Mar 31, 2015
1. RECOGNITION OF INCOME AND EXPENDITURE: -
(a) Under the Real Estate Division of the Company the Income recognized
at the point of Sale or booking amount received on estimation basis and
balance of Profit & Loss of particular project accounted in that year
in which the entire sale of said project will be completed.
(b) The Company has booked the Income on a GP basis on sales/Bookings
of Plots Shops, and balance of Profit & Loss of particular project
accounted in that year in which the entire sale of said project will be
completed. The Company is following the same method of accounting from
more than 10 years consistently.
(c) Revenue/Income and costs/Expenditure are recognized on an accrual
basis except dividends.
2. FIXED ASSETS
Fixed Assets are stated at Cost less accumulated depreciation.
3. DEPRECIATION
Depreciation on Fixed Assets has been provided based on life assigned
to each asset in accordance with schedule II of the Companies Act,
2013. However, in case where useful life of asset has been expired, the
Carrying Cost of Asset stands in excess of Residual Value, the same has
been transferred to Retained Earnings.
4. INVESTMENTS
Investments are held by the Company are classified into Current and
Long Term Investments Categories in terms of RBI Guidelines and valued
accordingly. Long Term Investments are stated at cost and provision for
diminution in value is made wherever considered necessary, if the
diminution is of permanent nature. Current Investments are stated at
lower of cost and fair value. Gains/Losses on disposal or redemption of
investments are recognized in the profit & Loss Statement.
5. INVENTORIES
Inventories under Real Estate Division of the Company are stated at
lower of cost or net realizable value.
6. Confirmation of various debit and credit balances, loans and
advances given and other liabilities etc. have not been received in
some cases, which may have a revenue impact.
The Company is of the opinion that the computation of the net profit
under section 198 of the Companies Act 2013 is not necessary as no
commission is paid/payable to the Directors for the year ended
31.03.2015.
The total Remuneration paid to Director(s) is less than 5 % of the Net
Profits of the Company in accordance with Section 197(1)i of the
Companies Act, 2013.
8. Under Real Estate Division of the Company, the sale and booking is
in progress in the following projects:
- Plots in Ikon city Project
- Plots in Ikon Greens Project
- Plots in Ikon Vatica Project
- Shops in Anna Complex
- Shops in Anna Ikon
The Company has booked the Gross Profit @ 30% on sales/Bookings of
Inventories and balance of Profit & Loss of particular project
accounted in that year in which the entire sale of said project will be
completed.
9. Segment Information Composition of Business segment
The Company's business divided into two segments as
I. Real Estate Business
II. Loan and Investment
Normally there is no inter segment transactions in the company.
Mar 31, 2014
1. RECOGNITION OF INCOME AND EXPENDITURE: -
(a) Under the Real Estate Division of the Company the Income recognized
at the point of Sale or booking amount received on estimation basis and
balance of Profit & Loss of particular project accounted in that year
in which the entire sale of said project will be completed.
(b) Revenue/Income and costs/Expenditure are recognized on an accrual
basis except dividends.
2. FIXED ASSETS
Fixed Assets are stated at Cost less accumulated depreciation.
3. DEPRECIATION
Depreciation on Fixed Assets is provided on straight-line method at the
relevant rates of depreciation on pro-rata basis as specified in
schedule XIV of the Companies Act, 1956.
4. INVESTMENTS
Investments are held by the Company are classified into Current and
Long Term Investments Categories in terms of RBI Guidelines and valued
accordingly. Long Term Investments are stated at cost and provision for
diminution in value is made wherever considered necessary, if the
diminution is of permanent nature. Current Investments are stated at
lower of cost and fair value. Gains/Losses on disposal or redemption of
investments are recognized in the profit & Loss Statement.
5. INVENTORIES
Inventories under Real Estate Division of the Company are stated at
lower of cost or net realizable value.
