Contil India Ltd. நிறுவனத்தின் கணக்கியல் கொள்கைகள்

Mar 31, 2025

Company Background And Operations

The company was incorporated on October 27, 1994, in the name of Continental Credit & Investment Ltd. The name of the company has subsequently been changed to Contil India Ltd. Vide fresh certificate dated December 26, 2007 received under the hand of Registrar of Companies, Gujarat vide CIN : L74110GJ1994PLC023444 and domiciled in India having registered office At 811, Siddharth Complex, R C Dutt Road, Alkapuri, Baroda, Gujarat, India, 390007.

The listing of the company has been done on a Bombay Stock Exchange vide security trade Name Contil India BSE Id :531067.

The Company is a Merchant exporter of high-quality premium pulses, spices Flour and other Food products, Beverages and grocery items

Statement of Compliance

Standalone Financial Statements have been prepared in accordance with the accounting principles generally accepted in India including Indian Accounting Standards (Ind AS) prescribed under the Section 133 of the Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended and relevant provisions of the Companies Act, 2013 and presentation requirements of division II of Schedule III of the Act (Ind-As Compliant Schedule - III)

Basis of Preparation of Financial Statements

The standalone financial statements have been prepared on going concern basis in accordance with accounting principles generally accepted in India. Further, the standalone financial statments have been prepared on historical cost basis except for certain financial assts that are measured at fair values as explained in relevant accounting policies. The accounting policies adopted are consistent with those which were applied for the previous financial year.

The Standalone Financial Statements have been presented in Indian Rupees (INR), which is the Company''s functional currency. All financial information presented in INR has been rounded off to the nearest two decimals of hundreds.

These stand alone financial statements for the year ended 31 March 2025 were authorised and approved for isuue by the Board of Directors on 30.05.2025

Current and non-current classification

Current versus non-current classification of all assets and liabilities have been classified as current or noncurrent as per the Company''s normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013. Based on the nature of products and the time taken between acquisition of assets for processing and their realization in cash and cash equivalent, the Company has ascertained its operating cycle as twelve months for the purpose of the classification of assets and liabilities into current and non -current.

Use of estimates

The preparation of the financial statements in conformity with Ind AS requires the Management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

Significant Accounting Policies And Notes Forming Part Of Accounts

A summary of the significant accounting policies applied in the preparation of the financial statements is as given below. These accounting policies have been applied consistently to all the periods presented in the financial statements.

a) Property, plant and equipment

The cost of property, plant and equipment comprises its purchase price net of any trade discounts and rebates, any import duties and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable expenditure on making the asset ready for its intended use, including relevant borrowing costs for qualifying assets and any expected costs of commissioning.

Expenditure incurred after the property, plant and equipment have been put into operation, such as repairs and maintenance, are charged to the Statement of Profit and Loss in the year in which the costs are incurred

b) Depreciation, Amortisation and useful life

Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value. Depreciation is recognised so as to write off the cost of assets (other than freehold land and properties under construction) less their residual values over their useful lives, using straight-line method as per the useful life prescribed in Schedule II to the Companies Act, 2013

c) Intangible assets

Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognized on a straight-line basis over their estimated useful lives.

d) Investments and other Financial assets

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

On initial recognition, a financial asset is recognized at fair value. In case of financial assets which are recognised initially at fair value through profit and loss (''FVTPL'') except for trade receivables without financing components which are measured at transaction price, its transaction cost is recognised in the Statement of Profit and Loss. In other cases, the transaction cost is attributed to the acquisition of the financial asset.

For purposes of subsequent measurement financial assets are classified in below categories:

- Financial assets carried at amortised cost

- Financial assets at fair value through other comprehensive income (''FVTOCI'')

- Financial assets at fair value through profit or loss (''FVTPL'')

A financial asset is subsequently measured at the amortised cost if both the following conditions are met:

- The asset is held within a business model whose objective is to hold the asset in order for collecting contractual cash flows; and

- Contractual terms of the asset give rise on specified dates to cash flows that are Solely Payments of Principal and Interest (''SPPI'') on the principal amount outstanding.

