Mar 31, 2015
1.1 Basis of Accounting :
These financial statements are prepared in accordance with generally
accepted accounting principles applicable in India under the
historical cost convention except for certain financial instruments
which are measured at fair value. These financial statements comply
with the applicable provisions of the Companies Act, 2013 and the
accounting standards.
1.2 Use of Estimates :
The preparation of Financial Statements in conformity with the
Accounting Standards generally accepted in India Ârequires, the
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent
liabilities as at the date of the financial statements and reported
amounts of revenues and expenses for the year. Actual results could
differ from these estimates. Any revision to accounting Âestimates
is recognised prospectively in current and future periods.
1.3 Fixed Assets and Depreciation :
Tangible Assets
A Tangible Assets are stated at acquisition cost, net accumulated
depreciation and accumulated impairment losses.
B Subsequent expenditures related to an item of fixed asset are added
to its book value only if they increase the future benefits from the
existing asset beyond its previously assessed standard performance.
C Items of fixed assets that have been retired from active use and are
held for disposal are stated at the lower of their net book value and
net realisable value and are shown separately in the financial
statements. Any expected loss is recognised immediately in the
Statement of Profit and Loss.
D Losses arising from the retirement of and gains and losses arising
from disposal of fixed assets which are carried at cost are recognised
in the statement of Profit and Loss.
Intangible Assets
A Intangible assets are stated at acquisition cost, net of accumulated
amortization and accumulated impairement losses, if any. Intangible
assets are amortised on a straight line basis over their estimated
useful lives.
B Gains or losses from the retirement of and gains and losses arising
from the disposal of fixed assets which are carried at cost are
recognised in the Statement of Profit and Loss.
Methods of Depreciation and Amortisation A Depreciation on all the
fixed is provided on a Straight Line Method.
B Effective 1st April 2014, the Company depreciates its fixed assets
over the useful life in the manner prescribed in Schedule II of the
Act, as against the earlier practice of depreciating at the rates
prescribed in Schedule XIV of the Companies Act,1956
1.4 Investments :
A All the Investments are classified as Long Term Investments by the
management and are valued at cost in terms of "Non Banking Financial
Companies Prudential Norms (Reserve Bank) Directions, 1998" and
provision is made to recognize any decline in the value of
investments.
B Considering the strategic and long term nature of the investment and
the asset base of the investee companies, in the opinion of the
management the decline in the market value of certain quoted
investments and the book value of certain unquoted investment is of
temporary nature and requires no provisioning.
1.5 Inventories :
The Company was valuing closing stock of shares at cost or market
value whichever is less, where the quotes are available. The closing
stocks of shares are valued at cost or last traded price available
where the quotes are not available.
1.6 Revenue Recognition :
A Dividend income is recognised when the unconditional right to
receive the income is established.
B Interest income is recognised on time proportionate method.
C Revenue in respect of other income is recognised when no significant
uncertainty as to its determination or realisation exists.
D All expenses and incomes to the extent considered payable or
receivable are accounted for on accrual basis. However, Interest on
Calls in Arrears shall be accounted for on Cash Basis.
1.7 Taxes on Income :
A Tax expenses comprise of current and deferred tax.
B Current tax is measured at the amount expected to be paid on the
basis of reliefs and deductions available in Âaccordance with the
provisions of the Income Tax Act, 1961.
C Deferred tax reflects the impact of current year timing differences
between accounting and taxable income and reversal of timing
differences of earlier years. Deferred tax is measured based on the
tax rates and laws that have been enacted or Âsubstantively enacted
as of the balance sheet date. Deferred tax assets are recognised only
to the extent there is reasonable certainty that sufficient future
taxable income will be available against which such deferred tax
assets can be realised and are reviewed at each balance sheet date.
1.8 Leases :
Leases are classified as operating leases where the lessor effectively
retains substantially all the risks and benefits of the ownership of
the leased assets. Operating lease payments are recognised as expenses
in the Profit and Loss Account as and when paid.
