|
|
|
|
|
|
|
|
|
 |
SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS: |
|
|
|
|
|
|
|
|
|
|
| |
A. SIGNIFICANT ACCOUNTING POLICIES |
| |
-
Basis of preparation:
The financial statements are prepared under the historical cost convention in accordance
with Generally Accepted Accounting Principles (GAAP), and materially comply with the
mandatory accounting standards issued by the Institute of Chartered Accountants of India
and the provisions of the Companies Act, 1956. All income and expenditure having a
material bearing on the financial statements are recognized on the accrual basis.
-
Revenue recognition: Income from hire purchase advances are accounted by adopting internal rate of return
method for the installments due as per the agreement.
-
Depreciation: Depreciation on fixed assets is provided using the Written Down Value method, based on
rates specified in Schedule XIV to the Companies Act, 1956. Depreciation is charged on a
pro-rata basis for assets purchased/sold during the year. Individual assets costing Rs.5,000 or
less are depreciated in full in the year of purchase.
-
Investments : Investments are stated at the lower of cost or market value. Any decline in the value of
investments other than temporary is charged to the Profit and Loss Account.
-
Stock on Hire Stock on hire has been valued at the amount advanced less installments received.
-
Managerial Remuneration : P. Sankaran - Executive Director Year ended 31/03/2011: Rs.2,73,000/- Year ended 31/03/2010: Rs. 2,94,000/-
-
Auditor's Remuneration : Year ended ------------- 31/03/2011 (31/03/2010) Statutory Audit Fees ---- Rs.42,000/- (Rs.35,000/-) Tax Audit Fees ---------- Rs.21,000/- (Rs.20,000/-) Consultancy Charges -----Rs.21,000/- (Rs.20,000/-) Out of Pocket Expenses--- ---NIL--- (Rs.7,000/-) TOTAL ------------------ Rs.84,000/- (Rs.82,000/-)
- Expenditure in Foreign Currency: NIL.
- Contingent liability not provided for: NIL.
- Taxes on Income:
Provision for current tax is made for the amount of tax payable in respect of taxable
income for the year under the Income Tax Act, 1961.
The Net cumulative effect of the timing differences, as contemplated under the
standard, results in a deferred tax asset. The company as a matter of conservative
accounting policy, has not reflected this in the financial statements.
Previous year's figures have been regrouped and reclassified wherever necessary to
conform to the current year's presentation.
This is the Notes referred to in our report of even date addressed to the members of the
Company.
|
| |
L.V. Anantram |
| |
T.V.Srinivasan |
| |
V.G.Suresh Kumar |
| |
U.K.Selvathilak |
| |
J.Viswanathan |
| |
K.M.Narasimhan |
Directors |
| K.V.Aiyappan
Chairman |
P.Sankaran
Executive Director |
J.Narassimhan
Company Secretary |
On behalf of the Board of Directors
For R.Bhaskar & Co.
Chartered Accountants F.No.008860S
R.Bhaskar, Properietor M.No.026584 |
| |
|
|
| |
Place : Chennai |
| |
Date : 21/04/2011 |
|
| |
|
| SCHEDULE TO THE BALANCE SHEET OF ABIRAMI FINANCIAL SERVICES (INDIA) LIMITED |
| (AS REQUIRED IN TERMS OF PARAGRAPH 9BB OF NON BANKING FINANCIAL COMPANIES PRUDENTIAL NORMS (RESERVE BANK) DIRECTIONS, 1998) |
| |
PARTICULARS |
|
|
| |
Liabilities Side: |
Amount Outstanding |
Amount Overdue |
| |
|
Rs |
Rs |
| 1 |
Loans and advances availed by the NBFCs inclusive of interest accrued thereon but not paid: |
|
|
| |
(a)Debentures : Secured
|
0 |
0 |
| |
Unsecured (other than falling within the meaning of public deposits) |
0 |
0 |
| |
(b)Deferred Credits |
0 |
0 |
| |
(c)Term Loans |
0 |
0 |
| |
(d)Inter-corporate loans and borrowing |
0 |
0 |
| |
(e)Commercial Paper |
0 |
0 |
| |
(f)Public Deposits |
0 |
0 |
| |
(g)Other Loans (specify nature) |
|
|
| |
Deposits from Directors and their Relatives |
0 |
0 |
| |
| 2 |
Break-up of (1) (f) above (Outstanding public deposits inclusive of interest accrued thereon but not paid): |
