Mar 31, 2015
1.1 Basis of preparation of financial statements
The financial statements are prepared under the historical cost
convention, on accrual basis, in compliance with all material aspects
of the notified Accounting standards by Companies (Accounting
Standards) Amendment Rules, 2013 and the relevant provisions of the
Companies Act. The accounting policies have been consistently applied
by the Company and are consistent with those used in the previous year.
1.2 Use of Estimates
The Preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities on the
date of the financial statements and reported amounts of revenues and
expenses during the reporting period. Differences between actual
results and estimates are recognised in the period in which the results
are known/materealised.
1.3 Revenue recognition
Company follows accrual system of accounting and takes into account
expense and incomes as accrued. Income from consultancy charges,
brokerage & commission and interest on loan is recognized when it is
reliably measured that it will flow to the company. Dividend is
accounted when right to receive is established.
1.4 Investment
Investments that are readily realizable and intended to be held for not
more than a year are classified as current investments. Current
investments are carried at lower of cost and market value whichever is
less.
All other investments are classified as non current Investments. Non
Current Investments are carried at cost, less provision for diminution
in value other than temporary.
1.5 Fixed Assets
Fixed Assets are shown at cost of acquisition, after reducing
accumulated depreciation.
1.6 Depreciation
Depreciation is provided as per useful life of the assets as per
Companies Act, 2013. Depreciation is not provided if WDV is less than
5% of the cost of the asset.
1.7 Impairment of Assets
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal/external
factors. An impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the asset's net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital. After
impairment, depreciation is provided on the revised carrying amount of
the assets over its remaining useful life.
1.8 Borrowing Cost
Interest and other cost in connection with the borrowing of the funds
to the extent related attributed to the business to the date and also
other borrowing costs are charged to Statement of Profit & Loss.
1.9 Employees Benefits
The Provident Fund rules as per Employees Provident Fund and
Miscellaneous Provisions Act, 1952 does not apply to the company. No
provision for Gratuity is made in view of non completion of required
number of years by any employee..
1.10 Taxation
Income-tax expenses comprises of Current Tax and Deferred Tax charge or
credit. Provision for Current Tax is made on the assessable income at
the tax rate applicable to the relevant assessment year.
Deferred Tax is recognized, subject to the consideration of prudence,
on timing differences, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
1.11 Provision & Contingent Liabilities
A provision is recognized when an enterprise has a present obligation
as a result of past event; it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimates can be made. Provisions are not discounted to its present
value and are determined based on best estimate required to settle the
obligation at the Balance Sheet Date. These are reviewed at each
Balance Sheet Date and adjusted to reflect the current best estimates.
All known liabilities are provided for and liabilities which are
material, and whose future outcome cannot be ascertained with
reasonable certainty are treated as Contingent and disclosed by way of
Notes forming part of Accounts.
1.12 Cash Flow Statement
Cash flow statement has been prepared under the 'Indirect Method'. Cash
and cash equivalents, in the cash flow statement comprise of
unencumbered cash and bank balances.
Mar 31, 2014
1.1 Basis of preparation of financial statements
The financial statements are prepared under the historical cost
convention, on accrual basis, in compliance with all material aspects
of the notified Accounting standards by Companies (Accounting
Standards) Amendment Rules, 2008 and the relevant provisions of the
Companies Act, 1956. The accounting policies have been consistently
applied by the Company and are consistent with those used in the
previous year.
1.2 Use of Estimates
The Preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities on the
date of the financial statements and reported amounts of revenues and
expenses during the reporting period. Differences between actual
results and estimates are recognised in the period in which the results
are known/materealised.
1.3 Revenue recognition
Company follows accrual system of accounting and takes into account
expense and incomes as accrued. Income from consultancy charges,
brokerage & commission and interest on loan is recognized when it is
reliably measured that it will flow to the company. Dividend and
Miscellaneous Income is accounted on cash basis.
1.4 Investment
Investments that are readily realizable and intended to be held for not
more than a year are classified as current investments. Current
investments are carried at lower of cost and market value whichever is
less.
All other investments are classified as non current Investments. Non
Current Investments are carried at cost, less provision for diminution
in value other than temporary.
1.5 Fixed Assets
Fixed Assets are shown at cost of acquisition, after reducing
accumulated depreciation. Capital work in progress includes expenditure
incurred till the assets are put into intended use.
1.6 Depreciation
Depreciation is provided as per written down value method at rates
provided in Schedule XIV of the Companies Act, 1956 on pro-rata basis
from the date assets have been put in use.
1.7 Impairment of Assets]
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal/external
factors. An impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the asset''s net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital. After
impairment, depreciation is provided on the revised carrying amount of
the assets over its remaining useful life.
1.8 Borrowing Cost
Interest and other cost in connection with the borrowing of the funds
to the extent related attributed to the business to the date and also
other borrowing costs are charged to Statement of Profit & Loss.
1.9 Employees Benefits
The Provident Fund rules as per Employees Provident Fund and
Miscellaneous Provisions Act, 1952 does not apply to the company. No
provision for Gratuity is made in view of non completion of required
number of years by any employee. Leave Encashment and Bonus is
accounted on cash basis.
