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  SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS:

 

 

 

 

 

 
A. SIGNIFICANT ACCOUNTING POLICIES
 
  1. 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.


  2. Revenue recognition:

    Income from hire purchase advances are accounted by adopting internal rate of return method for the installments due as per the agreement.


  3. 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.


  4. 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.


  5. Stock on Hire

    Stock on hire has been valued at the amount advanced less installments received.


  6. Managerial Remuneration :

    P. Sankaran - Executive Director

    Year ended 31/03/2011: Rs.2,73,000/-

    Year ended 31/03/2010: Rs. 2,94,000/- 


  7. 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/-)
     


  8. Expenditure in Foreign Currency: NIL.

  9. Contingent liability not provided for: NIL.

  10. 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.



  11.   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
         
         
         

 

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