Home  »  Company  »  Shalibhadra Fin.  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Shalibhadra Finance Ltd. Company

Mar 31, 2015

(I) ACCOUNTING POLICIES

a. Interest on Vehicle Loans

Income / Interest from vehicle loan is accounted for on an accrual basis and is recognized so as to produce a constant periodic return on the amount financed.

Interest on fixed deposits with Bank on cash basis

b Other Income

In respect of other heads of income the Company follows the practice of accounting for such income on accrual basis except for interest income on delayed payment charges which are accounted or, the basis of the certainty of collection and /or receipt basis.

c. Method of Depreciation

The company provides depreciation on Straight Line Method .

d. Expenses

Expenditure is accounted for an accrual basis.

e. Fixed Assets

The fixed assets have been valued at cost less Depreciation.

f. Closing Stock

Loan stock of vehicles is valued at cost less installment accrued and due.

In the opinion of the management, 2/3rd of the loan stock is classified as current & l/3rd is classified as non current.

(II) PRUDENTIAL NORMS

In terms of guidelines issued by Reserve Bank of India to Non Banking Financial Companies on prudential norms for income recognition, assets classification, provisioning for Bad Debts etc., the following additional information is given:

No new provisions for non-performing assets are required in current year.

(III) Exceptional item represents Contingent Provision against standard Assets at 0.25% of standard assets made as per RBI Circular No. DNBS. PD. CC. No. 207/03.02.002/2010-11 dated 17 January ,2011

(IV) The company has not prepared bank reconciliation statement for a few bank accounts for the period under review. The company is finding it very difficult to reconcile for a few bank accounts in time due to similar installment cheques, non-computerization by bank etc. However, the company has taken suitable remedial measures and bank reconciliation statements for the balance accounts will be completed shortly.

(V) In the opinion of the Board of Directors the current assets, loans and advances have a value of realization in the ordinary course of business at least equal to the amount of which these are stated in the Balance Sheet.

(VI) Managerial Remuneration u/s 198 of Companies Act 1956 is NIL (P.Y: NIL).

(VII) Other information required by relating to exports, imports and earning in foreign currency, remittance in foreign currency transaction are not applicable.

(VIII) The company considers its financing business as single segment hence Accounting Standard 17 on segment reporting issued by The Institute of Chartered Accountants of India is not applicable to the company.

(IX) Previous year's figures have been regrouped, recasted and rearranged wherever necessary.

(X) RELATED PARTIES DISCLOSURES UNDER ACCOUNTING STANDARD 18 OF ICAI: A. Particulars of Party where control exists/Relative of parties where control exists:

Name of the Related Party Nature of Relationship

(i) M/s Shalibhadra Capital Market Party where control exists Ltd.

(ii) M/s Financial Analysts And Investment Rating Limited Party where control exists

(iii) Mr, Amit M.Doshi Relative Party where control exist

(iv) Mr. Amit M.Doshi HUF Relative Party where control exist

(v) Mrs.Heena A.Doshi Relative Party where control exist

(vi) Mrs.Kala M.Doshi Relative Party where control exist

(vii) Mr. Minesh M.Doshi HUF Relative Party where control exist

(viii) Mr. Minesh M. Doshi Relative Party where control exist

(ix) Mr. Mukund H.Doshi Relative Party where control exist

(x) Mr, Mukund H .Doshi HUF Relative Party where control exist

(xi) Mrs. Sheetal M Doshi Relative Party where control exist

(xii) Mr. Bharat V. Doshi Relative Party where control exist

B. Key Management Personnel:

Name of the Related Party Nature of Relationship

(i) Mr. Minesh M.Doshi Managing Director

E. Income Tax is computed in accordance with Accounting standard 22-Accounting for taxes on Income, notified by companies (Accounting Standards) Rules, 2006. Tax expenses are accounted in the same period to which the revenue and expenses relate.

F. Deferred Tax, other than unabsorbed depreciation and brought forward losses, is recognized only if there is reasonable certainty that will be realized in future and are reviewed for their appropriateness


Mar 31, 2014

I ACCOUNTING POLICIES

a. interest on Vehicle Lomns

Income I Interest from vehicle loan is accounted for on an accrual basis -and is: recognized so as to produce a constant periodic return on the amount financed.

