Mar 31, 2018
1 SIGNIFICANT ACCOUNTING POLICIES:
ACCOUNTING CONCEPTS
The Company follows mercantile system of accounting, and recognizes all income and expenses on accrual basis. The financial statement have been prepared to comply in all material respect with the mandatory Accounting standards issued by the Ministry of Corporate Affairs and in accordance with Indian Generally Accepted Accounting Policies and as per the provisions of the Companies Act 2013.
FIXED ASSETS
Fixed Assets are recorded at cost of acquisition including the expenditure incurred in connection with the acquisition and installation of the assets.
DEPRECIATION
Depreciation is provided on written down value method in accordance with the rates and in the manner provided in the Schedule II to the Companies Act 2013.
INVESTMENTS
A current investment is an investment that is by its nature readily realizable and is intended to be held for not more than one year from the date on which such investment is made. A long term investment is an investment other than a current investment. An investment property is an investment in land or buildings that are not intended to be occupied substantially for use by, or in the operations of, the investing enterprise. Long term investments and are stated at cost. The carrying amount for current investments is the lower of cost and fair value determined either on an individual investment basis or by category of investment.. All long term investments are stated at cost less provision for diminution to recognize a decline, other than temporary, in the value of the investments.
INVENTORIES
Inventories of quoted shares are carried at lower of cost or net realizable value and that of unquoted Shares at cost. The cost of inventories of items that are not ordinarily inter-changeable are assigned by specific identification of their individual costs. Other inventory items are recorded using first-in-first-out cost formula. The inventories include the relevant duties, taxes, and cess other than those subsequently recoverable by the enterprise from the taxing authorities that were incurred to bring the inventory to their present location and conditions
REVENUE RECONGNITION:
Service Receipts are recognized on completion of provision of services and are recorded inclusive of all the relevant taxes and duties. The same is recognized as income on completion of transaction and at the time of performance it is not unreasonable to expect ultimate collection. Other revenue items are recognized as income on their accrual basis.
EMPLOYEE BENEFITS:
The Companyâs contribution to ESIC is accounted on accrual basis and charged to Profit and Loss Account. Gratuity is accounted as payable to Employees on Retirement or Resignation of Employees; whereas there is no defined policy enabling the employees to avail encashment of leave.
IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of the Asset exceeds its recoverable value. An impairment loss is charged to the Profit & Loss account in the year in which an asset is identified as impaired. The Impairment loss recognized in prior accounting periods is increased / reversed where there has been change in the estimate of recoverable amount. The recoverable value is the higher of the net selling price and value in use.
USE OF ESTIMATES
The preparation of financial statements requires management to make estimates and assumption that affect the reported amounts of assets and liabilities on the date of financial statements, the reported amount of revenues and expenses and the disclosures relating to contingent liabilities as on the date of financial statements. Actual results could differ from those of estimates. Any revision in accounting estimates is recognized in accordance with the respective accounting standard.
EARNINGS PER SHARE
The Company reports basic and diluted earnings per share in accordance with AS-20 âEarnings Per Shareâ. Basic earnings per share are computed by dividing the net profit or loss for the period by the weighted average number of Equity Shares outstanding during the period. Diluted earnings per share is computed by dividing the net profit or loss for the period by the weighted average number of Equity Shares outstanding during the period as adjusted for the effects of all dilutive potential equity shares.
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Contingent liabilities as defined in AS-29 âProvisions, Contingent Liabilities and Contingent Assetsâ are disclosed by way of notes to accounts. Provision is made if it becomes probable that an outflow of future economic benefits will be required for an item previously dealt with as a contingent liability.
CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby the net profit before tax is adjusted for the effects of transactions of a non-cash nature and any deferrals or accruals of the past or future cash receipts or payments. The cash flows from regular revenue generating, investing & financing activities of the company are segregated.
