Mar 31, 2015
A. The financial statements have been prepared in accordance with the
generally accepted accounting principles as well as the requirements of
the Companies Act, 2013. Significant policies are as follows:-
1. Basis of Accounting :
The accounts are prepared on the accrual concept of accounting under
the historical cost convention and on the basis of going concern except
service tax which is accounted for on cash receipt & payment basis.
2. Fixed Assets :
Fixed Assets are stated at cost of acquisition inclusive of inward
freight, duties and taxes and incidental expenses relating to
acquisition.
3. Investments :
Investments are valued at cost, unless otherwise stated.
4. Inventories :
Stock of shares and securities are valued/stated at cost.
5. Depreciation :
Pursuant to the provisions of Companies Act, 2013 (the Act) becoming
effective from 1st April, 2014, the Company has adopted the specified
useful life of its Fixed Assets as per Schedule II of the Act.
6. Trading Activities :
Sale and purchase of shares and securities has been accounted for on
the basis of actual date of transaction.
7. Income Recognition :
i. Income recognition is based on recognized accounting principles
ii. Income on FMP Mutual Funds recognized on accrual basis
iii. Income on NPAs is recognized only when it is actually realized
iv. Interest on NPAs has not been booked as income, if interest has
remained due for more than six months on March 31,2015.
8. Taxation :
Current tax is determined in accordance with the provisions of Income
Tax Act, 1961.
Deferred tax has been recognized for all timing differences, subject to
consideration of prudence in respect of deferred tax assets.
Mar 31, 2014
A. The financial statements have been prepared in accordance with the
generally accepted accounting principles as well as the requirements of
the Companies Act, 1956. Significant policies are as follows:
1. Basis of Accounting :
The accounts are prepared on the accrual concept of accounting under
the historical cost convention and on the basis of going concern except
service tax which is accounted for on cash receipt & payment basis.
2. Fixed Assets:
Fixed Assets are stated at cost of acquisition inclusive of inward
freight, duties and taxes and incidental expenses relating to
acquisition.
3. Investments:
Investments are at cost, unless otherwise stated.
4. Inventories:
Stock of shares and securities are valued/stated at cost.
5. Depreciation:
Depreciation on assets is being provided on straight-line method at the
rates specified in Schedule XIV of the Companies Act, 1956.
- On pre-rata basis from the date of purchase
- On pro-rata basis to the date of disposal of assets
6. Trading Activities:
Sale and purchase of shares and securities has been accounted for on
the basis of actual date of transaction.
7. Income Recognition:
i. Income recognition is based on recognized accounting principles
ii. Income on NPAs is recognized only when it is actually realized
iii. Interest on NPAs has not been booked as income, if interest has
remained due for more than six months on March 31, 2014.
8. Taxation :
Current tax is determined in accordance with the provisions of Income
Tax Act, 1961.
Deferred tax has been recognized for all timing differences, subject to
consideration of prudence in respect of deferred tax assets.
During the period of five years immediately preceding the date of
Balance Sheet, the Company has neither issued any shares nor there is
any change in Share Capital.
Terms/Rights attached to Equity Shares:
The Company has one class of equity shares having a par value of Rs.
10/- per share. Each holder of equity shares is entitled to one vote
per share held and dividend proposed by the Board of Directors subject
to the approval of the share holders in the Annual General Meeting. In
the event of liquidation, the equity share holders are eligible to
receive the remaining assets of the Company, after distribution of the
preferential amounts, in proportion to their shareholding.
Terms/Rights attached to Preference Shares :
Preference Shares carry a preferential right in respect of dividends to
be paid at fixed rate as may be decided at the the time of their issue
by the Board of Directors of the Company. Further, will carry a
preferential right to be repaid at the time of repayment of capital in
prooportion to their shareholding. Preference shareholders will have
voting right in respect of their rights only. At present, the Company
has no issued capital under this category.
Mar 31, 2013
A. The financial statements have been prepared in accordance with the
generally accepted accounting principles as well as the requirements of
the Companies Act, 1956 Significant policies are as follows:
1. Basis of Accounting :
The accounts are prepared on the accrual concept of accounting under
the historical cost convention and on the basis of going concern except
service tax which is accounted for on cash receipt & payment basis.