Financial assets carried at FVTOCI

A financial asset is classified as at FVTOCI if both the following criteria are met:

- The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets; and

- The asset''s contractual cash flows represent SPPI.

Financial assets carried at FVTPL is a residual category for financial assets. Any financial assets , which does not meet the criteria for categorisation as amortised cost or as FVTOCI, is classified as FVTPL. Financial assets included within the FVTPL category are measured at fair value with all changes recognized in the statement of profit and loss.

e) Investments in associates and joint ventures

Investments in subsidiaries are carried at cost less accumulated impairment losses, if any. Where an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount. On disposal of investments in subsidiaries the difference between net disposal proceeds and the carrying amounts are recognized in the Statement of Profit and Loss.

f) Inventories

Traded goods / Finished goods and stock in trade are valued at lower of cost and net realisable value. Cost of stock-in-trade includes cost of purchase and other cost incurred in bringing the inventories to the present location and condition. Cost is determined on a moving weighted average basis and are net of GST credits.

Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.

g) Cash and Cash Equivalents

Cash and cash equivalent in the Balance Sheet comprise cash at banks and on hand and shortterm deposits with an original maturity of three months or less, which are subject to insignificant risk of changes in value.

h) Revenue Recognition Sale of goods

Revenue from sales is recognised when control of the products has transferred, being when the products are delivered to the customer, the customer has full discretion over the channel and price to sell / consume the products, and there is no unfulfilled obligation that could affect the customer''s acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer.

Revenue is measured at the fair value of the consideration received or receivable. The Company recognises revenues on sale of products, net of discounts, sales incentives, rebates granted, returns, sales taxes/GST and duties when the products are delivered to customer or when delivered to a carrier for export sale, which is when title and risk and rewards of ownership pass to the customer.

Export Incentives

Revenue from export incentives are accounted for on export of goods if the entitlements can be estimated with reasonable assurance and conditions precedent to claim are fulfilled.

Dividend and interest income

Dividend income from investments is recognised when the shareholder''s right to receive payment has been established (provided that it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably).

Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable.

i) Employee Benefits

Employee benefits include salaries, wages,leave encashment towards un-availed leave, compensated absences and other terminal benefits.

Short-term employee benefits

Wages and salaries, including non-monetary benefits that are expected to be settled within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees'' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet

Long-term employee benefits

The number of employees in the comapny are less than 10 and the provisions of Provident Fund (PF) and gratuity are not applicable to the Company. However, we recommend to adopt an policy of postemployment defined benefits (such as gratuity and leave encashment) on an actuarial basis. Request to refer the note mentioned under "Other Matter" of the Independent Audit Report.

j) Foreign Currency Transactions

The functional currency of the Company is Indian Rupees which represents the currency of the primary economic environment in which it operates. Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions are generally recognised in profit or loss.

Monetary balances arising from the transactions denominated in foreign currency are translated to functional currency using the exchange rate as on the reporting date. Any gains or loss on such translation, are generally recognised in profit or loss.

k) Provision of taxes on income

Tax expense comprises both current and deferred tax in accordance with the requirements of Accounting Standard 22 - Accounting for taxes on Income.

Current Tax

Current Tax is measured at the amount expected to be paid to the tax authorities, using the tax rate and tax laws applicable for the year.

Deferred Tax

Deferred Tax is recognized on timing differences being the differences between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred tax assets are not recognized on unabsorbed depreciation and carry forward of losses unless there is a virtual certainty supported by convincing evidence that sufficient taxable profits will be available against which such deferred assets can be realized.

l) Earning Per Share

In determining the earnings per share, the Company considers the net profit after tax before extraordinary item and after extraordinary items and includes post - tax effect of any extraordinary items. The number of shares used in computing the basic earnings per share is the weighted average number of shares outstanding during the period. For computing diluted earnings per share, potential equity shares are added to the above weighted average number of shares.

m) Provisions, Contingent Liabilities and Contingent Assets

A provision is recognised when the company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimates can be made. Provions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet and adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial statements. A contingent asset is neither recognised nor disclosed in the financial statements.

