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Accounting Policies of Oscar Investments Ltd. Company

Mar 31, 2015

1.1 Basis of preparation of financial statements

The financial statements are prepared with generally accepted accounting principles in India under the historical cost convention and on an accrual basis of accounting. These financial statements have been prepared to comply with all material aspects of the mandatory and applicable Accounting Standards as prescribed by the Companies (Accounting Standards) Rules, 2006 as amended, relevant provisions of the Companies Act, 2013 (to the extent notified), and NBFC Directions.

All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle and other criteria set out in the Revised Schedule III to the Companies Act, 2013 read with NBFC Directions as aforesaid. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of current- non current classification of assets and liabilities.

1.2 Use of Estimates

The presentation of Financial Statements requires estimates and assumptions to be made that affects the reported amount of assets and liabilities on the date of financial statements and the reported amount of revenue and expenses during the reporting year. Difference between the actual results and estimates are recognized in the period in which results are known/ materialized.

1.3 Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipt or payment. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

1.4 Revenue Recognition

a) Revenue is recognized when it is earned and no significant uncertainty exists as to its realization or collection.

b) Interest income from financing activities is recognized on an accrual basis except in the case of non-performing assets, when it is recognized on realization, as per the prudential norms of RBI.

c) Dividend income is accounted for when the right to receive the payment is established.

d) Revenue from sale of shares and securities is recognized on the date of sale of such shares and securities.

1.5 Tangible Assets

Fixed assets are stated at cost (or revalued amounts, as the case may be), less accumulated depreciation and impairment losses, if any. Cost comprises the purchases price and any directly attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.

1.6 Intangible Assets

Intangible Assets are recognized only if it is probable that the future economic benefits that are attributable to assets will flow to the enterprise and the cost of the assets can be measured reliably.

The intangible assets are recorded at cost and are carried at cost less accumulated depreciation and accumulated impairment losses, if any.

1.7 Depreciation and Amortization

Depreciation is charged on written down value method at the rates specified in accordance with the schedule II of the Companies Act, 2013.

Depreciation is charged from the date on which new asset is put to use. No depreciation is charged from the date on which the asset is sold.

Intangible Assets are amortized over their estimated useful life.

1.8 Impairment of Assets

A substantial portion of the company's assets comprise of 'financial assets' to which Accounting Standard 28 'Impairment of Assets' is not applicable. In the opinion of the management, there is no impairment of its assets (to which the standard applies), requiring recognition in terms of the said standard.

1.9 Borrowing Cost

Borrowing Cost includes interest and ancillary cost. Ancillary costs incurred for arrangement of borrowings such as processing fees, brokerage and debenture issue expense are amortized over the tenure of the borrowing.

1.10 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. The Company maintains contingent provision on Standard Assets pursuant systemically important Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions 2015. Contingent liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.

1.11 Investments

Investments are classified into current and non - current investments. Investments which are intended to be held for one year or more are classified as non - current investments and investments which are intended to be held for less than one year are classified as current investments. Non - current investments are accounted at cost and any decline in the carrying value other than temporary in nature is provided for. Current investments are valued at lower of cost or market value/ fair value.

1.12 Taxes on Income

a) Current tax is determined as the amount of tax payable in respect of taxable income for the year.

b) Provision for taxation for the year is ascertained on the basis of assessable profits computed in accordance with the provisions of the Income Tax Act, 1961.

c) Deferred Tax is recognized, subject to consideration of prudence, on timing differences, being difference between taxable incomes and accounting income/expenditure that originate in one period and are capable of reversal in one or more subsequent year(s). Deferred taxes are reviewed for their carrying values at each balance sheet date.

1.13 Earnings per Share

Basic earnings per share are calculated by dividing the net profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The weighted average number of equity shares outstanding during the period is adjusted for events of bonus issue and share split.

For the purpose of calculating diluted earning per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the affects of all dilutive potential equity shares. The dilutive potential equity shares are deemed converted as of the beginning of the period, unless they have been issued at a later date.


Mar 31, 2014

1.1 Basis of preparation of financial statements

The financial statements are prepared under the historical cost convention, on an accrual basis and in accordance with the generally accepted accounting principles in India, the applicable mandatory Accounting Standards as notified by the Companies (Accounting Standard) Rules, 2006, relevant provisions of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and applicable regulations prescribed by Reserve Bank of India.

