Home  »  Company  »  Aastamangalam Financ  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Aastamangalam Finance Ltd. Company

Mar 31, 2015

AS 1 Disclosure of accounting policies

The Company is following accrual basis of accounting for both income and expenses.

AS 2 Valuation of Inventories

The Company has no Inventory. Hence this standard is not applicable.

AS 3 Cash flow statements

The Cash Flow Statement has been prepared under indirect method and the same is attached.

AS 4 Contingencies and Events occurring after the balance sheet date

There are no events occuring after the Balance Sheet Date that require adjustment or disclosure.

AS 5 Net Profit or loss for the period, prior period items and changes in accounting policies

There are no prior period items. There are no changes in the accounting policies of the Company from the previous year.

AS 6 Depreciation Accounting

The Company has no fixed assets.

AS 7 Accounting for Construction Contracts

The above standard is not applicable to the Company, as it is not engaged in the business of construction.

AS 8 Accounting for Research and Development

This standard has been withdrawn with effect from 1-4-2003.

AS 9 Revenue Recognition

Interest income is recognized using the time proportion method based on the rates implicit in the transaction.

AS10 Accounting for Fixed Assets

The Company has no fixed assets.

AS11 Accounting for effects of changes in foreign exchange rates

The Company has no foreign exchange transactions.

AS12 Accounting for Government Grants

The Company has not received any grant from the Government

AS13 Accounting of Investments

Investments are accounted at the cost of acquisition which includes stamp fee etc.

AS14 Accounting for Amalgamation

No Amalgamation was made during the year.

AS15 Accounting for Employee Benefits

Please refer to Note No.17 of Notes to Financial statements

AS16 Borrowing Cost

There is no borrowing cost attributable to qualifying assets.

AS17 Segment Reporting

The Company is engaged in the business of financing and accordingly there are no separate reportable segments.

AS18 Related party disclosures

Please refer to Note No 18 of Notes to Financial Statements.

AS19 Account for Leases

The Company has not given or taken any assets on lease during the year.

AS20 Earnings per share (EPS)

Basic earnings per share are disclosed in the Statement of Profit and Loss. There is no diluted earnings per share as there are no dilutive potential equity shares.

Particulars 2014-2015 2013-2014

Basic / Diluted EPS before considering 1.85 3.72 Extra-ordinary items (Rs.)

Basic / Diluted EPS after considering 1.85 3.72 Extra-ordinary items (Rs.)

Weighted average number of shares 4,278,000 4,278,000

Face Value per share (fully Paid up) Rs. 10/- Rs. 10/-

AS21 Consolidated financial statements

This Standard is not applicable to the Company.

AS22 Accounting for taxes on Income

Provision for Income Tax is made as per the provisions of Income Tax Act, 1961. The Company has Deferred Tax Asset. However as a measure of Pru- dence no Deferred Tax asset has been recognised during the year

AS23 Accounting for Investments in associates

This Standard is not applicable to the Company as the Company has no Associate.

AS24 Discontinuing Operations

The company has not discontinued any operations during the year.

AS25 Interim financial Reporting

Quarterly financial results are published in accordance with the guidelines issued by SEBI. The recognition and measurement principles as laid down in the Standard are followed with respect to such results. Quarterly financial results are also subjected to a limited review by the Auditors as required by SEBI.

AS26 Accounting for Intangible Assets

The Company has no intangible assets.

AS27 Financial Reporting of Interests in Joint Ventures

The Company has no Joint Ventures.

AS28 Impairment of Assets

The Company has no impaired assets.

AS29 Provision, Contingent Liabilities and Contingent Assets

Liabilities Disputed and Not provided for

As at As at

31/03/2015 31//03/2014 Rs. Rs.

(i) Income Tax 7,54,891 7,54,891

(ii)Employees State Insurance Nil 73,226


Mar 31, 2014

Notes on Accounting Policies / Compliance of Accounting Standards prescribed by the Institute of Chartered Accountants of India

AS 1 Disclosure of accounting policies

The Company is following accrual basis of accounting for both income and expenses.

AS 2 Valuation of Inventories

The Company has no Inventory. Hence this standard is not applicable.

AS 3 Cash flow statements

The Cash Flow Statement is attached

AS 4 Contingencies and Events occurring after the balance sheet date

There are no events occuring after the Balance Sheet Date that require adjustment or disclosure.