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Mar 31, 2024

1.3 SIGNIFICANT ACCOUNTING POLICIES

A. Property, Plant and Equipment:

i. Recognition and measurement

Freehold land is carried at cost. All other items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the items.

Income and expenses related to the incidental operations, not necessary to bring the item to the location and condition necessary for it to be capable of operating in the manner intended by management, are recognized in the Statement of Profit and Loss.

If significant parts of an item of property, plant and equipment have different useful life, then they are accounted and depreciated for as separate items (major components) of property, plant and equipment.

Any gain or loss on disposal of an item of property, plant and equipment is recognized in the Statement of Profit and Loss.

On transition to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant and equipment recognized as at April 1, 2016 measured as per the Previous GAAP and use that carrying value as the deemed cost (except to the extent of any adjustment permissible under other accounting standard) of the property, plant and equipment.

ii. Subsequent Expenditure

Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.

iii. Depreciation

Depreciation on tangible fixed assets is provided in accordance with the provisions of Schedule II of the Companies Act 2013. Depreciation on additions / deductions is calculated on pro rata basis from/up to the month of additions/deductions. The estimated useful life, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

B. Intangible Assets:

i. Intangible assets are recorded at the consideration paid for acquisition of such assets and are carried at cost less accumulated amortization and impairment, if any.

C. Impairment:

i. Non - financial assets

At each balance sheet date, the Company assesses whether there is any indication that any property, plant and equipment and intangible assets with finite life may be impaired. If any such impairment exists, the recoverable amount of an asset is estimated to determine the extent of impairment, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

D. Inventories:

i. Finished and Semi-Finished Products produced and purchased by the company are carried at Cost and net realizable value, whichever is lower.

ii. Work in Progress is carried at lower of cost and net realizable value.

iii. Raw Material is carried at lower of cost and net realizable value.

iv. Stores and Spares parts are carried at cost. Necessary provision is made and expensed in case of identified obsolete and nonmoving items.

Cost of Inventory is generally ascertained on the ''Weighted average'' basis. Work in progress, Finished and semi-finished products are valued at on full absorption cost basis.

Cost Comprises expenditure incurred in the normal course of business in bringing such inventories to its location and includes, where applicable, appropriate overheads based on normal level of activity. Packing Material is considered as finished goods. Consumable stores are written off in the year of Purchase.

E. Foreign Currency Transactions

Foreign currency (other than the functional currency) transactions are translated into the functional currency using the spot rates of exchanges at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchanges at the reporting date.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities are generally recognized in profit or loss in the year in which they arise except for exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those qualifying assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings, the balance is presented in the Statement of Profit and Loss within finance costs.

Non-monetary items are not retranslated at period end and are measured at historical cost (translated using the exchange rate at the transaction date).

F. Investments and Other Financial Assets:

Classification

The Company classifies its financial assets in the following measurement categories:

• Those to be measured subsequently at fair value (either through other comprehensive income, or through Statement of Profit and Loss), and

• Those measured at amortized cost.

The classification depends on the Company''s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in Statement of Profit and Loss or other comprehensive income. For investments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income.

The Company reclassifies debt or equity investments when and only when its business model for managing those assets changes.

Measurement

At initial recognition, in case of a financial asset not at fair value through profit and loss, the Company measures a financial asset at its fair value plus, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through Statement of Profit and Loss are expensed in Statement of Profit and Loss.

(a) Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost.

(b) Fair Value through Other Comprehensive Income (FVOCI): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets'' cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through Other Comprehensive Income (OCI), except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognized in Statement of Profit and Loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit and loss and recognized in other gains/ losses. Interest income from these financial assets is included in other income using the effective interest rate method.

(c) Fair value through profit and loss: Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through Statement of Profit and Loss. Interest income from these financial assets is included in other income.