BORROWING COSTS
Borrowing costs that are attributable to the acquisition or construction of qualifying assets, the assets that take substantial period of time to get ready for intended use, are capitalised as part of the cost of such assets.
STATUTORY RESERVE
A Statutory Reserve of 20% of the current profit after tax is made during the year in pursuance of section 45-IC of the Reserve Bank of India Act, 1934.
PRUDENTIAL NORMS
For the purpose of identifying the assets as Non-performing assets in pursuance of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998, the Company follows generally accepted accounting principles and industry practices.
TAXES ON INCOME:
Current tax is determined as the tax payable in respect of taxable income for the year.
Deferred tax for the year is recognized on timing difference, being difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.
Deferred tax assets and liabilities are measured assuming the tax rates and tax laws that have been enacted or substantially enacted by the Balance Sheet date. Deferred tax assets are recognized and carried forward only if there is a reasonable / virtual certainty of realization.
Mar 31, 2015
ACCOUNTING CONCEPTS
The Company follows mercantile system of accounting, and recognizes all
Income and expenses on accrual basis. The financial statement have been
prepared to comply In all material respect with the mandatory
Accounting standards Issued by the Ministry of Corporate Affairs and In
accordance with Indian Generally Accepted Accounting Policies and as
per the provisions of the Companies Act 2013.
FIXED ASSETS
Fixed Assets are recorded at cost of acquisition Including the
expenditure Incurred In connection with the acquisition and
Installation of the assets.
DEPRECIATION
Depreciation Is provided on written down value method In accordance
with the rates and In the manner provided In the Schedule II to the
Companies Act 2013.
INVESTMENTS
A current Investment Is an Investment that Is by Its nature readily
realizable and Is Intended to be held for not more than one year from
the date on which such Investment Is made. A long term Investment Is an
Investment other than a current Investment. An Investment property Is
an Investment In land or buildings that are not Intended to be occupied
substantially for use by, or in the operations of, the investing
enterprise. Long term investments and are stated at cost. The carrying
amount for current investments is the lower of cost and fair value
determined either on an individual investment basis or by category of
investment. All long term investments are stated at cost less provision
for diminution to recognize a decline, other than temporary, in the
value of the investments.
INVENTORIES
Inventories of quoted shares are carried at lower of cost or net
realizable value and that of unquoted Shares at cost. The cost of
inventories of items that are not ordinarily inter-changeable are
assigned by specific identification of their individual costs. Other
inventory items are recorded using first-in-first-out cost formula. The
inventories include the relevant duties, taxes, and cess other than
those subsequently recoverable by the enterprise from the taxing
authorities that were incurred to bring the inventory to their present
location and conditions
REVENUE RECONGNITION:
Service Receipts are recognized on completion of provision of services
and are recorded inclusive of all the relevant taxes and duties. The
same is recognized as income on completion of transaction and at the
time of performance it is not unreasonable to expect ultimate
collection. Other revenue items are recognized as income on their
accrual basis.
EMPLOYEE BENEFITS:
The Company's contribution to ESIC is accounted on accrual basis and
charged to Profit and Loss Account. Gratuity is accounted as payable to
Employees on Retirement or Resignation of Employees; whereas there is
no defined policy enabling the employees to avail encashment of leave.
IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of the Asset
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss account in the year in which an asset is identified as
impaired. The Impairment loss recognized in prior accounting periods is
increased / reversed where there has been change in the estimate of
recoverable amount. The recoverable value is the higher of the net
selling price and value in use.
USE OF ESTIMATES
The preparation of financial statements requires management to make
estimates and assumption that affect the reported amounts of assets and
liabilities on the date of financial statements, the reported amount of
revenues and expenses and the disclosures relating to contingent
liabilities as on the date of financial statements. Actual results
could differ from those of estimates. Any revision in accounting
estimates is recognized in accordance with the respective accounting
standard.
