Accounting Policies of Simplex Trading & Agencies Ltd. Company

Mar 31, 2013

1. Basis of Accounting:- The Accounts have been prepared on historical cost basis and accrual system of accounting unless otherwise stated.

2. Income Recognition : -

2.1 Interest on investments is accounted for on accrual basis.

2.2 Dividend income is accounted for on receipt basis.

2.3 Profit or loss on sale of investments is accounted for as and when the transactions are entered into.

3. Expenses: -The Company provides for all expenses on accrual basis.

4. Investments: - Investments are valued at cost.

5. Taxation

5.1 Provision for current tax is made on the estimated taxable income at the tax rate applicable to the relevant assessment year. Deferred tax assets and deferred tax liabilities are calculated by applying the rate and tax laws that have been enacted or substantively enacted as on balance sheet date. Deferred tax assets are reviewed at each Balance sheet date.

5.2 Deferred Tax Assets arising mainly on account of brought forward losses and unabsorbed depreciation under Tax laws are recognised, only to the extent of a virtual certainty of its realisation. Deferred Tax Assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation.

6. Contingent Liabilities: -All known liabilities are provided for in the books of account except liabilities of contingent nature which have been adequately disclosed by way of "Notes to the Account''''.

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Mar 31, 2012

1. Basis of Accounting:- The Accounts have been prepared on historical cost basis and accrual system of accounting unless otherwise stated.

2. Income Recognition : -

2.1 Interest on investments is accounted for on accrual basis.

2.2 Dividend income is accounted for on receipt basis.

2.3 Profit or loss on sale of investments is accounted for as and when the transactions are entered into.

3. Expenses: -The Company provides for all expenses on accrual basis.

4. Investments: - Investments are valued at cost.

5. Taxation

5.1 Provision for current tax is made on the estimated taxable income at the tax rate applicable to the relevant assessment year. Deferred tax assets and deferred tax liabilities are calculated by applying the rate and tax laws that have been enacted or substantively enacted as on balance sheet date. Deferred tax assets are reviewed at each Balance sheet date.

5.2 Deferred Tax Assets arising mainly on account of brought forward losses and unabsorbed depreciation under Tax laws are recognised, only to the extent of a virtual certainty of its realisation. Deferred Tax Assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation.

6. Contingent Liabilities: -All known liabilities are provided for in the books of account except liabilities of contingent nature which have been adequately disclosed by way of "Notes to the Account''.

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Mar 31, 2010

1. Basis of Accounting :-

The Accounts have been prepared on historical cost basis and accrual system of accounting unless otherwise stated.

2. Income Recognition : -

2.1 Interest on investments is accounted for on accrual basis.

2.2 Dividend income is accounted for on receipt basis.

2.3 Profit or loss on sale of investments is accounted for as and when the transactions are entered into.

3. Expenses : -

The Company provides for all expenses on accrual basis.

4. Investments : -

(a) Long term investments are valued at cost.

(b) All investments have been classified as long term investments.

5. Taxation

5.1 Provision for current tax is made on the estimated taxable income at the tax rate applicable to the relevant assessment year. Deferred tax assets and deferred tax liabilities are calculated by applying the rate and tax laws that have been enacted or substantively enacted as on balance sheet date. Deferred tax assets are reviewed at each Balance sheet date.

5.2 Deferred Tax Assets arising mainly on account of brought forward losses and unabsorbed depreciation under Tax laws are recognised, only to the extent of a virtual certainty of its realisation. Deferred Tax Assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation.

6. Contingent Liabilities: -

All known liabilities are provided for in the books of account except liabilities of contingent nature which have been adequately disclosed by way of “Notes to the Account’’.

7. Other Accounting Policies : -

These are consistent with the generally accepted accounting policies.

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Mar 31, 2009

1. Basis of Accounting :-

The Accounts have been prepared on historical cost basis and accrual system of accounting unless otherwise stated.

2. Income Recognition : -

2.1 Interest on investments is accounted for on accrual basis.

2.2 Dividend income is accounted for on receipt basis.

2.3 Profit or loss on sale of investments are accounted for as and when the transactions are entered in to.

3. Expenses : -

The Company provides for all expenses on accrual basis.

4. Investments : -

(a) Long term investments are valued at cost.

(b) All investments have been classified as long term investments .

5. Taxation

5.1 Provision for current tax is made on the estimated taxable income at the tax rate applicable to the relevant assessment year. Deferred tax assets and deferred tax liabilities are calculated by applying the rate and tax laws that have been enacted or substantively enacted as on balance sheet date. Deferred tax assets are reviewed at each Balance sheet date.

5.2 Deferred Tax Assets arising mainly on account of brought forward losses and unabsorbed depreciation under Tax laws, are recognised, only to the extent of a virtual certainty of its realisation. Deferred Tax Assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation.

6. Contingent Liabilities : -

All known liabilities are provided for in the books of account except liabilities of contingent nature which have been adequately disclosed by way of "Notes to the Account".

7. Other Accounting Policies : -

These are consistent with the generally accepted accounting policies.

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Mar 31, 2002

1. Basis of Accounting: -

The Account have been prepared on historical cost basis and accrual system of accounting unless otherwise stated.

2. Income Recognition: -

2.1 Interest on investments is accounted for on accrual basis.

2.2 Dividend income is accounted for on receipt basis.

2.3 Profit or loss on sale of investments are accounted for as and when the transactions are entered in to.

3. Expenses: -

The Company provides for all expenses on accrual basis.

4. Investments: -

(a) Long term investments including silver utensils and jewellery are valued at cost.

(b) All investments have been classified as long term investments.

5. Contingent Liabilities: -

All known liabilities are provided for in the books of account except liabilities of contingent nature which have been adequately disclosed by way of " Notes to the Account ".

6. Other Accounting Policies: -

These are consistent with the generally accepted accounting policies.