Mar 31, 2016
A. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India (''Indian GAAP'') to comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared under the historical cost convention on accrual basis, except for certain financial instruments which are measured at fair value.
The significant accounting policies adopted for the preparation of the financial statements are as follows:
(a) Use of Estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosure relating to contingent liabilities at the date of the financial statements and reported amounts of income and expenses during the year. Examples of such estimates include accounting for contract cost expected to be incurred, contract revenues, stage of completion, provisions, income taxes, useful lives of fixed assets etc. actual results could be different from those estimates.
(b) Revenue Recognition
Revenue from projects is recognized based on percentage completion method, which is determined on the basis of the stage of completion of ongoing projects on the Balance Sheet date. The stage of completion is determined based on progress of the work and estimation of the architects.
Provision for estimation of losses, if any, on uncompleted contracts are recorded in the year in which such losses become probable based on the current estimates.
Dividends are recorded when the right to receive payment is established. Interest income is recognized on time proportion basis taking into account the amount outstanding and the rate applicable.
(c) Fixed Assets
Fixed assets are stated at cost of acquisition minus the accumulated depreciation. Cost includes all expenses incurred to bring the asset to its present location and condition.
Advances paid towards acquisition of the fixed assets which have not been installed or put to use and the cost of the assets not put to use, before the year end, are disclosed under advance for purchase of assets.
(d) Inventories
Inventories are valued at the lower of cost or net realizable value. The cost is determined on a first in first out basis and includes all applicable overheads in bringing the inventories to their present location and condition.
(e) Borrowing Costs
Borrowing costs that are attributable to the acquisition and construction of qualifying assets are capitalized as a part of the cost of the assets.
Other borrowing costs are recognized as an expense in the year in which they are incurred.
(f) Deferred Tax
Deferred tax expense or benefit is recognized on timing differences being the difference between taxable income and accounting income that originate in one period and is likely to reverse in one or more subsequent periods. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.
(g) Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the company are segregated.
(h) Impairment of Assets
At each balance sheet date, the Company reviews the carrying amounts of its fixed assets included in each cash generating unit to determine whether there is any indication that those assets suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. The recoverable amount is the higher of an asset''s net selling price and value in use. In assessing the value in use, the estimated future cash flows expected from the continuing use of the asset and from its ultimate disposal are discounted to their present values using a pre-determined discount rate that reflects the current market assessments of the time value of money and risks specific to the asset.
B. DEPRECIATION
Depreciation on tangible fixed assets is provided on written down value method at the rates and in the manner specified in Schedule II of Companies Act 2013
C. INVESTMENT
Current Investments are stated at lower of cost and fair value. The Long Term Investments are stated at cost after deducting provisions recorded to recognize any decline, other than temporary, in the carrying value of the investment.
D. PROVIDENT FUND
The benefits of Provident Fund are received by the eligible employees, which defined benefit plan. Both the employees and the Company are making monthly contribution to this Provident Fund equal to specified percentage of the covered employees'' salary.
E. SEGMENT ACCOUNTING POLICIES
The company has only one segment of operation i.e. Infrastructure activity in local market. So segment wise Income/ Expenditure/Assets and Liabilities are not presented.
F. OTHER ACCOUNTING POLICIES
Other accounting policies are consistent with generally accepted accounting policies.
Mar 31, 2015
A. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with the
Generally Accepted Accounting Principles in India ('Indian GAAP') to
comply with the Accounting Standards specified under Section 133 of the
Companies Act, 2013, read with Rule 7 of the Companies (Accounts)
Rules, 2014 and the relevant provisions of the Companies Act, 2013. The
financial statements have been prepared under the historical cost
convention on accrual basis, except for certain financial instruments
which are measured at fair value.
The significant accounting policies adopted for the preparation of the
financial statements are as follows:
a. Use of Estimates
The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported balances of assets
and liabilities and disclosure relating to contingent liabilities at
the date of the financial statements and reported amounts of income and
expenses during the year. Examples of such estimates include accounting
for contract cost expected to be incurred, contract revenues, stage of
completion, provisions, income taxes, useful lives of fixed assets etc.
actual results could be different from those estimates.
b. Revenue Recognition
Revenue from projects is recognized based on percentage completion
method, which is determined on the basis of the stage of completion of
ongoing projects on the Balance Sheet date. The stage of completion is
determined based on progress of the work and estimation of the
architects.
