Jun 30, 2015
A PRINCIPLES OF CONSOLIDATION
. The consolidated financial statements (CFS) comprise the financial
statements of RR Financial Consultants Ltd, And its following
subsidiaries as at 30th June 2015.
COUNTRY OF PERCENTAGE
SHAREHOLDING
SNo NAME OF THE COMPANY INCORPORATION AND VOTING
POWER
1 RR Insurance Brokers
Private Limited India 100%
2 RR Fincap Private Limited India 100%
3 Arix Consultants Private Limited India 100%
4 RR Investors Capital Services
Private Limited India 66.66%
5 RR Equity Brokers Private Limited India 100%
6 RR Infra Estates Private Limited India 100%
ii The consolidated financial statements have been prepared using
uniform accounting policies, in accordance with the generally accepted
accounting policies and as per AS 21.
iii (a) The Financial Statements of the Company and its subsidiary
companies have been combined on a line by line basis by adding together
the book values of the like items of assets, liabilities, income and
expenses after eliminating inter group balance. The nature of business
is such that that there is no unrealised profits or losses.
(b) The difference between the costs to the holding company of its
investment in the subsidiary company over the holding company's portion
of equity of the subsidiary at the time of acquisition of shares in
subsidiaries is recognised in the financial statements as goodwill or
capital reserve on consolidation, as the case may be Good will arising
on account of consolidation has not been amortised.
(c) Inter Group Transactions has not been eliminated as in the opinion
of management the transactions has been done in normal course of
business.
iv (a) Minority interest in net results of consolidated subsidiaries
for the year is identified and adjusted against the results of the
group in order to arrive at the net results attributable to
shareholders of the holding company.
(b) Minority interest share of net assets of consolidated subsidiaries
is identified and presented in the Consolidated Financial Statements.
v The difference between the proceeds from disposal of investment in
subsidiaries and the carrying amount of its assets less liabilities as
of the date of disposal is recognised in the consolidated profit and
Loss Account being the profit or Loss on disposal of investment in
subsidiary.
Jun 30, 2014
Basis of Preparation of Financial Statements
The accounts have been prepared on a going concern basis according to
the historical cost conve ntion according to the accrual system of
accounting materially comply with the mandatory accounting statements
and standards issued by the Institute of Chartered Accountants of India
and the relevant presentational requirements of the Companies Act,
1956. The significant accounting policies followed by the company are
as follows:
a Use of Estimates
The preparation of financial statements requires estimates and ass
umptions 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 results and estimates are recognised in
the period in which the result are known / materialised.
b Revenue Recognition
Income is being accounted for on mercantile basis
c Fixed Assets and Depreciation
Fixed Assets are stated at cost, including freight, installation,
duties and taxes, fi nance charges and other incidental expenses
i) incurred during construction or installation to bring the assets to
their state of intended use.
Depreciation is provided on the Straight Line Method at the rates
prescribed by Schedule XIV of the Companies Act, 1956.
ii)
iii) In respect of revalued assets, the Depreciation attributable to
the amount added on revaluation, is adjusted against the Revaluation
Reserve/Profit & Loss a/c (where revaluation reserve exhausted)
d Impairment of Assets
Impairment loss is provided; if any, to the extent, the carrying amount
of assets exceed their recoverable amount. Recoverable amount is higher
of an asset''s net selling price and its value in use. Value in use is
the present value of estimated future cash flows expected to arise from
the continuing use of an asset and from its disposal at the end of its
useful life.
Impairment losses recognised in prior years are reversed when there is
an indication that the impairment losses recognised no longer exist or
have decreased. .Such reversals are recognised as an increase in
carrying amount of assets to the extent that it does not exceed the
carrying amounts that would been determined (net of amortisation or
depreciation) had no impairment loss been recognised in previous years.
e Valuation of Investment
Investments are valued at acquisition cost Provision is made for di
minution in the value of investment which is perceived to be of
permanent nature.
f Valuation of Stock
Stocks of quoted shares / debentures and other securities are valued at
cost or market price whichever is less, by comparing each scrip with
its market price. Market price of each scrip is determined on the basis
of the closing price of the scrip prevailing at the principal stock
exchange where the same is traded. Stock of Unquoted shares &
debentures are valued at cost.
g Method of Accounting
Mercantile method of accounting is employed.
h Taxation
i) Provision for Income Tax for the current period is made if appl
icable on the basis of estimated tax liability as per the applicable
provisions of the Income Tax Act, 1961.
ii) Deferred Tax assets and liabilities are measured using the tax
rates and tax law that have been enacted or substantively enacted by
the Balance Sheet date.
i Gratuity is being provided on cash basis.
j Foreign Currency Transactions
i) Transactions denominated in foreign currencies are recorded at the
exchange rates prevailing at the time of transaction.
ii) Monetary items denominated in foreign currencies at the year-end
are translated at the year-end rates, the resultant gain or loss will
be recognized in the statement of profit and loss account.
iii) Any gain or loss arising on account of exchange difference on
settlement of transaction is recognized in the statement of profit and
loss account.
k Provision and contingencies
The company creates a provision when there exists a present obligation
as a result of past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not require an outflow of resources, when there is a possible
obligation or a present obligation in respect of which likelihood of
outflow of resources is remote, no provision or disclosure is made.
