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Accounting Policies of International Housing Finance Corporation Ltd. Company

Mar 31, 2015

1 Method of Accounting

The accounts are prepared on accrual basis under the historical cost convention and on going concern concept.

2 Revenue Recognition

(i) Revenue in respect of sales of goods is recognised on transfer of property in the goods to the buyers, which generally coincides with the delivery of goods.

(ii) The revenue in respect of other income is recognised when no significant uncertainty to its realisation exists.

3 Audit fees are not booked during the year.

Note 12.2 : Previous Year's Figures :

The Revised Schedule VI has become effective from 1 April, 2012 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

Note 12.3 : The balance of sundry creditors and loans and advances are subject to confirmation of respective parties, any adjustment, if required, will be made on receipt of the same.

Note 12.4 : In The Opinion Of Board Of Directors :

1 The Current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business.

2 The provision for all known and ascertained liabilities are adequate and not in excess of the amount reasonably necessary.

3 Expenditure on Employment

The company had no employee during the year, who were in receipt of remuneration aggregating to :

(1) Not more than Rs. 24,00,000/- for the year, if employee throught the financial year or

(2) Not more than Rs. 2,00,000/- per month, if employee for the part of the financial year

4 Expenditure in Foreign Currency Nil

5 Earning in foreign currency Nil

6 Amount remitted during the year in Foreign Currency Nil

Note 12.5 : Income and Expenditure :

The provision of all income and expenses of the year have been done except those which are uncertain.

Note 12.6 : Related party transactions

Details of related parties:

Description of relationship Names of related parties

Company in which KMP / Relatives of KMP can Sankira Resorts P Ltd, Significant Influence N V Life Care P Ltd, B Nanji Construction Pvt. Ltd, B Nanji Enterprise Ltd, B Nanji Power Cable Ltd, B Nanji Finance Ltd, Samal Investments Pvt. Ltd

Note: Related parties have been identified by the Management.

Details of related party transactions during the year ended 31 March, 2015 and balances

outstanding as at 31 March, 2015: Entities in which KMP / relatives of KMP have significant influence

Balances outstanding at the end of the year Loans and advances 106091108 (106,119,894)


Mar 31, 2014

1. Method of Accounting :

The accounts are prepared on accrual basis under the historical cost convention and on going concern concept.

2. Revenue Recognition :

(i) Revenue in respect of sales of goods is recognised on transfer of property in the goods to the buyers, which generally coincides with the delivery of goods.

(ii) The revenue in respect of other income is recognised when no significant uncertainty to its realisation exists.

Note 1.2 : Previous Year''s Figures :

The Revised Schedule VI has become effective from 1 April, 2012 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

Note 1.3 :

The balance of sundry creditors and loans and advances are subject to confirmation of respective parties, any adjust- ment, if required, will be made on receipt of the same.

Note 1.4 : In The Opinion Of Board Of Directors :

1 The Current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business.

2 The provision for all known and ascertained liabilities are adequate and not in excess of the amount reasonably necessary.

3 Expenditure on Employment :

The company had no employee during the year, who were in receipt of remuneration aggregating to :

(1) Not more than Rs. 6,00,000/- for the year, if employee throught the financial year or

(2) Not more than Rs. 50,000/- per month, if employee for the part of the financial year

Note 1.5 : Income and Expenditure :

The provision of all income and expenses of the year have been done except those which are uncertain.


Mar 31, 2013

1. Method of Accounting :

The accounts are prepared on accrual basis under the historical cost convention and on going concern concept.

2. Revenue Recognition :

(i) Revenue in respect of sales of goods is recognised on transfer of property in the goods to the buyers, which generally coincides with the delivery of goods.

(ii) The revenue in respect of other income is recognised when no significant uncertainty to its realisation exists.


Mar 31, 2012

1. Method of Accounting :

The accounts are prepared on accrual basis under the historical cost convention and on going concern concept.

2. Revenue Recognition :

(i) Revenue in respect of sales of goods is recognised on transfer of property in the goods to the buyers, which generally coincides with the delivery of goods.

(ii) The revenue in respect of other income is recognised when no significant uncertainty to its realisation exists.


Mar 31, 2010

1 Method of Accounting

The accounts are prepared on accrual basis under the historical cost convention and on going concern concept.

2 Fixed Assets

The Fixed assets are stated at their historical cost of acquisition / construction. The cost includes incidental or ancillary expenses relating to the acquisition / installation of assets.

3 Depreciation

Depreciation on Office Building is not proveded as per specified under section 205(2)(a) of the Companies Act, 1956 in accordance with the rates specified in Schedule XIV to the Companies Act, 1956.

4 Inventories

Stock of Trading goods is valued at lower of the cost or market value.

5 Investments

Investments are stated at their cost of acquisition.

6 Revenue Recognition

(i) Revenue in respect of sales of goods is recognised on transfer of property in the goods to the buyers, which generally coincides with the delivery of goods.

(ii) The revenue in respect of other income is recognised when no significant uncertainty to its realisation exists.

(iii) Income on advances given to group companies would be recognised as and when corresponding invest- ment are realised by respecting companies.

7 Retirement Benefits

Retirement benefits are accounted as and when paid.

8 Miscellaneous Expenditure

Expenses are amortised over a period of Five year.

9 Impairment of Assets

The carriying amounts of assets are reviewed at each balance sheet date, if there is any indication of impair- ment based on internal/external factors. An impairment loss will be recognised wherever the carrying amount of an assets exceeds its estimated recoverable amount. The recoverable amount is greater of the assets net selling price and value in use. In assessing the value in use the estimated future cash flows are discounted to the present value at the weighted average cost of capital. During the year there is no impaiment losses on assets of the company.

10 Deferred Tax Assets/(Liabilities)

According the the Accounting Standard (AS-22) on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the deferred tax assets and liabilities for the year, arising out of timing difference, if any, are reflected in the Profit and Loss Account. The cumulative effect, if any, thereof is shown in the Balance Sheet. The deferred tax assets are recognised only if there is a reasonable certainty that the assets will be realised in the future.


Mar 31, 2009

1 Method of Accounting

The accounts are prepared on accrual basis under the historical cost convention and on going concern concept.

2 Fixed Assets

The Fixed assets are stated at their historical cost of acquisition / construction. The cost includes incidental or ancillary expenses relating to the acquisition / installation of assets.

3 Depreciation

Depreciation on the Fixed Assets has been provided on W.D.V. method as specified under section 205(2)(a) of the Companies Act, 1956 in accordance with the rates specified in Schedule XIV to the Companies Act, 1956.

4 Inventories

Stock of Trading goods is valued at lower of the cost or market value.

5 Investments

Investments are stated at their cost of acquisition.

6 Revenue Recognition

(i) Revenue in respect of sales of goods is recognised on transfer of property in the goods to the buyers, which generally coincides with the delivery of goods.

(ii) The revenue in respect of other income is recognised when no significant uncertainty to its realisation exists.

7 Retirement Benefits

Retirement benefits are accounted as and when paid.

8 Miscellaneous Expenditure

Expenses are amortised over a period of Five year.

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