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Accounting Policies of Interface Financial Services Ltd. Company

Mar 31, 2014

A. The accounts have been prepared to comply in all material respects with generally accepted accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956 of India. The company follows accrual method of accounting.

b. Use of Estimates: The presentation of financial statement requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which results are known/ materialized.

c. Investments: Long term Investments are stated at cost of acquisition except where there is permanent diminution in value of investments. Provision is made for diminution in the value of investments, if in the opinion of the management the diminution is other than temporary.

d. Inventory Valuation: Closing stock of stock-in-trade (shares, debentures and Govt. Securities) is valued at cost or market value whichever is lower. Cost of such inventories is ascertained on ''First in First out'' basis.

e. Fixed Assets: There are no fixed assets.

f. Depreciation: There are no fixed assets hence no provision for depreciation.

g. Income Recognition: i) Income is recognized when there is reasonable certainty of its ultimate realization/collection. ii) All incomes are accounted on accrual basis except earning on investments (dividend and debenture interest), which is accounted on receipt basis.

h. Turnover: Turnover does not include intermittent transactions of purchase and sales of shares and securities.

i. Contingent Liabilities: Contingent liabilities are not provided in the accounts. The same are determined on the basis of available information and separately disclosed by way of a note to the accounts.


Mar 31, 2013

A. The accounts have been prepared to comply in all material respects with generally accepted accounting principles in India the Accounting Standards issued by the institute of chartered Accounting of India and the relevant provisions of the companies Act, 1956 of India company accrual method of accounting.

b. Use of Estimates:

The presentation of financial statement requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of financial statements and the reported amount of revenues and expresses during the reporting period. Difference between the actual result and estimates are recognized in the period in which results are known/materialized.

c. Investments.

Long term investments are stated at cost of acquisition except where there is permanent diminution in value of investments provision is made for diminution in the value of investments if in the opinion of the management the diminution is other than temporary.

d. Inventory Valuation

Closing stock of stock-in -trade (share, debentures and Govt, Securities) is valued at cost or market value whichever is lower cost of such inventories is ascertained on first in First out basis.

e. Fixed Assets;

There are no fixed assets.

f. Depreciation; There are no fixed assets hence no provision for depreciation.

g. Income Recognition: i) income is recognized when there is reasonable certainty of its ultimate realization/collection (ii) All incomes are accounted on accrual basis except earning on investments (dividend and debenture interest) which is accounted on receipt basis.

h. Turnover; Turnover does not include intermittent transactions of purchase and sales of share and securities.

i. Contingent Liabilities: Contingent liabilities are not provided in the accounts The same are determined on the basis of available information and separately disclosed by way of a note to the account.


Mar 31, 2012

A. The accounts have been prepared to comply in all material respects with generally accepted accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956 of India. The company follows accrual method of accounting.

b. Use of Estimates: The presentation of financial statement requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which results are known/ materialized.

c. Investments: Long term Investments are stated at cost of acquisition except where there is permanent diminution in value of investments. Provision is made for diminution in the value of investments, if in the opinion of the management the diminution is other than temporary.

d. Inventory Valuation: Closing stock of stock-in-trade (shares, debentures and Govt. Securities) is valued at cost or market value whichever is lower. Cost of such inventories is ascertained on First in First out'' basis.

e. Fixed Assets: On 31.03.2003 office premises of the Company at various locations and furniture & fixtures were revalued on the basis of the Valuation Reports dated 22.01.203 obtained from the Government approved valuer and the historical costs of such fixed assets were substituted by the revalued amounts in the books of accounts. All other fixed assets are carried at historical cost.

f. Depreciation: Depreciation on fixed assets (other than leased out assets) is provided on straight-line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. On assets leased from the year 1995-96 onwards, an amount equal to annual lease charge as per the method recommended by the Institute of Chartered Accountants of India, under which 100 % of the cost of asset is depreciated over the primary lease period applying interest rate implicit in the lease on the outstanding investment on lease to calculate the finance earnings for the period and the difference between the lease rentals and finance earnings is charged as depreciation.

g. Income Recognition: Income is recognized when there is reasonable certainty of its ultimate realization/collection. All incomes viz. Income from services, interest on loans and advances etc. are accounted on accrual basis except earning on investments (dividend and debenture interest), which is accounted on receipt basis.

h. Turnover: Turnover does not include intermittent transactions of purchase and sales of shares and securities.

i. Contingent Liabilities: Contingent liabilities are not provided in the accounts. The same are determined on the basis of available information and separately disclosed by way of a note to the accounts.


