Mar 31, 2015
1 Mansi Finance Chennai Limited (the Company) is a public Company and
incorporated under the provisions of the Companies Act,1956. Its shares
are listed in the Bombay Stock Exchange in India. The Compnay is
registered as a Non-Banking Company (NBFC) with Reserve Bank of India.
The Company is presently classified as Non-Deposit Taking NBFC.
2.1 BASIS FOR PREPARATION OF FINANCIAL STATEMENT
a The Financial Statements are prepared under the historical cost
convention in accordance with the generally accepted Accounting
Principles.
b The Company follows the directions prescribed by the Reserve Bank of
India for Non - Banking Financial Companies and the applicable
Accounting Standards issued by the Institute Of Chartered Accountants
Of India.
2.2 USE OF ESTIMATES
The preparation of financial statements required the Management to make
estimates and assumptions considered in the reported amounts of assets
and liabilities (including contingent liabilities) as of the date of
the financial statements and reported income and expense during the
reporting period. Management believes that the estimates used in
preparation of the financial statements are prudent and reasonable.
future results may vary from these estimates.
2.3 REVENUE RECOGNITION
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
Interest on loans is recognized on accrual basis at the contract rate
wherever feasible.
Income in respect of Non-performing assets is recognized as and when
received as per the guidelines given in the Non Banking Financial
Companies prudential norms (Reserve Bank) Directions, 2007.
2.4 VALUATION OF FIXED ASSETS :
Fixed Assets are stated at historical cost Less accumulated
depreciation.
2.5 DEPRECIATION/ AMORTIZATION POLICY :
Depreciation on Fixed Assets is provided on written down value method
based on useful life of the assets as prescribed in Schedule II to the
Companies Act,2013 and for the assets acquired prior to April 1,2014,
the carrying amount as on April 1,2014 is depreciated over the
remaining useful life based on an evaluation.
In respect of assets which have no remaining useful life, the carrying
cost less residual value as on 31st March 2015 has been absorbed
against retained earnings.
2.6 VALUATION OF INVESTMENTS :
Investments intended to be held for not more than one year are
classified as current investments. All other investments are classified
as non-current investments. Current Investments are carried at lower of
cost and fair determination on an individual investment basis. Non -
Current investments are carried at cost. However , provision for
diminution in value is made to recognize a decline, other than
temporary , in the value of Investments.
2.7 TAXATION
Current Tax is the amount of tax payable on the taxable income for the
year and determined in accordance with the provisions of the Income Tax
Act,1961. Deferred tax is recognized, on timing difference, being the
difference between taxable income and accounting income that originates
in one period and are capable of reversal in one or more subsequent
periods.
2.8 IMPAIRMENT OF ASSETS
The Company is basically a finance Company holding only finance assets
hence no impairment of assists is accounted.
2.9 Provisions, contingent Liabilities & contingent Assets.
Provisions are recognized only when the Company has present, legal, or
constructive obligations as a result of past events, for which it is
probable that an outflow of economic benefit will be required to settle
the transactions and a reliable estimate can be made for the amount of
the obligation.
Contingent liability is disclosed for (1) possible obligations which
will be confirmed only by future events not wholly within the control
of Company or (2) present obligations arising from past events where it
is not probable that an outflow of resources will be required to settle
the obligation or a reliable estimate of the amount of the obligation
cannot be made.
Contingent assets are not recognized in the financial statements since
this may result in the recognition of income that may never be
realized.
Mar 31, 2014
1.1 BASIS FOR PREPARATION OF FINANCIAL STATEMENT
a The Financial Statements are prepared under the historical cost
convention in accordance with the generally accepted Accounting
Principles.
b The Company follows the directions prescribed by the Reserve Bank of
India for Non - Banking Financial Companies and the applicable
Accounting Standards issued by the Institute Of Chartered Accountants
Of India.
1.2 USE OF ESTIMATES
The preparation of financial statements required the Management to make
estimates and assumptions considered in the reported amounts of assets
and liabilities (including contigent liabilities) as of the date of the
financial statements and reported income and expense during the
reporting period. Management believes that the estimates used in
preparation of the financial statements are prudent and reasonable,
future results may vary from these estimates.
1.3 REVENUE RECOGNITION
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
Interest on loans is recognised on accrual basis at the contract rate
wherever feasible.
Income in respect of Non-performing assets is recognised as and when
received as per the guidelines given in the Non Banking Financial
Companies prudential norms (Reserve Bank) Directions, 2007
1.4 VALUATION OF FIXED ASSETS :
Fixed Assets are stated at historical cost Less accumulated
depreciation.
1.5 DEPRECIATION/ AMORTIZATION POLICY :
Depreciation on Fixed Assets is provided on written down value method
as per the rates specified in the Schedule XIV of The Companies Act,
1956.