EARNINGS PER SHARE
The Company reports basic and diluted earnings per share in accordance
with AS-20 "Earnings Per Share". Basic earnings per share are computed
by dividing the net profit or loss for the period by the weighted
average number of Equity Shares outstanding during the period. Diluted
earnings per share is computed by dividing the net profit or loss for
the period by the weighted average number of Equity Shares outstanding
during the period as adjusted for the effects of all dilutive potential
equity shares.
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Contingent liabilities as defined in AS-29 "Provisions, Contingent
Liabilities and Contingent Assets" are disclosed by way of notes to
accounts. Provision is made if it becomes probable that an outflow of
future economic benefits will be required for an item previously dealt
with as a contingent liability.
CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby the net
profit before tax is adjusted for the effects of transactions of a
non-cash nature and any deferrals or accruals of the past or future
cash receipts or payments. The cash flows from regular revenue
generating, investing & financing activities of the company are
segregated.
BORROWING COSTS
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets, the assets that take substantial
period of time to get ready for intended use, are capitalised as part
of the cost of such assets.
STATUTORY RESERVE
A Statutory Reserve of 20% of the current profit after tax is made
during the year in pursuance of section 45-IC of the Reserve Bank of
India Act, 1934.
PRUDENTIAL NORMS
For the purpose of identifying the assets as Non-performing assets in
pursuance of Non-Banking Financial Companies Prudential Norms (Reserve
Bank) Directions, 1998, the Company follows generally accepted
accounting principles and industry practices.
TAXES ON INCOME:
Current tax is determined as the tax payable in respect of taxable
income for the year.
Deferred tax for the year is recognized on timing difference, being
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
Deferred tax assets and liabilities are measured assuming the tax rates
and tax laws that have been enacted or substantially enacted by the
Balance Sheet date. Deferred tax assets are recognized and carried
forward only if there is a reasonable / virtual certainty of
realization.
The value on realization of current assets in the ordinary course of
business would not be less than the amount at which they are stated in
the Balance Sheet. According to the management, provision for all the
known liabilities is adequate.
The Balances of loans and advances, overdraft from bank are subject to
confirmation and reconciliation. The necessary adjustment if any will
be made in the accounts on receipt thereof.
The Company is mainly engaged in the business of providing commercial
finance and dealing in shares and securities. All other activities of
the Company revolve around the main business, and as such in the
opinion of the management, there are no separate reportable segments as
per Accounting Standard - AS - 17-"Segment Reporting" Issued by ICAI.
Loans and advances given to the employees and associates and for
projects do not carry any stipulation as to repayment of principal or
payment of interest; and are being repaid periodically. Accordingly,
these are considered as good and not considered as part of
non-performing assets.
The management has made full inquiries and is of the view that assets
of the Company in form of fixed assets and Inventories are good in
nature, and are stated at appropriate value of the respective assts;
and there is no necessity as to impairment / write down provision in
the accounts.
Mar 31, 2014
ACCOUNTING CONCEPTS
The Company follows mercantile system of accounting, and recognizes all
income and expenses on accrual basis. The financial statement have been
prepared to comply in all material respect with the mandatory
Accounting standards issued by the Ministry of Corporate Affairs and in
accordance with Indian Generally Accepted Accounting Policies and as
per the provisions of the Companies Act, 1956.
FIXED ASSETS
Fixed Assets are recorded at cost of acquisition including the
expenditure incurred in connection with the acquisition and
installation of the assets.
DEPRECIATION
Depreciation is provided on written down value method in accordance
with the rates and in the manner provided in the Schedule XIV to the
Companies Act, 1956.
INVESTMENTS
A current investment is an investment that is by its nature readily
realizable and is intended to be held for not more than one year from
the date on which such investment is made. A long term investment is an
investment other than a current investment. An investment property is
an investment in land or buildings that are not intended to be occupied
substantially for use by, or in the operations of, the investing
enterprise. Long term investments and are stated at cost. The carrying
amount for current investments is the lower of cost and fair value
determined either on an individual investment basis or by category of
investment.. All long term investments are stated at cost less
provision for diminution to recognize a decline, other than temporary,
in the value of the investments.
