Mar 31, 2015
A) Corporate Information :
Adinath Exim Resources Limited was incorporated as a limited company on
20th January 1995, under the companies act of 1956 with Register of
Companies, Gujarat vide Registration no. 04-24300. The Register office
of the company is situated at Ahmadabad. Company also holds a
certificate of registration from Reserve Bank of India to do NBFC
Business vide registration no. 01.00025 dated 20.02.1998.
The Company is engaged in the business of Financing and Investment.
b) Basis of Preparation of Financial Statements:
These financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis. The financial statements are
prepared in accordance with the accounting standards notified by the
Central Government, in terms of 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 2013
Act")/Companies Act, 1956 ("the 1956 Act"), as applicable.
c) Use of Estimates:
The preparation of financial statements in conformity with the India
GAAP requires the management of the company to make estimates and
assumptions considered in the reported amounts of assets and
liabilities (including contingent liabilities) and reported income and
expenses during the year. The management believes that the estimates
used in preparation of the financial statements are prudent and
reasonable. Future results could differ due to these estimates and the
difference between the actual result and estimates are recognized in
the period in which the results are known/materialized.
d) Expenses:
The Company provides for all expenses comprising of Employee Benefit
Expenses and Other Expenses on accrual basis.
e) Revenue Recognition :
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the company and revenue can be reliably
measured.
Bill Discounting & Dividend income is recognized on the time basis
determined by the amount outstanding and the rate applicable and where
no significant uncertainty as to measurability or collectability exits.
f) Cash & Cash Equivalents (For Purpose of Cash Flow Statement)
Cash comprises cash in hand. Cash equivalents are cash at bank that are
readily available for convertible into known amounts of cash and which
are subject to insignificant risk of changes in value.
g) Cash Flow Statement
Cash flow are reported using the indirect method, whereby profit/(loss)
before extraordinary items and tax is adjusted for the effects for the
effects of transactions of non-cash nature and any deferrals or
accruals of past or future cash receipts or payments. The cash flow
from operation, investing and financing activities of the company are
segregated based on the available information.
h) Fixed Assets & Depreciation:
Fixed assets are stated at cost of acquisition. Cost includes
attributable cost incurred for bringing the assets to its working
condition for its intended use. They are stated at historical cost less
accumulated depreciation.
Capital Assets under erection/installation are reflected in the Balance
Sheet as "Capital Work in Progress".
Depreciation on assets is provided on written down value basis (WDV) on
the basis of useful lives of assets as specified in schedule II of the
Companies Act, 2013.
Depreciation on fix assets purchased/acquired during the year is
provided on pro-rata basis according to the period each asset was put
to use during the year.
i) Investment:
The investments made by the Company are categorized as long term
investment and are stated at cost.
j) Impairment of Assets:
The Carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of Impairment based on internal/external
factors. An impairment loss is recognized whenever the carrying amount
of assets exceeds its recoverable amount. After impairment depreciation
is provided on the revised carrying amount of the assets over its
remaining useful life.
During the year there was no impairment of assets of the company.
k) Borrowing Cost:
All Borrowing cost are expensed in the period they occur. Borrowing
cost consists of interest and other cost that an entity incur in the
connection with the borrowing of the funds. Borrowing costs that are
attributable to the acquisition or construction of qualifying assets
are capitalized as part of the cost of such assets. All other borrowing
costs are charged to revenue.
l) Taxes on Income:
Tax on income for the current period is determined on the basis of the
Income Tax Act,1961.
Deferred tax is recognized on timing differences between the accounting
income and taxable income for the year and quantified using the tax
rates and laws enacted or substantively enacted as on the balance sheet
date.
