Accounting Policies of Vintage Securities Ltd. Company

Mar 31, 2024

Significant Accounting Policies

1.01 Statement of Compliance:

These financial statements have been prepared in accordance with Indian Accounting Standards (Ind-AS) notified under
Section 133 of Companies Act, 2013. The company has adopted Ind-AS w.e.f. 1st April, 2020.

Upto year ended 31st March, 2020 the company prepared its financial statements in accordance with previous GAAP,
which includes standards notified under Companies (Accounting Standards) Rules, 2006. The Date of Transition to Ind-
AS is 1st April, 2019. Details of exceptions and optional exemptions availed by the company and principal adjustments
along with related reconciliations are part of the financial statement.

1.02 Basis of Preparation :

The financial statements are prepared as per historical cost convemtion, except for certain items that are measured at fair values, as

mentioned in the accounting policies. Fair Value is the price that would be received or paid in an orderly transaction between market

participants at measurement date, regardless of whether the price is directly observable or estimated using valuation technique.

Fair value for measurement and / or disclosure purposes in these financial statements is determined on such a basis, except for
measurements that have some similarities to fair value but are not fair value, such as net realisable value in Ind AS 2 - Inventories or
value in use in Ind AS 36 - Impairment of Assets.

1.03 Use of estimates and judgements and Estimation uncertainity

The preparation of financial statements in conformity with Ind AS requires management to make judgements, estimates and
assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities,the disclosure of
contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during
the year. Actual results could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that
period; they are recognised in the period of the revision and future periods if the revision affects both current and future periods.

1.04 First-time adoption of Ind AS - mandatory exemptions and optional exemption
Overall principle

The Company has prepared the opening balance sheet as per Ind AS as of 1st April 2019 ("the transition date") by
recognising all assets and liabilities whose recognition is required by Ind AS, not recognising items of assets or liabilities
which are not permitted by Ind AS, by reclassifying items from Previous GAAP to Ind AS as required under Ind AS, and
applying Ind AS in measurement of recognised assets and liabilities. However, this principle is subject to certain
exceptions and certain optional exemptions availed by the Company as mentioned below:

Deemed cost for property, plant and equipment and intangible assets : The Company has elected to measure property,
plant and equipment at its Previous GAAP carrying amount and use that Previous GAAP carrying amount as its deemed
cost at the date of transition to Ind AS.

1.05 Property, Plant & Equipment:

Property, Plant & Equipment are stated at cost less accumulated depreciation and impairment losses, if any. All direct expenses
attributable to acquisition and installation of assets are capitalized. The deemed cost of Property, Plant & Equipment as on 1st April,
2019 is the previous GAAP carrying values, as per option given under Para D7AA of Ind-AS 101.

1.06 Depreciation on Tangible Assets:

Depreciation on tangible assets accquired/disposed off is provided as per Straight Line Method on pro rata basis, with reference to
the date of addition or disposal based on useful life specified in Schedule 11 to the Companies Act, 2013.

1.07 Investment in Associate:

Investment in Associate is carried at fair value, if any.

1.08 Financial Instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the
relevant instrument and are initially measured at fair value.

Financial Assests:-

Recognition: Financial assets include Investments, Advances, Security Deposits, Cash and cash equivalents. Such assets are initially
recognised at transaction price when the Company becomes party to contractual obligations. The transaction price includes
transaction costs unless the asset is being fair valued through the Statement of Profit and Loss except investment which has been fair
valued through other comprehensive income.

Classification: Management determines the classification of an asset at initial recognition depending on the purpose for which the
assets were acquired. The subsequent measurement of financial assets depends on such classification.

Financial assets are classified as those measured at:

(a) amortised cost, where the financial assets are held solely for collection of cash flows arising from payments of principal and/ or
interest

(b) fair value through other comprehensive income (FVTOCI), where the financial assets are held not only for collection of cash flows
arising from payments of principal and interest but also from the sale of such assets. Such assets are subsequently measured at fair
value, with unrealised gains and losses arising from changes in the fair value being recognised in other comprehensive income.