1.2 Use of estimates

The presentation of financial statements in conformity with Indian GAAP requires management to make estimates and assumptions that affects the reported balances of assets and liabilities (including contingent liabilities) as at the date of financial statements and the reported amount of revenue and expenses during the reporting year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and differences between the actual results and the estimates are recognized in the periods in which the results are known/materialize.

1.3 Cash flow statement

Cash flows are reported using the indirect method, whereby profit/(loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

1.4 Revenue Recognition

a) Revenue is recognized when it is earned and no significant uncertainty exists as to its realization or collection.

b) Interest income from financing activities is recognized on an accrual basis except in the case of non-performing assets, when it is recognized on realization, as per the prudential norms of RBI.

c) Dividend income is accounted for when the right to receive the payment is established.

d) Revenue from Sale of Shares and Securities is recognized on the date of sale of such Shares and Securities.

1.5 Tangible assets

Fixed assets are stated at cost (or revalued amounts, as the case may be), less accumulated depreciation and impairment losses, if any. Cost comprises the purchases price and any directly attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.

1.6 Intangible assets

Computer Software which is not an integral part of the related hardware is classified as an intangible assets and is being amortized.

1.7 Depreciation

Depreciation is charged on written down value method at the rates specified in accordance with the provisions of Schedule XIV of the Companies Act, 1956.

Depreciation is charged from the date on which new asset is put to use. No depreciation is charged from the date on which the asset is sold.

1.8 Borrowing cost

Borrowing Cost includes interest and amortization of ancillary costs incurred in connection with the arrangement of borrowings to the extent they are regarded as an adjustment to the interest cost.

1.9 Impairment of Assets

At each Balance Sheet date, the Company assesses whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount. If the carrying amount of the asset exceeds its recoverable amount, an impairment loss is recognized in the statement of Profit and Loss to the extent the carrying amount exceeds the recoverable amount. If at the Balance Sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount.

1.10 Investments

Investments are classified into current and non - current investments. Investments which are intended to be held for one year or more are classified as non - current investments and investments which are intended to be held for less than one year are classified as current investments. Non - current investments are accounted at cost and any decline in the carrying value other than temporary in nature is provided for. Current investments are valued at lower of cost or market value/ fair value.

1.11 Employee benefits

a) Gratuity liability is a defined obligation and is wholly unfunded. The Company accounts for the net present value of its obligations for gratuity benefits, based on an independent external actuarial valuation, determined on the basis of the projected unit credit method, carried out as at the Balance Sheet date. Actuarial gains and losses are recognised immediately in the Statement of Profit and Loss.

b) The employees of the Company are entitled to leave encashment as per the policy of the Company, the liability in respect of which is provided, based on an actuarial valuation as at the balance sheet date.

1.12 Taxes on Income

a) Current tax is determined as the amount of tax payable in respect of taxable income for the year.

b) Deferred Tax is recognized, subject to consideration of prudence, on timing differences, being difference between taxable income and accounting income/expenditure that originate in one period and are capable of reversal in one or more subsequent year(s). Deferred taxes are reviewed for their carrying values at each Balance Sheet date.

c) Provision for taxation for the year is ascertained on the basis of assessable profits computed in accordance with the provisions of the Income Tax Act, 1961.

1.13 Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized when the Company has a present obligation as a result of past events, for which it is probable that an outflow of resources embodying economic benefits will be required

to settle the obligation and a reliable estimate of the amount can be made. Provisions are determined based on management estimate required to settle the obligation at the balance sheet date. Provisions are reviewed regularly and are adjusted where necessary to reflect the current best estimates of the obligation.

Contingent Liabilities are not recognized but are disclosed in the notes.

Contingent Assets are neither recognized nor disclosed in the financial statements.

1.14 Segment Reporting

As the Company''s business activity primarily falls within a single business and geographical segment, there are no additional disclosures to be provided in terms of Accounting Standard 17 on "Segment Reporting".

1.15 Debenture Issue Expenses

The expenditure incurred on the issue of debentures is amortized over the tenure of the debentures.

1.16 Earnings per Share

Basic earnings per share are calculated by dividing the net profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The weighted average numbers of equity shares are calculated on the proportionate basis. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the affects of all dilutive potential equity shares. The dilutive potential equity shares are deemed converted as of the beginning of the period, unless they have been issued at a later date.

(b) Rights, preference and restriction attached to equity shares

The company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of Liquidation of the company, the holder of equity shares will be entitled to receive the remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) The Company does not have any Holding Company.

(e) Shares allotted as fully paid up pursuant to contract(s) without payment being received in cash (during 5 years immediately preceding March 31, 2014) - NIL

(f) There are no shares bought back by the Company since the incorporation of the Company.

