Accounting Policies of Maa Jagdambe Tradelinks Ltd. Company

Mar 31, 2024

Note 1: Significant Accounting policies

1.1 Statement of Compliance

These financial statements are prepared in accordance with Indian Accounting
Standards (Ind AS) under the historical cost convention on the accrual basis except
for certain financial instruments which are measured at fair value, the provision of
Companies Act, 2013 (the Act) (to the extent notified) and the guidelines issued by
Securities and Exchange Board of India (SEBI). The Ind AS are prescribed under
Section 133 of the Companies Act, 2013 (the Act) read with Rule 3 Companies
(Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting
Standards) Amendment Rules, 2016.

The accounting policies have been consistently applied except where a newly-
issued accounting standard is initially adopted or a revision to existing accounting
standards required a change in the accounting policies hitherto in use.

1.2 Inventories

The company has valued the inventory of traded goods at lower of cost or market
value.

1.3 Taxes on Income

Tax expense for the period, comprising current tax and deferred tax, are included
in the determination of the net profit or loss for the period. Current tax is
measured at the amount expected to be paid to the tax authorities in accordance
with the Income Tax Act, 1961.

Deferred tax is recognized on temporary differences between the carrying
amounts of assets and liabilities in the separate financial statements and the
corresponding tax bases used in the computation of taxable profit. Deferred tax
liabilities are generally recognized for all taxable temporary differences. Deferred
tax assets are generally recognized for all deductible temporary differences to the
extent that it is probable that taxable profits will be available against which those
deductible temporary differences can be utilized.

The carrying amount of deferred tax assets is reviewed at the end of each
reporting period and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to be
recovered. Deferred tax liabilities and assets are measured at the tax rates that are
expected to apply in the period in which the liability is settled or the asset realized,
based on tax rates (and tax laws) that have been enacted or substantively enacted
by the end of the reporting period.

Current and deferred tax are recognized in profit or loss, except when they relate
to items that are recognized in other comprehensive income or directly in equity,
in which case, the current and deferred tax are also recognized in other
comprehensive income or directly in equity respectively.

1.4 Property, plant & equipment:

All Property, Plant & Equipment''s are stated at cost of acquisition, less
accumulated depreciation and accumulated impairment losses, if any. Direct costs
are capitalized until the assets are ready for use and include freight, duties, taxes
and expenses incidental to acquisition and installation.

Subsequent expenditures related to an item of Property, Plant & Equipment are
added to its carrying value only when it is probable that the future economic
benefits from the asset will flow to the Company and cost can be reliably
measured.

Losses arising from the retirement of, and gains or losses arising from disposal of
Property, Plant and Equipment are recognized in the Statement of Profit and Loss.

Depreciation is provided on a pro-rata basis on the straight line method (''SLM'')
over the estimated useful lives of the assets specified in Schedule II of the
Companies Act, 2013.

On transition to Ind AS, the Company has elected to continue with the carrying
value of all of its property, plant and equipment recognized as at April 1, 2016
measured as per the previous GAAP and use that carrying value as the deemed
cost of the property, plant and equipment.

1.5 Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivable
and recognized when it is probable that the economic benefits associated with the
transaction will flow to the entity.

1.6 Financial Instruments
Initial Recognition

The company recognizes financial assets & financial liabilities when it becomes a
party to the contractual provision of the instruments. All financial assets &
liabilities are recognized at fair value on initial recognition, except for trade
receivables which are initially measured at transaction price. Transaction cost that
are directly attributable to the acquisition or issue of financial assets & liabilities
that are not at fair value through profit or loss, are added to the fair value on initial
recognition. Regular way purchase and sale of financial assets are accounted for a
trade date.

Subsequent measurement

Financial assets at amortized cost: Financial assets having contractual terms that
give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal outstanding and that are held within a business model
whose objective is to hold such assets in order to collect such contractual cash
flows are classified in this category. Subsequently, these are measured at
amortized cost using the effective interest method less any impairment losses

1.7 Employee Benefits

The Company follows the policy of accounting for the same only on crystallization
of the liability.

1.8 Earnings Per Share

Basic Earnings per share is computed by dividing the net profit attributable to
equity shareholders by the weighted average number of equity shares outstanding
during the period.