Deferred tax assets are recognized and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realized.
m) Contingent Liabilities and Contingent Assets:
Provision is made for all known liabilities. Contingent Liabilities, if
any are disclosed in the account by way of a note. Contingent assets
are neither recognized nor disclosed in the financial statements.
n) Retirement and Other Employee Benefits:
Gratuity liability is a defined obligation. But it has not been
provided for on the basis of an actuarial valuation of projected unit
credit method. The same shall be accounted for on cash basis as and
when the need so arise.
o) Earning Per Shares:
The Company reports basic and diluted earnings per share (EPS) in
accordance with accounting standard  20 on earning per share. Basic
EPS is computed by dividing the net profit or loss for the year by the
weighted average number of equity shares outstanding during the year.
Mar 31, 2014
A) Basis of Preparation of Financial Statements:
The financial statements have been prepared in accordance with the
generally accepted accounting principles in India under the historical
cost convention on accrual basis, except for certain financial
instrument which are measured at fair value. These financial statements
have been prepared to comply in all material aspects with the
accounting standards notified under section 211 (3C) (which continues
to be applicable in terms of General circular 15/2013 dated September
13, 2013 of the Ministry of Corporate Affairs in respect of Section 133
of the Companies Act, 2013) and other relevant provisions of the
Companies Act, 1956.
b) Use of Estimates:
The preparation of financial statements requires the management of the
company to make estimates and assumptions that affect the reported
balance of assets and liabilities and disclosures relating to the
contingent liabilities as at the date of financial statement and the
reported amount of income and expenses during the reporting period.
Difference between the actual result and estimates are recognized in
the period in which the results are known/materialized.
c) Income from Operations:
Income from operations which comprises bill discounting income and
dividend income are all accounted for on accrual basis.
d) Expenses:
The Company provides for all expenses comprising of Salary to
Employees, Financial Expenses and Selling & Administrative Expenses on
accrual basis.
e) Fixed Assets:
Tangible Assets:
Tangible Assets are stated at cost net of recoverable taxes, trade
discounts and rebates and include amounts added on revaluation, less
accumulated depreciation and impairment loss, if any. The cost of
tangible assets comprise its purchase price, borrowing cost and any
cost directly attributable to bringing the assets to its working
condition for its intended use, net charges on foreign exchange
contracts and adjustments arising from exchange rate variations
attributable to the assets.
Subsequent expenditure related to an item of tangible assets are added
to its book value only if they increase the future benefits from the
existing asset beyond its previously assessed standard of performance.
Projects under which assets are not ready for their intended use are
shown as capital Work-in-Progress.
Intangible Assets:
Intangible Assets are stated at cost of acquisition net of recoverable
taxes less accumulated amortization/depletion and impairment loss, if
any. The cost comprise purchase price, borrowing cost and any cost
directly attributable to bringing the assets to its working condition
for its intended use, net charges on foreign exchange contracts and
adjustments arising from exchange rate variations attributable to the
Intengible assets.
f) Depreciation, Amortisation and Depletion:
The investments made by the Company are catagorised as long term
investment and are stated at cost.
Tangible Assets
Depreciation on fixed assets is provided to the extent of depreciable
amount on the Written Down Value (WDV) Method at the rates and in the
manner prescribed in Schedule XIV to the Companies Act, 1956, which is
mentioned as under.
Type of asset Rate
Plant & Machinery 13.91%
Furniture 18.10%
Computers 40.00%
g) Impairment:
An assets is treated as impaired when the carrying cost of asset
exceeds its recoverable value. An Impairment loss is charged to the
statement of Profit & Loss in the year in which an asset is identified
as impaired. The impairment loss recognised in prior accounting period
is reversed if there has been a change in the estimate of recoverable
amount.
h) Investment:
Long-term investments and current maturities of Long-term investments
are stated at cost, less provision for other than temporary diminution
in value.
i) Borrowing Cost:
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to Statement of Profit and Loss in the
period in which they are incurred.
j) Taxation:
Income Tax payable in India is determined in accordance with the
provisions of the Income Tax Act, 1961. Tax expense comprises of
current tax and deffered tax rates. Deferred income tax reflect the
current period timing differences between taxable income and accounting
income for the period and reversal of timing differences of earlier
years/period.
