Mar 31, 2015
A. Basis of preparation of Financial Statements:
i. The financial statements have been prepared under historical cost
convention on the accrual basis of accounting in accordance with the
accounting principles generally accepted in India (GAAP) and in
compliance with the Accounting Standards issued by The Institute of
Chartered Accountants of India and the provisions of the Companies Act,
1956 as adopted consistently by the company.
ii. Accounting policies not specifically referred to otherwise are
consistent with the generally accepted accounting principles followed
by the Company.
iii. The preparation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made, that affect the reported amounts of assets and
liabilities on the date of financial statements and the reported
amounts of revenues and expenses during the reported year. Differences
between the actual results and estimates are recognized in the year in
which the results are known / materialized
B. Revenue Recognition:
Interest Income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
C. Expenditure:
Expenses are accounted on accrual basis and the provisions are made for
all known losses and liabilities.
D. Fixed Assets and Depreciation :
i. Fixed Assets: Fixed assets are stated at their original cost of
acquisition including incidental expenses related to acquisition &
installation of the concerned assets less accumulated depreciation and
impairment losses, if any.
ii. Depreciation /Amortization: Depreciation on fixed assets are
provided on W.D.V basis at the rates prescribed under Companies Act.
E. Investments:
Investments are classified into Non current investment and current
investments. Current investments are stated at lower of cost or fair
market value. Non Current Investments are stated at cost less provision
for permanent diminution in value if any, of investments. During the
Last year the company has disposed off the some of the unquoted
investments of Rs.669.00 lacs at book value and has collected Rs. 580
lacs, the remaining balance of Rs.89.00 lacs has been shown as Current
Investments during the last year .Out of this
Rs.89 lacs during the year company has received Rs.79 lacs and
remaining balance of Rs. 10 lacs has been shown as current
Investments.
F. Deferred tax:
Deferred Income taxes reflects the impact of current year timing
differences between taxable income and accounting income for the year
and reversal of timing differences of earlier years. The differences
that result between the profit considered for income taxes and the
profit as per the financial statements are identified, and thereafter a
deferred tax asset or deferred tax liability is recorded for timing
differences, namely the differences that originate in one accounting
period and reverse in another, based on the tax effect of the aggregate
amount being considered. The tax effect is calculated on the
accumulated timing differences at the end of an accounting period based
on prevailing enacted or substantially enacted regulations. Deferred
tax assets are recognized only if there is reasonable certainty of
their realization and are reviewed for the appropriateness of their
respective carrying values at each balance sheet date.
G. Provision for Tax:
Provision for current tax is determined on the basis of estimated
taxable income for the period as per the provisions of Income Tax Act,
1961.
H. Earnings per Share (EPS):
The earnings considered in ascertaining the Company's EPS are computed
as per Accounting Standard 20 on "Earning per Share", issued by the
Institute of Chartered Accountants of India. The number of shares used
in computing basic EPS is the weighted average number of shares
outstanding during the period. The diluted EPS is calculated on the
same basis as basic EPS, after adjusting for the effects of potential
dilutive equity shares unless the effect of the potential dilutive
equity shares is anti-dilutive.
I. Provision and Contingent Liabilities:
Provisions are recognized and computed in accordance with Accounting
Standard 29 on "Provisions, Contingent Liabilities and Contingent
Assets" issued by the Institute of Chartered Accountants of India i.e.
they are recognized if the following conditions are satisfied:
a. The Company has a present obligation as a result of past event;
b. It is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation; and
c. A reliable estimate can be made of the amount of the obligation.
Similarly, the Contingent liabilities are disclosed in Accordance with
the Accounting Standard 29 i.e. they 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
The company adopts the accounting system as stipulated under Non
banking Financial Companies Prudential Norms, (Reserve Bank)
Directions, 1998 dated 2nd January ,1998 issued by reserve Bank of
India in respect of Income Recognition ,provisioning and assets
classification for Non- Banking Financial Companies are followed by the
company in preparation of accounts.
