Mar 31, 2014
1.1 Basis of Preparation
The Financial Statements have been prepared in accordance with the
generally accepted accounting principles applicable in India and to
comply with the applicable Accounting Standards prescribed in the
Companies (Accounting Standards) Rules, 2006 and issued by the central
government in exercise of the power conferred under sub  section (1)
(a) of section 642 of the Companies Act, 1956 and relevant
presentational requirements and are based on historical cost
convention. In preparing these financial statements, accrual basis of
accounting has been followed unless otherwise stated. The Company has
followed the prudential norms of the Reserve Bank of India (RBI) for
Non-banking Finance Companies (NBFC''s) with regard to asset
classification, revenue recognition, Investments and provisioning.
1.2 Use of Estimates
The preparation and presentation of financial statements requires
estimates and assumptions to be made that affect the reported amount of
assets and liabilities and disclosures of contingent liabilities as on
date of the financial statements and reported amount of revenue and
expenses during the reporting period. Difference between the actual
results and estimates is recognised in the period in which the results
are known / materialized.
1.3 Fixed Assets and Depreciation
The gross block of Fixed Assets is stated at cost of acquisition,
including any cost attributable to bringing the assets to their working
condition for their intended use. Depreciation has been provided on
assets, on straight line method at the rates specified in Schedule XIV
to the Companies Act, 1956 on pro-rata basis.
1.4 Investments
"Investments are classified as long-term or short-term, depending upon
the intention to hold the same. Generally investments, which are
readily realisable and are intended to be held for not more than one
year from the date of investment, are regarded as short term
investments. In terms of RBI Guidelines, short-term investments are
valued at cost or market value whichever is lower. Long-term
investments are valued as per the relevant accounting standard."
1.5 Revenue Recognition
Interest income is recognised based on the time proportion.Dividend on
investments is accounted when the right to receive payment is
established in the Company''s favour.
Profit on sale/ redemption of Investments is accounted on sale/
redemption of such investments.
1.6 Taxation
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 "timing differences" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the balance sheet date.
The deferred tax asset is recognised and carried forward only to the
extent that there is a reasonable certainty that the assets will be
realised in future.
1.7 Impairment of Assets
The company assesses at each balance sheet date whether, there is any
indication that an asset may be impaired. If any such indication
exists, the company estimates the recoverable amount of the assets. If
the carrying amount of fixed assets/cash generating unit exceeds the
recoverable amount on the reporting date, the carrying amount is
reduced to the recoverable amount. The recoverable amount is measured
as the higher of the net selling price and the value in use determined
by the present value of estimated future cash flows.
1.8 Provisions and Contingent Liabilities
Provisions are recognised when the Company has a present obligation, as
a result of past events, for which it is probable that an outflow of
economic benefits will be required to settle the obligation and a
reliable estimate can be made for the amount of the obligation.
Contingent Liabilities are not recognised but are disclosed by way of
notes to the accounts. Contingent Assets are neither recognised nor
disclosed.
Mar 31, 2013
1.1 Basis of Preparation
The Financial Statements have been prepared in accordance with the
generally accepted accounting principles applicable in India and to
comply with the applicable Accounting Standards prescribed in the
Companies (Accounting Standards) Rules, 2006 and issued by the central
government in exercise of the power conferred under sub - section (1)
(a) of section 642 of the Companies Act, 1956 and relevant
presentational requirements and are based on historical cost
convention. In preparing these financial statements, accrual basis of
accounting has been followed unless otherwise stated. The Com-''pany has
followed the prudential norms of the Reserve Bank of India (RBI) for
Non-banking Finance Companies (NBFC''s) with regard to asset
classification, revenue recognition, Investments and provisioning.
1.2 Use of Estimates
The preparation and presentation of financial statements requires
estimates and assumptions to be made that affect the reported amount of
assets and liabilities and disclosures of contingent liabilities as on
date of the financial statements and reported amount of revenue and
expenses during the reporting period. Difference between the actual
results and estimates is recognised in the period in which the results
are known / materialized.
1.3 Fixed Assets and Depreciation
The gross block of Fixed Assets is stated at cost of acquisition,
including any cost attributable to bringing the assets to their working
condition for their intended use. Depreciation has been provided on
assets, on straight line method at the rates specified in Schedule XIV
to the Companies Act, 1956 on pro-rata basis.
