Mar 31, 2015
A. Corporate Information:
Ushakiran Finance Limited is a Non-Banking Finance Company listed on
the Bombay Stock Exchange (BSE). It is engaged in the business of
financing, investments and trading in equity shares etc.,
B. Basis of Accounting:
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards specified under
Section 133 of the Companies Act,2013, read with Rule 7 of the
Companies (Accounts) Rules, 2014 and the relevant provisions of the
Companies Act, 2013. The financial statements have been prepared on
accrual basis under the historical cost convention, except those with
significant uncertainties. The accounting policies adopted in the
preparation of the financial statements are consistent with those
followed in the previous year except for change in the accounting
policy for depreciation.
C. Use of Estimates:
The preparation of financial statements requires estimates and
assumptions that affect the reported amount of assets and liabilities,
and disclosure of contingent liabilities at that date of the financial
statements and the results of operations during the reporting period.
Although such estimates and assumptions are made on reasonable and
prudent basis taking into account all available information, the actual
results could differ from these estimates and assumptions and such
differences are recognized in the period in which the results are
known/ materialized/crystallised.
D. Prudential Norms:
The company compiles its Financial Statements in accordance with the
prudential norms prescribed by the Reserve Bank of India in respect of:
a) Income recognition.
b) Provisioning for standard, substandard, doubtful and loss Assets.
c) Accounting for Investments.
E. Revenue Recognition:
Income from interest is accounted on due basis, subject to income
recognition and prudential norms of Reserve Bank of India as mentioned
above, interest income on Non-performing, doubtful/loss assets etc.,
are recognized as and when the amount is received and appropriated
towards interest. Dividend Income is accounted when the right to
receive the dividend is established. Sale is recognized when the
significant risks and rewards of ownership have been transferred to the
customers.
F. Expenses:
All the expenses are accounted on accrual basis.
G. Fixed Assets:
Fixed Assets are stated at cost of acquisition.
The acquisition cost includes the purchase price (excluding refundable
taxes, if any) and expenses directly attributable to bring the asset to
the location and condition for its intended use.
H. Depreciation:
Depreciation has been provided on written down value method as per
Schedule XIV of the Companies Act, 1956. Effective 1st April, 2014, the
company depreciates its Fixed Assets over the useful life on written
down value method, in the manner prescribed in Schedule II of the
Companies Act, 2013, as against the earlier practice of depreciating at
the rates prescribed in Schedule XIV of the Companies Act, 1956.
I. Investments:
Investments that are readily realizable and are intended to be held for
not more than one year from the date, on which such investments are
made, are classified as current investments. All other investments,
other than held in Stock-in-Trade, have been classified as long term
investments. Long Term Investments are carried at cost of acquisition.
Unquoted Investments have are valued at cost and the diminution in the
value of quoted investments has been provided, if such decline is other
than temporary in the opinion of management. Current Investments are
stated at lower of cost or fair/market value, determined on an
individual investment basis.
J. Inventories:
Shares and Securities held as Stock-in-Trade are valued scrip wise at
cost or market value whichever is lower.
K. Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes to accounts, if any. Contingent Assets are neither recognized nor
disclosed in the financial statements.
L. Retirement and other employee benefits:
All employees benefits due wholly within a year of rendering services
are classified as short term benefits. These benefits like salaries,
wages short term compensation absences, expected cost of bonus,
ex-gratia are recognized as expenses on accrual basis of undiscounted
amounts in the Statement of Profit and Loss. Retirement benefits to the
Employees will be provided as and when the relevant acts are applicable
to the Company.
M. Accounting for taxes on income:
(a) Current Tax is determined as the amount of tax payable in respect
of its taxable income as per the provisions of the Income Tax Act,
1961.
(b) Deferred tax is recognized, subject to consideration of prudence in
respect of deferred tax assets and liabilities, on timing difference,
being the difference between taxable income and accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods and measured using relevant enacted tax rates.
N. Earnings per Share:
Basic earnings per share is computed and disclosed using the weighted
average number of equity shares outstanding during the year. Dilutive
earnings per share is computed and disclosed using the weighted average
number of equity and dilutive equivalent shares outstanding during the
year, except when the results would be anti-dilutive.