Mar 31, 2014
A. Basis of preparation of Financial Statements :
i. The financial statements have been prepared under historical cost
convention on the accrual basis of accounting in accordance with the
accounting principles generally accepted in India (GAAP) and in
compliance with the Accounting Standards issued by The Institute of
Chartered Accountants of India and the provisions of the Companies Act,
1956 as adopted consistently by the company.
ii. Accounting policies not specifically referred to otherwise are
consistent with the generally accepted accounting principles followed
by the Company.
iii. The preparation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made, that affect the reported amounts of assets and
liabilities on the date of financial statements and the reported
amounts of revenues and expenses during the reported year. Differences
between the actual results and estimates are recognized in the year in
which the results are known / materialized
B. Revenue recognition :
Interest Income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
C. Expenditure :
Expenses are accounted on accrual basis and the provisions are made for
all known losses and liabilities.
D. Fixed Assets and Depreciation:
i. Fixed Assets
Fixed assets are stated at their original cost of acquisition including
incidental expenses related to acquisition & installation of the
concerned assets less accumulated depreciation and impairment losses,
if any.
ii. Depreciation / Amortization.
Depreciation on fixed assets are provided on W.D.V basis at the rates
prescribed under Companies Act.
E. Investments:
Investments are classified into Non current investment and current
investments. Current investments are stated at lower of cost or fair
market value. Non Current Investments are stated at cost less provision
for permanent diminution in value if any, of investments. During the
year the company has disposed off the some of the unquoted investments
of Rs.669.00 lacs at book value and has collected Rs. 580 lacs, the
remaining balance of Rs.89.00 lacs has been shown as Current
Investments.
F. Deferred tax :
Deferred Income taxes reflects the impact of current year timing
differences between taxable income and accounting income for the year
and reversal of timing differences of earlier years. The differences
that result between the profit considered for income taxes and the
profit as per the financial statements are identified, and thereafter a
deferred tax asset or deferred tax liability is recorded for timing
differences, namely the differences that originate in one accounting
period and reverse in another, based on the tax effect of the aggregate
amount being considered. The tax effect is calculated on the
accumulated timing differences at the end of an accounting period based
on prevailing enacted or substantially enacted regulations. Deferred
tax assets are recognized only if there is reasonable certainty of
their realization and are reviewed for the appropriateness of their
respective carrying values at each balance sheet date.
G. Provision for Tax:
Provision for current tax is determined on the basis of estimated
taxable income for the period as per the provisions of Income Tax Act,
1961.
H. Earnings per Share (EPS) :
The earnings considered in ascertaining the Company''s EPS are computed
as per Accounting Standard 20 on "Earning per Share", issued by the
Institute of Chartered Accountants of India. The number of shares used
in computing basic EPS is the weighted average number of shares
outstanding during the period. The diluted EPS is calculated on the
same basis as basic EPS, after adjusting for the effects of potential
dilutive equity shares unless the effect of the potential dilutive
equity shares is anti-dilutive.
I. Provision and Contingent Liabilities
1 Provisions are recognized and computed in accordance with Accounting
Standard 29 on "Provisions, Contingent Liabilities and Contingent
Assets" issued by the Institute of Chartered Accountants of India i.e.
they are recognized if the following conditions are satisfied:
(a) The Company has a present obligation as a result of past event;
(b) It is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation; and
(c) A reliable estimate can be made of the amount of the obligation.
Similarly, the Contingent liabilities are disclosed in Accordance with
the Accounting Standard 29 i.e. they 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, 2012
A Basis of preparation of Financial Statements :
i. The financial statements have been prepared under historical cost
convention on the accrual basis of accounting in accordance with the
accounting principles generally accepted in India (GAAP) and in
compliance with the Accounting Standards issued by The Institute of
Chartered Accountants of India and the provisions of the Companies act,
1956 as adopted consistently by the company.
ii. Accounting policies not specifically referred to otherwise are
consistent with the generally accepted accounting principles followed
by the Company.
iii. The preparation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made, that affect the reported amounts of assets and
liabilities on the date of financial statements and the reported
amounts of revenues and expenses during the reported year. Differences
between the actual results and estimates are recognized in the year in
which the results are known / materialized
B Revenue recognition :
Interest Income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
C Expenditure:
Expenses are accounted on accrual basis and the provisions are made for
all known losses and liabilities.
