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Accounting Policies of Apoorva Leasing Finance & Investment Co. Ltd. Company

Mar 31, 2015

(a) Basis for preparation of Financial Statements:

The financial Statement have been prepared in conformity with generally accepted accounting principle to comply in all material respect with the notified accounting standards as prescribed section 133 of the companies Act, 2013 ('the Act') read with rule 7 of Companies Accounts Rules, 2014.

The financial statements have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the company and are consistent with those used in the previous year. The company adopts accrual system of accounting unless otherwise stated.

All assets and liabilities have been classified as current or non-current as per the criteria set out in the Schedule III to the Companies Act, 2013. The necessary details pursuing the provision of the schedule III to the Companies Act, 2013 have been given to the extent applicable during the year.

(b) Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the result of operations during the reposting year end. Although these estimates are based upon management's best knowledge of current events and actions, actual result could differ from these estimates. Any revisions to the accounting estimates are recognized prospectively in the current and future years.

(c) Fixed Assets

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

Intangible Assets expected to provide future enduring economic benefits are carried at cost less accumulated amortization and impairment losses, if any. Cot comprise of purchase price and directly attributable expenditure on making the assets ready for its intended use.

(d) Depreciation & Impairment of Assets

Depreciation on fixed assets is provided on written down value method over the useful life in the manner prescribed in Schedule-II to the Companies Act, 2013.

(e) Investment

Long-term investments are stated at cost. Provision of diminution in the value of long-term investments is made only if such a decline is other than temporary in the opinion of the management. As in case of Apoorva Leasing Finance & Investments Company Limited such decline is presumed to be temporary hence no provision has been created.

Current Investments are carried at lower of cost and market value/ fair value, computed category wise.

(f) Accounting of Inventories:

Stock in trade should be valued at cost or market price whichever is lower.

(g) Employee Benefits

Company do not follow the provision of the accounting Standard-15 "Employee benefits" as the company do not have employee more than 10 personnel's. So it is the policy of the company that any kind of provision mentioned in the AS -15 will not be entertained. And the company does not make provision for gratuity also.

In case the company's employee limits goes beyond the prescribed limits then AS-15 for Employee benefits will be taken into consideration.

(h) Revenue Recognition

(i) Loan Income

In respect of loan agreements, the income is accrued by applying the impact rate in the transaction on declining balance on the amount financed for the period of the agreement.

(ii) Dividend income on investments is accounted for as and when the right to receive the same is established.

(i) Provisions, contingents Liabilities and contingent Assets

(i) A Provision is recognized when the company has present obligation as a result of past event and it is probable that outflow of resources will be required to settle the obligation and in respect of which a reliable estimate can be made. Provisions are not discounted to their present value and are determined based on best 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 estimates.

(ii) Contingent Liabilities are disclosed separately by way of note to financial statements after careful evaluation by the managements of the facts and legal aspects of the matter involved in case of:

(a) At present obligation arising from the past event, when it is not probable that an outflow of resources will be required to settle the obligation.

(b) A possible obligation, unless the probability of outflow of resources is remote.

(iii) Contingent Assets are neither recognized, nor disclosed in the financial statements.

(j) Taxation

Provisions for current tax is made in accordance with and at the rates specified under the Income Tax A 1961, in accordance with Accounting Standard 22- 'Accounting for taxes on Income', issued by the Institute Chartered Accountant of India.

(k) Earning per share

Basic earning per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting attributable taxes) by the weighted averages number of equity shares outstanding during the year.

For the purpose of calculating diluted earning per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all diluted potential equity shares.

(l) Cash and Cash Equivalents

Cash and cash equivalents in the cash flow statements comprise cash at bank and in hand and highly liquid investments that are readily convertible into known amount of cash.