Mar 31, 2011

A. The accounts have been prepared to comply in all material respects with generally accepted accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956 of India. The company follows accrual method of accounting.

b. Use of Estimates:

The presentation of financial statement requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of financial statements and the reported amount of revenues and expenses during the reporting period Difference between the actual results and estimates are recognized the period in which results are known/ materialized.

c Investments:

Long term Investments are stated at cost of acquisition except where there is permanent diminution in value of investments. Provision is made for diminution in the value of investments, if in the opinion of the management the diminution is other than temporary.

d. Inventory Valuation:

Closing stock of stock-in-trade (shares, debentures and Govt. Securities) is valued at cost or market value whichever is lower. Cost of such inventories is ascertained on 'First in First out' basis.

e. Fixed Assets:

On 31/03/2003 office premises of the Company at various locations and furniture & fixtures were revaled on the basis of the Valuation Reports dated 22/01/2003 obtained from the Government approved value and the historical costs of such fixed assets were substituted by the revealed amounts in the books of accounts. All other fixed assets are carried at historical cost.

f. Depreciation:

Depreciation on fixed assets (other than leased out assets) is provided on straight- line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. On assets leased from the year 1995-96 onwards, an amount equal to annual lease charge as per the method recommended by the Institute of Chartered Accountants of India, under which 100 % of the cost of asset is depreciated over the primary lease period applying interest rate implicit in the lease on the outstanding investment on lease to calculate the finance earnings for the period and the difference between the lease rentals and finance earnings is charged as depreciation.;

g. Income Recognition:

i) Income is recognized when there is reasonable certainty of its ultimate realization/collection.

ii) All incomes viz. Income from services, interest on loans and advances etc. are accounted on accrual basis except earning on investments (dividend and debenture interest), which is accounted on receipt basis.

h. Turnover:

Turnover does not include intermittent transactions of purchase and sales of shares and securities.

i. Contingent Liabilities.

Contingent liabilities are not provided in the accounts. The same are determined on the basis of available information and separately disclosed by way of a note to the accounts.


Mar 31, 2010

A. The accounts have been prepared to comply in all material respects with generally accepted accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956 of India. The company follows accrual method of accounting.

b. Use of Estimates:

The presentation of financial statement requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which results are known/ materialized.

c. Investments:

Long term Investments are stated at cost of acquisition except where there is permanent diminution in value of investments. Provision is made for diminution in the value of investments, if in the opinion of the management the diminution is other than temporary.

d. Inventory Valuation:

Closing stock of stock-in-trade (shares, debentures and Govt. Securities) is valued at cost or market value whichever is lower. Cost of such inventories is ascertained on 'First in First out' basis.

e. Fixed Assets:

On 31/03/2003 office premises of the Company at various locations and furniture & fixtures were revalued on the basis of the Valuation Reports dated 22/01/2003 obtained from the Government approved valuer and the historical costs of such fixed assets were substituted by the revalued amounts in the books of accounts. All other fixed assets are carried at historical cost.

f. Depreciation:

Depreciation on fixed assets (other than leased out assets) is provided on straight- line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. On assets leased from the year 1995-96 onwards, an amount equal to annual lease charge as per the method recommended by the Institute of Chartered Accountants of India, under which 100 % of the cost of asset is depreciated over the primary lease period applying interest rate implicit in the lease on the outstanding investment on lease to calculate the finance earnings for the period and the difference between the lease rentals and finance earnings is charged as depreciation.

g. Income Recognition:

i) Income is recognized when there is reasonable certainty of its ultimate realization/collection.

ii) All incomes viz. Income from services, interest on loans and advances etc. are accounted on accrual basis except earning on investments (dividend and debenture interest), which is accounted on receipt basis.

h. Turnover:

Turnover does not include intermittent transactions of purchase and sales of shares and securities.

i. Contingent Liabilities:

Contingent liabilities are not provided in the accounts. The same are determined on the basis of available information and separately disclosed by way of a note to the accounts.


Mar 31, 2009

1. Basis of presentation of financial statements:

a. The financial statements of the subsidiaries used in the consolidation are drawn up to the same reporting date as that of the parent company i.e. year ended 31st March 2009.

b. The consolidated financial statements present the consolidated accounts of Interface Financial Services Ltd. with its following subsidiaries:

Name of Subsidiary Proportion of Ownership Interest as at 31st March 2009

1. Interface Network Marketing 100% (Refer note no. 5) Pvt Ltd.

2. Interface Housing Finance Ltd. 100% (Refer note no. 5)

2. Basis of Consolidation:

The consolidated financial statements relate to the Interface Financial Services Ltd., the holding Company and its wholly owned subsidiaries.

