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Accounting Policies of Mehta Housing Finance Ltd. Company

Mar 31, 2015

Not Available


Dec 31, 2013

1. Accounting : Conventional Basis of accounting

The financial statements are prepared under the historical cost convention, on accrual basis of accounting in accordance with the Companies Act, 1956 and in accordance with generally accepted accounting principles (Indian ''GAAP'') are in compliance with the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI).

2. Use of Estimates :

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent amount as at the date of financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Any revision to the accounting estimates is recognized in the periods in which the results are known / materialized.

3. As the Company''s business activity falls within a single primary business segment viz. Investment and Advisory services, etc. the disclosure requirements of Accounting Standard (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

4. Income and Expenditure :

Income and expenditure are accounted on accrual basis.

5. Fixed Assets :

All the fixed assets have been stated at their original cost inclusive of any expenses incurred for the acquisition and / or installation as reduced by any sale / discard and accumulated depreciation.

The asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value, there is no such assets which is impaired during the year.

6. Depreciation :

The Company has provided depreciation at the rate prescribed in Schedule XIV to The Companies Act, 1956.

7. Investment :

a. Long Term investments are carried in the financial statement at cost, less any diminution in value, other than temporary as per the accounting standards.

b. Shares, Debentures, Units, Warrants and Securities those are intended, at the time of acquisition, to be held for a period exceeding twelve months are classified as "Investments". The balance are current investments.

c. Shares, Debentures, Units, Warrants and Securities are accounted under Investments on trade dates.

d. Rights entitlements are accounted for as Investments at issue price plus acquisition cost, if any.

e. Bonus entitlements are recognised on ex-bonus dates without any acquisition cost.

f. The cost of Investments includes brokerage, service tax and stamp duty.

8. Valuation of Investments :

Quoted scrip under Investments is valued at cost whereby the cost of each scrip is compared with its market value and the resultant shortfall, if any, of long-term nature is charged to revenue. Unquoted/Thinly traded scripts are valued at intrinsic value.

10. Related Party Transactions :

Parties are considered related, if at any time during the year, one party has the ability to control the other party, or to exercise significant influence over the other party in making financial and/or operating decisions.

11. Provisions, Contingent Liabilities and Contingent Assets :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources

Contigent Liabilities are not recognized but are disclosed in the notes. Contigent Assets are neither recognized nor disclosed in the financial statements.


Dec 31, 2011

1. Accounting : Conventional Basis of accounting

The financial statements are prepared under the historical cost convention, on accrual basis of accounting in accordance with the Companies Act, 1956 and in accordance with generally accepted accounting principles (Indian 'GAAP') are in compliance with the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI).

2. Use of Estimates :

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent amount as at the date of financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Any revision to the accounting estimates is recognized in the periods in which the results are known / materialized.

3. As the Company's business activity falls within a single primary business segment viz. Investment and Advisory services, etc. the disclosure requirements of Accounting Standard (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

4. Income and Expenditure :

Income and expenditure are accounted on accrual basis.

5. Fixed Assets :

All the fixed assets have been stated at their original cost inclusive of any expenses incurred for the acquisition and / or installation as reduced by any sale / discard and accumulated depreciation.

The asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value, there is no such assets which is impaired during the year.

6. Depreciation :

The Company has provided depreciation at the rate prescribed in Schedule XIV to The Companies Act, 1956.

7. Investment :

a. Long Term investments are carried in the financial statement at cost, less any diminution in value, other than temporary as per the accounting standards.

b. Shares, Debentures, Units, Warrants and Securities those are intended, at the time of acquisition, to be held for a period exceeding twelve months are classified as "Investments". The balance are current investments.

c. Shares, Debentures, Units, Warrants and Securities are accounted under Investments on trade dates.

d. Rights entitlements are accounted for as Investments at issue price plus acquisition cost, if any.

e. Bonus entitlements are recognised on ex-bonus dates without any acquisition cost.

f. The cost of Investments includes brokerage, service tax and stamp duty.

8. Valuation of Investments :

Quoted scrip under Investments is valued at cost whereby the cost of each scrip is compared with its market value and the resultant shortfall, if any, of long-term nature is charged to revenue. Unquoted/Thinly traded scripts are valued at intrinsic value.

10. Related Party Transactions :

Parties are considered related, if at any time during the year, one party has the ability to control the other party, or to exercise significant influence over the other party in making financial and/or operating decisions.

11. Provisions, Contingent Liabilities and Contingent Assets :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources

Contigent Liabilities are not recognized but are disclosed in the notes. Contigent Assets are neither recognized nor disclosed in the financial statements.


Dec 31, 2010

1. Accounting : Conventional Basis of accounting

The financial statements are prepared under the historical cost convention, on accrual basis of accounting in accordance with the Companies Act, 1956 and in accordance with generally accepted accounting principles (Indian ''GAAP'') are in compliance with the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI).

2. Use of Estimates :

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent amount as at the date of financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Any revision to the accounting estimates is recognized in the periods in which the results are known / materialized.

3. As the Company''s business activity falls within a single primary business segment viz. Investment and Advisory services, etc. the disclosure requirements of Accounting Standard (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India are not applicable.

4. Income and Expenditure :

Income and expenditure are accounted on accrual basis.

5. Fixed Assets :

All the fixed assets have been stated at their original cost inclusive of any expenses incurred for the acquisition and / or installation as reduced by any sale / discard and accumulated depreciation.

The asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value, there is no such assets which is impaired during the year.

6. Depreciation :

The Company has provided depreciation at the rate prescribed in Schedule XIV to The Companies Act, 1956.

7. Investment :

a. Long Term investments are carried in the financial statement at cost, less any diminution in value, other than temporary as per the accounting standards.

b. Shares, Debentures, Units, Warrants and Securities those are intended, at the time of acquisition, to be held for a period exceeding twelve months are classified as "Investments". The balance are current investments.

c. Shares, Debentures, Units, Warrants and Securities are accounted under Investments on trade dates.

d. Rights entitlements are accounted for as Investments at issue price plus acquisition cost, if any.

e. Bonus entitlements are recognised on ex-bonus dates without any acquisition cost.

f. The cost of Investments includes brokerage, service tax and stamp duty.

8. Valuation of Investments :

Quoted scrip under Investments is valued at cost whereby the cost of each scrip is compared with its market value and the resultant shortfall, if any, of long-term nature is charged to revenue. Unquoted/Thinly traded scripts are valued at intrinsic value.

9. Related Party Transactions :

Parties are considered related, if at any time during the year, one party has the ability to control the other party, or to exercise significant influence over the other party in making financial and/or operating decisions.

10. Provisions, Contingent Liabilities and Contingent Assets :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

 
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