O. Cash Flow Statement:
Cash-flow statement is prepared in accordance with the "Indirect
Method" as explained in the Accounting Standard(AS) 3 - Cash Flow
Statements. Cash and cash equivalent in the cash flow statement
comprises cash in hand, bank balances in current accounts, cheques and
drafts on hand and term deposits with an original maturity of less than
three months.
Mar 31, 2014
B. Basis of Accounting:
The financial statements have been prepared on going concern basis in
accordance with generally accepted accounting principles in India
(Indian GAAP) and comply in all material respects with the accounting
standards notified under the Companies (Accounting Standards) Rules,
2006, (as amended) and the relevant provisions of the Companies Act,
1956 read with general circular 8/2014 dated 2nd April, 2014, issued by
Ministry of Corporate Affairs. The financial statements have been
prepared on accrual basis under the historical cost convention, except
those with significant uncertainties.
C. Use of Estimates:
Estimates and assumptions used in the preparation of the financial
statements are based on management''s, evolution of the relevant facts
and circumstances as of the date of the Financial statements which may
differ from the actual results at a subsequent date. Difference between
the actual results and estimates are recognized in the period in which
the results are known/materialised.
D. Prudential Norms:
The company compiles its Financial Statements in accordance with the
prudential norms prescribed by the Reserve Bank of India in respect of:
a) Income recognition.
b) Provisioning for standard, substandard, doubtful and loss Assets.
c) Accounting for Investments.
E. Revenue Recognition:
Income from interest is accounted on due basis, subject to income
recognition and prudential norms of Reserve Bank of India as mentioned
above, interest income on Non-performing, doubtful/loss assets etc.,
are recognized as and when the amount is received and appropriated
towards interest. Dividend Income is accounted when the right to
receive the dividend is established.
F. Expenses:
All the expenses are accounted on accrual basis.
G. Fixed Assets:
Fixed Assets are stated at cost of acquisition.
H. Depreciation:
Depreciation has been provided on written down value method as per
Schedule XIV of the Companies Act, 1956.
i. investments:
Investments (Long Term) are stated at cost of acquisition.
The diminution in the value of quoted investments has been provided, if
such decline is other than temporary in the opinion of management.
Current Investments are stated at lower of cost or market value,
determined on an individual investment basis.
J. inventories:
Shares and Securities held as Stock-in-Trade are valued scrip wise at
cost or market value whichever is lower.
K. Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes to accounts. Contingent Assets are neither recognized nor
disclosed in the financial statements.
L. Retirement and other employee benefits:
All employees benefits due wholly within a year of rendering services
are classified as short term benefits. These benefits like salaries,
wages short term compensation absences, expected cost of bonus,
ex-gratia are recognized as expenses on accrual basis of undiscounted
amounts in the Statement of Profit and Loss. Retirement benefits to the
Employees will be provided as and when the relevant acts are applicable
to the Company.
M. accounting for taxes on income:
(a) Current Tax is determined as the amount of tax payable in respect
of its taxable income as per the provisions of the Income Tax Act,
1961.
(b) Deferred tax is recognized, subject to consideration of prudence in
respect of deferred tax asset, on timing difference, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods and measured using relevant enacted tax rates.
N. Earnings per share:
Basic earnings per share is computed and disclosed using the weighted
average number of equity shares outstanding during the year. Dilutive
earnings per share is computed and disclosed using the weighted average
number of equity and dilutive equivalent shares outstanding during the
year, except when the results would be anti-dilutive.
Mar 31, 2012
A. Corporate Information: Ushakiran Finance Limited is a Non- Banking
Finance Company listed on the Bombay Stock Exchange. It is engaged in
the business of Financing, investments etc.,
B. Basis of Accounting:
The financial statements are prepared on the basis of historical cost
convention and the accounts are prepared in accordance with the
generally accepted accounting policies and accounting standards
notified undet1 section 211 (3C) Companies (Accounting Standards)
Rules, 2006 and provisions of the Companies Act, 1956 as adopted
consistently by the Company, unless otherwise stated.
C. Use of Estimates:
Estimates and assumptions used in the preparation of the financial
statements are based on management's, evolution of the relevant facts
and circumstances as of the date of the Financial statements which may
differ from the actual results at a subsequent date.
D. Prudential Norms:
The company compiles its Financial Statements in accordance with the
prudential norms prescribed by the Reserve Bank of India in respect of:
a) Income recognition. '
b) Provisioning for standard, substandard, doubtful and loss Assets:
c) Accounting for Investments.
