Accounting Policies of Pine Animation Ltd. Company

Mar 31, 2015

I. Corporate Information:

Pine Animation Limited is public limited listed company. The Company was incorporated on 01st August, 1989. The Company operates in the business of Trading, Animation & Software developments.

ii. Basis of Accounting & Preparation of Financial Statements:

The Financial Statements have been prepared to comply in all material respects with the notified accounting standards by the Companies Accounting Standards Rules, 2006( which are deemed to be applicable as per section 133 of the Companies Act, 2013 read with rule 7 of the Companies ( Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared under the historical cost convention, on an accrual basis of accounting.

iii. 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 end. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates.

iv. Employee Benefits:

All employee benefits payable wholly within twelve months of rendering the services are classified as short term employee benefits. Benefits such as salaries, wages, performance incentives etc. are recognized at actual amounts due in the period in which the employee renders the related service.

v. Taxes on income :

Provision for tax is made on the basis of the estimated taxable income as per the provisions of the Income Tax Act, 1961 and the relevant Finance Act, after taking into consideration judicial pronouncements and opinions of the Company's tax advisors.

Deferred tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

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Mar 31, 2014

I. Corporate Information:

Pine Animation Limited is public limited listed company. The Company was incorporated on 01st August, 1989. The Company operates in the business of Trading, Animation & Software developments.

ii. Basis of Accounting & Preparation of Financial Statements:

Preparation and presentation of financial statements of the company is disclosed as per the revised Schedule VI notified under the Companies Act, 1956. However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the Company. Accounting policies not stated explicitly otherwise are consistent with Generally Accepted Accounting Principles (GAAP).

The Company generally follows mercantile system of accounting and recognize significant items of income and expenditure on accrual basis as a going concern.

iii. Use of Estimates:

The preparation of the financial statements in conformity with Indian GAAP requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities on the date of the financial statements and reported amounts of revenues and expenses for the year. The management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.

iv. Revenue Recognition:

For dealing in Shares & Securities in cash market segment the same are accounted for on the basis of bill dates received from the brokers.

v. Employee Benefits:

Short Term Employee Benefits:

All employee benefits payable wholly within twelve months of rendering the services are classified as short term employee benefits. Benefits such as salaries, wages, performance incentives etc. are recognized at actual amounts due in the period in which the employee renders the related service.

vi. Taxes on income :

Provision for tax is made on the basis of the estimated taxable income as per the provisions of the Income Tax Act, 1961 and the relevant Finance Act, after taking into consideration judicial pronouncements and opinions of the Company''s tax advisors.

Deferred tax is recognised, subject to the consideration of prudence, on timing differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

vii. Earnings per Share:

Basic earnings per share is computed by dividing the profit/ (loss) after tax (including the post-tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share is computed by dividing the profit/ (loss) after tax (including the post-tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of shares which could have been issued on the conversion of all dilutive potential equity shares.

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Mar 31, 2012

(a) The company follows the accrual system of accounting in accordance with the requirement of the Companies Act, 1956 and complies with the accounting standards referred to in sub-section 211 of the said Act.

(b) The accounts are prepared on historical cost basis and on the basis of going concern. Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting principles''.

1) GENERAL:

I. The Financial Statement has generally been prepared on the historical cost convention.

II. Accounting policies not specifically referred to otherwise are in consonance with generally accepted accounting principles.

2) BASIS OF ACCOUNTING:

The Company follows the mercantile system of accounting generally except otherwise stated herein below, if so.

3) FIXED ASSETS:

Fixed assets are stated at cost of less accumulated depreciation has been provided on WDV in accordance with the provision of section 205(2)(b) of the companies Act,1956 at the rates specified in the schedule XIV to the said Act.

4) INVESTMENT:

Investments, if any, are stated at cost.

5) REVENUE RECOGNITION:

Revenue in respect Overdue Compensation Charges Etc. is recognized only when it is reasonably certain that the ultimate collection will be made.

6) DEFERED TAX:

The Deferred tax is recognized for all temporary differences subject to the consideration of prudence and at currently available rates. Deferred Tax assets are recognized only if there is virtual certainty that they will be realized.

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Mar 31, 2011

A. The Financial Statements have been prepared in accordance with the accepted Accounting principles on accrual basis and comply with the accounting standards referred to in section 211 (3C) of the Companies Act, 1956 as adopted consistently by the company.

b. The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis.

c. Fixed assets are stated at historical cost less accumulated depreciation.

d. Depreciation on fixed assets is provided on written down value basis prescribed in Schedule XIV to the Companies Act, 1956.

e. The Company has made necessary provision for income tax, taking into account the allowances and exemptions under the Income Tax Act, 1961.

f. Deferred Tax resulting from timing difference between book and tax profits is accounted for under the liability method at the current rate of tax, to the extent that the timing difference is expected to crystallize.

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Mar 31, 2010

A. The Financial Statements have been prepared in accordance with the accepted Accounting principles on accrual basis and comply with the accounting standards Referred to in section 211 (3C) of the Companies Act,1956 as adopted consistently by the company.

b. The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis.

c. Fixed assets are stated at historical cost less accumulated depreciation.

d. Depreciation on fixed assets is provided on written down value basis prescribed in Schedule XIV to the Companies Act, 1956.

e. The Company has made necessary provision for income tax, taking into account the Allowances and exemptions under the Income Tax Act, 1961.

f. Deferred Tax resulting from timing difference between book and tax profits is accounted for under the liability method at the current rate of tax, to the extent that the timing difference are expected to crystallize.