Equity Instruments

The Company subsequently measures all equity investments at fair value. Where the Company''s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to Statement of Profit and Loss. Dividends from such investments are recognized in Statement of Profit and Loss as other income when the Company''s right to receive payment is established.

Changes in the fair value of financial assets at fair value through profit and loss are recognized in other gain/losses in the Statement of Profit and Loss. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.

Derecognition

A financial asset is derecognized only when

(a) The Company has transferred the rights to receive cash flows from the financial asset or

(b) Retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.

G. Cash and Cash Equivalents:

Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and highly liquid investments with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.

H. Financial Liabilities:

Measurement

All financial liabilities are recognized initially at fair value and in the case of loans, borrowings and payables recognized net of directly attributable transaction costs.

The Company''s financial liabilities include trade and other payables, loans and borrowings and derivative financial instruments.

Derecognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. Gains and losses are recognized in Statement of Profit and Loss when the liabilities are derecognized as well as through the EIR amortization process.

I. Revenue recognition:

Revenue from contracts with customers is recognized on transfer of control of promised goods or services to a customer at an amount that reflects the consideration to which the Company is expected to be entitled to in exchange for those goods or services.

Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable consideration) allocated to that performance obligation. The transaction price of goods sold and services rendered is net of variable consideration on account of various discounts and schemes offered by the

Company as part of the contract. This variable consideration is estimated based on the expected value of outflow.

Revenue (net of variable consideration) is recognized only to the extent that it is highly probable that the amount will not be subject to significant reversal when uncertainty relating to its recognition is resolved.

J. Other Income:

Other income is comprised primarily of interest income, dividend income, gain/loss on investments and exchange gain/loss on forward and options contracts and on translation of other assets and liabilities. Interest income is recognized using the effective interest method. Claims for export incentives/ duty drawbacks, duty refunds and insurance are accounted when the right to receive payment is established. Dividend Income is recognized when the right to receive dividend is established.

K. Employee benefits:

A. Short term employee benefits:

All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salaries, wages, performance incentives, etc. are recognized at actual amounts due in the period in which the employee renders the related service.

B. Contribution towards defined benefit contribution Schemes Gratuity plan

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service is eligible for gratuity on post-employment at 15 days'' salary (last drawn salary) for each completed year of service as per the rules of the Company. The aforesaid liability is provided for on the basis of an actuarial valuation on projected unit credit method made at the end of the financial year. Current service cost, Past-service costs are recognized immediately in Statement of profit or loss.

Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. They are included in retained earnings in the statement of changes in equity and in the balance sheet. Re measurements are not reclassified to profit or loss in subsequent periods.

L. Borrowing costs:

Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur.

M. Taxes on Income:

Income Tax expense comprises of current and deferred tax. Income Tax expense is recognized in net profit in the Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in other comprehensive income.

(i) Current Tax

Current Tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period. Current tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date

Current tax assets and liabilities are offset if, and only if, the Company:

a) has a legally enforceable right to set off the recognized amounts; and

b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used.

The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset only if:

a) the entity has a legally enforceable right to set off current tax assets against current tax liabilities; and

b) the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on the same taxable entity.

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Mar 31, 2015

Basis of preparation

The financial statements have been prepared under historical cost convention as a going concern on accrual basis and in accordance with generally accepted accounting principles in India, the relevant provisions of the Companies Act, 2013 and the guidelines issued by the Reserve Bank of India as applicable to a Non Banking Finance (Non-Deposit Accepting) Company ('NBFC-ND'). The Accounting policies are consistent with those used in the previous year.

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 results of operations during the reporting period end. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates. Differences between the actual results and estimates are recognized in the year in which the results are known / materialized.

Fixed Assets and Depreciation

Tangible Fixed Assets are shown at cost less accumulated depreciation. Depreciation on Owned Assets is provided to the extent of depreciable amount on the Straight line method (SLM) on a pro-rata basis based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013 Consequent to the enactment of the Act, the company has recomputed the depreciation based on the useful life of the asset as prescribed in Schedule - II to the Act. As per transitional provision carrying value of assets is adjusted in the opening balance of retained earnings in respect of assets where the remaining useful life is " Nil".

