Derivatives positions is
determined on scrip basis with net unrealized losses on scrip basis
being recognized in the Statement of Profit and Loss and the net
unrealized gains on scrip basis are ignored.
Mar 31, 2012
Not Available
Mar 31, 2011
A. The financial statements are prepared on accrual basis of
accounting with the generally accepted accounting principles in India.,
provisions of the Companies Act 1956 (the Act)and comply in material
aspects with the accounting standards notified under Section 211(3C)of
the Act, read with Companies (Accounting Standards) Rules,
2006.Accounting Policies not referred to otherwise are consistent with
Generally Accepted Accounting Principles and are consistent with those
used in the previous year.
b. Fixed Assets are stated at cost less depreciation. The Company
capitalises all cost relating to acquisition and installation of Fixed
Assets.
c. Depreciation has been provided on pro-rata basis on straightline
method at the rates & on the basis specified in Schedule XIV to the
Companies Act,1956.
d.Long term investments are stated at cost after deducting provision made
for permanent diminution in the value, if any. Current investments are
stated at lower of cost & fair market value.
e. Loans & Advances are stated after making adequate provision for
doubtful advances,
f. Leave encashment benefit accrued as per Company''s Rules are charged
to the Profit & Loss Account.
g. Income-tax expense comprises current tax and deferred tax charge or
credit. The deferred tax asset and deferred tax libility is calculated
by applying tax rate and tax laws that have been enacted or
substantively enacted by the Balance Sheet date. 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 asset on account of other timing differences are
recognised only to the extent there is a reasonable certainty of its
realisation.At each Balance Sheet date, the carrying amount of deferred
tax asset is reviewed to reassure realisation.
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