Mar 31, 2015
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The Financial Statements have been prepared under the historical cost
convention method on the accrual basis of accounting and in accordance
with Generally Accepted Accounting Principles in India (GAAP) and
comply with the Accounting Standards notified under the Companies
(Accounting Standards) Rules, 2006 (as amended), the relevant
provisions of the Companies Act, 2013 read with applicable Companies
(Accounts) Rules, 2014 and to the extent applicable, with the
provisions of Non - Banking Financial (Non - Deposit accepting or
Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007
[NBFC Directions].
b) USE OF ESTIMATES
The preparation of the financial statements in conformity with the
Indian GAAP requires the management to make judgements, estimates and
assumptions that affect the reported amount of revenues, expenses,
assets and liabilities and the disclosure of contingent liabilities, at
the end of reporting period. Although these estimates are based on
management's best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amount of assets or
liabilities in future periods.
Management believes that the estimates used in the presentation of
financial statements are prudent and reasonable. Actual result could
differ from these estimates.
c) RECONGNITION OF INCOME AND EXPENDITURE
Items of income and expenditure are recognised on accrual and prudent
basis with due compliance of the Guidelines of the Reserve Bank of
India on Prudential Norms for income recognition and provisioning for
non-performing assets.
d) FIXED ASSETS AND DEPRECITION
i) All the Fixed Assets have been stated at cost of acquisition with
the resultant write-up due to revaluation, as there may be.
ii) Depreciation on all fixed assets have been provided on pro-rata
basis on reducing balance method over the estimated useful lives of the
assets as specified in requirement of Schedule II to the companies Act,
2013.
iii) The Company has charged depreciation in line with the requirements
of Schedule II of the Companies Act, 2013 from 1st April, 2014 and as a
result, the estimated useful life of certain tangible assets have been
revised. Pursuant to the transitional provision set out in the said
schedule, the carrying amount (after retaining the residual values)
aggregating Rs.6,545 relating to tangible assets with no residual
useful life as at 1st April, 2014 has been debited to Retained Earnings
(Refer Note 3). Accordingly, the depreciation expense for the year
ended 31st March, 2015 is higher and profit before tax as disclosed in
the Statement of Profit and Loss is lower by Rs.53,775, and tangible
fixed assets of the Company as at 31st March, 2015 is lower by Rs.
55,948.
e) INVESTMENTS
Investments have been classified into long-term investments and current
investments in accordance with the Accounting Standard 13 issued by the
Institute of Chartered Accountants of India. Long
Term Investments are stated at cost. Current investments are valued at
lower of cost and market/ fair value determined by category of
investments. Provisions in respect of diminution other than temporary,
in the value of long term quoted investments are recognized on a
prudent basis. Gains/ losses on disposal of investments are recognized
as income/expenditure. Dividends are accounted for when the right to
receive the payment is established.
f) RETIREMENT BENEFITS
The Company contributes to Provident Fund and Superannuation Fund which
are administered by duly constituted and approved independent
Trust/Government and such defined contributions are charged against
revenues every year.
Accrued liability in respect of retirement gratuities are actuarially
ascertained at the year end. The Company has created a Gratuity Fund
under Group Gratuity Scheme under which yearly premium is being paid to
take care of current as well as past liability. The annual premium for
the year is charged to the financial statements.
Accrued liability in respect of leave encashment benefits on retirement
is actuarially ascertained at the year end and provided for in the
financial statements.
g) IMPAIRMENT
Impairment loss is recognized wherever the carrying amount of the Fixed
Assets exceeds the recoverable amount i.e. the higher of the assets net
selling price and value in use.
h) ACCOUNTING FOR TAXES ON INCOME
Tax expense comprises current and deferred Tax. Current income tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Ta x Act.
Deferred tax is recognized on timing differences, 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.
Deferred tax assets are recognized only if there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets will be realised. Such assets
are reviewed as at each Balance Sheet date to reassess realisability
thereof.
i) EARNINGS PER SHARE
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
j) PROVISIONS, CONTINGENT LIABILITIES CONTINGENT ASSETS
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be outflow of resources.
A contingent liability is a possible obligation that arises from past
events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the Company or a present obligation that is not recognised
because it is not probable that an outflow of resources will be
required to settle the obligation. The Company does not recognise a
contingent liability but discloses its existence in the financial
statements.
