Mar 31, 2015
1. Accounting Convention and Concepts
The Company follows the Historical Cost Convention and the Mercantile
System of Accounting where the income and expenditure are recognized on
accrual basis.
2. Fixed Assets
Fixed assets are valued at cost less depreciation. Cost includes all
expenses incurred for acquisition of assets.
3. Depreciation
The Company provides depreciation on straight-line method on the basis
of useful life of the assets as specified in Schedule II to the
Companies Act, 2013.
4. Investments
All investments are stated at cost of acquisition. The investments sold
during the year are accounted on first-in- first-out basis and
investments purchased and sold during the year are shown on net basis.
Provision is made for diminution in the value of investments, wherever
required.
5. Valuation of Stocks
Stock of shares and securities are valued at cost or fair value,
whichever is less.
6. Retirement Benefits
The provision for retirement benefits such as provident fund, gratuity
and superannuation is made for employees from the date of their
respective appointment:-
(i) The Company's contribution to the Provident Fund, Pension Fund,
Superannuation Fund and other fund is charged to the Profit and Loss
Account.
(ii) The amount of Gratuity liability as ascertained on the basis of
actuarial valuation by Life Insurance Corporation of India is
paid/provided and charged to the Profit and Loss Account.
(iii) Provision is made towards liability for leave encashment.
7. Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset. If
such recoverable amount of the asset is less than its carrying amount,
the carrying amount is reduced to its recoverable amount. The reduction
is treated as an impairment loss and is recognized in the Profit and
Loss Account. If at the Balance Sheet date there is an indication that
previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the asset is reflected at the recoverable
amount subject to a maximum of depreciated historical cost.
Mar 31, 2014
1. Accounting Convention and Concepts
The Company follows the Historical Cost Convention and the Mercantile
System of Accounting where the income and expenditure are recognised on
accrual basis.
2. Fixed Assets
Fixed assets are valued at cost less depreciation. Cost includes all
expenses incurred for acquisition of assets.
3. Depreciation
The Company provides depreciation on straight-line method on a pro rata
basis on completed month basis at the rate specified in Schedule XIV to
the Companies Act, 1956.
4. Investments
All investments are stated at cost of acquisition. The investments sold
during the year are accounted on first-in- first-out basis and
investments purchased and sold during the year are shown on net basis.
Provision is made for diminution in the value of investments, wherever
required.
5. Valuation of Stocks
Stock of shares and securities are valued at cost or fair value,
whichever is less.
6. Retirement Benefits
The provision for retirement benefits such as provident fund, gratuity
and superannuation is made for employees from the date of their
respective appointment.
(i) The Company''s contribution to the Provident Fund, Pension Fund,
Superannuation Fund and other fund is charged to the Profit and Loss
Account.
(ii) The amount of Gratuity liability as ascertained on the basis of
acturial valuation by Life Insurance Corporation of India is
paid/provided and charged to the Profit and Loss Account.
(iii) Provision is made towards liability for leave encashment.
7. Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset. If
such recoverable amount of the asset is less than its carrying amount,
the carrying amount is reduced to its recoverable amount. The reduction
is treated as an impairment loss and is recognised in the Profit and
Loss Account. If at the Balance Sheet date there is an indication that
previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the asset is reflected at the recoverable
amount subject to a maximum of depreciated historical cost.
Mar 31, 2013
1. Accounting Convention and Concepts
The Company follows the Historical Cost Convention and the Mercantile
System of Accounting where the income and expenditure are recognised on
accrual basis.
2. Fixed Assets
Fixed assets are valued at cost less depreciation. Cost includes all
expenses incurred for acquisition of assets.
3. Depreciation
The Company provides depreciation on straight-line method on a pro rata
basis on completed month basis at the rate specified in Schedule XIV to
the Companies Act, 1956.
4. Investments
All investments are stated at cost of acquisition. The investments sold
during the year are accounted on first-in-first-out basis and
investments purchased and sold during the year are shown on net basis.
Provision is made for diminution in the value of investments, wherever
required.
5. Valuation of Stocks
Stock of shares and securities valued at cost or fair value, whichever
is less.
6. Retirement Benefits
The provision for retirement benefits such as provident fund, gratuity
and superannuation is made for employees from the date of their
respective appointment.
(i) Company''s contribution to the Provident Fund, Pension Fund,
Superannuation Fund and other fund is charged to the Profit and Loss
Account.
(ii) The amount of Gratuity liability as ascertained on the basis of
acturial valuation by Life Insurance Corporation of India is
paid/provided and charged to the Profit and Loss Account.
(iii) Provision is made towards liability for leave encashment.
7. Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset. If
such recoverable amount of the asset is less than its carrying amount,
the carrying amount is reduced to its recoverable amount. The reduction
is treated as an impairment loss and is recognised in the Profit and
Loss Account. If at the Balance Sheet date there is an indication that
previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the asset is reflected at the recoverable
amount subject to a maximum of depreciated historical cost.
Mar 31, 2012
1. Accounting Convention and Concepts
The Company follows the Historical Cost Convention and the Mercantile
System of Accounting where the income and expenditure are recognised on
accrual basis.
