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Accounting Policies of Tarrif Cine & Finance Ltd. Company

Mar 31, 2014

A. The Company follows the Prudential Norms for Assets Classification, Income Recognition, Accounting Standards, Provisioning for bad and doubtful debts as prescribed by the Reserve Bank of India for Non-Banking Financial Companies.

b. The Company follows the mercantile system of accounting and recognises income and expenditure on accrual basis except for the subsequent realisation of the income which was derecognized earlier in accordance with the provisions of the prudential norms for Income Recognition prescribed by the Reserve Bank of India. Accounts have been prepared primarily on historical cost convention and in accordance with relevant provisions of the Companies Act, 1956 and the accounting standards notified by the Companies (Accounting Standards) Rules, 2006. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting principles.

c. Long-Term investments are stated at cost after deducting provision made for permanent diminution in the value, if any. Current investments are stated at lower of cost & fair market value.

d. Dividend are recorded when the right to receive payment is established.

e. Stock in trade in the case of Quoted Scrips/Units of Mutual Funds are valued at lower of cost or market value, whereby aggregate cost of all scrips/Units of Mutual Fund is compared with their aggregate market value, category wise & in the case of Unquoted Shares the same are taken at lower of cost or break-up value.

f. Staff benefits arising on retirement/death comprising contribution to Provident Fund, Superannuation and Gratuity scheme, and other post separation benefits are not accounted for as the same is not applicable to the Company.

g. Income-tax expense comprises current tax and deferred tax charge or credit. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax asset arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognised, only if there is a virtual certainty of its realisation, supported by convincing evidence. Deferred tax asset on account of other timing differences are recognised only to the extent there is a reasonable certainity of its realisation. At each Balance Sheet date, the carrying amount of deferred tax assets are reviewed to reassure realisation.


Mar 31, 2013

A. The Company follows the Prudential Norms for Assets Classification, Income Recognition, Accounting Standards, Provisioning for bad and doubtful debts as prescribed by the Reserve Bank of India for Non- Banking Financial Companies.

b. The Company follows the mercantile system of accounting and recognises income and expenditure on accrual basis except for the subsequent realisation of the income which was derecognised earlier in accordane with the provisions of the prudential norms for Income Recognition prescribed by the Reserve Bank of India. Accounts have been prepared primarily on historical cost convention and in accordance with relevant provisions of the Companies Act, 1956 and the accounting standards notified by the Companies (Accounting Standards ) Rules, 2006. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting principles.

c. Long-Term investments are stated at cost after deducting provision made for permanent diminution in the value,if any. Current investments are stated at lower of cost 8b fair market value.

d. Dividend are recorded when the right to receive payment is established.

e. Stock in trade in the case of Quoted Scrips/Units of Mutual Funds are valued at lower of cost or market value, whereby aggregate cost of all scrips/ Units of Mutual Fund is compared with their aggregate market value, category wise & in the case of Unquoted Shares the same are taken at lower of cost or break-up value.

f. Staff benefits arising on retirement/death comprising contribution to Provident Fund, Superannuation and Gratuity scheme, and other post separation benefits are not accounted for as the same is not applicable to the Company.

g. Income-tax expense comprises current tax and deferred tax charge or credit. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax asset arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognised, only if there is a virtual certainty of its realisation, supported by convincing evidence. Deferred tax asset on account of other timing differences are recognised only to the extent there is a reasonable certainity of its realisation. At each Balance Sheet date, the carrying amount of deferred tax assets are reviewed to reassure realisation.


Mar 31, 2012

A. The Company follows the Prudential Norms for Assets Classification, Income Recognition, Accounting Standards, Provisioning for bad and doubtful debts as prescribed by the Reserve Bank of India for Non-Banking Financial Companies.

b. The Company follows the mercantile system of accounting and recoga»es income and expenditure on accrual basis except for the subsequent realisation of the income which was derecognised earlier in accordane with the provisions of the prudential norms for Income Recognition prescribed by the Reserve Bank of India. Accounts have been prepared primarily on historical cost convention and in accordance with relevant provisions of the Companies Act, 1956 and the accounting standards notified by the Companies (Accounting Standards) Rules, 2006. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting principles.

c. Long Term investments are stated at cost after deducting provision made for permanent diminution in the value. y if any. Current investments are stated at lower of cost & fair market value.

d. Dividend are recorded when the right to receive payment is established.

e. Stock in trade in the case of Quoted Scrips/ Units of Mutual Funds are valued at lower of cost or market value, whereby aggregate cost of all scrips/Units of Mutual Fund is compared with their aggregate market value, category wise & in the case of Unquoted Shares the same are taken at lower of cost or breakup value.

f. Staff benefits arising on retirement/death comprising contribution to Provident Fund, Superannuation and Gratuity scheme, and other post separation benefits are not accounted for as the same is not applicable to the Company.

g. Income-tax expense comprises current tax and deferred tax charge or credit. The deferred tax asset and deferred tax liabiEty is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax asset arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognised, only if there is a virtual certainty of its realisation, supported by convincing evidence. Deferred tax asset on account of other timing differences are recognised only to the extent there is a reasonable certainity of its realisation. At each Balance Sheet date, the carrying amount of deferred tax assets are reviewed to reassure realisation.


Mar 31, 2010

A. The Company follows the Prudential Norms for Assets Classification, Income Recognition, Accounting Standards, Provisioning for bad and doubtful debts as prescribed by the Reserve Bank of India for Non-Banking Financial Companies.

b. The Company follows the mercantile system of accounting and recognises income and expenditure on accrual basis except for the subsequent realisation of the income which was derecognised earlier in accordane with the provisions of the prudential norms for Income Recognition prescribed by the Reserve Bank of India. Accounts have been prepared primarily on historical cost convention and in accordance with relevant provisions of the Companies Act, 1956 and the accounting standards notified by the Companies (Accounting Standards) Rules, 2006. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting principles.

c. Long Term investments are stated at cost after deducting provision made for permanent diminution in the value, if any. Current investments are stated at lower of cost & fair market value.

d. Dividend.Income is accounted for in the year in which it is declared.

e. Stock in trade in the case of Quoted Scrips/Units of Mutual Funds are valued at lower of cost or market value, whereby aggregate cost of all scrips/Units of Mutual Fund is compared with their aggregate market value, category wise & in the case of Unquoted Shares the same are taken at lower of cost or breakup value.

f. Staff benefits arising on retirement/death comprising contribution to Provident Fund, Superannuation and Gratuity scheme, and other post separation benefits are not accounted for as the same is not applicable to the Company.

g. Income-tax expense comprises current tax and deferred tax charge or credit. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax asset arising mainly on account of brought forward losses and unabsorbed depreciation under tax laws, are recognised, only if there is a virtual certainty of its realisation, supported by convincing evidence. Deferred tax asset on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation. At each Balance Sheet date, the carrying amount of deferred tax assets are reviewed to reassure realisation.

 
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