5.1 Security

(i) Non convertible debentures are secured by way of pari passu charge on the fixed and current assets of the company.

Details of Secured - Non-Convertible Debentures redeemable at par

(ii) Intercorporate Loan is secured by way of pledge of equity shares of Religare Enterprises Ltd. and Fortis Healthcare Ltd. held by the group companies.

5.2 The Company has not created any Debenture Redemption Reserve on Secured - Non-Convertible Debentures issued by the Company in view of the clarification issued by Ministry of Corporate Affairs vide circular no. 04/2013 [No 11/02/2012-CL-V (A)] dated February 11, 2013 exempting the requirement of creating the Debenture Redemption Reserve by NBFC''S on privately placed debentures.


Mar 31, 2012

1.1 Basis of preparation of financial statements

The financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles in India (Indian 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 by the Companies (Accounting Standard) Rules, 2006 and the relevant provisions of the Companies Act, 1956. Accounting Policies have been consistently applied where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use

1.2 Use of Estimates

The presentation of Financial Statements in conformity with Indian GAAP requires management to make estimates and assumptions that affects the reported balances of assets and liabilities (including contingent liabilities) as at the date of financial statements and the reported amount of revenue and expenses during the reporting year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and differences between the actual results and the estimates are recognized in the periods in which the results are known/materialize.

1.3 Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

1.4 Revenue Recognition

a) Revenue is recognized when it is earned and no significant uncertainty exists as to its realization or collection,

b) Interest income from financing activities is recognized on an accrual basis except in the case of non-performing assets, when it is recognized on realization, as per the prudential norms of RBI.

c) Dividend income is accounted for when the right to receive the payment is established.

d) Revenue from Sale of Shares & Securities is recognized on the date of sale of such Shares & Securities.

e) Income from Investments in OCD's is not recognized in view of availability of option to convert the OCD's into shares after expiry of 24 months from the date of issue (March 31,2011).

1.5 Tangible Assets

Fixed assets are stated at cost (or revalued amounts, as the case may be), less accumulated depreciation and impairment losses, if any. Cost comprises the purchases price and any directly attributable cost of bringing the asset to its working condition for its intended use. Borrowing costs relating to acquisition of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.

1.6 Intangible Assets

Computer software which is not an integral part of the related hardware is classified as an intangible asset and is being amortized.

1.7 Depreciation

Depreciation is charged on Written Down Value method at the rates specified in accordance with the provisions of schedule XIV of the Companies Act, 1956, Depreciation is charged from the date in which new assets are put to use. No depreciation is charged from the date in which assets are sold.

Individual assets / group of similar assets costing less than Rs. 5,000 has been depreciated in full in the year of purchase.

1.8 Borrowing Cost

Borrowing Costs are accounted for as expense in the period in which they are incurred and are related to.

1.9 Impairment of Assets

At each Balance Sheet date, the Company assesses whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount. If the carrying amount of the asset exceeds its recoverable amount, an impairment loss is recognized in the Statement of Profit and Loss to the extent the carrying amount exceeds the recoverable amount. If at the Balance Sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount.

1.10 Investments

Investments are classified into current and long-term investments. Current investments are stated at lower of cost or market value. Long-term investments are carried at cost less provisions, if any, for permanent diminution in the value of such Investment.

1.11 Employee Benefits

The Company provides Gratuity and Leave Encashment on the basis of actuarial Valuation.

1.12 Foreign Currency and Derivative Transactions

- Foreign Currency Transactions are accounted at the Exchange rates prevailing on the date of the transaction.

- Cross Currency interest rate swap is used as hedging instrument. The notional principal of such instrument is recorded as off Balance Sheet Item. Interest received and paid as well as accruals on Cross Currency Interest Rate Swap is converted into Indian Rupees and routed through the interest account. Exchange Gain/Loss on the cross currency interest swap is recognized at the year end exchange rate prevailing except in the circumstances where year end rates do not reflect the amount in reporting currency that is likely to be realized from or required to be disbursed or where the year end rate is unrealistic, in which circumstances, Exchange Gain/Loss is recognized at the amount which is likely to be realized from or required to be disbursed at the time of finalization of accounts.

1.13 Service Tax Input Credit

Service Tax Input Credit is accounted for in the books in the period when the underlying service received is accounted and when there is no uncertainty in availing/ utilizing the same.

