Viji Finance Ltd. நிறுவனத்தின் கணக்கியல் கொள்கைகள்

Mar 31, 2017

1.1 System of Accounting

The financial statements have been prepared on a going concern and on accrual basis, under the historical cost convention and in accordance with the generally accepted accounting principles, the accounting standards prescribed in the: Companies (Accounting Standards) Rules, 2014 issued by the Central] Government and relevant provisions of the Companies Act 2013, to the extent applicable.

1.2 Use of Estimates

The preparation of the financial statements in conformity with the generally accepted accounting principles requires the¹ management to mate estimates and assumption that affect the reported amount of assets, liabilities, revenues & expenses and disclosure of contingent assets & liabilities. The estimates & assumptions used in tine accompanying financial statements are based upon management s evaluation of the relevant facts and circumstances as of the date of the Financial Statements. Actual results may defer from the estimates & assumptions used in preparing the accompanying Financial Statements. Any differences of actual results to such estimates are recognized in the period in which the results are known / materialized.

1.3 Revenue recognitions

a, interest and other income are accounted on accrual basis on loans & advance but where receipt of interest is doubtful/ N.P.A, no provision has been made in the books.

b. Other Income is accounted for on accrual basis.

1.3 Fixed Assets

Fixed assets are stated at cost less depreciation/ amortization. The cost of fixed assets comprises purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

1.5 Depreciation/Amortization

Deprecation on tangible assets has been charged on S,L.M, as prescribed under the Companies Act. 2013.

1.6 Investments

Current Investments are valued at cost and non-current investments are valued on cost or market price whichever is lower.

1.7 Taxation

Income-tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with the income-tax law), deferred tax charge or credit (reflecting the tax effect of timing differences between accounting income and taxable income for the period) and fringe benefit tax.

Deferred taxation

The deferred tax charge or credit and the corresponding deferred tax liabilities and assets are recognized using the tax rates that have been enacted or substantially enacted at the balance sheet date. Deferred tax assets are recognized only lo the extent there is reasonable certainly that the asset can be realized in future; however, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if there is a virtual certainly of realization of the assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written-up lo reflect the amount is reasonable/virtually certain as the case may be the realized.

Impairment of Assets

The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired based on internal/external factors, if any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generated unit to which the asset belongs, is less than its carrying amount, the carrying amount is reduced to its recoverable amount.

1.9 Provisions, Contingent Liabilities & Contingent Assets

Contingent liabilities, if material, are disclosed by way of notes, contingent assets are not recognized or disclosed in the financial statements. A provision is recognized when an enterprise has a present obligation as a result of past event(s) and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation(s), in respect of which a reliable estimate can be made for the amount of obligation.

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Mar 31, 2016

M/8 VIJI FINANCE LIMITED_

_11/2, USHA GANJ, JAORA COMPOUND, INDORE - 452001 (MP)_

1. SIGNIFICANT ACCOUNTING POLICIES

1.1 System of Accounting

The financial statements have been prepared on a going concern and on accrual basis, under the historical cost convention and in accordance with the generally accepted accounting principles, the accounting standards prescribed in the Companies (Accounting Standards) Rules, 2014 issued by the Central Government and relevant provisions of the Companies Act 2013, to the extent applicable.0

1.2 Use of Estimates

The preparation of the financial statements in conformity with the generally accepted accounting principles requires the management to make estimates and assumption that affect the reported amount of assets, liabilities, revenues & expenses and disclosure of contingent assets & liabilities. The estimates 8s assumptions used in the accompanying financial statements are based upon management''s evaluation of the relevant facts and circumstances as of the date of the Financial Statements. Actual results may defer from the estimates 8s assumptions used in preparing the accompanying Financial Statements. Any differences of actual results to such estimates are recognized in the period in which the results are known / materialized.

1.3 Revenue recognitions

a. Interest and other income are accounted on accrual basis on loans & advance but where receipt of interest is doubtful/ N.P.A. no provision has been made in the books.

b. Other Income is accounted for on accrual basis.

