Home  »  Company  »  Alpine Hous.Dev.  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Alpine Housing Development Corporation Ltd. Company

Mar 31, 2018

NOTES FORMING PART OF ANNUAL ACCOUNTS:

Particulars in respect of Long Term Borrowings are:

a Mortgage Term Loan (OSL)(M) due to Syndicate Bank Rs,1,56,32,187/- (P.Y. Rs. 1,68,23,766/-)

i Are secured Hypothecation of Stock of Raw Materials, Stock-in-process, Finished Goods, tools, spares, other receivables of Sleeper Hypothecation of Plant & Machinery of and by Unregistered Equitable Mortgage by deposit of title deeds of Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee of two of the Directors viz., Mr. S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided

iii. Repayable in 120 Months EMI of Rs.2,73,238.65

iv. Amount of continuing default is Rs.Nil (Rs.Nil)

vi Long Term: Rs. 1,23,25,974/-(P.Y. Rs 1,42,20,793/-)Short Term: Rs. 19,51,458/-(P.Y. Rs 14,11,394/-)

b. Loan due to India Bulls Commercial Credit Ltd.,: Rs.7,42,44,761/- (P.Y.Rs.8,00,70,280/-):

i. Are secured by Equitable Mortgage of land bearing Sy.No.67/3, Sarakki gate, Kanakapura Main Road, Bangalore measuring in all to 1 Acre Nil Guntas belonging to the company.

ii. Repayable in 96 equated monthly installments of Rs.14,86,565/- (inclusive of interest)

iii. No default .

c. Line of Credit (LOC) due to Gruh Finance Limited for Alpine Fiesta Housing Project Rs,19,84,34,718/- (P.Y.Rs. 29,48,31,634/-)

i. Are secured by Equitable Mortgage of Developer share with 69% of undivided share of land and 256578 Sq. Feet of Super built up Area to be constructed where the Alpine Fiesta Housing Project is being developed as primary security.Equitable Mortgage of residential Plots No.49,51,52,53,54,55,56,57,63 & 64 at Boyalahalli, Jala Hobli, Bangalore, belonging to Mr.S A Kabeer Directory of the companyEquitable Mortgage of Residential Flat bearing no. 507 admeasuring 1458 sqft Sy.No.13 situated at Doddanekundi Village, K R Puram Hobli, Bangalore East Taluk belonging to M/s.Jaz Exports & Engineering Pvt Ltd, wher in som of the Directors of the company and their relative are interested as Directors.

ii. Repayable shall be a period of 48 Months for the last day of the month in which the first disbursement is made (ie., ending 10th August, 2018.)

iii. No default .

d. Loan Against Property (Secured Loan) due to HDB Financial Services Limited Rs,2,05,76,947/- (P.Y.Rs. 2,31,74,870/-)

i Equitable Mortgage of Residential Property No.GF2 & GF3, Alpine Arch, No.10 Langford Bangalore - 560027. owned by Mrs.Athiya Begum wife of a Director of the company.

ii. Personal Guarantee of the Directors viz., Mr. S.A.Kabeer, Mr.S.A.Rasheed, Mr.S M Muneer, Mr.S M Mohsin and their wifes.

iii. Repayable in 84 Months EMI of Rs.4,10,939/-

iv. Amount of continuing default is Rs.Nil (Rs.Nil)

vi Long Term: Rs. 1,77,62,118/-(P.Y. 2,06,28,858/-)Short Term: Rs. 28,14,829/-(P.Y. 25,46,012/-)

e. Term Loan - I due to Capri Global Capital Limited (CGCL) for Alpine Vistula Housing Project Rs,10,36,62,881/-

(P.Y.Rs. Nil)

i. Are secured by Equitable Mortgage of Residential project titled “Alpine Vistula” situated at Survey No.139 of Seegehalli Village, Bidarahalli Hobli, Bangalore East Taluk Developer share of unsold flats of 115 No''s along with undivided share of land and 1,33,988 Sq. Feet of Super built up Area to be constructed where the Alpine Vistula Housing Project is being developed as security. Total facility amount of Rs.22 Crs. Drawdown in multiple tranches to be utilized towards construction and development of cost of the project.