1.4 Investments
Investments are classified as long-term or short-term, depending upon
the intention to hold the same. Generally investments, which are
readily realisable and are intended to be held for not more than one
year from the date of investment, are regarded as short term
investments. In terms of RBI Guidelines, short-term investments are
valued at cost or market value whichever is lower. Long-term
investments are valued as per the relevent accounting standard.
1.5 Revenue Recognition
Interest income is recognised based on the time proportion.Dividend on
investments is accounted when the right to receive payment is
established in the Company''s favour.
Profit on sale/ redemption of Investments is accounted on sale/
redemption of such investments.
1.8 Taxation
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 "timing differences" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognised and carried forward only to the extent
that there is a reasonable certainty that the assets will be realised
in future.
1.10 Impairment of Assets
The company assesses at each balance sheet date whether, there is any
indication that an asset may be impaired, if any such indication
exists, the company estimates the recoverable amount of the assets. If
the carrying amount of fixed assets/cash generating unit exceeds the
recoverable amount on the reporting date, the carrying amount is
reduced to the recoverable amount. The recoverable amount is measured
as the higher of the net selling price and the value in use determined
by the present value of estimated future cash flows.
1.12 Provisions and Contingent Liabilities
Provisions are recognised when the Company has a present obligation, as
a result of past events, for which it is probable that an outflow of
economic benefits will be required to settle the obligation and a
reliable estimate can be made for the amount of the obligation.
Contingent Liabilities are not recognised but are disclosed by way of
notes to the accounts. Contingent Assets are neither recognised nor
disclosed.
Mar 31, 2012
1.1 Basis of Preparation
The Financial Statements have been prepared in accordance with the
generally accepted accounting principles applicable in India and to
comply with the applicable Accounting Standards prescribed in the
Companies (Accounting Standards) Rules, 2006 and issued by the central
government in exercise of the power conferred under sub - section (1)
(a) of section 642 of the Companies Act, 1956 and relevant
presentational requirements and are based on historical cost
convention. In preparing these financial statements, accrual basis of
accounting has been followed unless otherwise stated. The Com->pany has
followed the prudential norms of the Reserve Bank of India (RBI) for
Non-banking Finance Companies (NBFC's) with regard to asset
classification, revenue recognition, Investments and provisioning.
1.2 Use of Estimates
The preparation and presentation of financial statements requires
estimates and assumptions to be made that affect the reported amount of
assets and liabilities and disclosures of contingent liabilities as on
date of the financial statements and reported amount of revenue and
expenses during the reporting period. Difference between the actual
results and estimates is recognised in the period in which the results
are known / materialized.
1.3 Fixed Assets and Depreciation
The gross block of Fixed Assets is stated at cost of acquisition,
including any cost attributable to bringing the assets to their working
condition for their intended use. Depreciation has been provided on
assets, on straight line method at the rates specified in Schedule XIV
to the Companies Act, 1956 on pro-rata basis.
1.4 Investments
Investments are classified as long-term or short-term, depending upon
the intention to hold the same. Generally investments, which are
readily realisable and are intended to be held for not more than one
year from the date of investment, are regarded as short term
investments. In terms of RBI Guidelines, short-term investments are
valued at cost or market value whichever is lower. Long-term
investments are valued as per the relevant accounting standard.
1.5 Revenue Recognition
Interest income is recognised based on the time proportion. Dividend on
investments is accounted when the right to receive payment is
established in the Company's favour.
Profit on sale/ redemption of Investments is accounted on sale/
redemption of such investments.
1.8 Taxation
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 "timing differences" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the balance sheet date. The
deferred tax asset is recognised and carried forward only to the extent
that there is a reasonable certainty that the assets will be realised
in future.
1.10 Impairment of Assets
The company assesses at each balance sheet date whether, there is any
indication that an asset may be impaired. If any such indication
exists, the company estimates the recoverable amount of the assets. If
the carrying amount of fixed assets/cash generating unit exceeds the
recoverable amount on the reporting date, the carrying amount is
reduced to the recoverable amount. The recoverable amount is measured
as the higher of the net selling price and the value in use determined
by the present value of estimated future cash flows.
1.12 Provisions and Contingent Liabilities
Provisions are recognised when the Company has a present obligation, as
a result of past events, for which it is probable that an outflow of
economic benefits will be required to settle the obligation and a
reliable estimate can be made for the amount of the obligation.
Contingent Liabilities are not recognised but are disclosed by way of
notes to the accounts. Contingent Assets are neither recognised nor
disclosed.
