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Accounting Policies of Manraj Housing Finance Ltd. Company

Mar 31, 2015

A) Accounting Methodology

The accounts have been prepared on historical cost basis of accounting in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 2013. The Company adopts the accrual concept in the preparation of accounts, unless otherwise stated.

B) Investments

Investments classified as long term investments are carried at cost. Provision for diminu- tion, if any, in the value of investments is made to recognize a decline, other than, that of a temporary nature.

C) Revenue Recognition

As for the real estate business the revenue from sale properties constructed is recognized on transfer of significant risk and rewards to the buyer. Accordingly cost of construction /development is charged to the profit and loss account in proportion to the revenue recognized during the period and balance costs are carried as inventories. Amounts re- ceivable/payable are reflected as Debtors/Advances from Customers, respectively, after considering income recognized in the aforesaid manner.

Dividend Income is recognized when the right to receive dividend is established.

D) Fixed Assets

1. All the fixed assets have been stated at cost inclusive of incidental expenses less accumulated depreciation less impairment if any.

2. Depreciation on Fixed Assets is provided on Straight Line Method at the rates and in the manner specified in Schedule II to the Companies Act, 2013.

E) Inventories

Inventories are valued at lower of cost and net realizable value.


Mar 31, 2014

A) Accounting Methodology

The accounts have been prepared on historical cost basis of accounting in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956. The Company adopts the accrual concept in the preparation of accounts, unless otherwise stated.

B) Investments

Investments classified as long term investments are carried at cost. Provision for diminution, if any, in the value of investments is made to recognize a decline, other than, that of a temporary nature.

C) Revenue Recognition

As for the real estate business the revenue from sale properties constructed is recognized on transfer of significant risk and rewards to the buyer. Accordingly cost of construction /development is charged to the profit and loss account in proportion to the revenue recognized during the period and balance costs are carried as inventories. Amounts receivable/payable are reflected as Debtors/Advances from Customers, respectively, after considering income recognized in the aforesaid manner.

Dividend is accounted for on cash basis.

D) Fixed Assets

1. All the fixed assets have been stated at cost inclusive of incidental expenses

less accumulated depreciation less impairment if any.

2. Depreciation on Fixed Assets is provided on Straight Line Method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956.

E) Inventories

Inventories are valued at lower of cost and net realizable value.


Mar 31, 2011

A) Accounting Methodology

The accounts have been prepared on historical cost basis of accounting in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956. The Company adopts the accrual concept in the preparation of accounts, unless otherwise stated.

B) Investments

Investments classified as long term investments are carried at cost. Provision for diminution, if any, in the value of investments is made to recognize a decline, other than, that of a temporary nature.

C) Revenue Recognition

Repayment of housing loans is by way of equated monthly installments (EMls) comprising principal and interest. Interest is calculated with monthly rests on the balance outstanding. The Company's income from this operation is accounted for on an accrual basis, wherever applicable determined in accordance with the prudential norms prescribed by the National Housing Bank for the Housing Finance Companies. Other Revenue/Income and Costs/expenditure (other than dividend) are accounted for on accrual basis, except in cases where prudential norms prescribed by NHB are otherwise required to be observed.

Dividend is accounted for on cash basis.

D) Fixed Assets

1. All the fixed assets have been stated at cost inclusive of incidental expenses less accumulated depreciation less impairment if any.

2. Depreciation on Fixed Assets is provided on Straight Line Method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956.

E) Inventories

Inventories are valued at lower of cost and net realizable value.


Mar 31, 2010

A) Accounting Methodology

The accounts have been prepared on historical cost basis of accounting in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956. The Company adopts the accrual concept in the preparation of accounts, unless otherwise stated.

B) Investments

Investments classified as long term investments are carried at cost. Provision for diminution, if any, in the value of investments is made to recognize a decline, other than, that of a temporary nature.

C) Revenue Recognition

Repayment of housing loans is by way of equated monthly installments (EMls) com- prising principal and interest. Interest is calculated with monthly rests on the balance outstanding. The Companys income from this operation is accounted for on an accrual basis, wherever applicable determined in accordance with the prudential norms prescribed by the National Housing Bank for the Housing Finance Companies. Other Revenue/Income and Costs/expenditure (other than dividend) are accounted for on ac- crual basis, except in cases where prudential norms prescribed by NHB are otherwise required to be observed.

Dividend is accounted for on cash basis.

D) Bad Debts

Bad Debts are written off or provided for on the basis of the provisioning guidelines for Housing Finance Companies issued by National Housing Bank. Additional amount is written off if the management on the review of loans/advances, considers it necessary.

E) Fixed Assets

1. All the fixed assets have been stated at cost inclusive of incidental expenses less accumulated depreciation less impairment if any.

2. Depreciation on Fixed Assets is provided on Straight Line Method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956.

 
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