1.4 Fixed Assets

Fixed assets are stated at cost less depreciation/amortization. The cost of fixed assets comprises purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

1.5 Depreciation/Amortization

a. Deprecation on tangible assets has been charged on S.L.M. as prescribed under the Companies Act. 2013.

b. Intangible assets are amortized on a straight line basis over a period having regard to their useful economic life and estimated residual value in accordance with Accounting Standard (AS) 26 ‘Intangible Assets”.

l.G Investments

Investments are valued at cost.

1.7 Taxation

Income-tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with the income-tax law), deferred tax charge or credit (reflecting the tax effect of timing differences between accounting income and taxable income for the period) and fringe benefit tax.

Deferred taxation

The deferred tax charge or credit and the corresponding deferred tax liabilities and assets are recognized using the tax rates that have been enacted or substantially A % A enacted at the balance sheet date. Deferred tax assets are recognized only to the ^ A extent there is reasonable certainty that the asset can be realized in future; however, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if there is a virtual certainty of realization of the assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written-up to reflect the amount that is reasonable/virtually certain (as the case may be) to be realized.

1.8 Impairment of Assets

The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired based on internal/external factors. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generated unit to which the asset belongs, is less than its carrying amount, the carrying amount is reduced to its recoverable amount.

1.9 Provisions, Contingent Liabilities & Contingent Assets

Contingent liabilities, if material, are disclosed by way of notes, contingent assets are not recognized or disclosed in the financial statements. A provision is recognized when an enterprise has a present obligation as a result of past event(s) and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation(s), in respect of which a reliable estimate can be made for the amount of obligation.

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Mar 31, 2015

1.1 System of Accounting

The financial statements have been prepared Oil a going concern anti on accrual basis, under the historical cost convention and in accordance with the generally accepted accounting principles, the accounting standards prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Centra! Government and relevant provisions of the Companies Acl 1956. to llie extent applicahie.

1.2 Use of Estimates

The preparation of the financial statements in conformity with rhe generally accepted accounting principles requires the management to make estimates and assumption that affect the reported amount of assets, liabilities, revenues & expenses and disclosure of contingent assets & liabilities. The estimates & assumptions used in the accompanying financial statements arc based upon management's evaluation of the relevant facts and dreum stances as of the date of the Financial Statements, Actual results may defer from the estimates & assumptions used in preparing the accompanying Financial Statements Any differences of actual results to such estimates are recognized in the period in which the results are known, / materialized.

1.3 Revenue recognition

a. Interest and other income arc accounted on accrual basis on loans & advance but where receipt of interest is doubtful/ N.P.A. no provision has been made in the books,

b. Other Income is accou n ted fa r on accrual lias is,

1.4 Fixed Assets

Fixed assets are stated at cost less depreciation/amortization, The cost of fixed assets comprises purchase price and any attributable cost of bringing the asset to its working condition for its intended use,

1.5 Depreciation / Amortization

a. Deprecation on tangible assets has been charged on S.L.M. as prescribed under the Companies Act. 2013.

b. intangible assets are amortized on a straight line basis over a period having regard to their useful economic life and estimated residual value in accordanee with Acoou riting Standard (AS) 26 "Intanglble Assets*

1.6 Investments

Investments are valued M cost.

1.7 Taxation

Income-tax expense comprises current tax (i.e, amount of tax for the period determined in accordance with the income-tax law], deferred tax charge or credi= {reflecting the tax effect of timing differences between accounting income and taxable income for ihc period) and fringe benefit tax.

Deferred taxation

The deferred tax charge or credit and the corresponding deferred tax liabilities and assets arc recognized using the tax rates that have been enacted or substantially enacted at the balance sheet date. Deferred lax assets are recognized only to the extent there is reasonable certainly that the asset can tx realized in future: however, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets arc recognized only if there is a virtual certainty of realization of the assets. Deferred tax assets are reviewed as at each balance shed dale md written down or written-up to reflect lhe amount, that is reasonable/virtually certain (as (he case may be) to be realized.

1.8 Impairment of Assets

The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired based on internal/external factors. If any such Indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generated unit to which the asset belongs, is less than its carrying amount, the carrying amount is reduced to its recoverable amount.