Mar 31, 2014

(a) Basis for preparation of Accounts:

The financial Statement have been prepared in conformity with generally accepted accounting principle to comply in all material respect with the notified accounting standards CAS') under companies accounting standards Rules, 2006, as amended, the relevant provisions of the companies Act. 1956 ('the Act') and the guidelines issued by the Reserve Bank of India CRB!') ns applicable to an Non - Banking Finance Company ('NBFC'). The financial statements have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the company and are consistent with those used in the previous year. The company adopts accrual system of accounting unless otherwise stated.

(b) Use of Estimates

Ihe preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial slaten an ! the result of operations during the reposting year end. Although these estimates a re based upon management's best knowledge of current events and actions, actual result coni 1 cilTcr from these estimates. Any revisions to the accounting estimates are recognized pmspv.:'vely n the current and future years.

(c) Fixed Assets

i ixed Assets are stated at cost less accumulated depreciation. Cost comprises the purchase price and an am nab, * cost of bringing the assets to its working condition for its intended use.

Intangible Assets expected to provide future enduring economic benefits are carried at cost less accumulated numizaiion and impairment losses, if any. Cot comprise of purchase price and directly atlriln:! mle expenditure on making the assets ready for its intended use.

(d) depreciation & Impairment of Assets

Depreciation vets is provided on written down value method, at the rates and in ihe manner p Schedule-XIV to the Companies Act, 1956.

(e) Investment

Long term in stated at cost. Provision of diminution in the value of long-term such n decline is other than temporary in the opinion of the Sital Leasing & Finance Limited such decline is presumed

(I) Revenue Recognition

(i) Loan Income

In respect of loan agreements, the income is accrued by applying the impact rate in the transaction on declining balance on the amount financed for the period of the agreement.

(ii Dividend income on investments is accounted for as and when the right to receive the same is established.

(g) Provisions, contingents labilities and contingent Assets

(i) A Provision recognised when the company has present obligation as a result of past event and i ml outflow of resources will be required to settle the obligation and in respect of which a reliable estimate can be made. Provisions are not discounted to their present value and :v determined based on best estimate required to settle the obligation at the balance slice ;mc. i hese are reviewed at each balance sheet date and adjusted to reflect the current best v 'inntos.

m) Contingent I mm lilies arc disclosed separately by way of note to financial statements after careful ev; don v the managements of the facts and legal aspects of the matter involved in case

(a) At present obligation arising from the past event, when it is not probable that resources will he required to settle the obligation.

(b ) A possible opplication. unless die probability of outflow nf resources is remote.

(iii) Contigent assest are neither recognized, nor disclosed in the financial statements.

(j) Taxation

Provisions for is made in accordance with and at the rates specified under the Income Tax Act 1961 accordance with Accounting Standard 22- 'Accounting for taxes on Income', issued by the Institute of Chartered Accountant of India.

(k) Earnig per share ling per share

Basic earning share is calculated by dividing the nei profit or loss for the year attributable deducting attributable taxes) by the weighted averages number


Mar 31, 2013

A) GENERAL

(a) The Financial Statements are drawn up In accordance with Historical Cost Convention and on the Going Concern Concept. Income and Expenses are accounted for on Accrual Basis except where otherwise indicated.

(b) Accounting Policies not specifically referred to otherwise are consistent with generally accepted Accounting Principles followed by the company.

B) INCOME FROM INVESTMENTS & LOANS & ADVANCES

Income from Investments in Interest Bearing Securities, Loans and Advances Is Accounted for on Accrual Basis. Dividend Income from Investments in Shares Is Recognized accruing as Income of that year in which Dividend is received by the Company.

C) INVENTORY VALUATION

Stock In Trade of Trade Investments in Quoted Equity Shares of Joint Stock Company is valued Script wise at lower of Cost or Market Value and Stock In Trade Investments in Unquoted Equity Shares of Joint Stock Companies is valued Script wise at Lower of Cost or Breakup/Fair Value. However Stock In Trade of Trade investments in Quoted Equity Shares of Joint Stock Companies issued on Preferential Basis is valued at Cost as there is no Market Value Of such shares. Furthermore there is no Inventory of Shares as on 31st March' 2013.