Investments

In terms of NBFC Prudential Norms (Reserve Bank) Directions, 1998. Investments (intended to be held for more than a year are) classified as long term are generally carried at cost comprising of acquisition and incidental expenses. No provision is made for the diminution in the value of long term investment, since in the opinion of the Board, it is a temporary phenomenon and no provision is necessary. Investment other then long term investments are classified as Current investments. Current investments are carried at lower of cost and market value if quoted.

Inventories

Materials / goods held for resale or trading purposes are valued at cost or net realizable value whichever is lower.

Foreign Currency Transactions

The transactions in foreign currencies are stated at the rates of exchange prevailing on the dates of transactions. The net gain or loss on account of exchange rate differences either on settlement or on translation of short term monetary items is recognized in the statement of Profit and Loss.

Cash and cash equivalents

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are shortterm balances (with an original maturity of twelve months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

Revenue Recognition

Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate realization /collection.

* Interest Income is recognized on its accrual on the basis of the contracted rate.

* Dividend Income is accounted for on its receipt basis or where right of receipt of dividend is recognized.

* Rent income is recognized as per the terms of an Agreement on accrual basis.

Taxation

Tax expense for the year, comprising current tax and deferred tax is included in determining the net profit for the year. A Provision is made for the current tax based on tax liability computed in accordance with relevant rates and tax laws. A provision is made for deferred tax for all timing differences arising between taxable incomes and accounting income at currently enacted tax rates. Deferred tax assets shall recognized only if there is reasonable certainty that they will be realized and are reviewed for the appropriateness ot their respective carrying values at each balance sheet date.

Contingent Liabilities

Contingencies which are material and future outcome of which cannot be ascertained, with, reasonable certainty are treated as contingent liabilities. As reported by the management, there are no contingent liability as on 31.3.2015

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Mar 31, 2014

Basis of preparation

The financial statements have been prepared under historical cost convention on an accrual basis and in accordance with generally accepted accounting principles in India, the relevant provisions of the Companies Act, 1956 and the guidelines issued by the Reserve Bank of India as applicable to a Non Banking Finance (Non - Deposit Accepting) Company ("NBFC-ND"). The Accounting policies are consistent with those used in the previous year.

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 results of operations during the reporting period end. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Differences between the actual results and estimates are recognized in the year in which the results are known / materialized.

Fixed Assets and Depreciation

Fixed assets are shown at cost less accumulated depreciation. Depreciation on owned Assets is provided on straight Line Method at the rates and in the manner laid down in schedule XIV to the Companies Act, 1956.

Investments

Investments intended to be held for not more than a year are classified as current investments. Current investments are carried at lower of cost and market value if quoted. All other investments are considered as long term investments and are carried at cost. No provision is made for the diminution in the value of long term investments, since in the opinion of the Board, it is a temporary phenomenon and no provision is necessary.

Cash and Cash equivalent

Cash comprises cash on hand and demand deposits with banks, Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

Revenue Recognition

Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate realization/collection.

* Interest Income is recognized on its accrual on the basis of the contracted rate.

* Dividend Income is accounted for on its receipt basis or where right of receipt of dividend is recognized.

* Rent income is recognized as per the terms of an Agreement on accrual basis.

Segment Reporting

The company is engaged primarily in the business of Investment activity and there is no separate reportable segment. Accordingly, income, expenses and other financial data relating to businesses other than the business of Investments are shown under ''Unallocated Reconciling Items'' as per Accounting Standard AS 17 issued by ICAI.

Taxation

Tax expense for the year, comprising current tax and deferred tax is included in determining the net profit for the year.

A Provision is made for the current tax based on tax liability computed in accordance with relevant rates and tax laws.

A provision is made for deferred tax for all timing differences arising between taxable incomes and accounting income at currently enacted tax rates. Deferred tax assets shall recognized only if there is reasonable certainty that they will be realized and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

Suppliers covered under the Micro, Small and Medium Enterprise:

They have not furnished the information regarding filing of necessary memorandum with appointed authority. In view of this, the information required under Schedule VI of the Companies Act, to that extent is not given.