(c) fair value through profit or loss (FVTPL), where the assets are managed in accordance with an approved assets are managed in
accordance with an approved decisions based on the fair value of such assets. Such assets are subsequently measured at fair value,
with unrealised gains and losses arising from changes in the fair value being recognised in the Statement of Profit and Loss in the
period in which they arise.

Advances, Security Deposits, Cash and cash equivalents etc. are classified for measurement at amortised cost while investments may
fall under any of the aforesaid classes. However, in respect of particular investments in equity instruments that would otherwise be
measured at fair value through profit or loss, an irrevocable election at initial recognition may be made to present subsequent
changes in fair value through other comprehensive income.

Impairment: The Company assesses at each reporting date whether a financial asset (or a group of financial assets) such as
investments, advances at amortised cost and financial assets that are measured at fair value through other comprehensive income are
tested for impairment based on evidence or information that is available without undue cost or effort. Expected credit losses are
assessed and loss allowances recognised if the credit quality of the financial asset has deteriorated significantly since initial
recognition.

Non Performing Assets including loans & advances , receivables are identified as sub-standard, or doubtful or loss assets based on

the duration of delinquency, NPA provisions are not made as the same is not applicable to self registered core investment company.
Financial Liabilities

Borrowings and other financial liabilities are initially recognised at the value of the respective contractual obligations. They are
subsequently measured at amortised cost.

In accordance with the RBI Prudential Norms read with Indian Accounting Standard - 109 issued by the Institute of Chartered
Accountants of fndia notified by Central Government of India, Investments are stated at Fair Value.

Investments Property (if any) as defined in Ind AS-40, (Investment Property), have been accounted for in accordance with cost model
as prescribed.

1.09 Borrowing Costs:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such
assets. All other borrowing costs are charged to revenue.

1.10 Taxation t

Provision for tax is made for both current and deferred taxes. Provision for current tax is made at the current tax rates based on
assessable income. Deferred taxes reflect the impact of current year''s temporary differences between carrying values of asssets and
liabilties and its tax base, at the tax rates or tax laws enacted or substabtially enacted at the end of reporting period. Deferred tax
assets are recognized only to the extent that future taxable profits will be available against which deductible temporary difference
may be utilised.

1.11 Revenue recognition:

Recognition of interest income on loans Interest income is recognised in Statement of profit and loss using the effective interest
method as applicable for all financial instruments measured at amortised cost. The ''effective interest rate'' is the rate that exactly
discounts estimated future cash payments or receipts through the expected life of the financial instrument. The calculation of the
effective interest rate includes transaction costs and fees that are an integral part of the contract. Transaction costs include
incremental costs that are directly attributable to the acquisition of financial asset. If expectations regarding the cash flows on the
financial asset are revised for reasons other than credit risk, the adjustment is recorded as a positive or negative adjustment to the
carrying amount of the asset in the balance sheet with an increase or reduction in interest income. The adjustment is subsequently
amortised through Interest income in the Statement of profit and loss.

Additional interest and interest on advances, are recognised when they become measurable and when it is not unreasonable to
expect their ultimate collection.

---

Mar 31, 2014

A. Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles in India requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

b. Tangible fixed assets

Fixed Assets are valued at cost less accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing cost if capitalization criteria met and directly attributable cost of bringing the assets to its working condition for intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

c. Depreciation on Tangible fixed assets

Depreciation on tangible fixed assets is provided on Straight Line Method (SLM) at rates prescribed under the schedule XIV to the Companies Act, 1956. Land and Building are not depreciated.

d. Borrowing Costs

Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Interest and other borrowing costs directly attributable to the acquisition, construction or installation of qualifying capital assets till the date of commercial use of the assets are capitalized. Other borrowing costs are recognized as an expense in the period in which they are incurred.