1.9 Provisions, Contingent Liabilities and Contingent Assets :
Provision is recognised when the company has a present obligation as a
result of past events and it is probable that the outflow of resources
will be required to settle the obligation and in respect of which
reliable estimates can be made. A disclosure for contingent liability
is made when there is a possible obligation, that may, but probably
will not require an outflow of resources. When there is a possible
obligation or a present obligation in respect of which the likelihood
of outflow of resources is remote, no provision / disclosure is made.
Contingent assets are not recognised in the financial statements.
Provisions and contingencies are reviewed at each balance sheet date
and adjusted to reflect the correct management estimates.
1.10 Accounting of Equity Index / Stock Futures :
A Initial Margin - Equity Index/Stock Futures Account", representing
the intitial margin paid, and "Margin Deposits" representing
additional margin paid over and above the initial margin, for entering
into a contract for equity index/stock futures which are released on
final settlement/squaring-up of the underlying contract, are disclosed
under Loans & Advances.
B Equity index/stock futures are marked-to market on a daily basis.
Debit or credit balance disclosed under Loans and Advances or Current
Liabilities, respectively, in the "Mark-toMarket Margin - Equity
Index/Stock Futures Account", represents the net amount paid or
received on teh basis of movement in the prices of index/stock futures
till the balance sheet date.
C As on the balance sheet date, profit/loss on open positions in
equity index/stock futures is accounted for as follows :
* Credit balance in the "Mark-toMarket Margin - Equity Index/Stock
Futures Account", being the anticipated profit, is ignored and no
credit for the same is taken in the profit and loss account.
* Debit balance in the "Mark-toMarket Margin - Equity Index/Stock
Futures Account", being the anticipated loss, is adjusted in the
profit & loses account.
D On final settlement or squaring-up of contracts for equity
index/stock futures, the profit or loss is calculated as the
difference between the settlement/squaring-up price and the contract
price. Accordingly, debit or credit balance pertaining to the
settled/squared-up contract in "Mark to Market Margin - Equity Index
/ Stock Futures Account" after adjustment of the provision for
anticipate losses is recognised in the profit & loss account.
E When more than one contract in respect of the relevant series of
equity index/stock futures contract to which the squared-up contract
pertains is outstanding at the time of the squaring-up of the
contract, the contract price of the contract so squared-up is
determined using the weighted average cost method for calculating the
profit/loss on squaring up.
1.11 Accounting of Equity Index / Stock Options :
A "Equity Index/Stock Futures Account", representing the intitial
margin paid, and "Margin Deposits" representing additional margin
paid over and above the initial margin, for entering into a contract
for equity index/stock options, which are released on final
settlement/squaring-up of the underlying contract, are disclosed under
Loans & Advances.
B "Equity Index/Stock Option Premium Account" represents the
premium paid or received for buying or selling the options,
respectively.
C As at the balance sheet date, in the case of long positions,
provision is made for the amount by which the premium paid for those
options exceeds the premium prevailing on the balance sheet date, and
in the case of short positions, for the amount by which the premium
prevailing on the balance sheet date exceeds th premium received for
those options, and is reflected in "Provision for Loss on Equity
Index/Stock Option Account".
D When the option contracts are squared-up before the expiry of the
options, the premium prevailing on that date is recognised in the
profit and loss account. If more than oen option contract in respect
of the same index/stock with the same strikeprice and expiry date to
which the squared-up contract pertains is outstanding at time of
squaring-up of the contract, the weighted average method is followed
for determining the profit or loss.
E On the expiry of the contracts and on exercising the options, the
difference between the final settlement price and the strike price is
transferred to the profit & loss account.
F In both the above cases, the premium paid or received from buying or
selling the option, as the case may be, is recognised in the profit
and loss account for all squared-up / settled contracts.
Mar 31, 2014
1.1 Basis of Accounting:
These financial statements are prepared in accordance with generally
accepted accounting principles applicable in India under the historical
cost convention except for certain financial instruments which are
measured at fair value. These financial statements comply with the
applicable provisions of the Companies Act, 1956/ 2013 and the
accounting standards.
1.2 Use of Estimates:
The preparation of Financial Statements in conformity with the
Accounting Standards generally accepted in India ''requires, the
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent
liabilities as at the date of the financial statements and reported
amounts of revenues and expenses for the year. Actual results could
differ from these estimates. Any revision to accounting ''estimates is
recognised prospectively in current and future periods.
