Mar 31, 2014
The significant accounting policies have been predominantly presented
below in the order of the Accounting Standards notified under the
Companies (Accounting Standards) Rules, 2006
2.1 Basis of accounting and preparation of financial statements
i) Financial statements are prepared under historical cost convention
on accrual basis in accordance with the requirements of the Companies
Act, 1956.
ii) The Company generally follows mercantile system of accounting and
recognises significant items income and expenditure on accrual basis.
2.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
2.3 Inventories
Stocks of shares are valued at Lower of cost or Net Realisable Value
2.4 Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition).
2.5 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
2.6 Depreciation
Depreciation has been provided on written down value method at the
rates and the manner prescribed in scheduled XIV of the Companies Act,
1956. Depreciation on additions/ deletions during the year is provided
on pro-rata basis.
2.7 Revenue recognition
Terms of income and expenditure are recognized on accrual basis except
interest receivable from sub-standard assets. Interest on sub-standard
loans are recognized on receipt basis.
2.8 Other income
Interest income is accounted on accrual basis. Dividend income and
interest on sub- standard loans are accounted on receipt basis.
2.9 Tangible fixed assets
Fixed assets are stated at cost of acquisition less accumulated
Depreciation.
2.10 Investments
Long Term Investments are stated at cost. Provision for diminution in
the Market Value/ Break-up Value is made only if; such a decline is
other than temporary in the opinion of Management.
2.11 Employee benefits
-As number of employees working in company are less than ten, provision
for gratuity as per Accounting Standard 15 issued by Institute of
Chartered Accountant of India does not apply to the company.
- The company has made provision for Leave Salary on the actual balance
leaves of the employees at year end at the basic salary of the
employees for the month of March 2014.
2.12 Segment reporting
There are no other reportable segments as per AS 17 (Segment
Reporting), except Finance and investment,as such reporting is done on
that basis.
2.13 Earnings per share
Basic and Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) by the weighted average number of equity shares
outstanding during the year.
2.14 Taxes on income
i. Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per the provisions of the
Income-Tax Act 1961.
ii. Deferred tax for timing differences between tax profits and book
profits is accounted by using the tax rates and laws that have been
enacted or substantial enacted as of the balance sheet date. Deferred
tax assets in respect of unabsorbed losses are recognised to the extent
there is reasonable certainty that these assets can be realised in
future.
2.15 Future / Option Contracts:-
In respect of future/option contracts income / loss is booked on the
date of settlement of Contracts. However in respect of outstanding
contracts as at the Balance sheet date keeping on view the
consideration of prudence loss is booked but income is not recognised.
2.16 Provisions and contingencies
These are disclosed by way of notes on the Balance sheet. Provision is
made in the accounts in respect of those contingencies which are likely
to materialise into liabilities after the year end, till the
finalisation of accounts and have material effect on the position
stated in the Balance sheet.
Mar 31, 2013
The significant accounting policies have been predominantly presented
below in the order of the Accounting Standards notified under the
Companies (Accounting Standards) Rules, 2006
1.1 Basis of accounting and preparation of financial statements
i). Financial statements are prepared under historical cost convention
on accrual basis in accordance with the requirements of the Companies
Act, 1956. ii). The Company generally follows mercantile system of
accounting and recognises significant items income and expenditure on
accrual basis.
1.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
1.3 Inventories
Stocks of shares are valued at Lower of cost or Net Realisable Value
1.4 Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition),
1.5 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
1.6 Depreciation
Depreciation has been provided on written down value method at the
rates and the manner prescribed in scheduled XIV of the Companies Act,
1956. Depreciation on additions/deletions during the year is provided
on pro-rata basis.
1.7 Revenue recognition
Terms of income and expenditure are recognized on accrual basis
1.8 Other income
Interest income is accounted on accrual basis. Dividend income is
accounted on receipt basis
1.9 Tangible fixed assets
Fixed assets are stated at cost of acquisition less accumulated
Depreciation.
1.10 Investments
Long Term Investments are stated at cost. Provision for diminution in
the Market Value/Break-up Value is made only if; such a decline is
other than temporary in the opinion of Management.
1.11 Employee benefits
- Gratuity Liability has not been provided for in accordance with
Accounting Standard 15 issued by Institute of Chartered Accountant of
India and unascertained
- The company has made provision for Leave Salary on the actual balance
leaves of the employees at year end at the basic salary of the
employees for the month of March 2013.