2 Fixed Assets :
Fixed Assets are stated at cost of acquisition inclusive of inward
freight, duties and taxes and incidental expenses relating to
acquisition.
3. Investments :
Investments are at cost, unless otherwise stated.
4. Inventories :
Stock of shares and securities are valued/stated at cost.
5. Depreciation:
Depreciation on assets is being provided on straight-line method at the
rates specified in Schedule XIV of the Companies Act, 1956.
- On pre-rata basis from the date of purchase
- On pro-rata basis to the date of disposal of assets
6. Trading Activities :
Sale and purchase of shares and securities has been accounted for on
the basis of actual date of transaction.
7. Income Recognition :
i. Income recognition is based on recognized accounting principles
ii. Income on NPAs is recognized only when it is actually realized
iii. Interest on NPAs has not been booked as income, if interest has
remained due for more than six months on March 31, 2013.
8. Taxation :
Current tax is determined in accordance with the provisions of Income
Tax Act, 1961.
Deferred tax has been recognized for all timing differences, subject to
consideration of prudence in respect of deferred tax assets.
Mar 31, 2012
A The financial statements have been prepared in accordance with the
generally accepted accounting principles as well as the requirements of
the Companies Act, 1956 Significant policies are as follows:
1. Basis of Accounting :
The accounts are prepared on the accrual concept of accounting under
the historical cost convention and on the basis of going concern except
service tax which is accounted for on cas/receipt & payment basis.
2. Fixed Assets :
Fixed Assets are stated at cost of acquisition inclusive of inward
freight, duties and taxes and incidental expenses relating to
acquisition.
3. Investments :
Investments are at cost, unless otherwise stated.
4. Inventories :
Stock of shares and securities are valued/stated at cost.
5. Depreciation :
Depreciation on assets is being provided on straight-line method at the
rates specified in Schedule XIV of the Companies Act, 1956.
- On pre-rata basis from the date of purchase
- On pro-rata basis to the date of disposal of assets
6. Trading Activities :
Sale and purchase of shares and securities has been accounted for on
the basis of actual date of transaction.
7. Income Recognition :
i. Income recognition is based on recognized accounting principles
ii. Income on NPAs is recognized only when it is actually realized
iii. Interest on NPAs has not been booked as income, if interest has
remained due for more than six months on March 31, 2012.
8. Taxation :
Current tax is determined in accordance with the provisions of Income
Tax Act, 1961.
Deferred tax has been recognized for all timing differences, subject to
consideration of prudence in respect of deferred tax assets.
Mar 31, 2010
A The financial statements have been prepared in accordance with the
generally accepted accounting principles as well as the requirements of
the Companies Act, 1956. Significant policies are as follows :
1. Basis of Accounting :
The accounts are prepared on the accrual concept of accounting under
the historical cost convention and on the basis of going concern except
service tax which is accounted for on cash receipt & payment basis.
2. Fixed Assets :
fixed Assets are stated at cost of acquisition inclusive of inward
freight, duties and taxes and incidental expenses relating o
acquisition.
3. Investments :
Investments are at cost, unless otherwise stated.
4. Inventories :
Stock of shares and securities are valued/stated at cost.
5. Depreciation :
Depreciation on assets is being provided on straight-line method at the
rates specified in Schedule XIV of the Companies Act, 1956.
- on pro-rata basis from the date of purchase
- on pro-rata basis to the date of disposal of assets.
6. Trading Activities :
Sale and purchase of shares and securities has been accounted for on
the basis of actual date of transaction.
7. Income Recognition :
i. Income recognition is based on recognised accounting principles.
ii. Income on NPAs is recognised only when it is actually realised.
iii. Interest on NPAs has not been booked as income, if interest has
remained due for more than six months on March 31, 2010. iv. No
liability is provided on account of service tax and the same is
accounted for on cash basis.
8. Taxation :
Current Tax is determined in accordance with the provisions of Income
Tax Act, 1961. Deferred tax has been recognised for all timing
differences, subject to consideration of prudence in respect of
deferred tax assets.
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