1.3 Fixed Assets and Depreciation :
A Fixed Assets are stated at Cost or less depreciation
B Depreciation is provided on "straight line method" as per Section 205
(2) (b) of the Companies Act, 1956 at the rates prescribed in Schedule
XIV thereto.
C Depreciation on additions/disposals of the fixed assets during the
year is provided on pro-rata basis according to the ''period during
which assets are put to use.
1.4 Investments:
A All the Investments are classified as Long Term Investments by the
management and are valued at cost in terms of "Non Banking Financial
Companies Prudential Norms (Reserve Bank) Directions, 1998" and
provision is made to recognize any decline in the value of investments.
B Considering the strategic and long term nature of the investment and
the asset base of the investee companies, in the opinion of the
management the decline in the market value of certain quoted
investments and the book value of certain unquoted investment is of
temporary nature and requires no provisioning.
1.5 Inventories:
The Company was valuing closing stock of shares at cost or market value
whichever is less, where the quotes are available. The closing stocks
of shares are valued at cost or last traded price available where the
quotes are not available.
1.6 Revenue Recognition:
A Dividend income is recognised when the unconditional right to receive
the income is established.
B Interest income is recognised on time proportionate method.
C Revenue in respect of other income is recognised when no significant
uncertainty as to its determination or realisation exists.
D All expenses and incomes to the extent considered payable or
receivable are accounted for on accrual basis. However, Interest on
Calls in Arrears shall be accounted for on Cash Basis.
1.7 Taxes on Income:
A Tax expenses comprise of current and deferred tax.
B Current tax is measured at the amount expected to be paid on the
basis of reliefs and deductions available in ''accordance with the
provisions of the Income Tax Act, 1961.
C Deferred tax reflects the impact of current year timing differences
between accounting and taxable income and reversal of timing
differences of earlier years. Deferred tax is measured based on the
tax rates and laws that have been enacted or ''substantively enacted as
of the balance sheet date. Deferred tax assets are recognised only to
the extent there is reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realised and are reviewed at each balance sheet date.
1.8 Leases:
Leases are classified as operating leases where the lessor effectively
retains substantially all the risks and benefits of the ownership of
the leased assets. Operating lease payments are recognised as expenses
in the Profit and Loss Account as and when paid.
1.9 Provisions, Contingent Liabilities and Contingent Assets:
Provision is recognised when the company has a present obligation as a
result of past events and it is probable that the outflow of resources
will be required to settle the obligation and in respect of which
reliable estimates can be made. A disclosure for contingent liability
is made when there is a possible obligation, that may, but probably
will not require an outflow of resources. When there is a possible
obligation or a present obligation in respect of which the likelihood
of outflow of resources is remote, no provision / disclosure is made.
Contingent assets are not recognised in the financial statements.
Provisions and contingencies are reviewed at each balance sheet date
and adjusted to reflect the correct management estimates.
1.10 Accounting of Equity Index/Stock Futures:
A Initial Margin- Equity Index/Stock Futures Account", representing the
initial margin paid, and "Margin Deposits" representing additional
margin paid over and above the initial margin, for entering into a
contract for equity index/stock futures which are released on final
settlement/squaring-up of the underlying contract, are disclosed under
Loans & Advances.
B Equity index/stock futures are marked-to market on a daily basis.
Debit or credit balance disclosed under Loans and Advances or Current
Liabilities, respectively, in the "Mark-to Market Margin - Equity
Index/Stock Futures Account", represents the net amount paid or
received on the basis of movement in the prices of index/stock futures
till the balance sheet date.
C As on the balance sheet date, profit/loss on open positions in equity
index/stock futures is accounted for as follows:
* Credit balance in the "Mark-to Market Margin - Equity Index/Stock
Futures Account", being the anticipated profit, is ignored and no
credit for the same is taken in the profit and loss account.
* Debit balance in the "Mark-to Market Margin - Equity Index/Stock
Futures Account", being the anticipated loss, is adjusted in the profit
& losses account.
