Mar 31, 2016
SIGNIFICANT ACCOUNTING POLICY :
Basis of Accounting :
The financial statements are prepared under historical cost convention, on an accrual basis and in accordance with relevant presentational requirements of the Companies Act, 2013 and the applicable mandatory Accounting Standards as prescribed under section 133 of Companies Act, 2013 read with rule 7 of the Companies (Accounts) Rules, 2014.
Investment :
In accordance with Accounting Standard (AS13) on " Accounting for Investments" and the guidelines issued by Reserve Bank of India, Investments are either classified as current or long term based on management''s intention at the time of purchase. Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. All other investments are classified as Non Current / Long term Investments. Current investments are stated at lower cost and market rate on an individual investment basis, unless there is decline other than temporary in the value, in which case adequate provision is made.
Earnings per share:
- Earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders, by the weighted average number of equity shares outstanding during the year.
- For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and weighted average number of shares outstanding during the year is adjusted for the effects of all dilutive potential equity shares.
Provision and Deferred Tax:
The 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 "timings difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date. The Deferred Tax Asset are recognized only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which deferred tax assets can be realized . deferred tax assets are recognized and carry forward of unabsorbed depreciation and tax losses only if there is virtual certainty that such deferred tax assets can be realized against future taxable profit. .
Contingencies:
These are disclosed by way of notes on the Balance sheet. Provisions is made in the accounts in respect of those contingencies which are likely to materialize into liabilities after the year end , till the finalization of accounts and material effect on the position stated in the Balance Sheet .
PROVISIONING FOR STANDARD ASSETS :
The Reserve Bank Of India vide their notification has issued direction to NBFC-ND-SI & NBFC-SI to make provision of 0.30% on STANDARD ASSETS for the financial year 20152016. Since the Company does not come under the current definition of NBFC-ND-SI the Company has made provision @ 0.25%.
Mar 31, 2015
Basis of Accounting :
The financial statements are prepared under historical cost convention,
on an accrual basis and in accordance with relevant presentational
requirements of the Companies Act, 2013 and the applicable mandatory
Accounting Standards as prescribed under section 133 of Companies Act,
2013 read with rule 7 of the Companies (Accounts) Rules, 2014.
Inventories:
Inventories of shares are valued at cost computed on FIFO Basis or fair
value, which ever is lower.
Recognition of Income and Expenditure :
Income and expenditure are accounted for on accrual basis. Interest
income is recognized on a time proportion basis taking into account the
amount outstanding and the rate applicable. Dividend income is
recognized when the shareholder's right to receive payment is
established by the balance sheet date.
Depreciation on Fixed Assets:
The Company has no Fixed Assets during the Financial Year under Review.
Fixed Assets:
The Company has no Fixed Assets during the Financial Year under Review.
Impairment of Assets:
The Company has no Fixed Assets during the Financial Year under Review.
Investment :
Investments that are readily realizable and intended to be held for not
more than a year are classified as Current Investments. All other
Investments are classified as Non Current Investments. Current
Investments are stated at lower of cost and market rate on an
individual investment basis. Non Current Investments are considered 'at
cost' on individual investment basis, unless there is a decline other
than temporary in the value, in which case adequate provision is made
against such diminution in the value of investments.
Earnings per share:
- Earnings per share are calculated by dividing the net profit or loss
for the year
- attributable to equity shareholders, by the weighted average number
of equity shares outstanding during the year. For the purpose of
calculating diluted earnings per share, the net profit or loss for the
year attributable to equity shareholders and weighted average number of
shares outstanding during the year is adjusted for the effects of all
dilutive potential equity shares.
1. Provision and Deferred Tax :
The 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 "timings difference" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantially enacted as on the Balance Sheet date. The
Deferred Tax Asset is recognized and carried forward only to the extent
that there is a reasonable certainty that the assets will be realized
in future.
2. Contingencies:
These are disclosed by way of notes on the Balance sheet. Provisions is
made in the accounts in respect of those contingencies which are likely
to materialize into liabilities after the year end , till the
finalization of accounts and material effect on the position stated in
the Balance Sheet .
3. PROVISIONING FOR STANDARD ASSETS :
The Reserve Bank Of India vide Notification No DNBS 223/CGM (US) 2011
DATED 17 JANUARY, 2011 has issued direction to all NBFCs to make
provision of 0.25% on STANDARD ASSETS with immediate effect.
Accordingly the Company has made provision @ 0.25%.
Mar 31, 2013
01 ACCOUNTING CONVENTIONS
The Financial Statements are prepared on Historical Cost Convention.
Financial Statements are prepared in accordance with relevant
presentational requirements of the Companies Act, 1956 and applicable
mandatory Accounting Standards.
02 INVESTMENTS
Investments are long-term investments, hence valued at cost.
03 RECOGNITION OF INCOME & EXPENDITURE
Income & Expenditures are accounted for on accrual basis, except
dividend those are accounted for on Receipt Basis.
04 PRELIMINARY EXPENSES
Preliminary Expense is amortised over a period of Five years.
05 TAXES ON INCOME
Current Tax is determined as the amount of tax payable in respect of
taxable income for the, year.
Deferred Tax is recognised, subject to consideration of prudence, in
respect of deferred tax assets / liabilities on timing difference,
being the difference between taxable income and accounting income that
originated in one period and are capable of reversal in one or more
subsequent periods.
06 CONTINGENCIES :
These are disclosed by way of notes on the Balance sheet. Provisions is
made in the accounts in respect of those contingencies which are likely
to materialize into liabilities after the year end, till the
finalization of accounts and material effect on the position stated in
the Balance Sheet
07 PROVISIONING FOR STANDARD ASSETS :
The Reserve Bank Of India vide Notification No DNBS 223 / CGM ( US )
2011 DATED 17 JANUARY, 2011 has issued direction to all NBFCs to make
provision of 0.25% on STANDARD ASSETS with immediate effect.
Accordingly the Company has made provision @ 0.25% on Standard Assets
in accordance therewith.
08 PROVISIONING FOR DEFERRED TAXES :
The 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 " timings difference " between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantially enacted as on the Balance Sheet date. The
Deferred Tax Asset is recognized and carried forward only to the extent
that there is a reasonable certainty that the assets will be realized
in future.
09 EARNING PER SHARE
Earnings per share is calculated by dividing the net profit or loss for
the year attributable to equity shareholders, by the weighted average
number of equity shares outstanding during the year
For the purpose of calculating diluted earnings per share, the net
profit or loss for the year attributable to equity shareholders and
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares
Mar 31, 2012
Not Available
Mar 31, 2011
Not Available