Comfort Infotech
BSE: 531216|ISIN: INE819A01023|SECTOR: Finance - General
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Accounting Policy | Year : Mar '15 | ||||
A. Basis of Preparation: The financial statements have been prepared under the historical cost convention and materially comply with the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the relevant provisions of the Companies Act, 2013. All income and expenditure having material bearing on the financial statements have been recognized on the accrual basis. B. Use of Estimates The preparation of financial statements in conformity with generally accepted principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period end. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. C. Accounting of Income/Expenditure All income and expenditure items having a material bearing on the financial statements are recognised on accrual basis except in the case of dividend income & interest receivable from / payable to government on tax refunds / late payment of taxes, duties / levies which are accounted for on cash basis. As per prudential norms prescribed by Reserve Bank of India, interest income has been recognized only on standard advances given by the Company. D. Investments: Investments in Shares / Mutual Funds are stated at cost. E. Stock in Trade: i) Closing stock in case of quoted shares has been valued at cost or market value whichever is lower. Wherever quotations are not available as on 31 March 2015, inventory has been valued at last traded price or at cost whichever is lower. Wherever quotations are not available due to scrip has been suspended / delisted for a considerable period of time by stock exchanges has been valued at nil rate. ii) Closing stock of properties acquired in satisfaction of loan claimed has been valued at cost to the company. F. Fixed Assets/Depreciation i) Fixed assets are shown at historical cost inclusive of incidental expenses less accumulated depreciation. ii) Depreciation on fixed assets is provided as per part C of Schedule II of the Companies Act, 2013. iii) Pursuant to applicability of the Companies Act, 2013 with effect from 01st April, 2014, the company has reassessed the useful life of the assets based on technical evaluation. Consequently an amount of Rs.130,673/- has been recognized in the opening balance of Surplus in the Profit & Loss Account where the remaining useful life of the asset is exhausted. iv) Depreciation on Fixed Assets added or sold during the year, is provided on pro-rata basis with reference to the date of addition/deletion. G. Taxation: Provision for income tax has been made in accordance with normal provisions of Income Tax Act, 1961. The deferred tax for timing differences between the book and tax profits for the year is accounted for, using tax rates and laws that have been substantively enacted as of the balance sheet date. H. Foreign Exchange Transactions: Foreign Currency transactions are accounted for at the exchange rates prevailing at the time of recognition of income/ expenditure and difference if any, resulting in income or expenses dealt with in profit & loss account under the head Foreign Exchange Fluctuation Gain. Foreign currency monitory items are reported using the closing rates. Exchange difference arising on reporting them at closing rate i.e. at the rate different from those at which they were initially recorded are recognized as income or expenses as the case may be. I. Retirement Benefits : No provision has been made for Gratuity and Leave encashment as the same is accounted for on Payment basis. J. Impairment of assets The carrying amounts of assets are viewed at each Balance Sheet date if there is any indication of impairment based on internal / external factors. An asset is impaired when the carrying amount of the asset exceeds the recoverable amount. An impairment loss is charged to the Profit & Loss Account in the year in which an asset is identified as impaired. An impairment loss recognized in prior accounting periods is reversed if there has been change in the estimate of the recoverable amount. K. Earnings per share In determining earning per share, the Company considers the net profit after tax and includes the post tax effect of any extraordinary / exceptional item. The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the year. The number of shares used in computing diluted earnings per share comprises the weighted average shares considered for deriving basic earnings per share, and also the weighted average number of shares that could have been issued on the conversion of all diluted potential equity shares. The diluted potential equity shares are adjusted for the proceeds receivable, had the shares been actually issued at fair value (i.e. the average market value of the shares outstanding). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. The number of shares and potentially dilutive equity shares adjusted for any stock splits and issues of bonus shares effected prior to the approval of the financial statements by the Board of Directors. L. Preliminary Expenses Preliminary expenses are amortised over a period of five years. M. Contingent Liability Contingent Liability are disclosed unless the possibility of outflow of resources is remote. i) The Company has only one class of Equity Shares having a par value of Rs. 1/- per share. Each holder of Equity Share is entitled to one vote per share. ii) The Company declares and pays dividend in Indian Rupees.During the year ended 31st March 2015, amount of Dividend recognised as distributions to Equity Shareholders is Rs. 63,98,762/- (31st March, 2014 was Rs. Nil/-). iii) In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders. |
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Source : Dion Global Solutions Limited | |||||
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