ii. Repayable shall be a period of 30 Months First Instalment falling due at the end of 19th month from the date of first disbursement along with project receivables • First 20 monthly installment of Rs.60.00 Lacs each* Balance 10 Monthly installment of Rs.1.00 Crs each

iii. No default

f. Term Loan - II due to Capri Global Capital Limited (CGCL) for Alpine Vistula Housing Project Rs,11,73,74,365/-

(P.Y.Rs. Nil)

i. Are secured by Equitable Mortgage of Residential Completed Flats of the project titled “Alpine Viva” situated at Survey No.139 of Seegehalli Village, Bidarahalli Hobli, Bangalore East Taluk Developer share of unsold flats of 39 No''s along with undivided share of land and 52,561 Sq. Feet of Super built up Area Construction Flats as security. Total facility amount of Rs.12 Crs. Drawdown for Corporate purpose.

ii. Repayable shall be a period of 30 Months tenor and 12 Months Moratorium and repayment in 18 monthly installments, First Installments falling due at the end of 13th month from the date of first disbursement along with project receivables •

18 Monthly equal Installments

iii. No default

iv. Long Term: Rs. 7,73,74,365/-(P.Y. Nil) Short Term: Rs.4,00,00,000/—(P.Y. Nil)

g. Term Loan (Construction Finance Loan) due to Reliance Home Finance Limited for Alpine Pyramid Housing Project

Rs,10,07,56,720/- (P.Y.Rs. Nil)

i. Are secured by Equitable Mortgage of Residential project titled “Alpine Pyramida” situated at Survey No.1554/209,3,4,6,8 Kodigehalli Village Yelahanka Hobli,, Bangalore - 560092 Developer share of unsold flats of 71 No''s along with undivided share of land and 1,05,187 Sq. Feet of Super built up Area to be constructed where the Alpine Vistula Housing Project is being developed as security. Total facility amount of Rs.20 Crs. Drawdown in multiple tranches to be utilized towards construction and development of cost of the project.

ii. Repayable shall be a period of 42 Months tenor and 12 Months Moratorium and repayment in 24 monthly installments along with project receivables 24 Monthly Installments

iii. No default

iv. Long Term: Rs. 10,07,56,720/-(P.Y. Nil) Short Term: Rs. Nil /-(P.Y. Nil)

h. SOD Loan (OD) due to Syndicate Bank Rs. 2,04,09,221/- (P.Y. Rs. Nil)

i Are secured Hypothecation of Stock of Raw Materials, Stock-in-process, Finished Goods, tools, spares, other receivables of Sleeper Land at Mangalore jointly owned by the company and Alpine Builders Private Limited as collateral security.

ii. Personal Guarantee of two of the Directors viz., Mr. S.A.Kabeer and Mr.S.A.Rasheed and that of M/s Alpine Builders Private Limited are provided

iii. Repayable on demand

iv. Amount of continuing default is Rs.Nil (Rs.Nil)

i Term Loan due to various Banks and NBFC Hypothecation of Machinery and Vehicles: Rs. Nil (P.Y.Rs. 1,75,175/-) i. Due to:

1. Magma Finance Corporation Ltd: Rs.1,57,175/- (P.Y 1,57,175/-) secured by hypothecation of Nissan Terrona Car and Mahindra XUV Repayable in equated monthly installments. iii No default.

iv. Classified as :-Short Term Borrowings Rs. Nil (P.Y.Rs.1,57,175/-)

j. Term Loan due to various Banks and NBFC Hypothecation of Machinery and Vehicles: Rs,13,30,866/- (P.Y.Rs. Nil)

i. Due to

:1.TVS Credit Services Limited Rs.13,30,866/- (P.Y Nil) secured by hypothecation of Nissan Terrona Car and Mahindra XUV Repayable in equated monthly installments. iii No default.