D On final settlement or squaring-up of contracts for equity
index/stock futures, the profit or loss is calculated as the difference
between the settlement/squaring-up price and the contract price.
Accordingly, debit or credit balance pertaining to the
settled/squared-up contract in "Mark to Market Margin - Equity Index /
Stock Futures Account" after adjustment of the provision for anticipated
losses is recognised in the profit & loss account.
E When more than one contract in respect of the relevant series of
equity index/stock futures contract to which the squared-up contract
pertains is outstanding at the time of the squaring-up of the contract,
the contract price of the contract so squared-up is determined using
the weighted average cost method for calculating the profit/loss on
squaring up.
1.11 Accounting of Equity Index/Stock Options:
A "Equity Index/Stock Futures Account", representing the initial
margin paid, and "Margin Deposits" representing additional margin paid
over and above the initial margin, for entering into a contract for
equity index/stock options, which are released on final
settlement/squaring-up of the underlying contract, are disclosed under
Loans & Advances.
B "Equity Index/Stock Option Premium Account" represents the premium
paid or received for buying or selling the options, respectively.
C As at the balance sheet date, in the case of long positions,
provision is made for the amount by which the premium paid for those
options exceeds the premium prevailing on the balance sheet date, and
in the case of short positions, for the amount by which the premium
prevailing on the balance sheet date exceeds the premium received for
those options, and is reflected in "Provision for Loss on Equity
Index/Stock Option Account".
D When the option contracts are squared-up before the expiry of the
options, the premium prevailing on that date is recognised in the
profit and loss account. If more than one option contract in respect of
the same index/stock with the same strike price and expiry date to which
the squared-up contract pertains is outstanding at time of squaring-up
of the contract, the weighted average method is followed for
determining the profit or loss.
E On the expiry of the contracts and on exercising the options, the
difference between the final settlement pries and the strike price is
transferred to the profit & loss account.
F In both the above cases, the premium paid or received from buying or
selling the option, as the case may be, is recognised in the profit and
loss account for all squared-up/settled contracts.
Mar 31, 2013
1.1 Basis of Accounting :
The financial statements are prepared under the historical cost
convention on the "Accrual Concept" of accountancy in accordance with
the accounting principles generally accepted in India and they comply
with the Accounting Standards prescribed in the Companies [Accounting
Standards ] Rules, 2006 issued by the Central Government to the extent
applicable and with the applicable provisions of the Companies Act,
1956.
1.2 Presentation and disclosure of financial statements:
For the year ended 31st march 2013, the Revised Schedule VI notified
under The Companies Act,1956 has become applicable principles followed
for preparation of financial statements. However it has significant
impact on presentation and disclosures made in the financial statement.
The company has also reclassified, regrouped the previous year figures
in accordance with the requirements applicable in the Current Year.
1.3 Use of Estimates :
The preparation of Financial Statements in conformity with the
Accounting Standards generally accepted in India requires, the
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent
liabilities as at the date of the financial statements and reported
amounts of revenues and expenses for the year. Actual results could
differ from these estimates. Any revision to accounting estimates is
recognized prospectively in current and future periods.
1.4 Fixed Assets and Depreciation :
A. Fixed Assets are stated at Cost or less depreciation
B. Depreciation is provided on "straight line method" as per Section
205 (2) (b) of the Companies Act, 1956 at the rates prescribed in
Schedule XIV thereto.
C. Depreciation on additions / disposals of the fixed assets during
the year is provided on pro-rata basis according to the ''period during
which assets are put to use.
1.5 Investments:
A. All the Investments are classified as Long Term Investments by the
management and are valued at cost in terms of "Non Banking Financial
Companies Prudential Norms (Reserve Bank) Directions, 1998Qand
provision is made to recognize any decline in the value of investments.
B. Considering the strategic and long term nature of the investment
and the asset base of the investee companies, in the opinion of the
management the decline in the market value of certain quoted
investments and the book value of certain unquoted investment is of
temporary nature and requires no provisioning.
1.6 Inventories:
The Company was valuing closing stock of shares at cost or market value
whichever is less, where the quotes are available. The closing stocks
of shares are valued at cost or last traded price available where the
quotes are not avail able.