D) INVESTMENTS

(a) During the year the company has treated all fresh purchase of shares as Investment.

(b) During the year company has sold Investments and invests the money in better projects for better return.

(c) Investments (Long Term) are valued at Acquisition Cost (including brokerage & Transfer expenses) No provision is made for diminution in the value of Long Term Investments, As in the opinion of the management the diminution is temporary and Not permanent.

E) DEFERRED TAXATION

Tax Liability of the company is estimated considering the Provisions of the Income Tax Act 1961, Deferred Tax is recognized subject to the consideration of Prudence, On Timing Difference, Being the difference between Taxable Income and Accounting Income that originate in one Period and are capable of reversal in one or more Subsequent periods.

ii) In the opinion of the management, The value on realization of Current Assets, Loans and Advances in the ordinary course of business will not be less than the Amount at which these are stated in the Balance Sheet.

iii) The management has confirmed that adequate Provision has been made for all the known and determined Liabilities and the same is not in excess of the amount reasonably required . It is further confirmed that there is no Liability of the Company as on 31st March, 2013 in respect of Retirement Benefits, If any payable to its Employee (s).

iv) Disclosure as required in terms of Related Party Disclosure (As identified by the Management) In terms of Accounting Standard - 18 Related Party Disclosure issued by the Institute Of Chartered Accountants of India is duly made.

v) In the opinion of the management the company has only single Business Segment of Investment & Finance Activities; therefore no Segment Reporting has been Presented In Terms Of Accounting Standard-17 of "Segment Reporting" Issued by the Institute of Chartered Accountant of India.

vi) Payment to Auditor 2012 -2013 2011-2012

Audit Fee 5000.00 4,500.00

vii) Expenditure & Earning in Foreign Currency - Nil

viii) Payment to Director Remuneration - Nil


Mar 31, 2012

A) GENERAL

(a) The Financial Statements are drawn up In accordance with Historical Cost Convention and on the Going Concern Concept, Income and Expenses are accounted for on Accrual Basis except where otherwise indicated.

(b) Accounting Policies not specifically referred to otherwise are consistent with generally accepted Accounting Principles followed by the company.

B) INCOME FROM INVESTMENTS & LOANS & ADVANCES

Income from investments in Interest Searing Securities, Loans and Advances is Accounted for on Accrual Basis. Dividend Income from Investments in Shares is Recognized accruing as income of that year in which Dividend is received by the Company.

C) INVENTORY VALUATION

Stock In Trade of Trade Investments in Quoted Equity Shares of Joint Stock Company is valued Script wise at lower of Cost or Market Value and Stock In Trade Investments in Unquoted Equity Shares of Joint Stock Companies is valued Script wise at Lower of Cost or Breakup/Fair Value. However Stock In Trade of Trade Investments in Quoted Equity Shares of Joint Stock Companies issued on Preferential Basis is valued at Cost as there is no Market Value Of such shares. Furthermore there is no inventory of Shares as on 31st March' 2012.

D) INVESTMENTS

(a) During the year the company has treated all fresh purchase of shares as Investment.

(b) Investments (Long Term) are valued at Acquisition Cost (including brokerage & Transfer expenses) No provision is made for diminution in the value of Long Term Investments, As in the opinion of the management the diminution is temporary and Not permanent.

E) DEFERRED TAXATION

Tax Liability of the company Is estimated considering the Provisions of the Income Tax Act 1961, Deferred Tax is recognized subject to the consideration of Prudence, On Timing Difference, Being the difference between Taxable income and Accounting Income that originate in one Period and are capable of reversal in one or more Subsequent periods.

i) As informed to us by the management, Sundry Creditors does not include any Amount payable to Small Scale Industrial Units,

ii) In the opinion of the management, The value on realization of Current Assets, Loans and Advances in the ordinary course of business will not be less than the Amount at which these are stated in the Balance Sheet

iii) The management has confirmed that adequate Provision has been made for all the known and determined Liabilities and the same is not in excess of the amount reasonably required. It is further confirmed that there is no Liability of the Company as on 31st March, 2012 in respect of Retirement Benefits If any payable to its Employee (s).