Mar 31, 2015

A. RECOGNITION OF INCOME:

a. Value of Contract completed is accounted as sales/income on raising of invoices on the basis of value of works completed as certified by the architects.

b. In the case of sales of Apartments under construction by the company of its own:

i. Value of sales of undivided share of title and interest in the land are accounted on execution of the agreement to sell.

ii. The values receivable towards the construction of the apartments under the construction agreement are accounted on the basis of the proportionate value determined and invoiced on the basis of certificate of the value of the works completed.

iii. The proportionate cost of construction apportioned to the apartments not yet sold as at the year-end are reckoned as work in progress at cost.

c. In case of sale of Apartments under construction by the company under joint development agreements:

i. Value of sale of company's share of undivided share of title and interest in land in cases where the agreement to sell is executed and the values receivables towards the construction of the Apartments under the construction agreements are accounted on the basis of the proportionate sale value realizable on total sale of company's share in the built up area in the same ratio as the total cost incurred would bear to the total estimated cost of construction of the project.

ii. The proportionate cost of the units in respect of which the agreement to sell is not yet executed are reckoned as work in progress at cost.

d. In respect of Sale of Railway Sleeper:

i. Sales are accounted at tendered price on dispatch of Railways Sleepers.

ii. The balance of the escalation will be accounted on availability of the latest applicable rates and as and when the company makes claims.

iii. Central Excise Duty recovered on sale of Railway Sleepers is recognized as income only to the extent of the modvat benefit entitled to be retained by the company in terms of the contract subsisting with the Indian Railways.

e. All other Sales revenues are accounted on accrual basis.

f. All incomes, to the extent they are ascertained, are accounted on accrual basis.

g. Incomes which are not ascertained and quantum whereof cannot be determined are accounted in the year in which the same are ascertained and determined or received, whichever is earlier.

B. EXPENDITURE RECOGNITION:

1. Purchases are accounted at cost on accrual basis excluding modvat credit, if any, available thereon.

2. Liabilities in respect of all expenditure are accounted on accrual basis.

3. The liability in respect of any other expenditure which are not easily ascertainable are accounted in the year in which such liabilities are either ascertained or actually paid whichever is earlier.

4. The liability in respect of levies payable in respect of the escalation in price on sale of Railway Sleepers are accounted as and when the quantum of the escalation in price is finally determined by the Railways.

5. Liability in respect of gratuity and leave encashment payable to employee's on retirement is estimated and provided for in the accounts on the basis of the liability on the company as at the last day of the accounting period.

C. INVENTORY VALUATION:

a. Work-in-progress of Housing projects are valued at cost as stated in 41 (A) (b)(iii) and 41 (A) (c)(ii) supra.

b. Land & repurchased flats held in stock are valued at cost.

c. Raw Materials of Railway Sleeper Project are valued at cost excluding central excise duty; and

d. Finished products and works in progress at railway sleeper project are valued at cost or net realizable value whichever is lower excluding central excise duty.

D . DEPRECIATION:

1. Up to financial year ended 31.3.2014 the depreciation on fixed assets is provided on Straight Line Method at the rates Specified in the specified in schedule XIV to the Companies Act, 1956.

2. For financial year 2014-2015 the depreciation on fixed assets is provided on estimated useful life as specified in schedule II to the Companies Act, 2013..


Mar 31, 2014

A. RECOGNITION OF INCOME:

a. Value of Contract completed is accounted as sales/income on raising of invoices on the basis of value of works completed as certified by the architects.

b. In the case of sales ofApartments under construction by the company of its own:

i. Value of sales of undivided share of title and interest in the land are accounted on execution of the agreement to sell.

ii. The values receivable towards the construction of the apartments under the construction agreement are accounted on the basis of the proportionate value determined and invoiced on the basis of certificate of the value of the works completed.

iii. The proportionate cost of construction apportioned to the apartments not yet sold as at the year-end are reckoned as work in progress at cost.

c. In case of sale of Apartments under construction by the company under joint development agreements:

i. Value of sale of company''s share of undivided share of title and interest in land in cases where the agreement to sell is executed and the values receivables towards the construction of the Apartments under the construction agreements are accounted on the basis of the proportionate sale value realizable on total sale of company''s share in the built up area in the same ratio as the total cost incurred would bear to the total estimated cost of construction of the project.

ii. The proportionate cost of the units in respect of which the agreement to sell is not yet executed are reckoned as work in progress at cost.

d. In respect of Sale of Railway Sleeper:

i. Sales are accounted at tendered price on dispatch of Railways Sleepers.

ii. The balance of the escalation will be accounted on availability of the latest applicable rates and as and when the company makes claims.

iii. Central Excise Duty recovered on sale of Railway Sleepers is recognized as income only to the extent of the modvat benefit entitled to be retained by the company in terms of the contract subsisting with the Indian Railways.

e. All other Sales revenues are accounted on accrual basis.

f. All incomes, to the extent they are ascertained, are accounted on accrual basis.

g. Incomes which are not ascertained and quantum whereof can not be determined are accounted in the year in which the same are ascertained and determined or received, which ever is earlier.

