Notes forming part of the financial statements for the year ended 31st March, 2015 1 Corporate Information Maharashtra Corporation Limited (the Company) is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the Bombay Stock Exchange. 2 Significant Accounting Policies 2.1 Basis for brparation of accounts "These financial statements have been brpared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis. These financial statements have been brpared to comply in all material aspects with the Companies(Account) Rules 2014 and the relevant provisions of the Companies Act, 2013. The financial statements have been brpared on an accrual basis and under the historical cost convention. The accounting policies adopted in the brparation of financial statements are consistent with those of brvious year" 2.2 Revenue Recognition Revenues are recognized and expenses are accounted for on accrual basis with necessary provisions for all known liabilities and losses. Income from Non- Performing Assets is recognized only when it is realized. Interest on deposits and loans is accounted for on the time proportion basis after considering reasonable certainty that the ultimate collection will be made. Dividend income is recognized when right to receipts is established. Profit or loss on sale of securities is accounted on trade date basis. 2.3 Tangible Fixed Assets Fixed Assets are stated at cost of acquisition less accumulated debrciation thereon. Fixed Assets are accounted at cost of acquisition inclusive of inward freight, duties taxes and other incidental expenses related to acquisition and installation of Fixed Assets incurred to bring the assets to their working condition for their intended use. 2.4 Intangible Fixed Assets Internally generated intangible assets are measured at the expenditure incurred for development of the contents of its websites. 2.5 Debrciation & Amortisation Debrciation on Fixed Assets is provided on Written Down Value method based on the useful life of the asset in the manner brscribed in Schedule II to the Companies Act, 2013. Internally generated intangible assets i.e. website content is amortised over a period of five years. 2.6 Investments Investments made by the Company with a long term prospective in Quoted and Unquoted securities are held as investments and are valued at cost. However, provision for diminution in value is made to recognize a decline, other than temporary, in the value of the investments. 2.7 Inventories Inventories are valued at lower of cost and net realisable value. Cost is determined on moving weighted average basis. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. 2.8 Foreign Currency Transactions No Foreign currency transactions are recorded during this Financial Year under review. 2.9 Employees Benefits All employee benefit obligations payable wholly within twelve months of the rendering the services are classified as Short Term Employee Benefits. Such Benefits are estimated and provided for in the period in which the employee renders the related service. Post Employment Benefits All eligible employees of the Company are entitled to receive benefits under the provident fund and Gratuity is accounted for as and when paid. 2.10 Provision for Current and Deferred Tax 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 "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax asset is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised in future. 2.11 Related Party Transactions During the year, no transactions have been entered into by the Company with any related party. For Lakhpat M Trivedi & Co. Chartered Accountants Sd/- Lakhpat M Trivedi Proprietor M. No: 109047 For Maharashtra Corporation Ltd. Sd/- (Tilokchand Kothari) Director DIN: 00413627 Sd/- (Kanwarlal Rathi) Whole-time Director DIN: 06441986 Place : Mumbai Date : 30.05.2015 |