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Accounting Policies of Apple Finance Ltd. Company

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.

 
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