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Mar 31, 2015

2.1 Basis of preparations

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respect with the accounting standards notified under the Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provision of the Companies Act 2013. The financial statements have been prepared on an accrual basis and under the historical cost conventions. The accounting policies adopted in the preparation of the financial statements are consistent with those of the previous year.

2.2 Revenue Recognition:

a) Income from Shares & Securities trading is recognized as income or loss on the date of actual trade and are shown net of brokerage expenses.

b) The dividend income is accounted for when the right to receive the payment is established whereas, interest income and other income is accounted on accrual basis.

c) The amount recognized as sale is exclusive of sales tax / VAT and are net of returns and excludes freight and other charges and accounted for at-time when the invoices are raised.

2.3 Fixed Assets- Tangibles

Tangible Assets are stated at cost of acquisition less accumulated depreciation and amortization. All costs relating to the acquisition and installation of tangible assets are capitalized and include borrowing costs directly attributable to acquisition of tangible assets upto the date the asset is put to use.

2.4 Depreciation- Tangibles

Depreciation on tangible assets is provided to the extent of depreciable amount on straight line method over the useful life of such assets as specified in Schedule II to the Companies Act, 2013.

2.5 Investments:

Investments are either classified as current or long term based on Management's intention at the time of purchase. Investments that are intended to be held for one year or more are classified as long term investments and investments that are intended to be held for less than one year are classified as current investments. Long term investments are carried at cost less provisions made for permanent diminution in the value, if any. Current investments are valued at the lower of cost and fair value of each investment individually.

2.6 Stock in trade

The Stock of Raw Material is valued at cost. The Stock of Traded and Finished Goods are valued at lower of cost or market value.

2.7 Taxes on Income:

a) Income-tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with income tax laws) and deferred tax charge or credit (reflecting the tax effect of timing differences between accounting income and taxable income for the period).

b) Deferred tax is recognized for all the timing differences, subject to the consideration of prudence in respect of deferred tax assets. Deferred tax assets 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.

Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date.

2.8 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as results of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in Notes to Accounts, while contingent assets are neither recognized nor disclosed in the financial statements.

2.9 Provisions, Contingent Liabilities and Contingent Assets

Basic Earnings per Share is calculated by dividing the net profit after tax for the year attributable to equity shareholders of the Company by the weighted average number of shares outstanding during the year.

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Mar 31, 2014

1.1 Basis of preparations

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respect with the accounting standards notified under the Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provision of the Companies Act 1956. The financial statements have been prepared on an accrual basis and under the historical cost conventions. The accounting policies adopted in the preparation of the financial statements are consistent with those of the previous year.

2.2 Revenue Recognition:

a) Income from Shares & Securities trading is recognized as income or loss on the date of actual trade and are shown net of brokerage expenses.

b) The dividend income is accounted for when the right to receive the payment is established whereas, interest income and other income is accounted on accrual basis.

c) The amount recognized as sale is exclusive of sales tax / VAT and are net of returns and excludes freight and other charges and accounted for at time when the invoices are raised.

2.3 Investments:

Investments are either classified as current or long term based on Managements intention at the time of purchase. Investments that are intended to be held for one year or more are classified as long term investments and investments that are intended to be held for less than one year are classified as current investments. Long term investments are carried at cost less provisions made for permanent diminution in the value, if any. Current investments are valued at the lower of cost and fair value of each investment individually.

2.4 Stock in trade

The Stock of Raw Material is valued at cost. The Stock of Traded and Finished Goods are valued at lower of cost or market value.

2.5 Taxes on Income:

a) Income-tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with income tax laws) and deferred tax charge or credit (reflecting the tax effect of timing differences between accounting income and taxable income for the period).

b) The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that the assets can be realized in future.

2.6 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as results of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in Notes to Accounts, while contingent assets are neither recognized nor disclosed in the financial statements.

2.7 Cash Flow Statement

Cash flow statements are prepared in accordance with the "Indirect Method" as explained in the Accounting Standard (AS) 3 – Cash Flow Statements as prescribed under section 211(3C) of the Companies Act 1956.

2.8 Provisions, Contingent Liabilities and Contingent Assets

Basic Earning per Share is calculated by dividing the net profit after tax for the year attributable to equity shareholders of the Company by the weighted average number of shares outstanding during the year.

