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Accounting Policies of Mathew Easow Research Securities Ltd. Company

Mar 31, 2015

A. The financial statements have been prepared under historical cost convention from books of accounts maintained on an accrual basis (unless otherwise stated hereinafter) in conformity with accounting principles generally accepted in India and comply with the Accounting Standards issued by the Institute of Chartered Accountants of India and referred to Sec 129 & 133 of the Companies Act, 2013, of India. The accounting policies applied by the company are consistent with those used in previous year.

B. The Company is registered as a Non-Banking Financial (Non-Deposit Accepting) Company with the Reserve Bank of India vide Registration no.: 05.02088 dated 06.05.1998.

C. INCOME RECOGNITION is based on recognized accounting principles and as per Accounting Standard-9 issued by Institute of Chartered Accountants of India. Further, interest Income or any other charges on NPA are recognized only when they are actually realized.

D. RESERVE FUND: 20% of profits are transferred to Reserve Fund created u/s 45IC of the Reserve Bank of India Act, 1934.

E. FIXED ASSETS are stated at original cost of acquisition (including related incidental expenses) reduced by depreciation.

F. DEPRECIATION has been provided under Straight Line Method based on life assigned to each asset in accordance with Schedule II of the Companies Act, 2013.

G. INVENTORIES: Inventories being shares and securities are valued in the following manner:

a. Quoted shares and securities are valued at cost or market value whichever is lower.

b. Unquoted shares and securities are valued at cost.

H. PROVISIONS:

a. PROVISIONS IN ACCORDANCE WITH NON-BANKING FINANCIAL (NON-SYSTEMICALLY IMPORTANT NON-BANKING FINANCIAL (NON-DEPOSIT ACCEPTING OR HOLDING) COMPANIES PRUDENTIAL NORMS (RESERVE BANK) DIRECTIONS, 2015:

1. The Company has made 100% provision on Doubtful Assets to the extent to which the advance is not covered by the realizable value of the security to which the company has a valid recourse.

2. The Company has made a general provision of 10% of total outstanding Sub-standard assets.

3. The Company has made Contingent Provisions on Standard Assets @ 0.25% on Standard Assets.

b. PROVISION FOR TAXES: Provision for the current tax is based on tax liability computed in accordance with relevant tax rates and tax laws. Provision on deferred tax is made for all timing differences arising between taxable incomes and accounting income at rates that have been enacted or substantively enacted as of the Balance Sheet date. The tax expense for the year, comprising of the current tax and deferred tax is included in determining the net profit/loss for the year.

I. CONTINGENT LIABILITIES not provided for in respect of

J. Authorized share capital of the company was resolved to increase from Rs. 18 Crore to Rs. 74 Crore by creation of 5.60 Crore new equity shares of Rs. 10/- each at the Annual General Meeting of the company held on 29th September, 2014. The Board of Directors of the company had decided not to implement the said resolution and as such did not file the notice of increase in authorized share capital. Estimated filing fee amounting to Rs. 44 Lac has neither been provided for nor charged to Statement of Profit and Loss. In the circumstances, Authorized capital of the company has remained unchanged at Rs. 18 Crore (refer Note - 1).

K. As the Company has no activities other than those of an Non-Banking Financial Company, the segment reporting under Accounting Standard 17 – "Segment Reporting" is not applicable. The Company does not have any reportable geographical segment.

L. There is no liability towards Gratuity, leave pay, PF, ESI and/or any other type of retirement benefits. Hence, the requirements prescribed under Accounting Standard-15 have not been complied.

M. Separate disclosures for the amount due to Small Scale Industrial undertakings under the head Current Liabilities/ Creditors could not be made as the Company does not possess the requisite information.

N. The Micro, Small and Medium Enterprises Development Act, 2006 mandates disclosure related to payment and accrual of interest on delayed payments to suppliers classified as Micro, Small and Medium Enterprises under the Act. The Company has not received intimation from any of its suppliers regarding the status of their registration under the said Act and hence separate disclosures could not be made.

