Mar 31, 2015
1. 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 notified under
Section 211(3C) of the Companies Act, 1956 ("the 1956 ActÂ) (which
continues to be applicable in respect of Section 133 of the Companies
Act, 2013("the 2013ActÂ) in terms of General Circular 15/2013 Dated
September 13, 2013 Act, as applicable.
* The Company follows the mercantile system of accounting. Accounting
policies not specifically referred to otherwise are consistent and in
consonance with generally accepted accounting principles.
2. Use of Estimates:-
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities on the date of
financial statements and reported amount of revenues and expenses for
the year. Actual results could differ from these estimates. Difference
between the actual result and estimates are recognized in the period in
which the results are known/ materialized. Any revision to an
accounting estimate is recognized prospectively in the year of
revision.
3. Revenue Recognition :-
Income/Expenses are accounted for on accrual basis and provisions are
made for all known expenditure.
4. Fixed Assets:-
Fixed Assets are stated at cost of acquisition or construction, net of
accumulated depreciation and adjustments arising from exchange rate
variations relating to borrowings attributed to Fixed Assets. Cost
includes incidental expenses capitalized from time to time on their due
recognition, trial run expenses and interest attributable to the
project till the date of commissioning.
5. Depreciation:-
Depreciation is calculated on Straight Line Method at the rates and in
the manner prescribed in Schedule II of the Companies Act, 2013
6. Inventories:-
Inventories held in the form of shares are valued at lower of cost or
net realizable value.
7. Investments:-
Long term Investments are stated at acquisition cost less provision, if
any, for diminution in value other than temporary. Current Investments,
if any, are carried out at lower of cost and fair value.
8. Segment Reporting:-
The Company deals in only one reportable segment i.e. Financial Service
Sector as per Accounting Standard 17 "Segment ReportingÂ.
9. Taxes on Income:-
The current charge for income tax is calculated in accordance with the
relevant provisions as prescribed under the Income Tax Act, 1961
10. Provisions, Contingent Liabilities and Contingent Assets:
A provision is recognized if, as a result of a past event, the Company
has a present legal obligation that is reasonably estimate, and it is
probable that an outflow of economic benefits will be required to
settle the obligation. Provisions are determined by the best estimate
of the outflow of economic benefits required to settle the obligation
at the reporting date. Where no reliable estimate can be made, a
disclosure is made as contingent liability. A disclosure for contingent
liability is also made when there is a possible obligation or a present
obligation that may, but probably will not, require an outflow of
resources. Where there is a possible obligations or a present
obligation in respect of which the likelihood of outflow of resources
is remote, no provision or disclosure is made
11. Earnings Per Share:
Basic and diluted earnings per share are computed in accordance with
Accounting Standard-20. Basic earnings per share is calculated by
dividing the net profit or loss after tax for the year attributable to
equity shareholders by the weighted average number of equity shares
outstanding during the year. Diluted earnings per equity share are
computed using the weighted average number of equity shares and
dilutive potential equity shares outstanding during the year, except
where the results are anti-dilutive.
12. Cash Flow Statement:
Cash flow are reported using indirect method, whereby profit before tax
is adjusted for the effects of the transactions of a non-cash nature,
any deferrals or accruals of past or future operating cash receipts or
payments and item of income or expenses associated with investing or
financing cash flows. The cash flow from operating, investing and
financing activities of the Company is segregated.
Mar 31, 2014
1. Basis of Accounting
* The financial statements have been prepared and presented under
historical cost convention on the accrual basis of accounting in
accordance with the accounting principles generally accepted in India
("GAAP") and comply with the mandatory Accounting Standards ("AS") as
notified as per the Companies Accounting Standards (Rules), 2006 to the
extent applicable and with the relevant provisions of the Companies
Act, 1956.
* Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles.
2. Use of Estimates:-
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities on the date of
financial statements and reported amount of revenues and expenses for
the year. Actual results could differ from these estimates. Difference
between the actual result and estimates are recognized in the period in
which the results are known/ materialized. Any revision to an
accounting estimate is recognized prospectively in the year of
revision.
3. Revenue Recognition :-
Income/Expenses are accounted for on accrual basis and provisions are
made for all known expenditure.
4. Fixed Assets:-
Fixed Assets are stated at cost of acquisition or construction, net of
accumulated depreciation and adjustments arising from exchange rate
variations relating to borrowings attributed to Fixed Assets. Cost
includes incidental expenses capitalized from time to time on their due
recognition, trial run expenses and interest attributable to the
project till the date of commissioning.
5. Depreciation:-
Depreciation is calculated on Straight Line Method at the rates and in
the manner prescribed in Schedule XIV of the Companies Act, 1956.
6. Inventories:-
Inventories held in the form of shares are valued at lower of cost or
net realizable value.