Contigent Liabilities:

Contingencies which are material and future outcome of which cannot be ascertained, with reasonable certainty are treated as contingent liabilities. There are no contingent liability as on 31.3.2014.

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Mar 31, 2013

Basis of preparation

The financial statements have been prepared under historical cost convention on an accrual basis and in accordance with generally accepted accounting principles in India, the relevant provisions of the Companies Act, 1956 and the guidelines issued by the Reserve Bank of India as applicable to a Non Banking Finance (Non - Deposit Accepting ) Company ("NBFC-ND"). The Accounting policies are consistent with those used in the previous year.

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 results of operations during the reporting period end. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Differences between the actual results and estimates are recognized in the year in which the results are known / materialized.

Fixed Assets and Depreciation

Fixed assets are shown at cost less accumulated depreciation, Depreciation on owned Assets is provided on straight Line Method at the rates and in the manner laid down in schedule XIV to the Companies Act, 1956.

Investments

Investments intended to be held for not more than a year are classified as current investments. Current investments are carried at lower of cost and market value if quoted. All other investments are considered as long term investments and are carried at cost. No provision is made for the diminution in the value of long term investments, since in the opinion of the Board, it is a temporary phenomenon and no provision is necessary.

Cash and Cash equivalent

Cash comprises cash on hand and demand deposits with banks, Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

Revenue Recognition

Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate realization /collection.

- Interest Income is recognized on its accrual on the basis of the contracted rate.

- Dividend lncome is accounted foronitsreceip tbasisor whererigh to freceipt ofdividendis recognized.

- Rent Income is recognized as per the terms of an Agreement on accrual basis.

Segment Reporting

The company is engaged primarily in the business of investment activity and there is no separate reportable segment. Accordingly, income, expenses and other financial data relating to businesses other than the business of investments are shown under "Unallocated Reconciling Items" as per Accounting Standard AS 17 issued by ICAI.

Taxation

Tax expense for the year, comprising current tax and deferred tax is included in determining the net profit for the year. A provision is made for the current tax based on tax liability computed in accordance with relevant rates and tax laws. A provision is made for deferred tax for all timing differences arising between taxable income and accounting income at currently enacted tax rates. Deferred tax assets shall recognized only if there is reasonable certainty that they will be realize and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

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Mar 31, 2012

Basis of preparation

The financial statements have been prepared under historical cost convention on an accrual basis and in accordance with generally accepted accounting principles in India, the relevant provisions of the Companies Act, 1956 and the guidelines issued by the Reserve Bank of India as applicable to a Non Banking Finance Company (Non - Deposit Accepting) Company ("NBFC-ND"). The Accounting policies are consistent with those used in the previous year.

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 results of operations during the reporting period end. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates. Differences between the actual results and estimates are recognized in the year in which the results are known / materialized.

Fixed Assets and Depreciation

Fixed assets are shown at cost less accumulated depreciation. Depreciation on owned assets is provided on straight line Method at the rates and in the manner laid down in schedule XIV to the Companies Act, 1956. Investments

Investments intended to be held for not more than a year are classified as current investments. Current investments are carried at lower of cost and market value if quoted. All other investments are considered as long term investments and are carried at cost. No provision is made for the diminution in the value of long term investments, since in the opinion of the Board, it is a temporary phenomenon and no provision is necessary. Cash and Cash equivalent

Cash comprises cash on hand and demand deposits with banks, Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

Revenue Recognition

Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate realization / collection.

- Interest Income is recognized on its accrual on the basis of the contracted rate.

- Dividend Income is accounted for on its receipt basis or where right of receipt of dividend is recognized.

- Rent Income is recognized asperthetermsofan Agreement on accrual basis.

Segment Reporting

The company is engaged primarily in the business of investment activity and there is no separate reportable segment. Accordingly, income, expenses and other financial data relating to businesses other than the business of investments are shown under "Unallocated Reconciling Items" as per Accounting Standard AS 17 issued by ICAI.

