Accounting Policies of Abhinav Leasing & Finance Ltd. Company

Mar 31, 2024

3. 3. Summary of significant accounting policies.

A. Use of Estimates

The preparation of financial statements in conformity with the Generally Accepted Accounting Principles requires. The management
has made estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities
at the date of the financial statements and the results of operations during the reporting period. Although these estimates are based
upon management''s best knowledge of current events and actions. Therefore, the actual results could differ from these estimates.
Difference between the actual results and estimates are recognized in the period in which the results are known/materialized.

B. Revenue Recognition

Revenue is recognized only on the basis of its certainty to received and right of its recognition

i) Income from investment is accounted when right to receive of such income is established.

ii) For other incomes, the company follows the accrual basis of accounting except:

(a) Where there is no reasonable certainty regarding the amount and / or its collectivity.

(b) Dividend Income is recognized as and when it has received

C. Inventories

Inventories are valued at lower of cost (computed on FIFO method) and Estimated Net Realizable value, after providing for cost of
obsolescence and other costs in bringing the inventories to their present location and condition.

D. Investments

Long-term investments are stated at cost. Provision for diminution in the value of long term investment is made only if, such a decline
is other than temporary in the opinion of the management. The Current investments are stated at lower of cost or quoted/fair vale
market value computed category wise.

E. Fixed ,Intangible Assets & Borrowing Cost

(i) Fixed Assets are stated at their original cost, less provision for impairment losses, if any ,depreciation , amortization and
adjustments on account of foreign exchange fluctuations in respect of changes in rupee liability of foreign currency loans used for
acquisition of fixed assets.

(ii) There is no Intangible Assets.

(iii) The borrowing cost such as interest, processing fee etc are recognized in accordance with principal laid down in the
Accounting Standard 16. Cost of borrowing related to General borrowing is charged to Profit and loss account.

F. Depreciation &Amortization

Depreciation on tangible assets is provided based on the useful lives prescribed under Part C of Schedule II of the Companies Act
2013. Accordingly the remaining life of Assets are considered after adjusting already lapsed life of assets, from the life prescribed
under the new Companies Act. Accordingly depreciation calculated as per new provision.

G. Cash & Cash equivalent

Cash and cash equivalents comprise cash and cash or deposit with banks and corporations. The company considers all highly liquid
investments with a remaining maturity at the date of purchase of three months or less and that are readily convertible to know amounts
of cash to be cash equivalents.

H. Employee Benefits

Company has complied with all labour laws.

I. Accounting for taxes for income

Deferred Tax :- Deferred tax is provided on timing differences between tax and accounting treatments that originate in one period and
are expected to be reversed or settled in subsequent periods. Deferred tax assets and liabilities are measured using the
enacted/substantively enacted tax rate for continuing operations .Adjustment of deferred tax liability attributable to change in tax rate is
shown in the statement of profit and loss as a part of the deferred tax adjustment for the year.

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Mar 31, 2016

i) Basis of Accounting:

The financial statements are prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 2013.

ii) Use of Estimates:

The preparation of financial statements requires estimates and assumptions to be made based on the current working that affect the reported amount of assets and liabilities (including contingent liabilities) on the date of financial statements and the reported amount of revenues and expenses for the reporting period. Difference between the actual and the estimates, if any, are accounted for in the period in which such differences are known/materialized.

iii) Investments:

Investments wherever readily realizable and intended to be held not more than one year from the date of such investments are made, are qualified as current investments. Current investments are carried at lower of cost and quoted/fair value, computed category-wise.

iv) Inventories:

Items of inventories such as raw materials and Stock-in-Trade, Finished Goods are measured at lower of cost or net realizable value after providing for obsolescence if any. Work-in-progress is valued at estimated cost and stocks & spare parts, dyes & chemicals, packing materials etc. are valued at cost.

