Mar 31, 2015
(a) Basis for preparation of Accounts:
The financial Statement have been prepared inconformity with generally
accepted accounting principle to comply in all material respect with
the notified accounting standards ('AS') under companies accounting
standards Rules, as amended, the relevant provisions of the companies
Act, 2013 ('the Act') and the guidelines issued by the Reserve Bank of
India (RBI) as applicable to an Non - Banking Finance Company ('NBFC').
The financial statements have been prepared under the historical cost
convention on an accrual basis. The accounting policies have been
consistently applied by the company and are consistent with those used
in the previous year. The company adopts accrual system of accounting
unless otherwise stated.
(b) Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the result of operations during the reposting
year end. Although these estimates are based upon management's best
knowledge of current events and actions, actual result could differ
from these estimates. Any revisions to the accounting estimates are
recognized prospectively in the current and future years.
(C) Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
assets to its working condition for its intended use.
Intangible Assets expected to provide future enduring economic benefits
are carried at cost less accumulated amortization and impairment
losses, if any. Cost comprise of purchase price and directly
attributable expenditure on making the assets ready for its intended
use.
(D) Depreciation & Impairment of Assets
Depreciation on fixed assets is provided on written down value method,
at the useful Lives and in the manner prescribed in Schedule-II to the
companies Act, 2013.
(E) Revenue Recognition
(i) Loan Income
In respect of loan agreements, the income is accrued by applying the
impact rate in the transaction on declining balance on the amount
financed for the period of the agreement.
(ii) No income is recognized in respect of Non- performing assets, if
any, as per the prudential norms for income recognition introduced for
Non-Banking Financial Corporation by Reserve Bank of India vide its
notification o.DFC.N0.119/DG/(SPT)-98 date 31-01-1998 and revised
notification no. DNBS.192/DG(VL)-2007 dated 22-02-2007.
(F) Expense Accouting
All expenditure including the interest costs are accounted for on
accrual basis.
(G) Provisions of Assets
The company makes provisions for standard and Non-performing Assets as
per the Non-Banking Financial (Non-Deposit Accepting of Holding
Companies prudential Norms Reserve Bank) Directions, 2007, as amended
from time to time. The company also makes additional provisions towards
loan assets, to the extent considered necessary, based on the
management's best estimate.
Loan assets which as per the management are not likely to be recovered
are considered as bad debts and written off.
Provisions on standards assets are made as per the notification
DNBS.PD.CC.No. 207/03.02.002/2010-11 issued by Reserve Bank of India.
(H) Provisions, contingents Liabilities and contingent Assets
(i) A Provision is recognized when the company has present obligation
as a result of past event and it is probable that outflow of resources
will be required to settle the obligation and in respect of which a
reliable estimate can be made. Provisions are not discounted to their
present value nad are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to reflect the current best
estimates.
(ii) Contingent Liabilities are are disclosed separately by way of note
to financial statements after careful evaluation by the managements of
the facts and legal aspects of the matter involved in case of:
(a) a present obligation arising from the past event, when it is not
probable that an outflow of resources will be required to settle the
obligation.
(b) a possible obligation, unless the probability of outflow of
resources is remote.
(iii) Contingent Assets are neither recognized, nor disclosed in the
financial statements.
(H) Taxation
(i) Provisions for current tax is made in accordance with and at the
rates specified under the Income Tax Act, 1961.
(ii) In accordance with Accounting Standard 22- 'Accounting for taxes
on Income', issued by the Institute of Chartered Accountant of India.
(I) Earning per share
Basic earnings per share is calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
attributable taxes) by the weighted averages number of equity shares
outstanding during the year.
For the purpose of calculating diluted earning per share, the net
profit or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all diluted potential equity shares.
(J) Cash and Cash Equivalents
Cash and cash equivalents in the cash flow statements comprise cash at
bank and in hand and highly liquid investments that are readily
convertible into known amount of cash.
Mar 31, 2014
(a) Basis for preparation of Accounts: The financial Statement have
been prepared inconfirmity with generally accepted accounting principle
to comply in all material respect with the notified accounting
standards (''AS'') under companies accoputing standards Rules, 2006, as
amended, the relevant provisions of the companies Act, 1956 (''the Act'')
and the guidelines issued by the Reserve Bank of India (;RBI'') as
applicable to an Non - Banking Finance Company (''NBFC''). The financial
statements have been prepared under the historical cost convention on
an accrual basis. The accounting policies have been consistently
applied by the company and are consistent with those used in the
previous year. The company adopts accrual system of accounting unless
otherwise stated.
(b) Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the result of operations during the reposting
year end. Although these estimates are based upon management''s best
knowledge of current events and actions, actual result could differ
from these estimates. Any revisions to the accounting estimates are
recognized prospectively in the current and future years.
