Accounting Policies of Jayant Mercantile Co. Ltd. Company

Mar 31, 2015

(a) System of Accounting:

The Company adopts the accrual concept in preparation of accounts.

(b) Fixed Assets

Fixed Assets are valued at cost less accumulated depreciation.

(c) Depreciation/ Amortization

Depreciation of Fixed Assets is provided on written down value method at rates provided in Schedule XIV of the Companies Act, 1956 and provided on pro-rata basis with reference to the date of purchase. Depreciation is not charged on immovable properties held as investment.

(d) Investments

Long term Investments are stated at cost.

(e) Provision for Current Tax and Deferred Tax

Provision for current tax is made after taking into consideration the benefits admissible under the provisions of Income Tax Act, 1961.

c. Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of Re.1/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

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Mar 31, 2014

(a) System of Accounting:

The Company adopts the accrual concept in preparation of accounts.

(b) Fixed Assets

Fixed Assets are valued at cost less accumulated depreciation.

(c) Depreciation/ Amortisation

Depreciation of Fixed Assets is provided on written down value method at rates provided in Schedule XIV of the Companies Act, 1956 and provided on pro-rata basis with reference to the date of purchase. Depreciation is not charged on immovable properties held as investment.

(d) Investments

Long term Investments are stated at cost.

(e) Provision for Current Tax and Deferred Tax

Provision for current tax is made after taking into consideration the benefits admissible under the provisions of Income Tax Act, 1961.

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Mar 31, 2012

(a) System of Accounting:

The Company adopts the accrual concept in preparation of accounts.

(b) Fixed Assets

Fixed Assets are valued at cost less accumulated depreciation.

(c) Depreciation/ Amortisation

Depreciation of Fixed Assets is provided on written down value method at rates provided in Schedule XIV of the Companies Act, 1956 and provided on pro-rata basis with reference to the date of purchase. Depreciation is not charged on immovable properties held as investment.

(d) Investments

Long term Investments are stated at cost.

(e) Provision for Current Tax and Deferred Tax

Provision for current tax is made after taking into consideration the benefits admissible under the provisions of Income Tax Act, 1961.

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Mar 31, 2011

A) SYSTEM OF ACCOUNTING :

The Company adopts the accrual concept in preparation of accounts.

b) FIXED ASSETS :

Fixed Assets are valued at cost less accumulated depreciation.

c) DEPRECIATION :

Depreciation of Fixed Assets is provided on written down value method at rates provided in Schedule XIV of the Companies Act, 1956 and provided on pro-rata basis with reference to the date of purchase. Depreciation is not charged on immovable properties held as investment.

d) TAXATION :

Provision for Current Tax is made after taking in to consideration benefits admissible under the I.T. Act, 1961.

e) INVESTMENTS :

Investments including immovable property are shown at cost.