Mar 31, 2011
The Financial Statements have been prepared in accordance with the
generally accepted accounting principles applicable in India and to
comply with the applicable Accounting Standards prescribed in the
Companies (Accounting Standards) Rules, 2006 and issued by the central
government in exercise of the power conferred under sub - section (1)
(a) of section 642 of the Companies Act, 1956 and relevant
presentational requirements and are based on historical cost
convention. In preparing these financial statements, accrual basis of
accounting has been followed unless otherwise stated. The Com-pany has
followed the prudential norms of the Reserve Bank of India (RBI) for
Non-banking Finance Companies (NBFC's) with regard to asset
classification, revenue recognition, Investments and provisioning.
1. Fixed Assets
Fixed Assets have been valued at original cost less depreciation &
Impairment Loss if any.
2. Depreciation
(i) Owned Assets
Depreciation has been provided on assets, on straight line method at
the rates specified in Schedule XIV to the Companies Act, 1956 on
pro-rata basis.
(ii) Leased Assets
In respect of leased assets, in addition to statutory deprecia-tion on
straight-line method, as per sub- clause (i) above, the lease
equalisation on leased assets is computed as per the method recommended
by the Institute of Chartered Accountants of India (ICAI) by charging
the cost of asset over the primary lease period through lease
equalisation account.
3. Stock on Hire
Stock on Hire has been valued at cost as reduced by the principal
amount included in installments, which have matured during the year,
except for the installments, the income for which has not been booked,
in compliance with the RBI guidelines.
4. Investments
(i) Investments are classified as long-term or short-term, depending
upon the intention to hold the same. Generally investments, which are
readily realisable and are intended to be held for not more than one
year from the date of investment, are regarded as short term
investments.
(ii) In terms of RBI Guidelines, short-term investments are valued at
cost or market value whichever is lower. Long-term investments are
valued as per the Accounting Standard of Institute of Chartered
Accountants of India (ICAI).
5. Lease Rentals & Hire Purchase Finance Charges
These are being accounted for on the due dates as per lease/hire
purchase contracts. Hire Purchase finance charges are being recognised
on the basis of Sum of Digits method. Income is not recognised in
respect of Non-Performing Assets, as per the guidelines for prudential
norms prescribed by the Reserve Bank of India.
Mar 31, 2010
The Financial Statements have been prepared in accordance with the
generally accepted accounting principles applicable in India and to
comply with the applicable Accounting Standards prescribed in the
Companies (Accounting Standards) Rules, 2006 and issued by the central
government in exercise of the power conferred under sub - section (1)
(a) of section 642 of the Companies Act, 1956 and relevant
presentational requirements and are based on historical cost
convention. In preparing these financial statements, accrual basis of
accounting has been followed unless otherwise stated. The Company has
followed the prudential norms of the Reserve Bank of India (RBI) for
Non-banking Finance Companies (NBFCs) with regard to asset
classification, revenue recognition, Investments and provisioning.
1. Fixed Assets
Fixed Assets have been valued at original cost less depreciation &
Impairment Loss if any.
2. Depreciation (I) Owned Assets
Depreciation has been provided on assets, on straight line method at
the rates specified in Schedule XIV to the Companies Act, 1956 on
pro-rata basis.
(ii) Leased Assets
In respect of leased assets, in addition to statutory depreciation on
straight-line method, as per sub clause (i) above, the lease
equalisation on leased assets is computed as per the method recommended
by the Institute of Chartered Accountants of India (ICAI) by charging
the cost of asset over the primary lease period through lease
equalisation account.
3. Stock on Hire
Stock on Hire has been valued at cost as reduced by the principal
amount included in installments, which have matured during the year,
except for the installments, the income for which has not been booked,
in compliance with the RBI guidelines.
4. Investments
(i) Investments are classified as long-term or short-term, depending
upon the intention to hold the same. Generally investments, which are
readily realisable and are intended to be held for not more than one
yearfrom the date of investment, are regarded as short term
Investments.
(ii) In terms of RBI Guidelines, short-term investments are valued at
cost or market value whichever is lower. Long-term investments are
valued as per the Accounting Standard of Institute of Chartered
Accountants of India (ICAI).
5. Lease Rentals & Hire Purchase Finance Charges
These are being accounted for on the due dates as per lease/hire
purchase contracts. Hire Purchase finance charges are being recognised
on the basis of Sum of Digits method. Income is not recognised in
respect of Non-Performing Assets, as per the guidelines for prudential
norms prescribed by the Reserve Bank of India.