1 Corporate Information
Ascom Leasing & Investments Limited ('the Company') is a public limited company and incorporated under the provisions of the Companies
Act, 1956 on December 16, 1986 with the Registrar of Companies, Andhra Pradesh bearing registration No. 085128 and having received
certificate of commencement of business on January 07, 1987. Subsequently, the company has shifted its registered office from Hyderabad to
Surat vide certificate issued by the Registrar of Companies, Ahmedabad on November 23, 2015. The registered office of the company is
located at 331, 3rd Floor, Four Point Complex, Besides Manibha Park, Vesu, Surat - 395 007.
The company holds a certificate of registration (CoR) No. B-01.00559 dated December 17, 2015 issued by the RBI, Ahmedabad Regional
Office to carry on the business of a non deposit taking NBFC under section 45-IA of the Reserve Bank of Inida Act, 1934 and is primarily
engaged in lending business. The company is categorised as ’Non Systemically Important Non-Deposit taking Non-Banking Financial Company1
In terms of RBI master direction DNBR.PD.007/03.10.119/2016-17 dated September 01, 2016. The Corporate Identification Number (CIN) of
the company is L65993GJ1986PLC085128.
The standalone financial statements for the year ended on March 31, 2025 were authorised for issue in accordance with a resolution of the
directors on 09-05-2025.
2 Basis of Accounting
The financial statements have been prepared on a goining concern basis under the historical cost convention on accrual basis of accounting,
unless otherwise stated, in accordance with the generally accepted accounting principles in India ('Indian GAAP') to comply in all material
respects with the notified Accounting Standards ('AS') under section 133 of the Companies Act, 2013 ('the Act'), read with rule 7 of the
Companies (Accounts) Rules, 2014 and the Companies (Accounting Standards) Amendment Rules, 2016. Further, the company follows the
statutory requirements, circulars and guideleines issued by the Reserve Bank of India (RBI) for Non-Banking Financial Companies (NBFC),
from time to time to the extent they have an impact on the financial statements and current practices prevailing in India.
The standalone financial statements are present in Indian Rupees (INR) and all values are rounded to the nearest rupees, except when
otherwise indicated.
3 Use of Estimates
The preparation of the financial statement in comfimity with Indian GAAP requires the management to make judgments, estimates and
assumptions that effect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the
end of the reporting period. Although these estimates are based on the management's best knowledge of current events and actions,
uncertaintity about these assumptions and estimates could result in the outcomes requiring a material adjustments to the carrying amounts of
assets or liabilities in future periods.
4 Property. Plant & Equipment and Intangible Assets and Depreciation
Property, Plant and Equipments and Intangible Assets are stated at cost of acquisition less accumulated depreciation/amortisation and
impairment, if any. Cost includes purchase price, taxes, duties and goods and service tax. Subsequent expenditure incurred on assets is
capitalised only if it increases the future economic benefit of such assets. Residual value has been estimated to be 5% of the gross value at
the end of the useful life of all the assets.
Depreciation is charged over the useful life prescribed under Part C of Schedule II of the Companies Act, 2013 and full depreciation is charged
on fixed assets whose individual value is less than ? 0.05 lacs.
Depreciation on Property, Plant & Equipment and Intangible Assets added/disposed off during the year is calculated on pro-rata basis with
reference to the date of addition/disposal.
5 Prior period Items
Previous years adjustments are on account of payment of taxes, duties, interest etc., of earlier years due to short / excess provision thereof
etc. which has been shown under the head ’Exceptional Items'.
6 Recognition of Income and Expenditure
The company follows accrual basis of accounting for its income and expenditure except income on assets classified as non-performing assets,
if any, which in accordance with the guidelines issued by Reserve Bank of India for Non-Banking Financial Companies, is recognised on receipt
basis.
Interest income on loans given is recognised over the period of contract by applying the interest rate implicit in such contract. Income in the
nature of overdue interest and bounce charges are recognised on realisation, due to uncertainty of collections.
Interest income on deposits with banks is recognised on a time proportion accrual basis taking into account the amount outstanding and the
interest rate applicable. All other incomes and expenses are recognised on an accrual basis.
7 Financing Activities
The loan to borrowers are stated at the contract value after netting off unmatured income, wherever applicable, installments appropriated
upto the year end and amount written off, if any.
8 Retirement benefits to Employees
Contribution to employee's benefit funds remitted to statutory authority, if any is charged to revenue. As informed by the Management, the
liability/provision for payment of gratuity has not been made applicable to the company.
9 Transaction in foreign currencies
Transactions, if any, in foreign currencies are recorded at the exchange rates prevailing on the date of the transactions and the exchange
differences arising on settlement of transactions are recognised as income or expenses in the year in which they arise.
10 Operating Cycle
Based on the nature of the lending activities of the company and the normal time between acquisition of assets and their realisation in cash or
cash equivalents, the company has determined its operating cycle as a 12 months for the purpose of classification of assets and liabilities as a
current and non-current.
11 Deferred Revenue Expesnes
The deferred revenue expenses incurred in the F.Y. 2019-20, has been amortised over a tenure of five years and accordingly, the
proportionate amortised amount has been claimed in the Profit & Loss account and the residual amount, if any, is shown as Deferred Revenue
Expenses under the head 'Other non-Current Assets' in the balance sheet.
12 Segment Reporting
The company has only one business segment and geographical segment. Therefore there is no separate reportable segment as per AS-17.
13 Dues to small scale and ancillary undertakings
According to the information and explanation provided to us, the Company has no amounts overdue under the Micro, Small and Medium
Enterprises Development Act, 2006 (MSMED) as at 31-03-2025 and 31-03-2024, to the extent such parties have been identified by the
management.
14 Related Party Disclosure
As per Accounting Standard 18, the disclosures of transactions with the related parties are given below.
16 Taxation
Tax comprises of Current income tax and Deferred tax. Current income tax in the books is recognised by opting the provisions of section
115BAA as introduced vide Taxation Laws (Amendment) Ordinance of 2019 to the Income Tax Act, 1961.
Deferred Tax Liability/Asset is recognised as per AS-22 (Accounting for Taxes on Income) arising out of temporary timing differences. During
the year under consdieration, as per AS-22 "Accounting for Taxes on Income" issued by ICAI, company has recognised deferred tax assets of
7 6.14 lacs (Previous Year : ? 6.46 lacs) which has not been recognised in the books of accounts.
17 Impairment of Assets
The carrying amounts of the company's assets are reviewed at each balance sheet date. If any indication of impairment exists, an impairment
loss is recognized to the extent of the excess of the carrying amount over the estimated recoverable amount.
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