Deferred tax assets are recognised only to the extent that there is a
reasonable certainty that sufficient future income will be available
except that deffered tax assets, in case there are unabsorbed
depreciation or losses, are recognised if there is virtual certainty
that sufficient future taxable income will be available to realise the
same.
Deferred tax assets and liabilities are measured using the tax rates
and tax law that have been enacted or substantively enacted by the
Balance Sheet date.
k) Provision, Contingent Liabilities and Contingent Assets:
Provision is recognised in the accounts when there is a present
obligation as a result of past event(s) and it is probable that an
outflow of resources will be required to settle the obligation and a
reliable estimate can be made. Provision is not discounted to their
present value and is determined based on the best estimate required to
settle the obligation at the reporting date. These estimates are
reviewed at each reporting date and adjusted to reflect the current
best estimates.
Contingent liabilities are disclosed unless the possibility of outflow
of resources is remote.
Contingent assets are neither recognised nor disclosed in the financial
statements.
l) Retirement Benefits:
No provision for gratuity has been made as no employees has put the
qualifying period of service for the entitlement of this benefit.
m) Earning Per Shares:
The Company reports basic and diluted earnings per share (EPS) in
accordance with Accounting Standard - 20 on earning per share. Basic
EPS is computed by dividing the net profit or loss for the year by the
weighted average number of equity shares outstanding during the year.
Mar 31, 2013
A) Basis of Preparation of Financial Statements:
The financial statements have been prepared on an accrual basis, on a
historical cost convention and are materially in compliance with the
requirements of the Companies Act, 1956 as well as the mandatory
accounting standards issued by the Institute of Chartered Accountants
of India.
b) Use of Estimates:
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the data of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognized in the period in
which the results are known/materialized.
c) Income from Operations:
Income from operations which comprises interest and bill discounting
income and other income are all accounted for on accrual basis.
d) Expenses:
The Company provides for all expenses comprising of Salary to Employees
and Administrative Expenses on accrual basis.
e) Fixed Assets:
Fixed assets are stated at cost of acquisition. Cost includes
attributable cost incurred for bringing the assets to its working
condition for its intended use. They are stated at historical cost less
accumulated depreciation.
Depreciation on assets is provided on written down value basis (WDV) at
the rates and in the manner prescribed in schedule XIV of the Companies
Act, 1956.
f) Investment:
The investments made by the Company are categorized as long term
investment and are stated at cost.
g) Borrowing Cost:
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. All other borrowing costs are charged to revenue.
h) Taxes on Income:
Tax on income for the current period is determined on the basis of the
Income Tax Act,1961.
Deferred tax is recognized on timing differences between the accounting
income and taxable income for the year and quantified using the tax
rates and laws enacted or substantively enacted as on the balance sheet
date.
Deferred tax assets are recognized and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realized.
i) Contingent Liabilities and Contingent Assets:
Provision is made for all known liabilities. Contingent Liabilities, if
any are disclosed in the account by way of a note. Contingent assets
are neither recognized nor disclosed in the financial statements.
j) Impairment of Assets:
Impairment of assets is recognized when there is an indication of
impairment. On such indication the recoverable amount of assets is
estimated and if such estimation is less than its carrying amount, the
carrying amount is adjusted to its recoverable amount.
k) Retirement Benefits:
No provision for gratuity has been made as no employees has put the
qualifying period of service for the entitlement of this benefit.
l) Earning Per Shares:
The Company reports basic and diluted earnings per share (EPS) in
accordance with accounting standard - 20 on earning per share. Basic
EPS is computed by dividing the net profit or loss for the year by the
weighted average number of equity shares outstanding during the year.
(iii) The Company has issued only one class of shares referred to as
Equity Shares having a par value of Rs. 10/-. All Equity Shares carry one
vote per share without restrictions and are entitled to Dividend, as
and when declared. All shares rank equally with regard to the
Company''s residual assets.
