Mar 31, 2016
1) Summary of Significant Accounting Policies
1 Basis of Accounting:
The financial statements have been prepared on an accrual basis under the historical cost convention and as a going concern in accordance with the Indian Generally Accepted Accounting Principles (GAAP) in compliance with the Accounting Standards as specified Section 133 of the Companies Act, 2013 read with Rule 7 of Companies (Accounts) Rules, 2014 (as amended). The accounting policies have been consistently applied by the Company.
2 Use of Estimates:
The preparation of financial statements in conformity with GAAP requires the management to make estimates and assumptions that affect the reported balances of assets and liabilities (including contingent liabilities) on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that the estimates used in the preparation of financial statements are prudent and reasonable. Actual results could differ from those estimates.
3 Fixed Assets:
Fixed Assets are stated at cost of acquisition or construction less accumulated depreciation thereon. Cost includes all incidental expenses related to acquisition, construction, installation, other pre-operation expenses and borrowing costs in case of construction.
The carrying amount of cash generating units / assets is reviewed at the balance sheet date to determine whether there is any indication of impairment. If such indication exists, the recoverable amount is estimated at the net selling price or value in use, whichever is higher. Impairment loss, if any, is recognized whenever carrying amount exceeds the recoverable amount.
4 Depreciation:
a) Depreciation on Tangible Assets is provided on Written Down Value basis, at the rates determined with reference to useful lives specified in Schedule II of the Companies Act, 2013 except for carrying value of Tangible Fixed Assets as on 1st April, 2014 depreciated equally over the remaining useful life of the asset.
b) Depreciation on Additions / Deletions of assets is provided on a pro-rata basis.
5 Investments:
Investments are classified into non-current and current investments.
Long term investments are carried at cost. Provision for diminution, if any, in the value of each long term investment is made to recognize a decline, other than of a temporary nature.
Current investments are carried individually at lower of cost and fair value and the resultant decline, if any, is charged to revenue.
6 Inventories :
Shares / Debentures:
Valuation of stock in trade of Shares is carried out at lower of its cost and quoted market price, computed script wise. Cost is ascertained on First-in-First-out basis.
7 Equity Derivative Transactions:
Profit / (Loss) in respect of Equity / Index Futures / Options are accounted in the Statement of Profit and Loss on the expiry of the respective contract or on the same being settled.
In case of outstanding contracts as at the Balance Sheet date, mark to market difference is recognized in the case of losses and ignored in the case of profits, in accordance with the conservative principle of accounting.
8 Operating Cycle:
Assets and liabilities are classified into current and non-current based on the operating cycle.
9 Revenue Recognition:
a) Revenue from Sale of Shares I Debentures are recognized upon transfer of significant risks and rewards to the buyers / Customers.
b) Income of Contract / Support Services is recognized as per the terms of Contracts / Agreements.
10 Borrowing Costs:
Borrowing costs are recognized as an expense in the period in which they are incurred.
11 Foreign Exchange Transactions:
The transactions in foreign exchange are recorded at the exchange rates prevailing on the date of transactions. All monetary assets and liabilities in foreign currency are translated at the exchange rate prevailing at the date of the Balance Sheet. Any exchange gains or losses arising on the translation or settlement of such transaction are accounted for in the Statement of Profit and Loss.
12 Leases:
Where the Company is Lessee:
Lease arrangements where the risks and rewards incidental to ownership of assets substantially vest with the lessor are classified as operating leases. Operating lease payments are recognized as an expense in the Statement of Profit and Loss on a straight-line basis over the lease term.
Where the Company is Lessor:
Assets representing operating lease arrangements are included in Fixed Assets / Inventory. Lease income is recognized in the Statement of Profit and Loss on a straight-line basis over the lease term. Cost, including depreciation is recognized as an expense in the Statement of Profit and Loss.
13 Taxation:
Tax expense comprises both current and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates and tax laws.
MAT asset is recognized when it is highly probable that future economic benefit associated with it will flow to the entity.
Deferred Tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are recognized and carried forward only to the extent that there is a virtual I reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. The tax effect is calculated on the accumulated timing difference at the year-end based on the tax rates and laws enacted or substantially enacted on the balance sheet date.
