Mercury Trade Links Ltd. कंपली की लेखा नीति

Mar 31, 2014

1.1. Basis of Accounting

The Financial Statements have been prepared on accrual basis, except wherever otherwise stated, under the historical cost convention, in accordance with the accounting principles generally accepted in India and comply with the Accounting Standards as referred to in the Companies (Accounting Standards) Rules 2006 issued by the Central Government in exercise of power conferred under sub-section (i) (a) of Section 642 and the relevant provisions of the Companies Act, 1956. Dividend on Investments in Mutual Funds is consistently accounted for on receipt basis.

1.2 Use of Estimates

The preparation of financial statements in conformity with the generally accepted accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements. Actual results could differ from those estimates. Any'' revision to accounting estimates is recognized prospectively in the current and future periods.

1.3 Depreciation

Depreciation is provided on the fixed assets as per the Written down Value method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

1.4 Investments

Investments are valued at cost. All investments are of long term nature. Diminution other than temporary in the book value of Investment is charged to revenue.

1.5 Inventories

Shares held as inventories are valued at cost or market price whichever is lower.

1.6 Accounting for Taxes on Income

Provision for current Income tax is made on the basis of the assessable income under the Income-tax Act, 1961. Current tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of the Income-tax Act, 1961.

Deferred tax is recognized on timing differences; being the differences between the taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods. Deferred tax assets subject to the consideration of prudence are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. The tax effect is calculated on the accumulated timing difference at the year and based on the tax rates and laws enacted or substantially enacted as on the Balance Sheet date.

1.7 Impairment of Assets

The Company identifies assets to be impaired based on cash generating unit concept at the yearend in terms of paragraphs 5 to 13 of the Accounting Standard 28 issued by the Institute of Chartered Accountants of India for the purpose of arriving at Impairment loss there on, if any, being the difference between the book value and recoverable value of relevant assets. Impairment loss when crystallizes is charged against the revenue of the year.

1.8 Revenue recognition:

The Company follows the Mercantile System of .Accounting and recognizes income and expenditure on accrual basis except taxes due on assessment.

1.9 Contingent Liabilities and Provisions

Disputed liabilities and claims against the Company including claims raised by the revenue authorities pending in appeal for which no reliable estimate can be made of the amount of the obligation or which are remotely poised for crystallization are not provided for in accounts but disclosed in notes on accounts.

However, present obligation as a result of past event with possibility of outflow of resources, when reliably estimated, is recognized in accounts, wherever applicable.

The balances of Trade Payables, as appearing in the accounts are subject to the confirmation from the respective parties and consequential reconciliation, if any. However the Company anticipates no significant variations from its book values as on the Balance Sheet date.

The balances of Loans and Advances ,as appearing in the accounts are subject to the confirmation from the respective parties and consequential reconciliation, if any. However the Company anticipates no significant variations from its book values as on the Balance Sheet date.

The income from trading in shares of year has been shown as business profit/losses considering shares as stock in trade. Closing stock of Shares have been valued at Cost or market price whichever is low as per Accounting Standard - 2 Valuation of Inventory

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Mar 31, 2013

1.1. Basis of Accounting

The Financial Statements have been prepared on accrual basis, except wherever otherwise stated, under the historical cost convention, in accordance with the accounting principles generally accepted in India and comply with the Accounting Standards as referred to in the Companies (Accounting Standards) Rules 2006 issued by the Central Government in exercise of power conferred under sub-section (i) (a) of Section 642 and the relevant provisions of the Companies Act, 1956. Dividend on Investments in Mutual Funds is consistently accounted for on receipt basis.

1.2 Use of Estimates

The preparation of financial statements in conformity with the generally accepted accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements. Actual results could differ from those estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.

1.3 Depreciation

Depreciation is provided on the fixed assets as per the Written down Value method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

1.4 Investments

Investments are valued at cost. All investments are of long term nature. Diminution other than temporary in the book value of Investment is charged to revenue.

1.5 Inventories

Shares held as inventories are valued at cost or market price whichever is lower.

1.6 Accounting for Taxes on Income

Provision for current Income tax is made on the basis of the assessable income under the Income-tax Act, 1961. Current tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of the Income-tax Act, 1961.

Deferred tax is recognized on timing differences; being the differences between the taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods. Deferred tax assets subject to the consideration of prudence are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. The tax effect is calculated on the accumulated riming difference at the year and based on the tax rates and laws enacted or substantially enacted as on the Balance Sheet date.

