Incap Financial Services Ltd. कंपली की लेखा नीति

Mar 31, 2012

FIXED ASSETS

Fixed Assets are stated at cost of acquisition, inclusive of inward freight, duties and taxes and incidental expenses related to acquisition.

DEPRECIATION

Depreciation is calculated on Fixed Assets and the company follows the Written Down Value method which is in accordance with schedule XIV of the Companies Act, 1956.

INVENTORIES

Stock is valued at cost or under.

Raw Materials, components, work-in-progress and finished goods are valued at lower of cost and net realizable value. Cost of inventory is ascertained on the ‘weighted average' basis. Further, in respect of manufactured inventories i.e. process stock and finished goods, an appropriate share of manufacturing expenses is included on absorption costing basis including excise duty.

INVESTMENTS

Investments are valued at cost, any diminution in the value of investments, if considered permanent, is provided for.

INCOME FROM INVESTMENTS / DEPOSITS

Income from investments / Deposits is credited to revenue in the year in which it accrues except Dividend which is accounted for on Cash basis.

RECOGNITION OF INCOME & EXPENDITURE

All income and expenditure are accounted for on accrual basis.

RETIRMENT BENEFITS

Provision for Payment of Gratuity Act, 1972 is not applicable and as such no provision is made. Leave Encashment, if any, would be accounted for as and when paid.

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Mar 31, 2011

FIXED ASSETS

Fixed Assets are stated at cost of acquisition, inclusive of inward freight, duties and taxes

and incidental expenses related to acquisition.

DEPRECIATION

Depreciation is calculated on Fixed Assets and the company follows the Written Down

Value method which is in accordance with schedule XIV of the Companies Act, 1956.

INVENTORIES

Stock is valued at cost or under.

Raw Materials, components, work-in-progress and finished goods are valued at lower of cost and net realizable value.

Cost of inventory is ascertained on the 'weighted average' basis. Further, in respect of manufactured inventories i.e. process stock and finished goods, an appropriate share of manufacturing expenses is included on absorption costing basis including excise duty.

INVESTMENTS

Investments are valued at cost, any diminution in the value of investments, if considered permanent, is provided for.

INCOME FROM INVESTMENTS / DEPOSITS

Income from investments / Deposits is credited to revenue in the year in which it accrues except Dividend which is accounted for on Cash basis.

RECOGNITION OF INCOME & EXPENDITURE

All income and expenditure are accounted for on accrual basis.

RETIRMENT BENEFITS

Provision for Payment of Gratuity Act, 1972 is not applicable and as such no provision is made. Leave Encashment, if any, would be accounted for as and when paid.

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Mar 31, 2010

A) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.

The financial statements have been prepared under the historical cost convention, in accordance with Accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956, as adopted consistently by the company. All income and expenditure having a material bearing on the financial statements are recognized on accrual basis.

b) REVENUE RECOGNITION.

The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties. The Principles of revenue recognition are given below:

- Revenue from the sale of securities is recognized when supply of goods takes place in accordance with the term of sales and on passing of title to the customers.

c) FIXED ASSETS AND DEPRECIATION

- Fixed Assets are stated at the cost of acquisition less accumulated depreciation. Cost includes all identifiable expenditure incurred to bring the asset to its present condition and location.

- Depreciation on fixed asset is provided at the rates and in the manner specified in schedule XIV to the Companies Act, 1956 on written down value of the asset.

d) INVENTORIES

- Company has not Inventories.

e) INCOME TAX

- Provision for taxation is made on the basis of the taxable profits computed for the current accounting period in accordance with the Income Tax Act, 1961.

- Deferred Tax resulting from timing differences are expected to crystallize in case of deferred tax liabilities with reasonable certainty and in case of deferred tax asset with virtual certainty that there would be adequate future taxable income against which such deferred tax assets can be realized. The tax effect is calculated on the accumulated timing differences at the end of an accounting period based on prevailing enacted regulations.

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Mar 31, 2003

A) ACCOUNTING CONVENTION

Financial statement are prepared under the historical cost convention, in accordance with normally Accepted Accounting Principles.

b) FIXEDASSETS

Fixed Assets are stated at cost less Depreciation.

c) DEPRECIATION

The Companys Fixed Assets are stated at cost less depreciation.Depreciation has been provided as per Written Down Value Method at rates provided in Schedule XIV of the Companies Act 1956.Depreciation has been provided on pro-rata basis with respect to the period of use.

d) INVESTMENTS

Unquoted shares are valued at cost and being invested for long terms shown under the head investments. Details of these unquoted shares are as follows :

e) INVENTORIES

Closing Stock of quoted Shares & Securities is valued at lower of cost or market value. Last Market Rates available are taken for those shares whose current market rates are not available. The unquoted Shares have been valued on the basis of N.A.V. bases on latest available audited accounts. Valuation of unquoted shares of Companies where project are still under implementation, are taken at cost.

f) EXPENSES

Accrual basis of accounting has been followed.

g) INCOME

Income from Professional Services rendered is accounted for on the basis of work completed, as certified by the management as at 31st March2003. All other incomes are accounted for on accrual basis except dividend received on shares which is taken on receipt basis.

Interest has not been provided in the books of accounts on the loans which are treated as non performing assets and for which the necessary provisions have been made in compliance with the provisions of Prudential Norms issued by RBI for NBFC Companies.

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Mar 31, 2002

I. BASIS OF ACCOUNTING :-

The accounts of the Company has been prepared under the histor- ical historical Cost Convention and on Mercantile System of Ac- counting & in accordance with the applicable Accounting Standards.

2. FIXED ASSETS :-

The Fixed Assets have been valued at cost when purchased in earlier year, including costs and other expenses incurred in connection with acquisition of Fixed Assets appropriated thereto.

3. DEPRECIATION :-

Depreciation has not provided in the accounts since its very first year of accounting value

4. FOREIGN CURRENCY TRANSACTIONS :-

There are no Foreign Currency transactions during the year.

5. PRELIMINARY EXPENSES :-

Any amount of Preliminary Expenses incurred in earlier years, are still not written off fay debit to Profit & Loss Account.