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Notes to Accounts of Upasana Finance Ltd.

Mar 31, 2015

1. Share Capital

Shares alloted as fully paid up by way of Bonus shares during 5 years immediately preceding March 31, 2015 Equity shares alloted as fully paid up bonus shares by capitalization of capital redemption reserve is NIL

2. Accounting Policies / compliance of Accounting Standards issued by the Institute of Chartered Accountants of India.

3. Previous year''s figures have been regrouped wherever necessary to conform to current year''s classification


Mar 31, 2014

I. Basis of determining contingent rent:

Contingent rents are payable for excessive, improper or unauthorized use of the asset, beyond the terms of the lease agreement, prejudicially affecting the resale value of the asset, either by way of increase in lease rentals or by way of lump-sum amount, as agreed between the parties.

ii. Renewal/purchase options and escalation clauses:

Lease agreements are renewable for further period or periods on terms and conditions mutally agreed between the parties. Variations in lease rentals are made in the event of a change in the basis of computation of lease rentals by the lessor. iii. There are no restrictions imposed by the lease agreements, concerning dividends, additional debt and further leasing

AS2 Earnings per share (EPS)

Please refer to Statement of Profit and Loss account. There is no diluted earnings per share as there are no dilutive potential equity shares.

AS3 Consolidated financial statements

This Standard is not applicable to the Company.

AS4 Accounting for taxes on Income

Provision for Income Tax is made as per the provisions of Income Tax Act, 1961. The Company has Deferred Tax Asset. However as a measure of Prudence no Deferred Tax asset has been recognised during the year

AS5 Accounting for Investments in associates

This Standard is not applicable to the Company as the Company has no Associate.

AS6 Discontinuing Operations

The company has not discontinued any operations during the year.

AS7 Interim financial Reporting

Quarterly financial results are published in accordance with the guidelines issued by SEBI. The recognition and measurement principles as laid down in the Standard are followed with respect to such results. Quarterly financial results are also subjected to a limited review by the Auditors as required by SEBI.

AS8 Accounting for Intangible Assets

The Company has no intangible assets. As at As at

AS9 Financial Reporting of Interests in Joint Ventures 31/03/2014 31/03/2013

The Company has no Joint Ventures.

AS10 Impairment of Assets

(I) Income Tax 7,54,891 7,54,891

The Company has no impaired assets.

(ii) Employees

As11 Provision, Contingent Liabilities and Contingent Assets State Insurance 73,226 73,226 Liabilities Disputed and Not provided for.


Mar 31, 2012

A Terms/rights attached to shares :

The Company has two class of shares viz., Redeemable Preference shares having a face value of Rs. 100/- each and Equity shares having a face value of Rs. 10/- each. Each holder of equity share is entitled to one vote per share. As and when, the company declares dividend it will be paid in Indian Rupees. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

The terms and conditions of redeemable preference shares will be determined at the time of issue of such shares.

i. Basis of determining contingent rent:

Contingent rents are payable for excessive, improper or unauthorized use of the asset, beyond the terms of the lease agreement, prejudicially affecting the resale value of the asset, either by way of increase in lease rentals or by way of lump-sum amount, as agreed between the parties.

ii. Renewal/purchase options and escalation clauses:

Lease agreements are renewable for further period or periods on terms and conditions mutually agreed between the parties. Variations in lease rentals are made in the event of a change in the basis of computation of lease rentals by the lessor.

iii. There are no restrictions imposed by the lease agreements, concerning dividends, additional debt and further leasing

AS1 Earnings per share (EPS)

Please refer to Profit and Loss account. There is no diluted earnings per share as there are no dilutive potential equity shares.

AS2 Consolidated financial statements

This Standard is not applicable to the Company.

AS3 Accounting for taxes on Income

Provision for Income Tax is made as per the provisions of Income Tax Act, 1961. The Company has Deferred Tax Asset. However as a measure of Prudence no Deferred Tax asset has been recognised during the year

AS4 Accounting for Investments in associates

This Standard is not applicable to the Company as the Company has no Associate.

AS5 Discontinuing Operations

The company has not discontinued any operations during the year.

AS6 Interim financial Reporting

Quarterly financial results are published in accordance with the guidelines issued by SEBI. The recognition and measurement principles as laid down in the Standard are followed with respect to such results. Quarterly financial results are also subjected to a limited review by the Auditors as required by SEBI.

AS7 Intangible Assets

The Company has no intangible assets.

AS8 Financial Reporting of Interests in Joint Ventures The Company has no Joint Ventures.

AS9 Impairment of Assets

The Company has no impaired assets.

AS10 Provision, Contingent Liabilities and Contingent Assets Liabilities Disputed and Not provided for

As at 31.03.2012 As at 31.03.2011

I) Income Tax 7,54,891 6,811

ii) Employees State Insurance 73,226 73,226


Mar 31, 2010

AS17 Segment Reporting

The Company is engaged in the business of financing and accordingly there are no separate reportable segments.

AS18 Related party disclosures

Please refer to Note No III (f) of Notes on Accounts

AS19 Leases

The Company has not given any assets on lease during the year.

The Company has taken vehicles on lease basis for the period up to five years, which are in the nature of operating leases as defined in

the Accounting Standard AS-19 in respect of leases prescribed by the Institute of Chartered Accountants of India.

a) Future Minimum leases payments under non cancelable operating leases in respect of lease agreements entered into on or

b) Lease payments recognized in Profit and Loss A/c 2,40,300 2,20,275

c) Significant Leasing arrangements:

i. Basis of determining contingent rent:

Contingent rents are payable for excessive, improper or unauthorized use of the asset, beyond the terms of the lease agreement,

prejudicially affecting the resale value of the asset, either by way of increase in lease rentals or by way of lump-sum amount, as agreed

between the parties.

ii. Renewal/purchase options and escalation clauses: Lease agreements are renewable for further period or periods on terms and

conditions mutually agreed between the parties. Variations in lease rentals are made in the event of a change in the basis of computation

of lease rentals by the lessor.

iii. There are no restrictions imposed by the lease agreements, concerning dividends, additional debt and further leasing

AS20 Earnings per share (EPS)

Please refer to Profit and Loss account. There is no diluted earnings per share as there are no dilutive potential equity shares.

AS21 Consolidated financial statements

This Standard is not applicable to the Company.

AS22 Accounting for taxes on Income

Please refer to Note No III (e) of Notes on Accounts

AS23 Accounting for Investments in associates

This Standard is not applicable to the Company.

AS24 Discontinuing Operations

The company has not discontinued any operations during the year.

AS25 Interim financial Reporting

Quarterly financial results are published in accordance with the guidelines issued by SEBI. The recognition and measurement principles as laid down in the Standard are followed with respect to such results. Quarterly financial results are also subjected to a limited review by the Auditors as required by SEBI.

AS26 Intangible Assets

The Company has no intangible assets.

AS27 Financial Reporting of Interests in Joint Ventures

The Company has no Joint Ventures.

AS28 Impairment of Assets

The Company has no impaired assets.

AS29 Provision, Contingent Liabilities and Contingent Assets

Please refer Note No II of Notes on Accounts

 
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