Provision for estimation of losses, if any, on uncompleted contracts
are recorded in the year in which such losses become probable based on
the current estimates.
Dividends are recorded when the right to receive payment is
established. Interest income is recognized on time proportion basis
taking into account the amount outstanding and the rate applicable.
c. Fixed Assets
Fixed assets are stated at cost of acquisition minus the accumulated
depreciation. Cost includes all expenses incurred to bring the asset to
its present location and condition.
Advances paid towards acquisition of the fixed assets which have not
been installed or put to use and the cost of the assets not put to use,
before the year end, are disclosed under advance for purchase of
assets.
c. Inventories
Inventories are valued at the lower of cost or net realizable value.
The cost is determined on a first in first out basis and includes all
applicable overheads in bringing the inventories to their present
location and condition.
d. Borrowing Costs
Borrowing costs that are attributable to the acquisition and
construction of qualifying assets are capitalized as a part of the cost
of the assets.
Other borrowing costs are recognized as an expense in the year in which
they are incurred.
e. Deferred Tax
Deferred tax expense or benefit is recognized on timing differences
being the difference between taxable income and accounting income that
originate in one period and is likely to reverse in one or more
subsequent periods. Deferred tax assets and liabilities are measured
using the tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date.
f. Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non cash
nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from operating, investing and financing
activities of the company are segregated.
g. Impairment of Assets
At each balance sheet date, the Company reviews the carrying amounts of
its fixed assets included in each cash generating unit to determine
whether there is any indication that those assets suffered an
impairment loss. If any such indication exists, the recoverable amount
of the asset is estimated in order to determine the extent of the
impairment loss. The recoverable amount is the higher of an asset's net
selling price and value in use. In assessing the value in use, the
estimated future cash flows expected from the continuing use of the
asset and from its ultimate disposal are discounted to their present
values using a pre-determined discount rate that reflects the current
market assessments of the time value of money and risks specific to the
asset.
B. DEPRECIATION
Depreciation on tangible fixed assets is provided on written down value
method at the rates and in the manner specified in Schedule II of
Companies Act 2013
C. INVESTMENT
Current Investments are stated at lower of cost and fair value. The
Long Term Investments are stated at cost after deducting provisions
recorded to recognize any decline, other than temporary, in the
carrying value of the investment.
D. PROVIDENT FUND
The benefits of Provident Fund are received by the eligible employees,
which defined benefit plan. Both the employees and the Company are
making monthly contribution to this Provident Fund equal to specified
percentage of the covered employees' salary.
E. SEGMENT ACCOUNTING POLICIES
The company has only one segment of operation i.e. Infrastructure
activity in local market. So segment wise Income/ Expenditure/Assets
and Liabilities are not presented.
F. OTHER ACCOUNTING POLICIES
Other accounting policies are consistent with generally accepted
accounting policies
Mar 31, 2014
A. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India including the mandatory accounting standards issued
by the institute of Chartered Accountants of India (ICAI) and referred
to in Section 211 (3C) of the Companies Act, 1956 (The Act). The
significant accounting policies adopted for the preparation of the
financial statements are as follows:
a. Revenue Recognition
Revenue from projects is recognized based on percentage completion
method, which is determined on the basis of the stage of completion of
ongoing projects on the Balance Sheet date. The stage of completion is
determined based on progress of the work and estimation of the
architects.
b. Fixed Assets
Fixed assets are stated at cost of acquisition minus the accumulated
depreciation. Advances paid towards acquisition of the fixed assets
which have not been installed or put to use and the cost of the assets
not put to use, before the year end, are disclosed under advance for
purchase of assets.
c. Inventories
Inventories are valued at the lower of cost or net realizable value.
The cost is determined on a first in first out basis and includes all
applicable overheads in bringing the inventories to their present
location and condition.
d. Borrowing Costs
Borrowing costs that are attributable to the acquisition and
construction of qualifying assets are capitalized as a part of the cost
of the assets. Other borrowing costs are recognized as an expense in
the year in which they are incurred.
e. Deferred Tax
Deferred tax asset or liability has been determined in pursuant to the
AS-22- Accounting for taxes on Income.
f. Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non cash
nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating financing and
investing activities of the company are segregated.
g. Use of Estimates
The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported balances of assets
and liabilities and disclosure relating to contingent liabilities at
the date of the financial statements and reported amounts of income and
expenses during the year. Examples of such estimates include accounting
for contract cost expected to be incurred, contract revenues, stage of
completion, provisions, income taxes, useful lives of fixed assets etc.
actual results could be different from those estimates. h. Impairment
of Assets At each balance sheet date, the Company reviews the carrying
amounts of its fixed assets to determine whether there is any
indication that those assets suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in
order to determine the extent of the impairment loss. The recoverable
amount is the higher of an asset''s net selling price and value in use.