*Based on the information so far available with the company, there are no dues payable to MSME as defined in the Micro, Small and Medium Enterprises Development Act, 2006

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Mar 31, 2013

1.1 Basis of preparations

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India. The company has prepared these financial statements to comply in all material respect with the accounting standards notified under the Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provision of the Companies Act 1956. The financial statements have been prepared on an accrual basis and under the historical cost conventions. The accounting policies adopted in the preparation of the financial statements are consistent with those of the previous year.

1.2 Revenue Recognition:

a) Income from Shares & Securities trading is recognized as income or loss on the date of actual trade and are shown net of brokerage expenses.

b) The dividend income is accounted for when the right to receive the payment is established whereas, interest income and other income is accounted on accrual basis.

c) The amount recognized as sale is exclusive of sales tax/VAT and are net of returns and excludes freight and other charges and accounted for at time when the invoices are raised.

1.3 Investments:

Investments are either classified as current or long term based on Managements intention at the time of purchase. Investments that are intended to be held for one year or more are classified as long term investments and investments that are intended to be held for less than one year are classified as current investments. Long term investments are carried at cost less provisions made for permanent diminution in the value, if any. Current investments are valued at the lower of cost and fair value of each investment individually.

1.4 Stock in trade

The Stock of quoted shares is valued at lower of cost or market value.

1.5 Taxes on Income:

a) Income-tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with income tax laws) and deferred tax charge or credit (reflecting the tax effect of timing differences between accounting income and taxable income for the period).

b) The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that the assets can be realized in future.

1.6 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as results of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in Notes to Accounts, while contingent assets are neither recognized nor disclosed in the financial statements.

1.7 Cash Flow Statement

Cash flow statements are prepared in accordance with the "Indirect Method" as explained in the Accounting Standard (AS) 3 - Cash Flow Statements as prescribed under section 211(3C) of the Companies Act 1956.

1.8 Provisions, Contingent Liabilities and Contingent Assets

Basic Earnings per Share is calculated by dividing the net profit after tax for the year attributable to equity shareholders of the Company by the weighted average number of shares outstanding during the year.

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Mar 31, 2011

1.Accounting Policies :-

a. The Company follows the Prudential Norms for Asset Classification, Income Recognition, Accounting Standards, and Provisioning for bad and doubtful debts as prescribed by the Reserve Bank of India for Non Banking Financial companies.

b. Accounts have been prepared on historical cost and accrual basis

c. Invertible are valued at cost. (Refer Note No. '4' given below}

d. Dividend Income is accounted for in the fear in which it is declared

e. Fructose& Sale of Shares & Other Sews are accounted for on the basis of Bill dates received from the brokers.

f. Long Term Investment are stated at cost. Provisioning for loss in the value ,of investments is made on the basis of permanent impairment in each security '

g. Income-tax expense comprises current tax and deferred tax charge or credit. The deferred tax as** and deferred tax liability is canted by applying tax rate and tax laws that have been enacted or substantively enacting the Balance Sheet date. Deferred tax assets arising mainly on account of brought forward losses and unabsorbed depreciation under tax Laws are recognized, only if there is a virtual certainty of its realization, supported by convening evidence. Deferred tax aspirin account of other timing differences are reckonable only to the extent there is a enable certainty of its realisation. At each Balance Sheet date, the carrying amount of deferred tax assets are reviewed to reassure realisation.

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Mar 31, 2010

A. The company follows the prudential Norms for Asset Classification, Income Recognition, Accounting Standards, and Provisioning for bad and doubtful debts as prescribed by the Reserve Bank of India for Non Banking Financial Companies.

b. Accounts have been prepared on historical cost and accrual basis.

c. Inventories are valued at cost. (Refer Note No. '4' given below).

d. Dividend Income is accounted for in the year in which it is declared.

e. Purchase & Sale of Shares & Other Securities are accounted for on the basis of Bill dates received from the brokers.

f. Long Term Investments are stated at cost Provisioning for loss in the value of investments is made on the basis of permanent impairment m each security.

g. Income tax expense comprises current tax and deferred tax charge or credit. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax assete arising mainly on account of brought forward losses and unabsorbed depredation under tax laws, are recognized, only if there is a virtual certainty of its realisation, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation. At each Balanced Sheet date, the carrying amount of deferred tax assets are reviewed to reassure realisation.