1.7 Revenue Recognition :
A. Dividend income is recognized when the unconditional right to
receive the income is established.
B. Interest income is recognized on time proportionate method.
C. Revenue in respect of other income is recognized when no
significant uncertainty as to its determination or realization exists.
D. All expenses and incomes to the extent considered payable or
receivable are accounted for on accrual basis. However, Interest on
Calls in Arrears shall be accounted for on Cash Basis.
1.8 Taxes on Income:
A. Tax expenses comprise of current and deferred tax.
B. Current tax is measured at the amount expected to be paid on the
basis of reliefs and deductions available in ''accordance with the
provisions of the Income Tax Act, 1961.
C. Deferred tax reflects the impact of current year timing differences
between accounting and taxable income and reversal of timing
differences of earlier years. Deferred tax is measured based on the tax
rates and laws that have been enacted or ''substantively enacted as of
the balance sheet date. Deferred tax assets are recognized only to the
extent there is reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realized and are reviewed at each balance sheet date.
1.9 Leases :
Leases are classified as operating leases where the less or effectively
retains substantially all the risks and benefits of the ownership of
the leased assets. Operating lease payments are recognized as expenses
in the Profit and Loss Account sand when paid.
1.10 Provisions, Contingent Liabilities and Contingent Assets:
Provision is recognized when the company has a present obligation as a
result of past events and it is probable that the outflow of resources
will be required to settle the obligation and in respect of which
reliable estimates can be made. A disclosure for contingent liability
is made when there is a possible obligation, that may, but probably
will not require an outflow of resources. When there is a possible
obligation or present obligation in respect of which the likelihood of
outflow of resources is remote, no provision / disclosure is made.
Contingent assets are not recognized in the financial statements.
Provisions and contingencies are reviewed at each balance sheet date
and adjusted to reflect the correct management estimates.
1.11 Accounting of Equity Index/Stock Futures:
A. Initial Margin - Equity Index/Stock Futures Account",
representing the initial margin paid, and "Margin Deposits"
representing additional margin paid over and above the initial margin,
for entering into a contract for equity index/stock futures which are
released on final settlement/squaring-up of the underlying contract, are
disclosed under Loans & Advances.
B. Equity index/stock futures are marked-to market on a daily basis.
Debit or credit balance disclosed under Loans and Advances or Current
Liabilities, respectively, in the "Mark-to Market Margin -Equity
Index/Stock Futures Account", represents the net amount paid or
received on ten basis of movement in the prices of index/stock futures
till the balance sheet date.
C. As on the balance sheet date, profit/loss on open positions in
equity index/stock futures is accounted for as follows:
* Credit balance in the "Mark-to Market Margin - Equity Index/Stock
Futures Account", being the anticipated profit, is ignored and no
Credit for the same is taken in the profit and loss account.
* Debit balance in the "Mark-to Market. Margin - Equity Index/Stock
Futures Account", being the anticipated loss, is adjusted in the profit
& loss account.
D. On final settlement or squaring-up of contracts for equity
index/stock futures;, the profit or loss is calculated as the
difference between the settlement/squaring-up price and the contract
price.
Accordingly, debit or credit balance pertaining to the
settled/squared-up contract in "Mark to Market Margin - Equity Index /
Stock Futures Account" after adjustment of the provision for anticipated
losses is recognized in the profit & loss account.
E. When more than one contract in respect of the relevant series of
equity index/stock futures contract to which the squared-up contract
pertains is outstanding at the time of the squaring-up of the contract,
the contract price of the contract so squared-up is determined using the
weighted average cost method for calculating the profit/loss on squaring
up.
1.12 Accounting of Equity Index/Stock Options:
A. "Equity Index/Stock Futures Account", representing the initial
margin paid, and "Margin Deposits" representing additional margin
Paidover and above the initial margin, for entering into contractor
equity index/stock options, which are released on final
settlement/squaring-up of the underlying contract, are disclosed under
Loans & Advances.
B. "Equity Index/Stock Option Premium Account" represents the premium
paid for buying or selling the options, respectively.