INVENTORIES
Inventories of quoted shares are carried at lower of cost or net
realizable value and that of unquoted Shares at cost. The cost of
inventories of items that are not ordinarily inter-changeable are
assigned by specific identification of their individual costs. Other
inventory items are recorded using first-in-first-out cost formula. The
inventories include the relevant duties, taxes, and cess other than
those subsequently recoverable by the enterprise from the taxing
authorities that were incurred to bring the inventory to their present
location and conditions
REVENUE RECONGNITION:
Service Receipts are recognized on completion of provision of services
and are recorded inclusive of all the relevant taxes and duties. The
same is recognized as income on completion of transaction and at the
time of performance it is not unreasonable to expect ultimate
collection. Other revenue items are recognized as income on their
accrual basis.
EMPLOYEE BENEFITS:
The Company''s contribution to ESIC is accounted on accrual basis and
charged to Profit and Loss Account. Gratuity is accounted as payable to
Employees on Retirement or Resignation of Employees; whereas there is
no defined policy enabling the employees to avail encashment of leave.
IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost ot the Asset
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss account in the year in which an asset is identified as
impaired. The Impairment loss recognized in prior accounting periods is
increased / reversed where there has been change in the estimate of
recoverable amount. The recoverable value is the higher of the net
selling price and value in use.
USE OF ESTIMATES
The preparation of financial statements requires management to make
estimates and assumption that affect the reported amounts of assets and
liabilities on the date of financial statements, the reported amount of
revenues and expenses and the disclosures relating to contingent
liabilities as on the date of financial statements. Actual results
could differ from those of estimates. Any revision in accounting
estimates is recognized in accordance with the respective accounting
standard.
EARNINGS PER SHARE
The Company reports basic and diluted earnings per share in accordance
with AS-20 "Earnings Per Share". Basic earnings per share are
computed by dividing the net profit or loss for the period by the
weighted average number of Equity Shares outstanding during the period.
Diluted earnings per share is computed by dividing the net profit or
loss for the period by the weighted average number of Equity Shares
outstanding during the period as adjusted for the effects of all
dilutive potential equity shares.
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Contingent liabilities as defined in AS-29 "Provisions, Contingent
Liabilities and Contingent Assets" are disclosed by way of notes to
accounts. Provision is made if it becomes probable that an outflow of
future economic benefits will be required for an item previously dealt
with as a contingent liability.
CASH FLOW STATEMENT
Cash nows are reported using the indirect method, whereby the net prom
berore tax is adjusted Tor the errects ot transactions of a non-cash
nature and any deferrals or accruals of the past or future cash
receipts or payments. The cash flows from regular revenue generating,
investing & financing activities of the company are segregated.
BORROWING COSTS
Borrowing costs that are attributable to the acquisition or
construction or qualifying assets, the assets that take substantial
period of time to get ready for intended use, are capitalised as part
of the cost of such assets.
STATUTORY RESERVE
A Statutory Reserve of 20% of the current profit after tax is made
during the year in pursuance of section 45-IC of the Reserve Bank of
India Act, 1934.
PRUDENTIAL NORMS
For the purpose ot identifying the assets as iion-penormmg assets in
pursuance ot Non-Banking Financial Companies Prudential Norms (Reserve
Bank) Directions, 1998, the Company follows generally accepted
accounting principles and industry practices.
TAXES ON INCOME:
Current tax is determined as the tax payable in respect of taxable
income for the year.
Deferred tax for the year is recognized on timing difference, being
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
Deferred tax assets and liabilities are measured assuming the tax rates
and tax laws that have been enacted or substantially enacted by the
Balance Sheet date. Deferred tax assets are recognized and carried
forward only if there is a reasonable / virtual certainty of
realization.
