Mar 31, 2015
( I ) COMPANY'S OVERVIEW :
Amrapali Capital & Finance Services Limited ('The Company') was
incorporated on 20-05-1994 vide Certificate of Incorporation No.
U65910DN1994PLC000362 under the Companies Act, 1956. Subsequently CIN
was changed to L65910DN1994PLC000362, pursuant to listing of equity
shares to the Stock exchange. The Company is engaged in the business of
financing activities and broking activities.
(A) Basis of Preparation of Financial Statements :
These financial statements have been prepared in accordance with the
generally accepted accounting principles in India under the historical
cost convention on accrual basis, except Bonus and Municipal Taxes
which are recorded on cash basis. These financial statements have been
prepared to comply in all material aspects with the accounting
standards notified under Section 133 and other relevant provisions of
the Companies Act, 2013 read with Rule 7 of Companies (Accounts) Rules,
2014.
All assets and liabilities have been classified as current or
non-current as per the Company's operating cycle and other criteria set
out in the Revised Schedule VI to the Companies Act, 2013.
(B) Change In Accounting Policy:
The company is using the Written Down Value (WDV) method for
calculation of tangible fixed assets for earlier years. Now, as per
Schedule II of Companies Act, 2013 useful lifes have been specified for
various types of assets. Due to this change over, the company is
changing its policy from Written Down Value (WDV) method to Streight
Line Method (SLM) for charging depreciation.
(C) Inventories :
Inventories are valued at cost or market value whichever is lower.
(D) Depreciation :
The company has changed the method of providing depreciation on fixed
assets from Written Down Value method to Straight Line Method based on
the years as prescribed under Schedule II to the Companies Act 2013. On
additions/deletions, pro rata depreciation has been provided.
(E) Exceptional Item:
The company has revised its policy of providing depreciation on fixed
assets effective April 1, 2014. Depreciation is now provided on a
straight line basis for all assets as against the policy of providing
on written down value basis for all assets and straight basis for
others. Further the remaining useful life has also been revised
wherever appropriate based on an evaluation. The carrying amount as on
April 1, 2014 is depreciated over the revised remaining useful life.
As a result of these changes, the depreciation charges for the year
ended March 31, 2015 is higher, the effect relating (excluding deferred
tax of Rs. 1.24 lacs which has been shown as an "Exceptional Item" in
the statement of profit and Loss.
(F) Revenue Recognition :
Revenue is recognised based on the nature of activity, when
consideration can be reasonably measured and there exists reasonable
certainty of its recovery.
(G) Fixed Assets :
Fixed assets are stated at cost of acquisition or construction less
accumulated depreciation. All costs relating to the acquisition and
installation of fixed assets are capitalized.
(H) Investments :
Investments in unquoted shares are valued and shown at cost.
(G) RELATED PARTY TRANSACTIONS:-
Disclosure of transactions with Related Parties ,as required by
Accounting Standard 18-" Related Party Disclosures" as specified in the
Companies (Accounting Standard) Rules 2006 (as amended) has been set
out in a separate statement annexed to this note. Related parties as
defined under clause 3 of the Accounting Standard 18 have been
identified on the basis of representation made by the management and
information available with the company.
(K) EARNINGS PER SHARE:-
The Company reports basic and diluted earnings per share (EPS) in
accordance with the Accounting Standard 20 prescribed under The
Companies (Accounting Standards) Rules, 2006 (as amended). The Basic
EPS has been computed by dividing the income available to equity
shareholders by the weighted average number of equity shares
outstanding during the accounting year. The Diluted EPS has been
computed using the weighted average number of equity shares and
dilutive potential equity shares outstanding at the end of the year.
(L) PROVISION FOR TAXATION :-
Tax expenses comprises of current tax and deferred tax:-
(i) CURRENT TAX:-
Provision for taxation has been made in accordance with the direct tax
laws prevailing for the relevant assessment years.
(ii) DEFERRED TAXATION:-
In accordance with the Accounting Standard 22 Â Accounting for Taxes on
Income, prescribed under The Companies (Accounting Standards) Rules,
2006 (as amended), the deferred tax for timing differences between the
book and tax profits for the year is accounted for by using the tax
rates and laws that have been enacted or substantively enacted as of
the Balance Sheet Date.