E. Revenue Recognition:
Income from interest is accounted on due basis, subject to income
recognition and prudential norms of Reserve Bank of India as mentioned
above, interest income on Non-performing, doubtful/loss assets etc.,
are recognized as and when the amount is received and appropriated
towards interest. Dividend Income is accounted when the right to
receive the dividend is established.
F. Expenses:
All the expenses are accounted on accrual basis.
G. Fixed Assets:
Fixed Assets are stated at cost of acquisition.
H. Depreciation:
Depreciation has been provided on written down vaiue method as per
Schedule XIV of the Companies Act, 1956.
I. Investments:
Investments (Long Term) are stated at cost of acquisition.
The diminution in the value of quoted investments has been provided, if
such decline is other than temporary in the opinion of management.
J. inventories:
Shares and Securities held as Stock-in-Trade are vatued scrip wise at
cost or market value whichever is lower.
K. Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation iri
measuremenfare recognized when there is present obligation as a result
of past events and it is probable that there will be an outflow of
resources. Contingent Liabili- ties are not recognized but are
disclosed in the notes to accounts. Con* tingent Assets are neither
recognized nor disclosed in the financial state- ments.
L. Retirement and other employee benefits:
All employees benefits due wholly within a year of rendering services
are classified as short term benefits. These benefits like salaries,
wages short term compensation absences, expected cost of bonus,
ex-gratia are recognized as expenses on accrual basis of undiscounted
amounts in the Profit and Loss Account. Retirement benefits to the
Employees will be provided as and when the relevant acts are applicable
to the Company.
M. Accounting for taxes on income: .
(a) Current Tax is determined as the amount of tax payable in respect
of its taxable income as per the provisions of the Income Tax Act,
1961.
(b) Deferred tax is recognized, subject to consideration of prudence in
respect of deferred tax asset, on timing difference, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods and measured using relevant enacted tax rates.
N. Earnings per Share:
Basic earnings per share is computed and disclosed using the weighted
average number of equity shares outstanding during the year. DHutive
earnings per share is computed and disclosed using the weighted average
number of equity and dilutive equivalent shares outstanding during the
year, except when the results would be anti-dilutive.
Mar 31, 2010
A. ACCOUNTING POLICIES:
The financial statements are prepared on the basis of historical cost
convention and the accounts are prepared in accordance with the
generally accepted accounting policies and provisions of the Companies
Act, 1956 as adopted consistently by the Company, unless otherwise
stated.
B. USE OF ESTIMATES :
Estimates and assumptions used in the preparation of the financial
statements are based on managements, evolution of the relevant facts
and circumstances as of the date of the Financial statements which may
differ from the actual results at a subsequent date.
C. PRUDENTIAL NORMS:
The company compiles its Financial Statements in accordance with the
prudential norms prescribed by the Reserve Bank of India in respect of:
a) Income recognition.
b) Provisioning for standard, substandard, doubtful and loss Assets.
c) Accounting for investments.
O. REVENUE RECOGNITION:
Income from interest is accounted on due basis, subject to income
recognition and prudential norms of Reserve Bank of India as mentioned
above, interest income on Non-performing, doubtful/loss assets etc.,
are recognized as and when the amount is received and appropriated
towards interest. Dividend Income is accounted when the right to
receive the dividend is established.
E. EXPENSES:
All the expenses are accounted on accrual basis.
F. FIXED ASSETS:
Fixed Assets are stated at cost of acquisition.
G. DEPRECIATION
Depreciation has been provided on written down value method as per
Schedule XIV of the Companies Act, 1956.
H. INVESTMENTS:
Investments (Long Term) are stated at cost of acquisition.
The diminution in the value of quoted investments have been provided,
if such decline is other than temporary in the opinion of management.
1. INVENTORIES:
Shares and Securities held as Stock-in-Trade are valued scrip wise at
cost or market value whichever is lower.
J. CONTINGENT LIABILITIES:
Unpaid liability for partly paid shares amounts to Rs.7.00 Lakhs
(Rs.7.00 Lakhs)
K. All employees benefits due wholly within a year of rendering
services are classified as short term benefits. These benefits like
salaries, wages, short term compensation absences, expected cost of
bonus, ex-gratia are recognized as expenses on accrual basis of
undiscounted amounts in the Profit and, Loss Account. Retirement
benefits to the Employees will be provided as and when the relevant
acts are applicable to the Company.