14 Provisions and Contingent Liabilities:
Provisions are recognized in the accounts in respect of present probable obligation, the amount of which can be reliably estimated. Contingent liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company.
Mar 31, 2015
A Basis of Accounting :
The fnancial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India, the Accounting Standards as notified under
Companies (Accounting Standards) Rules, 2006, read with general
circular 15/2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013, the Provisions of the Companies
Act, 2013 and on the accounting principle of going concern. Expenses
and Income to the extent considered payable and receivable,
respectively, are accounted for on accrual basis, except those with
significant uncertainties.
b Use of Estimates :
The preparation of fnancial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities on the date of the
fnancial statements and the reported amounts of revenues and expenses
during the reporting period. The estimates are made to the best of the
management's knowledge considering all necessary information.
Differences, if any, between actual results and estimates are
recognized in the period in which the results are ascertained.
c Fixed Assets:
Fixed Assets are stated at cost of acquisition or construction less
accumulated depreciation. Cost includes all incidental expenses related
to acquisition and installation, other pre-operative expenses and
interest in case of construction.
The carrying amount of cash generating units / asset is reviewed at the
balance sheet date to determine whether there is any indication of
impairment. If such indication exists, the recoverable amount is
estimated at the net selling price or value in use, whichever is
higher. Impairment loss, if any, is recognized whenever carrying amount
exceeds the recoverable amount.
d Depreciation:
Depreciation on Tangible Assets is provided on WDV method at the rates
and in the manner specified in Schedule II of the Companies Act, 2013.
The carrying value of Tangible Fixed Assets as on 1st April, 2014 is
depreciated equally over the remaining useful life of the asset.
Depreciation on Additions / Deletions of assets during the year is
provided on a pro-rata basis.
The depreciation on assets is treated as period cost.
e Investments:
Investments are classified into long term and current investments.
Long term investments are carried at cost. Provision for diminution, if
any, in the value of each Long Term investment is made to recognize a
decline, other than of temporary nature.
Current investments are carried individually at lower of cost and fair
value and the resultant decline, if any, is charged to revenue.
f Inventories:
Valuation of stock in trade of Shares/Debentures is carried out at
lower of its cost and quoted market price, computed scriptwise. Cost is
assertained on First-in-First-out basis
g Operating Cycle
Assets and liabilities are classified into current and non- current
based on the operating cycle.
h Equity Derivative Transactions :
Proft / (Loss) in respect of Equity / Index Futures / Options are
accounted in the Statement of Proft and Loss on the expiry of the
respective contract or on the same being squared - off.
In case of unsettled contracts as at the Balance Sheet date, mark to
market difference is recognized in the case of losses and ignored in
case of profits, considering conservative principal.
i Revenue Recognition :
Revenue on accounts of sale of shares/Debentures is recognized upon
transfer of significant risk and rewards to the buyers.
Revenue from interest income is recognized using the time proportion
method based on the rate implicit in the transaction.
Advisory Services Income is recognized as per the terms of Contracts /
Agreements.
j Borrowing Costs :
Borrowing costs that are directly attributable to long term project
development activities are inventoried as part of project cost. Other
borrowing costs are recognized as an expense in the period in which
they are incurred.
Borrowing costs are inventoried as part of project cost when the
activities that are necessary to prepare the asset for its intended use
or sale are in progress. Inventorisation of Borrowing costs are
suspended once development work on the project is interrupted for
extended periods.
k Foreign Exchange Transactions :
The transactions in foreign exchange are accounted at the exchange rate
prevailing on the date of transactions. All monetary assets and
liabilities in foreign currency are translated at the exchange rate
prevailing at the date of the Balance Sheet. All exchange gains or
losses arising on the translation or settlement of such transactions
are accounted for in the Statement of Proft and Loss.
l Leases :
Lease arrangements where the risks and rewards incidental to ownership
of assets substantially vest with the lessor are classifed as operating
leases. Operating lease payments are recognized as an expense in the
Statement of Proft and Loss on a straight-line basis over the lease
term.
m Taxation :
Provision for the current Income Tax is made on the basis of the
estimated taxable income for the current accounting year in accordance
with Income Tax Act, 1961.