1.6 VALUATION OF INVESTMENTS :
Investments intended to be held for not more than one year are
classified as current investments. All other investments are classified
as non-current investments. Current Investments are carried at lower of
cost and fair determination on an individual investment basis. Non -
Current investments are carried at cost. However, provision for
diminution in value is made to recognise a decline, other than
temporary , in the value of Invesments.
1.7 TAXATION
Current Tax is the amount of tax payable on the taxable income for the
year and determined in accordance with the provisions of the Income Tax
Act, 1961. Deferred tax is recognised, on timing difference, being the
difference between taxable income and accounting income that originates
in one period and are capable of reversal in one or more subsequent
periods. Since there is no significant timing difference, no deferred
tax has been provided.
1.8 IMPAIRMENT OF ASSETS
The Company is basically a finance Company holding only finance assets
hence no impairment of assests is accounted.
1.9 PROVISIONS, CONTIGENT LIABILITIES & CONTIGENT ASSETS
Provisions are recognised only when the Company has present, legal, or
constructive obligations as a result of past events, for which it is
probable that an outflow of economic benefit will be required to settle
the transactions and a reliable estimate can be made for the amount of
the obligation.
Contigent laibility is disclosed for (1) possible obligations which
will be confirmed only by future events not wholly within the control
of Company or (2) present obligations arising from past events where it
is not probable that an outflow of resources will be required to settle
the obligation or a reliable estimate of the amount of the obligation
cannot be made.
Contigent assets are not recognised in the financial statements since
this may result in the recognition of income that may never be
realised.
Mar 31, 2012
1.1 INCOME RECOGNITION
a The Financial Statements are prepared under the historical cost
convention in accordance with the generally accepted Accounting
Principles
b Income And Expenditure is accounted on accrual basis. In the case of
Non Performing Assets interest income is recognized on receipt basis.
1û2 The Company follows the directions prescribed by the Reserve Bank
of India for Non - Banking Financial Companies and the applicable
Accounting Standards issued by the Institute Of Chartered Accountants
Of India.
1.3 USE OF ESTIMATES
The preparation of financial statements required the Management to make
estimates and assumptions considered in the reported amounts of assets
and liabilities (including contigent liabilities) as of the date of the
financial statements and reported income and expense during the
reporting period. Management believes that the estimates used in
preparation of the financial statements are prudent and reasonable,
future results may vary from these estimates.
1.4 VALUATION OF FIXED ASSETS :
Fixed Assets are stated at historical cost Less accumulated
depreciation.
1.5 DEPRECIATION/ AMORTIZATION POLICY :
Depreciation on Fixed Assets is provided on written down value method
as per the rates specified in the Schedule XIV of The Companies Act,
1956.
1.6 VALUATION OF INVESTMENTS :
Investments are stated at Cost (The Company holds only Long Term
Investments)
1.7 TAXATION
Current Tax is the amount of tax payable on the taxable income , for
the year and determined in accordance with the provisions of the Income
Tax Act,1961. Deferred tax is recognised, on timing difference, being
the difference between taxable income and accounting income that
originates in one period and are capable of reversal in one or more
subsequent periods. Since there is no significant timing difference, no
deferred tax has been provided.
1.8 IMPAIRMENT OF ASSETS
The Company is basically a finance Company holding only finance assets
hence no impairment of assests is accounted.
Mar 31, 2010
1.1 INCOME RECOGNITION
a The Financial Statements are prepared under the historic cost
convention in accordance with the generally accepted Accounting
Principles.
b Income and Expenditure is accounted for on accrual basis. In the
case of Non Performing Assets Interest income is recognized on receipt
basis.
1.2 The Company follows the directions prescribed by the Reserve Bank
of India for Non - Banking Financial Companies and the applicable
Accounting Standards issued by the Institute Of Chartered Accountants
Of India.
1.3 VALUATION OF FIXED ASSETS :
Fixed Assets are stated at historical cost Less accumulated
depreciation.
1.4 DEPRECIATION/ AMORTIZATION POLICY :
Depreciation on Fixed Assets are provided on written down value method
as per the rates specified in the Schedule XIV of The Companies Act,
1956.
1.5 VALUATION OF INVESTMENTS :
Long - Term Investments are stated at cost
1.6 TAXATION
Current Tax is the amount of tax payable on the taxabie income for the
year and determined in accordance with the provisions of the Income Tax
Act,1961. Deferred tax is recognised, on timing difference,, being the
difference between taxable income and accounting income that originates
in one period and are capable of reversal in one or more subsequent
periods. Since there is no significant timing difference, no deferred
tax has been provided.
1.7 IMPAIRMENT OF ASSETS
The Company is basically a finance Company holding only finance assets
hence no impairment of assests is accounted for
2.3 Balances of loans & advances, sundry creditors, sundry debtors and
other loans are as per books and subject to confirmation.