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Accounting Policies of Basil Infrastructure Projects Ltd. Company

Mar 31, 2015

I. GENERAL

Financial statements are prepared and presented in accordance with the Generally Accepted Accounting Principles (GAAP) in India under historical cost convention on accrual basis and comply all material aspects with the Accounting Standards and the relevant provisions prescribed in the Companies Act, 1956, besides the pronouncements/guidelines of the Institute of Chartered Accountants of India and the Securities and exchange Board of India.

II. Use of Estimates:

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and reported amount of revenues and expenses during the reporting period. Although these estimates are based on the management's best knowledge of current events and actions, the actual outcome may be different from the estimates. Difference between actual results and estimates are recognized in the period in which the results are known or materialize.

III. TANGIBLE ASSETS:

Fixed Assets are stated at cost, less accumulated depreciation. Cost of acquisition of Fixed Assets is inclusive of freight, duties, taxes, Incidental Expenses relating to the cost of acquisition, the cost of installation/erection as applicable.

IV. INVESTMENTS:

Investments are stated at cost, inclusive of all expenses relating to acquisition. Provision for diminution in the market value of long- term investments is not made, if in the opinion of the management such diminution is temporary in Nature.

V. Classification of Assets and Liabilities as Current and Non-Current:

All assets and liabilities are classified as current and non-current as per the Company's normal operating cycle and other criteria set out in Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, 12 months has been considered by the Company for the purpose of current - non-current classification of assets and liabilities.

VI. DEPRECIATION:

Depreciation on fixed assets is provided under written down value method in accordance with the schedule II of the Companies Act, 1956.

VII. EMPOYEE BENEFITS

Liability for Employee benefits, both short and long term, for present and past services which are due as per the terms of employment are recorded in accordance with Accounting Standard AS-15(Revised)" Employee Benefits" issued by the Institute of Chartered Accountants of India.

a) Gratuity

Retirement Benefit in the form of Gratuity is considered as Defined Benefit Obligation and is provided for, on the basis of an actuarial valuation using the projected unit credit method as at the date of Balance Sheet.

b) Other Long-Term Benefits

Long-Term Compensated Absences are provided on the basis of an actuarial Valuation using the projected Unit Credit Method as at the date of Balance Sheet.

Actuarial gain/losses if any are immediately recognized in the Profit & Loss Account.


Mar 31, 2014

(Annexed to and forming part of Balance Sheet at and Profit & Loss Account for the year ended 31 st March 2014)

I 1. ACCOUNTING POLICIES |

I. GENERAL

Financial statements are prepared and presented in accordance with the Generally Accepted Accounting Principles (GAAP) in India under historical cost convention on accrual basis and comply all material aspects with the Accounting Standards and the relevant provisions prescribed in the Companies Act, 1956, besides the pronouncements/ guidelines of the institute of Chartered Accountants of India and the Securities and exchange Board of India.

II. Use of Estimates:

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and reported amount of revenues and expenses during the reporting period. Although these estimates are based on the management''s best knowledge of current events and actions, the actual outcome may be different from the estimates. Difference between actual results and estimates are recognized in the period in which the results are known or materialize.

III. TANGIBLE ASSETS:

Fixed Assets are stated at cost, less accumulated depreciation. Cost of acquisition of Fixed Assets is inclusive of freight, duties, taxes, Incidental Expenses relating to the cost of acquisition, the cost of installation/erection as applicable.

IV. INVESTMENTS:

Investments are stated at cost, inclusive of all expenses relating to acquisition. Provision for diminution in the market value of long- term investments Is not made, if in the opinion of the management such diminution Is temporary In Nature.

V. Classification of Assets and Liabilities as Current and Non-Current:

Ail assets and liabilities are classified as current and non-current as per the Company''s normal operating cycle and other criteria set out in Schedule Vi to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, 12 months has been considered by the Company for the purpose of current - non-current classification of assets and liabilities.

VL DEPRECIATION:

Depreciation on fixed assets is provided underwritten down value method in accordance with the schedule XiV of the Companies Act, 1956..

VII. EMPOYEE BENEFITS

Liability for Employee benefits, both short and long term, for present and past services which are due as per the terms of employment are recorded in accordance with Accounting Standard AS-15(Revised)" Employee Benefits'' issued by the Institute of Chartered Accountants of India.

a) Gratuity

Retirement Benefit in the form of Gratuity is considered as Defined Benefit Obligation and is provided for, on the basis of an actuarial valuation using the projected unit credit method as at the date of Balance Sheet

b) Other Long-Term Benefits

Long-Term Compensated Absences are provided on the basis of an actuarial Valuation using the projected Unit Credit Method as at the date of Balance Sheet.