6. Confirmation of various debit and credit balances, loans and
advances given and other liabilities etc. have not been received in
some cases, which may have a revenue impact.
7. Remuneration to Directors
Particulars Current Year Previous Year (Rs.)
(Rs.)
Salary 3,60,000 3,36,000
The Company is of the opinion that the computation of the net profit
under section349 of the Companies Act 1956 is not necessary as no
commission is paid/payable to the Directors for the year ended
31.03.2013.
8. Under Real Estate Division of the Company, the sale and booking is
in progress in the following projects:
Plots in Ikon city Project
Plots in Ikon Greens Project
Plots in Ikon Vatica Project
Shops in Anna Complex
Shops in Anna Ikon
The Company has booked the Income @ 15% on sales/Bookings of Plots and
20% on sales/bookings of Shops, and balance of Profit & Loss of
particular project accounted in that year in which the entire sale of
said project will be completed.
9. Segment Information
Composition of Business segment
The Company''s business divided into two segment as
I. Real Estate Business
II. Loan and Investment
Normally there is no inter segment transactions in the company.
As at 31.03.2014 segment revenues, result and other information
A. Segment Revenue (Income)
I. Real Estate Business 23,15,800/-
II. Loan and Investment 53,88,477/-
Income from Operations 77,04,277/-
B. Segment Results
I. Real Estate Business 8,92,633/-
II. Loan and Investment 42,72,983/-
Total 51,65,616/-
Less: Interest 5,70,935/-
Less : Net Unallocable Expenditure 9,72,875/-
Total Profit before Tax 36,21,806/-
C. Capital Employed
i. Real Estate Business 2,16,88,150/-
II. Loan and Investment 5,56,85,931/-
Total 7,73,74,081/-
10. Figures have been rounded off to the nearest rupee.
Mar 31, 2013
1. RECOGNITION OF INCOME AND EXPENDITURE: -
(a) Under the Real Estate Division of the Company the Income recognized
at the point of Sale or booking amount received on estimation basis and
balance of Profit & Loss of particular project accounted in that year
in which the entire sale of said project will be completed.
(b) Revenue/Income and costs/Expenditure are recognized on an accrual
basis except dividends.
2. FIXED ASSETS
Fixed Assets are stated at Cost less accumulated depreciation.
3. DEPRECIATION
Depreciation on Fixed Assets is provided on straight-line method at the
relevant rates of depreciation on pro- rata basis as specified in
schedule XIV of the Companies Act, 1956.
4. INVESTMENTS
Investments are held by the Company are classified into Current and
Long Term Investments Categories in terms of RBI Guidelines and valued
accordingly. Long Term Investments are stated at cost and provision for
diminution in value is made wherever considered necessary, if the
diminution is of permanent nature. Current Investments are stated at
lower of cost and fair value. Gains/Losses on disposal or redemption
of : investments are recognized in the profit & Loss Statement.
5. INVENTORIES
Inventories under Real Estate Division of the Company are stated at
lower of cost or net realizable value.
6. Confirmation of various debit and credit balances, loans and
advances given and other liabilities etc. have not been received in
some cases, which may have a revenue impact.
7. Remuneration to Directors
The Company is of the opinion that the computation of the net profit
under section349 of the Companies Act ¦ 1956 is not necessary as no
commission is paid/payable to the Directors for the year ended
31.03.2013.
8. Under Real Estate Division of the Company, the sale and booking is
in progress in the following projects:
Plots in Ikon city Project ;
Plots in Ikon Greens Project
Plots in Ikon Vatica Project
Shops in Anna Complex
Shops in Anna Ikon The Company has booked the Income @ 15% on
sales/Bookings of Plots and 20% on sales/bookings of Shops, and balance
of Profit & Loss of particular project accounted in that year in which
the entire sale of said project will be completed.
9. Segment Information Composition of Business segment
The Company''s business divided into two segment as
I. Real Estate Business
II. Loan and Investment
Normally there is no inter segment transactions in the company.
