Mar 31, 2014
A) Fixed Assets are stated at cost less Depreciation. Depreciation on
fixed asstes is provided as per the straight Line Method on pro rata
basis at the rates and in the manner prescribed by the schedule XIV of
the companies act 1956
b) The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions to be made that affect the reported amounts
of revenue and expenses during the reporting period, the reported
amount of assets & liabilities and the disclosures relating to the
contingent liabilities on the date of the financial statements.
Examples of such estimates include useful lives of provisions for
doubtful debts/advances, deferred tax etc. Actual results could differ
from those estimates, such difference is recognised in the period/s in
which results are known / materialised.
c) The accounts are prepared on the basis of going concern under
historical cost convention as also accrual basis and in accordance with
Accounting Standards referred to in Section 211 (3C) of the Companies
Act 1956, which have been prescribed by the Companies (Accounting
Standards) Rules 2006, and the relevant provisions of the Companies
Act, 1956.
d) Stock in Trade is valued at Cost or Market Value, whichever is
lower.
e) Long term Investments are carried at cost less provisions, if any,
for permanent diminution in value of such investment.
No Provision is considered necessary for temporary diminision in value
of such investments.
f) Current Tax is the amount of tax payable on the taxable income for
the year as determined in accordance with the provision of Income Tax
Act, 1981
g) In view of smallness of liability and uncertainty, retirement
benefit have not been provided for as per AS 15.
h) If internal / external indications suggest that an asset of the
company may be impaired, the recoverable amount of asset / cash
generating asset is determined on the Balance Sheet date and if it is
less than its carrying amount, the carrying amount of the asset / cash
generating unit is reduced to the said recoverable amount. The
recoverable amount is measured as the higher of net selling price and
value in use of such assets / cash generating unit, which is determined
by the present value otthe estimated future Cash Flows. As at the
Balance Sheet date, there was no such indication.
i) Transferred to statutory reserves u/s (45 IC) of RBI Act amounting
to Rs. 3,49,366/- for current year, where as Rs.1,68,21,728/- pertains
to prior years.
j) The Company has no other Segment except that of securities.
Therefore, segment accounting as of AS-17 is not required.
l) Income and expenditure pertaining to prior period, wherever
material, are disclosed separately.
m) The Company recognised as Provisions, the liabilities being present
obligations arising from past events, the settlement of which is
expected to result in an outflow of resources and which can be measured
only by using a substantial degree of estimation.
n) Contingent Assets are neither recognised nor disclosed.
o) Contingent Liability is disclosed by way of note to the financial
statements after careful evaluation by the management of the fact and
legal aspect of the matters involved.
Mar 31, 2013
A) The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions to be made that affect the reported amounts
of revenue and expenses during the reporting period, the reported
amount of assets 3 liabilities and We .disclosures relating to the
contingent liabilities (in the date of the .financial statements:
Examples. of surfs) estimates: include, useful lives of provisions for
doubt-: debts/advances, deferred tax etc. Actual results could differ
from those estimates, such difference is. recognized in the period/s in
which results are known /materialized.
b) The accounts are prepared on the basis of going concern under
historical cost convention as also accrual basis and in accordance
with Accounting Standards referred to in Section 21t{3C) of the
Companies Act 1955, which have been pranced by the Companies
(Accounting Standards) Rules 20C6, and the relevant provisions of the
Companies Act. 1956.
c) Stock in Trade is valued at Cost or Market Value, whichever is lower:
d) Long term Investments are carried at cost less provisions, if any,
for permanent diminution in value of such investment. No provision is
considered necessary for temporary; .dominate. in value of such
investments.
e) Current Tax is the amount of tax payable on the taxable income for
the year as determined in accordance with the provision of Income 1 ax
Act, 1S61
f) No DTA / DTL is necessary in this year.
in view of smallness of liability and uncertainty, retirement benefit
have not been provided for as per AS 15.
h) If internal I external indications suggest that an asset of the
company may be impaired, the recoverable amount of asset / cash
generating asset is determined on the Balance Sheet date and if it is
less than its carrying amount, the carrying amount of the asset / cash
generating unit is reduced to the said recoverable amount. The
recoverable amount is measured as the higher of net selling price and
value In use of such assets/cash generating unit, which is determined by
the present value of the estimated future Cash Flows. As at the Balance
Sheet date, there was no such indication.
i) Transcended to statutory reserves u/s (45 1C) of RBI Act amounting to
Rs, Nil for current year,
j) The Company has no other Segment except that of securities.
Therefore, segment accounting as of AS-17 is not required,
k) income and expenditure pertaining to poor period, wherever material,
are disclosed separately.
l) The Company recognized as Provisions, the liabilities being present
obligations arising from past events, the settlement of which is
expected to result in an outflow of resources and which can be measured
only by using a substantial degree of estimation,
m) Contingent Assets are neither recognized nor disclosed.
n) Contingent Liability is disclosed by way of note to the financial
statements after careful evaluation by the management of the fact and
legal aspect of the matters involved.
