INTEC CAPITAL Share price

INTEC SECURITIES LTD. was incorporated as a Private Limited Company on 15th February 1994 with the Registrar of Companies National Capital Territory of Delhi and Haryana New Delhi under the name INTEC SECURITIES PRIVATE LIMITED. Subsequently it was converted into a Public Limited Company under the name of INTEC SECURITIES LIMITED on 6th October 1994 vide fresh certificate of incorporation obtained from the Registrar of Companies National Capital Territory of Delhi & Haryana New Delhi.It is confirmed that the main objects of the Company stated in this document are within the purview of the Memorandum of Association of the Company.It is also confirmed that the Company has complied with the provisions regarding registration with RBI as NBFC.SIGNIFICANT ACCOUNTING POLICIES:Method of AccountingThe Company generally follows mercantile system of accounting. All items of income and expenditure are accounted for as and when accrued and all figures are stated at their historical cost. No adjustments are made to reflect the changing value of the purchasing power of money.The Prudential Norms for income recognition accounting standards provisioning for bad and doubtful debts capital adequacy and concentration of credit/Investment applicable to financial companies as per the guidelines issued by the Reserve Bank of India have been adopted by the Board of directors of the Company-vide resolution dated 11.10.94 for implementation.Revenue Recognition(i) Lease rental income is booked as revenue as per the terms & conditions of the lease agreements entered with the lessees.(ii) Lease management fee is treated as income on execution of related lease agreement. (iii) Bill discounting charges are booked on accrual basis. (iv) In case of non-fund based activities such as issue management loan syndication financial advisory services the revenue is recognised based on the stage of assignment and the bills raised for the recovery of fees.Expense RecognitionExpenses of the Company are booked on the basis of the contractual obligations having regards to the business needs and exigencies as per the accepted accounting principles.Depreciation on assets leased out is charged on straightline method spreading the cost of assets over the primary lease period. Depreciation on other assets is calculated on straight line method as per rates specified under schedule XIV of the companies Act 1956.The preliminary expenses are to be amortized over the period of ten years.Bad and Doubtful DebtsThe Company since its incorporation has not had any exposure in bad or doubtful debts. Hence so far no provision has been necessary to be made by the Company.InvestmentsInvestments are stated at cost.InventoriesStock of shares and debentures are valued at cost.Adoption of Prudential Norms for Non-banking Finance Companies (NBFC)In terms of the recently issued RBI guidelines vide DFC (COC) 174/93-94 of 13.06.94 applicable to NBFCs with net owned funds of Rs. 50 lacs and above the Board of Directors of the Company have resolved at the meeting held on 11.10.94 to adopt the Prudential Norms for income recognition transparency of accounts and provisioning for bad and doubtful debts as also credit concentration to single and group borrowers notified in the above referred guidelines within the timeframe indicated therein.The management of the Company has adequate experience and expertise to ensure ongoing monitoring of activities of the Company in tune with the desired objectives set out in the subject guidelines and the internal systems and procedures shall be so devised as to ensure such compliance.