|
|
| |
(a)In the form of Unsecured debentures |
0 |
0 |
| |
(b)In the form of partly secured debentures
i.e. debentures where there is a shortfall in the value of security |
0 |
0 |
| |
(c)Other public deposits |
0 |
0 |
| |
|
|
|
| |
Assets Side: |
|
Amount Outstanding |
| 3 |
Break-up of Loans and Advances including bills receivables (Other than those included in (4) below): |
Rs |
| |
(a) Secured |
25766965 |
0 |
| |
(b) Unsecured |
3588717 |
0 |
|
| |
| 4 |
Break-up of Leased Assets and Stock on Hire and Hypothecation Loans counting towards EL/HP activities: |
| |
|
Amount Outstanding |
Amount Overdue |
| |
|
(Rs) |
(Rs) |
| |
(i) Lease assets including lease rentals under sundry debtors: |
|
|
| |
(a) Financial Lease |
0 |
0 |
| |
(b) Operating Lease |
0 |
0 |
| |
|
|
|
|
| |
(ii) Stock on Hire including hire charges under sundry debtors: |
|
|
| |
(a) Assets on hire |
1088186 |
723186 |
| |
(b) Repossessed Assets |
0 |
0 |
| |
|
|
|
|
| |
(iii) Hypothecation loans counting towards EL/HP activities |
|
|
| |
(a) Loans where assets have been repossessed |
0 |
0 |
| |
(b) Loans other than (a) above |
0 |
0 |
| |
|
|
|
|
| 5 |
Break-up of Investments: |
|
|
| |
|
|
|
|
| |
Current Investments: |
|
|
|
| |
|
|
|
|
| |
1 Quoted: |
|
|
|
| |
(i) Shares : (a) Equity |
|
8518391 |
|
| |
(b) Preference |
|
0 |
|
| |
(ii) Debentures and Bonds |
|
0 |
|
| |
(iii) Units of mutual funds |
|
11000000 |
|
| |
(iv) Government Securities |
|
0 |
|
| |
(v) Others (Please Specify) |
|
0 |
|
| |
|
|
|
|
| |
2 Unquoted: |
|
|
|
| |
|
|
|
|
| |
(i) Shares : (a) Equity |
|
0 |
|
| |
(b) Preference |
|
0 |
|
| |
(ii) Debentures and Bonds |
|
0 |
|
| |
(iii) Units of mutual funds |
|
0 |
|
| |
(iv) Government Securities |
|
0 |
|
| |
(v) Others (Please Specify) |
|
0 |
|
| |
|
|
|
|
| |
Long Term Investments |
| |
|
|
|
|
| |
1 Quoted: |
|
|
|
| |
(i) Shares : (a) Equity |
|
0 |
|
| |
(b) Preference |
|
0 |
|
| |
(ii) Debentures and Bonds |
|
0 |
|
| |
(iii) Units of mutual funds |
|
0 |
|
| |
(iv) Government Securities |
|
0 |
|
| |
(v) Others (Please Specify) |
|
0 |
|
| |
|
|
|
|
| |
2 Unquoted: |
|
|
|
| |
(i) Shares : (a) Equity |
|
3840000 |
|
| |
(b) Preference |
|
0 |
|
| |
(ii) Debentures and Bonds |
|
0 |
|
| |
(iii) Units of mutual funds |
|
0 |
|
| |
(iv) Government Securities |
|
0 |
|
| |
(v) Others (Please Specify) |
|
0 |
|
| |
|
|
|
| 6 |
Borrower group-wise classification of all leased assets, stock-on-hire and loans and advances: |
| |
|
|
Amount of Net Provisions |
| |
Category |
|
|
|
| |
|
Secured |
Unsecured |
Total |
| |
|
Rs |
Rs |
Rs |
| |
1 Related Parties |
| |
(a) Subsidiaries |
0 |
0 |
0 |
| |
(b) Companies in the same group |
0 |
0 |
0 |
| |
(c) Other related parties |
44448 |
0 |
44448 |
| |
|
|
|
|
| |
2 Other than related Parties |
26810703 |
3588717 |
30399420 |
| |
Total |
26855151 |
0 |
30443868 |
| |
|
|
|
|
| 7 |
Investor group-wise classification of all investments (current and long term) in shares and securities (both quoted and unquoted): |
| |
|
|
|
|
| |
Category |
Market Value/ Break |
|
Book value(Net of Provisions) |
| |
|
up or fair value or NAV |
| |
|
Rs |
|
Rs |
| |
1 Related Parties |
|
|
|
| |
(a) Subsidiaries |
0 |
|
0 |
| |
(b) Companies in the same group |
3840000 |
|
3840000 |
| |
(c) Other related parties |
0 |
|
0 |
| |
|
|
|
|
| |
2 Other than related Parties |
17617875 |
|
19518391 |
| |
|
|
|
|
| 8 |
Other Information: |
|
|
Amount |
| |
|
|
|
(Rs) |
| |
|
|
|
|
| |
(i) Gross Non-Performing Assets |
|
|
|
| |
(a) Related Parties |
|
|
|
| |
(b) Other than related parties |
|
|
723186 |
| |
|
|
|
|
| |
(ii) Net Non-Performing Assets |
|
|
|
| |
(a) Related Parties |
|
|
0 |
| |
(b) Other than related parties |
|
|
723186 |
| |
|
|
|
|
| |
(iii) Assets acquired in satisfaction of debt |
0 |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
