Mar 31, 2015
A) Basis of 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.
The financial statements are prepared on accrual basis under the
historical cost convention and are consistent with those applied in
previous year.
B) Use of Estimates
The Preparation of financial statements in Conformity with the Indian
GAAP requires judgements, 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 amount of revenues and expenses
during the reporting period. Difference between the actual results and
estimates are recognised in the period in which the result are known /
materialised.
C) Fixed Asset Tangible Assets :
Tangible Assets are stated at cost inclusive of all incidental
expenses, net of accumulated depreciation and impairment loss, if any.
Intangible Assets :
Intangible Assets are stated at cost of acquisition net of accumulated
amortisation/depletion and impairment loss, if any.
D) Depreciation & Amortisation
Depreciation on Fixed Assets is provided to the extent of depreciable
amount on the Written Down Value (WDV) method. Depreciation is provided
based on useful life of the assets as prescribed in Schedule II to the
Companies Act, 2013.
E) Impairment
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Statement in the year in which an asset is identified as impaired.
The impairment loss recognised in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
F) Tax Expense
Tax expense comprises of current tax and deferred tax. Current tax is
measured at the amount expected to be paid to the tax authorities,
using the applicable tax rates. Deferred income tax reflect the current
period timing differences between taxable income and accounting income
for the period and reversal of timing differences of earlier
years/period. Deferred tax assets are recognised only to the extent
that there is a reasonable certainty that sufficient future income will
be available except that deferred tax assets, in case there are
unabsorbed depreciation or losses, are recognised if there is virtual
certainty that sufficient future taxable income will be available to
realise the same.
G) Investments
Current investments are carried at lower of cost and quoted/fair value,
computed category-wise. Non Current investments are stated at cost.
Provision for diminution in the value of Non Current investments is
made only if such a decline is other than temporary.
H) Revenue Recognition
Revenue is recognised only when it can be reliably measured and it is
reasonable to expect ultimate collection. Interest income is recognized
on time proportion basis taking into account the amount outstanding and
rate applicable. Dividend Income is accounted for on receipt basis.
I) Expenditure
All expenses have been accounted for on accrual basis.
J) Inventories
Inventories i.e. stock of shares are valued at cost or market value
whichever is lower.
K) Employee Benefits
Short Term employee benefits are recognised as an expense at the
undiscounted amount in the statement of profit and loss of the year in
which the related service is rendered.
L) Provisions. Contingent Liabilities and Contingent Assets
Provision is recognised in the accounts when there is a present
obligation as a result of past event(s) and it is probable that an
outflow of resources will be required to settle the obligation and a
reliable estimate can be made. Provisions are not discounted to their
present value and are determined based on the best estimate required to
settle the obligation at the reporting date. These estimates are
reviewed at each reporting date and adjusted to reflect the current
best estimates.
Contingent liabilities are disclosed unless the possibility of outflow
of resources is remote.
Contingent assets are neither recognised nor disclosed in the financial
statements.
Mar 31, 2014
A) Basis of Preparation of Financial Statements:
The financial statements are prepared under historical cost convention
and on an accrual basis to comply with the accounting standards issued
by The Institute of Chartered Accountants of India referred to in
Section 211(3C) of the Companies Act, 1956.
B) Use of Estimates
The Preparation 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
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the result are known / materialised.
C) Fixed Asset
The Company capitalises Fixed assets at cost inclusive of all
incidental expenses incurred in the acquisition of such assets.
Fixed assets both tangible and intangible assets are tested for
impairment every year and impairment loss if any is provided/adjusted
as applicable.
D) Depreciation & Amortisation
Depreciation has been provided on assets in accordance with the
provision of the Schedule XIV of the Companies Act, 1956, on a straight
line method to ensure that the cost of such assets is depreciated over
the primary period of its use. Depreciation has been provided on
Pro-rata basis with respect to the period of use.
E) Provision for Current and Deffered 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 difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred tax asset is recognised and carried forward only to the extent
that there is a virtual certainty that the asset will be realised in
future.
F) Investments
Investments are capitalised at cost including brokerage and stamp duty.
In terms of the Reserve Bank of India guidelines to NBFC, all
investments are bifurcated into current investments and long term
investments. The investments acquired with the intention of short term
holding are considered as stock in trade and classified as Current
Assets and others are considered as Long term Investments. Decline in
value of long term Investments are not provided for unless it is
considered other than temporary in nature.
G) Revenue Recognition
Revenue is recognised only when it can be reliably measured and it is
reasonable to expect ultimate collection. Interest income is recognized
on time proportion basis taking into account the amount outstanding and
rate applicable. Dividend Income is accounted for on receipt basis.
H) Expenditure
All expenses have been accounted for on accrual basis.
I) Inventories
Inventories i.e. stock of shares are valued at cost or market value
whichever is lower.
J) Employee Benefits
Short Term employee benefits are recognised as an expense at the
undiscounted amount in the statement of profit and loss of the year in
which the related service is rendered.
K) Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
Mar 31, 2013
A) Basis of Preparation of Financial Statements:
The financial statements are prepared under historical cost convention
and on an accrual basis to comply with the accounting standards issued
by The institute of Chartered Accountants of India referred to in
Section 211 (3C) of the Companies Act, 1956,
B) Use of Estimates
The Preparation 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
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the result are known / materialised.
C) Fixed Asset
The Company capitalises Fixed assets at cost inclusive of all
incidental expenses incurred in the acquisition of such assets.
Fixed assets both tangible and intangible assets are tested for
impairment every year and impairment loss if any is provided/adjusted
as applicable.
D) Depreciation & Amortisation
Depreciation has been provided on assets in accordance with the
provision of the Schedule XIV of the Companies Act, 1956, on a straight
line method to ensure that the cost of such assets is depreciated over
the primary period of its use.
Depreciation has been provided on Pro-rata basis with respect to the
period of use.
E) Provision for Current and Deffered 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 difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred tax asset is recognised and carried forward only to the extent
that there is a virtual certainty that the asset will be realised in
future.
F) Investments
Investments are capitalised at cost including brokerage and stamp duty.
In terms of the Reserve Bank of India guidelines to NBFC, all
investments are bifurcated into current investments and long term
investments. The investments acquired with the intention of short term
holding are considered as stock in trade and classified as Current
Assets and others are considered as Long term Investments. Decline in
value of long term Investments are not provided for unless it is
considered other than temporary in nature.
G) Revenue Recognition
Revenue is recognised only when it can be reliably measured and it is
reasonable to expect ultimate collection. Interest income is recognized
on time proportion basis taking into account the amount outstanding and
rate applicable. Dividend Income is accounted for on receipt basis.
H) Expenditure
All expenses have been accounted for on accrual basis.
I) Inventories
Inventories i.e. stock of shares are valued at cost or market value
whichever is lower.
J) Employee Benefits
Short Term employee benefits are recognised as an expense at the
undiscounted amount in the statement of profit and loss of the year in
which the related service is rendered.
K) Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
Mar 31, 2012
A) Basis of Preparation of Financial Statements:
The financial statements are prepared under historical cost convention
and on an accrual basis to comply with the accounting standards issued
by The Institute of Chartered Accountants of India referred to in
Section 211(3C) of the Companies Act, 1956.
B) Fixed Asset
The Company capitalises Fixed assets at cost inclusive of ail
incidental expenses incurred in the acquisition of such assets.
Fixed assets both tangible and intangible assets are tested for
impairment every year and impairment loss if any is provided/adjusted
as applicable.
C) Depreciation & Amortisation
Depreciation has been provided on assets in accordance with the
provision of the Schedule XIV of the Companies Act. 1956, on a straight
line method to ensure that the cost of such assets is depreciated over
the primary period of its use.
Depreciation has been provided on Pro-rata basis with respect to the
period of use.
D) Provision for Current and Deffered 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 difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet
date.Deferred tax asset is recognised and carried forward only to the
extent that there is a virtual certainty that the asset will be
realised in future.
E) Investments
investments are capitalised at cost including brokerage and stamp duty,
in terms of the Reserve Bank of India guidelines to NBFC, all
investments are bifurcated into current investments and long term
investments. The investments acquired with the intention of short term
holding are considered as stock in trade and classified as Current
Assets and others are considered as Long term Investments. Decline in
value of long term Investments are not provided for unless it is
considered other than temporary in nature.
F) Revenue Recognition
Revenue is recognised only when it can be reliably measured and it is
reasonable to expect ultimate collection, interest income is recognized
on time proportion basis taking into account the amount outstanding and
rate applicable. Dividend Income is accounted for on receipt basis.
G) Expenditure
Ail expenses have been accounted! for on accrual basis.
H) Inventories
inventories i.e. stock of shares are valued at cost or market value
whichever is lower.
Mar 31, 2011
1.1 Fixed Assets:
a) The Company capitalises Fixed assets at cost inclusive of all
incidental expenses incurred in the acquisition of such assets.
b) Depreciation has been provided on assets in accordance with the
provision of the Schedule XIV of the Companies Act, 1956, on a straight
line method to ensure that the cost of such assets is depreciated over
the primary period of its use.
c) Depreciation has been provided on Pro-rata basis with respect to the
period of use.
1.2 Income:
a) Dividend is accounted for on receipt basis.
b) All other incomes has been recognised on accrual basis.
1.3 Expenses :
All expenses have been accounted for on accrual basis.
1.4 Contingent Liabilities :
Contingent Liabilities are not accounted for and are disclosed
separately by way of notes.
1.5 Inventories :
Inventories i.e. stock of shares are valued at cost or market value
whichever is lower.
1.6 Investments :
Investments are capitalised at cost including brokerage and stamp duty.
In terms of the Reserve Bank of India guidelines to NBFC, all
investments are bifurcated into current investments and long term
investments. The investments acquired with the intention of short term
holding are considered as stock in trade and classified as Current
Assets and others are considered as Long term Investments. Decline in
value of long term Investments are not provided for unless it is
considered other than temporary in nature.
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