AS 5 Net Profit or loss for the period, prior period items and changes in accounting policies There are no prior period items. There are no changes in the accounting policies of the Company from the previous year.

AS 6 Depreciation Accounting

The Company has no fixed assets.

AS 7 Accounting for Construction Contracts

The above standard is not applicable to the Company, as it is not engaged in the business of construction.

AS 8 Accounting for Research and Development

This standard has been withdrawn with effect from 1-4-2003.

AS 9 Revenue Recognition

Interest income is recognized using the time proportion method based on the rates implicit in the transaction.

AS10 Accounting for Fixed Assets

The Company has no fixed assets.

As11 Accounting for effects of changes in foreign exchange rates

The Company has no foreign exchange transactions.

AS12 Accounting for Government Grants

The Company has not received any grant from the Government

AS13 Accounting of Investments

Investments are accounted at the cost of acquisition which includes stamp fee etc.

AS14 Accounting for Amalgamation

No Amalgamation was made during the year.

AS15 Accounting for Employee Benefits

Please refer to Note No.17 of Notes to Financial statements

AS16 Borrowing Cost

There is no borrowing cost attributable to qualifying assets.

AS17 Segment Reporting

The Company is engaged in the business of financing and accordingly there are no separate reportable segments.

AS18 Related party disclosures

Please refer to Note No 18 of Notes to Financial Statements.

AS19 Account for Leases

The Company has not given any assets on lease during the year. The Company has taken vehicles on lease basis for the period upto five years, which are in the nature of operating leases as defined in the Accounting Standard AS-19 in respect of leases prescribed by the Institute of Chartered Accountants of India.


Mar 31, 2013

AS 1 Disclosure of accounting policies

The Company is following accrual basis of accounting for both income and expenses.

AS 2 Valuation of Inventories

The Company has no Inventory. Hence this standard is not applicable.

AS 3 Cash flow statements

The Cash Flow Statement is attached

AS 4 Contingencies and Events occurring after the balance sheet date

There are no events occuring after the Balance Sheet Date that require adjustment or disclosure.

AS 5 Net Profit or loss for the period, prior period items and changes in accounting policies

There are no prior period items. There are no changes in the accounting policies of the Company from the previous year.

AS 6 Depreciation Accounting

The Company has no fixed assets.

AS 7 Accounting for Construction Contracts

The above standard is not applicable to the Company, as it is not engaged in the business of construction.

AS 8 Accounting for Research and Development

This standard has been withdrawn with effect from 1-4-2003.

AS 9 Revenue Recognition

Interest income is recognized using the time proportion method based on the rates implicit in the transaction.

AS10 Accounting for Fixed Assets

The Company has no fixed assets.

AS11 Accounting for effects of changes in foreign exchange rates

The Company has no foreign exchange transactions.

AS12 Accounting for Government Grants

The Company has not received any grant from the Government

AS13 Accounting of Investments

Investments are accounted at the cost of acquisition which includes stamp fee etc.

As14 Accounting for Amalgamation

No Amalgamation was made during the year.

AS15 Accounting for Employee Benefits

Please refer to Note No.17 of Notes to Financial statements

AS16 Borrowing Cost

There is no borrowing cost attributable to qualifying assets.

AS17 Segment Reporting

The Company is engaged in the business of financing and accordingly there are no separate reportable segments.

AS18 Related party disclosures

Please refer to Note No 18 of Notes to Financial Statements.

AS19 Account for Leases

The Company has not given any assets on lease during the year.

The Company has taken vehicles on lease basis for the period upto five years, which are in the nature of operating leases as defined in the Accounting Standard AS-19 in respect of leases prescribed by the Institute of Chartered Accountants of India.

AS20 Earnings per share (EPS)

Please refer to Statement of Profit and Loss account. There is no diluted earnings per share as there are no dilutive potential equity shares.

AS21 Consolidated financial statements

This Standard is not applicable to the Company.

AS22 Accounting for taxes on Income

Provision for Income Tax is made as per the provisions of Income Tax Act, 1961. The Company has Deferred Tax Asset. However as a measure of Prudence no Deferred Tax asset has been recognised during the year

AS23 Accounting for Investments in associates

This Standard is not applicable to the Company as the Company has no Associate.