Cost of inventories comprises of cost of purchase, cost of conversion and other costs including manufacturing overheads incurred in bringing them in their present condition. Cost of raw materials, stock in process, stock in trade and finished goods are determined on average cost basis.

v) Revenue Recognition:

Revenue is recognized only when it can be definitely measured and it is reasonable to expect final collection. Revenue from operations includes sale of goods after adjustment of discounts (net) and return of goods. Dividend income is recognized on actual receipt basis. Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.

vi) Related Party Disclosure:

In accordance with the requirements of Accounting Standards (AS) - 18 on Related Party Disclosures, the names of the related parties where control exists and/or with whom transactions have taken place during the year and descriptions of relationships, as identified and certified by the management, are:

I. Key Management Personnel

- MAMTA AGARWAL (Managing Director)

- ATUL KUMAR AGARWAL (Director)

- HIMANSHU (Director)

- RABINDER GUPTA (Director)

- MALIKHAN SINGH YADAV (Director)

II. As informed by the management there was no related party transactions made during the year.

vii) EARNING PER SHARE:

Basic earnings per share is calculated by dividing the net Profit for the year attributable to equity shareholders (after deducting the dividend on redeemable preference share) by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share is calculated by dividing the net profit attributable to equity shareholders (after deducting the dividend on redeemable preference share) by weighted average number of equity shares outstanding during the year after adjusting for the effects of dilutive options.

viii) Events occurring after Balance Sheet Date:

Events occurring after the balance sheet date have been considered in the preparation of financial statements.

ix) Contingent Liabilities:

Unprovided liabilities of contingent nature are disclosed in the accounts by way of notes giving nature and quantum of such liabilities.

xii) Due to small scale Industries an amount exceeding Rs.1 Lakh outstanding

For more than 30 Days: NIL NIL

xiii) The company is not a manufacturing company so particulars for licensed capacity are not given.

xiv) The additional Information pursuant to revised Schedule II to the Companies Act, 2013 are either Nil or Not Applicable.

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Mar 31, 2015

I) Basis of Accounting

The financial statements are prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 2013.

ii) Use of Estimates

The preparation of financial statements requires estimates and assumptions to be made based on the current working that affect the reported amount of assets and liabilities (including contingent liabilities) on the date of financial statements and the reported amount of revenues and expenses for the reporting period. Difference between the actual and the estimates, if any, are accounted for in the period in which such differences are known/materialized.

iii) Investments

Investments wherever readily realizable and intended to be held not more than one year from the date of such investments are made, are qualified as current investments. Current investments are carried at lower of cost and quoted/fair value, computed category-wise.

iv) Inventories

Items of inventories such as raw materials and Stock-in-Trade, Finished Goods are measured at lower of cost or net realizable value after providing for obsolescence if any. Work-in-progress is valued at estimated cost and stocks & spare parts, dyes & chemicals, packing materials etc. are valued at cost.

Cost of inventories comprises of cost of purchase, cost of conversion and other costs including manufacturing overheads incurred in bringing them in their present condition. Cost of raw materials, stock in process, stock in trade and finished goods are determined on average cost basis.

v) Revenue Recognition

Revenue is recognized only when it can be definitely measured and it is reasonable to expect final collection. Revenue from operations includes sale of goods after adjustment of discounts (net) and return of goods. Dividend income is recognized on actual receipt basis. Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.

vi) Related Party Disclosure

In accordance with the requirements of Accounting Standards (AS) - 18 on Related Party Disclosures, the names of the related parties where control exists and/or with whom transactions have taken place during the year and descriptions of relationships, as identified and certified by the management, are:

I. Key Management Personnel

- Atul Kumar Agarwal Director

- Mamta Agarwal Director

- Himanshu Agarwal Director

- Rabinder Gupta Director

- Malikhan Singh Yadav Director

II. As informed by the management there was no related party transactions made during the year.

vii) Earning Per Share

Basic earnings per share is calculated by dividing the net Profit for the year attributable to equity shareholders (after deducting the dividend on redeemable preference share) by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share is calculated by dividing the net profit attributable to equity shareholders (after deducting the dividend on redeemable preference share) by weighted average number of equity shares outstanding during the year after adjusting for the effects of dilutive options.

viii) Events occurring after Balance Sheet Date

Events occurring after the balance sheet date have been considered in the preparation of financial statements.

ix) Contingent Liabilities

Unprovided liabilities of contingent nature are disclosed in the accounts by way of notes giving nature and quantum of such liabilities.