MAT credit asset is recognized and carried forward only if there is a
reasonable certainty of it being set off against regular tax payable
within the stipulated statutory period.
Deferred Tax resulting from timing differences between book and tax
profts is accounted for under the liability method, at the current rate
of tax, to the extent that the timing differences are expected to
crystallize. Deferred tax assets are recognized and carried forward
only if there is a virtual/reasonable certainty that they will be
realized and are reviewed for the appropriateness of their respective
carrying values at each balance sheet date.
n Provisions and Contingent Liabilities :
Provisions are recognised in the accounts in respect of present
probable obligation, the amount of which can be reliably estimated.
Contingent liabilities are disclosed in respect of possible obligations
that arise from past events but their existence is confrmed by the
occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company.
(d) Right and Preferences of Equity Share holders
Each shareholder is entitled for one vote per share. The shareholders
have the right to receive interim dividends declared by the Board of
Directors and final dividend proposed by the Board of Directors and
approved by the shareholders.
In the event of liquidation by the Company, the shareholders will be
entitled in proportion to the number of equity shares held by them to
receive remaining assets of the Company, after distribution of all
preferential amounts.
* 20% of Net Proft After Tax is transferred from Statement of Proft and
Loss to Reserve Fund as required by Section 45-IC of the Reserve Bank
of India Act, 1934.
Based on the information available with the Company, there are no dues
outstanding in respect of Micro, Small and Medium Enterprises as of
Balance Sheet date.
* The Company has made a provision of 0.25% on Standard Assets as
required by the Reserve Bank of India guidelines.
Mar 31, 2014
A Basis of Accounting :
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India, the Accounting Standards as notifed under
Companies (Accounting Standards) Rules, 2006, read with general
circular 15/2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013, the Provisions of the Companies
Act, 1956 and 2013 and on the accounting principle of going concern.
Expenses and Income to the extent considered payable and receivable,
respectively, are accounted for on accrual basis, except those with
significant uncertainties.
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 and disclosure of contingent 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 knowledge considering all necessary information.
Differences, if any, between actual results and estimates are
recognized in the period in which the results are ascertained.
c Fixed Assets:
Fixed Assets are stated at cost of acquisition or construction less
accumulated depreciation. Cost includes all incidental expenses related
to acquisition and installation, other pre-operative expenses and
interest in case of construction.
The carrying amount of cash generating units / asset is reviewed at the
balance sheet date to determine whether there is any indication of
impairment. If such indication exists, the recoverable amount is
estimated at the net selling price or value in use, whichever is
higher. Impairment loss, if any, is recognized whenever carrying amount
exceeds the recoverable amount.
d Depreciation:
Depreciation on Fixed Assets is provided on written down value method
at the rates specified in Schedule XIV to the Companies Act, 1956.
Depreciation on Additions / Deletions of assets during the year is
provided on a pro-rata basis.
e Investments :
Investments are classified into long term and current investments.
Long term investments are carried at cost. Provision for diminution, if
any, in the value of each Long Term investment is made to recognize a
decline, other than of temporary nature.
Current investments are carried individually at lower of cost and fair
value and the resultant decline, if any, is charged to revenue.
f Inventories :
Valuation of stock in trade of Shares is carried out at lower of its
cost and quoted market price, computed scriptwise. Cost is assertained
on First-in-First-out basis
g Equity Derivative Transactions :
profit / (Loss) in respect of Equity / Index Futures / Options are
accounted in the Statement of profit and Loss on the expiry of the
respective contract or on the same being squared - off In case of
unsettled contracts as at the Balance Sheet date, mark to market
difference is recognised in the case of losses and ignored in case of
profits, considering consetvative principal.
h Revenue Recognition :
Revenue on accounts of sale of shares is recognised upon transfer of
significant risk and rewards to the buyers. Revenue from interest
income is recognised using the time proportion method based on the rate
implicit in the transaction.
i Employee benefit:
Expenses and liabilities in respect of employee benefits are recorded in
accordance with Revised Accounting Standard 15 - Employee benefits:
i) Earned Leave
Provision for leave encashment is made on the basis of eligible leave
balances as on Balance Sheet date. An employee can avail accumulated
leave at any time during the subsequent year, however, the Company has
no scheme for encashment of the leave.
ii) Other Short Term benefits
Expense in respect of other short term benefits is recognized on the
basis of the amount paid or payable for the period during which
services are rendered by the employee.
j Borrowing Costs :
Borrowing costs that are directly attributable to long term project
development activities are inventorised as part of project cost. Other
borrowing costs are recognized as an expense in the period in which
they are incurred.
