Mar 31, 2015
(i) Accounting convention The financial statements have been prepared
on historical costs and on the basis of going concern and are in
accordance with Generally Accepted Accounting Principles in India and
comply with the Accounting Standards issued by the Institute of
Chartered Accountants of India notified under section 133 of the
Companies Act, 2013. The financial statements are prepared on accrual
basis.
(ii) Use of estimates The presentation of financial statements requires
estimates and assumptions to be made that affect the reported amount of
assets and liabilities on the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
The estimates are made to the best of the management's ability
considering all necessary information. Differences, if any, between
actual results and estimates are recognized in the period in which the
results are ascertained. These being technical in nature the auditors
rely on the judgment of the management.
(iii) Revenue
(a) Revenue in respect of sale of shares activities is recognized upon
the transfer of significant risks and rewards to the buyer.
(b) Interest income is recognized on time basis determined by the
amount outstanding and the rate applicable
(iv) Investments
(a) Long-term investments includes investment held in properties are
shown at cost.
(v) Taxes on income Current tax is ascertained on the basis of taxable
income computed in accordance with the provisions of the Income Tax
Act, 1961.
(vi) Segment Reporting As per Accounting Standard (AS) 17 on "Segment
Reporting", segment information has been provided under the Notes to
Financial Statements.
(vii) Provisions The Company creates a provision when there is a
present obligation as a result of past events that probably requires an
outflow of resources and reliable estimates can be made of the amount
of the obligation.
(ix) Earnings per share Basic earnings per share is calculated by
dividing the net profit / (loss) for the year attributable to equity
shareholders by weighted average number of equity shares outstanding
during the year.
(x) Cash and cash equivalents Cash and cash equivalents for the
purposes of cash flow statement comprise cash at bank and in hand.