iv) There is no Related Party Transaction during the year so no Related Party Disclosure is required in terms of Related Party Disclosure (As identified by the Management) In terms of Accounting Standard -18 Related Party Disclosure issued by the Institute Of Chartered Accountants of India

v) In the opinion of the management the company has only single Business Segment of Investment & Finance Activities; therefore no Segment Reporting has been Presented In Terms Of Accounting Standard-17 of "Segment Reporting" Issued by the Institute of Chartered Accountant of India

vi) Payment to Auditor 2011 -2012 2010-2011

Audit Fee 4,500- 3,240/-

vii) Expenditure & Earning in Foreign Currency - Nil

iii) Payment to Director Remuneration - Nil


Mar 31, 2011

I) Significant Accounting Policies Followed in the Preparation of Financial Statements:

A) GENERAL

(i) The Financial Statements are drawn up in accordance with historical cost convention and on the going concern concept income and expenses are accounted for on accrual basis except where otherwise indicated.

(ii) Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting principles followed by the company.

B) INCOME FROM INVESTMENTS & LOANS

Income from investments in interest bearing securities, loans and advances is accounts for on accrual basis.

Dividend income from investments in shares is recognised accruing as income of that year in which dividend is received by the company.

C) INVENTORY VALUATION

Stock in trade of trade investments in quoted equity shares of joint stock company is valued scriptwise at lower of cost or market value and stock in trade investment in unquoted equity shares of joint stock companies in valued scriptwise at lower of cost or breakup/fair value however stock in trade of trade investments in quoted equity shares of joint stock companies issued on preferential basis is valued at cost as there is not market value or such shares. Furthermore there is no inventory of shares as on 31st March' 2011.

D) INVESTMETNS :

(i) During the year the company has treated all fresh purchase of shares as investment.

(ii) Investments (Long Term ) are valued at acquisition cost (Including Brokerage & Transfer Expenses) no provision is made for diminution in the value of long term investments, as in the opinion of the management the dimmuation is temporary and not permanent.

E) DEFERRED TAXATION :

(i) Tax liability of the company is estimated considering the provisions of the income Tax act 1961, deferred tax is recognised subject to the consideration of prudence, On timing defference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

(ii) As informed to us by the management, sundry creditors does not include any amount payable to small scale industrial units.

(iii) In the opinion of the management, the value on realisation of current assets, loans and advances in the ordinary coures of business will not be less than the amount at which these are stated in the balance sheet

(iv) The management has confirmed that adequate provision has been made for all the known and determined' liabilities and the same is not in excess of the amount reasonably required. It is further confirmed that there is (v) liability of the c°mPany as on 31 st March,2011 in respect of retirement benefits,if any payable to its employees(s).

(v) Related party disclosure (As Identified by the Management) in terms of accounting standard -18 related party desclosure issued by the Institute Of Chartered Accountant Of India are as follows

(vi) In the opinion of the management the company has only single business segment of investment & finance activities, therefore no segment reporting has been presented in terms of accounting standard-17 of "segment reporting" issued by the institute of chartered accountant of india.

(vii) Payment To Auditor 2010-2011 2009 - 2010

Audit Fee 3,240/- 3,240/-

(viii) Expenditure & Earning In Foreign Currency - Nil

(ix) Payment To Director Remuneration - Nil

(xi) Previous years figures have been regrouped / rearranged, wherever considred necessary to compare with current year's figures.

ii) The details pursuant to provisions of part ii of schedule vi to the companies act, 1956 have been given to the extent applicable to the company.

(xiii) Schedules 1 to 11 and particualrs attached herewith of shares held as stock in trade form an integral part of the balance sheet and the profit and loss account of the company.

 
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