1.7 Impairment of Assets

The Company identifies assets to be impaired based on cash generating unit concept at the yearend in terms of paragraphs 5 to 13 of the Accounting Standard 28 issued by the Institute of Chartered Accountants of India for the purpose of arriving at Impairment loss there on, if any, being the difference between the book value and recoverable value of relevant assets. Impairment loss when crystallizes is charged against the revenue of the year.

1.8 Revenue recognition:

The Company follows the Mercantile System of Accounting and recognizes income and expenditure on accrual basis except taxes due on assessment.

1.9 Contingent Liabilities and Provisions a

Disputed liabilities and claims against the Company including claims raised by the revenue authorities pending in appeal for which no reliable estimate can be made of the amount of the obligation or which are remotely poised for crystallization are not provided for in accounts but disclosed in notes on accounts.

However, present obligation as a result of past event with possibility of outflow of resources, when reliably estimated, is recognized in accounts, wherever applicable.

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Mar 31, 2012

1.1. Basis of Accounting

The Financial Statements have been prepared on accrual basis, except wherever otherwise stated, under the historical cost convention, in accordance with the accounting principles generally accepted in India and comply with the Accounting Standards as referred to in the Companies (Accounting Standards) Rules 2006 issued by the Central Government in exercise of power conferred under sub-section (i) (a) of Section 642 and the relevant provisions of the Companies Act, 1956. Dividend on Investments in Mutual Funds is consistently accounted for on receipt basis.

1.2 Use of Estimates

The preparation of financial statements in conformity with the generally accepted accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements. Actual results could differ from those estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.

1.3 Depreciation

Depreciation is provided on the fixed assets as per the Written down Value method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

1.4 Investments

Investments are valued at cost. All investments are of long term nature. Diminution other than temporary in the book value of Investment is charged to revenue.

1.5 Inventories

Shares held as inventories are valued at cost or market price whichever is lower.

1.6 Accounting for Taxes on Income

Provision for current Income tax is made on the basis of the assessable income under the Income-tax Act, 1961. Current tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of the Income-tax Act, 1961.

Deferred tax is recognized on timing differences; being the differences between the taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods. Deferred tax assets subject to the consideration of prudence are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. The tax effect is calculated on the accumulated timing difference at the year and based on the tax rates and laws enacted or substantially enacted as on the Balance Sheet date.

1.7 Impairment of Assets

The Company identifies assets to be impaired based on cash generating unit concept at the yearend in terms of paragraphs 5 to 13 of the Accounting Standard 28 issued by the Institute of Chartered Accountants of India for the purpose of arriving at Impairment loss there on, if any, being the difference between the book value and recoverable value of relevant assets. Impairment loss when crystallizes is charged against the revenue of the year.

1.8 Revenue recognition:

The Company follows the Mercantile System of Accounting and recognizes income and expenditure on accrual basis except taxes due on assessment.

1.9 Contingent Liabilities and Provisions

Disputed liabilities and claims against the Company including claims raised by the revenue authorities pending in appeal for which no reliable estimate can be made of the amount of the obligation or which are remotely poised for crystallization are not provided for in accounts but disclosed in notes on accounts.

However, present obligation as a result of past event with possibility of outflow of resources, when reliably estimated, is recognized in accounts, wherever applicable.

The balances of Trade Payables ,as appearing in the accounts are subject to the confirmation from the respective parties and consequential reconciliation, if any. However the Company anticipates no significant variations from its book values as on the Balance Sheet date.

The balances of Loans and Advances ,as appearing in the accounts are subject to the confirmation from the respective parties and consequential reconciliation, if any. However the Company anticipates no significant variations from its book values as on the Balance Sheet date.

The income from trading in shares of year has been shown as business profit/losses considering shares as stock in trade. Closing stock of Shares have been valued at Cost or market price whichever is low as per Accounting Standard - 2 Valuation of Inventory

The balances of Loans and Advances ,as appearing in the accounts are subject to the confirmation from the respective parties and consequential reconciliation, if any. However the Company anticipates no significant variations from its book values as on the Balance Sheet date.

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Mar 31, 2011

A. Basis of Accounting

The Financial Statements have been prepared on accrual basis, except wherever otherwise stated, under the historical cost convention, in accordance with the accounting principles generally accepted in India and comply with the Accounting Standards as referred to in the Companies (Accounting Standards) Rules 2006 issued by the Central Government in exercise of power conferred under sub-section (i) (a) of Section 642 and the relevant provisions of the Companies Act 1956. Dividend on Investments in Mutual Funds is consistently accounted for on receipt basis.

b. Use of Estimates.

