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Accounting Policies of Abirami Financial Services (India) Ltd. Company

Mar 31, 2015

1. Basis of preparation:

The financial statements are prepared under the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP), and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 2013. All income and expenditure having a material bearing on the financial statements are recognized on the accrual basis.

2. Revenue recognition:

Income from hire purchase advances are accounted by adopting internal rate of return method for the installments due as per the agreement.

3. Depreciation:

Depreciation on fixed assets is provided using the Written down Value method, based on rates specified in as per Part "C"of schedule II of the Companies Act 2013. Depreciation is charged on a pro-rata basis for assets purchased/sold during the year. Individual assets costing Rs. 5,000 or less are depreciated in full in the year of purchase.

4. Investments:

Investments are stated at the lower of cost or market value. Any decline in the value of investments other than temporary is charged to the Profit and Loss Account.

5. Stock on Hire:

Stock on hire has been valued at the amount advanced less installments received.


Mar 31, 2013

1. Basis of preparation:

The financial statements are prepared under the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP), and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956. All income and expenditure having a material bearing on the financial statements are recognized on the accrual basis.

2. Revenue recognition:

Income from hire purchase advances are accounted by adopting internal rate of return method for the installments due as per the agreement.

3. Depreciation:

Depreciation on fixed assets is provided using the Written Down Value method, based on rates specified in Schedule XIV to the Companies Act, 1956. Depreciation is charged on a pro-rata basis for assets purchased/sold during the year. Individual assets costing Rs.5,000 or less are depreciated in full in the year of purchase.

4. Investments:

Investments are stated at the lower of cost or market value. Any decline in the value of investments other than temporary is charged to the Profit and Loss Account.

5. Stock on Hire:

Stock on hire has been valued at the amount advanced less installments received.


Mar 31, 2012

1. Basis of preparation:

The financial statements are prepared under the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP), and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956. All income and expenditure having a material bearing on the financial statements are recognized on the accrual basis.

2. Revenue recognition:

Income from hire purchase advances are accounted by adopting internal rate of return method for the installments due as per the agreement.

3. Depreciation:

Depreciation on fixed assets is provided using the Written Down Value method, based on rates specified in Schedule XIV to the Companies Act, 1956. Depreciation is charged on a pro-rata basis for assets purchased/sold during the year. Individual assets costing Rs.5,000 or less are depreciated in full in the year of purchase.

4. Investments:

Investments are stated at the lower of cost or market value. Any decline in the value of investments other than temporary is charged to the Profit and Loss Account..

5. Stock on Hire:

Stock on hire has been valued at the amount advanced less installments received.


Mar 31, 2011

1. Basis of preparation:

The financial statements are prepared under the historical cost convention in accordance with Generally Accepted Accounting Principles (GAAP), and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956. All income and expenditure having a material bearing on the financial statements are recognized on the accrual basis.

2. Revenue recognition:

Income from hire purchase advances are accounted by adopting internal rate of return method for the installments due as per the agreement.

3. Depreciation:

Depreciation on fixed assets is provided using the Written Down Value method, based on rates specified in Schedule XIV to the Companies Act, 1956. Depreciation is charged on a pro-rata basis for assets purchased/sold during the year. Individual assets costing Rs.5,000 or less are depreciated in full in the year of purchase.

4. Investments:

Investments are stated at the lower of cost or market value. Any decline in the value of investments other than temporary is charged to the Profit and Loss Account.


Mar 31, 2010

1 The Financial Statements are prepared in accordance with the historical cost convention and applicable accounting standards.

2 Accrual method of accounting is followed with regard to Income and Expenses.

3 Income from Hire Purchase Advances are accounted by adopting Internal Rate of Return Method for the Instalments due as per the Agreement.

4 Fixed Assets are stated at cost less Depreciation.

5 Depreciation has been provided on the written down value method at the rates specified (on prorata basis) in Schedule XIV of the Companies Act, 1956.

6 Stock on Hire has been valued at the amount advanced less instalments received.

7 Investments are stated at cost. (Market Value of Listed Shares Rs. 38,22,215/-.)

9 Expenditure in Foreign Currency: NIL.

 
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