Mar 31, 2012
A) The financial statements for the year ended 31/3/2011 had been
prepared as per the then applicable pre-revised Schedule VI of the
Companies, Act 1956.Consequent to the notification of Revised Schedule
VI under Companies Act 1956, financial statements for the year ended
31/03/2012 are prepared as per Revised Schedule VI. Accordingly the
previous years figures have also been reclassified / regrouped to
conform to this year''s classifications. The adoption of Revised
Sechdule VI does not impact recognition and measurement principles
followed for the preparation of the financial statements.
b) The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make
estimate and assumptions to be made that affect the reported amounts of
revenue and expenses during the reporting period, the reported amount
of assets & liabilities and the disclosures relating to the contingent
liabilities on the date of the financial statements. Examples of such
estimates include useful lives of provisions for doubtful
debts/advances, deferred tax etc. Actual results could differ from
those estimates, such difference is recognised in the period/s in which
results are known / materialised.
c) The accounts are prepared on the basis of going concern under
historical cost convention as also accrual basis and in accordance with
Accounting Standards referred to in Section 211 (3C) of the Companies
Act 1956, which have been precribed by the Companies (Accounting
Standards) Rules 2006, and the relevant provisions of the Companies
Act. 1956.
d) Stock in Trade is valued at Cost or Market Value, whichever is
lower.
e) Long term Investments are carried at cost less provisions, if any,
for permanent diminution in value of such investment. No provision is
considered necessary for temporary diminution in value of such
investments.
f) Current Tax is the amount of tax payable on the taxable income for
the year as determined in accordance with the provision of Income Tax
Act, 1961
g) No DTA / DTL is necessary in this year.
h) In view of smallness of liability and uncertainty, retirement
benefit have not been provided for as per AS 15.
i) If internal / external indications suggest that an asset of the
company may be impaired, the recoverable amount of asset I cash
generating asset is determined on the Balance Sheet date and if it is
less than its carrying amount, the carrying amount of the asset / cash
generating unit is reduced to the said recoverable amount. The
recoverable amount is measured as the higher of net selling price and
value of such assets / cash generating unit, which is determined by the
present value of the estimated future Cash Flows. As at the Balance
Sheet date, there was no such indication.
j) Transferred to statutory reserved u/s (45 IC) of RBI Act amounting
to Rs.75,743/- for current year, where as Rs.16,745,984/- pertains to
prior years.
k) The Company has no other Segment except that of securities.
Therefore, segment accounting as of AS-17 is not required.
I) Income and expenditure pertaining to prior period , wherever
material, are disclosed separately.
m) The Company recognised as Provisions, the liabilities being present
obligations arising from past events, the settlement of which is
expected to result in an outflow of resources and which can be measured
only by using a substantial degree of estimation.
n) Contingent Assets are neither recognised nor disclosed.
o) Contingent Liability is disclosed by way of note to the financial
statements after careful evaluation by the management of the fact and
legal aspect of the matters involved.
Mar 31, 2010
A) The Company follows the Accrual System of accounting for ail Income,
Expenditure, Assets & Liabilities.
b) Stock in Trade is valued at Cost or Market Value, whichever is
lower.
c) Long term Investments are carried at cost less provisions, if any,
for permanent domination in value of such investment.
d) Fixed Assets are stated at Cost less Depreciation.
e) Depreciation on Fixed Assets is provided for as per the Straight
Line Method on pro-rata basis at the rates and in the manner prescribed
by the Schedule XTV of the Companies Act, 1986.
f) Current Tax is the amount of tax payable on toe taxable income for
the year as determined in accordance with the provision of Income Tax
Act, 1961
g) Deferred Tax is recognised, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one-or more subsequent
period. Deferred tax assets/ Liabilities in respect of depreciation on
fixed assets is recognised if there is reasonable certainty that there
will be sufficient future taxable income to realise such assets /
liabilities. Moreover deferred tax is shown net of deferred tax assets
and deferred tax liabilities. Dep as per I tax Rs 1,304,900/- Dep as
per Co Rû 1,546,012/- BalRs 241,112- DTA= "33.99% 81.954/-.
h) h view of smallness of liability and uncertainty, retirement benefit
have not been provided for as per AS 15.
i) If internal / external indications suggest that an asset of the
company may be impaired, the recoverable amount of asset / cash
generating asset is determined on the Balance Sheet date and if it is
less than its carrying amount, the carrying amount of the asset / cash
generating unit is reduced to the said recoverable amount The
recoverable amount is measured as the higher of net selling price and
value in use of such assets / cash generating unit, which is determined
by the present value of the estimated future Cash Flows. As at the
Balance Sheet date, there was no such indication.
j ) The Company has no other Segment except that of securities.
Therefore, segment accounting as of AS-17 is not required.