In assessing the value in use, the estimated future cash flows expected
from the continuing use of the asset and from its ultimate disposal are
discounted to their present values using a pre-determined discount rate
that reflects the current market assessments of the time value of money
and risks specific to the asset.
B. DEPRECIATION
Depreciation on fixed assets is provided using the straight line
method, based on the useful life as estimated by the management.
Depreciation is charged on pro-rata basis for assets purchased / sold
during the year. The management''s estimates of useful life for various
fixed assets are given below:
Furniture & Fixtures  6 Years
Computer Equipments  3 Years
C. INVESTMENT
Current Investments are stated at lower of cost and fair value. The
long term Investments are stated at cost after deducting
provisions made for permanent diminution in the rate of exchange if
any.
D. PROVIDENT FUND
The benefits of Provident Fund are received by the eligible employees,
which is defined in contribution plan. Both the employees and the
Company are making monthly contribution to this Provident Fund equal to
specified percentage of the covered employees'' salary.
E. SEGMENT ACCOUNTING POLICIES
The company has only one segment of operation i.e. Infrastructure
activity in local market. So segment wise Income/ Expenditure/Assets
and Liabilities are not presented.
F. OTHER ACCOUNTING POLICIES
Other accounting policies are consistent with generally accepted
accounting policies.
Mar 31, 2013
A. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India including the mandatory accounting standards issued
by the institute of Chartered Accountants of India (ICAI) and referred
to in Section 211 (3C) of the Companies Act, 1956 (The Act). The
significant accounting policies adopted for the preparation of the
financial statements are as follows:
a. Revenue Recognition
Revenue from projects is recognized based on percentage completion
method, which is determined on the basis of the stage of completion of
ongoing projects on the Balance Sheet date. The stage of completion is
determined based on progress of the work and estimation of the
architects.
b. Fixed Assets
Fixed assets are stated at cost of acquisition minus the accumulated
depreciation. Advances paid towards acquisition of the fixed assets
which have not been installed or put to use and the cost of the assets
not put to use, before the year end, are disclosed under advance for
purchase of assets.
c. Inventories
Inventories are valued at the lower of cost or net realizable value.
The cost is determined on a first in first out basis and includes all
applicable overheads in bringing the inventories to their present
location and condition.
d. Borrowing Costs
Borrowing costs that are attributable to the acquisition and
construction of qualifying assets are capitalized as a part of the cost
of the assets.
Other borrowing costs are recognized as an expense in the year in which
they are incurred.
e. Deferred Tax
Deferred tax asset or liability has been determined in pursuant to the
AS-22-Accounting for taxes on Income.
f. Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non cash
nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating financing and
investing activities of the company are segregated.
g. Use of Estimates
The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported balances of assets
and liabilities and disclosure relating to contingent liabilities at
the date of the financial statements and reported amounts of income and
expenses during the year. Examples of such estimates include accounting
for contract cost expected to be incurred, contract revenues, stage of
completion, provisions, income taxes, useful lives of fixed assets etc.
actual results could be different from those estimates.
h. Impairment of Assets
At each balance sheet date, the Company reviews the carrying amounts of
its fixed assets to determine whether there is any indication that
those assets suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to
determine the extent of the impairment loss. The recoverable amount is
the higher of an asset''s net selling price and value in use. In
assessing the value in use, the estimated future cash flows expected
from the continuing use of the asset and from its ultimate disposal are
discounted to their present values using a pre-determined discount rate
that reflects the current market assessments of the time value of money
and risks specific to the asset.
B. DEPRECIATION
Depreciation on fixed assets is provided using the straight line
method, based on the useful life as estimated by the management.
