KYC is one time exercise with a SEBI registered intermediary while dealing in securities markets (Broker/ DP/ Mutual Fund etc.).   |   Prevent unauthorized transactions in your account – Update your mobile numbers / email ids with your stock brokers. Receive information of your transactions directly from exchange on your mobile / email at the EOD | Filing Complaint on SCORES - QUICK & EASY a) Register on SCORES b) Mandatory details for filing complaints on SCORE - Name, PAN, Email, Address and Mob. no. c) Benefits - speedy redressal & Effective communication   |   BSE Prices delayed by 5 minutes... << Prices as on Aug 10, 2022 >>  ABB India 2771.25  [ 1.95% ]  ACC 2227.2  [ 0.16% ]  Ambuja Cements Ltd. 380.2  [ -0.05% ]  Asian Paints Ltd. 3412.45  [ -1.27% ]  Axis Bank Ltd. 738.85  [ -0.93% ]  Bajaj Auto 4034.45  [ 0.32% ]  Bank of Baroda 118.65  [ 0.34% ]  Bharti Airtel 714.95  [ 1.50% ]  Bharat Heavy Ele 52.6  [ 1.54% ]  Bharat Petroleum 328.35  [ 0.80% ]  Britannia Ind. 3646.65  [ 0.41% ]  Cairn India Ltd. 285.4  [ 0.90% ]  Cipla 1038.2  [ 0.87% ]  Coal India 219.85  [ 2.02% ]  Colgate Palm. 1586.2  [ -0.71% ]  Dabur India 584.75  [ -0.25% ]  DLF Ltd. 368.4  [ -0.16% ]  Dr. Reddy's Labs 4242.4  [ 0.52% ]  GAIL (India) 130.8  [ -1.91% ]  Grasim Inds. 1610.9  [ 0.88% ]  HCL Technologies 952.5  [ -1.41% ]  HDFC 2397.9  [ 0.15% ]  HDFC Bank 1466  [ 0.35% ]  Hero MotoCorp 2776.25  [ 1.34% ]  Hindustan Unilever L 2639.9  [ -0.35% ]  Hindalco Indus. 440.05  [ 4.41% ]  ICICI Bank 848.5  [ 1.45% ]  IDFC L 60.55  [ -0.98% ]  Indian Hotels Co 268.1  [ -0.94% ]  IndusInd Bank 1062  [ 1.09% ]  Infosys 1601.4  [ -1.09% ]  ITC Ltd. 311.15  [ -0.59% ]  Jindal St & Pwr 396.3  [ 1.02% ]  Kotak Mahindra Bank 1827.4  [ -0.89% ]  L&T 1854.65  [ 1.38% ]  Lupin Ltd. 669.7  [ 0.55% ]  Mahi. & Mahi 1267.4  [ -0.58% ]  Maruti Suzuki India 8879.45  [ -0.49% ]  MTNL 23.5  [ -0.21% ]  Nestle India 19765.2  [ 0.35% ]  NIIT Ltd. 347.5  [ -1.38% ]  NMDC Ltd. 116.05  [ 2.70% ]  NTPC 155.7  [ -2.20% ]  ONGC 133.85  [ -1.91% ]  Punj. NationlBak 33  [ -1.05% ]  Power Grid Corpo 223.35  [ 0.74% ]  Reliance Inds. 2581.95  [ 0.59% ]  SBI 514.5  [ -1.11% ]  Vedanta 256.65  [ -0.04% ]  Shipping Corpn. 106.1  [ -0.66% ]  Sun Pharma. 919.35  [ 0.97% ]  Tata Chemicals 1074.25  [ 12.23% ]  Tata Consumer Produc 790.15  [ 0.24% ]  Tata Motors Ltd. 475.6  [ 1.60% ]  Tata Steel 109.25  [ 1.91% ]  Tata Power Co. 228.45  [ 0.07% ]  Tata Consultancy 3356  [ -0.53% ]  Tech Mahindra 1054.8  [ -0.19% ]  UltraTech Cement 6591.6  [ -1.17% ]  United Spirits 776.5  [ -0.61% ]  Wipro 430.1  [ -1.34% ]  Zee Entertainment En 250.05  [ -0.71% ]  

Company Information

Indian Indices

  • Loading....

Global Indices

  • Loading....

Commodity

  • Loading....

Forex

  • Loading....

KIFS FINANCIAL SERVICES LTD.