Interest on fixed depostis with Bank on Cash basis

b Other Income

In respect of other heads of income the Company follows the practice of accounting for such income on accrual basis except for interest income on delayed payment charges which arc aecmtnlsd on the basis of the certainly of collection and /or receipt basis.

c. Method of Depreeiattori

The company provides depreciation on Straight Line Method at the rates and 11 the manner specified in the Schedule XIV of the Compnniti Act 1956.

d. Expenses

Expenditure IS accounted for rm accrual basis.

f. Fixed Assets

The fixed assets have been valued at cost less Depreciation,

g. Closing stock

Load stock of vehicles is valued at cost less installtment accrued and due.

In Ac opinion of the management. 23th of the loan slock is classified as current &. 1/3rd is classified as non carrear.

II) PRCONENTAL NORMS

In terms of guidelines issued by ReserveRank of India in Non Banking Financial Companies on prudential norms far income recognition, assets classification, provisioning for Bad Debts etc., the following additional iniijnrmlon is given:

No new provisions for noo-ptftfdrniirg assets are required in current year.

(Ill) Execution al item represents Cnntingcqil Premnitit) against standard Assets si 0,25% of standard assets made as per RBI Circular No. DNBH. pD. CC. No. 207/03.02.002/2010-11 dated 17 January .201 1

(IV) The company has not prepared bank recortciliution statement for a few hank accounts For the period under review. The company is Ending it very difficult to reconcile for a few hank accounts in time due to similar installment cheques. Qon-computmzation by bank etc. However, the company tins taken suitable remedial measures and bank reconciliation statements fitr the balance accounts will be completed shortly,

(V) In the opinion of the Board of Directors the current assets, loans and advances have a value of realization in the ordinary course of business at least equal to the amount of which these are stated in the Balance Sheet,

(VT) Managerial Remuneration u/s 198 of Companies Act 1956 is NIL (P.Y: NFL),

(VII) Other information required by Patt II Schedule VI of the Companies Act. 1956, relating m exports, imports and earning m foreign currency, remittance m foreign currency transection arc not applicable.

(VIII The company considers its financing business as single segment hence Accounting Standard 17 on segment reporting issued by The Institute of Chartered Accountants of India is not applicable to the company,

(IX) Previous year's figures have been regrouped, recasted and rearranged wherever necessary.

(X) RELATED parties disclosures UNDER ACCOUNTING STANDARD Id OF ICAI: A. Particulars of Party where control fiisIs/Rrlative of parties where control exists:

Name of the Related Party Nature of relationship

(i) M/s Shalihhadra Capital Party where control exists Market Ltd.

(ii) M/s Financial Analysts And Rating Limited Party where Investment control exists

(iii) Mr. Anut M.Doshi Relative Party where cantml exist

(Tv) Mr. AmilM.Do.shi HUF Relative Party where control exist

(v) Mrs.Heem. A-Dtethi Relative Party where control exist

(vi) Mre.KaLa M.Dosfai Relative Party where control exist

fvii) Mr. Mincsh M-Dosha HUF Relative Party where control exist

(viii) Mr. Mmesh M. Doshi Relative Party where control exist

(ix) Mr. Makund H.Dosht Relative Party where control exist

(x) Mr. Mulcnod H .Doshi HUF Relative Party where control exist

(xi) Mrs. Sheefal M Doshi Relative Party where control exist

B. Key Management Personnel:

Name of the Related Party Nature of Rrfatfemhlp

(i) Mr Minesh M.Doshi Managing Director

F. Income Tax is computed Eel accordance with Accounting standard Accounting for taxes on Income, ?otiGtd by companies (Accounting Standards) Rules, 2006. Tint expenses we accounted in the same period to which the revenue and expenses relate,

G, Deferred Tax, other than unahsorbed depreciation and brought forward losses, is recognized only if there is reasonable certainty that will be realized in future and ate reviewed for their appropriateness




Mar 31, 2013

A. Interest on Vehicle Loans

Income / Interest from vehicle loan is accounted for on an accrual basis and is recognized so as to produce a constant periodic return on the amount financed.

b. Interest on fixed deposits with Bank on cash basis.

b Other Income

In respect of other heads of income the Company follows the practice of accounting for such income on accrual basis except for interest income on delayed payment charges which are accounted on the basis of the certainty of collection and /or receipt basis.

a. Method of Depreciation

The company provides depreciation on Straight Line Method at the rates and in the manner specified in the Schedule XIV of the Companies Act 1956.

b. Expenses

Expenditure is accounted for an accrual basis.

f. Fixed Assets

The fixed assets have been valued at cost less Depreciation.

g. Closing Stock

Loan stock of vehicles are valued at cost less installment accrued and due.

