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Accounting Policies of Kumbhat Financial Services Ltd. Company

Mar 31, 2014

1. ACCOUNTING CONVENTION:

1. The accounts have been prepared under the historical cost convention.

2. Income and Expenditure recognition:

a) Interest on loans are accounted for on accrual basis.

b) Dividend on shares and other incomes are accounted for on receipt basis.

c) All items of expenditure are accounted for on accrual basis.

3. The Company has followed the prudential norms as prescribed by the Reserve Bank of India under Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions 1998 as amended from time to time.

4. Depreciation / Amortisation policy : Depreciation on assets is provided on the Written Down Value Method at the rates prescribed in Schedule XIV to the Companies Act, 1956. The Cost of the leased assets is amortised during the lease period, for all the assets acquired since inception, as recommended in the "Guidance Note on Accounting for Leases (Revised)" issued by the Institute of Chartered Accountants of India.

Depreciation has not been provided on repossessed assets pending the sale and / or realization of the assets since the assets are not put into use after such repossession.

5. Valuation of Fixed Assets :

Fixed Assets are carried at historical cost less accumulated depreciation.

6. Inventory of Shares:

Shares and Securities are valued at Cost or market price whichever is lower.

7. Compliance with Accounting Standards:

Appropriate Accounting Standards have been duly considered while preparing the financial and other statements.

8. Retirements Benefits:

Retirement benefits are accounted for on Accural basis as per Revised Accounting Standard -15 on the basis of acturial valuation.

9. Accounting for Taxes on Income (AS 22)

Deferred Tax Assets / Liability is recognized as per Accounting Standard AS 22 on -Accounting for taxes on Income'' issued by The Institute of Chartered Accountants of India.


Mar 31, 2012

1 The accounts have been prepared under the historical cost convention.

b) interest on loans are accounted for on accrual basis.

c) Dividend on shares and other incomes are accounted for on receipt basis.

d) All items of expenditure are accounted for on accrual basis

2) The Company has followed the prudential norms as prescribed by the Reserve Bank of indlunSon-Banking Financial Companies Prudential Norms (Reserve Bank) Directions 1998 as amended from time to time.

3 Depreciation / Amortisation policy : Depreciation on assets is provided on the Written Down Value Method at the rates prescribed in Schedule XIV to the Companies Act,1956 of the leased assets is amortised during the lease period, for all assets acquit since inception, as recommended in the "Guidance Note on Accounting for Leases (Revised)" issued by the Institute of Chartered Accountants of India. Depreciation has not been provided on repossessed assets pending the sale and /or realization of the assets since the assets are not put into use after such repossession.

4. Valuation of Fixed Assets;

Fixed Assets are carried at historical cost less accumulated depreciation.

5 Inventory of Shares:

Shares and Securities are valued at Cost or market price whichever is lower.

6 Detainee with Accounting Standards Appropriate Accounting Standards have been duly considered while prepping the financial and other statements.

7. Retirements Benefits:

Retirement benefits are accounted for on Accrual basis as per Revised Accounting Standard -15 on the basis of actuarial valuation.

8. Accounting for Taxes on Income (AS 22)

Deferred Tax Assets / Liability is recognized as per Accounting Standard AS 22 on Accounting for taxes on Income'' Skied by The Institute of Chartered Accountants of India.

8. Contingent Liabilities. : Nil


Mar 31, 2011

1. The accounts have been prepared under the historical cost convention.

2. income and Expenditure recognition :

a) Lease Income is accounted as per the terms of the respective lease agreements.

b) Interest on loans are accounted for on accrual basis.

c) Dividend on shares and other incomes are accounted for on receipt basis.

d) All items of expenditure are accounted for on accrual basis.

3. The Company has followed the prudential norms as prescribed by the Reserve Bank of India under Non-Banking financial Companies Prudential Norms (Reserve Bank) Directions 1998 as amended from time to time.

4. Depreciation / Amortization policy : Depreciation on assets is provided on the Written Down Value Method at the rates prescribed in Schedule XIV to the Companies Act, 1956. The Cost of the leased assets is amortized during the lease period, for all the assets acquired since inception, as recommended in the "Guidance Note on Accounting for Leases (Revised)" issued by the Institute of Chartered Accountants of India.

Depreciation has not been provided on repossessed assets pending the sale and / or realization of the assets since the assets are not put into use after such repossession.

5. Valuation of Fixed Assets :

Fixed Assets are carried at historical cost less accumulated depreciation.

6. Inventory of Shares:

Shares and Securities are valued at Cost or market price whichever is lower.

7. Compliance with Accounting Standards:

Appropriate Accounting Standards have been duly considered while preparing the financial and other statements.

8. Retirements Benefits:

Retirement benefits are accounted for on Accrual basis as per Revised Accounting Standard -15 on the basis of actuarial valuation.

9. Accounting for Taxes on Income (AS 22)

Deferred Tax Assets / Liability is recognized as per Accounting Standard AS 22 on 'Accounting for taxes on Income' issued by The Institute of Chartered Accountants of India.


Mar 31, 2010

1. The accounts have been prepared under the historical cost convention.

2. Income and Expenditure recognition :

a) Lease Income is accounted as per the terms of the respective lease agreements.

b) Interest on loans are accounted for on accrual basis.

c) Dividend on shares and other incomes are accounted for on receipt basis.

d) All items of expenditure are accounted for on accrual basis.

3. The Company has followed the prudential norms as prescribed by the Reserve Bank of India under Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions 1998 as amended from time to time.

4. Depreciation /Amortisation policy: Depreciation on assets is provided on the Written Down Value Method at the rates prescribed in Schedule XIV to the Companies Act, 1956.

The Cost of the leased assets is amortised during the lease period, for all the assets acquired since inception, as recommended in the "Guidence Note on Accounting for Leases (Revised)" issued by the Institute of Chartered Accountants of India.

Depreciation has not been provided on repossessed assets pending the sale and / or realization of the assets since the assets are not put into use after such repossession.

5. Valuation of Fixed Assets :

Fixed Assets are carried at historical cost less accumulated depreciation.

6. Inventory of Shares:

Shares and Securities are valued at Cost or market price whichever is lower.

7. Compliance with Accounting Standards :

Appropriate Accounting Standards have been duly considered while preparing the financial and other statements.

8. Retirements Benefits:

Retirement benefits are accounted for on Accural basis as per Revised Accounting Standard -15 on the basis of acturial valuation.

9. Accounting for Taxes on Income (AS 22)

Deferred Tax Assets / Liability is recognized as per Accounting Standard AS 22 on Accounting for taxes on Income issued by The Institute of Chartered Accountants of India.

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