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Accounting Policies of Minolta Finance Ltd. Company

Mar 31, 2014

1.1 Basis of Accounting

The financial Statements of the Company have been prepared in accordance with Generally Accepted Accounting Principles in India. The Company has prepared the financial statements to comply in all material respect with the Accounting Standards notified under the Companies ( Accounting Standard ) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956.

The Company follows Mercantile System of Accounting and recognises its Income & Expenditure on accrual basis.

1.2 Fixed Assets

Fixed Assets are stated at cost of acquisition.

1.3 Depreciation

Depreciation on Fixed Assets are provided on written down value basis at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956.

1.4 Earning Per Share

Basic EPS is calculated by dividing the Net Profit for the year attributable to Equity Shareholders by the weighted number of Equity Shares outstanding during the year.

1.5 Impairment Loss

An impairment loss ,if any, is recognised wherever the carrying amount of the fixed assets exceeds the recoverable amount i.e.the higher of the assets''s net selling price and value in use.

1.6 Provision for Current Tax

Provision for Current tax is made with reference to taxable income computed for the accounting period for which the financial statements are prepared by applying the tax rates relevant to the respective ''previous year''.

1.7 Investment

Investments, being long term, have been valued at cost less permanent diminution in value, if any. Diminution in value of investment has been considered as temporary in nature.

1.8 Inventories

Inventories are valued at lower of cost or market price.

1.9 Deffered Tax

Deferred Tax Liabilities is recognised on the basis of timing differences being the difference between taxable income that originate in one period and is capable of reversal in one or more subsequent years. The deferred tax charge is recognized using the enacted tax rate. Deferred Tax Assets are recognized only to the extent that there is virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realized.

1.10 Use of Estimate

The preparation of Financial statements in conformity with generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Differences between actual results and estimates are recognised in the period in which results are known/ materialised.


Mar 31, 2013

1.1 Basis of Accounting

The financial Statements of the Company have been prepared in accordance with Generally Accepted Account- ing Principles in India. The Company has prepared the financial statements to comply in all material respect with the Accounting Standards notified under the Companies ( Accounting Standard ) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956.

The Company follows Mercantile System of Accounting and recognises its Income & Expenditure on accrual basis.

1.2 Fixed Assets

Fixed Assets are stated at cost of acquisition.

1.3 Depreciation

Depreciation on Fixed Assets are provided on written down value basis at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956.

1.4 Earnings Per Share

Basic EPS is calculated by dividing the Net Profit for the year attributable to Equity Shareholders by the weighted number of Equity Shares outstanding during the year.

1.5 Provision for Current Tax

Provision for Current tax is made with reference to taxable income computed for the accounting period for which the financial statements are prepared by applying the tax rates relevant to the respective ''previous year''.


Mar 31, 2009

A) Basis of Accounting :

The financial statements have been prepared under the historical cost convention and in accordance with the normally accepted accounting Standards. The Company follows the accrual system of accounting subject to and in consistent with the prudential norms as per NBFCs (RBI) Directions 1998.

b) Revenue Recognition :

Revenue is recognised when there is reason of certainty of its ultimate realisation/collection.

c) Investments:

Investments being long term in nature are valued at cost subject to provision for permanent diminution in the value of on vestments.

d) Inventories :

Inventories are valued at lower of cost or market price, taken on aggregate basis for each

e) Miscellaneous Expenditure :

Share Issue Expenses are amortised over a period of ten years.

f) Retirement Benefits :

Payment of Gratuity Act is not applicable to the Company as number of employees are less than minimum required for applicability of Gratuity Act.

g) Taxation :

Deferred Tax Assets for current year loss has not been recognised as there is no reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

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