C. As at the balance sheet date, in the case of long positions,
provision is made for the amount by which the premium paid for those
options exceeds the premium prevailing on the balance sheet date, and
in the case of short positions, for the amount by which the premium
prevailing on the balance sheet date exceeds the premium
received for those options, arid is reflected in "Provision for Loss on
Equity Index/Stock Option Account".
D. When the option contracts are squared-up before the expiry of the
options, the premium prevailing on that date is recognized in the
profited lo.ss account. If more than oen option contract in respect
of the same index/stock with the same strike price and expiry date to
which the squared-up contract pertains is outstanding at time of
squaring-up of the contract, the weighted average method is followed for
determining the profit or loss.
E. On the expiry of the contracts and on exercising the options, the
difference between the final settlement price and the strike price is
transferred to the profit & loss account.
F. In both the above cases, the premium paid or received from buying
or selling the option, as the case may be, is recognized in the
profited loss account for all squared-up/settled contracts.
Mar 31, 2012
1.1 Basis of Accounting :
The financial statements are prepared under the historical cost
convention on the "Accrual Concept" of accountancy in accordance with
the accounting principles generally accepted in India and they comply
with the Accounting Standards prescribed in the Companies ( Accounting
Standards) Rules, 2006 issued by the Central Government to the extent
applicable and with the applicable provisions of the Companies Act,
1956.
1.2 Presentation and disclosure of financial statements :
For the year ended 31st march 2012, the Revised Schedule VI notified
under The Companies Act,1956 has become applicable principles followed
for preparation of financial statements. However it has significant
impact on presentation and disclosures made in the financial statement.
The company has also reclassified, regrouped the previous year figures
in accordance with the requirements applicable in the Current Year.
1.3 Use of Estimates :
The preparation of Financial Statements in conformity with the
Accounting Standards generally accepted in India 'requires, the
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent
liabilities as at the date of the financial statements and reported
amounts of revenues and expenses for the year. Actual results could
differ from these estimates. Any revision to accounting 'estimates is
recognised prospectively in current and future periods.
1.4 Fixed Assets and Depreciation :
A. Fixed Assets are stated at Cost or less depreciation
B. Depreciation is provided on "straight line method" as per Section 205
(2) (b) of the Companies Act,1956 at the rates prescribed in Schedule
XIV thereto.
C. Depreciation on additions/disposals of the fixed assets during the
year is provided on pro-rata basis according to the 'period during
which assets are put to use.
1.5 Investments :
A. All the Investments are classified as Long Term Investments by the
management and are valued at cost in terms of "Non Banking Financial
Companies Prudential Norms (Reserve Bank) Directions, 1998Ã and
provision is made to recognize any decline in the value of investments.
B. Considering the strategic and long term nature of the investment and
the asset base of the investee companies, in the opinion of the
management the decline in the market value of certain quoted
investments and the book value of certain unquoted investment is of
temporary nature and requires no provisioning.
1.6 Inventories :
The Company was valuing closing stock of shares at cost or market value
whichever is less, where the quotes are available. The closing stocks
of shares are valued at cost or last traded price available where the
quotes are not available.
1.7 Revenue Recognition :
A. Dividend income is recognised when the unconditional right to
receive the income is established.
B. Interest income is recognised on time proportionate method.
C. Revenue in respect of other income is recognised when no significant
uncertainty as to its determination or realisation exists.
D. All expenses and incomes to the extent considered payable or
receivable are accounted for on accrual basis. However, Interest on
Calls in Arrears shall be accounted for on Cash Basis.
1.8 Taxes on Income :
A. Tax expenses comprise of current and deferred tax.
B. Current tax is measured at the amount expected to be paid on the
basis of reliefs and deductions available in accordance with the
provisions of the Income Tax Act, 1961.
C. Deferred tax reflects the impact of current year timing differences
between accounting and taxable income and reversal of timing
differences of earlier years. Deferred tax is measured based on the tax
rates and laws that have been enacted or 'substantively enacted as of
the balance sheet date. Deferred tax assets are recognised only to the
extent there is reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realised and are reviewed at each balance sheet date.
1.9 Leases :
Leases are classified as operating leases where the lessor effectively
retains substantially all the risks and benefits of the ownership of
the leased assets. Operating lease payments are recognised as expenses
in the Profit and Loss Account as and when paid.