Mar 31, 2013
ACCOUNTING CONCEPTS
The Company follows mercantile system of accounting, and recognizes all
income and expenses on accrual basis. The financial statement have been
prepared to comply in all material respect with the mandatory
Accounting standards issued by the Ministry of Corporate Affairs and in
accordance with Indian Generally Accepted Accounting Policies and as
per the provisions of the Companies Act, 1956.
FIXED ASSETS
Fixed Assets are recorded at cost of acquisition including the
expenditure incurred in connection with the acquisition and
installation of the assets.
DEPRECIATION
Depreciation is provided on written down value method in accordance
with the rates and in the manner provided in the Schedule XIV to the
Companies Act, 1956.
INVESTMENTS
A current investment is an investment that is by its nature readily
realizable and is intended to be held for not more than one year from
the date on which such investment is made. A long term investment is an
investment other than a current investment. An investment property is
an investment in land or buildings that are not intended to be occupied
substantially for use by, or in the operations of, the investing
enterprise. Long term investments and are stated at cost. The carrying
amount for current investments is the lower of cost and fair value
determined either on an individual investment basis or by category of
investment.. All long term investments are stated at cost less
provision for diminution to recognize a decline, other than temporary,
in the value of the investments.
INVENTORIES
Inventories of quoted shares are carried at lower of cost or net
realizable value and that of unquoted Shares at cost. The cost of
inventories of items that are not ordinarily inter-changeable are
assigned by specific identification of their individual costs. Other
inventory items are recorded using first-in-first-out cost formula. The
inventories include the relevant duties, taxes, and cess other than
those subsequently recoverable by the enterprise from the taxing
authorities that were incurred to bring the inventory to their present
location and conditions
REVENUE RECONGNITION:
Service Receipts are recognized on completion of provision of services
and are recorded inclusive of all the relevant taxes and duties. The
same is recognized as income on completion of transaction and at the
time of performance it is not unreasonable to expect ultimate
collection. Other revenue items are recognized as income on their
accrual basis.
EMPLOYEE BENEFITS:
The Company''s contribution to ESIC is accounted on accrual basis and
charged to Profit and Loss Account. Gratuity is accounted as payable to
Employees on Retirement or Resignation of Employees; whereas there is
no defined policy enabling the employees to avail encashment of leave.
IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of the Asset
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss account in the year in which an asset is identified as
impaired. The Impairment loss recognized in prior accounting periods is
increased / reversed where there has been change in the estimate of
recoverable amount. The recoverable value is the higher of the net
selling price and value in use.
USE OF ESTIMATES
The preparation of financial statements requires management to make
estimates and assumption that affect the reported amounts of assets and
liabilities on the date of financial statements, the reported amount of
revenues and expenses and the disclosures relating to contingent
liabilities as on the date of financial statements. Actual results
could differ from those of estimates. Any revision in accounting
estimates is recognized in accordance with the respective accounting
standard.
EARNINGS PER SHARE
The Company reports basic and diluted earnings per share in accordance
with AS-20 "Earnings Per Share". Basic earnings per share are
computed by dividing the net profit or loss for the period by the
weighted average number of Equity Shares outstanding during the period.
Diluted earnings per share is computed by dividing the net profit or
loss for the period by the weighted average number of Equity Shares
outstanding during the period as adjusted for the effects of all
dilutive potential equity shares.
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Contingent liabilities as defined in AS-29 "Provisions, Contingent
Liabilities and Contingent Assets" are disclosed by way of notes to
accounts. Provision is made if it becomes probable that an outflow of
future economic benefits will be required for an item previously dealt
with as a contingent liability.
CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby the net
profit before tax is adjusted for the effects of transactions of a
non-cash nature and any deferrals or accruals of the past or future
cash receipts or payments. The cash flows from regular revenue
generating, investing & financing activities of the company are
segregated.