Note (i):- Income from securities trading net of (after reducing value
of purchase Rs.0/- and value of opening stock Rs.98,18,421/- from value
of sale Rs.0/- and value closing stock Rs.98,04,903/- in previous year
Income from securities trading net of (after reducing value of purchase
Rs.0/- and value of opening stock Rs.98,16,608/- from value of sale
Rs.0/- and value closing stock Rs.98,18,421/-
Jun 30, 2013
A Use of Estimates
The preparation of financial statements requires es tim ates and
assumptions to be m ade that affe ct the reported amount of a ssets 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 results and estimates are recognised in
the period in which the result are known / materialised.
b Revenue Recognition
Income is being accounted for on mercantile basis
c Fixed Assets and Depreciation
i) Fixed Assets are stated at cost, including freight, ins tal lation,
duties and taxes, finan ce charges a nd other incidental expense s
incurred during construction or installation to bring the assets to
their state of intended use. ii) Depreciation is provided on the
Straight Line Method at the rates prescribed by Schedule XIV of the
Companies Act, 1956. iii) In respect of revalued assets, the
Depreciation attributable to the amount added on revaluation, is
adjusted against the Revaluation
Reserve/Profit & Loss a/c (where revaluation reseve exausted)
d Impairment of Assets
Impairment loss is provided; if any, to the extent , th e carrying
amount of asset s exceed the ir recoverable amount. Re coverable amount
is higher of an asset''s net selling price and its value in use. Value
in use is the present value of estimated future cash flows expected to
arise from the continuing use of an asset and from its disposal at the
end of its useful life.
Impairment losses recognised in prior years are reversed when there is
an indication that the impairment losses recognised no longer exist or
have decreased. .Such reversals are recognised as an increase in
carrying amount of assets to the extent that it does not exceed the
carrying amounts that would been determind (net of amortisation or
depreciation) had no impairment loss been recognised in previous years.
e Valuation of Investment
Investments are valued at acquisition cost Provisio n is made for
diminution in th e value of inv estment which is perceived to be of
permanent nature.
f Valuation of Stock
Stocks of quoted shares / debentures and other se cu rities are valued
at cost or m arket price w hichever is less, by compa ring each scrip
with its market price. Market price of each scrip is determined on the
basis of the closing price of the scrip prevailing at the principal
stock exchange where the same is traded.Stock of Unquoted shares &
debentures are valued at cost.
g Method of Accounting
Mercantile method of accounting is employed.
h Taxation
Provision for Income Tax for the current period is m ade if applicable
on the ba sis of estima ted tax liability as per the applicable
provisions of the Income Tax Act, 1961.
i Gratuity is being provided on cash basis.
j Provision and contingencies
The company creates a provision when there exists a present obligation
as a resul t of past even t that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made when there
is a possible obligation or a present obligation that may, but probably
will not require an outflow of resources, when there is a possible
obligation or a present obligation in respect of which likelihood of
outflow of resources is remote, no provison or disclosure is made.
Jun 30, 2011
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared according to historical cost
convention, on the accrual basis of accounting (except as stated below)
and materially comply with the mandatory statements and Accounting
Standards referred to in section 211(3C) of the Companies Act, 1956,
('the Act').
Revenue Recognition
(a) Income from operations including brokerage is accounted for on
accrual basis.
(b) Lease Rentals are recognized as revenue over the lease period as
per the terms of the lease agreements.
(c) Interest on fixed deposits with banks is accounted for on Accrual
Basis.
Fixed Assets
Fixed assets are stated at cost, including freight, installation,
duties and taxes, finance charges and other incidental expenses
incurred during construction or installation to bring the assets to
their state of intended use. The amounts added on revaluation are
credited in Revaluation Reserve. Shop No. N-24 Connaught Place has
been mortgaged against loan taken from bank by a subsidiary Company.
Depreciation
a) Depreciation on fixed assets are provided to straight - line method
in accordance with and at the rate specified in schedule XIV to the
Companies Act, 1956. Pro- rata depreciation is charged in respect of
additions made during the year with reference to the month in which the
addition takes place.
b) In respect of revalued assets, the Depreciation attributable to the
amount is added on revaluation is adjusted against the Revaluation
Reserve.
