Mar 31, 2016
a. General :
The Company follows the Mercantile System of Accounting and recognizes Income & Expenditure on Accrual Basis. 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 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 as applicable.
b. Revenue Recognition :
Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection. Dividend income is recognized on receipt basis. Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable. Sales are recognized on passing of ownership in shares.
c. Investments :
Investments have been valued at Cost. Provision for diminutions in the value is not considered unless such short fall is permanent in nature.
d. Taxation :
Provision for current income tax is made on the taxable income using the applicable tax rates and tax laws.
e. Earning Per Share:
Basic and diluted earnings per share is calculated by dividing net profit for the period attributable to equity shareholders by weighted average number of equity shares outstanding during the year.
18 OTHER NOTES:
a. The Company''s main business is Finance and Investment falling under one business head. Hence, Segmental Reporting as per AS - 17 is not applicable to the company.
b. As required in terms of Paragraph 13 of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2015 issued by RBI, we enclose in the annexure the required Schedule to the Balance Sheet of a Non-Banking Finance Company.
c. Statutory Reserve has been created @ 20% of Profit after Tax as per RBI guidelines.
d. Contingent Provisions against Standard assets has been made @ 0.25% of the outstanding standard assets as per RBI directions.
e. Previous year figures have been regrouped/rearranged wherever considered necessary.
f. Contingent Liabilities & Contracts on capital account : NIL
Mar 31, 2015
A. General :
The Company follows the Mercantile System of Accounting and recognises
Income & Expenditure on Accrual Basis. 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 specified under Section 133 of the Companies Act,
2013, read with Rule 7 of the Companies (Accounts) Rules and the
relevant provisions of the Companies Act, 2013 as applicable.
b. Revenue Recognition :
Revenue is recognised only when it can be reliably measured and it is
reasonable to expect ultimate collection. Dividend income is
recognized on receipt basis. Interest income is recognized on time
proportion basis taking into account the amount outstanding and rate
applicable. Sales are recognized on passing of ownership in shares.
c. Investments :
Investments have been valued at Cost. Provision for diminutions in the
value is not considered unless such short fall is permanent in nature.
d. Taxation :
Provision for current income tax is made on the taxable income using
the applicable tax rates and tax laws.
e. Basic and diluted earning per share is calculated by dividing net
profit for the period attributable to equity shareholders by weighted
average number of equity shares outstanding during the year.
Mar 31, 2014
A. General:
The Company follows the Mercantile System of Accounting and recognizes
Income & Expenditure on Accrual Basis.
b. Revenue Recognition:
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Dividend income is recognized
on receipt basis. Interest income is recognized on time proportion
basis taking into account the amount outstanding and rate applicable.
Sales are recognized on passing of ownership in shares.
c. Investments:
Investments have been valued at Cost. Provision for diminutions in the
value is not considered unless such short fall is permanent in nature.
d. Taxation:
Provision for current income tax is made on the taxable income using
the applicable tax rates and tax laws.
Mar 31, 2013
A. General :
The Company follows the Mercantile System of Accounting and recognises
Income & Expenditure on Accrual Basis.
b. Revenue Recognition:
Revenue is recognised only when it can be reliably measured and it is
reasonable to expect ultimate collection. Dividend income is
recognized on receipt basis. Interest income is recognized on time
proportion basis taking into account the amount outstanding and rate
applicable. Sales are recognized on passing of ownership in shares.
c. Investments:
Investments have been valued at Cost. Provision for diminutions in the
value is not considered unless such short fall is permanent in nature.
d. Taxation:
Provision for current income tax is made on the taxable income using
the applicable tax rates and tax laws.
Mar 31, 2012
A. General : The Company follows the Mercantile System of Accounting
and recognises Income & Expenditure on Accrual Basis.
b. Revenue Recognition:
Revenue is recognised only when it can be reliably measured and it is
reasonable to expect ultimate collection. Dividend income is recognized
on receipt basis. Interest income is recognized on time proportion
basis taking into account the amount outstanding and rate applicable.
Sales are recognized on passing of ownership in shares.
c. Investments:
Investments have been valued at Cost. Provision for diminutions in the
value is not considered unless such short fall is permanent in nature.
d. TAXATION:
Provision for current income tax is made on the taxable income using
the applicable tax rates and tax laws.
Significant accounting policies form integral part of the financial
Statements for the year ended on 31/03/2012
Signatures to Significant accounting Policies
In terms of our attached report of even date.
Notes to financial statements for the year ended 31st March 2012 11
Other Notes:
a. The Company''s main business is Finance and Investment falling under
one business head. Hence, Segemental Reporting as per AS - 17 is not
applicable to the company
b. As required in terms of Paragraph 13 of Non-Banking Financial
Companies Prudential Norms (Reserve Bank) Directions, 2007 issued by
RBI, we enclose in the annexure the required Schedule to the Balance
Sheet of a Non- Banking Finance Company.
c. Statutory Reserve has been created @ 20% of Profit after Tax as per
RBI guidelines.
d. Contingent Provisions against Standard assets has been made @ 0.25%
of the outstanding standard assets as per RBI directions.
Mar 31, 2011
A. General: The Conr pany follows the Mercantile System of Accounting
and recognises Income & Expenditure on Accdue I Basis.
b. Investments have been valued at Cost. Provision for diminutions in
the value is not considered unless such short fall i; permanent in
nature.
c. Revenue Recognitions
i) Interest income is Recognised on a time proportion basis taking into
account the amount outstanding, rate apoli cable and certainty of
realisation.
ii) Sales are recogn sed on passing of ownership in Shares.
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