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Accounting Policies of Champion Finsec Ltd. Company

Mar 31, 2014

ACCOUNTING POLICIES: The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India. The significant accounting policies followed by the company are as stated below: -

i. Basis of accounting: The accounts have been prepared on the basis of historical cost and accrual basis.

ii. Investments: Long term Investments are valued at cost of acquisition and related expenses.

iii. Inventories: Inventories are valued at cost or market value whichever is lower.

However, where the market quotations are not available, the same have been valued at cost.

iv. Income Recognition: Interest Income on Non Performing Assets is accounted for as and when realized in view of Guidelines issued by RBI in respect of Non Banking Finance Company.

v. Income Tax: Tax expense comprises of current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act. The company does not made provision for deferred Tax assets or liability

vi. Earning Per Share: In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India , basic earnings per share is computed using the weighted average number of shares outstanding during the year.

vii. Provisions And Contingent Liabilities: Provisions are recognized when the Company has a legal and constructive obligation as a result of past event, for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of the obligation.

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.


Mar 31, 2013

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India. The significant accounting policies followed by the company are as stated below: -

i. Basis of accounting: The accounts have been prepared on the basis of historical cost and accrual basis.

ii. Investments: Long term Investments are valued at cost of acquisition and related expenses.

iii. Inventories: Inventories are valued at cost or market value whichever is lower. However, where the market quotations are not available, the same have been valued at cost.

iv. Income Recognition: Interest Income on Non Performing Assets is accounted for as and when realized in view of Guidelines issued by RBI in respect of Non Banking Finance Company.

v. Income Tax: Tax expense comprises of current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act. The company does not made provision for deferred Tax assets or liability

vi. Earning Per Share: In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India , basic earnings per share is computed using the weighted average number of shares outstanding during the year.

vii. Provisions And Contingent Liabilities: Provisions are recognized when the Company has a legal and constructive obligation as a result of past event, for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of the obligation.


Mar 31, 2012

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India. The significant accounting policies followed by the company are as stated below: -

i. Basis of accounting: The accounts have been prepared on the basis of historical cost and accrual basis.

ii. Investments: Long term Investments are valued at cost of acquisition and related expenses.

iii. Inventories: Inventories are valued at cost or market value whichever is lower. However, where the market quotations are not available, the same have been valued at cost.

iv. Income Recognition: Interest Income on Non Performing Assets is accounted for as and when realized in view of Guidelines issued by RBI in respect of Non Banking Finance Company.

v. Income Tax: Tax expense comprises of current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act. The company does not made provision for deferred Tax assets or liability

vi. Earning Per Share: In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India , basic earnings per share is computed using the weighted average number of shares outstanding during the year.

vii. Provisions And Contingent Liabilities: Provisions are recognized when the Company has a legal and constructive obligation as a result of past event, for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of the obligation.

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.


Mar 31, 2011

1. ACCOUNTING POLICIES:

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India. The significant accounting policies followed by the company are as stated below: -

i. Basis of accounting

The accounts have been prepared on the basis of historical cost and accrual basis.

ii. Investments

Long term Investments are valued at cost of acquisition and related expenses.

iii. Inventories

Inventories are valued at cost or market value whichever is lower. However, where the market quotations are not available, the same have been valued at cost.

iv. Income Recognition

Interest Income on Non Performing Assets is accounted for as and when realized in view of Guidelines issued by RBI in respect of Non Banking Finance Company.

v. Income Tax

Tax expense comprises of current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act. The company does not made provision for deferred Tax assets or liability

vi Earning Per Share

In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India , basic earnings per share is computed using the weighted average number of shares outstanding during the year.

VII Provisions And Contingent Liabilities

Provisions are recognized when the Company has a legal and constructive obligation as a result of past event, for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of the obligation. Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.


Mar 31, 2010

The accounts are prepared on a historical cost convention and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India. The significant accounting policies followed by the company are as stated below: -

i. Basis of accounting

The accounts have been prepared on the basis of historical cost and accrual basis.

ii. Investments

Long term Investments are valued at cost of acquisition and related expenses.

iii. Inventories

Inventories are valued at cost or market value whichever is lower. However, where the market quotations are not available, the same have been valued at cost.

iv. Income Recognition

Interest Income on Non Performing Assets is accounted for as and when realized in view of Guidelines issued by RBI in respect of Non Banking Finance Company.

v. IncomeTax

Tax expense comprises of current and deferred tax.

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act.

The company does not made provision for deferred Tax assets or liability

vi Earning Per Share

In accordance with the Accounting Standard 20 " Earnings per Share " issued by the Institute of Chartered Accountants of India , basic earnings per share is computed using the weighted average number of shares outstanding during the year.

VII Provisions And Contingent Liabilities

Provisions are recognized when the Company has a legal and constructive obligation as a result of past event, for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of the obligation.

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.

 
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