(C ) Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
assets to its working condition for its intended use. Intangible
Assets expected to provide future enduring economic benefits are
carried at cost less accumulated amortization and impairment losses, if
any. Cot comprise of purchase price and directly attributable
expenditure on making the assets ready for its intended use.
(D) Depreciation & Impairment of Assets
Depreciation on fixed assets is provided on written down value method,
at the rates and in the manner prescribed in Schedule-XIV to the
companies Act, 1956.
(E) Revenue Recognition
(i) Loan Income
In respect of loan agreements, the income is accrued by applying the
impact rate in the transaction on declining balance on the amount
financed for the period of the agreement.
(ii) No income is recognized in respect of Non- performing assets, if
any, as per the prudential norms for income recognition introduced for
NonBanking Financial Corporation by Reserve Bank of India vide its
notification o.DFC.NO.119/DG/(SPT)-98 date 31-01-1998 and revised
notification no. DNBS.192/DG(VL)-2007 dated 22-02-2007.
(F) Expense Accouting
All expenditure including the interest costs are accounted for on
accrual basis.
(G) Provisions of Assets
The company makes provisions for standard and Non-performing Assets as
per the Non-Banking Financial (Non-Deposit Accepting of Holding
Companies prudential Norms Reserve Bank) Directions, 2007, as amended
from time to time. The company also makes additional provisions towards
loan assets, to the extent considered necessary, based on the
management''s best estimate.
Loan assets which as per the management are not likely to be recovered,
are considered as bad debts and written off. Provisions on standards
assets are made as per the notification DNBS.PD.CC.No.
207/03.02.002/2010-11 issued by Reserve Bank of India.
(H) Provisions, contingents Liabilities and contingent Assets
(i) A Provision is recognized when the company has present obligation
as a result of past event and it is probable that outflow of resources
will be required to settle the obligation and in respect of which a
reliable estimate can be made. Provisions are not discounted to their
present value nad are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to reflect the current best
estimates.
(ii) Contingent Liabilities are are disclosed separately by way of note
to financial statements after careful evaluation by the managements of
the facts and legal aspects of the matter involved in case of:
(a) a present obligation arising from the past event, when it is not
probable that an outflow of resources will be required to settle the
obligation.
(b) a possible obligation, unless the probability of outflow of
resources is remote.
(iii) Contingent Assets are neither recognized, nor disclosed in the
financial statements.
(I) Taxation
(i) Provisions for current tax is made in accordance with and at the
rates specified under the Income Tax Act, 1961.
(ii) In accordance with Accounting Standard 22- ''Accounting for taxes
on Income'', issued by the Institute of Chartered Accountant of India.
(J) Earning per share
Basic earning per share is calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
attributable taxes) by the weighted averages number of equity shares
outstanding during the year.
For the purpose of calculating diluted earning per share, the net
profit or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all diluted potential equity shares.
(K) Cash and Cash Equivalents
Cash and cash equivalents in the cash flow statements comprise cash at
bank and in hand and highly liquid investments that are readily
convertible into known amount of cash.
Mar 31, 2013
1. Basis of Preparation of Financial Statements
(a) The financial statements have been prepared under the historical
cost convention in accordance with generally accepted accounting
principals in India and the provisions of the Companies Act 1956.
2. Revenue Recongnition
(a) The Company follows mercantile systems of accounting and recognizes
income and expenditure on accrual basis.
3. Investments
(a) During the year the company has not made any fresh purchase of
shares. During the year the company has sold investments of Edoptica
Developers India Limited
(b) Investments (Long Term) are valued a acquistion cost (Including
Brokerage & Transfer Expenses). No Provision is made for diminution in
the value of long term investment s. As in the opinion of the
management the diminution is temporary and not permanent.
Mar 31, 2012
1. Basis of Preparation of Financial Statements
(a) The financial statements have been prepared under the historical
cost convention in accordance with generally accepted accounting
principals in India and the provisions of the Companies Act, 1956,
2. Revenue Recognition
(a) The Company follows mercantile systems of accounting and recognizes
income and expenditure on accrual basis.
3. Investments
(a) During the year the company has not made any fresh purchase of
shares as Investments.
(b) Investments (Long Term) are valued a acquisition cost (Including
Brokerage & Transfer Expenses). No Provision is made for diminution in
the value of long term investments. As in the opinion of the management
the diminution is temporary and not permanent.
Mar 31, 2011
1. Fixed Asets: The Companay does not have any Fixed Assets.
2. Investements:
(i) During the year the company has treated all fresh purchase of
shares as investments.
(ii) Investments (Long Term) are valued a acquistion cost (including
Brokerage & Transfer Expenses). No provision is made for diminution in
the value of long term investments. As in the opinion of the management
the diminuation is temporary and not permanent.
3. Accounts are maintained on Accrual Basis.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article