Mar 31, 2015
I. Corporate Information:
Mishka Finance & Trading Limited is engaged in the business of Trading
various product.
ii. Basis of Accounting & Preparation of Financial Statements:
These financial statements have been prepared to comply with the
Generally Accepted Accounting Principles in India (Indian GAAP),
including the Accounting Standards notified under the relevant
provisions of the Companies Act, 2013.
iii. Inventories:
Inventories are stated at lower of cost or net realizable value.
iv. Taxes on income :
Provision for tax is made on the basis of the estimated taxable income
as per the provisions of the Income Tax Act, 1961 and the relevant
Finance Act, after taking into consideration judicial pronouncements
and opinions of the Company's tax advisors.
v. Earnings per Share:
Basic earnings per share is computed by dividing the profit/(loss)
after tax (including the post- tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year.
Diluted earnings per share is computed by dividing the profit/(loss)
after tax (including the post- tax effect of extraordinary items, if
any) as adjusted for dividend, interest and other charges to expense or
income relating to the dilutive potential equity shares, by the
weighted average number of equity shares considered for deriving basic
earnings per share and the weighted average number of shares which
could have been issued on the conversion of all dilutive potential
equity shares.
Mar 31, 2014
I. Corporate Information:
Mishka Finance & Trading Limited is public limited listed company. The
Company operates in the business of Trading.
ii. Basis of Accounting & Preparation of Financial Statements:
Preparation and presentation of financial statements of the company is
disclosed as per the revised Schedule VI notified under the Companies
Act, 1956 However, it has significant impact on presentation and
disclosures made in the financial statements. The Company has also
reclassified the previous year figures in accordance with the
requirements applicable in the current year.
The financial statements have been prepared under the historical cost
convention in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted
consistently by the Company. Accounting policies not stated explicitly
otherwise are consistent with Generally Accepted Accounting Principles
(GAAP).
The Company generally follows mercantile system of accounting and
recognize significant items of income and expenditure on accrual basis
as a going concern.
iii. Use of Estimates:
The preparation of the financial statements in conformity with Indian
GAAP requires the management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, the disclosure
of contingent liabilities on the date of the financial statements and
reported amounts of revenues and expenses for the year. The management
believes that the estimates used in preparation of the financial
statements are prudent and reasonable. Future results could differ due
to these estimates. Any revision to accounting estimates is recognized
prospectively in the current and future periods.
iv. Investments:
Investments are long term in the nature and stated at cost.
v. Revenue Recognition:
For dealing in Shares & Securities in cash market segment the same are
accounted for on the basis of bill dates received from the brokers.
vi. Employee Benefits:
Short Term Employee Benefits:
All employee benefits payable wholly within twelve months of rendering
the services are classified as short term employee benefits. Benefits
such as salaries, wages, performance incentives etc. are recognized at
actual amounts due in the period in which the employee renders the
related service.
vii. Inventories:
Inventories are stated at cost or net realisable value whichever is
lower.
viii. Taxes on income :
Provision for tax is made on the basis of the estimated taxable income
as per the provisions of the Income Tax Act, 1961 and the relevant
Finance Act, after taking into consideration judicial pronouncements
and opinions of the Company''s tax advisors.
Deferred tax is recognised, subject to the consideration of prudence,
on timing differences, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
ix. Earnings per Share:
Basic earnings per share is computed by dividing the profit/(loss)
after tax (including the post-tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year.
Diluted earnings per share is computed by dividing the profit/(loss)
after tax (including the post-tax effect of extraordinary items, if
any) as adjusted for dividend, interest and other charges to expense or
income relating to the dilutive potential equity shares, by the
weighted average number of equity shares considered for deriving basic
earnings per share and the weighted average number of shares which
could have been issued on the conversion of all dilutive potential
equity shares.
Mar 31, 2012
A) Basis of Accounting :
The accounts have been prepared on the basis of historical cost and in
accordance with applicable accounting standards. Mercantile system of
accounting is followed except certain expenditure and income which are
accounted for on payment / receipt basis on account of uncertainties.
b) Investment are shown in the Balance Sheet at cost.
In case of quoted investments, provision for diminution in value of
investments is , if such diminution is of a permanent nature in
the opinion of management.
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