Taxation

Tax expense for the year, comprising current tax and deferred tax is included in determining the net profit for the year.

A provision is made for the current tax based on tax liability computed in accordance with relevant rates and tax laws.

A provision is made for deferred tax for all timing differences arising between taxable income and accounting income at currently enacted tax rates. Deferred tax assets shall recognized only if there is reasonable certainty that they will be realize and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

Disclosure in respect of Global Venture

In terms of the Global Venture integrated as a Corporate Alliance, The Company through the Canadian business House Viz. CONTIL CANADA LTD. has embarked upon the development of commodity trading in global arena and has subscribed 43.70% of the capital of the CONTIL CANADA LTD.

Note : During the year, no income has been received or accrued from the corporate alliance abroad. The Liability of our Company is limited to the fund based commitment towards equity only.

Suppliers covered under the Micro, Small and Medium Enterprise:

They have not furnished the information regarding filling of necessary memorandum with appointed authority. In view of this, the information required under Schedule VI of the Companies Act, to that extent is not given.

Contingent Liabilities:

Contingencies which are material and future outcome of which cannot be ascertained, with reasonable certainty are treated as contingent liabilities. There are no contigent liabilities as on 31st March, 2012.

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Mar 31, 2011

(1) Back Ground

The company was incorporated on October 27,1994 in the name of Continental Credit & Investment Ltd. The name of the company has subsequently been changed to Contil India Ltd. vide fresh certificate dated December 26, 2007 received under the hand of Registrar of Companies, Gujarat. The listing of the company has been done on a Bombay Stock Exchange vide security trade Name Contil India BSEId: 531067. The Company is Non-Banking Finance Company (not accepting public deposit) registered with Reserve Bank of India as an investment company.

(2) Basis of preparation

The financial statements have been prepared under historical cost convention on an accrual basis and in accordance with generally accepted accounting principles in India, the relevant provisions of the Companies Act, 1956 and the guidelines issued by the Reserve Bank of India as applicable to a Non Banking Finance Company (Non Deposit Accepting) ("N BFC-N D"). The Accounting policies are consistent with those used in the previous year.

(3) 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 results of operations during the reporting period end. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates. Differences between the actual results and estimates are recognized in the year in which the results are known / materialized.

(4) Fixed Assets and Depreciation

Fixed assets are shown at cost less accumulated depreciation. Depreciation on owned assets is provided on straight line Method at the rates and in the manner laid down in schedule XIV to the Companies Act, 1956.

(5) Investments

Investments intended to be held for not more than a year are classified as current investments. Current investments are carried at lower of cost and market value if quoted. All other investments are considered as long term investments and are carried at cost. No provision is made for the diminution in the value of long term investments, since in the opinion of the Board, it is a temporary phenomenon and no provision is necessary.

(6) Valuation of Inventory

During the year, company has indulged into trading of Agro Commodities. Inventories are valued at cost or net realizable value whichever is lower.

(7) Cash and Cash equivalent

Cash and cash equivalents in the cash flow statement which is prepared in accordance with Accounting Standard AS 3 issued by the Institute of Chartered Accountants of India comprise cash at bank and in hand and liquid term investments with an original maturity of one month or less.

(8) Revenue Recognition

Revenue is recognized when there is reasonable certainty of its ultimate realization / collection.

Sales are shown net of taxes and discounts.

Interest income is recognized on its accrual on the basis of the contracted rate.

Dividend income is accounted for on its receipt basis orwhere right or receipt of dividend is recognized.

Rent Income is recognized as per the terms of an Agreement on accrual basis.

(9) Foreign Currency Transaction

Foreign currency transactions are accounted at the exchange rate prevailing on the date of transactions. Exchange differences arising on actual payments/realizations are recognized as gain or loss as the case may be in the profit and loss account.