O. Information given in accordance with the requirements of Accounting Standard-18 on Related Party Disclosures issued by Institute of Chartered Accountants of India:

P. Previous year's figures have been regrouped/rearranged where necessary to conform to this years, classification.-


Mar 31, 2014

A. The Financial Statements have been prepared in accordance with applicable Accounting Standards and as per relevant presentation requirements of the Companies Act, 1956. The Financial Statements have been prepared according to the double entry system of accounting and on accrual basis except expenditure on gratuity, leave pay and Bonus etc. which are accounted for as and when actual payments are made.

B. The Company is registered as a Non-Banking Financial (Non-Deposit Accepting) Company with the Reserve Bank of India vide Registration no.: 05.02088 dated 06.05.1998.

C. INCOME RECOGNITION is based on recognised accounting principles and as per Accounting Standard-9 issued by Institute of Chartered Accountants of India. Further, interest Income or any other charges on NPA are recognised only when they are actually realised.

D. RESERVE FUND: Earlier, the Company was of the view that the requirement of transfer of 20% profit to Reserve Fund created u/s 45IC of the Reserve Bank of India Act, 1934 does not apply to Non-Banking Financial (Non-Deposit Accepting) Company. However, as a matter of abundant caution and on expert advice, the Company has now transferred Rs.8,12,011/- to Reserve Fund for the years 2009-10 to 2012-13. Henceforth, accordingly 20% profits shall be appropriated to Reserve Fund created u/s 45IC.

E. FIXED ASSETS are stated at original cost of acquisition (including related incidental expenses) reduced by depreciation.

F. Depreciation has been provided on pro-rata basis on the Straight Line Method at the rates and in the manner as provided in Schedule XIV to the Companies Act 1956.

G. INVENTORIES: Inventories being shares and securities are valued in the following manner:

a. Quoted shares and securities are valued at cost or market value whichever is lower.

b. Unquoted shares and securities are valued at cost.

H. PROVISIONS:

a. PROVISIONS FOR BAD AND DOUBTFUL DEBTS: The Company has made 100% provision on Doubtful Assets to the extent to which the advance is not covered by the realisable value of the security to which the Company has a valid recourse in accordance with Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007

b. CONTINGENT PROVISIONS ON STANDARD ASSETS: The Company has made Contingent Provisions on Standard Assets @ 0.25% on Standard Assets in accordance with Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 as amended by Notification No. DNBS.223/ CGM(US)-2011 dated January 17, 2011.

c. PROVISION FOR TAXES: Provision for the current tax is based on tax liability computed in accordance with relevant tax rates and tax laws. Provision on deferred tax is made for all timing differences arising between taxable incomes and accounting income at rates that have been enacted or substantively enacted as of the Balance Sheet date. The tax expense for the year, comprising of the current tax and deferred tax is included in determining the net profit/loss for the year.


Mar 31, 2013

A.The Finaceal Statement have been requuriment of the Companeis Act.1956, The Fnaceal Statement have been per relevent requriment of the Company System of Accounting and on accrual basis execpt on gratuit leve pay and Bonus Ets Which Are Account For as When actural Payment are made.

B. The Company is registed as a Non-Deposit Accepting Company With the Resever Bank of India.

c. fixed assets are Provided on net or Cost realized value and in accdance deprecition.

D Deprecation has Provied on Pro-rate Basis on the Straight Line Method at the retes and in the Manner as Proded in schedule.

E.INVENTORIES Inventories are Valued at Lower of Cost or net realized Value and in Accordance with guidelines issued by Reseve Bank of Indiia as applicable to NBFC


Mar 31, 2012

A. The Financial Statements have been prepared in accordance with applicable Accounting Standards and as per relevant presentation requirements of the Companies Act' 1956 The Financial Statements have been prepared according to the double entry system of accounting and on accrual basis except expenditure on gratuity' leave pay and Bonus etc. which are accounted for as and when actual payments are made'

B. The Company is registered as a Non-Banking Financial (Non-Deposit Accepting) Company with the Reserve Bank of India.

C. FIXED ASSETS are stated at original cost of acquisition (including related incidental expenses) reduced by depreciation.

