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Accounting Policies of Oracle Credit Ltd. Company

Mar 31, 2015

3 Summary of signifitunt accounting policies 3.1 Basis for Accounting

These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values GAAP comprises mandatory accounting standards as prescribed under section 133 of the companies Act, 2013 (Act) read with Rule 7 of the Companies (Accounts) Rules. 2014, the provisions of the Act (to the extent notified) and guidelines issued by the Securities and Exchange Board of lndia (SEBI). Accounting policies have been consistently applied except where a newly issued accounting standard iv initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use

3.2 Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial statements and reported amounts of income and expenses during the period Examples of such estimates include compulation of percentage of completion which requires the Company to estimate the efforts or costs expended to date as a proportion of the total efforts or costs to he expended, provisions for doublful debts, future obligations under employee retirement benefit plans, income taxes and the useful lives of fixed tangible assets and intangible assets. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes tn estimates are made as the Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in Which changes are made and. if material, their effects are disclosed in the notes to the financial statements

3.3 Revenue Recognition

Revenue from operations includes Interest on loan provided, Interest on FDR. Sale of shares and other. Interest income is recognized on accrual basis.

3.4 Fixed assets

Fixed assets are stated at cost of acquisition, construction, amount added on revaluation less accumulated depreciation. Cost includes taxes, duties, freight end other incidental expense related to acquisition. improvements and installation of assets Subsequent expenditures related to an item of fixed asset are added to its hook value only if they increase the future benefits from, the existing asset beyond its previously assessed standard of performance.

3.5 Depreciation on fixed assets

Depreciation on fixed assets has been provided on written down value method as per the method Specified in schedule II to the Companies Act, 2013, and in the manner prescribed therein.

3.6 Provisions and contingencies

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 which can be reliably measured, Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in fi financial statements.

3.7 Investments

Investments that are readily realizable and are intended to be held for not more than one year from the date on which such investments are made arc classified us current investments, All other investments are classified as long term investments Current investment arc carried at cost or fair value, whichever is lower. Long-term investments are carried at cost. However, diminution in the value of the long term in vestments, other than temporary, is duly accounted for in the statements of profit and loss.

3.8 Earning per share

Profit as per Statement for profit and loss Account 264352

Number of equity Shares outstanding at the end of the year 5550000

Earning per share (basic) 0.048

Earning per share (diluted) 0.048

3.9 Deferred tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of The Income Tax Act, 1961. Deferred tax resulting from "Timing Difference" between book and taxable profits is accounted for using, the tax rates and laws that have been enacted Of substantively enacted as on the Balance Sheets date The deferred tax assets are recognized and. carry forward only to the extent that there is reasonable certainty that the assets Will be realized in future.


Mar 31, 2014

The financial statements are prepared under the historical cost convention on an accrual basis of accounting m accordance with the generally accepted accounting principles. Accounting Standards notified under Section 21 l(3C) ol the Compames Act. 1956 and the relevant provisions thereof

3.2 Use of Estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the end of the reporting period Although these estimates are based on the mangement's best knowledge of current events and actions, uncertainty about these assumptions and estimate could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods

3.3 Revenue Recognition

Revenue from operations incudes Interst on loan provided . Interest on FDR . Sale of shares and other Interest income is recognised on accrual basis.

3 4 Fixed assets

Fixed assets are stated at cost of acquisition,construction, amount added on revaluation less accumulated depreciation Cost includes taxes, duties. freight and other incidental expenses related to acquisition, improvements and installation of assets Subsequent expenditures related to an item of fixed asset are added to its book value only if they increase the future benefits from the existing asset beyond its previously assessed standard of performance

3 5 Depreciation on fixed assets

Depreciation on fixed assets has been provided on written down value method at the rates specified in the schedule XIV to the Companies Act. 1956. and in the manner prescribed therein

3.6 Provisions and contingencies

Provisions involving substantial degree of estimation in measurement arc 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 which can be reliably measured. Contingent Liabilities are not recognized but are disclosed in the notes Contingent Assets are neither recognized nor disclosed in the financial statements.