Investments
Investments are valued at acquisition cost Provision is made for
diminution in the value of investment which is perceived to be
permanent nature.
Valuation of Stocks
Stocks of quoted shares / debentures and other securities are valued at
cost or market price whichever is less, by comparing each scrip with
its market price. Market price of each scrip is determined on the basis
of the closing price of the scrip prevailing at the principal stock
exchange where the same is traded. Stock of Unquoted shares &
debentures are valued at cost.
Retirement Benefits
Provident fund benefits are recorded on the basis of contributions to
the fund.
Foreign Currency Transactions
There is no transaction in foreign currency during the year.
Taxation
Provision for income tax for the current period is made on the basis of
estimated tax liability as per the applicable provisions of the
Income-tax Act, 1961.
Jun 30, 2010
The financial statements are prepared according to historical cost
convention, on the accrual basis of accounting (except as stated below)
and materially comply with the mandatory statements and Accounting
Standards referred to in section 211(3C) of the Companies Act, 1956,
(Ãthe Act).
Revenue Recognition
(a) Income from operations including brokerage is accounted for on
accrual basis.
(b) Lease Rentals are recognized as revenue over the lease period as
per the terms of the lease agreements.
(c) Interest on fixed deposits with banks is accounted for on Accrual
Basis.
Fixed Assets
Fixed assets are stated at cost, including freight, installation,
duties and taxes, finance charges and other incidental expenses
incurred during construction or installation to bring the assets to
their state of intended use. The amounts added on revaluation are
credited in Revaluation Reserve. Shop No. N-24 Connaught Place has been
mortgaged against loan taken from bank by a subsidiary Company.
Depreciation
a) Depreciation on fixed assets are provided to straight - line method
in accordance with and at the rate specified in schedule XIV to the
Companies Act, 1956. Pro- rata depreciation is charged in respect of
additions made during the year with reference to the month in which the
addition takes place.
b) In respect of revalued assets, the Depreciation attributable to the
amount is added on revaluation is adjusted against the Revaluation
Reserve.
Investments
Investments are valued at acquisition cost Provision is made for
diminution in the value of investment which is perceived to be
permanent nature.
Valuation of Stocks
Stocks of quoted shares / debentures and other securities are valued at
cost or market price whichever is less, by comparing each scrip with
its market price. Market price of each scrip is determined on the basis
of the closing price of the scrip prevailing at the principal stock
exchange where the same is traded. Stock of Unquoted shares &
debentures are valued at cost.
Retirement Benefits
Provident fund benefits are recorded on the basis of contributions to
the fund.
Foreign Currency Transactions
There is no transaction in foreign currency during the year.
Taxation
Provision for income tax for the current period is made on the basis of
estimated tax liability as per the applicable provisions of the
Income-tax Act, 1961.
Jun 30, 2009
The financial statements are prepared according to historical cost
convention, on the accrual basis of accounting (except as stated below)
and materially comply with the mandatory statements and Accounting
Standards referred to in section 211(3C) of the Companies Act, 1956,
(Ãthe ActÃ).
a) Revenue Recognition
(a) Income from operations including brokerage is accounted for on
accrual basis.
(b) Lease Rentals are recognized as revenue over the lease period as
per the terms of the lease agreements.
(c) Interest on fixed deposits with banks is accounted for on Accrual
Basis.
b) Fixed Assets
Fixed assets are stated at cost, including freight, installation,
duties and taxes, finance charges and other incidental expenses
incurred during construction or installation to bring the assets to
their state of intended use. The amounts added on revaluation are
credited in Revaluation Reserve. Shop No. N-24 Connaught Place has
been mortgaged against loan taken from bank by a subsidiary Company.
c) Depreciation
a) Depreciation on fixed assets are provided to straight - line method
in accordance with and at the rate specified in schedule XIV to the
Companies Act, 1956. Pro- rata depreciation is charged in respect of
additions made during the year with reference to the month in which the
addition takes place.
b) In respect of revalued assets, the Depreciation attributable to the
amount is added on revaluation is adjusted against the Revaluation
Reserve.
d) Investments
Investments are valued at acquisition cost Provision is made for
diminution in the value of investment which is perceived to be
permanent nature.
e) Valuation of Stocks
Stocks of quoted shares / debentures and other securities are valued at
cost or market price whichever is less, by comparing each scrip with
its market price. Market price of each scrip is determined on the basis
of the closing price of the scrip prevailing at the principal stock
exchange where the same is traded. Stock of Unquoted shares &
debentures are valued at cost.
f) Retirement Benefits
Provident fund benefits are recorded on the basis of contributions to
the fund.
h) Taxation
Provision for income tax for the current period is made on the basis of
estimated tax liability as per the applicable provisions of the
Income-tax Act, 1961.