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Mehta Integrated Finance

BSE: 511377|ISIN: INE240B01012|SECTOR: Finance - Investments
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Mehta Integrated Finance is not listed on NSE
Aug 13
Accounting Policy Year : Aug '14
1.  Accounting convention: The financial statements of the Company have
 been prepared in accordance with the Generally Accepted Accounting
 Principles in India (Indian GAAP) to comply with the Accounting
 Standards notified under Section 211(3C) of the Companies Act, 1956
 (the 1956 Act) (which continue to be applicable in respect of Section
 133 of the Companies Act, 2013 (the 2013 Act) in terms of General
 Circular 15/2013 dated 13 September, 2013 of the Ministry of Corporate
 Affairs) and the relevant provisions of the 1956 Act / 2013 Act, as
 applicable unless otherwise stated herein. The financial statements
 have been prepared on accrual basis under the historical cost
 convention. The accounting policies adopted in the preparation of the
 financial statements are consistent with those followed in the previous
 year.
 
 a) The accounts are prepared under the historical cost convention and
 on the accrual basis of accounting
 
 b) Fixed assets are stated at cost less accumulated depreciation and
 depreciation has been provided on straight line basis as per the rate
 prescribed in Schedule II or more than the rate prescribed in Schedule
 II of the Companies Act, 2013.
 
 c) Long-term investments are stated at average cost except where there
 is a diminution in value which is other than temporary, for which
 provision is made. Current investments are stated at the lower of cost
 and fair value, considered category wise.
 
 d) Use of Estimates: The preparation of financial statements in
 confirmation with GAAP which requires management to make estimates and
 assumptions that affect the reported amounts of assets and liabilities,
 disclosure of contingent amount as at the date of financial statements
 and reported amounts of revenues and expenses during the reporting
 period.  Actual results could differ from these estimates. Any revision
 to the accounting estimates is recognized in the periods in which the
 results are known /materialized.
 
 e) As the Company''s business activity falls within a single primary
 business segment viz.  Merchant Banking, Investment, etc., the
 disclosure requirements of Accounting Standard (AS-17) Segment
 Reporting issued by the Institute of Chartered Accountants of India
 are not applicable.
 
 2.  Contingent Liabilities: Contingent Liabilities are determined of
 the basis of available information and are disclosed by way of note to
 the accounts.
 
 3.  Income and Expenditure:
 
 a) Income and Expenditure are accounted on accrual basis.
 
 b) Merchant Banking and corporate advisory Services income is accounted
 on accrual basis.
 
 c) Underwriting income are accounted on completion of the issue.
 
 d) Income from securities operations is accounted after considering the
 acquisition cost.
 
 e) Provision for current tax is made on basis on the assessable income
 under the Income tax Act, 1961.
 
 f) Deferred tax is recognized, subject to consideration of prudence, on
 timing differences between taxable income and accounting income which
 originate in one period and are capable of reversal in one or more
 subsequent periods (adjusted for reversal except during tax holiday
 period). The tax effect is calculated on accumulated timing differences
 at the year end based on tax rates & laws enacted or substantially
 enacted as of the Balance Sheet date.
 
 4.  Fixed Assets and Depreciation:
 
 a) Fixed Assets are stated at historical cost in the books of accounts.
 Cost include all cost incurred to bring the assets to their present
 location and condition.
 
 b) Depreciation on Fixed Assets is provided on Straight Line Method in
 the manner and at the rates specified in Schedule II or more than the
 rate prescribed in schedule II of the Companies Act, 2013.
 
 5.  Investments:
 
 Investments are stated at their acquisition cost. Investments of the
 Company have been considered to be of long term nature. As they are
 long term investments, are valued at cost of acquisition. In respect of
 quoted investments where the market value is lower than the acquisition
 cost, provision for diminution in the value of such investments is
 made. Investments where there is permanent diminution is written off.
 
 Investments that are intended to be held for not more than one year
 from the date of acquisition are classified as current investments.
 
 6.  Amortization of Miscellaneous Expenditure: Miscellaneous
 Expenditure are amortized over a period of ten years.
 
 7.  Earnings Per Share: The Company reports Basic Earnings Per Share
 (EPS) in accordance with Accounting Standard (20), 0.92 Earnings Per
 Share. Basis EPS is computed by dividing the net profit for the year by
 weighted average number of share outstanding during the year.
 
 8.  Related Party Transactions: Parties are considered to be related if
 at any time during the year, one party has the ability to control the
 other party or to exercise significant influence over the other party
 in making financial and/or operating decisions.
 
 9.  Provisions, Contingent Liabilities and Contingent Assets:
 Provisions involving substantial degree of estimation in measurement
 are recognized 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 recognized in the financial statements.
 Contingent Assets are neither recognized nor disclosed in the financial
 statements.
 
 10.  Impairment of Assets: As per requirement of Accounting Standard 28
 on Impairment of Assets issued by the Institute of Chartered
 Accountants of India, at each balance sheet date, assessment is made of
 whether there is any objective evidence of impairment of financial
 assets. If there is evidence then the recoverable amount is estimated
 and impairment loss is recognized in accordance with Accounting
 Standard 28.
 
 11.  Prior Period Adjustments: Material items pertaining to prior
 period are accounted through Prior Period Adjustment Account.
Source : Dion Global Solutions Limited
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