Mar 31, 2015
A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
These financial statements have been prepared to comply with the
Generally Accepted Accounting Principles in India (Indian GAAP),
including the Accounting Standards notified under the relevant
provisions of the Companies Act, 2013.
B. USE OF ESTIMATES
The preparation of financial statements in conformity with Indian GAAP
requires judgments, estimates and assumptions to be made that affect
the reported amount of assets and liabilities, disclosure of contingent
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/materialized.
C. REVENUE RECOGNITION
Revenue in respect of real estate business recognized only when risks
and rewards incidental to ownership are transferred to the buyer, in
terms of underlying Sale Agreement provided it is not unreasonable to
expect ultimate collection.
As per the terms of a Sale of Development Rights agreement, wherein
company is entitled to receive constructed residential saleable area
post receipt of Occupation Certificate from developer in lieu of
development rights transferred to them, the company would recognise the
revenue in its books only on transfer of physical possession to buyer.
D. INVESTMENTS
Non Current investments are stated at cost. Provision for diminution in
the value of Non Current investments is made only if such a decline is
other than temporary.
E. BORROWING COSTS
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalised as part of the cost
of such assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to the Profit and Loss Statement in the
period in which they are incurred.
F. INCOME TAXES
Tax expense comprises of current tax and deferred tax. Current tax is
measured at the amount expected to be paid to the tax authorities,
using the applicable tax rates.
Deferred income tax reflect the current period timing differences
between taxable income and accounting income for the period and
reversal of timing differences of earlier years/period. Deferred tax
assets are recognised only to the extent that there is a reasonable
certainty that sufficient future income will be available except that
deferred tax assets, in case there are unabsorbed depreciation or
losses, are recognised if there is virtual certainty that sufficient
future taxable income will be available to realise the same.
G. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provision is recognised in the accounts when there is a present
obligation as a result of past event(s) and it is probable that an
outflow of resources will be required to settle the obligation and a
reliable estimate can be made.
Contingent assets are neither recognised nor disclosed in the financial
statements.
Mar 31, 2014
A) The financial statements have been prepared on historical costs and
on the basis of going concern and are in accordance with the Generally
Accepted Accounting Principles in India ("GAAP") and the provisions of
the Companies Act 1956.
b) The accounting policies of the company have been consistent over a
period of time.
Mar 31, 2013
A) The financial statements have been prepared on historical costs and
on th basis of going concern and are in accordance with the Generally
Accepted Accounting Principles in India ("GAAP") and the provisions of
the Companies Act 1956.
b) The accounting policies of the company have been consistent over a
period of time.
Mar 31, 2012
A) The financial statements have been prepared on historical costs and
on the basis of going concern and are in accordance with the Generally
Accepted Accounting Principles in India ("GAAP") and the provisions of
the Companies Act 1956.
b) The accounting policies of the company have been consistent over a
period of time.
1) Revenue:
In respect of realty development activities is recognized upon the
transfer of significant risks and rewards to the buyer in terms of the
underlying sale agreement, provided it is not unreasonable to expect
ultimate collection
Mar 31, 2011
A) The financial statements have been prepared on historical costs and
on the basis of going concern and are in accordance with the Generally
Accepted Accounting Principles in India ("GAAP") and the provisions of
the Companies Act 1956.
b) The accounting policies of the company have been consistent over a
period of time.
2) Contingent Liabilities not provided for in respect of :
31.03.11 31.03.10
Amount Amount
Rs. In Lacs Rs. In
Lacs
a) Show Cause Notice from Central
Excise Authorities 1.42 1.42
b) Estimated Liability in respect of
Suit filed by Ex Workers 5.00 5.00
of the Company in Labour Court.
c) Claims not acknowledged as debt 2.06 2.06
d) Income Tax :
During the previous year the company was served notices under Sec. 147
of the Income Tax Act, 1961 for Assessment Years 200405, 200506 and
200607 relating to sale of property of the company by the erstwhile
management. The company filed the returns for the said three years on
the basis of which the Assessing Officer passsed orders enhancing the
income for the said assessment years. The company has appealed against
the orders of the assessing officer with the Commissioner of
Appeals.(CIT Appeals.)
On the basis of representations made by the company the CIT ( Appeals )
granted substantial reliefs. Any enhancement in the income has been
absorbed by the carry forward of assessed losses and unabsorbed
depreciation available to the company.
Mar 31, 2010
A) The financial statements have been prepared in accordance with the
Generally Accepted. Accounting Principles in India ("GAAP") under the
historical cost convention on an accrual basis and comply with all
material respects with the manadatory Accounting Standards.
b) The accounting policies have been consistently applied by the
company and are consistent with those used in the previous years.
c) The financial statements have been prepared on the assumption that
the company is a "Going Concern".