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AGARWAL FORTUNE INDIA LTD.

27 December 2024 | 12:00

Industry >> Glass & Glass Products

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ISIN No INE510B01018 BSE Code / NSE Code 530765 / AGARWAL Book Value (Rs.) 1.35 Face Value 10.00
Bookclosure 20/09/2024 52Week High 45 EPS 0.28 P/E 74.50
Market Cap. 7.22 Cr. 52Week Low 15 P/BV / Div Yield (%) 15.62 / 0.00 Market Lot 1.00
Security Type Other

ACCOUNTING POLICY

You can view the entire text of Accounting Policy of the company for the latest year.
Year End :2014-03 
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The accompanying financial statement have been prepared under the historical cost convention, going concern and on the accrual basis of accounting in accordance with the provisions of the Companies Act, 1956 & comply with the accounting standards issued by the Institute of Chartered Accountants of India to the extent applicable.

1.2 ACCOUNTING ESTIMATES

The preparation of the financial statements in accordance with generally accepted accounting principles often requires that Company officials makes estimates & assumption that affect the reported amount of Assets & Liabilities and disclosure of contingent Assets and liabilities as on the date of financial statement & the reported amounts of revenue & expenses. During the reported period Company officials believes that the estimates used in the preparation of the financial statement are prudent & reasonable, actual results could differ from these estimates.

1.3 FIXED ASSETS

Fixed assets are stated at cost

1.4 DEPRECIATION

The Company has not charged Depreciation on its fixed assets.

1.5 REVENUE RECOGNITION

Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection.. Interest Income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.

1.6 TAXES ON INCOME

Tax expenses comprises of Current tax and deferred tax. Current Tax Provision, if any, has been made on the basis of reliefs and deduction available under the Income- Tax Act, 1961. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the Balance Sheet date. The deferred tax assets is recognised and carried forward only to the extent that there is a reasonable certainty that the assets can be realised in future. However, where there is unabsorbed depreciation or carry forward losses under taxation laws, deferred tax assets are recognized only if there is virtual certainty of realisation of such assets. Deferred tax assets are reviewed as at each Balance Sheet date.

1.7. CONSISTENCY :

These Financial statements have been prepared on basis consistent with previous years and accounting policies not specifically referred hereto are consistent with generally accepted accounting principles.

1.8. IMPAIRMENT OF ASSETS:

In accordance with the Accounting Standard (As-28 ) in " Impairment of Assets " issued by The Institute of Chartered accountants of India , during the year the company has reassessed its fixed assets and is of the view that no further impairment / reversal is considered to be necessary in view of its expected realizable .

1.9. SEGMENTAL REPORTING:

Being the company having only one line of operation and working in a single geographical area and in accordance with the provisions of AS -17. Hence segmental report is not furnished.

1.10. INVESTMENTS

Investments that are intended to be held for more than a year, from the date of acquisition, are classified as long term investments and are carried at cost. Provision for diminution in the value of long term investments is made only if such a decline is other than temporary.

1.11 CONTINGENT LIABILITIES

Contingent liability that may arise due to delayed / non-compliance of certain fiscal statutes amount unascertainable.