Note 13: Significant Accounting Policies Significant Accounting Policies adopted by the Company is as follows: • These financial statements have been brpared in accordance with the requirements of Schedule III the Companies Act 2013 as amended. As required by the Act: o balance is attempted to be maintained between providing excessive detail that may not assist users of financial statements and not providing important information as a result of too much aggregation o the figures appearing in the Financial Statements have been rounded off to the rupee o Line items, sub-line items and subtotals have been brsented as an addition or substitution on the face of the Financial Statements when such brsentation is relevant to an understanding of the Company's financial position or performance or to cater to industry/ sector specific disclosure requirements or when required for compliance with the amendments to the Companies Act or under the Accounting Standards • The financial statements have been brpared in line with 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 Accounting Standard(AS) notified form time to time and depending on the applicability • AS1 - Disclosure of Accounting Policies o The Company follows the fundamental accounting assumptions of Going Concern, Consistency and Accrual o There are no change in the accounting policies which has a material effect in the current period or which is reasonably expected to have a material effect in later periods should be disclosed o Debrciation, depletion and amortization - The Company does not have any fixed assets o Treatment of expenditure during construction - The Company is not into construction activity o Conversion or translation of foreign currency items - The Company does not deal in any foreign currency transactions o Valuation of inventories - the Company does not have any inventories o Treatment of goodwill - there is no goodwill accounted for in the books of the Company o Recognition of profit on long-term contracts - Not applicable on the Company o Valuation of fixed assets - There are no fixed assets • AS 9 - Revenue Recognition o 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 settlement date basis. o No revenue recognition has been postponed pending the resolution of any uncertainties • AS 15 - Accounting for Retirement Benefits - When any employee of the Company is entitled to receive benefits under the provident fund/ Gratuity, the same is accounted for as and when paid. • AS 17 - Segment Reporting - Not applicable on the Company • AS 18 on "Related Party Disclosures", the following details are provided As sum of Rs. 34,46,803 due from related parties Ambujaatripuri Infra (India) Ltd (CIN-U45202OR2009PLC011433), Ambujaatripuri Business Pvt Ltd (CIN-U51109OR2009PTC010655) and Artha Tatwa shares & stocks Pvt Ltd (CIN-U749990MH2009PTC196336) have been written off as bad debts during the year. The amounts were due from prior years and there are negligible chances of recovery • AS 20 Earnings Per Share - There are no potential equity shares. Therefore the basic and diluted Earnings per share is the same • AS 21 - Consolidated Financial Statements is not applicable since the Company is neither a holding Company or a subsidiary Company as on 31st March, 2015 • AS 22 - Accounting for Taxes on Income - Income tax comprises the current tax and net change in deferred tax assets, which are made in accordance with the provisions as per the Income Tax Act, 1961. Deferred Tax resulting from timing differences between accounting income and taxable income for the period is accounted for using the tax rates and laws that have been enacted or substantially enacted as at the balance sheet date. The deferred tax asset is recognized and carried forward only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax asset can be realized. AS 28 - Impairment of Assets - The Company assesses at each balance sheet date whether there is any indication that an assets may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or recoverable amount of the cash generating unit to which the assets belongs is less than the carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as impairment loss and is recognized in the profit and loss account. If at the balance date there is an indication that if a brviously assessed impairment loss no longer exists, the recoverable amount is reassessed and the assets is reflected at the recoverable amount. AS 29 - Provisions, Contingent Liabilities and Contingent Assets - The Company recognizes a provision when there is a brsent obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a brsent obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a brsent obligation that the likelihood of outflow of resources is remote, no provision or disclosure is made. When any employee of the Company is entitled to receive benefits under the provident fund/ Gratuity, the same is accounted for as and when paid. The management has asked for confirmation from its suppliers regarding their registration with competent authorities under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED). However, No one has confirmed their registration under the Act. Accordingly no further information is submitted in this regards. The Auditors have relied on the said submission of the management. Details are therefore Nil Auditor Remuneration (including Service Tax) In terms of our report of even date For Bhatter & Co. Chartered Accountants Firm Registration No. 131092W Sd/- D.H. Bhatter Proprietor Membership No. 16937 For and on behalf of the Board of M/s Yash Trading and Finance Limited. Sd/- Bharat Bagri Director DIN 1379855 Sd/- Sadiq Patel Director/CFO DIN 06911684 Sd/- Krisha Mehta Company Secretary Place : Mumbai Date : 13-Aug-15 |