e. Impairment of assets

The carrying amount of assets is reviewed at each balance sheet date for any indication of impairment based on internal /external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the assets'' net selling price and its value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital.

f. Investments

Investments are capitalized at cost including brokerage and stamp duty. In terms of the Reserve Bank of India guidelines to Non Banking Financial Companies, all investments in securities are bifurcated into current investments and long-term investments.Current Investments are stated at lower of cost and market / fair value. Long Term investments are stated at cost and permanent diminution in value, if any, is provided in the books of accounts.

g. Inventories (Shares & Securities)

Inventories are valued at the lower of the cost or net realizable value.

h. Revenue & Expenditure Recognition

The Company has followed accrual basis of accounting, except for dividend income, which is accounted on cash basis.

I. Retirement and other employee benefits

Short Term Employees benefits are recognized in the period in which employee''s service is rendered.

Leave Encashment

Leave Encashment benefit is considered and provided for, based on actual as at the financial year.

Gratuity

Gratuity whereever applicable, is recognized as an expense in the statement of profit & loss for the year in which the employee has rendered services.

j. Taxation

Provision for Taxes comprises of Current Tax and Deferred Tax. Provision for Current Tax is made on the basis of taxable income for the current accounting period and in accordance with the provisions as per Income Tax Act, 1961.

Deferred Tax Assets are recognized and carried forward to be adjusted against liability on taxable income arising in future, only if there is reasonable certainty that the company would have significant taxable income to realize the benefit of such Deferred Tax Assets. Provision for Wealth Tax liability, if any, is estimated in accordance with the Wealth Tax Act, 1957 and provided for.

Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax. The company recognizes MAT credit available as an asset only to the extent that there is convincing evidence that the company will pay normal income tax during the specified period i.e., the period for which MAT credit is allowed to be carried forward.

k. Provisions, Contingent Liabilities & Contingent Assets

Provision involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statement.

---

Mar 31, 2013

A. Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles in India requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

b. Tangible fixed assets

Fixed Assets are valued at cost less accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing cost if capitalization criteria met and directly attributable cost of bringing the assets to its working condition for intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

c. Depreciation on Tangible fixed assets

Depreciation on tangible fixed assets is provided on Straight Line Method (SLM) at rates prescribed under the schedule XIV to the Companies Act, 1956. Land and Building are not depreciated.

d. Borrowing Costs

Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Interest and other borrowing costs directly attributable to the acquisition, construction or installation of qualifying capital assets till the date of commercial use of the assets are capitalized. Other borrowing costs are recognized as an expense in the period in which they are incurred.

e. Impairment of assets

The carrying amount of assets is reviewed at each balance sheet date for any indication of impairment based on internal /external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the assets'' net selling price and its value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital.

Provision for impairment is written back in case of sale / discard of impaired assets.

f. Investments

Investments are capitalized at cost including brokerage and stamp duty. In terms of the Reserve Bank of India guidelines to Non Banking Financial Companies, all investments in securities are bifurcated into current investments and long-term investments.Current Investments are stated at lower of cost and market / fair value. Long Term investments are stated at cost and permanent diminution in value, if any, is provided in the books of accounts.

g. Inventories (Shares & Securities)

Inventories are valued at the lower of the cost or net realizable value. h. Revenue & Expenditure Recognition

The Company has followed accrual basis of accounting, except for dividend income, which is accounted on cash basis. I. Retirement and other employee benefits Short Term Employees benefits are recognized in the period in which employee''s service is rendered.

Leave Encashment

Leave Encashment benefit is considered and provided for, based on actual as at the financial year.

Gratuity

Gratuity whereever applicable, is recognized as an expense in the statement of profit & loss for the year in which the employee has rendered services.

j. Taxation

Provision for Taxes comprises of Current Tax and Deferred Tax. Provision for Current Tax is made on the basis of taxable income for the current accounting period and in accordance with the provisions as per Income Tax Act, 1961.

