Mar 31, 2015
A) Basis of preparation of Financial Statements
The Financial Statements of the Company has 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 2013 Act") / Companies Act, 1956 ("the 1956 Act") as
applicable & the Regulations as applicable to the Non Banking Finance
Companies, issued by the RBI.
b) Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Although these estimates are based upon management's best
knowledge of current events and actions, actual results could differ
from these estimates.
c) Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation. Cost
comprises of purchase price and other attributable costs , if any , in
bringing the assets to its working condition for its intended use.
d) Depreciation
(I) Depreciation is provided for on Written Down Value method based on
useful life of the assets as specified in Part C of Schedule II of the
Companies Act,2013 (ii) In respect of addition of assets during the
year, depreciation have been provided on pro- rata basis
e) Revenue Recognition
i) The company accounts for income and expenditure on accrual basis
except otherwise stated.
ii) Finance Charges in respect of Hire Purchase, Vehicle loan &
Hypothecation transactions are apportioned over the period of agreement
by Internal Rate of Return basis.
iii) The company has followed the Prudential norms prescribed by the
Reserve Bank of India for Non-Banking Financial Companies.
iv) Interest on overdue Lease rentals, loans and hire purchase
instalments accounted for on receipt basis.
f) Investments:
Investments in Shares and Debentures are stated at cost. However, any
decline in the value of such investments which in the opinion of the
management, is not temporary, is provided for.
g) Taxation
Provision for taxation comprises of the current tax provision, and the
net change in the deferred tax asset or liability during the year.
Provision for deferred tax is made on the timing diferrences arising
between the taxable income and accouting income computed using the tax
rates and laws that has been enacted or substantively enacted as of the
balance sheet date.
h) Provisions
A provision is recognised when an enterprise has a present obligation
as a result of past event and it is probable that an outflow of
resources will be required to settle the obligation, in respect of
which a reliable estimate can be made. Provisions are not discounted to
its present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to reflect the current best
estimates.
i) Contingent Liabilities and Contingent Assets
Contingent liabilities and contingent assets are not recognized in the
financial statements.
j) Earnings per share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period.
Earning per share, both basic and diluted, are calculated in accordance
with the Accounting Standard - 20 issued by the Institute of Chartered
Accountants of India.
k) Disclosure requirement regarding Micro, Small & Medium Scale
Enterprises
The company has not received any intimation from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act,2006 and hence, disclosure, if any , relating to amount unpaid at
the year end together with interest paid/ payable as required under the
said Act have not been given.
Mar 31, 2014
A) Basis of preparation of Financial Statements
The accounts have been prepared under the historical cost convention in
accordance with the generally accepted accounting principles in India,
the provisions of the Companies Act, 1956 and the Regulations, as
applicable to the Non Banking Finance Companies, issued by the RBI.
b) Recognition of Income and Expenditure
i) The company accounts for income and expenditure on accrual basis
except otherwise stated.
ii) Finance Charges in respect of Hire Purchase, Vehicle loan &
Hypothecation transactions are apportioned over the period of agreement
by Internal Rate of Return basis.
iii) Lease transactions entered after 1st April 2001 have been
accounted as per the Accounting Standard (AS-19) issued by the
Institute of Chartered Accountants of India.
iv) The company has followed the Prudential norms prescribed by the
Reserve Bank of India for Non-Banking Financial Companies
v) Interest on overdue Lease rentals, loans and hire purchase
instalments accounted for on receipt basis.
c) Fixed Assets and Depreciation:
i) Fixed Assets are stated at historical cost less accumulated
depreciation.
ii) Depreciation on assets has been provided on written down value
method as prescribed by Schedule XIV to the Companies Act, 1956.
d) Investments :
Investments in Shares and Debentures are stated at cost. However, any
decline in the value of such investments which in the opinion of the
management, is not temporary, is provided for.
