Home  »  Company  »  Abhinav Leasing  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Abhinav Leasing & Finance Ltd. Company

Mar 31, 2015

I) Basis of Accounting

The financial statements are prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 2013.

ii) Use of Estimates

The preparation of financial statements requires estimates and assumptions to be made based on the current working that affect the reported amount of assets and liabilities (including contingent liabilities) on the date of financial statements and the reported amount of revenues and expenses for the reporting period. Difference between the actual and the estimates, if any, are accounted for in the period in which such differences are known/materialized.

iii) Investments

Investments wherever readily realizable and intended to be held not more than one year from the date of such investments are made, are qualified as current investments. Current investments are carried at lower of cost and quoted/fair value, computed category-wise.

iv) Inventories

Items of inventories such as raw materials and Stock-in-Trade, Finished Goods are measured at lower of cost or net realizable value after providing for obsolescence if any. Work-in-progress is valued at estimated cost and stocks & spare parts, dyes & chemicals, packing materials etc. are valued at cost.

Cost of inventories comprises of cost of purchase, cost of conversion and other costs including manufacturing overheads incurred in bringing them in their present condition. Cost of raw materials, stock in process, stock in trade and finished goods are determined on average cost basis.

v) Revenue Recognition

Revenue is recognized only when it can be definitely measured and it is reasonable to expect final collection. Revenue from operations includes sale of goods after adjustment of discounts (net) and return of goods. Dividend income is recognized on actual receipt basis. Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.

vi) Related Party Disclosure

In accordance with the requirements of Accounting Standards (AS) - 18 on Related Party Disclosures, the names of the related parties where control exists and/or with whom transactions have taken place during the year and descriptions of relationships, as identified and certified by the management, are:

I. Key Management Personnel

- Atul Kumar Agarwal Director

- Mamta Agarwal Director

- Himanshu Agarwal Director

- Rabinder Gupta Director

- Malikhan Singh Yadav Director

II. As informed by the management there was no related party transactions made during the year.

vii) Earning Per Share

Basic earnings per share is calculated by dividing the net Profit for the year attributable to equity shareholders (after deducting the dividend on redeemable preference share) by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share is calculated by dividing the net profit attributable to equity shareholders (after deducting the dividend on redeemable preference share) by weighted average number of equity shares outstanding during the year after adjusting for the effects of dilutive options.

viii) Events occurring after Balance Sheet Date

Events occurring after the balance sheet date have been considered in the preparation of financial statements.

ix) Contingent Liabilities

Unprovided liabilities of contingent nature are disclosed in the accounts by way of notes giving nature and quantum of such liabilities.


Mar 31, 2014

Basis of preparation of financial statements:

The financial statements are prepared and presented on accrual basis of accounting in accordance with the generally accepted accounting principles in India and comply with the accounting standards prescribed by Companies( Accounting Standard) Rules,2006, to the extent applicable and in accordance with the provisions of the Companies Act,1956, as adopted by the Company.

Use of Estimates:

The presentation of financial statements in conformity with the generally accepted Accounting principles required estimates and assumptions to be made that affect the reported amount of assets, liabilities revenues and expenses on the date of the financial statements. Difference between the actual result and estimates are recognized in the period in which the results are know/ materialized.

Revenue Recognition:

All revenue, costs, assets and liabilities are accounted for on accrual basis except in case where not practically possible.

Fixed Assets:

Fixed Assets are stated at cost less Depreciation. The Cost of fixed assets comprises purchase price and any attributable cost of bringing the assets to its working condition for its intended use.

Depreciation:

Depreciation on fixed assets is provided on W.D.V. Method at the rates and in the manner as prescribed in the schedule XIV of the Companies Act, 1956.

Stock in Trade:

Stock in trade comprises of shares, securities and commodities. All securities are valued at cost . In case shares held as stock in trade, diminution in value of stock is not provided for in accounts because, in the opinion of the board, prices will rise in near future.

Retirement Benefits:

Provident fund, gratuity and leave pay provision are not applicable to the company.

Investment:

Investment Valued at cost as Investments are considered as Long Term Investments.

Leases:

Lease arrangements where the risks and rewards incidental to the ownership of an assets vest substantially with the lessor are recognized as operating leases. Lease rent under operating leases are recognized in the profit and loss statements with reference to the lease terms.

Income Tax:

In accordance with Accounting Standards- 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India. The provisions made for income tax in the accounts comprises both, the current tax and deferred tax.

The deferred tax for timing differences between the book and tax profits for the year is accounted for using the tax rates and laws that have been enacted or substantively enacted as of the balance sheet date. Deferred Tax assets arising from temporary timing difference are recognized to the extent there is reasonable certainly that the assets can be realized in future and the same is reviewed at each Balance Sheet Date.

Provisions & Contingencies

A provision is recognized when an enterprise has a present obligation as a result of past event and it is probable that the outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best management estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best management estimates. Contingent liabilities are not recognized but are disclosed in the Notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

b) Rights, preferences and restrictions attached to shares

Equity Shares: The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held.