Borrowing costs are inventorised as part of project cost when the
activities that are necessary to prepare the asset for its intended use
or sale are in progress. Inventorisation of Borrowing costs are
suspended once development work on the project is interrupted for
extended periods.
k Leases :
Lease arrangements where the risks and rewards incidental to ownership
of assets substantially vest with the lessor are classified as operating
leases. Operating lease payments are recognized as an expense in the
Statement of profit and Loss on a straight-line basis over the lease
term.
l Taxation :
Provision for the current Income Tax is made on the basis of the
estimated taxable income for the current accounting year in accordance
with Income Tax Act, 1961.
MAT credit asset is recognized and carried forward only if there is a
reasonable certainty of it being set off against regular tax payable
within the stipulated statutory period. Deferred Tax resulting from
timing differences between book and tax profits is accounted for under
the liability method, at the current rate of tax, to the extent that
the timing differences are expected to crystallize. Deferred tax assets
are recognized and carried forward only if there is a
virtual/reasonable certainty that they will be realized and are
reviewed for the appropriateness of their respective carrying values at
each balance sheet date.
m Provisions and Contingent Liabilities :
Provisions are recognised in the accounts in respect of present
probable obligation, the amount of which can be reliably estimated.
Contingent liabilities are disclosed in respect of possible obligations
that arise from past events but their existence is confirmed by the
occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the company.
Mar 31, 2012
A. Basis of accounting :
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India, the Accounting Standards as notified under the
Companies (Accounting Standards) Rules, 2006, the Provisions of the
Companies Act, 1956 and on the accounting principle of going concern.
Expenses and Income to the extent considered payable and receivable,
respectively, are accounted for on accrual basis, except those with
significant uncertainties.
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 and contingent 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 knowledge considering all necessary information.
Differences, if any, between actual results and estimates are
recognized in the period in which the results are ascertained,
c. Borrowing costs :
Borrowing costs attributable to a acquisition and construction of
qualifying assets are capitalised as a part of the cost of such asset
up to the date when such asset is ready for its intended use. Other
borrowing costs are charged to Statement of Profit and Loss.
d. Fixed assets :
All Fixed Assets are stated at cost of acquisition or construction less
accumulated depreciation. Cost includes all incidental expenses related
to acquisition and installation, other pre-operation expenses and
interest in case of construction.
The carrying amount of cash generating units / asset is reviewed at the
balance sheet date to determine whether there is any indication of
impairment. If such indication exists, the recoverable amount is
estimated at the net selling price or value in use, whichever is
higher, impairment loss, if any, is recognized whenever carrying amount
exceeds the recoverable amount.
e. Depreciation :
Depreciation on Fixed Assets is provided on written down value method
at the rates specified in Schedule XIV of the Companies Act, 1956.
Depreciation on Additions / Deletions of assets during the year is
provided on a pro-rata basis.
The depreciation on assets used for construction is treated as period
cost.
f. Investments:
Investments are classified into long term and current investments.
Long term investments are carried at cost. Provision for diminution, if
any, in the value of each long term investment is made to recognize a
decline, other than of temporary nature.
Current investments are carried individually at lower of cost and fair
value and the resultant decline, if any, is charged to revenue.
g. Inventories:
Inventories are valued at lower of cost and net realisable value. It
has been accepted as taken, valued and certified by the management of
the Company.
h. Revenue recognition:
1 Revenue on accounts of sale of share is recognised upon transfer of
significant risk and rewards to the buyers,
ii Interest income is recognised on a time proportion basis.
i. Taxation :
Provision for the current income tax is made on the basis of the
estimated taxable income for the current accounting year in accordance
with Income Tax Act, 1961.
MAT is recognized and carried forward only if there is a reasonable
certainty of it being set off against regular tax payable within the
stipulated statutory period.