1.9 Provisions, Contingent Liabilities & Contingent Assets

Contingent liabilities, if material, are disclosed by way of notes, contingent assets are not recognized or disclosed in Ihc financial statements. A provision is recognized when an enterprise lias a present obligation as a result of past cvent(s) and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation(s). in respect of which a reliable estimate can be made for the amount of obligation,

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Mar 31, 2014

A) INCOME RECOGNITA

Interest and other income are accounted on accrual basis on loans & advance but where receipt of interest is doubtful/ N.P.A. no provision has been made in the books.

b) During the year company has complied with the guidelines issued by the Reserve Bank of India in respect of prudential Norms for Income recognition and Provisioning for Non Performing Assets.

c) BORROWING COST: borrowing cost that is attributable to the acquisition construction or production of qualifying assets are capitalizes as part of the cost of such assets. All other borrowing costs are recognized as an expense in period which they are incurred.

d) EXPENSES

It is the policy of the company to provide all the expenses on accrual basis.

e) PROFIT AND LOSS ACCOUNT

f) In the opinion of the Board of Directors the current assets (except Loans & Advances) have value on realization in the ordinary course of the business as least equal the amount at which these are stated.

g) Confirmation in respect of the any of debit balance, loans, advance and borrowing have not been received and in absence thereof their correctness can''t be ascertained.

h) The details of loans and advances given by the company.

Due over 6 month Rs. 9,11,38,561.00

Total Rs. 9,11,38,561.00

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Mar 31, 2013

A) INCOME RECOGNITION

Interest and other income are accounted on accrual basis on loans & advance but where receipt of interest is doubtful/ N.P.A. no provision has been made in the books.

b) During the year company has complied with the guidelines issued by the Reserve Bank of India in respect of prudential Norms for Income recognition and Provisioning for Non Performing Assets.

c) BORROWING COST: borrowing cost that is attributable to the acquisition construction or production of qualifying assets are capitalizes as part of the cost of such assets. All other borrowing costs are recognized as an expense in period which they are incurred.

d) EXPENSES

It is the policy of the company to provide all the expenses on accrual basis.

e) PROFIT AND LOSS ACCOUNT

f) In the opinion of the Board of Directors the current assets (except Loans & Advances) have value on realization in the ordinary course of the business as least equal the amount at which these are stated.

g) Confirmation in respect of the any of debit balance, loans, advance and borrowing have not been received and in absence thereof their correctness can''t be ascertained.

a) Previous year''s figures have been reclassified regrouped and rearranged wherever found necessary to make them comparable.

b) Company has also not made provisions of interest on advances and on disputed these advances provision for bad doubtful debts has been made already existing as per policy of Reserve Bank of India for Non Banking Finance company:

d) In view of the unsatisfactory business environment, the company does not expect sufficient future taxable income. As such the company has not recognized any deferred tax assets/ liabilities in accordance with Accounting Standard 22 "Accounting for taxes on income" issued by the Institute of Chartered Accountants of India.

e) Expenditure incurred in foreign currency during the year Nil.-

f) Fixed Assets: Fixed Assets has been shown at cost price including all installation expenses.

h) The company is a public limited company but it has listed in stock exchanges during the year.

i) In accordance with the provision of accounting standard -17 the Company have only one reporting segment.

j) Related party disclosure (Accounting Standard - 18)

d) Contingent Liabilities: NIL

a) Deprecation has been charged on S.L.M. as prescribed under the Companies Act. 1956.

y) Profit (Loss) per share

Profit (Loss) per share in based on profit (loss) for the year after tax reported in the Profit and Loss account, divided by 3000000 equity shares issued.

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Mar 31, 2012

1. INCOME/EXPENDITURE DURING THE CONSTRUCTION PERIOD

No construction activities under taken during the year hence not applicable.

2. INVENTORIES

No inventory held, hence not applicable.

3. RESEARCH AND DEVELOPMENT

4. Being finance company no research activity carried out hence not applicable

5. In opinion of the Board, the provision for known liabilities are adequate

6. Additional information pursuant to provision of Para 3, 4 of part II of the schedule VI to the companies Act, and 1956 has not been furnished as the company is not engaged in any manufacturing activities.

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Mar 31, 2011

1. RESEARCH AND DEVELOPMENT

2. Being finance company no research activity carried out hence not applicable

3. In opinion of the Board, the provision for known liabilities are adequate

4. Additional information pursuant to provision of Para 3, 4 of part II of the schedule VI to the companies Act, and 1956 has not been furnished as the company is not engaged in any manufacturing activities.