Contingent assets are neither recognised nor disclosed in the financial
statements.
Mar 31, 2014
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The Financial Statements have been prepared under the historical cost
convention method on the accrual basis of accounting and in accordance
with Generally Accepted Accounting Principles in India (GAAP) and
comply with the Accounting Standards notified under the Companies
(Accounting Standards) Rules, 2006 (as amended) and the relevant
provisions of the Companies Act, 1956.
b) USE OF ESTIMATES
The preparation of the financial statements in conformity with the
Indian GAAP requires the management to make judgements, estimates and
assumptions that affect the reported amount of revenues, expenses,
assets and liabilities and the disclosure of contingent liabilities, at
the end of reporting period. Although these estimates are based on
management''s best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amount of assets or
liabilities in future periods.
Management believes that the estimates used in the presentation of
financial statements are prudent and reasonable. Actual result could
differ from these estimates.
c) RECONGNITION OF INCOME AND EXPENDITURE
Items of income and expenditure are recognised on accrual and prudent
basis with due compliance of the Guidelines of the Reserve Bank of
India on Prudential Norms for income recognition and provisioning for
non-performing assets.
d) FIXED ASSETS AND DEPRECITION
i) All the Fixed Assets have been stated at cost of acquisition with
the resultant write-up due to revaluation, as there may be.
ii) Depreciation on all fixed assets have been provided on written down
value method at the rates and in the manner specified in Schedule XIV
to the Companies Act, 1956.
e) INVESTMENTS
Investments have been classified into long-term investments and current
investments in accordance with the Accounting Standard 13 issued by the
Institute of Chartered Accountants of India. Long Term Investments are
stated at cost. Current investments are valued at lower of cost and
market/ fair value determined by category of investments. Provisions in
respect of diminution other than temporary, in the value of long term
quoted investments are recognized on a prudent basis. Gains/ losses on
disposal of investments are recognized as income/expenditure. Dividends
are accounted for when the right to receive the payment is established.
f) RETIREMENT BENEFITS
The Company contributes to Provident Fund and Superannuation Fund which
are administered by duly constituted and approved independent
Trust/Government and such defined contributions are charged against
revenues every year.
Accrued liability in respect of retirement gratuities are actuarially
ascertained at the year end. The Company has created a Gratuity Fund
under Group Gratuity Scheme under which yearly premium is being paid to
take care of current as well as past liability. The annual premium for
the year is charged to the financial statements.
Accrued liability in respect of leave encashment benefits on retirement
is actuarially ascertained at the year end and provided for in the
financial statements.
g) IMPAIRMENT
Impairment loss is recognized wherever the carrying amount of the Fixed
Assets exceeds the recoverable amount i.e. the higher of the assets net
selling price and value in use.
h) ACCOUNTING FOR TAXES ON INCOME
Tax expense comprises current and deferred Tax. Current income tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act.
Deferred tax is recognized on timing differences, 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.
Deferred tax assets are recognized only if there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets will be realised. Such assets
are reviewed as at each Balance Sheet date to reassess realisability
thereof.
i) EARNINGS PER SHARE
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
j) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be outflow of resources.
A contingent liability is a possible obligation that arises from past
events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the Company or a present obligation that is not recognised
because it is not probable that an outflow of resources will be
required to settle the obligation. The Company does not recognise a
contingent liability but discloses its existence in the financial
statements.
Contingent assets are neither recognised nor disclosed in the financial
statements.
Mar 31, 2012
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The Financial Statements have been prepared under the historical cost
convention method on the accrual basis of accounting and in accordance
with generally accepted Accounting principles in India and comply with
the Accounting Standards notified under the Companies (Accounting
Standards) Rules, 2006 (as amended) and the relevant provisions of the
Companies Act, 1956.
b) PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS
During the year ended 31st March, 2012, the revised Schedule VI
notified under the Companies Act, 1956 has become applicable to the
Company for preparation and presentation of its financial statements.
The adoption of revised Schedule VI does not impact recognition and
measurement policies followed for preparation of financial statements.
