| a. Changes in accounting policy
During the year ended 31st March 2015, the revised Schedule III
notified under the Companies Act, 2013, has become applicable to the
company, for preparation and presentation of its financial statements.
The adoption of revised Schedule III does not impact recognition and
measurement principles followed for preparation of financial
statements. However, it only impact on the presentation and disclosures
made in the financial statements. The company has also reclassified
previous year's figure in accordance with the requirements applicable
for the current year.
b. Revenue recognition
Having regard to the size, nature and level of operation of the
business, the company is applying accrual basis of accounting for
recognition of income earned and expenses incurred in the normal course
of business.
c. Fixed assets:
Fixed Assets are valued at cost of purchase and/ or construction as
increased by necessary expenditure incurred to make them ready for use
in the business.
d. Inventories
Inventories include investments in shares of other companies. The
Company classifies such investments as inventory and valuation of them
has been made at lower of cost or Market Value. However, unquoted
investments are stated at cost.
e. Depreciation
The company didn't charge depreciation on Office Premises as same is
not put fixed assets on straight line method as per rates prescribed
under Companies Act, 2013 on pro- rata basis. However, no Depreciation
is being charged on asset depreciated upto 95% of its historical cost.
f. Taxes on income
Current taxes on income have been provided by the Company in accordance
with the relevant provisions of the Income Tax Act, 1961. Deferred
Taxes has been recognised on timing differences between accounting
income and taxable income subject to consideration of prudence.
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