Mar 31, 2015
I. Basis of preparation of financial statements:
These financial statements have been prepared to comply with Accounting
Principles Generally accepted in India (Indian GAAP), the Accounting
Standards notified under the Companies (Accounting Standards) Rules,
2014 and the relevant provisions of the Companies Act, 2013. The
financial statements are prepared on accrual basis under the historical
cost convention. The financial statements are presented in Indian
rupees.
II. Income and Expenditure
Income and Expenditure are accounted for on accrual basis except
finance charges and interest on bad & doubtful debts which is
recognized as per IRAC norms of RBI guidelines.
III. Tangible & Intangible Fixed Assets & Depreciation
a) Fixed Assets are stated at their original cost of acquisition
inclusive of inward freight, duties and expenditure incurred in their
acquisition, construction / installation.
b) Depreciation / amortization on tangible and intangible fixed assets
is provided to the extent of depreciable amount on the straight line
(SLM) Method. Depreciation is provided at the rates and in the manner
prescribed in Schedule II to the Companies Act, 2013.
IV. Investments
Investment has been bifurcated into 'long term' and 'current'
categories as per RBI Norms. Long term investment is valued at cost and
current investment at cost or market value whichever is less. However,
provision is being made where diminution in the value of long term
investment other than temporary.
V. INVENTORIES
Inventories of shares have been valued at cost or market price
whichever is less.
VI. LOANS & ADVANCES
Loans and Advances are classified in accordance with IRAC norms issued
by RBI.
VII. Dividend is accounted for as and when it is declared.
VIII. Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand and short term investments with an
original maturity of three months or less
IX. Provision, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a 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. Contingent assets are neither recognized nor disclosed in the
financial statements.
X. Unless specifically stated to be otherwise, these policies are
consistently followed.
Mar 31, 2013
I. Basis of Accounting
The Company has prepared its financial statements in accordance with
applicable Accounting Standards, generally accepted accounting
principles and also in accordance with the requirements of the
Companies Act, 1956.
II. Income and Expenditure
Income and Expenditure are accounted for on accrual basis except
finance charges and interest on bad & doubtful debts which is
recognized as per IRAC norms of RBI guidelines.
III. Fixed Assets & Depreciation
a) Fixed Assets are stated at their original cost of acquisition
inclusive of inward freight, duties and expenditure incurred in their
acquisition, construction / installation.
b) Depreciation is charged on W.D.V. Method at the rates prescribed in
Schedule XIV of the Companies Act, 1956.
IV. Investments
Investment has been bifurcated into ''long term'' and ''current''
categories as per RBI Norms. Long term investment is valued at cost and
current investment at cost or market value whichever is less. However,
provision is being made where diminution in the value of long term
investment other than temporary.
V. LOANS & ADVANCES
Loans and Advances are classified in accordance with IRAC norms issued
by RBI.
VI. Dividend is accounted for as and when it is declared.
VII. Cash and cash equivalents
Cash and cash equivalents lor the purposes of cash flow statement
comprise cash at bank and in hand and short term investments with an
original maturity of three months or less
VIII. Provision. Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a 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. Contingent assets are neither recognized nor disclosed in the
financial statements.
IX. Unless specifically stated to be otherwise, these policies are
consistently followed.
Mar 31, 2010
1. REVENUE RECONGNITION
Revenue is being recognized on accrual basis except finance charges and
interest on bad and doubtful debts which is recognized as per IRAC
norms of RBI guidelines.
2. VALUATION OF INVESTMENT
Investment has been bifurcated into long term and current
categories as per RBI Norms. Long term investment is valued at cost and
current investment at cost or market value which ever is less.
However, provision is being made where diminution in the value of long
term investments other than temporary.
3. LOANS & ADVANCES
Loans and Advances are classified in accordance with IRAC norms issued
by RBI.
4. HIRE PURCHASE
(a) Hire purchase stock is valued at agreement values less instalment
due.
(b) Finance charges on hire purchase business are computed on Straight
line method.
5. FIXED ASSETS
Fixed Assets are carried at historical cost less accumulated
depreciation.
6. DEPRECIATION ON FIXED ASSETS
Depreciation is provided on written down value method at the rates
prescribed in Schedule XIV of the Companies Act, 1956.
7. PROVISION
Diminution in the value of investment and provision on loans and
advances have been-made as RBI Norms.
8. INCOME TAXES
Tax expense comprises both current and deferred taxes. Deferred tax is
measured based oh the tax rates and the tax laws enacted or
substantively enacted at the balance sheet date. Deferred tax assets
are recognised only to the extent, there is reasonable certainty of
sufficient future taxable income against which such deferred tax assets
can be realised. Unrecognised deferred tax assets of earlier years are
re-assessed and recognized to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised.
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