1.10 Taxation
Income-tax expenses comprises of Current Tax and Deferred Tax charge or
credit. Provision for Current Tax is made on the assessable income at
the tax rate applicable to the relevant assessment year.
Deferred Tax is recognized, subject to the consideration of prudence,
on timing differences, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
1.11 Provision & Contingent Liabilities
A provision is recognized when an enterprise has a present obligation
as a result of past event; it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimates can be made. Provisions are not discounted to its present
value and are determined based on best estimate required to settle the
obligation at the Balance Sheet Date. These are reviewed at each
Balance Sheet Date and adjusted to reflect the current best estimates.
All known liabilities are provided for and liabilities which are
material, and whose future outcome cannot be ascertained with
reasonable certainty are treated as Contingent and disclosed by way of
Notes forming part of Accounts.
1.12 Cash Flow Statement
The Cash Flow Statement has been prepared in accordance with the
indirect method prescribe in Accounting Standard- 3 issued by The
Institute of Chartered Accountants of India.
Mar 31, 2013
1.1 Basis of preparation of financial statements
The financial statements are prepared under the historical cost
convention, on accrual basis, in compliance with all material aspects
of the notified Accounting standards by Companies (Accounting
Standards) Amendment Rules, 2008 and the relevant provisions of the
Companies Act, 1956. The accounting policies have been consistently
applied by the Company and are consistent with those used in the
previous year.
1.2 Use of Estimates
The Preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities on the
date of the financial statements and reported amounts of revenues and
expenses during the reporting period. Differences between actual
results and estimates are recognised in the period in which the results
are known/materealised.
1.3 Revenue recognition
Company follows accrual system of accounting and takes into account
expense and incomes as accrued. Income from consultancy charges,
brokerage & commission and interest on loan is recognized when it is
reliably measured that it will flow to the company. Dividend and
Miscellaneous Income is accounted on cash basis.
1.4 Investment
Investments are stated at cost, and include all other expenses incurred
on its acquisition and interest accrued thereon, if any.
1.5 Fixed Assets
Fixed Assets are shown at cost of acquisition, after reducing
accumulated depreciation. Capital work in progress includes expenditure
incurred till the assets are put into intended use.
1.6 Depreciation
Depreciation is provided as per written down value method at rates
provided in Schedule XIV of the Companies Act, 1956 on pro-rata basis
from the date assets have been put in use.
1.7 Impairment of Assets
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal/external
factors. An impairment loss is recognized wherever the carrying amount
of an asset exceeds its recoverable amount. The recoverable amount is
the greater of the asset''s net selling price and value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital. After
impairment, depreciation is provided on the revised carrying amount of
the assets over its remaining useful life.
1.8 Borrowing Cost
Interest and other cost in connection with the borrowing of the funds
to the extent related attributed to the business to the date and also
other borrowing costs are charged to Statement of Profit & Loss.
1.9 Employees Benefits
The Provident Fund rules as per Employees Provident Fund and
Miscellaneous Provisions Act, 1952 does not apply to the company. No
provision for Gratuity is made in view of non completion of required
number of years by any employee. Leave Encashment and Bonus is
accounted on cash basis.
1.10 Taxation
Income-tax expenses comprises of Current Tax and Deferred Tax charge or
credit. Provision for Current Tax is made on the assessable income at
the tax rate applicable to the relevant assessment year.
Deferred Tax is recognized, subject to the consideration of prudence,
on timing differences, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
1.11 Provision & Contingent Liabilities
A provision is recognized when an enterprise has a present obligation
as a result of past event; it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimates can be made. Provisions are not discounted to its present
value and are determined based on best estimate required to settle the
obligation at the Balance Sheet Date. These are reviewed at each
Balance Sheet Date and adjusted to reflect the current best estimates.
All known liabilities are provided for and liabilities which are
material, and whose future outcome cannot be ascertained with
reasonable certainty are treated as Contingent and disclosed by way of
Notes forming part of Accounts.
1.12 Cash Flow Statement
The Cash Flow Statement has been prepared in accordance with the
indirect method prescribe in Accounting Standard- 3 issued by The
Institute of Chartered Accountants of India.
Mar 31, 2010
1) Basis of preparation
The fnancial statements are prepared underthe historical cost
convention, on accrual basis, in compliance with all material aspects
of the notifed Accounting standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956 and or notifed underthe
Companies (Accounting Standards) Amendment Rules, 2008. The accounting
policies have been consistently applied by the Company and are
consistent with those used in the previous year.
2) Use of estimates
The preparation of fnancial statements requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, the disclosure of contingent liabilities on the date
of the fnancial statements and the reported amounts of revenues and
expenses during the period reported. Actual results could differ from
those estimates. Any revision to accounting estimates is recognised in
accordance with the requirements of the respective accounting standard.
