Mar 31, 2014
A) Basis of Accounting
Accounts are prepared under historical cost convention. Revenues are
recognized and the expenses are accounted for on an accrual basis with
provision for all known liabilities and losses except to the extent
that i. Income in respect of Non Performing Assets is recognized only
when received as prescribed by the prudential norms issued by the
Reserve Bank of India forNon Banking Financial Companies And ii. There
were no provision for lower Market Value Of securities (investments) as
there were frequent change in market prices.
b) Recognization of Income & Expenditure Revenue Recognition :
1 .The financial statements have been prepared under the historical
cost convention, in accordance with the generally accepted accounting
principles and provision of the Companies Act, 1956.
2. The Company generally follows mercantile system of accounting and
recognizes significant items of Income and expenditure on accrual
basis.
Expenses :
1 All Expenditure is on mercantile basis.
2 Interest rates on unsecured loans are decided by the Directors.
3 Hire Purchase advances also include the other type of advances
guaranteed either on fixed assets or personal guarantee of the loan.
4 Bad & Doubtful advances written off as and when no recovery instead
NPA of provision.
c) Fixed Assets
Fixed Assets are stated at cost. Cost comprises the purchase price or
acquisition cost and any Attributable cost of bringing the assets to
working condition for its intended use.
d) Depreciation
1. Depreciation has been provided on the Straight Line Method as per
the rates prescribed in Companies Act, 1956.
2. Depreciation on addition during the year has been provided on pro
rata basis i.e. from the date of its purchase or it is actually put to
use whichever is late and with reference to the method of Depreciation.
e) Inflation
The assets and liabilities are recorded at historical cost in the
company. These costs are not Adjusted to reflect the changing value in
the purchasing power of money.
The company has only one class of Equity share having Per Value of
Rs.10 per share. Eac h holder of Equity shares is entitled to vote one
per share
Mar 31, 2012
A) Basis of Accounting
Accounts are prepared under historical cost convention. Revenues are
recognized and the expenses are accounted for on an accrual basis with
provision for all known liabilities and losses except to the extent
that i. Income in respect of Non Performing Assets is recognized only
when received as prescribed by the prudential norms issued by the
Reserve Bank of India forNon Banking Financial Companies And ii. There
were no provision for lower Market Value Of securities
(investments ) as there were frequent change in market prices.
b) Recognization of Income & Expenditure Revenue Recognition :
1 The financial statements have been prepared under the historical cost
convention, in accordance with the generally accepted accounting
principles and provision of the Companies Act, 1956.
2.The Company generally follows mercantile system of accounting and
recognizes significant items of Income and expenditure on accrual
basis. Expenses:
1 All Expenditure are on mercantile basis.
2 Interest rates on unsecured loans are decided by the Directors.
3 Hire Purchase advances also includes the other type of advances
guaranteed either on fixed assets or personal guarantee of the loan.
4 Bad & Doubtful advances written off as and when no recovery instead
NPA of provision.
c) Fixed Assets
Fixed Assets are stated at cost. Cost comprises the purchase price or
acquisition cost and any attributable cost of bringing the assets to
working condition for its intended use.
d) Depreciation
1 .Depreciation has been provided on the Straight Line Method as per
the rates prescribed in Companies Act,1956.
2. Depreciation on addition during the year has been provided on pro
rata basis i.e. from the date of its purchase or it is actually put to
use whichever is late and with reference to the method of depreciation.
e) Inflation
The assets and liabilities are recorded at historical cost in the
company. These costs are not adjusted to reflect the changing value in
the purchasing power of money.
Mar 31, 2010
1 Basis of Accounting :
Accounts are prepared under historical cost convention. Revenues are
recognised and the expenses are accounted for on an accrual basis with
provision for all known liabilities and losses except to the extent
that i. Income in respect of Non Performing Assets is recognised only
when received as prescribed by the prudential norms issued by the
Reserve Bank of India for Non Banking Financial Companies And ii. There
were no provision for lower market value of securities (investments )
as there were frequent change in market prices.
2 Revenue Recognition :
1 Interest Income on accrual basis except N.P.A. accounts if any.
2 Service Charges on accrual basis.
3 Rent Income on accrual basis except lease Income.
4 Dividend Income is accounted for on receipt basis.
3 Expenses.
1 All Expenditure are on mercantile basis.
2 Interest rates on unsecured loans are decided by the Directors.
3 Hire Purchase advances also includes the other type of advances
guaranteed either on fixed assets or personal guarantee of the loan.
4 Bad & Doubtful advances written off as and when no recovery instead
NPA of provision.
4 Fixed Assets :
( a) 1 Fixed Assets are stated at cost.
2 Machinery are lying with leassee and used by them.
3 Depreciation has been Charged on S.L.M. as per rate prescribed in
companies Act.
4 Depreciation has been charged for the full year irrespective of date
of purchase / sale ( b preliminary Expenses will be written off at the
rate of 10 % of SLM.