Mar 31, 2014
1. Basis of preparation
The financial statements of HELPAGE FINLEASE LIMITED ("the Company")
have been prepared to comply with the mandatory Accounting Standards
issued by the Institute of Chartered Accountants of India and the
relevant provisions of the Companies Act, 1956 (the Act). The financial
statements have been prepared under the historical cost convention and
on an accrual basis. The accounting policies applied by the Company are
consistent with those used in the prior years.
2. Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting policies requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent liabilities as at the date of the
financial statements. Actual results if they differ from those
estimates are recognised prospectively in the current and future
periods. Any revision to accounting estimates is recognised
prospectively in the current and future periods.
3. Fixed assets and depreciation
Company do not have any Fixed Assets.
4. Revenue Recognition
Revenue is recognized as prescribed in AS 9 on accrual basis.
5. Investments
Investments that are readily realisable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long-term investments. Current
investments are carried at lower of cost and fair value determined on
an individual investment basis. Long-term investments are carried at
cost. However, provision for diminution in value is made to recognise a
decline other than temporary in the value of the long term investments.
6. Employee benefits
All employee benefits payable within twelve months of rendering the
services are classified as short-term employee benefits. Benefits such
as salaries, wages and bonus etc., are recognised in the Profit and
Loss Account in the period in which employee renders the related
services. No Provision for Terminal Benefits is required.
7. Taxes on income
Tax expense comprises current taxes and deferred taxes. Current tax is
determined as the amount of tax payable in respect of taxable income
for the year.
There is no Timing Difference in Book Profit and Taxable Profit of the
Company.
8. 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.
Diluted Earning Per Share is calculated by converting convertible
preference shares in accordance with the AS 22.
9. Provisions and Contingent liability
The Company makes a provision when there is a present obligation as a
result of a past event where the outflow of economic resources is
probable and a reliable estimate of the amount of obligation can be
made. The disclosure is made for possible or present obligations that
may, but probably will not, require outflow of resources as contingent
liability in the financial statements.
Equity Share carry voting rights at General Meeting of the Company and
are entitled to dividend and to participate in 2.1 surplus, if any, in
the event of winding up.
Mar 31, 2013
1.1 Basis of Preparation of Financial Statements
The Financial Statements have been prepared by following the going
concern concept on historical cost convention and in accordance with
the accounting standards referred to in Section 211 (3C) of the
Companies Act, 1956.
The Company follows mercantile system of accounting and recognizes
items of income and expenditure on accrual basis. Where it is not
possible to determine the quantum of accrual with reasonable certainty
e.g. insurance and other claims, refund of custom/excise duty etc.,
these continue to be accounted for on settlement basis.
1.2 Use of Estimation
The preparation of financial statements required management to make
estimations & 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.
1.3 Fixed Assets
Company doesn''t have any Fixed Asset.
1.4 Inventories
Company doesn''t have any Inventory.
1.5 Taxation
Tax liability is estimated considering the provisions of the Income Tax
Act, 1961. Deferred tax is not recognized as there is no timing
difference.
1.6 Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised 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 and disclosed in notes.
Contingent Assets are neither recognised nor disclosed in financial
statements.
1.7 Earnings Per Share
(In item of AS 20)
Basic Earnings Per Share is computed and disclosed using the weighted
average number of shares outstanding during the year. There being no
potential equity shares Diluted Earnings Per Share has not been
computed.
Previous year''s figures have been regrouped/reclassified wherever
necessary, to make them comparable.
Mar 31, 2012
Note Particulars
2 Significant accounting policies
The significant accounting policies have been predominantly
presented ,below in the order of the Accounting Standards
notified under the Companies (Accounting Standards) Rules,
2006 (as amended). The order of presentation may be customised
for each Company.
The significant accounting policies would need to be
customised for each Company based on its applicability and
relevance.
For example, in case of a Small and Medium Sized Company, it
should state in its financial statements that "The Company is
a Small and Medium Sized Company as defined in the General
Instructions in respect of Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended).
Accordingly, the Company has complied with the Accounting
Standards as applicable to a Small and Medium Sized Company."
and should also modify the accounting policies suitably.
Similarly, companies that have not opted for the transition
provisions in para 46 / 46A of AS 11 The Effects of Changes
in Foreign Exchange Rates and companies that have not opted
for Hedge Accounting should modify the accounting policies on
Foreign Currency Transactions and Translations and Hedge
Accounting, respectively.
