GLOBAL SECURITIES LIMITED
ANNUAL REPORT 2008-2009
NOTES ON ACCOUNTS
A. SIGNIFICANT ACCOUNTING POLICIES:
1. Basis of Preparation of Financial Statements:
The Financial Statements have been prepared and presented under the
historical cost convention on accrual basis of accounting principles
generally accepted in India and comply with the mandatory Accounting
Standards issued by the Institute of Chartered Accountants of India and the
relevant provision of the Companies Act, 1956. Except where otherwise
stated, the accounting principles have been consistently applied.
2. Fixed Assets:
Fixed Assets are stated at cost of acquisition, less Depreciation provided
for the year there on.
3. Depreciation on Fixed Assets:
Deprecation is provided on the straight-line method (S.L.M). at the rates
prescribed in Schedule XIV to the Companies Act, 1956.
4. PROVIDENT FUND / E.S.I.
As informed to us, the rules of P.F. and E.S.I, and gratuity are not
applicable to the company this year. No amount from the balance of
Preliminary Expenses has been charges to Profit & Loss Account during the
5. FOREIGN EXCHANGE TRANSACTION:
Company has not entered in any foreign exchange transaction during the
(B) NOTES ON ACCOUNTS:
As at As at
31st March 31st March
Estimated amount of contract remaining to be Nil Nil
executed on capital account and hot provided for.
Contingent Liabilities Nil Nil
Claims not acknowledged as debts Nil Nil
Guarantee given by the company Nil Nil
5. Loans and advances:- Rs. 5,35,92,573/-
The above amount includes a sum of Rs. 5,34,92,573/- due from companies /
party outstanding for more then one year. During the year no amount have
been received from those parties. However, the directors are hopeful for
their recovery in full, and hence no provision for doubtful amounts has
been made in the accounts.
6. Additional Information pursuant to the provision of Para 3, 4c and 4d of
part II of Schedule-6 of the companies Act, 1956:
Since the company has not done any trading / manufacturing activities, such
information is not applicable and hence not furnished.
7. Previous year figures have been regrouped where necessary.
Far and on behalf of the As per our separate report of
Board of Directors even date
For, Global Securities Limited For PRAFUL N. SHAH & Co.,
Kamlesh M. Shah (P.N. SHAH)
Managing Director Proprietor
Membership No.: 15591
Bharat V. Dave
April 11, 2009