Mar 31, 2015
2.1 Basis of Preparation of Financial Statements
i. The Company generally follows the mercantile system of accounting
and recognizes significant items of income and expenditure on an
accrual basis.
ii. The Financial Statements have been prepared under the historical
cost convention, in accordance with the generally accepted accounting
principles and provisions of the Companies Act, 2013 as adopted
consistently by the Company.
2.2 Use of Estimates:
The preparations of financial statements in conformity with generally
accepted Accounting Principle requires Estimates and Assumptions to be
made that affect the reported Amount of Assets and Liabilities on the
date of financial statements and the reported amounts of revenue and
expenses during the reporting period. Differences between Actual
results and estimates are recognized in the period in which the results
are known / materialized.
2.3 Fixed Assets:
Fixed Assets are stated at cost of acquisition, which includes taxes,
duties, freight, and other identifiable expenditure relating to
acquisition and installation as well as subsequent improvement.
2.4 Depreciation and Amortization:
i. The depreciation has been charged at W D V method on prorate basis
as per rates prescribed in schedule II of the Companies Act, 2013.
ii. Depreciation on additions is provided on pro-rata basis.
2.5 Investments:
Current Investments are carried out at lower of Cost and quoted/fair
value, computed category wise. Long Term investments are stated at
cost. A provision for diminution in the value of long- term investments
is made only if such a decline is other than temporary.
2.6 Inventories:
Inventories of the shares & securities are valued at cost.
2.7 Revenue Recognition:
a. Brokerage income is accounted on accrual basis. Interest income is
recognized on time proportion basis taking into account the amount
outstanding and the rate applicable.
b. Dividend income is recognized when the right to receive dividend is
established.
2.8 Provision for Current and Deferred Tax:
Income tax expense for the year comprises of current tax and deferred
tax. Current tax provision is based on tax payable under the provisions
of the Income Tax Act, 1961, which is computed in accordance with
relevant, tax laws & rates. Similarly, provision is made for Deferred
Tax for all timing difference items arising between taxable income &
accounting income or expenses as the case may be, at currently enacted
tax laws & rates.
Deferred Tax Assets are recognized only if there is reasonable
certainty that the same will realized & are reviewed for
appropriateness at the respective carrying values at each balance sheet
dates.
2.9 Treatment of Contingent Liabilities:
Contingent Liabilities are determined on the basis of available
information and disclosed by way of Notes to the Accounts.
Mar 31, 2014
1.1 Basis of Preparation of Financial Statements
i. The Company generally follows the mercantile system of accounting
and recognizes significant items of income and expenditure on an
accrual basis.
ii. The Financial Statements have been prepared under the historical
cost convention, in accordance with generally accepted accounting
principals and provisions of the Companies Act, 1956 as adopted
consistently by the Company.
1.2 Use Of Estimates:
The preparation of financial statements in conformity with generally
accepted Accounting Principle requires Estimates and Assumptions to be
made that affect the reported amount of Assets and Liabilities on the
date of financial statements and the reported amounts of revenue and
expenses during the reporting period. Differences between Actual
results and estimated are recognized in the period in which the results
are known /materialized.
1.3 Fixed Assets:
Fixed Assets are stated at cost of acquisition, which included taxes,
duties, freight and other identifiable expenditure relating to
acquisition and installation as well as subsequent improvement.
1.4 Depreciation and Amortization:
i The depreciation has been charged at WDV method on prorate basis as
per rates prescribed in schedule XIV of the Companies Act, 1956.
ii Depreciation on additions is provided n pro-data basis.
1.5 Investments:
Current Investments are carried out at lower of Cost and quoted/fair
value, computed category wise.
Long Term investments are stated at cost. A provision for diminution in
the value of long-term investments is made only if such a decline is
other than temporary.
1.6 Inventories:
Inventories of the shares &securities are valued at cost.
1.7 Revenue Recognition:
(a) Interest incomes recognized on time proportion basis taking into
account the amount outstanding and the rate applicable.
(b) Divided income is recognized when the right to receive dividend is
established.
1.8 Provision for current and Deferred Tax:
Income tax expense for the year comprises of current tax and deferred
tax. Current tax provision is based tax payable under the provisions of
the Income Tax Act, 1961, which is computed in accordance with
relevant, tax laws & rates. Similarly, provision is made for Deferred
Tax for all timing difference items arising between taxable income &
accounting income or expenses as the case may be, at currently enacted
tax laws & rates.
1.9 Treatment of Contingent Liabilities:
Contingent Liabilities are determined on the basis of available
information and disclosed by way Notes to the Accounts.
Mar 31, 2011
1. Basis of Preparation of Financial Statements
i. The Company generally follows the mercantile system of accounting
and recognizes significant items of income and expenditure on an
accrual basis.
II The Financial Statements have been prepared under the historical
cost convention, in accordance with the generally accepted accounting
principles und provisions of the Companies Act, 1956 as adopted
consistently by the Company.
2. Fixed Assets
Fixed Assets are stated at cost of acquisition, which includes taxes,
duties, freight, and other identifiable expenditure relating to
acquisition and installation as well as subsequent Improvement.
3. Depreciation and Amortization
I. The depreciation has been charged at W D V method on prorate basis
as per rates prescribed in schedule XIV of the Companies Act, 1956.
ii) Depreciation on additions is provided on pro-rata basis.
