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.