Mar 31, 2014
Basis of Preparation of Financial Statements:
The Company has applied provisions of the Companies Act, 1956 for
preparation of its financial statements. The Financial statements are
prepared and presented under the historical cost convention on accrual
basis of accounting, in accordance with the accounting principles
generally accepted in India and comply with the mandatory Accounting
Standards issued by the Institute of Chartered Accountants of India.
Accounting policies have been followed consistently except as stated
specifically.
Inventories:
Inventories are valued at cost or market value whichever is lower.
Investments:
Long term investments are stated at cost less provision for diminution
other than temporary, if any, in the value of such investments.
Fixed Assets and Depreciation:
Fixed Assets are stated at historical cost less accumulated
depreciation. The company has provided depreciation on fixed assets
using the WDV method at the rates prescribed in the Income Tax Rules.
Impairment of Fixed Assets:
Fixed Assets are reviewed for impairment losses whenever events or
changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognized for the amount by which
the carrying amount of the assets exceeds its recoverable amount.
Borrowing Costs:
Borrowing costs comprising interest, finance charges, etc. to the
extend related / attributed to the qualifying assets, if any, are
capitalized up to the date of completion and ready for intended use.
Other borrowing costs are charged to the profit and loss account in the
period of their accrual.
Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a probable present obligation and outflow
of resources as a result of past events.
Liabilities which are of contingent nature (if any) are not provided
but are disclosed at their estimated amount in the Notes on Accounts.
Contingent assets are neither recognized nor disclosed in financial
statements.
Taxes on Income:
Taxes on income is computed using the tax effect accounting method
whereby such taxes are accrued in the same period as the revenue and
expense to which they relate.
Current tax liability is measured using the applicable tax rate and tax
laws and the necessary provision is made annually. Deferred tax asset /
liability arising out of the tax effect of timing difference is
measured using the tax rates and the tax laws that have been enacted /
substantially enacted at the balance sheet date.
Mar 31, 2013
Basis of Preparation of Financial Statements:
The Company has applied provisions of the Companies Act, 1956 for
preparation of its financial statements. The Financial statements are
prepared and presented under the historical cost convention on accrual
basis of accounting, in accordance with the accounting principles
generally accepted in India and comply with the mandatory Accounting
Standards issued by the Institute of Chartered Accountants of India.
Accounting policies have been followed consistently except as stated
specifically.
Inventories:
Inventories are valued at cost or market value whichever is lower.
Investments:
Long term investments are stated at cost less provision for diminution
other than temporary, if any, in the value of such investments.
Fixed Assets and Depreciation:
Fixed Assets are stated at historical cost less accumulated
depreciation. The company has provided depreciation on fixed assets
using the WDV method at the rates prescribed in the Income Tax Rules.
Impairment of Fixed Assets:
Fixed Assets are reviewed for impairment losses whenever events or
changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognized for the amount by which
the carrying amount of the assets exceeds its recoverable amount.
Borrowing Costs:
Borrowing costs comprising interest, finance charges, etc. to the
extend related / attributed to the qualifying assets, if any, are
capitalized up to the date of completion and ready for intended use.
Other borrowing costs are charged to the profit and loss account in the
period of their accrual.
Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a probable present obligation and outflow
of resources as a result of past events.
Liabilities which are of contingent nature (if any) are not provided
but are disclosed at their estimated amount in the Notes on Accounts.
Contingent assets are neither recognized nor disclosed in financial
statements.
Taxes on Income:
Taxes on income is computed using the tax effect accounting method
whereby such taxes are accrued in the same period as the revenue and
expense to which they relate.
Current tax liability is measured using the applicable tax rate and tax
laws and the necessary provision is made annually. Deferred tax asset /
liability arising out of the tax effect of timing difference is
measured using the tax rates and the tax laws that have been enacted /
substantially enacted at the balance sheet date.
Note:
Vehicle Loans including current maturities is secured by hypothecation
of Vehicles against which the loans have been taken.
Notes:
(A) Balances with banks held as margin money or securities include
deposits amounting to Rs,104,375,000/- as on 31st March,2013 (As at 31
March, 2012 Rs. 175,801,446/-) which have an original maturity of more
than 12 months.
Note: Other borrowing costs would include commitment charges, loan
processing charges, guarantee charges, loan facilitation charges,
discounts / premiums on borrowings, other ancillary costs incurred in
connection with borrowings or amortisation of such costs, etc.
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