1.10 Provisions, Contingent Liabilities and Contingent Assets :
Provision is recognised when the company has a present obligation as a
result of past events and it is probable that the outflow of resources
will be required to settle the obligation and in respect of which
reliable estimates can be made. A disclosure for contingent liability
is made when there is a possible obligation, that may, but probably
will not require an outflow of resources. When there is a possible
obligation or a present obligation in respect of which the likelihood
of outflow of resources is remote, no provision/disclosure is made.
Contingent assets are not recognised in the financial statements.
Provisions and contingencies are reviewed at each balance sheet date
and adjusted to reflect the correct management estimates.
Mar 31, 2011
1) Accounting Convention
The Financial statements have been prepared on accrual basis under the
historical cost convention.
2) Fixed Assets and Depreciation
i) Fixed Assets are stated at cost less depreciation.
ii) Depreciation on fixed assets has been provided on straight line
method on pro rata basis at the rates specified in schedule XIV of the
Companies Act, 1956.
3) Investments
All the Investments are classified as Long Term Investments by the
management and are valued at cost in terms of "Non Banking Financial
Companies Prudential Norms (Reserve Bank) Directions, 1998" and
provision is made to recognize any decline in the value of investments.
Considering the strategic and long term nature of the investment and
the asset base of the investee companies, in the opinion of the
management the decline in the market value of certain quoted
investments and the book value of certain unquoted investment is of
temporary nature and requires no provisioning.
4) Stock of Shares
The Company was valuing closing stock of shares at cost or market value
whichever is less, where the quotes are available. The closing stocks
of shares are valued at cost or last traded price available where the
quotes are not available.
5) Revenue Recognition
Purchase/Sales are recognized in the accounts on the date of bills and
are inclusive of Dividend, Stamps and Penalties on Bad Deliveries. All
expenses and incomes to the extent considered payable or receivable are
accounted for on accrual basis. However, Interest on Calls in Arrears
shall be accounted for on Cash Basis.
6) Taxes on Income
Provision is made for income annually based on tax liability computed,
after considering tax allowance and exemptions. Deferred tax is
recognized, subject to the consideration of prudence, on timing
difference being the difference between taxable income and accounting
income that originate in one period and are capable of reversal in one
or more subsequent periods.
The effect on deferred tax assets and liability of a change in tax rate
in recognized under income using the tax rate and tax laws that have
been enacted or substantively enacted by the Balance sheet date.
Mar 31, 2010
1)Accounting Convention The Financial statements have been prepared on
accrual basis under the historical cost convention
2)Fixed Assets and Depreciation i)Fixed Assets are stated at cost less
depreciation ii)Depreciation on fixed assets has been provided on
straight line method on pro rate basis at the rate specified in
schedule XIV do the companies Act 1956
3)Investments All the investments are classified as Long Term
Investments by the management and are valued at cost in terms of " Non
Banking Financial companies prudential Norms (Reserve Bank) Director
1998 and provision is made to recognize and decline in the value of
investment
Considering the strategic and long term nature of the investment and
the assets base of the investee companies in the opinion of the
management the decline in the market value of certain quotes
investments and book value of certain unquoted investment is of
temporary nature and requires no parovioning
4)Stock of Shares The company was valuing closing of shares at cost or
market value which ever is less where the quotes are available the
closing stack of shares are values at cost or last traded price
available where the quotes are not available
5) Revenue Recognition Purchase /Sale are recognized in the accounts on
the date of bills and are inclusive of Dividend stamps and Penalties on
Bad Deliveries .All expenses and incomes to the extent considered
payable for receivable are accounted for on accrual basis .However
interest on calls in Arrears shall be accounted for on cash Basis
6) Taxes on Income Provision is made for income annually based on tax
liability computed after considering tax allowance and exemption
Deferred tax is recognized subject to the consideration of prudence on
timing deference being the difference between taxable income and
according income that originate in one period and are capable of
reversal in one or more subsequent periods
The Effect on deferred tax assets liability of a change in tax rate in
recognizes under income using the tax rate and tax laws that have
enacted or substantively enacted by the Balance sheet date
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