AS24 Discontinuing Operations

The company has not discontinued any operations during the year.

AS25 Interim financial Reporting

Quarterly financial results are published in accordance with the guidelines issued by SEBI. The recognition and measurement principles as laid down in the Standard are followed with respect to such results. Quarterly financial results are also subjected to a limited review by the Auditors as required by SEBI.

AS26 Accounting for Intangible Assets

The Company has no intangible assets.

AS27 Financial Reporting of Interests in Joint Ventures

The Company has no Joint Ventures.

AS28 Impairment of Assets

The Company has no impaired assets.

As29 Provision, Contingent Liabilities and Contingent Assets

Liabilities Disputed and Not provided for

As at As at 31/03/2013 31//03/2012

(i) Income Tax 7,54,891 7,54,891

(ii) Employees State Insurnace 73,226 73,226


Mar 31, 2012

AS 1 Disclosure of accounting policies

The Company is following accrual basis of accounting for both income and expenses.

AS 2 Valuation of Inventories

The Company has no Inventory. Hence this standard is not applicable.

AS 3 Cash flow statements

The Cash Flow Statement is attached

AS 4 Events occurring after balance sheet date

There are no events occuring after the Balance Sheet Date that require adjustment or disclosure.

AS 5 Net Profit or loss for the period, prior period items and changes in accounting policies

There are no prior period items. There are no changes in the accounting policies of the Company from the previous year.

AS 6 Depreciation Accounting

The Company has no fixed assets.

AS 7 Accounting for Construction Contracts

The above standard is not applicable to the Company, as it is not engaged in the business of construction.

AS 8 Accounting for Research and Development

This standard has been withdrawn with effect from 1-4-2003.

AS 9 Revenue Recognition

Interest income is recognized using the time proportion method based on the rates implicit in the transaction.

AS10 Accounting for Fixed Assets

The Company has no fixed assets.

AS11 Accounting for effects in foreign exchange rates The Company has no foreign exchange transactions.

AS12 Accounting for Government Grants

The Company has not received any grant from the Government

AS13 Accounting of Investments

Investments are accounted at the cost of acquisition which includes stamp fee etc.

AS14 Accounting for Amalgamation

No Amalgamation was made during the year.

AS15 Accounting for Retirement Benefits

Please refer to Note No.17 of Notes to Financial statements

AS16 Borrowing Cost

There is no borrowing cost attributable to qualifying assets.

AS17 Segment Reporting

The Company is engaged in the business of financing and accordingly there are no separate reportable segments.

AS18 Related party disclosures

Please refer to Note No 18 of Notes to Financial Statements.

AS19 Leases

The Company has not given any assets on lease during the year.

The Company has taken vehicles on lease basis for the period upto five years, which are in the nature of operating leases as defined in the Accounting Standard AS-19 in respect of leases prescribed by the Institute of Chartered Accountants of India.


Mar 31, 2010

AS 1 Disclosure of accounting policies

Please refer Note No I of Notes on Accounts

AS 2 Valuation of Inventories

The Company has no Inventory. Hence this standard is not applicable.

AS 3 Cash flow statements

The Cash Flow Statement is attached

AS 4 Events occurring after balance sheet date

There are no events occuring after the Balance Sheet Date that require adjustment or disclosure.

AS 5 Net Profit or loss for the period, prior period items and changes in accounting policies

There are no prior period items. There are no changes in the accounting policies of the Company from the previous year.

AS 6 Depreciation Accounting

Please refer to Note No I (f) of Notes on Accounts

AS 7 Accounting for Construction Contracts

The above standard is not applicable to the Company, as it is not engaged in the business of construction.

AS 8 Accounting for Research and Development

This standard has been withdrawn with effect from 1-4-2003.

AS 9 Revenue Recognition

Please refer to Note No. I (a), (b) and (c) of Notes on Accounts. Interest income is recognized using the time proportion method based on the rates implicit in the transaction.

AS10 Accounting for Fixed Assets

Please refer to Note No I (e) of Notes on Accounts

AS11 Accounting for effects in foreign exchange rates.

The Company has no foreign exchange transactions.

AS12 Accounting for Government Grants

The Company has not received any grant from the Government

AS16 Borrowing Cost

Please refer to Note No III (i) of Notes on Accounts

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X