Mar 31, 2014
GOLECHHA GLOBAL FINANCE LIMITED was incorporated in India, and is
engaged primarily into financing activities .
A. BASIS OF PREPARATION OF FINANCIAL STATEMENT:
1. The financial statements of the company have been prepared and
presented in accordance with Indian Generally Accepted Accounting
Principles (GAAP) under the historical cost convention on the accrual
basis. GAAP comprises accounting standards notified by the Central
Government of India under Section 211 (3C) of the Companies Act, 19S6,
other pronouncements of Institute of Chartered Accountants of India,
the provisions of Companies Act, 19S6 and guidelines issued by
Securities Exchange Board of India.
2. The company is a RBI Registered Non Banking Finance Company and it
has followed the guidelines issued by RBI relating to Income
Recognition, Asset Classification & Provisioning for N.B.F.C.
Companies.
3. The company has prepared these financial statements as per the
format prescribed by Revised Schedule VI to the Companies Act,
19S6(''the schedule'') issued by Ministry of Corporate Affairs.
B. USE OF ESTIMATES
The preparation of the financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent
liabilities on the date of the financial statements and reported
amounts of revenues and expenses for the year. Actual results could
differ from these estimates. Any revision to accounting estimates is
recognised prospectively in the current and future periods.
C. DUES TO SME''S: Management has determined that there are no balances
outstanding as at the beginning of the year and there are no
transactions entered with micro, small and medium enterprises as
defined under Micro, Small and Medium enterprises development Act,2006
during the current year, based on the information available with the
company as at 31st March, 2014.
D. REVENUE RECOGNITION
In respect of income from accrual system of accounting has been
followed by the Company. The other incomes are recorded on the
definitive accrual of the same.
E. EARNING PER SHARE (EPS): The basic earning per share is computed by
dividing the net profit after tax for the period by the weighted
average number of equity shares outstanding during the period. Diluted
earning per share, if any is computed using the weighted average number
of equity shares and dilutive potential equity shares outstanding
during the period except when the results would be anti- dilutive.
F. INCOME TAX:
a. Tax on income for the current period is determined on the basis of
Taxable Income computed in accordance with the provisions of the Income
Tax act.1961.
b. Deferred Tax on timing difference 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 as per
the Accounting Standard (AS 22) laid down by the Institute of Chartered
Accountants of India (ICAI).
Mar 31, 2013
A. BASIS OF PREPARATION OF FINANCIAL STATEMENT:
1. The financial statements of the company have been prepared and
presented in accordance with Indian Generally Accepted Accounting
Principles (GAAP) under the historical cost convention on the accrual
basis. GAAP comprises accounting standards notified by the Central
Government of India under Section 211 (3C) of the Companies Act, 1956,
other pronouncements of Institute of Chartered Accountants of India,
the provisions of Companies Act, 1956 and guidelines issued by
Securities Exchange Board of India.
2. The company is a RBI Registered Non Banking Finance Company and it
has followed the guidelines issued by RBI relating to Income
Recognition, Asset Classification & Provisioning for N.B.F.C.
Companies.
3. The company has prepared these financial statements as per the
format prescribed by Revised Schedule VI to the Companies Act,
1956(''the schedule'') issued by Ministry of CorporateAffairs.
B. USE OF ESTIMATES
The preparation of the financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent
liabilities on the date of the financial statements and reported
amounts of revenues and expenses for the year. Actual results could
differ from these estimates. Any revision to accounting estimates is
recognised prospectively in the current and future periods.
C. OUESTOSME''S:
Management has determined that there no balances outstanding as at the
beginning of the year and no transactions entered with micro, small and
medium enterprises as defined under Micro, Small and Medium enterprises
development Act,2006 during the current year, based on the information
available with the company as at March,2012.
D. REVENUE RECOGNITION
In respect of income from accrual system of accounting has been
followed by the Company. The other incomes are recorded on the
definitive accrual of the same.
E. EARNING PER SHARE (EPS):
The basic earning per share is computed by dividing the net profit
after tax for the period by the weighted average number of equity
shares outstanding during the period. Diluted earning per share, if
any is computed using the weighted average number of equity shares and
dilutive potential equity shares outstanding during the period except
when the results would be anti- dilutive.
F. INCOME TAX:
a. Tax on income for the current period is determined on the basis of
Taxable Income computed in accordance with the provisions of the Income
Tax act. 1961.
b. Deferred Tax on timing difference 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 as per
the Accounting Standard (AS 22) laid down by the Institute of Chartered
Accountants of India (ICAI).
G. RETIREMENT BENEFITS:
Contribution of Provident fund, Gratuity and Leave encashment benefits
wherever applicable is being accounted on actual liability basis as and
when arises. However the above referred provisions are not applicable
to the company as it does not fall with in the purview of the same in
the year under review.
H. SEGMENTAL REPORTING:
The Company is engaged primarily in the business of financing and
accordingly there are no separate reportable segments as per the
accounting standard 17 (Segmental Reporting) issue by the Institute of
Chartered Accountants of India.