1.12 Segment reporting
There are no other reportable segments as per AS 17 (Segment
Reporting), except Finance and investment,as such reporting is done on
that basis.
1.13 Earnings per share
Basic and Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) by the weighted average number of equity shares
outstanding during the year.
1.14 Taxes on income
i. Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per the provisions of the
Income-Tax Act 1961.
ii. Deferred tax for timing differences between tax profits and book
profits is accounted by using the tax rates and laws that have been
enacted or substantial enacted as of the balance sheet date. Deferred
tax assets in respect of unabsorbed losses are recognised to the extent
there is reasonable certainty that these assets can be realised in
future.
1.15 Future / Option Contracts:-
In respect of future/option contracts income / loss is booked on the
date of settlement of Contracts. However in respect of outstanding
contracts as at the Balance sheet date keeping on view the
consideration of prudence loss is booked but income is not recognised.
1.16 Provisions and contingencies
These are disclosed by way of notes on the Balance sheet. Provision is
made in the accounts in respect of those contingencies which are likely
to materialise into liabilities after the year end, till the
finalisation of accounts and have material effect on the position
stated in the Balance sheet.
Mar 31, 2012
The significant accounting policies have been predominantly
presented below in the order of the Accounting Standards
notified under the Companies (Accounting Standards) Rules,
2006
1.1 Basis of accounting and preparation of financial statements
i). Financial statements are prepared under historical cost
convention on accrual basis in accordance with the
requirements of the Companies Act, 1956.ii). The Company
generally follows mercantile system of accounting and
recognises significant items income and expenditure on
accrual basis.
1.2 Use of estimates
The preparation of the financial statements in conformity
with Indian GAAP requires the Management to make estimates
and assumptions considered in the reported amounts of assets
and liabilities (including contingent liabilities) and the
reported income and expenses during the year. The Management
believes that the estimates used in preparation of the
financial statements are prudent and reasonable. Future
results could differ due to these estimates and the
differences between the actual results and the estimates are
recognised in the periods in which the results are known
/ materialise.
1.3 Inventories
Stocks of shares are valued at Lower of cost or Net
Realisable Value
1.4 Cash and cash equivalents (for purposes of Cash Flow
Statement) Cash comprises cash on hand and demand
deposits with banks. Cash equivalents are short-term
balances (with an original maturity of three months or
less from the date of acquisition),
1.5 Cash flow statement
Cash flows are reported using the indirect method, whereby
profit / (loss) before extraordinary items and tax is
adjusted for the effects of transactions of non-cash nature
and any deferrals or accruals of past or future cash
receipts or payments. The cash flows from operating,
investing and financing activities of the Company are
segregated based on the available information.
1.6 Depreciation
Depreciation has been provided on written down value method
at the rates and the manner prescribed in scheduled XIV of
the Companies Act, 1956. Depreciation on additions/deletions
during the year is provided on pro-rata basis.
1.7 Revenue recognition
Terms of income and expenditure are recognized on accrual
basis
1.8 Other income
Interest income is accounted on accrual basis. Dividend
income is accounted on receipt basis
1.9 Tangible fixed assets
Fixed assets are stated at cost of acquisition less
accumulated Depreciation.
1.10 Investments
Long Term Investments are stated at cost. Provision for
diminution in the Market Value/Break-up Value is made
only if; such a decline is other than temporary in the
opinion of Management.
1.11 Employee benefits
Leave encashment is accounted in the year in which the
right of encashment is exercised by the employees.
1.12 Segment reporting
There are no other reportable segments as per AS 17
(Segment Reporting), except Finance and investment ,as such
reporting is done on that basis.
1.13 Earnings per share
Basic and Diluted earnings per share is computed by dividing
the profit / (loss) after tax (including the post tax effect
of extraordinary items, if any) by the weighted average
number of equity shares outstanding during the year.
1.14 Taxes on income
i. Provision for current tax is made and retained in the
accounts on the basis of estimated tax liability as per the
provisions of the Income-Tax Act 1961.ii. Deferred tax for
timing differences between tax profits and book profits is
accounted by using the tax rates and laws that have been
enacted or substantial enacted as of the balance sheet
date. Deferred tax assets in respect of unabsorbed losses
are recognised to the extent there is reasonable certainty
that these assets can be realised in future.