BORROWING COSTS
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets, the assets that take substantial
period of time to get ready for intended use, are capitalized as part
of the cost of such assets.
STATUTORY RESERVE
A Statutory Reserve of 20% of the current profit after tax is made
during the year in pursuance of section 45-IC of the Reserve Bank of
India Act, 1934.
PRUDENTIAL NORMS
For the purpose of identifying the assets as Non-performing assets in
pursuance of Non-Banking Financial Companies Prudential Norms (Reserve
Bank) Directions, 1998, the Company follows generally accepted
accounting principles and industry practices.
TAXES ON INCOME:
Current tax is determined as the tax payable in respect of taxable
income for the year.
Deferred tax for the year is recognized on timing difference, being
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
Deferred tax assets and liabilities are measured assuming the tax rates
and tax laws that have been enacted or substantially enacted by the
Balance Sheet date. Deferred tax assets are recognized and carried
forward only if there is a reasonable / virtual certainty of
realization.
Mar 31, 2012
ACCOUNTING CONCEPTS
The Company follows mercantile system of accounting, and recognizes all
income and expenses on accrual basis. The financial statement have been
prepared to comply in all material respect with the mandatory
Accounting standards issued by the Ministry of Corporate Affairs and in
accordance with Indian Generally Accepted Accounting Policies and as
per the provisions of the Companies Act, 1956.
FIXED ASSETS
Fixed Assets are recorded at cost of acquisition including the
expenditure incurred in connection with the acquisition and
installation of the assets.
DEPRECIATION
Depreciation is provided on written down value method in accordance
with the rates and in the manner provided in the Schedule XIV to the
Companies Act, 1956.
INVESTMENTS
A current investment is an investment that is by its nature readily
realisable and is intended to be held for not more than one year from
the date on which such investment is made. A long term investment is an
investment other than a current investment. Long term investments are
carried at cost less provision for diminution other than temporary, if
any, in value of such investments. Current investments are carried at
lower of cost and fair value.
INVENTORIES
Inventories of quoted shares are carried at lower of cost or net
realizable value and that of unquoted Shares at cost. The cost of
inventories of items that are not ordinarily inter-changeable are
assigned by specific identification of their individual costs. Other
inventory items are recorded using first-in-first-out cost formula.
The inventories include the relevant duties, taxes, and cess other than
those subsequently recoverable by the enterprise from the taxing
authorities that were incurred to bring the inventory to their present
location and conditions
REVENUE RECONGNITION:
Service Receipts are recognized on completion of provision of services
and are recorded inclusive of all the relevant taxes and duties. The
same is recognized as income on completion of transaction and at the
time of performance it is not unreasonable to expect ultimate
collection. Other revenue items are recognized as income on their
accrual basis.
EMPLOYEE .BENEFITS:
The Company's contribution to ESIC is accounted on accrual basis and
charged to Profit and Loss Account. Gratuity is accounted as payable
to Employees on Retirement or Resignation of Employees; whereas there
is no defined policy enabling the employees to avail encashment of
leave.
IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of the Asset
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss account in the year in which an asset is identified as
impaired. The Impairment loss recognized in prior accounting periods
is increased / reversed where there has been change in the estimate of
recoverable amount. The recoverable value is the higher of the net
selling price and value in use.
USE OF ESTIMATES
The preparation of financial statements requires management to make
estimates and assumption that affect the reported amounts of assets and
liabilities on the date of financial statements, the reported amount of
revenues and expenses and the disclosures relating to contingent
liabilities as on the date of financial statements. Actual results
could differ from those of estimates. Any revision in accounting
estimates is recognized in accordance with the respective accounting
standard.
EARNINGS PER SHARE
The Company reports basic and diluted earnings per share in accordance
with AS-20 'Earnings Per Share'. Basic earnings per share are
computed by dividing the net profit or loss for the period by the
weighted average number of Equity Shares outstanding during the period.