Mar 31, 2013
A) Basis of preparation of Financial Statements
The accounts have been prepared under the historical cost convention in
accordance with the generally accepted accounting principles in India,
the provisions of the Companies Act,1956 and the Regulations, as
appllicable to the Non Banking Finance Companies, issued by the RBI.
b) Recognition of Income and Expenditure
i) The company accounts for income and expenditure on accrual basis
except otherwise stated.
ii) Finance Charges in respect of Hire Purchase, Vehicle loan &
Hypothecation transactions are apportioned over the period of agreement
by Internal Rate of Return basis.
iii) The company has followed the Prudential norms prescribed by the
Reserve Bank of India for Non-Banking Financial Companies
iv) Interest on overdue Lease rentals, loans and hire purchase
instalments accounted for on receipt basis.
c) Fixed Assets and Depreciation :
i) Fixed Assets are stated at historical cost less accumulated
depreciation.
ii) Depreciation on assets has been provided on written down value
method as prescribed by Schedule XIV to the Companies Act, 1956.
d) Investments :
Investments in Shares and Debentures are stated at cost. However, any
decline in the value of such investments which in the opinion of the
management, is not temporary , is provided for.
Mar 31, 2012
A) Basis of preparation of Financial Statements
The accounts have been prepared under the historical cost convention in
accordance with the generally accepted accounting principles in India,
the provisions of the Companies Act, 1956 and the Regulations, as
applicable to the Non Banking Finance Companies, issued by the RBI.
b) Recognition of Income and Expenditure
i) The company accounts for income and expenditure on accrual basis
except otherwise stated.
ii) Finance Charges in respect of Hire Purchase, Vehicle loan &
Hypothecation transactions are apportioned over the period of agreement
by Internal Rate of Return basis.
iii) Lease transactions entered after 1st April 2001 have been
accounted as per the Accounting Standard (AS-19) issued by the
Institute of Chartered Accountants of India.
iv) The company has followed the Prudential norms prescribed by the
Reserve Bank of India for Non-Banking Financial Companies
v) Interest on overdue Lease rentals, loans and hire purchase
instalments accounted for on receipt basis.
c) Fixed Assets and Depreciation:
i) Fixed Assets are stated at historical cost less accumulated
depreciation.
ii) Depreciation on assets has been provided on written down value
method as prescribed by Schedule XIV to the Companies Act, 1956.
d) Investments:
Investments in Shares and Debentures are stated at cost. However, any
decline in the value of such investments which in the opinion of the
management, is not temporary, is provided for.
Mar 31, 2011
1a) Basis of preparation of Financial Statements
The accounts have been prepared under the historical cost convention in
accordance with the generally accepted accounting principles in India,
the provisions of the Companies Act, 1956 and the Regulations,as
applicable to the Non Banking Finance Companies, issued by the RBI.
b) Recognition of Income and Expenditure
I) The company accounts for income and expenditure on accrual basis
except otherwise stated.
ii) Finance Charges in respect of Hire Purchase & Hypothecation
transactions entered after 1 st April 2002 are apportioned over the
period of agreement by Internal Rate of Return basis and transaction
entered before 31 st March 2002 have been accounted on the even spread
method.
iii) Lease transactions entered after 1st April 2001 have been
accounted as per the Accounting Standard (AS-19) issued by the
Institute of Chartered Accountants of India.
iv) The company has followed the Prudential norms prescribed by the
Reserve Bank of India for Non-Banking Financial Companies.
v) Gratuity Liabilities accounted on cash basis.
vi) Interest on overdue Lease rentals, loans and hire purchase
instalments accounted for on
c) Fixed Assets and Depreciation:
ii) Depreciation on assets has been provided on written down value
method as prescribed by Schedule XIV to the Companies Act, 1956. The
company follows the guidance note on accounting for lease issued by the
Institute of Chartered Accountants of India in respect of assets
acquired between 1st April 1994 and 31st March 2001.
d) Investments:
Investments in Shares and Debentures are stated at cost. However, any
decline in the value of such investments which, in the opinion of the
management, is not temporary, is provided for.
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