3) Revenue Recognition
a) Income from operation includes consultancy charges, brokerage &
commission and interest on loan and same is recognised when it is
probable that the economic benefts will fow to the Company and the
revenue can be reliably measured. Income from trading in securities
recognized based on signifcant risks & rewards of ownership have been
transferred to buyer.
b) Dividend is recognised when the shareholdersà right to receive
payment is established by the balance sheet date.
4) Fixed Assets
Fixed assets are stated at cost (or revalued amounts, as the case may
be), less accumulated depreciation and impairment losses.
5) Depreciation
Depreciation is provided using the written down method at the rates
prescribed under schedule XIV of the Companies Act, 1956.
6) Impairment of assets
The carrying amounts of assets are reviewed at each balance sheet date
if there are impairment indicators. An impairment loss is recognized
wherever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is the greater of the assetÃs net
selling price and value in use. In assessing value in use, the
estimated future cash fows are discounted to their present value at the
WACC.
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful life.
A previously recognised impairment loss is increased or decreased based
on reassessment of recoverable amount, which is carried out if the
change is signifcant. However the carrying value after reversal is not
increased beyond the carrying value that would have prevailed by
charging usual depreciation if there was no impairment.
7) Investments
Investments that are readily realisable and intended to be held for not
more than a year are classifed as current investments. Current
investments are carried at lower of cost and market value whichever is
less.
All other investments are classifed as long-term investments. Long-term
investments are Carried at cost, less provision for diminution in value
other than temporary.
8) Employee benefts
Defned Contribution Plan
Contribution to defned contribution plans are recognized as expense in
the Proft and
Loss Account as they are incurred.
Defned Beneft Plan
Companys liabilities towards gratuity liability are provided for on
the basis of an actuarial valuation on projected unit credit method
made at the end of each balance sheet date. Actuarial gains/losses are
immediately taken to P&L Account and are not deferred.
9) Borrowing Cost
Borrowing costs which are directly attributable to acquisition,
construction or production of a qualifying asset are capitalized as a
part of the cost of that asset. Other borrowing costs are recognized as
expenses in the period in which they are incurred.
10) Taxation
Tax expense comprises of current and deferred. Current income tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act. Deferred income taxes
refects the impact of current year timing differences between taxable
income and accounting income for the year and reversal of timing
differences of earlier years.
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the balance sheet date. Deferred
tax assets are recognised only to the extent that there is reasonable
certainty that suffcient future taxable income will be available
against which such deferred tax assets can be realised. In situations
where the company has unabsorbed depreciation or carry forward tax
losses, all deferred tax assets are recognised only if there is virtual
certainty supported by convincing evidence that they can be realised
against future taxable profts.
At each balance sheet date the Company re-assesses unrecognised
deferred tax assets. It recognises unrecognized deferred tax assets to
the extent that it has become reasonably certain or virtually certain,
as the case may be that suffcient future taxable income will be
available against which such deferred tax assets can be realised.
The carrying amount of deferred tax assets are reviewed at each balance
sheet date. The company writes-down the carrying amount of a deferred
tax asset to the extent that it is no longer reasonably certain or
virtually certain, as the case may be, that suffcient future taxable
income will be available against which deferred tax asset can be
realised. Any such write-down is reversed to the extent that it becomes
reasonably certain or virtually certain, as the case may be, that
suffcient future taxable income will be available
MAT credit is recognised as an asset only when and to the extent there
is convincing evidence that the company will pay normal income tax
during the specifed period. In the year in which the Minimum
Alternative tax (MAT) credit becomes eligible to be recognized as an
asset in accordance with the recommendations contained in guidance Note
issued by the Institute of Chartered Accountants of India, the said
asset is created by way of a credit to the proft and loss account and
shown as MAT Credit Entitlement. The Company reviews the same at each
balance sheet date and writes down the carrying amount of MAT Credit
Entitlement to the extent there is no longer convincing evidence to the
effect that Company will pay normal Income Tax during the specifed
period.
11) Foreign Currency Transactions
Foreign Currency transactions are recorded in the reporting currency,
by applying to the foreign currency amount the exchange rate between
the reporting currency and the foreign currency at the date of the
transaction. The gain or loss arising out of settlement / translation
of the assets and liabilities at the closing rates due to exchange
fuctuations is recognized as income/expenditure in the proft and loss
account.
12) Earnings Per Share
The Company reports basic and diluted earnings per share in accordance
with AS-20 ÃEarnings per ShareÃ. Basic earnings per share are computed
by dividing the net proft or loss for the period by the weighted
average number of Equity Shares outstanding during the period. Diluted
earnings per share is computed by dividing the net proft or loss for
the period by the weighted average number of Equity Shares outstanding
during the period as adjusted for the effects of all dilutive potential
equity shares.
13) Provisions
A provision is recognized when an enterprise has a present obligation
as a result of past event it is probable that an outfow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to refect the current best
estimates.
14) Contingent Liabilities
Contingent Liabilities, if any, are disclosed in the Notes on Accounts.
Provision is made in the accounts in respect of those contingencies
which are likely to materialize into liabilities after the year end
till the approval of the accounts by the Board of Directors and which
have material effect on the position stated in the Balance Sheet.