Deferred Tax Assets are recognized and carried forward to be adjusted against liability on taxable income arising in future, only if there is reasonable certainty that the company would have significant taxable income to realize the benefit of such Deferred Tax Assets. Provision for Wealth Tax liability, if any, is estimated in accordance with the Wealth Tax Act, 1957 and provided for.

Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax. The company recognizes MAT credit available as an asset only to the extent that there is convincing evidence that the company will pay normal income tax during the specified period i.e., the period for which MAT credit is allowed to be carried forward.

k. Provisions, Contingent Liabilities & Contingent Assets

Provision involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statement.

---

Mar 31, 2012

A. Change in presentation and disclosure of financial statements

During the year ended 31 March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements.The company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

b. Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles in India requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based upon management's best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

c. Tangible fixed assets

Fixed Assets are valued at cost less accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing cost if capitalization criteria met and directly attributable cost of bringing the assets to its working condition for intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

d. Depreciation on Tangible fixed assets

Depreciation on tangible fixed assets is provided on Straight Line Method (SLM) at rates prescribed under the schedule XIV to the Companies Act, 1956. Land and Building are not depreciated.

e. Borrowing Costs

Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Interest and other borrowing costs directly attributable to the acquisition, construction or installation of qualifying capital assets till the date of commercial use of the assets are capitalized. Other borrowing costs are recognized as an expense in the period in which they are incurred.

f. Impairment of assets

The carrying amount of assets is reviewed at each balance sheet date for any indication of impairment based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the assets' net selling price and its value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital.

Provision for impairment is written back in case of sale/discard of impaired assets.

g. Investments

Investments are capitalized at cost including brokerage and stamp duty. In terms of the Reserve Bank of India guidelines to Non Banking Financial Companies, all investments in securities are bifurcated into current investments and long-term investments. Current Investments are stated at lower of cost and market/fair value. Long Term investments are stated at cost and permanent diminution in value, if any, is provided in the books of accounts.

h. Inventories (Shares & Securities)

Inventories are valued at the lower of the cost or net realizable value.

i. Revenue & Expenditure Recognition

The Company has followed accrual basis of accounting, except for dividend income, which is accounted on cash basis.

j. Retirement and other employee benefits

(i) Short term benefits are charged off at the undiscounted amount in the year in which the related service is rendered.

(ii) Post employment and other long term employee benefits are charged off in the year in which the employee has rendered services. The Amount charged off is recognized using actuarial valuation using project unit cost method.

k. Taxation

Provision for Taxes comprises of Current Tax and Deferred Tax. Provision for Current Tax is made on the basis of taxable income for the current accounting period and in accordance with the provisions as per Income Tax Act, 1961.

Deferred Tax Assets are recognized and carried forward to be adjusted against liability on taxable income arising in future, only if there is reasonable certainty that the company would have significant taxable income to realize the benefit of such Deferred Tax Assets. Provision for Wealth Tax liability, if any, is estimated in accordance with the Wealth Tax Act, 1957 and provided for.

Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax. The company recognizes MAT credit available as an asset only to the extent that there is convincing evidence that the company will pay normal income tax during the specified period i.e., the period for which MAT credit is allowed to be carried forward.

i. Provisions, Contingent Liabilities & Contingent Assets

Provision involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statement.

---

Mar 31, 2011

A. Accounting Convention

Financial Statements have been prepared as per Historical Cost Convention and in accordance with the normally accepted accounting principles.

B. Revenue & Expenditure Recognisation

The Company has followed accrual basis of accounting, except for dividend income, which is accounted on cash basis.

C. Fixed Assets

Fixed assets are accounted at cost less depreciation.

D. Impairment of Assets

The company assesses at each Balance Sheet date whether there is any indication that an asset may be impaired. 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 – generating unit which the asset belongs to, is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the Profit & Loss Account. If at the Balance Sheet there is an indication that a previously assessed impairment loss no longer exits, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciable historical cost.