10. Figures have been rounded off to the nearest rupee.
Mar 31, 2012
1. RECOGNITION OF INCOME AND EXPENDITURE: -
(a) Under the Real Estate Division of the Company the Income recognized
at the point of Sale or booking amount received on estimation basis and
balance of Profit & Loss of particular project accounted in that year
in which the entire sale of said project will be completed.
(b) Revenue/Income and costs/Expenditure are recognized on an accrual
basis except dividends.
2. FIXED ASSETS
Fixed Assets are stated at Cost less accumulated depreciation.
3. DEPRECIATION
Depreciation on Fixed Assets is provided on straight-line method at the
relevant rates of depreciation on pro- rata basis as specified in
schedule XIV of the Companies Act, 1956.
4. INVESTMENTS
Investments are held by the Company are classified into Current and
Long Term Investments Categories in terms of RBI Guidelines and valued
accordingly. Long Term Investments are stated at cost and provision for
diminution in value is made wherever considered necessary, if the
diminution is of permanent nature. Current Investments are stated at
lower of cost and fair value. Gains/Losses on disposal or redemption of
investments are recognized in the profit & Loss Statement.
5. RETIREMENT BENEFITS
As none of the Employee is covered by the eligibility criteria hence no
provision for the retirement benefit has been made.
6. INVENTORIES
Inventories under Real Estate Division of the Company are stated at
lower of cost or net realizable value.
7. PROVISION FOR INCOME TAX
Provision for Income Tax has been made keeping in view provisions of
the Income Tax Act, 1961 and the rules made there under. According to
Accounting Standard-22, issued by the Institute of Chartered
Accountants of India, A provision has also been made for deferred Tax
Asset/Liability.
8. CONTINGENT LIABILTIES
Contingent Liabilities are not provided for and are disclosed by way of
notes.
Mar 31, 2010
1. RECOGNITION OF INCOME AND EXPENDITURE: -
(a) Under the Real Estate Division of the Company the Income recognized
at the point of Sale or booking amount received on estimation basis and
balance of Profit & Loss of particular project accounted in that year
in which the entire sale of said project will be completed.
(b) Revenue/Income and costs/Expenditure are recognized on an accrual
basis except dividends, delayed payment charges and Income recognized
on non-performing assets based on actual recovery as per the prudential
norms prescribed by the Reserve Bank of India which are accounted on
Receipt basis.
(c) Income is not recognized in respect of Non-performing Assets, if
any, as per the guidelines for prudential norms prescribed by the
Reserve Bank of India.
2. FIXED ASSETS
Fixed Assets are stated at Cost less accumulated depreciation.
3. DEPRECIATION
Depreciation on Fixed Assets is provided on straight-line method at the
relevant rates of depreciation on pro-rata basis as specified in
schedule XIV of the Companies Act, 1956.
4. INVESTMENTS
Investments are held by the Company are classified into Current and
Long Term Investments Categories in terms of RBI Guidelines and valued
accordingly. Long Term Investments are stated at cost and provision for
diminution in value is made wherever considered necessary, if the
diminution is of permanent nature. Current Investments are stated at
lower of cost and fair value. Gains/Losses on disposal or redemption of
investments are recognized in the profit & Loss Account.
5. RETIREMENT BENEFITS
As none of the Employee is covered by the eligibility criteria hence no
provision for the retirement benefit has been made.
6. INVENTORIES
Inventories under Real Estate Division of the Company are stated at
lower of cost or net realizable value.
7. PROVISION FOR INCOME TAX
Provision for Income Tax has been made keeping in view provisions of
the Income Tax Act, 1961 and the rules made there under. According to
Accounting Standard-22, issued by the Institute of Chartered
Accountants of India, A provision has also been made for deferred Tax
Liability.
8. CONTINGENT LIABILTIES
Contingent Liabilities are not provided for and are disclosed by way of
notes.
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