4. Investments
Current Investments are carried out at lower of Cost and quoted/fair
value, computed category wise.
Long Term investments are stated at cost. A provision for diminution in
the value of long-term Investments is made only If such a decline Is
other than temporary,
5. Inventories
Inventories of the shares & securities are valued at cost.
6. Revenue Recognition:
(a) Professional services/dividend/interest an securities I.e.
Debentures, Bonds has been accounted for on receipt basis,
(b) Expenditures are not allocated segment wise to different segments.
7. Provision for Current and Deferred Tax;
Provision For current tax is made after taking into consideration
benefits admissible under the provisions of the Income-tax Act, 19G1.
Deferred tax resulting from "timing difference" between taxable incomes
and accounting income is accounted Tor using the Lax rates and laws
that are enacted or substantively enacted as on the balance Sheets
date. Deferred Tax Asset is recognized and carried forward only to the
extent that virtual certainty that the assets will be realized in
future.
8. Treatment of Contingent Liabilities:
Contingent Liabilities are determined on the basis of available
information and disclosed by way of Notes to the Accounts.
Mar 31, 2010
1. Basis of Preparation of Financial Statements
i. The Company generally follows the mercantile system of accounting
and recognizes significant items of income and expenditure on an
accrual basis.
ii The Financial Statements have been prepared under the historical
cost convention, in accordance with the generally accepted accounting
principles and provisions of the Companies Act, 1956 as adopted
consistently by the Company.
2. Fixed Assets
Fixed Assets are stated at cost of acquisition, which includes taxes,
duties, freight, and other identifiable expenditure relating to
acquisition and installation as well as subsequent improvement.
3. Depreciation and Amortization
i) The depreciation has been charged at W D V method on prorate basis
as per rates prescribed in schedule XIV of the Companies Act, 1956.
ii) Depreciation on additions is provided on pro-rata basis.
4. Investments
Current Investments are carried out at lower of Cost and quoted/fair
value, computed category wise.
Long Term investments are stated at cost. A provision for diminution in
the value of long-term investments is made only if such a decline is
other than temporary.
5. Revenue Recognition:
Professional services/dividend/interest on securities i.e. Debentures,
Bonds has been accounted for on receipt basis.
6. Provision for Current and Deferred Tax:
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income-tax Act, 1961.
Deferred tax resulting from "timing differenceà between taxable incomes
and accounting income is accounted for using the tax rates and laws
that are enacted or substantively enacted as on the balance Sheets
date.
Deferred Tax Asset is recognized and carried forward only to the extent
that virtual certainty that the assets will be realized in future.
7. Treatment of Contingent Liabilities:
Contingent Liabilities are determined on the basis of available
information and disclosed by way of Notes to the Accounts.
Mar 31, 2009
(i) The financial statements are prepared under the historical cost
convention in accordance with applicable accounting standards and
relevant presentation requirement of the Companies Act, 1956 and on the
basis of going concern.
(ii) a) Fixed assets are stated at original cost less accumulated
Depreciation. Cost of acquisition includes of freight, duties, taxes
and other incidental expenses. (b)The depreciation has been charged at
W D V method on prorate basis as per rates prescribed in schedule XiV
of the Companies Act, 1956.
2. Revenue Recognition
(a) Professional services /dividend / interest on securities i.e.
Debentures, Bonds has been accounted for on receipt basis.
(b) Taxation provision have made as per Taxation law.
Deferred Tax Liability / Asset resulting from timing difference
between book and taxable profit is accounted for considering the tax
rate and laws enacted as on balance sheet date. Deferred tax asset, if
any, is recognised and carried forward only to the extent that there is
virtual certainty that the asset will be realised in the future.
3. Expenses
It is the companys policies to provide for all the expenses on accrual
basis.
4. Investments
Investments are valued at cost. Provision for diminution, if any, in
the value of investments is made to recognize a decline, other than
temporary. The said diminution is determined for each investment
individually. Market value is determined as>
(i) Quoted scripts are taken at the cost as investment.
(ii) Unquoted shares are taken at the cost as investment.
5. The management reviews periodically the outstanding debtors with a
view to determining whether the debtors are good, bad or doubtful after
taking in to consideration all the relevant aspects including the
Tangible, intangible, Primary and collateral Security available,
financial condition of debtors, the net-worth, standing and reputation
of guarantor, if any, projected future performance of the debtors etc.
based on such review, the management determines the extent of bad debts
to be written off or provision to be made for debts doubtful of
recovery.
6. (i) In the opinion of the board of directors Loans, Advances an
other Current Assets in ordinary course of business will not be less
than the amount as stated in the Balance Sheet. (ii) The provision for
all known liabilities have been made except Otherwise stated.
7. Loans & advances includes the amount advanced and dues from the
companies, firms wherein directors are interested and the companies
under the same management, in our opinion & as per explanations given
to us by management, such advances and the terms & conditions are in
the normal course of business and are not prejudicial to the interest
of the company.
8. Auditors Remuneration
2008-2009 2007-2008
Audit Fees Rs. 1,00,000/- 10,000/-
Other Rs. - -
9. There are no registered small scale undertaking in the list of
creditors, hence no information is give with reference to the
notification no GSR 129(E) dated 22.02.99 issued by the Department of
company Affairs, Ministry of Law, Justice and Company Affairs.
10. Remittance and Expenditure in Foreign Currency: Rs. Nil (P.Y Nil)