Accounting Policies of Gee Gee Granites Ltd. Company

Mar 31, 2013

A) Basis of Preparation

These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India under the historical cost convention on accrual basis. These financial statements have been prepared to comply in all material aspects with the Accounting Standards notified under Section 211 (3C) (Companies (Accounting Standards) Rules, 2006, as amended) and the other relevant provisions of the Companies Act, 1956.

b) Changes in Accounting policy

Financial Statements have been prepared in accordance with the applicable Accounting Standards. There are no changes in Accounting policy during the year.

c) Fixed assets

There are no Fixed Assets in the company.

d) Depreciation/Amortisation

Since there is no Fixed assets, the question of Depreciation does not arise.

e) Non current Investments

The company has no Non current investments.

f) Employee benefits

As there are no employees, question of employee benefits does not arise.

g) Revenue recognition

There is no revenue from operations during the year.

h) Taxation

Current income tax comprises Income tax payable in India which is determined in accordance with the provisions of the Income tax act, 1961.

i) Inventories

There are no Inventories in the business

j) Note on cashflow, contingencies and events occuring after the Balance sheet date : NIL I) Earnings Per Share is Rs.0.70

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Mar 31, 2012

A) Basis of Preparation

These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India under the historical cost convention on accrual basis. These financial statements have been prepared to comply in all material aspects with the Accounting Standards notified under Section 211 (3C) Companies (Accounting Standards) Rules, 2006, as amended and the other relevant provisions of the Companies Act, 1956.

b) Changes in Accounting policy

Financial Statements have been prepared in accordance with the applicable Accounting Standards. There are no changes in Accounting policy during the year.

c) Fixed assets

There are no Fixed assets in the company.

d) Depreciation/Amortisation

Since there is no Fixed assets, the question of depreciation does not arise.

e) Non current Investments

The company has no Non current investments.

f) Employee benefits

As there are no employees, question of employee benefits does not arise.

g) Revenue recognition

There is no revenue from operations during the year.

h) Taxation

Current income tax comprises Income tax payable in India which is determined in accordance with the provisions of the Income tax act, 1961.

i) Inventories

There are no Inventories in the business

k) Note on cashflow, contingencies and events occuring after the Balance sheet date : NIL

I) Earnings Per Share is Rs.(-)0.07

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Mar 31, 2010

Financial statements have been prepared in accordance with the applicable accounting standards. A summary of the significant accounting policies which have been applied in the preparation and presentation of Financial Statements is set out below:

1. Basis of Accounting: The financial statements are prepared on accrual basis and in accordance with the historical cost convention and materially complies with applicable mandatory accounting standards issued by the Institute of Chartered Accountants of India.

2. Fixed Assets: Fixed Assets are stated at cost less depreciation. Cost comprises the purchase price and any applicable cost of bringing the assets to its working condition for its intended use. All fixed assets are sold during the year.

3. Depreciation: Depreciation is provided on straight line method on historical cost of the asset at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956.

4. Inventories: As there is no closing stock, the question of valuation of stock does not arise.

5. Lease hold assets : The value of leasehold assets comprising of Quarry Lands have been written off in full. The lease for the land has expired.

6. Provision of gratuity liability: The question of provision for gratuity liability does not arise since there were no employees in the company during the year.

7. Deferred Tax Liability : The company had incurred a deferred tax liability – Rs.39,52,129. Since all the assets were sold, the company has not created any deferred tax assets and does not recognise deferred tax assets as there is no reasonable certainty that the future taxable income will be available against which such deferred tax asset can be realized.