B. EXPENDITURE RECOGNITION:

1. Purchases are accounted at cost on accrual basis excluding modvat credit, if any, available thereon.

2. Liabilities in respect of all expenditure are accounted on accrual basis.

3. The liability in respect of any other expenditure which are not easily ascertainable are accounted in the year in which such liabilities are either ascertained or actually paid which ever is earlier.

4. The liability in respect of levies payable in respect of the escalation in price on sale of Railway Sleepers are accounted as and when the quantum of the escalation in price is finally determined by the Railways.

5. Liability in respect of gratuity and leave encashment payable to employee''s on retirement is estimated and provided for in the accounts on the basis of the liability on the company as at the last day of the accounting period.

C. INVENTORY VALUATION:

a. Work-in-progress of Housing projects are valued at cost as stated in 41 (A) (b)(iii) and 41 (A) (c)(ii) supra.

b. Land & repurchased flats held in stock are valued at cost.

c. Raw Materials of Railway Sleeper Project are valued at cost excluding central excise duty; and

d. Finished products and works in progress at railway sleeper project are valued at cost or net realizable value whichever is lower excluding central excise duty.

D. DEPRECIATION:

Depreciation on fixed assets is provided on Straight Line Method at the rates Specified in schedule

XIV to the Companies Act, 1956, on prorate basis.


Mar 31, 2013

A. RECOGNITION OF INCOME:

a. Value of Contract completed is accounted as sales/income on raising of invoices on the basis of value of works completed as certified by the architects.

b. In the case of sales of Apartments under construction by the company of its own:

i. Value of sales of undivided share of title and interest in the land are accounted on execution of the agreement to sell.

ii. The values receivable towards the construction of the apartments under the construction agreement are accounted on the basis of the proportionate value determined and invoiced on the basis of certificate of the value of the works completed.

iii. The proportionate cost of construction apportioned to the apartments not yet sold as at the year-end are reckoned as work in progress at cost.

c. In''.case of sale of Apartments under construction by the company under joint development agreements:

i. Value of sale of company''s share of undivided share of title and interest in land in cases where the agreement to sell is executed and the values receivables towards the construction of the Apartments under the construction agreements are accounted on the basis of the proportionate sale value realizable on total sale of company''s share in the built up area in the same ratio as the total cost incurred would bear to the total estimated cost of construction of the project.

ii. The proportionate cost of the units in respect of which the agreement to sell is not yet executed are reckoned as work in progress at cost.

d. In respect of Sale of Railway Sleeper:

i. Sales are accounted at tendered price on dispatch of Railways Sleepers. ii. The balance of the escalation will be accounted on availability of the latest applicable rates and as and when the company makes claims.

iii. Central Excise Duty recovered o^ sa e c* Ra Kvay Sleepers is recognized as income only to the extent of the —-".a: ce^e~t entitled to be retained by the company in terms of the contract surest ng wt- the Indian Railways.

e. All other Sales revenues are accounted on accrual basis.

f. All incomes, to the extent they are ascertained, are accounted on accrual basis.

g. Incomes which are not ascertained and quantum whereof can not be determined are accounted in the year in which the same are ascertained and determined or received, which ever is earlier.

B. EXPENDITURE RECOGNITION:

1. Purchases are accounted at cost on accrual basis excluding modvat credit, if any, available thereon.

2. Liabilities in respect of all expenditure are accounted on accrual basis.

3. The liability in respect of any other expenditure which are not easily ascertainable are accounted in the year in which such liabilities are either ascertained or actually paid which ever is earlier.