10 August 2022 | 12:00

Industry >> Finance & Investments

Select Another Company

ISIN No INE902D01013 BSE Code / NSE Code 535566 / KIFS Book Value (Rs.) 36.86 Face Value 10.00
Bookclosure 28/09/2021 52Week High 336 EPS 5.66 P/E 22.72
Market Cap. 139.17 Cr. 52Week Low 33 P/BV / Div Yield (%) 3.49 / 1.05 Market Lot 1.00
Security Type Other

ACCOUNTING POLICY

You can view the entire text of Accounting Policy of the company for the latest year.
Year End :2018-03 

a) Corporate information

KIFS Financial Services Limited (“KFSL”) incorporated under the provisions of the Companies Act, 1956 on March 29, 1995 [CIN: L67990GJ1995PLC025234] is a non banking financial company registered with the Reserve Bank of India (RBI) under the provisions of section 45-IA of the RBI Act, 1934 as a loan company (RBI registration no. 01.00007 dated February 18, 1998). KFSL is a public limited company and is listed on Bombay Stock Exchange Limited. It offers capital market products like margin trading, loan against shares (LAS) and funding primary market issues for the retail investors. It is proposing to enter into the business of investment adviser and has obtained registration with SEBI as “investment adviser” under the SEBI (Investment Advisers) Regulations, 2013 vide registration no. INA000001852 dated June 13, 2014.

b) Basis of preparation of financial statements

These financial statements are prepared in accordance with Indian generally accepted accounting principles (GAAP) under the historical cost convention on the accrual basis. The financial statements are prepared in accordance with the accounting standards notified by the central government, in terms of section 133 of the Companies Act, 2013 read with rule 7 and guidelines issued by the Securities and Exchange Board of India (SEBI) and the guidelines issued by the Reserve Bank of India (‘RBI’) as applicable to a non banking finance company (NBFC). The accounting policies have been consistently applied by the company and are consistent with those used in the previous year.

c) Use of estimates

The preparation of financial statements in conformity with the Indian GAAP requires the management of the company to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and reported income and expenses during the year. The management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the difference between the actual result and estimates are recognized in the period in which the results are known / materialized.

d) Revenue recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and revenue can be reliably measured.

Income from operations which comprises interest income, advisory fees and other income are all accounted for on accrual basis.

e) Expenses

The company provides for all expenses comprising of employee benefits expenses, financial cost and other expenses on accrual basis.

f) Cash & cash equivalents (for the purpose of cash flow statement)

Cash comprises cash in hand. Cash equivalents are cash at bank that are readily available for convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

g) Cash flow statement

Cash flow are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flow from operation, investing and financing activities of the company are segregated based on the available information.

h) Fixed assets & depreciation

Fixed assets are stated at cost of acquisition. Cost includes attributable cost incurred for bringing the assets to its working condition for its intended use. They are stated at historical cost less accumulated depreciation.

Capital assets under erection / installation are reflected in the balance sheet as “capital work in progress”.

Depreciation on assets is provided on written down value basis (WDV) on the basis of useful lives of assets as specified in schedule II of the Companies Act, 2013.

Depreciation on fix assets purchased / acquired during the year is provided on pro-rata basis according to the period each asset was put to use during the year.

i) Investment

The investments made by the company are categorized as long term investment and are stated at cost.

j) Impairment of assets

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal / external factors. An impairment loss is recognized whenever the carrying amount of assets exceeds its recoverable amount. After impairment depreciation is provided on the revised carrying amount of the assets over its remaining useful life.

During the year, there was no impairment of assets of the company.

k) Borrowing cost

All borrowing costs are expensed in the period they occur. Borrowing cost consists of interest and other cost that an entity incur in the connection with the borrowing of the funds. Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. All other borrowing costs are charged to revenue.

l) Taxes on income

Tax on income for the current period is determined on the basis of the Income Tax Act, 1961.

Deferred tax is recognized on timing differences between the accounting income and taxable income for the year and quantified using the tax rates and laws enacted or substantively enacted as on the balance sheet date.

Deferred tax assets are recognized and carried forward to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

m) Contingent liabilities and contingent assets

Provision is made for all known liabilities. Contingent liabilities, if any are disclosed in the account by way of a note. Contingent assets are neither recognized nor disclosed in the financial statements.

n) Retirement and other employee benefits

Gratuity liability is a defined obligation. But it has not been provided for on the basis of an actuarial valuation of projected unit credit method. The same shall be accounted for on cash basis as and when the need so arise.

o) Earning per shares

The company reports basic and diluted earnings per share (EPS) in accordance with accounting standard -20 on earning per share. Basic EPS is computed by dividing the net profit or loss for the year by the weighted average number of equity shares outstanding during the year.