Mar 31, 2013

Basis of preparation of financial statements:

The Financial statements are prepared and presented under the historical cost convention on the accrual basis of Accounting and in accordance with the accounting standard issued by the Institute of Chartered Accountants of India as referred to in Section 211 (3CJ of the Companies Act, 1956.

Use of Estimates:

The presentation of financial statements in conformity with the generally accepted Accounting principles required estimates and assumptions to be made that affect the reported amount of assets, liabilities revenues and expenses on the date of the financial statements. Difference between the actual result and estimates are recognized in the period in which the results are know/ materialized.

Revenue Recognition:

All revenue, costs, assets ana liabilities are accounted for on accrual basis except in case where not practically possible.

Fixed Assets:

Fixed Assets are stated at cost less Depreciation. The Cost of fixed assets comprises purchase price and any attributable cost of bringing the assets to its working condition for itij intended use.

Depreciation:

Depreciation on fixed assets is provided on W.D.V. Method at the rates and in the manner as prescribed in the schedule XIV of the Companies Act, 1956.

IN TRADE:

in trade comprises of shares, securities and commodities. All securities are valued at .In case shares held as stock in trade, diminution in value of stock is not provided for in unts because, in the opinion of the board, prices will rise in near future. The closing je of shares is Rs. 12,097,363,50/-. ieclosing stock of commodities is Rs. 15, 523, 213.40/-.

RETIREMENT BENEFITS:

Provident fund, gratuity and leave pay provision are not applicable to the company.

I Investment:

Investment Valued at cost as Investments are considered as Long Term Investments.

Taxes on Income:

i) Current Tax is determined as the tax payable in respect of taxable income for the year and is computed in accordance with relevant Tax Regulations.

All expenses are accounted for accrual basis.


Mar 31, 2012

Basis of preparation of financial statements:

The Financial statements are prepared amt presented under the historical cost convention on the accrual basis of Accounting and in accordance with the accounting standard issued by the Institute of Chartered Accountants of India as referred to in Section 211 (30 of the Companies Act,1956.

Use of Estimates:

The presentation of financial statements in conformity with the generally accepted Accounting principles required estimates and assumptions to be made that affect the reported amount of assets, liabilities revenues and expenses on the date of the financial statements. Difference between the actual result and estimates are recognized in the period in which the results are know/ materialized.

Revenue Recognition:

All revenue, costs, assets and liabilities are accounted for on accrual basis except in case where not practically possible.

Fixed Assets:

Fixed Assets are stated at cost less Depreciation. The Cost of fixed assets comprises purchase price and any attributable cost of bringing the assets to its working condition for its intended use.

Depreciation:

Depreciation on fixed assets is provided on W.D.V. Method at the rates and in the manner as prescribed in the schedule XIV of the Companies Act, 1956.

STOCK IN TRADE:

Stock in trade comprises or shares and securities. All securities are valued at cost in case share held as stock in trade, diminution in value of stock is not provided for in accounts because in the opinion of the board prices will be rises in near future.

RETIREMENT BENEFITS:

Provident fund, gratuity and leave pay provision are not applicable to the company

Investment:

Investment Valued at cost as Investments are considered as Long Term Investments.

Taxes on Income:

i) Current l ax is determined as the tax payable in respect of taxable income for the year amt is computed in accordance with relevant Tax Regulations.

All expenses are accounted tor on accrual basis.


Mar 31, 2011

A) Basis of preparation of financial statements:

The Financial statements are prepared and presented under the historical cost convention on the accrual basis of Accounting and in accordance with the accounting standard issued by the Institute of Chartered Accountants of India as referred to in Section 211 (3C) of the Companies Act, 1956.

b) Use of Estimates:

The presentation of financial statements in conformity with the generally accepted Accounting principles required estimates and assumptions to be made that affect the reported amount of assets,, liabilities revenues and expenses on the date of the financial state men ts. Difference between the actual result and estimates are recognized in the period in which the results are know/ materialized.

c) Revenue Recognition:

All revenue, costs, assets and liabilities are accounted for on accrual basis except in case where not practically possible.

d) Fixed Assets:

Fixed Assets are stated at cost less Depreciation, The Cost of fixed assets comprises purchase price and any attributable cost of bringing the assets to its working condition for its intended use.

e) Depreciation:

Depreciation on fixed assets is provided on W.D.V, Method at the rales and in the manner as prescribed in the schedule XIV of the Companies Act,1956.

f) STOCK IN TRADE:

Stock in trade comprises of shares and securities. Ail securities are valued at cost -in case share held as stock in trade, diminution in value of stock is not provided for in accounts because in the opinion of the board prices will be rises in near future.

g) Retirement Benefits

Provident fund., gratuity and leave pay provision are not applicable to the company.

h) Investment;

Investment Valued at cost as Investments are considered as Long Term Investments.

i) Taxes on Income:

i) Current Tax is determined as the tax payable in respect of taxable income for the year and is computed in accordance with relevant Tax Regulations,

j) All expenses are accounted for on accrual basis.

 
Subscribe now to get personal finance updates in your inbox!