D Fixed Assets and Depreciation :
(i) Fixed Assets
Fixed assets are stated at their original cost of acquisition including
incidental expenses related to acquisition & installation of the
concerned assets less accumulated depreciation and impairment losses,
if any,.
(ii) Depreciation /Amortization.
Depreciation on fixed assets are provided on W.D.V basis at the rates
prescribed under Companies Act
E Investments :
Investments are classified into Non current investment and long term
investments. Current investments are stated at lower of cost or fair
market value. Long Term Investments are stated at cost less provision
for permanent diminution in value if any, of investments
F Deferred tax :
Deferred Income taxes reflects the impact of current year timing
differences between taxable income and accounting income for the year
and reversal of timing differences of earlier years. The differences
that result between the profit considered for income taxes and the
profit as per the financial statements are identified, and thereafter a
deferred tax asset or deferred tax liability is recorded for timing
differences, namely the differences that originate in one accounting
period and reverse in another, based on the tax effect of the aggregate
amount being considered. The tax effect is calculated on the
accumulated timing differences at the end of an accounting period based
on prevailing enacted or substantially enacted regulations. Deferred
tax assets are recognized only if there is reasonable certainty of
their realization and are reviewed for the appropriateness of their
respective carrying values at each balance sheet date.
G Provision for Tax:
Provision for current tax is determined on the basis of estimated
taxable income for the period as per the provisions of Income Tax Act,
1961.
H Earnings per Share (EPS) :
The earnings considered in ascertaining the Company's EPS are
computed as per Accounting Standard 20 on "Earning per Share",
issued by the Institute of Chartered Accountants of India. The number
of shares used in computing basic EPS is the weighted average number of
shares outstanding during the period. The diluted EPS is calculated on
the same basis as basic EPS, after adjusting for the effects of
potential dilutive equity shares unless the effect of the potential
dilutive equity shares is anti- dilutive.
I Provision and Contingent Liabilities
Provisions are recognized and computed in accordance with Accounting
Standard 29 on "Provisions, Contingent Liabilities and Contingent
Assets" issued by the Institute of Chartered Accountants of India
i.e. they are recognized if the following conditions are satisfied:
(a) The Company has a present obligation as a result of past event;
(b) It is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation; and
(c) A reliable estimate can be made of the amount of the obligation.
Similarly, the Contingent liabilities are disclosed in Accordance with
the Accounting Standard 29 i.e. they 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
A. Basis of preparation of Financial Statement :
i. The financial statement have been prepared under historical cost
convention on the accrual basis of accounting in accordance with the
accounting principles generally accepted in India (GAAP) and in
compliance with the Accounting Standards issued by The Institute of
Chartered Accountants of India and the provisions of the Companies act,
1956 as adopted consistently by the company.
ii. Accounting policies not specifically referred to otherwise are
consistent with the generally accepted accounting principles followed
by the Company.
iii. The preparation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made, that affect the reported amounts of assets and
liabilities on the date of financial statements and the reported
amounts of revenues and expenses during the reported year. Differences
between the actual results and estimates are recognized in the year in
which the results are known / materialized.
B. Revenue recognition :
Interest Income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
C. Expenditure :
Expenses are accounted on accrual basis and the provisions are made for
all known losses and liablities.
D. Fixed Assets and Depreciation :
(i) Fixed Assets
Fixed assets are stated at their original cost of acquisition including
incidental expenses related to acquisition & installation of the
concerned assets less accumulated depreciation and impairment losses,
if any
(ii) Depreciation / Amortization
Depreciation on fixed assets are provided on W.D.V. basis at the rates
prescribed under Companies Act.
E. Investments :
Investments are classified into current investment and long term
investments. Current investments are stated at lower of cost or fair
market value. Long Term Investments are stated at cost less provision
for permanent diminution in value if any, of investments.