Deferred Tax resulting from timing differences between book and tax
profits is accounted for under the liability method, at the tax rate
and tax laws enacted or substantively enacted at the balance sheet
date, to the extent that the timing differences are expected to
crystallize, Deferred tax assets are recognized and carried forward
only if there is a virtual/reasonable certainty that they will be
realized and are reviewed for the appropriateness of their respective
carrying values at each balance sheet date.
j. Provision and contingent liabilities :
Provisions are recognised in the accounts in respect of present
probable obligation, the amount of which can be reliably estimated.
Contingent liabilities are disclosed in respect of possible obligations
that arise from past events but their existence is confirmed by the
occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the company.
Mar 31, 2011
1. SYSTEM OF ACCOUNTING:
The Financial statements are prepared on the basis of historical cost
convention on accrual basis and on going concern basis.
2. REVENUE RECOGNITION:
All known expenditure and income to the extent payable or receivable
respectively and quantifiable till the date of finalization of accounts
are accounted on accrual basis.
3. FIXED ASSETS:
Fixed assets are carried at cost of acquisition or construction
including incidental expenses related to acquisition and installation
on concerned assets, loss accumulated depreciation and amortization
4. DEPRECIATION:
Depreciation has been provided on Written Down Value method in
accordance with the provision of Section 205(2)(b) of the Companies
Act,1956 at the rate prescribed in Schedule XIV of the Companies
Act,1956 on prorate basis with reference to the date of acquisition
installation...
5. INVESTMENTS:
Long term investments are stated at cost. No provision for diminution
in the value of long tern investment is made.
6. SUNDRY DEBTORS:
No provision has been made for bad debts. Bad debts will be accounted
for in the books and to be charged to revenue, as and when they arise.
7. CONTINGENT LIABILITIES:
There were no contingent liabilities. All liabilities were accounted
forthwith.
8. RESEARCH & DEVELOPMENT:
No research and development expenditure has been incurred by the firm
during the year.
9. FOREIGN CURRENCY TRANSACTION:
The Company has not made any foreign currency transaction during the
year.
10. RETIREMENT BENEFITS:
No Provision for retirements benefits for employees has been made since
the Gratuity Acts, Provident Fund Acts not applicable to the Company.
And the Company has adopted PAY-AS-YOU-GO method for the payment of the
payment of other retirement benefits if any payable to the employees.
Mar 31, 2010
The accounts are prepared in accordance with the accounting principles
accepted in India. The Company follows accrual method of accounting.
The Significant accounting policies to the extent applicable to the
company are as under:
1. SYSTEM OF ACCOUNTING :
The Financial statements are prepared on the basis of historical cost
convention on accrual basis and on going concern basis.
2. REVENUE RECOGNITION :
All known expenditure and income to the extent payable or receivable
respectively and quantifiable till the date of finalisation of accounts
are accounted on accrual basis.
3. FIXED ASSETS:
Fixed assets are carried at cost of acquisition or construction
including incidental expenses related to acquisition and installation
on concerned assets, loss accumulated depreciation and amortization.
4. DEPRECIATION:
Depreciation has been provided on Written Down Value method in
accordance with the provision of Section 205(2)(b) of the Companies
Act, 1956 at the rate prescribed in Schedule XIV of the Companies Act,
1956 on prorata basis with reference to the date of acquisition
installation.
5. INVESTMENTS:
Long term investments are stated at cost. No provision for diminition
in the value of long term investment is made.
6. SUNDRY DEBTORS
No provision has been made for the bad debts. Bad debts will be
accounted for in the books and to be charged to revenue, as and when
they arise.
7. CONTINGENT LIABILITIES
There were no contingent liabilities. All liabilities were accounted
forthwith.
8. RESEARCH & DEVELOPMENT :
No research and development expenditure has been incurred by the firm
during the year.
9. FOREIGN CURRENCY TRANSACTION
The company has not made any foreign currency transaction during the
year.
10. RETIREMENT BENEFITS:
No provision for retirements benefits for employees has been made since
the Gratuity Act. Provident Fund Act not applicable to the company.
And the company has adopted PAY-AS- YOU-GO method for the payment of
other retirement benefits if any payable to the employees.
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