4. The liability in respect of levies payable in respect of the escalation in price on sale of Railway Sleepers are accounted as and when the quantum of the escalation in price is finally determined by the Railways.

5. Liability in respect of gratuity and leave encashment payable to employee''s on retirement is estimated and provided for in the accounts on the basis of the liability on the company as at the last day of the accounting period.

C. INVENTORY VALUATION:

a. Work-in-progress of Housing projects are valued at cost as stated in 41 (A) (b)(iii) and 41 (A) (c)(ii) supra.

b. Land & repurchased flats held in stock are valued at cost.

c. Raw Materials of Railway Sleeper Project are valued at cost excluding central excise duty; and

d. Finished products and works in progress at railway sleeper project are valued at cost or net realizable value whichever is lower excluding central excise duty.

D. DEPRECIATION:

Depreciation on fixed assets is provided on Straight Line Method at the rates Specified in schedule XIV to the Companies Act, 1956, on prorate basis.


Mar 31, 2012

A. RECOGNITION OF INCOME:

a. Value of Contract completed is accounted as sales/income on raising of invoices on the basis of value of works completed as certified by the architects.

b. In the case of sales of Apartments under construction by the company of its own:

i. Value of sales of undivided share of title and interest in the land are accounted on execution of the agreement to sell.

ii. The values receivable towards the construction of the apartments under the construction agreement are accounted on the basis of the proportionate value determined and invoiced on the basis of certificate of the value of the works completed.

iii. The proportionate cost of construction apportioned to the apartments not yet sold as at the year-end are reckoned as work in progress at cost.

c. In case of sale of Apartments under construction by the company under joint development agreements:

i. Value of sale of company's share of undivided share of title and interest in land in cases where the agreement to sell is executed and the values receivables towards the construction of the Apartments under the construction agreements are accounted on the basis of the proportionate sale value realizable on total sale of company's share in the built u p area in the same ratio as the total cost incurred would bear to the total estimated cost of construction of the project.

ii. The proportionate cost of the units in respect of which the agreement to sell is not yet executed are reckoned as work in progress at cost.

d. In respect of Sale of Railway Sleeper:

i. Sales are accounted at tendered price on dispatch of Railways Sleepers.

ii. The balance of the escalation will be accounted on availability of the latest applicable rates and as and when the company makes claims.

iii. Central Excise Duty recovered on sale of Railway Sleepers is recognized as income only to the extent of the modvat benefit entitled to be retained by the company in terms of the contract subsisting with the Indian Railways.

e. All other Sales revenues are accounted on accrual basis.

f. All incomes, to the extent they are ascertained, are accounted on accrual basis.

g. Incomes which are not ascertained and quantum whereof can not be determined are accounted in the year in which the same are ascertained and determined or received, which ever is earlier.

B. EXPENDITURE RECOGNITION:

1. Purchases are accounted at cost on accrual basis excluding modvat credit, if any, available thereon.

2. Liabilities in respect of all expenditure are accounted on accrual basis.

3. The liability in respect of any o ther expenditure which are not easily ascertainable are accounted in the year in which such liabilities are either ascertained or actually paid which ever is earlier.

4. The liability in respect of levies payable in respect of the escalation in price on sale of Railway Sleepers are accounted as and when the quantum of the escalation in price is finally determined by the Railways.

5. Liability in respect of gratuity and leave encashment payable to employee's on retirement is estimated and provided for in the accounts on the basis of the liability on the company as at the last day of the accounting period.

C. INVENTORY VALUATION:

a. Work-in-progress of Housing projects are valued at cost as stated in 18 (A) (b)(iii) and 18(A) (c)(ii) supra.

b. Land & repurchased flats held in stock are valued at cost.

c. Raw Materials of Railway Sleeper Project are valued at cost excluding central excise duty; and

d. Finished products and works in progress at railway sleeper project are valued at cost or net realizable value whichever is lower excluding central excise duty.

D. DEPRECIATION:

Depreciation on fixed assets is provided on Straight Line Method at the rates Specified in schedule XIV to the Companies Act, 1956, on prorate basis.