2. Fixed Assets
Fixed assets are valued at cost less depreciation. Cost includes all
expenses incurred for acquisition of assets.
3. Depreciation
The Company provides depreciation on straight-line method on a pro-rata
basis on completed month basis at the rate specified in Schedule XIV to
the Companies Act, 1956.
4. Investments
All investments are stated at cost of acquisition. The investments sold
during the year are accounted on first-in-first-out basis and
investments purchased and sold during the year are shown on net basis.
Provision is made for diminution in the value of investments, wherever
required.
5. Valuation of Stocks
Stock of shares and securities valued at cost or fair value, whichever
is less.
6. Retirement Benefits
The provision for retirement benefits such as provident fund, gratuity
and superannuation is made for employees from the date of their
respective appointment
i) Company's contribution to the Provident Fund, Pension Fund,
Superannuation Fund and other fund is charged to the Profit and Loss
Account
ii) The amount of Gratuity liability as ascertained on the basis of
acturial valuation by Life Insurance Corporation of India is paid/
provided and charged to the Profit and Loss Account
iii) Provision is made towards liability for leave encashment
7. Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset If
such recoverable amount of the asset is less than its carrying amount,
the carrying amount is reduced to its recoverable amount The reduction
is treated as an impairment loss and is recognised in the Profit and
Loss Account If at the Balance Sheet date there is an indication that
previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the asset is reflected at the recoverable
amount subject to a maximum of depreciated historical cost
Mar 31, 2010
1. Accounting Convention and Concepts:
The Company follows the Historical Cost Convention and the Mercantile
System of Accounting where the income and expenditure are recognised on
accrual basis.
2. Income:
Income from leasing is accounted on accrual and due basis. Income from
hire-purchase is accounted on sum of digit method. Other income is
accounted on accrual basis.
Sales coincide with delivery, unless otherwise contractually agreed or
required to be delivered later under a general business practice.
3. Fixed Assets:
Fixed assets are valued at cost less depreciation. Cost includes all
expenses incurred for acquisition of assets.
Amount received on assignments of future lease rentals in respect of
lease contracts is included in the Current Liabilities.
4. Depreciation:
The Company provides depreciation on straight-line method on a pro-rata
basis on completed month basis at die rate specified in Schedule XIV to
the Companies Act, 1956. However, the depreciation on non-performing
lease and discarded own assets has been increased by the lease
equalization charge and additional depreciation to write off the
substantial part of die assets over die period of lease / use.
5. Investments:
All investments are stated at cost of acquisition. The investments sold
during the year are accounted on first-in-first-out basis and
investments purchased and sold during die year are shown on net basis.
Provision is made for diminution in die value of investments, wherever
required.
6. Foreign Currency Transaction:
i) Loans and Deferred Credits repayable in foreign currency and
outstanding on the date of die Balance Sheet are expressed in Indian
currency at appropriate rate of exchange prevailing on die date of die
Balance Sheet except in the cases where die borrowings are covered
under forward exchange contract and/or currencv fluctuation risk is
contracted to be borne by the lessee.
ii) Payments made in foreign currency towards revenue expenditure are
converted at the rate prevailing on die date of remittance. iii) The
cost of foreign exchange forward contract cover in respect of foreign
currency loan is apportioned pro-rata over a period of cover and
charged to the Profit and Loss Account.
7. Valuation of Stocks:
a) Stock-on-hire is valued at agreement value less instalments, which
have fallen due, and unmatured finance charges.
b) Stock of shares and securities is valued at cost and includes
advance payment for subscription towards shares and debentures.
8. Retirement Benefits:
The provision for retirement benefits such as provident fund, gratuity
and superannuation is made for employees from the date of dieir
respective appointment.
(i) Company" s contribution to Provident Fund, Pension Fund,
Superannuation Fund and other fund is charged to the Profit and Loss
Account.
(ii) The amount of Gratuity liability as ascertained on die basis of
acturial valuation by Life Insurance Corporation of India is paid /
provided and charged to die Profit and Loss Account.
(iii) Provision is made towards liability for leave encashment.
9. Premium on Redemption of Debentures:
Liability in respect of premium payable on redemption of debentures is
accounted at die time of redemption of the debentures and is included
as Interest on Debentures.
10. Work-in-Progress:
st Work-in-Progress includes cost of assets, advances made for project
and for acquisition of asset and interest upto 31 December, 20(X) on
die funds deployed.
11. Contingency Reserve:
The Company creates Contingency Reserve by transfer from die General
Reserve/Share Premium Account and/or Profit and Loss Account to provide
for diminution in the value of unquoted investments, non-performing
assets and for providing other liabilities. The amount utilized during
the year out of die Contingency Reserve is adjusted to/from the
respective assets/liabilities.
12. Impairment of Assets:
The Company assesses at each balance sheet date whedier there is any
indication diat an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset. If
such recoverable amount of the asset is less dian its carrying amount,
the carrying amount is reduced to its recoverable amount. The reduction
is treated as an impairment loss and is recognised in the Profit and
Loss account. If at the balance sheet dale there is an indication that
previously assessed impairment loss no longer exists, the recoverable
amount is reassessedand die asset is reflected at the recoverable
amount subject to a maximum of depreciated historical cost.