D. Depreciation has been provided on pro-rata basis on the Straight Line Method at the rates and in the manner as provided in Schedule XIV to the Companies Act 1956.

E. INVENTORIES: Inventories are valued at lower of cost or net realizable value and in accordance with guidelines issued by Reserve Bank of India as applicable to NBFC.

F. CONTINGENT PROVISIONS ON STANDARD ASSETS: The Company has made Contingent Provisions on Standard Assets @ 0 25% in accordance with Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions. 2007.


Mar 31, 2011

A. The Financial Statements have been prepared in accordance with applicable Accounting Standards and as per relevant presentation requirements of the Companies Act, 1956. The Financial Statements have been prepared according to the double entry system of accounting and on accrual basis except expenditure on gratuity, leave pay and Bonus etc. which are accounted for as and when actual payments are made.

B. The Company is registered as a Non-Banking Financial (Non-Deposit Accepting) Company with the Reserve Bank of India.

C. FIXED ASSETS are stated at original cost of acquisition (including related incidental expenses) reduced by depreciation.

D. Depreciation has been provided on pro-rata basis on the Straight Line Method at the rates and in the manner as provided in Schedule XIV to the Companies Act 1956.

E. INVENTORIES: Inventories are valued at lower of cost or net realizable value and in accordance with guidelines issued by Reserve Bank of India as applicable to NBFC.

F. CONTINGENT PROVISIONS ON STANDARD ASSETS: The Company has made Contingent Provisions on Standard Assets @ 0.25% in accordance with Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

G. Segment reporting as per Accounting Standard-17 is not relevant as the entire operations of the Company relates to only one segment i.e. Capital and Financial Markets and also the company did not have any overseas operations during the year.

H. Information given in accordance with the requirements of Accounting Standard-18 on Related Party Disclosures issued by Institute of Chartered Accountants of India:

List of Related Parties Nature of Relationship

i. Beda Nand Choudhary Director

ii. Mathew Easow Fiscal Services Ltd Company under common management

Transaction with Related Parties

Nil.

I. There is no liability towards Gratuity, leave pay, PF, ESI and/or any other type of retirement benefits. Hence, the requirements prescribed under Accounting Standard-15 have not been complied.

J. Separate disclosures for the amount due to Small Scale Industrial undertakings under the head Current Liabilities/ Creditors could not be made as the Company does not posses the requisite information.

K. The Micro, Small and Medium Enterprises Development Act, 2006 mandates disclosure related to payment and accrual of interest on delayed payments to suppliers classified as Micro, Small and Medium Enterprises under the Act. The Company has not received intimation from any of its suppliers regarding the status of their registration under the said Act and hence separate disclosures could not be made.

L. Previous year's figures have been regrouped/rearranged where necessary to conform to this years' classification.


Mar 31, 2010

A. The Financial Statements have been prepared in accordance with applicable Accounting Standards and as pe relevant presentation requirements of the Companies Act, 1956. The Financial Statements have been prepared according to the double entry system of accounting and on accrual basis except expenditure on gratuity, leave pay and Bonus etc. which are accounted for as and when actual payments are made.

B. The Company is registered as a Non-Banking Financial Company with the Reserve Bank of India

C. FIXED ASSETS are stated at original cost of acquisition (including related incidental expenses) reduced by depreciation.

D. Depreciation has been provided on pro-rata basis on the Straight Line Method at the rates and in the manner as provided in Schedule XIV to the Companies Act, 1956.

E. INVENTORIES: Inventories are valued at lower of cost or net realizable value and in accordance with guidelines issued by Reserve Bank of India as applicable to NBFC.

F. INVESTMENTS: Investments are valued at cost less diminution in value of investments in accordance with Accounting Standard-13 issued by Institute of Chartered Accountants of India.

 
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