Diluted earnings per share is computed by dividing the net profit or
loss for the period by the weighted average number of Equity Shares
outstanding during the period as adjusted for the effects of all
dilutive potential equity shares.
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Contingent liabilities as defined in AS-29 'Provisions, Contingent
Liabilities and Contingent Assets' are disclosed by way of notes to
accounts. Provision is made if it becomes probable that an outflow of
future economic benefits will be required for an item previously dealt
with as a contingent liability.
CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby the net
profit before tax is adjusted for the effects of transactions of a
non-cash nature and any deferrals or accruals of the past or future
cash receipts or payments. The cash flows from regular revenue
generating, investing & financing activities of the company are
segregated.
BORROWING COSTS
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets, the assets that take substantial
period of time to get ready for intended use, are capitalised as part
of the cost of such assets.
STATUTORY RESERVE
A Statutory Reserve of 20% of the current profit after tax is made
during the year in pursuance of section 45-IC of the Reserve Bank of
India Act, 1934.
PRUDENTIAL NORMS
For the purpose of identifying the assets as Non-performing assets in
pursuance of Non-Banking Financial Companies Prudential Norms (Reserve
Bank) Directions, 1998, the Company follows generally accepted
accounting principles and industry practices.
TAXES ON INCOME:
Current tax is determined as the tax payable in respect of taxable
income for the year.
Deferred tax for the year is recognized on timing difference, being
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
Deferred tax assets and liabilities are measured assuming the tax rates
and tax laws that have been enacted or substantially enacted by the
Balance Sheet date. Deferred tax assets are recognized and carried
forward only if there is a reasonable / virtual certainty of
realization.
Mar 31, 2010
ACCOUNTING CONCEPTS:
The Company follows mercantile system of accounting, and recognizes all
income and expenses on accrual basis.
FIXED ASSETS:
Fixed Assets are recorded at cost of acquisition including the
expenditure incurred in connection with the acquisition and
installation of the assets.
DEPRECIATION:
Depreciation is provided as per the rates, and in the manner provided
in Schedule XIV to the Companies Act 1956.
INVESTMENTS:
Investments are stated at cost of acquisition. The management does not
find it necessary to provide for any diminution in the value of
investments as the decline, if any, may be due to short term stock
market forces.
INVENTORIES:
Inventories of quoted shares are carried at lower of cost or net
realizable value and that of unquoted Shares at cost. The cost of
inventories of items that are not ordinarily inter-changeable are
assigned by specific identification of their individual costs. Other
inventory items are recorded using first-in-first-out cost formula. The
inventories include the relevant duties, taxes, and cess other than
those subsequently recoverable by the enterprise from the taxing
authorities that were incurred to bring the inventory to their present
location and conditions.
REVENUE RECOGNITION:
Sale of shares is recognized on receipt of contract note from the
broker and are recorded exclusive of securities transaction tax that is
in nature of advance income-tax. Dividends are recorded in the year of
declaration and receipt. Interest on loans granted is recognized as
income on completion at the time it is not unreasonable to expect
ultimate collection. Other revenue items are recognized as income on
their accrual basis.
TAXES ON INCOME:
Current tax is determined as the tax payable in respect of taxable
income for the year.
Deferred tax for the year is recognized on timing differences, being
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.
Deferred tax assets and liabilities are measured assuming the tax rates
and tax laws that have been enacted or substantially enacted by the
Balance Sheet date. Deferred tax assets are recognized and carried
forward only if there is a reasonable / virtual certainty of
realization.
STATUTORY RESERVE:
A Statutory Reserve of 20% of the current profit after tax is made
during the year in pursuance of section 45-IC of the Reserve Bank of
India Act, 1934.
PRUDENTIAL NORMS:
For the purpose of identifying the assets as Non-performing assets in
pursuance of Non- Banking Financial Companies Prudential Norms (Reserve
Bank) Directions, 1998, the Company follows generally accepted
accounting principles and industry practices.
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