Mar 31, 2012
A) Basis of Preparation of Financial Statements
The financial statements have been prepared on an accrual basis, on a
historical cost convention and are materially in compliance with the
requirements of the Companies Act, 1956 as well as the mandatory
accounting standards issued by the Institute of Chartered Accountants
of India.
b) Use of Estimates :
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the data of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognized in the period in
which the results are known/materialised.
c) Income from Operations :
Income from operations which comprises interest income and other income
are all accounted for on accrual basis.
d) Expenses :
The Company provides for all expenses comprising of Salary to Employees
and Administrative Expenses on accrual basis.
e) Fixed Assets :
Fixed assets are stated at cost of acquisition. Cost includes
attributable cost incurred for bringing the assets to its working
condition for its intended use. They are stated at historical cost less
accumulated depreciation.
Depreciation on assets is provided on written down value basis (WDV) at
the rates and in the manner prescribed in schedule XIV of the Companies
Act, 1956.
f) Investment :
The investments made by the Company are catagorised as long term
investment and are stated at cost.
g) Borrowing Cost :
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. All other borrowing costs are charged to revenue.
h) Taxes on Income :
Tax on income for the current period is determined on the basis of the
Income Tax Act 1961.
Deferred tax is recognised on timing differences between the accounting
income and taxable income for the year and quantified using the tax
rates and laws enacted or substantively enacted as on the balance sheet
date.
Deferred tax assets are recognised and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realised.
i) Contingent Liabilities and Contingent Assets :
Provision is made for all known liabilities. Contingent Liabilities, if
any are disclosed in the account by way of a note. Contingent assets
are neither recognized nor disclosed in the financial statements.
j) Impairment of Assets :
Impairment of assets is recognized when there is an indication of
impairment. On such indication the recoverable amount of assets is
estimated and if such estimation is less then its carrying amount, the
carrying amount is adjusted to its recoverable amount.
k) Retirement Benefits:
No provision for gratuity has been made as no employees has put the
qualifying period of service for the entitlement of this benefit.
l) Earning Per Shares :
The Company reports basic and diluted earnings per share (EPS) in
accordance with accounting standard à 20 on earning per share. Basic
EPS is computed by dividing the net profit or loss for the year by the
weighted average number of equity shares outstanding during the year.
Mar 31, 2010
A) System of Accounting:
The company adopts the accrual basis in the preparation of the
accounts.
b) Income From Operations:
Income from operations which comprises interest income and other income
are all accounted for on accrual basis.
c) Expenses:
The Company provides for all expenses comprising of administrative and
others on accrual basis.
d) Fixed Assets:
Fixed Assets are capitalised at cost inclusive of expenses.
e) Depreciation:
Depreciation on Fixed assets is provided as per Written Down Value
method in terms of Section 350 of the Companies Act, 1956 at the rates
prescribed under Schedule XIV of the said Act.
f) Investments:
The Company values the investment at cost. The company adopts FIFO
method for valuation of its investments.
g) Miscellaneous Expenditure:
Preliminary and Public-Issue expenditure are written off over a period
of 5 years.
h) Taxes on Income :
Tax on income for the current period is determined on the basis of the
income tax act, 1961.
Deferred tax is recognised on timing differences between the accounting
income and taxable income for the year and quantified using the tax
rates and laws enacted or substantively enacted as on the balance sheet
date.
Deferred tax assets are recognised and carried forward to the extent
that there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realised.
i) Contingent Liabilities:
Provision is made for all known liabilities. Contingent Liabilities, if
any are disclosed in the account by way of a note.
j) Impairment of Assets:
Impairment of assets is recognized when there is an indication of
impairment. On such indication the recoverable amount of assets is
estimated and if such estimation is less then its carrying amount, the
carrying amount is adjusted to its recoverable amount.
k) Retirement Benefits :
No provision for gratuity has been made as no employees has put the
qualifying period of service for the entitlement of this benefit.
l) Earning Per Shares :
The Company reports basic and diluted earning per share in accordance
with accounting standard à 20 on earning per share. Basic EPS is
computed by dividend the net profit or loss for the year by the
weighted average number of equity shares outstanding during the year.