Mar 31, 2015
1. Basis of preparation of Accounts
The financial statements are prepared on accrual basis, following the
historical cost convention in accordance with the Generally Accepted
Accounting Principles (GAAP) which are consistently adopted by the
Company, and in compliance with the Accounting Standard issued by the
Institute of Chartered Accountants of India and provisions of the
Companies Act 1956, to the extent applicable.
All the 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 VI to the Companies Act, 1956. Based on
the nature of the products and the time between the acquisition of
assets for processing and their realization in cash and cash
equivalents, the Company had ascertained its operating cycle as 12
months for the purpose of current or non current classifications of
assets and liabilities.
2. 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 and disclosure of contingent liabilities on the date of the
financial statements. Any differences between the actual results and
the estimates are recognized in the period in which the results are
known / materialized.
3. Fixed Assets
Fixed Assets are stated at cost of acquisition including expenses
incidental to their acquisition less accumulated depreciation &
impairment.
4. Depreciation
There is no fixed assets in the books of the company and hence no
requirement for providing any depreciation in the books of accounts.
5. Revenue Recognition
Revenue is recognized to the extent it is probable that the economic
benefits will flow to the company and the revenue can be reliably
measured.
Income from interest is recognized and stated at gross of tax deducted
at source.
6. Foreign Exchange Transaction
Transaction in foreign currency is recorded at the original rate of
exchange in force at the time of transaction were effected. Current
assets & liabilities balances in foreign currencies at the balance
sheet date are restated at the yearend exchange rates and the resultant
net gain or loss adjusted in the revenue account.
7. Employee Benefits
a) Short-term employee benefits are recognized as an expense at the
undiscounted amount in the profit and loss account of the year in which
the related service is rendered.
b) Post employment and other long term employee benefits are recognised
as an expense in the profit and loss account for the year in which the
employee has rendered services. The expense is recognised at the
present value of the amount payable determined using actuarial
valuation techniques. Actuarial gains and loss in respect of post
employment and other long term benefits are charged to the profit and
loss account.
8. Retirement Benefits
Company has policy of making provision for retirement benefits as and
when the liability arises.
9. Impairment Of Assets
An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value. An impairment loss is charged to the
profit and loss account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount.
10. Derivate Instruments
Derivate financial instruments are recorded at fair value on the date
of the derivative transaction and are re measured at their fair value
at subsequent balance sheet date. Changes in the fair value of
derivatives are recorded in the Profit & loss account.
11. Provision for Current and 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 "time differences" between taxable and
accounting income, if material, is accounted using the tax rates and
laws that are enacted or substantively enacted as on balance sheet
date.
12. Related Party Disclosures
There are no related party transactions involved during this financial
year.
13. Foreign Currency Transactions
There is no income or expenditure in foreign currency during the year.
14. EARNING PER SHARE
Particulars As At 31 March 2015 (Amount in 000)
Net Profit / (Loss) After Tax 4,38,580
available for
Equity Share Holders
Weighted Average Number of Equity 49,44,225
Shares of Rs. 10/- each
outstanding during the year
Basic / Diluted Earning Per Share 0.09
Rs.
Particulars As At 31 March 2014 (Amount in 000)
Net Profit / (Loss) After Tax 6,77,400
available for
Equity Share Holders
Weighted Average Number of Equity 49,44,225
Shares of Rs. 10/- each
outstanding during the year
Basic / Diluted Earning Per Share 0.14
Rs.
15. Others
a. Company has policy of making provision for retirement benefits as
and when the liability arises.
b. Figures are rounded off to nearest rupees.
c. In the opinion of the Management current assets, advances are
approximately of the value stated if realized in the ordinary course of
business except otherwise stated.
d. Previous year figures have been regrouped or rearranged wherever
necessary.
Mar 31, 2013
1. Change in the name of the Company During the year company has
changed its name from Surya Globefin Limited to TIRUPATl FlNCORP
LIMITED.
