Mar 31, 2015
A. The Company complies with the directions of the Reserve Bank of
India for Non deposit taking Non- Banking Financial Companies and the
applicable Accounting Standards.
B. Income from Hire Purchase is accounted on accrual and due basis, as
per the Hire Purchase Agreements under Internal Rate of Return Method.
C. In accordance with Accounting Standard on Income Recognition
(AS-9), Additional Finance Charges and Compensation Charges for delayed
repayment of Lease, Hire Purchase and Loan installments and income from
forex advisory are accounted as and when received as they are
contingent on realization.
D. Depreciation
Depreciation of Fixed Assets is charged over the useful life of the
fixed assets on a straight-line basis at the rates and in the manner
prescribed in Schedule II of the Companies Act 2013. In respect of
assets which have no remaining useful life, the carrying cost less
residual value as on 31st March 14 has been absorbed against retained
earnings.
E. Valuation of Fixed Assets
Fixed Assets are disclosed at historical cost, less accumulated
depreciation.
F. Retirement Benefits
a) Defined contribution plans
The Company makes Provident Fund and Superannuation Fund contributions
to defined contribution retirement benefit plans for qualifying
employee. Under the schemes, the Company is required to contribute a
specified percentage of the payroll costs to fund the benefits. The
Provident Fund scheme additionally requires the Company to guarantee
payment of interest at rates notified by the Central Government from
time to time, for which shortfall has been provided for as at the
Balance Sheet date.
b) Defined benefit plans
The Company makes annual contributions to the Employees Group
Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of
India, a funded defined benefit plan for qualifying employee. The
scheme provides for lump sum payment to vested employees at retirement,
death while in employment or on termination of employment.
Leave encashment is recognized as short term employee benefits and is
expected to be utilised within twelve months after the end of the year
and is recognized as liability and provided for.
G. Investments
Long term investments in subsidiaries are strategic investments and are
recorded at Cost and temporary diminution, if any, in the market value
of investments is therefore not considered.
H. Deferred Taxation
Deferred Tax assets and liabilities are recognized for the future tax
consequences of timing differences between carrying value of the asset
and liabilities and their respective tax bases using enacted or
substantially enacted tax rates. Deferred Tax Assets, subject to
consideration of prudence are recognized and carried forward only to
the extent they can be realized.
Mar 31, 2014
A. The Company complies with the directions of the Reserve Bank of
India for Non deposit taking Non- Banking Financial Companies and the
applicable Accounting Standards.
B. Income from Hire Purchase is accounted on accrual and due basis, as
per the Hire Purchase Agreements under Internal Rate of Return Method.
C. In accordance with Accounting Standard on Income Recognition (AS-9),
Additional Finance Charges and Compensation Charges for delayed
repayment of Lease, Hire Purchase and Loan installments and Income from
Forex Advisory are accounted as and when received as they are
contingent on realisation.
D. Depreciation
Depreciation on Fixed Assets is provided under straight-line method in
accordance with Schedule XIV of the Companies Act 1956.
E. Valuation of Fixed Assets
Fixed Assets are disclosed at historical cost, less accumulated
depreciation.
F. Retirement Benefits
a) Defined contribution plans
The Company makes Provident Fund and Superannuation Fund contributions
to defined contribution retirement benefit plans for qualifying
employee. Under the schemes, the Company is required to contribute a
specified percentage of the payroll costs to fund the benefits. The
Provident Fund scheme additionally requires the Company to guarantee
payment of interest at rates notified by the Central Government from
time to time, for which shortfall has been provided for as at the
Balance Sheet date.
b) Defined benefit plans
The Company makes annual contributions to the Employees'' Group
Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of
India, a funded defined benefit plan for qualifying employee. The
scheme provides for lump sum payment to vested employees at retirement,
death while in employment or on termination of employment.
Leave encashment is recognised as short term employee benefits and is
expected to be utilised within twelve months after the end of the year
and is recognised as liability and provided for.
G. Investments
Long term investments in subsidiaries are strategic investments and are
recorded at Cost and temporary diminution, if any, in the market value
of investments is therefore not considered.
H. Deferred Taxation
Deferred Tax assets and liabilities are recognised for the future tax
consequences of timing differences between carrying value of the assets
and liabilities and their respective tax bases using enacted or
substantially enacted tax rates. Deferred Tax Assets, subject to
consideration of prudence are recognised and carried forward only to
the extent they can be realised.
Mar 31, 2013
A. The Company complies with the directions of the Reserve Bank of
India for Non deposit taking Non- Banking Financial Companies and the
applicable Accounting Standards
B. Income from Hire Purchase is accounted on accrual and due basis, as
per the Hire Purchase Agreements under Internal Rate of Return Method.
C. In accordance with Accounting Standard on Income Recognition
(AS-9), Additional Finance Charges and Compensation charges for delayed
repayment of Lease, Hire Purchase and Loan installments and income from
forex advisory are accounted as and when received as they are
contingent on realisation.
D. Depreciation
Depreciation on Fixed Assets is provided under straight-line method in
accordance with Schedule XIV of the Companies Act 1956.
E. Valuation of Fixed Assets
Fixed Assets are disclosed at historical cost, less accumulated
depreciation.