F. Deferred Tax :
Deferred Income taxes reflects the impact of current year timing
differences between taxable income and accounting income for the year
and reversal of timing differences of earlier years. The differences
that result between the profit considered for income taxes and the
profit as per the financial statements are identified, and thereafter a
deferred tax asset or deferred tax liability is recorded for timing
differences, namely the differences that originate in one accounting
period and reverse in another, based on the tax effect of the aggregate
amount being considered. The tax effect is calculated on the
accumulated timing differences at the end of an accounting period based
on prevailing anacted or substantially enacted regulations. Deferred
tax assets are recognized only if there is reasonable certainty of
their realization and are reviewed forthe appropriateness of their
respective carrying values at each balance sheet date.
G. Provision for Tax :
Provision for current tax is determined on the basis of estimated
taxable income for the period as per the provisions of Income Tax Act,
1961. Fringe Benefit Tax is provided in accordance with the provisions
of the Income Tax Act, 1961.
H. Earnings per Share (EPS) :
The earnings considered in ascertaining the Company's EPS are
computed as per Accounting Standard 20 on "Earning per Share",
issued by the institute of Chartered Accountants of India. The number
of shares used in computing basic EPS is the weighted average number of
shares outstanding during the period. The diluted EPS is calculated on
the same basis as basic EPS, after adjusting for the effects of
potential dilutive equity shares unless the effect of the potential
dilutive equity shares is anti dilutive.
I. Provision and Contingent Liabilities :
Provisions are recognized and computed in accordance with Accounting
Standard 29 on "Provisions, Contingent Liabilities and Contingent
Assets" issued by the Institute of Chartered Accountants of India
i.e. they are recognized if the following conditions are satisfied :
(a) The Company has a present obligation as a result of past event ;
(b) It is probable that an outfow of resources embodying economic
benefits will be required to settle the obligation; and
(c) A reliable estimate can be made of the amount of the obligation.
Similarly, the Contingent liabilities are disclosed in Accordance with
the Accounting Standard 29 i.e. they 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
1. The accounts are prepared on historical cost basis and as a going
concern. Accounting policies not referred to otherwise are consistent
with generally accepted accounting principles.
2. Fixed Assets are NIL.
3. Provision of Rs. NIL for the diminution in investment is
transferred to the Investment Fluctuation Reserve.
4. The Company adopts the accounting system as stipulated under Non
banking Financial Companies Prudential Norms,(Reserve
Bank)Directions,1998 dated 2nd January ,1998 issued by reserve Bank of
India in respect of Income Recognition .provisioning and assets
classification for Non- Banking Financial Companies are followed by the
Company in preparation of accounts.
5. Additional information pursuant to the paragraph 3 and 4 of the
part II to the Schedule VI to the Companies Act ,1956, has been given
to the extent applicable.
6. Value of import on CIF basis (previous year Nil) NIL
7. Expenditure in foreign currency (previous year Nil) NIL
8. Earning in foreign currency (previous year Nil) NIL
9. Remittance in foreign currency on account of dividend to foreign
shareholders (Previous year Nil) NIL
10. Disclosure as required by Accounting Standard 18(AS-18) Related
party Disclosures issued by the Institute of Chartered Accountants Of
India are as follows.
Mar 31, 2009
1. The accounts are prepared on historical cost basis and as a going
concern. Accounting policies not referred to otherwise are consistent
with generally accepted accounting principles.
2. Fixed Asset are NIL.
3. Provision of Rs. NIL for the diminution in investment is
transferred to the Investment Fluctuation Reserve.
4. The company adopts the accounting system as stipulated under Non
banking Financial Companies Prudential Norms,(Reserve
Bank)Directions,1998 dated 2nd January ,1998 issued by reserve Bank of
India in respect of Income Recognition .provisioning and assets
classification for Non- Banking Financial Companies are followed by the
company in preparation of accounts.
5. Additional information pursuant to the paragraph 3 and 4 of the
part II to the Schedule VI to the companies Act ,1956, has been given
to the extent applicable.
6. Value of import on CIF basis (previous year Nil) NIL
7. Expenditure in foreign currency (previous year Nil) NIL
8. Earning in foreign currency (previous yearNil) NIL
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