However, it has significant impact on presentation and disclosure made
in the financial statements. The Company has also reclassified its
previous years figures in accordance with the requirements applicable
in the current year.
c) USE OF ESTIMATES
The preparation of the financial statements in conformity with the
Indian GAAP requires the management to make judgements, estimates and
assumptions that affect the reported amount of revenues, expenses,
assets and liabilities and the disclosure of contingent liabilities, at
the end of reporting period. Although these estimates are based on
management's best knowledge of current events and actions,
uncertainty about these assumption and estimates could result in the
outcomes requiring a material adjustment to the carrying amount of
assets or liabilities in future periods.
Management believes that the estimates used in the presentation of
financial statements are prudent and reasonable. Actual result could
differ from these estimates.
d) RECONGNITION OF INCOME AND EXPENDITURE
Items of income and expenditure are recognised on accrual and prudent
basis with due compliance of the Guidelines of the Reserve Bank of
India on Prudential Norms for income recognition and provisioning for
non-performing assets.
e) FIXED ASSETS AND DEPRECITION
i) All the Fixed Assets have been stated at cost of acquisition with
the resultant write-up due to revaluation, as there may be.
ii) Depreciation on all fixed assets have been provided on written down
value method at the rates and in the manner specified in Schedule XIV
to the Companies Act, 1956.
f) INVESTMENTS
Investments have been classified into long-term investments and current
investments in accordance with the Accounting Standard 13 issued by the
Institute of Chartered Accountants of India. Long Term Investments are
stated at cost. Current investments are valued at lower of cost and
market/ fair value determined by category of investments. Provisions in
respect of diminution other than temporary, in the value of long term
quoted investments are recognized on a prudent basis. Gains/losses on
disposal of investments are recognized as income/expenditure. Dividends
are accounted for when the right to receive the payment is established.
g) RETIREMENT BENEFITS
The Company contributes to Provident Fund and Superannuation Fund which
are administered by duly constituted and approved independent
Trust/Government and such defined contributions are charged against
revenues every year.
Accrued liability in respect of retirement gratuities are actuarially
ascertained at the year end. The Company has created a Gratuity Fund
under Group Gratuity Scheme under which yearly premium is being paid to
take care of current as well as past liability. The annual premium for
the year is charged to the financial statement.
Accrued liability in respect of leave encashment benefits on retirement
is actuarially ascertained at the year end and provided for in the
financial statements.
h) IMPAIRMENT
Impairment loss is recognized wherever the carrying amount of the Fixed
Assets exceeds the recoverable amount i.e. the higher of the assets net
selling price and value in use.
i) ACCOUNTING FOR TAXES ON INCOME
Tax expense comprises current and deferred Tax. Current income tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act.
Deferred tax is recognized on timing differences, 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.
Deferred tax assets are recognized only if there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets will be realised. Such assets
are reviewed as at each Balance Sheet date to reassess realisability
thereof.
j) EARNINGS PER SHARE
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
k) PROVISIONS, CONTIGENT LIABILITIES CONTIGENT ASSETS
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be outflow of resources.
A contingent liability is a possible obligation that arises from past
events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the company or a present obligation that is not recognised
because it is not probable that an outflow of resources will be
required to settle the obligation. The company does not recognise a
contingent liability but discloses its existence in the financial
statements by way of Notes.
Contingent assets are neither recognised nor disclosed in financial
statements.
Mar 31, 2011
1.1 RECOGNITION OF INCOME AND EXPENDITURE
Items of income and expenditure are recognised on accrual and prudent
basis with due compliance of the Guidelines of the Reserve Bank of
India on Prudential Norms for income recognition and provisioning for
non-performing assets.
1.2 ACCOUNTING FOR INCOME FROM LEASE / FINANCE ACTIVITIES
Lease Rentals and other receivables are accounted for on accrual basis
and as per relevant lease agreements. Lease Equalisation Adjustment
for the year represents Annual Lease Charges i.e., annually apportioned
cost of net investments in the leased assets over the lease term on
Internal Rate of Return method less depreciation on the related leased
assets.
1.3 FIXED ASSETS
All the Fixed Assets have been stated at cost of acquisition with the
resultant write-up due to revaluation, as there may be.
1.4 DEPRECIATION
Depreciation on all fixed assets (including those given on lease /
rental) is provided on written down value method at the rates and in
the manner specified in Schedule XIV to the Companies Act, 1956.