2. Basis of preparation of financial statements
The financial statements are prepared under the historical cost
convention on accrual basis of accounting and in accordance with
accounting principles generally accepted in India. The Financial
Statements comply in all material aspects with the Accounting Standards
notified under the Companies (Accounting Standards) Amendments Rules
2011 and the relevant provisions of the Companies Act, 1956.
All the 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 VI to the Companies Act, 1956. Based on
the nature of the products and the time between the acquisition of
assets for processing and their realization in cash and cash
equivalents, the Company had ascertained its operating cycle as 12
months for the purpose of Current or non Current classifications of
assets and liabilities.
3. Share Capital
* During the year, Company has invited share application from existing
Shareholder and equity share Capital of Rs 20000000.00 ( 2000000 equity
share @Rs 10/- each) has been allotted at Rs 21/- per share (including
11/-per share as securities premium).
* None of Shareholder holding more than 5% of share during the year 4.
Transfer to Reserves
Despite of no dividend declaration, Company has transferred 20% of
Profit after tax to Special Reserve Fund from the current protits as
per RBI Guidelines
5. Long Term Borrowings
* Borrowing loans and advances from other than relatives parties is
unsecured.
6. Short Term Borrowings
Borrowings by way of Bank Overdraft from Oriental Bank Of Commerce is
secured by way of pledge FDR with Bank of Rs 40 lakhs.
7. Income Tax & MAT Tax
Taxes on income are accounted for in accordance with Accounting
Standard (AS) 22 Accounting for taxes on income. Provision for Income
Tax comprises current tax, previous tax and MAT tax on Balance Sheet
date
Current Tax is determined as the amount of tax payable in respect of
taxable income for the period
8. Noncurrent investments
Noncurrent Investments comprises of Traded Investments and Non Traded
Investments under the head Non Current Investments.
Traded Investments include FDR of Rs 40 Lakhs with Oriental Bank of
Commerce (pledged against Bank Overdraft Limit including accrued
Interest)
Non trade investments are valued at cost unless staled otherwise
Investments made in unquoted equity instruments of Tea Exchange Bharath
Ltd and Golden era Plantation Pvt Ltd during the year as staled in
Schedule-8.
9. Long Term Loan & Advances
During the year company has made loans and advance and earned interest
income on them is unsecured considered good.
10. Short Term Loan & Advances
Loan & Advances for less than one year made by the company to the
parties amounting to Rs 14664880/- is unsecured considered good
11. Revenue Recognition
Revenue is recognised when significant risks & rewards of ownership of
goods has been passed on to the buyer.
* Sale of goods (Fabrics) is exclusive of sales tax.
* Income from interest is recognized and stated at gross of tax
deducted at source.
12. Expenses
Expenses are net of taxes recoverable, where applicable
Mar 31, 2012
1. General
Accounting Policies not specifically referred to otherwise be
consistent and in consonance with generally accepted accounting
principles.
2. Revenue Recognition
Expenses and Income considered payable and receivable respectively are
accounting for on accrual basis except discounts claims relates and
retirement benefits in respect of leave encashment which cannot be
determined with certainty during the year and Interest.
3 Fixed Assets
Fixed assets are stated at their original cost of acquisition including
taxes freight and other incidental expenses related to acquisition and
installation of the concerned assets less depreciation till date.
4. Depreciation:-
Depreciation on Fixed Assets has been provided on straight line method,
on the cost of Fixed Assets as per the rates, provided in Schedule XIV
of the Companies Act, 1956 except non charging of 100% depreciation on
assets costing below Rs. 5000/-. Further, in case of addition,
depredation has been provided on pro-rata basis commencing from the
date on which the asset is commissioned.
5. Investments :-
Investments are staled at cost.
6. Taxes on Income:-
Prevision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the Income
Tax Act, 1961. The deferred tax for timing differences between the book
and tax profits for the year is accounted for, using the tax rates and
laws that have been substantively enacted as of the balance sheet date.
Deferred tax assets arising from timing differences are recognised to
the extent there is reasonable certainty that these would be realised
in future.
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