F. Retirement Benefits
a) Defined contribution plans
The Company makes Provident Fund and Superannuation Fund contributions
to defined contribution retirement benefit plans for qualifying
employee. Under the schemes, the Company is required to contribute a
specified percentage of the payroll costs to fund the benefits. The
Provident Fund scheme additionally requires the Company to guarantee
payment of interest at rates notified by the Central Government from
time to time, for which shortfall has been provided for as at the
Balance Sheet date.
b) Defined benefit plans
The Company makes annual contributions to the Employees'' Group
Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of
India, a funded defined benefit plan for qualifying employee. The
scheme provides for lump sum payment to vested employees at retirement,
death while in employment or on termination of employment
Leave encashment is recognised as short term employee benefits and is
expected to be utilised within twelve months after the end of tiie year
and is recognised as liability and provided for.
G. Investments
Long term investments in subsidiaries are strategic investments and are
recorded at Cost and temporary diminution, if any, in the market value
of investments is therefore not considered.
H. Deferred Taxation
Deferred Tax assets and liabilities are recognised for the future tax
consequences of timing differences between carrying value of the asset
and liabilities and their respective tax bases using enacted or
substantially enacted tax rates. Deferred Tax Assets, subject to
consideration of prudence are recognised and carried forward only to
the extent they can be realised.
Mar 31, 2012
A. The Company complies with the directions of the Reserve Bank of
India for Non deposit taking Non- Banking Financial Companies and the
applicable Accounting Standards.
B. Income from Hire Purchase is accounted on accrual and due basis, as
per the Hire Purchase Agreements under Internal Rate of Return Method.
C. In accordance with Accounting Standard on Income Recognition
(AS-9), Additional Finance Charges and Compensation charges for delayed
repayment of Lease, Hire Purchase and Loan installments and income from
forex advisory are accounted as and when received as they are
contingent on realisation.
D. Depreciation
Depreciation on Fixed Assets is provided under straight-line method in
accordance with Schedule XIV of the Companies Act 1956.
E. Valuation of Fixed Assets
Fixed Assets are disclosed at historical cost, less accumulated
depreciation.
F. Retirement Benefits
a) Defined contribution plans
The Company makes Provident Fund and Superannuation Fund contributions
to defined contribution retirement benefit plans for qualifying
employee. Under the schemes, the Company is required to contribute a
specified percentage of the payroll costs to fund the benefits. The
Provident Fund scheme additionally requires the Company to guarantee
payment of interest at rates notified by the Central Government from
time to time, for which shortfall has been provided for as at the
Balance Sheet date.
b) Defined benefit plans
The Company makes annual contributions to the Employees' Group
Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of
India, a funded defined benefit plan for qualifying employee. The
scheme provides for lump sum payment to vested employees at retirement,
death while in employment or on termination of employment.
Leave encashment is recognised as short terms employee benefits and is
expected to be utilised within twelve months after the end of the year
and is recognised as liability and provided for.
G. Investments
Long term investments in subsidiaries are strategic investments and are
recorded at Cost and temporary diminution, if any, in the market value
of investments is therefore not considered.
H. Deferred Taxation
Deferred Tax assets and liabilities are recognised for the future tax
consequences of timing differences between carrying value of the asset
and liabilities and their respective tax bases using enacted or
substantially enacted tax rates. Deferred Tax Assets, subject to
consideration of prudence are recognised and carried forward only to
the extent they can be realised.
Mar 31, 2010
A. The Company complies with all the directions of the Reserve Bank of
India for Non deposit taking Non-Banking Financial Companies and the
applicable Accounting Standards.
B. Income from Hire Purchase is accounted on accrual and due basis, as
per the Hire Purchase Agreements under Internal Rate of Return Method.
C. In accordance with Accounting Standard on Income Recognition
(AS-9), Additional Finance Charges and Compensation charges for delayed
repayment of Lease, Hire Purchase and Loan installments and income from
forex advisory are accounted as and when received as they are
contingent on realisation.
D. Depreciation
Depreciation on Fixed Assets is provided under straight-line method in
accordance with Schedule XIV of the Companies Act, 1956.
E. Valuation of Fixed Assets
Fixed Assets are disclosed at historical cost, less accumulated
depreciation.
F. Retirement Benefits
a) Defined contribution plans
The Company makes Provident Fund and Superannuation Fund contributions
to defined contribution retirement benefit plans for qualifying
employee. Under the schemes, the Company is required to contribute a
specified percentage of the payroll costs to fund the benefits. The
Provident Fund scheme additionally requires the Company to guarantee
payment of interest at rates notified by the Central Government from
time to time, for which shortfall has been provided for as at the
Balance Sheet date.
b) Defined benefit plans
The company makes annual contributions to the Employees Group
Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of
India, a funded defined benefit plan for qualifying employee. The
scheme provides for lump sum payment to vested employees at retirement,
death while in employment or on termination of employment
Leave encashment is recongnised as short terms employee benefits and is
expected to be utilised within twelve months after the end of the year
and is recongnised as liability and provided for.
G. Investments
Long term investments in subsidiaries are strategic investments and are
recorded at Cost and temporary diminution, if any, in the market value
of investments is therefore not considered.
H. Deferred Taxation
Deferred Tax assets and liabilities are recognised for the future tax
consequences of timing differences between carrying value of the asset
and liabilities and their respective tax bases using enacted or
substantially enacted tax rates. Deferred Tax Assets, subject to
consideration of prudence are recognised and carried forward only to
the extent they can be realised.