1.5 INVESTMENTS
Investments have been classified into long-term investments and current
investments in accordance with the Accounting Standard 13 issued by the
Institute of Chartered Accountants of India. Long Term Investments are
stated at cost or below cost wherever applicable. Current investments
are valued at lower of cost and market / fair value determined by
category of investments. Reclassification of investments from current
to long term is made at lower of cost and fair value at the date of
transfer. Provisions in respect of diminution other than temporary, in
the value of long term quoted investments are recognized on a prudent
basis. Gains / losses on disposal of investments are recognized as
income / expenditure. Dividends are accounted for when the right to
receive the payment is established.
1.6 RETIREMENT BENEFITS
The Company contributes to Provident Fund and Superannuation Fund which
are administered by duly constituted and approved independent
Trust/Government and such defined contributions are charged against
revenues every year.
Accrued liability in respect of retirement gratuities are actuarially
ascertained at the year end. The Company has created a Gratuity Fund
under Group Gratuity Scheme under which yearly premium is being paid to
take care of current as well as past liability. The annual premium is
charged to the accounts.
Accrued liability in respect of leave encashment benefits on retirement
is actuarially ascertained at the year end and provided for in the
accounts.
1.7 IMPAIRMENT
Impairment loss is recognized wherever the carrying amount of the Fixed
Assets exceeds the recoverable amount i.e. the higher of the assets net
selling price and value in use.
1.8 ACCOUNTING FOR TAXES ON INCOME
Deferred tax is recognized on timing differences, 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.
Deferred tax assets are recognised only if there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets will be realised. Such assets
are reviewed as at each Balance Sheet date to reassess realisability
thereof.
Mar 31, 2010
1.1 RECOGNITION OF INCOME AND EXPENDITURE
Items of income and expenditure are recognised on accrual and prudent
basis with due compliance of the Guidelines of the Reserve Bank of
India on Prudential Norms for income recognition and provisioning for
non-performing assets.
1.2 ACCOUNTING FOR INCOME FROM LEASE / FINANCE ACTIVITIES
1.2.1 Lease rentals and other receivables are accounted for on accrual
basis and as per relevant lease agreements. Lease Equalisation
Adjustment for the year represents Annual Lease Charges i.e., annually
apportioned cost of net investments in the leased assets over the lease
term on Internal Rate of Return method less depreciation on the related
leased assets.
1.3 FIXED ASSETS
All the Fixed Assets, including assets given on lease / rental have
been stated at cost of acquisition with the resultant write-up due to
revaluation, as there may be.
1.4 DEPRECIATION
Depreciation on all fixed assets (including those given on lease /
rental) is provided on written down value method at the rates and in
the manner specified in Schedule XIV to the Companies Act, 1956.
1.5 INVESTMENTS
Investments have been classified into long-term investments and current
investments in accordance with the Accounting Standard 13 issued by the
Institute of Chartered Accountants of India. Long Term Investments are
stated at cost or below cost wherever applicable. Current investments
are valued at lower of cost and market / fair value determined by
category of investments. Reclassification of investments from current
to long term is made at lower of cost and fair value at the date of
transfer. Provisions in respect of diminution other than temporary, in
the value of long term quoted investments are recognized on a prudent
basis. Gains / losses on disposal of investments are recognized as
income / expenditure. Dividends are accounted for when the right to
receive the payment is established.
1.6 RETIREMENT BENEFITS
The Company contributes to Provident Fund and Superannuation Fund which
are administered by duly constituted and approved independent
Trust/Government and such defined contributions are charged against
revenues every year.
Accrued liability in respect of retirement gratuities are actuarially
ascertained at the year end. The Company has created a Gratuity Fund
under Group Gratuity Scheme under which yearly premium is being paid to
take care of current as well as past liability. The annual premium is
charged to the accounts.
Accrued liability in respect of leave encashment benefits on retirement
is actuarially ascertained at the year end and provided for in the
accounts.
1.7 IMPAIRMENT
Impairment loss is recognized wherever the carrying amount of the Fixed
Assets exceeds the recoverable amount i.e. the higher of the assets net
selling price and value in use.
1.8 ACCOUNTING FOR TAXES ON INCOME
Deferred tax is recognized on timing differences, 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.
Deferred tax assets are recognised only if there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets will be realised. Such assets
are reviewed as at each Balance Sheet date to reassess realisability
thereof.
Fringe benefit tax is determined as an amount of tax payable as
computed in accordance with the relevant provisions of the Income Tax
Act, 1961.