7. Investments:-
Long term Investments are stated at acquisition cost less provision, if
any, for diminution in value other than temporary. Current Investments,
if any, are carried out at lower of cost and fair value.
8. Segment Reporting:-
The Company deals in only one reportable segment i.e. Financial Service
Sector as per Accounting Standard 17 "Segment Reporting".
9. Taxes on Income:-
The current charge for income tax is calculated in accordance with the
relevant provisions as prescribed under the Income Tax Act, 1961
10. Amount Due to Micro, Small and Medium Enterprises:
Based on the information available with the Company in respect of MSME
(as defined in the Micro, Small and Medium Enterprises Development Act,
2006) there are no delays in payment of dues to such enterprise during
the year.
The identification of Micro, Small and Medium Enterprises Suppliers as
defined under "The Micro, Small and Medium Enterprises Development Act,
2006" is based on the information available with the management. As
certified by the management, the amounts overdue as on March 31, 2014
to Micro, Small and Medium Enterprises on account of principal amount
together with interest, aggregate to ' Nil (P. Y. Nil).
11. Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving a 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
financial statements by way of Notes. Contingent Assets are neither
recognized nor disclosed in the financial statements.
Mar 31, 2013
1. Basis of Accounting
* The financial statements have been prepared and presented under
historical cost convention on the accrual basis of accounting in
accordance with the accounting principles generally accepted in India
("GAAP") and comply with the mandatory Accounting Standards ("AS") as
notified as per the Companies Accounting Standards (Rules), 2006 to the
extent applicable and with the relevant provisions of the Companies
Act, 1956.
* Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles.
2. Use of Estimates:-
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent liabilities on the date of
financial statements and reported amount of revenues and expenses for
the year. Actual results could differ from these estimates. Difference
between the actual result and estimates are recognized in the period in
which the results are known/ materialized. Any revision to an
accounting estimate is recognized prospectively in the year of
revision.
3. Revenue Recognition :-
Income/Expenses are accounted for on accrual basis and provisions are
made for all known expenditure.
4. Fixed Assets:-
Fixed Assets are stated at cost of acquisition or construction, net of
accumulated depreciation and adjustments arising from exchange rate
variations relating to borrowings attributed to Fixed Assets. Cost
includes incidental expenses capitalized from time to time on their due
recognition, trial run expenses and interest attributable to the
project till the date of commissioning.
5. Depreciation:-
Depreciation is calculated on Straight Line Method at the rates and in
the manner prescribed in Schedule XIV of the Companies Act, 1956.
6. Inventories:-
Inventories held in the form of shares are valued at lower of cost or
net realizable value.
7. Investments:-
Long term Investments are stated at acquisition cost less provision, if
any, for diminution in value other than temporary. Current Investments,
if any, are carried out at lower of cost and fair value.
8. Segment Reporting:-
The Company deals in only one reportable segment i.e. Financial Service
Sector as per Accounting Standard 17 "Segment Reporting".
9. Taxes on Income:-
The current charge for income tax is calculated in accordance with the
relevant provisions as prescribed under the Income Tax Act, 1961
10. Miscellaneous Expenditure:-
The total preliminary and public issue expenses are to be amortised
over a period of 10 years.
Mar 31, 2012
ACCOUNTING CONVENTION:-
The accompanying financial statements have been prepared in accordance
with the historical cost convention and in accordance with mandatory
accounting standards issued by the Institute of Chartered Accountants
of India.
INVESTMENTS:-
Investments have been valued at cost by the management.
REVENUE RECOGNITION:-
Income and the expenditure are accounted for on accrual basis.
FIXED ASSETS:-
Fixed assets are stated at original cost plus any directly attributable
cost of bringing the asset to their working condition for intended use.
DEPRECIATION:-
Depreciation is provided on straight-line method at the appropriate
rates in accordance with Schedule XIV of the Companies Act, 1956.
PRELIMINARY & PUBLIC ISSUE EXPENSES:-
The total preliminary and public issue expenses are to be amortised
over a period of 10 years
Mar 31, 2011
1. SIGNIFICANT ACCOUNTING POLICIES
* ACCOUNTING CONVENTION:-
The accompanying financial statements have been prepared in accordance
with the historical cost convention and in accordance with mandatory
accounting standards issued by the Institute of Chartered Accountants
of India.
* INVESTMENTS:-
Investments have been valued at cost by the management.
* REVENUE RECOGNITION:-
Income and the expenditure are accounted for on accrual basis.
* FIXED ASSETS:-
Fixed assets are stated at original cost plus any directly attributable
cost of bringing the asset to their working condition for intended use.
* DEPRECIATION:-
Depreciation is provided on straight-line method at the appropriate
rates in accordance with Schedule XIV of the Companies Act, 1956.
* PRELIMINARY & PUBLIC ISSUE EXPENSES:-
The total preliminary and public issue expenses are to be amortised
over a period of 10 years.
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