The consolidation of the financial statements of the company with its subsidiaries has been prepared in accordance with the requirements of Accounting standard (AS) 21 "consolidated financial statements".

a. The financial statements of the parent company and its subsidiaries have been consolidated on a line-by-line basis by adding together the book value of like items of assets, liabilities, income and expenses after eliminating there from intra-group balances and intra-group transactions.

b. The financial statements of the parent company and its subsidiaries have been consolidated using uniform accounting policies for like transactions and other events in similar circumstances.

c. The difference between cost to the parent Company of its investments in the subsidiaries over its share of Equity in the Subsidiaries is recognized in the consolidated financial statements as Goodwill or Capital Reserve as the case may be and is carried in the balance sheet as such as asset or liability.

d. The consolidated financial statements of Interface Financial Services Ltd? and its subsidiaries, Interface Housing Finance Ltd. and Interface Network Marketing Pvt Ltd. are prepared to comply in all material respects with generally accepted accounting principles in India, applicable accounting standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956 of India.

a. The accounts have been prepared to comply in all material respects with generally accepted accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956 of India. The company follows accrual method of accounting.

b. Use of Estimates:

The presentation of financial statement requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on die date of financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which results are known/ materialized.

c. Investments:

i Investments are stated at cost. Provision is made for diminution, if in the opinion of the management; the diminution is other than temporary.

d. Inventory Valuation:

Closing stock of stock-in-trade (shares, debentures and Govt. Securities) is valued at cost or market value whichever is lower. Cost of such inventories is ascertained on "First in First out basis.

e. Fixed Assets:

During the year ended on 31/03/2003, office premises of the Company at various locations and furniture & fixtures have been revalued on the basis of the Valuation Reports obtained from the Government approved Valuer and the historical costs of such fixed assets have been substituted by the revalued amounts in the books of accounts. The resultant diminution in the value has been charged to Profit and Loss Account as per the requirement of AS-10 "Accounting for Fixed Assets" issued by The Institute of Chartered Accountants of India. All other fixed assets are carried at historical cost.

f. Depreciation:

Depreciation on fixed assets (other than leased out assets) is provided on straight-line method at the rates prescribed in Schedule XIV of the Companies Act, 1956. On assets leased from the year 1995-96 onwards, an amount equal to annual lease charge as per the method recommended by the Institute of Chartered Accountants of India, under which 100 % of the cost of asset is depreciated over the primary lease period applying interest rate implicit in the lease on the outstanding investment on lease to calculate the finance earnings for the period and the difference between the lease rentals and finance earnings is charged as depreciation.

g. Income Recognition:

Income is recognized when there is reasonable certainty of its ultimate realization/collection.

All incomes viz. income from services, income from financing activities, Brokerage and Commission etc. are accounted on accrual basis except earning on investments (dividend and debenture interest), which is accounted on receipt basis.

h. Turnover:

Turnover does not include intermittent transactions of purchase and sales of shares and securities.

i. Future and Option transactions:

In respect of futures and options, only the net amounts of purchases and sales are shown as trading transactions-F & 0. The net balances in mark-to-market- margin-EIF account, on squaring off of the transactions at the end of the financial year have been transferred to profit and loss account in accordance with guidance note on Accounting for Equity. Index and Equity stock futures and options issued by the Institute of Chartered Accountants of India. Similarly, in respect of open options at the end of accounting period, loss on Equity index/stock option as at the date of balance sheet is charged to Profit and loss account.

j. Contingent Liability:

Contingent liabilities are not provided in the accounts. The same are determined on the basis of available information and separately disclosed by way of a note to the accounts.

k. Taxes oh Income:

Current tax is determined as the amount of tax payable in respect of taxable income for the year. Deferred tax is recognized subject to the consideration of prudence in respect of deferred tax assets on timing differences, being the difference between, taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent years.

l. Prior Period Expenses:

AH items of income/expenditure pertaining to prior period are accounted through Prior Period Adjustment Account.

m. Deferred Revenue Expenditure:

Deferred Revenue Expenditures are amortized over a period of time over which the benefit of such expenditure is likely to accrue.

 
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