(10) Segment Reporting

The company is engaged primarily in the business of investment activity and there is no separate reportable segment. Accordingly, income, expenses and other financial data relating to businesses other than the business of investments are shown under "Unallocated Reconciling Items" as per Accounting Standard AS 17 issued by ICAI.

(11) Taxation

Tax expense for the year, comprising current tax and deferred tax is included in determining the net profit for the year.

A provision is made for the current tax based on tax liability computed in accordance with relevant rates and tax laws.

A provision is made for deferred tax for all timing differences arising between taxable income and accounting income at currently enacted tax rates. Deferred tax assets shall recognized only if there is reasonable certainty that they will be realize and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

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Mar 31, 2010

(1) Back Ground

The company was incorporated on October 27, 1994in the name of Continental Credit & Investment Ltd. The name of the company has subsequently been changed to Contil India Ltd. vide fresh certificate dated December 26, 2007 received under the hand of Registrar of Companies, Gujarat. The listing of the company has been done on a Bombay Stock Exchange vide security trade Name Contil India BSEId : 531067. The Company is Non-Banking Finance Company registered with Reserve Bank of India as a Non Public deposit accepting company. It is classified as an investment company.

(2) Bash of preparation

The financial statements have been prepared under historical cost convention on an accrual basis and in accordance with generally accepted accounting principles in India, the relevant provisions of the Companies Act, 1956 and the guidelines issued by the Reserve Bank of India as applicable to a Non Banking Finance Company ("NBFCj. The Accounting policies are consistent with those used in the previous year.

(3) 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 results of operations during the reporting period end. Although these estimates are based upon managements best knowledge of current events and actions, actual results could differ from these estimates. Differences between the actual results and estimates are recognized in the year in which the results are known / materialized.

(4) Fixed Assets and Depreciation

Fixed assets are shown at cost less accumulated depreciation. Depreciation on owned assets is provided on straight line Method of the rates and in the manner laid down in schedule XI V to the Companies Act, 1956.

(5) Investments

Investments intended to be held for not more than a year are classified as current investments. Current investments are carried at lower of cost and market value if quoted. All other investments are considered as long term investments and are carried at cost.

(6) Valuation of Inventory

During the year, company has indulged into trading of Agro Commodities. Inventories are valued at cost or net realizable value whichever is lower.

(7) Cash and Cash equivalent

Cash and cash equivalents in the cash flow statement which is prepared in accordance with Accounting Standard AS 3 issued by the Institute of Chartered Accountants of India comprise cash at bank and in hand and liquid term investments with an original maturity of one month or less.

(8) Revenue Recognition

Revenue is recognized when there is reasonable certainty of its ultimate realization / collection.

- Sales are shown net of taxes and discounts.

- Interest income is recognized on its accrual on the basis of the contracted rate.

- Dividend income is accounted for on its receipt basis or where right or receipt of dividend is recognized.

- Rent Income is recognized as per the terms of an Agreement on accrual basis.

(9) Foreign Currency Transaction

Foreign currency transactions are accounted at the exchange rate prevailing on the date of transactions. Exchange differences arising on actual payments/realizations are recognized as gain or loss as the case may be in the profit and loss account.

(10) Segment Reporting

The company is engaged primarily in the business of investment activity and there is no separate reportable segment. Accordingly, income, expenses and other financial data relating to businesses other than the business of investments are shown under-Unallocated Reconciling Items" as per Accounting Standard AS I/issued by lCAI.

(11) Taxation

Tax expense for the year, comprising current tax and deferred tax is included in determining the net profit for the year.

A provision is made for the current tax based on tax liability computed in accordance with relevant rates and tax laws.

A provision is made for deferred tax for all timing differences arising between taxable income and accounting income at currently enacted tax rates. Deferred tax assets shall recognized only if there is reasonable certainty that they will be realize and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.

C. EXPENDITURE IN FOREIGN CURRENCY - NIL

D. EARNING IN FOREIGN CURRENCY (Export on FOB basis) - NIL

E. VALUE OF IMPORTS ON CIF BASIS - Import of Traded Goods 31,863.15 USD (Equivalent INR 14,86,734.58}