3.7 Investments

Investments that are readily realisable and are intended to be held for not more than one year from the date on which such investments arc made are classified as current investments All other investments are classified as long term investments Current investments are carried at cost or fair value, whichever is lower Long-term investments are carried at cost However, diminution in the value of the long term investments, other than temporary, is duly accounted for in the statement of profit and loss

3.8 Earning per share

Profit as per statement for profit and loss Account 102773

Number of equity shares outstanding at the end of the year 5550000

Earning per share (basic) 0019

Earning per share (diluted) 0.019

3.9 Deferred tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of 1 he Income lax Act. 1961 Deferred tax resulting from "Timing Difference'' between book and taxable profits is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the Balance Sheets date The deferred lax assets are recognized and carry forward only to the extent that there is reasonable certainty that the assets will be realized in future




Mar 31, 2013

3.1 Basis for Accounting

The financial statements are prepared under the historical cost convention on an accrual basis of accounting m accordance with the generally accepted accounting principles. Accounting Standards notified under Section 21 l(3C) ol the Compames Act. 1956 and the relevant provisions thereof

3.2 Use of Estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the end of the reporting period Although these estimates are based on the mangement's best knowledge of current events and actions, uncertainty about these assumptions and estimate could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods

3.3 Revenue Recognition

Revenue from operations incudes Interst on loan provided . Interest on FDR . Sale of shares and other Interest income is recognised on accrual basis.

3 4 Fixed assets

Fixed assets are stated at cost of acquisition,construction, amount added on revaluation less accumulated depreciation Cost includes taxes, duties. freight and other incidental expenses related to acquisition, improvements and installation of assets Subsequent expenditures related to an item of fixed asset are added to its book value only if they increase the future benefits from the existing asset beyond its previously assessed standard of performance

3 5 Depreciation on fixed assets

Depreciation on fixed assets has been provided on written down value method at the rates specified in the schedule XIV to the Companies Act. 1956. and in the manner prescribed therein

3.6 Provisions and contingencies

Provisions involving substantial degree of estimation in measurement arc 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 which can be reliably measured. Contingent Liabilities are not recognized but are disclosed in the notes Contingent Assets are neither recognized nor disclosed in the financial statements.

3.7 Investments

Investments that are readily realisable and are intended to be held for not more than one year from the date on which such investments arc made are classified as current investments All other investments are classified as long term investments Current investments are carried at cost or fair value, whichever is lower Long-term investments are carried at cost However, diminution in the value of the long term investments, other than temporary, is duly accounted for in the statement of profit and loss

3.8 Earning per share

Profit as per statement for profit and loss Account 514629

Number of equity shares outstanding at the end of the year 5550000

Earning per share (basic) 0.093

Earning per share (diluted) 0.093

3.9 Deferred tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of 1 he Income lax Act. 1961 Deferred tax resulting from "Timing Difference'' between book and taxable profits is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the Balance Sheets date The deferred lax assets are recognized and carry forward only to the extent that there is reasonable certainty that the assets will be realized in future




Mar 31, 2012

3.1 Basis for Accounting

The financial statements are prepared under the historical cost convention on an accrual basis of accounting m accordance with the generally accepted accounting principles. Accounting Standards notified under Section 21 l(3C) ol the Compames Act. 1956 and the relevant provisions thereof

3.2 Use of Estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the end of the reporting period Although these estimates are based on the mangement's best knowledge of current events and actions, uncertainty about these assumptions and estimate could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods

3.3 Revenue Recognition

Revenue from operations incudes Interst on loan provided . Interest on FDR . Sale of shares and other Interest income is recognised on accrual basis.

3 4 Fixed assets

Fixed assets are stated at cost of acquisition,construction, amount added on revaluation less accumulated depreciation Cost includes taxes, duties. freight and other incidental expenses related to acquisition, improvements and installation of assets Subsequent expenditures related to an item of fixed asset are added to its book value only if they increase the future benefits from the existing asset beyond its previously assessed standard of performance

3 5 Depreciation on fixed assets

Depreciation on fixed assets has been provided on written down value method at the rates specified in the schedule XIV to the Companies Act. 1956. and in the manner prescribed therein

3.6 Provisions and contingencies

Provisions involving substantial degree of estimation in measurement arc 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 which can be reliably measured. Contingent Liabilities are not recognized but are disclosed in the notes Contingent Assets are neither recognized nor disclosed in the financial statements.

3.7 Investments

Investments that are readily realisable and are intended to be held for not more than one year from the date on which such investments arc made are classified as current investments All other investments are classified as long term investments Current investments are carried at cost or fair value, whichever is lower Long-term investments are carried at cost However, diminution in the value of the long term investments, other than temporary, is duly accounted for in the statement of profit and loss

3.8 Earning per share

Profit as per statement for profit and 614386 596689 loss Account

Number of equity shares outstanding at 5550000 5550000 the end of the year

Earning per share (basic) 0.111 0.108

Earning per share (diluted) 0.111 0.108

3.9 Deferred tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of 1 he Income lax Act. 1961 Deferred tax resulting from "Timing Difference'' between book and taxable profits is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the Balance Sheets date The deferred lax assets are recognized and carry forward only to the extent that there is reasonable certainty that the assets will be realized in future



 
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