Mar 31, 2010

A. RECOGNITION OF INCOME:

a. Value of Contracts completed is accounted as sales/income on raising of invoices on the basis of value of works completed as certified by the architects.

b. In the case of sales of Apartments under construction by the company of its own:

i. Value of sales of undivided share of title and interest in the land are accounted on execution of the agreement to sell.

ii. The values receivable towards the construction of the apartments under the construction agreement are accounted on the basis of the proportionate value determined and invoiced on the basis of certificate of the value of the works completed.

iii. The proportionate cost of construction apportioned to the apartments not yet sold as at the year-end are reckoned as work in progress at cost.

c. In case of sale of Apartments under construction by the company under joint development agreements:

i. Value of sale of companys share of undivided share of title and interest in land in cases where the agreement to sell is executed and the values receivables towards the construction of the Apartments under the construction agreements are accounted on the basis of the proportionate sale value realizable on total sale of companys share in the built up area in the same ratio as the total cost incurred would bear to the total estimated cost of construction of the project.

ii. The proportionate cost of the units in respect of which the agreement to sell is not yet executed are reckoned as work in progress at cost.

d. In respectofSaleof Railway Sleeper:

i. Sales are accounted at tendered price on dispatch of Railways Sleepers.

ii. The balance of the escalation will be accounted on availability of the latest applicable rates and as and when the company makes claims.

iii. Central Excise Duty recovered on sale of Railway Sleepers is recognized as income only to the extent of the modvat benefit entitled to be retained by the company in terms of the contract subsisting with the Indian Railways.

e. All other Sales revenues are accounted on accrual basis.

f. All incomes, to the extent they are ascertained, are accounted on accrual basis.

g. Incomes which are not ascertained and quantum whereof can not be determined are accounted in the year in which the same are ascertained and determined or received, which ever is earlier.

B. EXPENDITURE RECOGNITION:

1. Purchases are accounted at cost on accrual basis excluding modvat credit, if any, available thereon.

2. Liabilities in respect of all expenditure are accounted on accrual basis.

3. The liability in respect of any other expenditure which are not easily ascertainable are accounted in the year in which such liabilities are either ascertained or actually paid which ever is earlier.

4. The liability in respect of levies payable in respect of the escalation in price on sale of Railway Sleepers are accounted as and when the quantum of the escalation in price isfinally determined by the Railways.

5. Liability in respect of gratuity and leave encashment payable to employees on retirement is estimated and provided for in the accounts on the basis of the liability on the company as at the last day of the accounting period.

C. INVENTORY VALUATION:

a. Work-in-progress of Housing projects are valued at cost as stated in 19 (A) (b)(iii) and 19(A) (c)(ii) supra.

b. Land & repurchased flats held in valued at cost.

c. Raw Materials of Railway Sleeper Project are valued at cost excluding central excise duty; and

d. Finished products and works in progress at railway sleeper project are valued at cost or net realizable value whichever is lower excluding central excise duty.

D. DEPRECIATION:

Depreciation on fixed assets is provided on Straight Line Method at the rates Specified in schedule XIV to the Companies Act, 1956, on prorate basis.


Mar 31, 2001

A. RECOGNITION OF INCOME:

a. Value of Contracts completed are accounted as sales/ income on raising of invoice on the basis of value of works completed as certified by the architects.

b. In the case of sales of Apartments under construction by the company of its own:

i) Value of sales of undivided share of title and interest in the land are accounted on execution of the agreement to sell.

ii) The values receivable towards the construction of the apartments under the construction agreement are accounted on the basis of the proportionate value determined and invoiced on the basis of certificate of the value of the works completed.

iii) The proportionate cost of construction apportioned to the apartments not yet sold as at the year end are reckoned as work in progress at cost.

c. In case of sale of Apartments under construction by the company under joint development agreements:

i) Value of sale of companys share of undivided share of title and interest in the land in cases where the

agreement to sell is executed and the values receivable towards the construction of the Apartments under the construction agreements are accounted on the basis of the proportionate sale value realisable on total sale of companies share in the built up area in the same ratio as the total cost incurred would bear to the total estimated cost of construction of the project.

ii) The proportionate cost of the units in respect of which the agreement to sell is not yet executed are reckoned as work in progress at cost.

d. In respect of sale of Railway Sleeper

i) Sale are accounted at tendered price on despatch of RBI Railway Sleeper.

