NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDING 31 MARCH, 2015 1 NATURE OF OPERATION The company's operation is share trading and investment in shares and mutual funds. 2 SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Accounting The financial statements of the Company have been brpared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP). The Company has brpared these financial statements to company in all material respects with the Accounting Slandered notified under the Companies (Accounting standard) Rules, (as amended), the relevent provisions of the Companies Act,2013. The financial statements have been brpared on the accrual besis under the historical cost convention. The accounting policies adopted in the brparation of the financial statements are consistent with those followed in brvious year. (b) Use of Estimates The brparation and brsentation of financial statements requires estmates and assumption to be made that affect the reported amount of assets and laibilities on the date of the financial statements and the reported amount of revenues and expenses during the reported period. Difference between the actual result and estimates are recognised in the period in which the results are known/ materialised. (c) Fixed Assets. Fixed Assets are stated at cost less accumulated debrciation and amortisation. The cost of an assets comprises for purchase price and any directly attributable cost of bringing the assets to working condition for its inteded use. There is no intangible asset. (d) Debrciation on Tangible Assets Debrciation on Fixed Assets provided on Straight Line Method at rates and in the manner brscribed in Schedule II to the Companies Act,2013 . (e) Investments Non current investments are stated at cost. Investments are classified as long term and current investments. Long Term investments are carried individually at cost. (f) Stock ( Inventories) of Securities Stock of securities is valued at lower of cost and net realisable value. Cost is determined on weighted average basis. (g) Employee benefits. (i) The Company follows the policy of "pay as you go" method for gratuity and hence no provision is made in the books of accounts. (ii) No provision is made for leave encashment payments and same is accounted when paid. (h) Deferred Tax Tax expenses comprise both current tax and deferred tax at the applicable enacted or substantially enacted rates. Current tax rebrsents the amount of income tax payable/recoverable in respect of the taxable income/loss for the reporting period. Deferred tax rebrsents the effect of timing difference between taxable income and accounting income for the reporting period that originates in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are recognised only if there is a reasonable certainty that sufficient future taxable income will be available, against which they can be realised. The carrying amount of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. 1. Previous year figures have been regrouped and/or rearranged wherever necessary to make them comparable with current year figures. 2 Figures in brackets indicate figures of brvious year. 3. The Company is exclusively in the business of Trading and Investing in Shares and Mutual Funds which in the contest of AS 17 on Segment Reporting constitutes a single reportable segment. 4. As per the management there are no related party transactions. Hence disclosure regarding related party transactions is not given. As per my report of even date. For K. N. Gandhi & CO. Chartered Accountants For and on behalf of the Board Rajkumar Thard (Chairman & Managing Director) (DIN 00659626) K.N.GANDHI (Proprietor) Membership No. F8261 Pushpa Thard (Director) (DIN 00659717) Ophelia Rodrigues (Director) (DIN 0053843) D. N. Kulkami (Director) (DIN 00659672) Nidhi Aggarwal (Director) (DIN 00785248) Place : Mumbai Date : 31/07/2015 |