In the opinion of the management, 2/3rd of the loan stock is classified as non current & 1 /3 rd is classified as current.


Mar 31, 2012

A. Interest on Vehicle Loans

Income / Interest frpm vehicle loan is accounted for on qn accrual basis and is recognized so as to produce a constant periodic return on the amount financed.

b Other Income

In respect of other heads of income the Company follows the practice of accounting for such income on accrual basis except for interest income on delayed payment charges which are accounted on the basis of the certainty of collection and /or receipt basis.

d. Method of Depreciation

The company provides depreciation on Straight Line Method at the rates and in the manner specified in the Schedule XIV of the Companies Act 1956.

e. Expenses

Expenditure is accounted for an accrual basis.

£ Fixed Assets

The fixed assets have been valued at cost less Depreciation.

g. Closing Stock

Loan stock of vehicles are valued at cost less installment accrued and due.


Mar 31, 2010

A. Interest / Hire Purchase on Vehicle Loans

Income / Interest from Hire Purchase transactions / vehicle loan is accounted for on an accrual basis and is recognized so as to produce a constant periodic return on the amount financed.

b. Lease Finance

(i) Lease rentals have been considered as per the terms of the Agreement entered into with the lessees.

(ii) Lease processing charges or Management fees and/or other services charges have bee considered as income in the year in which the agreements have been signed.

c. Other Income

In respect of other heads of income the Company follows the practice of accounting for such income on accrual basis except for interest income on delayed payment charges which are accounted on the basis of the certainty of collection and /or receipt basis.

b. Method of Depreciation

(i) The company provides depreciation on Straight Line Method at the rates and in the manner specified in the Schedule XIV of the Companies, Act 1956. In case of leased assets purchased after 01.04.1996, the Company is providing Lease Equalization charges as per guidance note on Accounting for leases (revised) as recommended by institute of Chartered Accountants of India.

(ii) Management has, out of abundant caution, during the current financial year provided more depreciation on certain fixed assets given on lease after considering the life and net realizable value of such assets.

c. Expenses

Expenditure is accounted for an accrual basis.

f. Fixed Assets

All fixed assets including assets given on lease have been capitalized at cost inclusive of expenses. The fixed assets have been valued at cost less Depreciation.

g. Investments

All investments are valued AT COST (which includes brokerage).

h. Closing Stock

Hire purchase stock and loan stock of vehicles are valued at cost less installment accrued and due.

(II) PRUDENTIAL NORMS

In terms of guidelines issued by Reserve Bank of India to Non Banking Financial Companies on prudential norms for income recognition, assets classification, provisioning for Bad Debts etc., the following additional information is given:

a. No new provision for non-performing assets are required in current year.

b. As certified by the management, all investments are intended to be held for more than one year from the date on which such investments are long term investments and not current investment and have been valued at cost.


Mar 31, 2009

A. Interest/ Hire Purchase on Vehicle Loans

Income / Interest from Hire Purchase transactions / vehicle loan is accounted for on an accrual basis and is recognized so as to produce a constant periodic return on the amount financed.

B. Interest & Dividend Income

Income on debentures and Dividend income have been accounted for on cash basis. However, interest on loans given is accounted on accrual basis.

C. Lease Finance

(i) Lease rentals have been considered as per the terms of the Agreement entered into with the lessees.

(ii) Lease processing charges or Management fees and/or other services charges have been considered as income in the year in which the agreements have been signed.

Other Income

In respect of other heads of income the Company follows the practice of accounting for such income on accrual basis except for interest income on delayed payment charges which are accounted on the basis of the certainty of collection and /or receipt basis.

D. Method of Depreciation

(i) The company provides depreciation on Straight Line Method at the rates and in the manner specified in the Schedule XIV of the Companies, Act 1956. In case of leased assets purchased after 01.04.1996, the Company is providing Lease Equalization charges as per guidance note on Accounting for leases (revised) as recommended by institute of Chartered Accountants of India.

(ii) Management has, out of abundant caution, during the current financial year provided more depreciation on certain fixed assets given on lease after considering the life and net realizable value of such assets.

E. Expenses

Expenditure is accounted for an accrual basis

i. FixedAssets All fixed assets including assets given on lease have been capitalized at cost inclusive of expenses. The fixed assets have been valued at cost less Depreciation.

j. Investments

All investments are valuedAT COST (which includes brokerage).

k. Closing Stock

(l) Hire purchase stock and loan stock of vehicles are valued at cost less installment accrued and due.

 
Subscribe now to get personal finance updates in your inbox!