ii) Escalation in price are accounted on the basis of the index rates as at 31.3.99.

iii) The balance of the escalation will be accounted on availability of the latest applicable rates and as and when claims are made by the company.

iv) Central Excise Duty recovered on sale of Railway sleepers is recognised as income only to the extent of the modvat benefit entitled to be retained by the company in terms of contract subsisting with the Indian Railway.

e. Income from sale of other goods are accounted on accrual basis.

f. Other incomes like interest on deposits, dividends, Rents etc are accounted on accrual basis.

g. Incomes which, though accrued, cannot be quantified are accounted in the year in which the same quantified or received which ever is earlier.

B. EXPENDITURE:

a. Purchaser are accounted at cost on accrual basis excluding modavat credit, if any, available thereon.

b. Liabilities in respect of all expenditure are accounted on accrual basis.

c. The liability in respect of any other expenditure which are not easily ascertainable are accounted in the year in which such liabilities are either ascertained or actually paid which ever is earlier.

d. Liability in respect of gratuity payable to employee are accounted in the year in which the same are paid.

C. DEPRECIATION:

Depreciation on fixed assets is provided on straight line method at rates specified in schedule XIV to the Companies Act, 1956, on prorata basis.

D. INVENTORY VALUATION

a. Work-in-progress of Housing projects are valued at cost as are stated in b (iii) and c (iii) of A supra.

b. Land & repurchased flats held in stock are valued at cost;

c. Raw materials of Railway sleeper project are valued at cost excluding central excise duty; and

d. Finished products and works in process at railway sleeper project are valued at cost or net realizable value whichever is lower excluding central excise duty.


Mar 31, 2000

(A) RECOGNITION OF INCOME

(a) Value of Contracts completed are accounted as sales / income on raising of invoice on the basis of value of works completed as certified by the architects.

(b) In the case of sales of Apartments under construction by the company of its own :

(i) Value of sales of undivided share of title and interest in the land are accounted on execution of the agreement to sell.

(ii) The values receivable towards the construction of the apartments under the constru- tion agreement are accounted on the basis of the proportionate value determined and invoiced on the basis of certificate of the value of the works completed.

(iii) The proportionate cost of construction apportioned to the apartments not yet sold as at the year end are reckoned as work in progress at cost.

(c) In case of sale of Apartments under construction by the company under joint development agreements :

(i) Value of sale of companys share of undivided share of title and interest in the land in cases where the agreement to sell is executed and the values receivable towards the construction of the Apartments under the construction agreements are accounted on the basis of the proportionate sale value realisable on total sale of companies share in the built up area in the same ratio as the total cost incurred would bear to the total estimated cost of construction of the project.

(ii) The proportionate cost of the units in respect of which the agreement to sell is not yet executed are reckoned as work in progress at cost.

(d) Income from sale of other goods are accounted on acrual basis.

(e) Other incomes like interest on deposits, dividends, Rents etc are accounted on acrual basis.

(f) Incomes which, though occured, cannot be quantified are accounted on acrual basis.

(g) Incomes which, though occured, cannot be quantified are accounted in the year in which the same quantified or received which ever is earlier.

(B) EXPENDITURE

(a) Purchaser are accounted at cost on acrual basis excluding modavat credit, if any, available thereon.

(b) Liabilities in respect all expenditure are accounted on acrual basis

(c) The liability in respect of any other expenditure which are not easily ascertainable are accounted in the year in which such liabilities are either ascertained or actually paid which ever is earlier.

(d) Liability in respect of gratuity payable to employee are accounted in the year in which the same are paid.

(C) DEPRECIATION:

Depreciation on fixed assets is provided on straight line method at rates specified in schedule XIV to the Companies Act, 1956, on prorata basis.

(D) INVENTORIES

(a) Inventories of Housing projects and contracts are valued at cost.

(b) Inventories of Railway Sleepers project are valued as under:

(i) Raw materials are valued at cost.

(ii) Works in process are valued at cost

(iii) Finished goods are valued at cost or net realisable value which ever is lower.

(c) That wherever modavat credit is applicable the cost of inventories are ascertain excluding the modavat credit available thereon.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X