1.14 Taxes on Income

a) Current tax is determined as the amount of tax payable in respect of taxable income for the year.

b) Deferred Tax is recognized, subject to consideration of prudence, on timing differences, being difference between taxable income and accounting income/expenditure that originate in one period and are capable of reversal in one or more subsequent year(s). Deferred taxes are reviewed for their carrying values at each Balance Sheet Date.

c) Provision for taxation for the year is ascertained on the basis of assessable profits computed in accordance with the provision of the Income Tax Act, 1961.

1.15 Provisions and Contingent Liabilities

A provision is recognized when the Company has a present obligation as a result of past events, for which it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount can be made. Provisions are determined based on management estimate required to settle the obligation at the balance sheet date.

Provisions are reviewed regularly and are adjusted where necessary to reflect the current best estimates of the obligation.

1.16 Segment Reporting

As the Company's business activity primarily falls within a single business and geographical segment, there are no additional disclosures to be provided in terms of Accounting Standard 17 on 'Segment Reporting'.


Mar 31, 2010

A. Basis of preparation of financial statements

The financial statements are drawn up in accordance with the historical cost convention on accrual basis and comply with the accounting standards referred to in Sec. 211(3C) of the Companies Act, 1956.

b. Use of Estimates

The presentation of financial statements in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual result and estimates are recognized in the period in which the results are known / materialized.

c. Fixed Assets, and Depreciation

Fixed assets are stated at cost of acquisition less accumulated depreciation and impairment loss if any thereon. Depreciation is charged on Written Down Value method at the rates specified in accordance with the provisions of schedule XIV of the Companies Act, 1956. Depreciation is charged from the month in which new assets are put to use. No depreciation is charged from the month in which assets are sold.

Individual assets / group of similar assets costing less than Rs. 5,000 has been depreciated in full in the year of purchase.

d. investments

Investments are classified into current: and long-term investments. Current investments are stated at lower of cost or market value. Long-term investments are carried at cost less provisions, if any, for permanent diminution in the value of such Investment.

e. Stock in Trade

Trading stocks of shares and securities are valued at cost or market value whichever is lower.

f. Revenue Recognition

Dividend income is accounted for when the right to receive the payment is established. Interest and other dues are accounted on accrual basis. Revenue from Sale of Shares & Securities are recognised on the date of Sale of such Shares & Securities.

g. Debenture Issue Expenses

Debenture issue Expenses incurred on issue of debentures is amortised over the tenure of the debentures.

h. Employee Benefits

The Company provides Gratuity and Leave Encashment on the basis of acturial valuation.

f. Taxes on Income

Provision for current tax is computed in accordance with relevant tax provisions. Deferred tax Is recognized for ail timing differences between accounting income & taxable income and is quantified using enacted / substantially enacted tax rates as at the balance sheet date. Deferred tax assets are recognized subject to the management judgement that the realisation is virtually / reasonably certain.

j. Borrowing Cost

Borrowing Costs are accounted for as. expense in the period in which they are incurred and they are related to.

k. Foreign Currency and Derivative Transactions

- Foreign Currency Transactions are accounted at the Exchange rates prevailing on the date of the transaction.

- Cross Currency interest rate swap is used as hedging instrument. The notional principal of such instrument is recorded as off Balance Sheet Item. Interest received and paid as well as accruals on Cross Currency Interest Rate Swap is converted into Indian Rupees and routed through the interest account. Exchange Gain/Loss on the cross currency interest swap is recognised at the year end exchange rate prevailing except in the circumstances where year end rates do not reflect the amount in reporting currency that is likely to be realised from or required to be disbursed or where the year end rate is unrealistic, in which circumstances, Exchange Gain/Loss Is recognised at the amount which is likely to be realised from or required to be disbursed at the lime of realisation of accounts.


Mar 31, 2002

A. The accounts are prepared on accrual basis of accounting.

b. Fixed Assets and Depreciation : Fixed assets are stated at historical costs less accumulated depreciation on the same. Depreciation on Fixed Assets is provided on Written Down Value Method at the rates specified in Schedule XIV of the Companies Act, 1956.

c. Investments (long term) are stated at cost. However, provision for diminution is made to recognise a decline, other than temporary, in the value of investments wherever applicable.

d. Trading Stocks of Shares & Securities are valued at lower of Cost or Realisable Value.

e. Income on Capital Contribution made for Trading in Shares and Securities shall be accounted for in the year in which underlying Assets are disposed off in terms of agreement entered into.

f. Share Issue Expenses are amortised over a period of 10 years.

 
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