ACCOUNTING POLICIES AND NOTES FORMING PART OF THE ACCOUNTS 01. ACCOUNTING POLICIES: a) Recognition of Income and Expenditure: The Accounts are brpared on accrual basis. b) Fixed Assets and Debrciation : Fixed Assets includes all expenditure of Capital nature and are stated at cost of Acquisition, installation and commissioning. Fixed Assets are stated at historical cost c) Investments: Investments are valued at cost inclusive of expenses incidental to their acquisition. Current Investments are carried at cost. d) Impairment of Assets: If internal /external indications suggest that an asset of the company may be impaired, the recoverable amount of asset/ cash generating unit is determined on the Balance Sheet date and if it is less than its carrying amount, the carrying amount of the asset / cash generating unit is reduced to the said recoverable amount. The recoverable amount is measured as the higher of net selling price and value in use of such assets / cash generating unit, which is determined by the brsent value of the estimated future Cash Flows. e) Provision for Retirement Benefits: Provision for gratuity is not made in accounts as the none of employee is eligible for the same f) Contingent Liabilities: Contingent liabilities are not provided for in the accounts and are disclosed separately in Notes on Accounts 02. Segement Results During the year, the Company has only one reportable segment, i.e. investment.Hence separate segment report as required under accounting standard 17 is not brsented. 03. Related Party Disclosures ( As identified by the Management) i) Related Party Relationships (a) Where control exists Teekay International (b) Key Management Personnel 1) Jitendra Kantilal Vakharia 2) Varsha J.Vakharia (c) Relative of Key Management Personnel Nil (d) Other related Parties Nil 11 Trade Payable are subject to confirmation. 12. Previous year's figures have been regrouped, rearranged or recast wherever considered necessary, so as to make them comparable with current year figures. As per our report of even date for POLADIA & CO. CHARTERED ACCOUNTANTS (FIRM REGN NO. 128274W) For and on behalf of the Board of Directors sd P.T. POLADIA (PARTNER) M. No. 38757 sd KALPESH SANGHAVI Chief Financial Officer sd PRIYA SHAH Company Secretary sd J. K. VAKHARIA Director sd V. J. VAKHARIA Director Place : Mumbai Date : 30th May, 2015 |