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Mar 31, 2014

Basis of preparation of financial statements:

The financial statements are prepared and presented on accrual basis of accounting in accordance with the generally accepted accounting principles in India and comply with the accounting standards prescribed by Companies( Accounting Standard) Rules,2006, to the extent applicable and in accordance with the provisions of the Companies Act,1956, as adopted by the Company.

Use of Estimates:

The presentation of financial statements in conformity with the generally accepted Accounting principles required estimates and assumptions to be made that affect the reported amount of assets, liabilities revenues and expenses on the date of the financial statements. Difference between the actual result and estimates are recognized in the period in which the results are know/ materialized.

Revenue Recognition:

All revenue, costs, assets and liabilities are accounted for on accrual basis except in case where not practically possible.

Fixed Assets:

Fixed Assets are stated at cost less Depreciation. The Cost of fixed assets comprises purchase price and any attributable cost of bringing the assets to its working condition for its intended use.

Depreciation:

Depreciation on fixed assets is provided on W.D.V. Method at the rates and in the manner as prescribed in the schedule XIV of the Companies Act, 1956.

Stock in Trade:

Stock in trade comprises of shares, securities and commodities. All securities are valued at cost . In case shares held as stock in trade, diminution in value of stock is not provided for in accounts because, in the opinion of the board, prices will rise in near future.

Retirement Benefits:

Provident fund, gratuity and leave pay provision are not applicable to the company.

Investment:

Investment Valued at cost as Investments are considered as Long Term Investments.

Leases:

Lease arrangements where the risks and rewards incidental to the ownership of an assets vest substantially with the lessor are recognized as operating leases. Lease rent under operating leases are recognized in the profit and loss statements with reference to the lease terms.

Income Tax:

In accordance with Accounting Standards- 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India. The provisions made for income tax in the accounts comprises both, the current tax and deferred tax.

The deferred tax for timing differences between the book and tax profits for the year is accounted for using the tax rates and laws that have been enacted or substantively enacted as of the balance sheet date. Deferred Tax assets arising from temporary timing difference are recognized to the extent there is reasonable certainly that the assets can be realized in future and the same is reviewed at each Balance Sheet Date.

Provisions & Contingencies

A provision is recognized when an enterprise has a present obligation as a result of past event and it is probable that the outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best management estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best management estimates. Contingent liabilities are not recognized but are disclosed in the Notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

b) Rights, preferences and restrictions attached to shares

Equity Shares: The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held.

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Mar 31, 2013

Basis of preparation of financial statements:

The Financial statements are prepared and presented under the historical cost convention on the accrual basis of Accounting and in accordance with the accounting standard issued by the Institute of Chartered Accountants of India as referred to in Section 211 (3CJ of the Companies Act, 1956.

Use of Estimates:

The presentation of financial statements in conformity with the generally accepted Accounting principles required estimates and assumptions to be made that affect the reported amount of assets, liabilities revenues and expenses on the date of the financial statements. Difference between the actual result and estimates are recognized in the period in which the results are know/ materialized.

Revenue Recognition:

All revenue, costs, assets ana liabilities are accounted for on accrual basis except in case where not practically possible.

Fixed Assets:

Fixed Assets are stated at cost less Depreciation. The Cost of fixed assets comprises purchase price and any attributable cost of bringing the assets to its working condition for itij intended use.

Depreciation:

Depreciation on fixed assets is provided on W.D.V. Method at the rates and in the manner as prescribed in the schedule XIV of the Companies Act, 1956.