The preparation of financial statements in conformity with the generally accepted accounting principles requires Management to make estimates and assumptions that affect me reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements. Actual results could differ from those estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.

c. Depreciation

Depreciation is provided on the fixed assets as per the Written down Value method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

d. Investments

Investments are valued at cost All investments are of long term nature. Diminution other than temporary in the book value of Investment is charged to revenue.

e. Inventories

Shares held as inventories are valued at cost or market price whichever is lower.

e. Accounting for Taxes on Income

Provision for current Income tax is made on five basis of the assessable income under the Income-tax Act 1961. Current tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of me Income-tax Act 1961.

Deferred tax is recognized on tuning differences; being the differences between the taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods. Deferred tax assets subject to the consideration of prudence are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. The tax effect is calculated on the accumulated timing difference at the year and based on the tax rates and laws enacted or substantially enacted as on the Balance Sheet date.

f. Impairment of Assets

The Company identifies assets to be impaired based on cash generating unit concept at the yearend in terms of paragraphs 5 to 13 of the Accounting Standard 28 issued by the Institute of Chartered Accountants of India for the purpose of arriving at Impairment loss there on, if any, being the difference between the book value and recoverable value of relevant assets. Impairment loss when crystallizes is charged against the revenue of the year.

g. Revenue recognition:

The Company follows the Mercantile System of Accounting and recognizes income and expenditure on accrual basis except taxes due on assessment

h. Contingent Liabilities and Provisions

Disputed liabilities and claims against the Company including claims raised by the revenue authorities pending in appeal for which no reliable estimate can be made of the amount of the obligation or which are remotely poised for crystallization are not provided for in accounts but disclosed in notes on accounts.

However, present obligation as a result of past event with possibility of outflow of resources, when reliably estimated, is recognised in accounts, wherever applicable.

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Mar 31, 2010

A. Basis of Accounting

The Financial Statements have been prepared on accrual basis, except wherever otherwise stated, under the historical cost convention, in accordance with the accounting principles generally accepted in India and comply with the Accounting Standards as referred to in the Companies (Accounting Standards) Rules 2006 issued by the Central Government in exercise of power conferred under sub-section (i) (a) of Section 642 and the relevant provisions of the Companies Act, 1956. Dividend on Investments in Mutual Funds is consistently accounted for on receipt basis.

b. Use of Estimates

The preparation of financial statements in conformity with the generally accepted accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements. Actual results could differ from those estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.

c. Depreciation

Depreciation is provided on the fixed assets as per the Written Down Value method at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

d. Investments

Investments are carried at cost. All investments are Long Term investments. Diminution in the book value of investment, which is permanent in nature, is provided in the Profit and Loss account.

e. Accounting for Taxes on Income

Provision for current Income tax is made on the basis of the assessable income under the Income-tax Act, 1961. Current tax is the amount of tax payable on the taxable income for the year determined in accordance with the provisions of the Income-tax Act, 1961.

Deferred tax is recognized on timing differences; being the differences between the taxable income and accounting income that originate in one period and is capable of reversal in one or more subsequent periods. Deferred tax assets subject to the consideration of prudence are recognized and carried forward only to the extent mat there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. The tax effect is calculated on the accumulated timing difference at the year and based on the tax rates and laws enacted or substantially enacted as on the Balance Sheet date.

f. Impairment of Assets

The Company identifies assets to be impaired based on cash generating unit concept at the yearend in terms of paragraphs 5 to 13 of the Accounting Standard 28 issued by the Institute of Chartered Accountants of India for the purpose of arriving at Impairment loss there on, if any, being the difference between the book value and recoverable value of relevant assets. Impairment loss when crystallizes is charged against the revenue of the year.

g. Revenue recognition:

The Company follows the Mercantile System of Accounting and recognizes income and expenditure on accrual basis except taxes due on assessment.

h. Contingent Liabilities and Provisions

Disputed liabilities and claims against the Company including claims raised by the revenue authorities pending in appeal for which no reliable estimate can be made of the amount of the obligation or which are remotely poised for crystallization are not provided for in accounts but disclosed in notes on accounts.

However, present obligation as a result of past event with possibility of outflow of resources, when reliably estimated, is recognised in accounts, wherever applicable.