Depreciation is charged on pro-rata basis for assets purchased / sold
during the year. The management''s estimates of useful life for various
fixed assets are given below:
Furniture & Fixtures  6 Years
Computer Equipments  3 Years
C. INVESTMENT
Current Investments are stated at lower of cost and fair value. The
long term Investments are stated at cost after deducting provisions
made for permanent diminution in the rate of exchange if any.
D. PROVIDENT FUND
The benefits of Provident Fund are received by the eligible employees,
which is defined in contribution plan. Both the employees and the
Company are making monthly contribution to this Provident Fund equal to
specified percentage of the covered employees'' salary.
E. SEGMENT ACCOUNTING POLICIES
The company has only one segment of operation i.e. Infrastructure
activity in local market. So segment wise Income/ Expenditure/ Assets
and Liabilities are not presented.
F. OTHER ACCOUNTING POLICIES
Other accounting policies are consistent with generally accepted
accounting policies.
Mar 31, 2012
A. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India including the mandatory accounting standards issued
by the institute of Chartered Accountants of India (ICAI) and referred
to in Section 211 (3C) of the Companies Act, 1956 (The Act). The
significant accounting policies adopted for the preparation of the
financial statements are as follows:
a. Revenue Recognition
Revenue from projects is recognized based on percentage completion
method, which is determined on the basis of the stage of completion of
ongoing projects on the Balance Sheet date. The stage of completion is
determined based on progress of the work and estimation of the
architects.
b. Fixed Assets
Fixed assets are stated at cost of acquisition minus the accumulated
depreciation. Advances paid towards acquisition of the fixed assets
which have not been installed or put to use and the cost of the assets
not put to use, before the year end, are disclosed under advance for
purchase of assets.
c. Inventories
Inventories are valued at the lower of cost or net realizable value.
The cost is determined on a first in first out basis and includes all
applicable overheads in bringing the inventories to their present
location and condition.
d. Borrowing Costs
Borrowing costs that are attributable to the acquisition and
construction of qualifying assets are capitalized as a part of the cost
of the assets.
Other borrowing costs are recognized as an expense in the year in which
they are incurred.
e. Deferred Tax
Deferred tax asset or liability has been determined in pursuant to the
AS-22-Accounting for taxes on Income. During the year being the loss in
the company and management is presently not hopeful to get the profit
in the company during the near future hence no Deferred Tax Assets has
been generated by the company.
f. Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non cash
nature and any deferrals or accruals of past or future cash receipts or
payments. The cash flows from regular revenue generating financing and
investing activities of the company are segregated.
g. Use of Estimates
The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported balances of assets
and liabilities and disclosure relating to contingent liabilities at
the date of the financial statements and reported amounts of income and
expenses during the year. Examples of such estimates include accounting
for contract cost expected to be incurred, contract revenues, stage of
completion, provisions, income taxes, useful lives of fixed assets etc.
actual results could be different from those estimates.
h. Impairment of Assets
At each balance sheet date, the Company reviews the carrying amounts of
its fixed assets to determine whether there is any indication that
those assets suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to
determine the extent of the impairment loss. The recoverable amount is
the higher of an asset's net selling price and value in use. In
assessing the value in use, the estimated future cash flows expected
from the continuing use of the asset and from its ultimate disposal are
discounted to their present values using a pre-determined discount rate
that reflects the current market assessments of the time value of money
and risks specific to the asset.
B. DEPRECIATION
Depreciation on fixed assets is provided using the straight line
method, based on the useful life as estimated by the management.
Depreciation is charged on pro-rata basis for assets purchased / sold
during the year. The management's estimates of useful life for various
fixed assets are given below:
Furniture & Fixtures - 6 Years
Computer Equipments - 3 Years
C. INVESTMENT
Current Investments are stated at lower of cost and fair value. The
long term Investments are stated at cost after deducting provisions
made for permanent diminution in the rate of exchange if any.
D. PROVIDENT FUND
The benefits of Provident Fund are received by the eligible employees,
which is defined in contribution plan. Both the employees and the
Company are making monthly contribution to this Provident Fund equal to
specified percentage of the covered employees' salary.
E. SEGMENT ACCOUNTING POLICIES
The company has only one segment of operation i.e. Infrastructure
activity in local market. So segment wise Income/ Expenditure/ Assets
and Liabilities are not presented.
F. OTHER ACCOUNTING POLICIES
Other accounting policies are consistent with generally accepted
accounting policies.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article