IN TRADE:

in trade comprises of shares, securities and commodities. All securities are valued at .In case shares held as stock in trade, diminution in value of stock is not provided for in unts because, in the opinion of the board, prices will rise in near future. The closing je of shares is Rs. 12,097,363,50/-. ieclosing stock of commodities is Rs. 15, 523, 213.40/-.

RETIREMENT BENEFITS:

Provident fund, gratuity and leave pay provision are not applicable to the company.

I Investment:

Investment Valued at cost as Investments are considered as Long Term Investments.

Taxes on Income:

i) Current Tax is determined as the tax payable in respect of taxable income for the year and is computed in accordance with relevant Tax Regulations.

All expenses are accounted for accrual basis.

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Mar 31, 2012

Basis of preparation of financial statements:

The Financial statements are prepared amt presented under the historical cost convention on the accrual basis of Accounting and in accordance with the accounting standard issued by the Institute of Chartered Accountants of India as referred to in Section 211 (30 of the Companies Act,1956.

Use of Estimates:

The presentation of financial statements in conformity with the generally accepted Accounting principles required estimates and assumptions to be made that affect the reported amount of assets, liabilities revenues and expenses on the date of the financial statements. Difference between the actual result and estimates are recognized in the period in which the results are know/ materialized.

Revenue Recognition:

All revenue, costs, assets and liabilities are accounted for on accrual basis except in case where not practically possible.

Fixed Assets:

Fixed Assets are stated at cost less Depreciation. The Cost of fixed assets comprises purchase price and any attributable cost of bringing the assets to its working condition for its intended use.

Depreciation:

Depreciation on fixed assets is provided on W.D.V. Method at the rates and in the manner as prescribed in the schedule XIV of the Companies Act, 1956.

STOCK IN TRADE:

Stock in trade comprises or shares and securities. All securities are valued at cost in case share held as stock in trade, diminution in value of stock is not provided for in accounts because in the opinion of the board prices will be rises in near future.

RETIREMENT BENEFITS:

Provident fund, gratuity and leave pay provision are not applicable to the company

Investment:

Investment Valued at cost as Investments are considered as Long Term Investments.

Taxes on Income:

i) Current l ax is determined as the tax payable in respect of taxable income for the year amt is computed in accordance with relevant Tax Regulations.

All expenses are accounted tor on accrual basis.

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Mar 31, 2011

A) Basis of preparation of financial statements:

The Financial statements are prepared and presented under the historical cost convention on the accrual basis of Accounting and in accordance with the accounting standard issued by the Institute of Chartered Accountants of India as referred to in Section 211 (3C) of the Companies Act, 1956.

b) Use of Estimates:

The presentation of financial statements in conformity with the generally accepted Accounting principles required estimates and assumptions to be made that affect the reported amount of assets,, liabilities revenues and expenses on the date of the financial state men ts. Difference between the actual result and estimates are recognized in the period in which the results are know/ materialized.

c) Revenue Recognition:

All revenue, costs, assets and liabilities are accounted for on accrual basis except in case where not practically possible.

d) Fixed Assets:

Fixed Assets are stated at cost less Depreciation, The Cost of fixed assets comprises purchase price and any attributable cost of bringing the assets to its working condition for its intended use.

e) Depreciation:

Depreciation on fixed assets is provided on W.D.V, Method at the rales and in the manner as prescribed in the schedule XIV of the Companies Act,1956.

f) STOCK IN TRADE:

Stock in trade comprises of shares and securities. Ail securities are valued at cost -in case share held as stock in trade, diminution in value of stock is not provided for in accounts because in the opinion of the board prices will be rises in near future.

g) Retirement Benefits

Provident fund., gratuity and leave pay provision are not applicable to the company.

h) Investment;

Investment Valued at cost as Investments are considered as Long Term Investments.

i) Taxes on Income:

i) Current Tax is determined as the tax payable in respect of taxable income for the year and is computed in accordance with relevant Tax Regulations,

j) All expenses are accounted for on accrual basis.