1.15 Future / Option Contracts:-
In respect of future/option contracts income / loss is
booked on the date of settlement of Contracts. However
in respect of outstanding contracts as at the Balance sheet
date keeping on view the consideration of prudence loss is
booked but income is not recognised.
1.16 Provisions and contingencies
These are disclosed by way of notes on the Balance sheet.
Provision is made in the accounts in respect of those
contingencies which are likely to materialise into
liabilities after the year end, till the finalisation
of accounts and have material effect on the position
stated in the Balance sheet.
Mar 31, 2011
A) Basis of Accounting :
i). Financial statements are prepared under historical cost convention
on accrual basis in accordance with the requirements of the Companies
Act, 1956.
ii). The Company generally follows mercantile system of accounting and
recognises significant items income and expenditure on accrual basis.
b) Fixed Assets and Depreciation :
Fixed assets are stated at cost of acquisition less accumulated
Depreciation. Depreciation has been provided on written down value
method at the rates and the manner prescribed in scheduled XV of the
Companies Act, 1956. Depreciation on additions/deletions during the
year in provided on prorata basis.
c) Investments :
Long Term Investments are stated at cost. Provision for diminution in
the Market Value/Break-up value is made only if; such a decline is
other than temporary in the opinion of Management.
d) Stock in Trade:
Stocks of shares are valued at Lower of cost or market value.
e) Miscellaneous Expenditure:
Miscellaneous Expenditure is written off over a period of ten years.
f) Taxation
i. Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per the provisions of the
Income-Tax Act 1961.
ii. Deferred tax for timing differences between tax profits and book
profits is accounted by using the tax rates and laws that have been
enacted or substantial enacted as of the balance sheet date. Deferred
tax assets in respect of unabsorbed losses are recognised to the extent
there is reasonable certainty that these assets can be realised in
future.
h) Future / Option Contracts:-
In respect of future/option contracts income / loss is booked on the
date of settlement of Contracts. However in respect of outstanding
contracts as at the Balance sheet
date keeping on view the consideration of prudence loss is booked but
income is not recognised.
i) Contingent liabilities:-
These are disclosed by way of notes on the Balance sheet. Provision is
made in the accounts in respect of those contingencies which are likely
to materialise into liabilities after the year end, till the
finalisation of accounts and have material effect on the position
stated in the Balance sheet.
Mar 31, 2010
A) Basis of Accounting:
i) Financial statements are prepared under historical cost convention
on accrual basis in accordance with the requirements of the Companies
Act, 1956.
ii) The Company generally follows mercantile system of accounting and
recognises significant items income and expenditure on accrual basis.
b) Fixed Assets and Depreciation:
Fixed assets are stated at cost of acquisition less accumulated
Depreciation. Depreciation has been provided on written down value
method at the rates and the manner prescribed in scheduled XV of the
Companies Act, 1956. Depreciation on additions/deletions during the
year in provided on prorata basis.
c) Investments:
Long Term Investments are stated at cost. Provision for diminution in
the Market Value/Break-up value is made only if; such a decline is
other than temporary in the opinion of Management.
d) Stock in Trade:
Stocks of shares are valued at Lower of cost or market value.
e) Miscellaneous Expenditure:
Miscellaneous Expenditure is written off over a period of ten years.
f) Taxation
i. Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per the provisions of the
Income-Tax Act 1961.
ii. Deferred tax for timing differences between tax profits and book
profits is accounted by using the tax rates and laws that have been
enacted or substantial enacted as of the balance sheet date. Deferred
tax assets in respect of unabsorbed losses are recognised to the extent
there is reasonable certainty that these assets can be realised in
future.
h) Future / Option Contracts:-
In respect of future/option contracts income / loss is booked on the
date of settlement of Contracts. However in respect of outstanding
contracts as at the Balance sheet date keeping on view the
consideration of prudence loss is booked but income is not recognised.
i) Contingent liabilities:-
These are disclosed by way of notes on the Balance sheet. Provision is
made in the accounts in respect of those contingencies which are likely
to materialise into liabilities after the year end, till the
finalisation of accounts and have material effect on the position
stated in the Balance sheet.
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