SIGNIFICANT ACCOUNTING POLICIES A) Basis of Preparation of Financial Statements: These financial statements have been brpared to comply with the Generally Accepted Accounting Principles in India (Indian GAAP), including the Accounting Standards notified under the relevant provisions of the Companies Act, 2013. The financial statements are brpared on accrual basis under the historical cost convention and are consistent with those applied in brvious year. B) Use of Estimates The Preparation of financial statements in Confirmity with the Indian GAAP requires judgements, estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the result are known / materialised. C) Fixed Asset Tangible Assets : Tangible Assets are stated at cost inclusive of all incidential expenses, net of accumulated debrciation and impairment loss, if any. Intangible Assets : Intangible Assets are stated at cost of acquisition net of accumulated amortisation/depletion and impairment loss, if any. D) Debrciation & Amortisation Debrciation on Fixed Assets is provided to the extent of debrciable amount on the Written Down Value (WDV) method. Debrciation is provided based on useful life of the assets as brscribed in Schedule II to the Companies Act, 2013. E) Impairment An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Statement in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount. F) Tax Expense Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates. Deferred income tax reflect the current period timing differences between taxable income and accounting income for the period and reversal of timing differences of earlier years/period. Deferred tax assets are recognised only to the extent that there is a reasonable certainty that sufficient future income will be available except that deferred tax assets, in case there are unabsorbed debrciation or losses, are recognised if there is virtual certainty that sufficient future taxable income will be available to realise the same. G) Investments Current investments are carried at lower of cost and quoted/fair value, computed category-wise. Non Current investments are stated at cost. Provision for diminution in the value of Non Current investments is made only if such a decline is other than temporary. H) Revenue Recognition Revenue is recognised only when it can be reliably measured and it is reasonable to expect ultimate collection. Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable. Dividend Income is accounted for on receipt basis. I) Expenditure All expenses have been accounted for on accrual basis. J) Inventories Inventories i.e. stock of shares are valued at cost or market value whichever is lower. K) Employee Benefits Short Term employee benefits are recognised as an expense at the undiscounted amount in the statement of profit and loss of the year in which the related service is rendered. L) Provisions. Contingent Liabilities and Contingent Assets Provision is recognised in the accounts when there is a brsent obligation as a result of past event(s) and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made. Provisions are not discounted to their brsent value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed unless the possibility of outflow of resources is remote. Contingent assets are neither recognised nor disclosed in the financial statements. NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2015 1 Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful life as specified in ScheduleII. Accordingly the unamortised carrying value is being debrciated / amortised over the revised / remaining useful life. The written down value of Fixed Assets whose lives have expired as at 1st April 2014 have been adjusted with the retained earning amounting to Rs. 26391/- 2 An amount of Rs. 1,70,848/-from the Net Profit for the year ended 31.3.2015 has been transferred to RBI Reserve Fund in accordance with section 45-IC of the RBI Act, 1984 and Provision for Contingent Provisions against Standard Assets @ 0.25% of Standard Assets has been Provided as per RBI Notification No. DNBS.222/CGM(US)-2011 dated January 17,2011. 3 In the absence of necessary information with the company relating to the registration of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006 the information required under the Act Could not be Complied and Disclosed. 4 Previous year figures have been regrouped or rearranged wherever necessary. As per our Report of even date. For MORE V & CO. Chartered Accountants Regn. No. : 312033E P K Shyamsukha Partner M. No. 53220 M Daga (Executive Director) Khushboo Kedia (Company Secretary) R K Kankaria (Director) J N Gupta (Director) Abhijit Puglia (CFO) 16-B Roberts Street,Kolkata - 700 012 Kolkata, May 30, 2015 |