-0.07 (-4.55%)| Accounting Policy | Year : Mar '09 | ||||
a. Basis of Preparation The financial statements have been prepared to company in all material respects with the Notified accounting standards by Companies Accounting Standards Rules,2006 and the relevant provision of the Companies Act, 1956, The financial statements have been prepared under the historical cost convention on accrual basis. The accounting policies have been consistently applied by the Company and except for the change in accounting policy discussed more fully below are consistent with those used in the previous year. b. Use of estimates The preparation of financial statements in conformity with generally accepted accounting 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 ended. Although these estimates are based upon managements best knowledge of current events and actions, actual results could differ from these estimates. c. Revenue and Expenditure Recognition: Income is recognized as under: i. Project consultancy and other activities: Income recognized upon completion of stages as per contracts. ii. It is general policy of Company to account for all expenditure on accrual basis. d. Fixed Assets and Depreciation: i. Fixed Assets are capitalized at cost inclusive of installation expenses. Fixed Assets are shown at cost less accumulated depreciation. ii. Depreciation has been charged by straight line method (SLM) at the rates prescribed in schedule XIV to the Companies Act, 1956 on pro-rata basis. e. Investments: a) Quoted Shares is delisted so taken value of Rs. l/-and Un-quoted securities are valued at cost. b) Income from dividends recognized upon receipt and the gains at the time of sale of investments. Interests from inter corporate deposit recognized on accrual basis. Securities purchased cum inter- est shown at cost on balance sheet date after reducing interest accrued there on from the purchase consideration. Long-term investments are carried at cost. Provision for diminution, if any, in the value of each long- term investment is made to recognize a decline, other than of a temporary nature. f. Valuation of stocks in trade: a) Stock in trade of quoted Scripts are taken at year end and closing market rate or cost whichever is lower. g. Deferred Tax: The effect at end of the year consequent to compliance with Accounting Standard 22Accounting for Taxes on Income result in deferred tax asset & the same has been not recognized as there is not virtual certainly to support that sufficient future taxable income will be available against such deferred tax assets. h. Segment Reporting: During the current year the company has dealt in shares hence the segment information required under segment reporting is not furnished. |
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| Source : Dion Global Solutions Limited | |||||
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