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.
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.
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.
Expenses are net of taxes recoverable, where applicable
Mar 31, 2012
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.
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.