2.1 Basis of accounting and preparation of financial statements
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 the Companies (Accounting Standards) Rules,
2006 (as amended) and the relevant provisions of the Companies
Act, 1956. The financial statements have been prepared on
accrual basis under the historical cost convention. The
accounting policies adopted in the preparation of the
financial statements are consistent with those followed in the
previous year.
2.2 Use of estimates
The preparation of the financial statements in conformity with
Indian GAAP requires the Management to make estimates and
assumptions considered in the reported amounts of assets and
liabilities (including contingent liabilities) and the
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
differences between the actual results and the estimates
are recognised in the periods in which the results are known
/ materialise.
2.2 Cash and cash equivalents(for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks.
Cash equivalents are short-term balances (with an original
maturity of three months or less from the date of acquisition)
, highly liquid investments that are readily convertible into
known amounts of cash and which are subject to insignificant
risk of changes in value.
2.3 Revenue recognition
Sale of goods
Sales are recognised, net of returns and trade discounts,
on transfer of significant risks and rewards of ownership to
the buyer, which generally coincides with the delivery of
goods to customers. Sales include excise duty but exclude
sales tax and value added tax.
Income from services
Revenues from contracts priced on a time and material basis
are recognised when services are rendered and related costs
are incurred. Revenues from turnkey contracts, which are
generally time bound fixed price contracts, are recognised
over the life of the contract using the proportionate
completion method, with contract costs determining the
degree of completion. Foreseeable losses on such contracts
are recognised when probable.
Revenues from maintenance contracts are recognised pro-rata
over the period of the contract.
2.4 Other income
Interest income is accounted on accrual basis. Dividend income
is accounted for when the right to receive it is established.
2.5 Investments
Long-term investments (excluding investment properties), are
carried
2.6 Earnings per share
Basic earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of
extraordinary items, if any) by the weighted average number of
equity shares outstanding during the year. Diluted earnings
per share is computed by dividing the profit / (loss) after
tax (including the post tax effect of extraordinary items, if
any) as adjusted for dividend, interest and other charges to
expense or income relating to the dilutive potential equity
shares, by the weighted average number of equity shares
considered for deriving basic earnings per share and the
weighted average number of equity shares which could have been
issued on the conversion of all dilutive potential equity
shares. Potential equity shares are deemed to be dilutive only
if their conversion to equity shares would decrease the net
profit per share from continuing ordinary operations.
Potential dilutive equity shares are deemed to be converted
as at the beginning of the period, unless they have been
issued at a later date. The dilutive potential equity shares
are adjusted for the proceeds receivable had the shares been
actually issued at fair value (i.e. average market value of
the outstanding shares). Dilutive potential equity shares
are determined independently for each
Note Particulars
2.7 Taxes on income
Current tax is the amount of tax payable on the taxable income
for the year as determined in accordance with the provisions
of the Income Tax Act, 1961.
Minimum Alternate Tax (MAT) paid in accordance with the tax
laws, which gives future economic benefits in the form of
adjustment to future income tax liability, is considered as
an asset if there is convincing evidence that the Company will
pay normal income tax. Accordingly, MAT is recognised as an
asset in the Balance Sheet when it is probable that future
economic benefit associated with it will flow to the Company.
Deferred tax is recognised on timing differences, being the
differences between the taxable income and the accounting
income that originate in one period and are capable of
reversal in one or more subsequent periods. Deferred tax is
measured using the tax rates and the tax laws enacted or
substantially enacted as at the reporting date. Deferred tax
liabilities are recognised for all timing differences.
Deferred tax assets in respect of unabsorbed depreciation and
carry forward of losses are recognised only if there is
virtual certainty that there will be sufficient future taxable
income available to realise such assets. Deferred tax assets
are recognised for timing differences of other items only to
the
Current and deferred tax relating to items directly recognised
in equity
Mar 31, 2011
It is the company''s policy to:
1 Basis of Presentation
prepare and present accounts using the historical cost convention and
on the basis of going concern, with revenues recognised and expenses
accounted on accrual basis.
2 Income & Expenditure
account for revenue/ incomes and costs/ expenditures on accrual as they
are earned or incurred.
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