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Accounting Policies of Autoriders Finance Ltd. Company

Mar 31, 2015

1.1 BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS

The financial statements are prepared under the historical cost convention, in accordance with applicable accounting standards notified by the companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act,1956.

1.2 FIXED ASSETS

No Fixed Assets during the year under review.

1.3 DEPRECIATION / AMORTISATION

Depreciation on Fixed Assets is provided on Written Down Value Method at the rate and in the manner prescribed under the Schedule XIV to the Companies Act, 1956.

1.4 INVESTMENTS

Long-term Investments are stated at cost. Provision for 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.

1.5 REVENUE RECOGNITION

Other Income are accounted on accrual basis.

1.6 STOCK ON HIRE

Stock on hire is stated at realisable value after providing for doubtful.

1.7 IMPAIRMENT

An asset is treated as Impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit & Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

1.8 PROVISIONS AND CONTINGENT LIABILITIES

A provision is recognized when there is a present obligation as a result of past events for which it is probable that an outflow of resources will be required to settle the obligation and in respect of which a reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed after an evaluation of the facts and legal aspects of the matters involved.


Mar 31, 2014

1.1 BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS

The financial statements are prepared under the historical cost convention, in accordance with applicable accounting standards notified by the companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956.

1.2 FIXED ASSETS

Fixed Assets are stated at cost less accumulated depreciation.

1.3 DEPRECIATION / AMORTISATION

Depreciation on Fixed Assets is provided on Written Down Value Method at the rate and in the manner prescribed under the Schedule XIV to the Companies Act, 1956.

1.4 INVESTMENTS

Long-term Investments are stated at cost. Provision for 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.

1.5 REVENUE RECOGNITION

Other Income are accounted on accrual basis.

1.6 STOCK ON HIRE

Stock on hire is stated at realisable value after providing for doubtful.

1.7 IMPAIRMENT

An asset is treated as Impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit & Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

1.8 PROVISIONS AND CONTINGENT LIABILITIES

A provision is recognized when there is a present obligation as a result of past events for which it is probable that an outflow of resources will be required to settle the obligation and in respect of which a reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liablities are disclosed after an evaluation of the facts and legal aspects of the matters involved.


Mar 31, 2013

1.1 BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS

The financial statements are prepared under the historical cost convention, in accordance with applicable accounting standards notified by the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956.

1.2 FIXED ASSETS

Fixed Assets are stated at cost less accumulated depreciation.

1.3 DEPRECIATION / AMORTISATION

Depreciation on Fixed Assets is provided on Written Down Value lyiethod at the rate and in the manner prescribed under the Schedule XIV to the Companies Act, 1956.

1.4 INVESTMENTS

Long-term Investments are stated at cost. Provision for 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.

1.5 REVENUE RECOGNITION

Other Income are accounted on accrual basis.

1.6 STOCK ON HIRE

Stock on hire is stated at realizable value after providing for doubtful.

1.7 IMPAIRMENT

An asset is treated as Impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit & Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

1.8 PROVISIONS AND CONTINGENT LIABILITIES

A provision is recognized when there is a present obligation as a result of past events for which it is probable that an outflow of resources will be required to settle the obligation and in respect of which a reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed after an evaluation of the facts and legal aspects of the matters involved.


Mar 31, 2012

1.1 BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS

The financial statements are prepared under the historical cost convention, in accordance with applicable accounting standards notified by the companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956.

1.2 FIXED ASSETS

Fixed Assets are stated at cost less accumulated depreciation.

1.3 DEPRECIATION/AMORTISATION

Depreciation on Fixed Assets is provided on Written Down Value Method at the rate and in the manner prescribed under the Schedule XIV to the Companies Act, 1956.

1.4 INVESTMENTS

Long-term Investments are stated at cost. Provision for 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.

1.5 REVENUE RECOGNITION

Other Income are accounted on accrual basis.

1.6 STOCK ON HIRE

Stock on hire is stated at realisable value after providing for doubtful.

1.7 IMPAIRMENT

An asset is treated as Impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit & Loss Account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

1.8 PROVISIONS AND CONTINGENT LIABILITIES

A provision is recognized when there is a present obligation as a result of past events for which it is probable that an outflow of resources will be required to settle the obligation and in respect of which a reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed after an evaluation of the facts and legal aspects of the matters involved.


Mar 31, 2010

A. Accounting Convention The financial statements are prepared under the historical cost convention, in accordance with applicable accounting standards notified by the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956.

b. Fixed Assets Fixed Assets are stated at cost less accumulated depreciation.

c. Depreciation Depreciation on Fixed Assets is provided on written down value method at the rate and in the manner prescribed under the Schedule XIV to the Companies Act, 1956.

d. Investments Long Term Investments are stated at cost. Provision for diminution in the value of long term investments is made only is such a decline is other than temporary in the opinion of the management.

e. Revenue Recognition Other Income is accounted on accrual basis.

f. Stock on Hire Stock on hire is stated at realisable value after providing for doubtful.

g. Impairment An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit & Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount.

h. Provisions and Contingent Liabilities A Provision is recognized when there is a present obligation as a result of past events for which it is probable that an outflow of resources will be required to settle the obligation and in respect of which a reliable estimate can be made. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed after an evaluation of the facts and legal aspects of the matters involved.


Mar 31, 2009

1. Accounting Convention

The accounts have been prepared under historical cost convention, under the accrual method of accounting.

2. Revenue Recognition

Income is recognised on accrual basis.

3. Fixed Assets & Depreciation

Depreciation on Fixed Assets is provided on written down value method at the rate and in the manner prescribed under the Schedule XIV to the Companies Act, 1956.

4. Investments & Current Assets

Investments are stated after providing for loss in diminution.

5. Stock on Hire, Receivables, Loans & Advances

Stock on hire, receivables, loans and advances are stated at realisable value after providing for doubtful.

6. Receivables, Loans & Advances

Receivables, loans and advances if identified as irrecoverable or doubtful, are written off or provided for.

7. Employee Retirement Benefit

Not applicable as there is no employee in the pay roll of the Company.

 
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