Actuarial gain/losses if any are immediately recognized in the Profit & Loss Account.


Mar 31, 2012

I. GENERAL

Financial statements are prepared on accrual basis under the historical cost convention and in accordance with Accounting Standards specified in sub section (3c) of section 211 of the companies Act, 1956.

II. TANGIBLE ASSETS:

Fixed Assets are stated at cost, less accumulated depreciation. Cost of acquisition of Fixed Assets is inclusive of freight, duties, taxes, Incidental Expenses relating to the cost of acquisition, the cost of installation/erection as applicable.

III. INVESTMENTS:

Investments are stated at cost, inclusive of all expenses relating to acquisition. Provision for diminution in the market value of long-term investments is not made, if in the opinion of the management such diminution is temporary in Nature.

IV. DEPRECIATION:

Depreciation on fixed assets is provided under written down value method in accordance with the schedule XIV of the Companies Act, 1956.

V. EMPOYEE BENEFITS :

Liability for Employee benefits, both short and long term, for present and past services which are due as per the terms of employment are recorded in accordance with Accounting Standard AS-15(Revised) "Employee Benefits" issued by the Institute of Chartered Accountants of India.

a) Gratuity

Retirement Benefit in the form of Gratuity is considered as Defined Benefit Obligation and is provided for, on the basis of an actuarial valuation using the projected unit credit method as at the date of Balance Sheet.

b) Other Long-Term Benefits

Long-Term Compensated Absences are provided on the basis of an actuarial Valuation using the projected Unit Credit Method as at the date of Balance Sheet.

Actuarial gain/losses if any are immediately recognized in the Profit & Loss Account.


Mar 31, 2011

I. GENERAL

Financial statements are prepared on accrual basis under the historical cost convention and in accordance with Accounting Standards specified in sub section (3c) of section 211 of the companies Act, 1956.

II. FIXED ASSETS:

Fixed Assets are stated at cost, less accumulated depreciation. Cost of acquisition of Fixed Assets is inclusive of freight, duties, taxes, Incidental Expenses relating to the cost of acquisition, the cost of installation/erection as applicable.

III. INVESTMENTS:

Investments are stated at cost, inclusive of all expenses relating to acquisition. Provision for diminution in the market value of long- term investments is not made, if in the opinion of the management such diminution is temporary in Nature.

IV. DEPRECIATION:

Depreciation on fixed assets is provided under written down value method in accordance with the schedule XIV of the Companies Act, 1956.

V. EMPOYEE BENEFITS

Liability for Employee benefits, both short and long term, for present and past services which are due as per the terms of employment are recorded in accordance with Accounting Standard AS-15(Revised) 'Employee Benefits' issued by the Institute of Chartered Accountants of India.

a) Gratuity

Retirement Benefit in the form of Gratuity is considered as Defined Benefit Obligation and is provided for, on the basis of an actuarial valuation using the projected unit credit method as at the date of Balance Sheet.

b) Other Long-Term Benefits

Long-Term Compensated Absences are provided on the basis of an actuarial Valuation using the projected Unit Credit Method as at the date of Balance Sheet.

Actuarial gain/losses if any are immediately recognized in the Profit & Loss Account.


Mar 31, 2010

I. GENERAL

Financial statements are prepared on accrual basis under the historical cost convention and in accordance with Accounting Standards specified in sub section (3c) of section 211 of the companies Act, 1956.

II. FIXED ASSETS:

Fixed Assets are stated at cost, less accumulated depreciation. Cost of acquisition of Fixed Assets is inclusive of freight, duties, taxes, Incidental Expenses relating to the cost of acquisition, the cost of installation/erection as applicable.

III. INVESTMENTS:

Investments are stated at cost, inclusive of all expenses relating to acquisition. Provision for diminution in the market value of long- term investments is not made, if in the opinion of the management such diminution is temporary in Nature.

IV. DEPRECIATION:

Depreciation on fixed assets is provided under written down value method in accordance with the schedule XIV of the Companies Act, 1956.

V. EMPOYEE BENEFITS

Liability for Employee benefits, both short and long term, for present and past services which are due as per the terms of employment are recorded in accordance with Accounting Standard AS-15(Revised) " Employee Benefits" issued by the Institute of Chartered Accountants of India.

a) Gratuity

Retirement Benefit in the form of Gratuity is considered as Defined Benefit Obligation and is provided for, on the basis of an actuarial valuation using the projected unit credit method as at the date of Balance Sheet.

b) Other Long-Term Benefits

Long-Term Compensated Absences are provided on the basis of an actuarial Valuation using the projected Unit Credit Method as at the date of Balance Sheet.

Actuarial gain/losses if any are immediately recognized in the Profit & Loss Account.

 
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