E. Depreciation

Depreciation on assets has been provided for on Straight Line Method in terms of Section 350 of the Companies Act, 1956 as per the rates prescribed under Schedule XIV to said Act.

F. Investments

Investments are capitalized at cost including brokerage and stamp duty. In terms of the Reserve Bank of India guidelines to Non Banking Financial Companies, all investments in securities are bifurcated into current investments and long-term investments. The investments acquired with the intention of short term holding are considered as stock in trade and classified as current assets and others are considered as long term investments. Decline in value of long-term investments is not provided for unless it is considered other than temporary in nature.

G. Inventories

Inventories are valued at cost or net realizable value, whichever is lower.

H. Employees Benefits

(i) Short term benefits are charged off at the undiscounted amount in the year in which the related service is rendered.

(ii) Post employment and other long term employee benefits are charged off in the year in which the employee has rendered services. The Amount charged off is recognized using actuarial valuation using project unit cost method.

I. Taxation

i) Accounting for Taxes on Income

The current tax is determined as the amount of tax payable in respect of taxable income for the reporting period after adjusting for benefits of rebates under provisions of Income Tax Act, 1961. Tax paid is shown in the accounts net of provisions.

ii) Deferred Tax

Deferred Tax is recognized, subject to the consideration of prudence, on timing differences, being the difference between taxable incomes and accounting incomes that originate in one period of time and are capable of reversal in one or more subsequent periods. In respect of unabsorbed depreciation and carry forward losses, deferred tax assets are recognized only when there is virtual certainty, and in respect of other deferred tax assets when there is a certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

---

Mar 31, 2010

A. Accounting Convention

Financial Statements have been prepared as per Historical Cost Convention and in accordance with the normally accepted accounting principles.

B. Revenue & Expenditure Recognisation

The Company has followed accrual basis of accounting, except for dividend income, which is accounted on cash basis.

C. Fixed Assets

Fixed assets are accounted at cost less depreciation.

D. Impairment of Assets

The company assesses at each Balance Sheet date whether there is any indication that an asset may be impaired. 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 - generating unit which the asset belongs to, is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the Profit & Loss Account. If at the Balance Sheet there is an indication that a previously assessed impairment loss no longer exits, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciable historical cost.

E. Depreciation

Depreciation on assets has been provided for on Straight Line Method in terms of Section 350 of the Companies Act, 1956 as per the rates prescribed under Schedule XIV to said Act.

F. Investments

Investments are capitalized at cost including brokerage and stamp duty. In terms of the Reserve Bank of India guidelines to Non Banking Financial Companies, all investments in securities are bifurcated into current investments and long-term investments. The investments acquired with the intention of short term holding are considered as stock in trade and classified as current assets and others are considered as long term investments. Decline in value of long-term investments is not provided for unless it is considered other than temporary in nature.

G. Inventories

Inventories are valued at cost or net realizable value, whichever is lower.

H. Employees Benefits

(i) Short term benefits are charged off at the undiscounted amount in the year in which the related service is rendered.

(ii) Post employment and other long term employee benefits are charged off in the year in which the employee has rendered services. The Amount charged off is recognized using actuarial valuation using project unit cost method.

I. Taxation

(i) Accounting for Taxes on Income

The current tax is determined as the amount of tax payble in respect of taxable income for the reporting period after adjusting for benefits of rebates under provisions of Income Tax Act, 1961. The paid is shown in the accounts net of provisions.

(ii) Deferred Tax

Deferred Tax is recognized, subject to the consideration of prudence, on timing differences, being the difference between taxable incomes and accounting income that originate in one period of time and are capable of reversal in one or more subsequent periods. In respect of unabsorbed depreciation and carry forward losses, deferred tax assets and recognized only when there is virtual certainty, and in respect of other deferred tax assets when there is a certainty that sufficient future taxable income will be available agaisnt which such deferred tax assets can be realized.