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Accounting Policies of GeeCee Ventures Ltd. Company

Mar 31, 2015

1. Accounting Convention

a. The Financial Statements are prepared under the historical cost convention on the basis of going concern and in accordance with the Generally Accepted Accounting Principles in India (GAAP) and provisions of the Companies Act, 2013

b. The preparation of financial statements are in conformity with generally accepted accounting principles, requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and the differences between actual results and estimates are recognized in the periods in which the results are known/ materialize.

2. Revenue Recognition

a. Revenue is recognized when it is earned and no significant uncertainty exists as to its realization or collection.

b. Sales are recognized when goods are invoiced on dispatch to customers. Sales include Excise duty but exclude Sales Tax.

c. I ncome from real estate sales is recognised on the transfer of all significant risks & rewards of the ownership to the buyers and it is not unreasonable to expect ultimate collection & no significant uncertainty exists regarding the amount of consideration.

d. Determination of revenues under the percentage of completion method necessarily involves making estimates by the company. Revenue from real estate is recognised as per guideline issued by ICAI by applying Percentage Completion Method to sale of tenements

e. Export incentive/benefits are accounted on accrual basis. Customs duty benefits in the form of Advance License entitlements on the export of goods are recognized and added to the cost of import.

3. Inventories Valuation

a. Raw material, packing material, store & consumables are valued at the lower of cost and net realizable value except waste/scrap, which is valued at net realizable value. The cost is computed on FIFO basis.

b. Raw material is issued from stores is treated as work in progress.

c. Inventories of Work in Progress includes cost of Land, Premium for development rights, raw material, construction costs and allocated interest and expenses incidental to the projects undertaken by the company and are valued at cost.

d. Finished Goods and process stock include cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

4. Fixed Assets

a. Fixed Assets are stated at their original cost of acquisition / installation and included preoperational expenses including borrowing cost. Fixed assets are shown net of accumulated depreciation.

b. Capital Work-in-progress is stated at the amount spent up to the date of the Balance Sheet, however pending completion of the project, assets shown in Assets schedule and no depreciation is provided on the same.

c. Leasehold land is shown at cost, including lease premium paid.

5. Depreciation

a. Depreciation has been charged on Straight Line Method corresponding to the rates prescribed under Schedule II to the Companies Act, 2013.

b. Depreciation on additions/deletions is being provided on pro-rata basis from the date of such additions/deletions.

6. Borrowing Cost

Borrowing costs that are attributable to the acquisition, construction or production of qualifying assets are capitalized as a part of such assets till such time as the assets are ready for their intended use. Qualifying assets are assets that necessarily require a substantial period of time to get ready for their intended use. All the other borrowing cost is recognized as an expense in the period in which they are incurred.

7. Impairment of Assets

Impairment of assets has been recognized and losses if any has been charged to profit & Loss account.

As of each balance sheet date, the carrying amount of assets is tested for impairment so as to determine -

a. The provision for impairment loss, if any, required, or

b. The reversal, if any, required or impairment has been recognized in previous periods.

8. Leases

Leasehold land is being amortized over the period of lease.

9. Transaction of Foreign Currency Items (As-11)

a. Transactions of foreign currencies are recorded at the exchange rates prevailing on the date on which transaction took place. Gains and Losses arising out of fluctuation in the exchange rates are accounted for on realization.

b. Current assets and liabilities denominated in foreign currency as at the balance sheet date are converted at the exchange rate prevailing on balance sheet date. Exchange differences are recognized as income or expense in the profit and loss account.

c. The premium or discount arising at the inception of such a forward exchange contract which is not intended for trading or speculation purposes are amortized as expense or income over the life of the contract. Exchange differences on such a contract are recognized in the profit and loss in the reporting period in which the exchange rates change. Any profit or loss arising on cancellation or renewal of such a forward exchange contract is recognized as income or as expense for the period. The company does not have forward contracts and swaps for speculative purposes.

10. Investments

a. Long-term investments including investment in the shares of subsidiaries are stated at cost. Provision for diminution in value of long-term investments if any is made, if such diminution is other than of temporary nature.

b. Current Investment are carried at lower of cost or market value

11. Employee Benefits

The company is using the Unit Credit Method and other assumption as per market; hence no change has been adjusted to the opening balance of reserves and surplus.

a. The liability for superannuation benefits, on the basis of amount contributed to LIC''s Group Gratuity Policy and the difference between the amount payable on retirement and recovered from LIC is charged to profit & loss account.

b. Employee''s Contribution to Provident Fund, Family Pension Fund is debited to Profit & Loss account.

c. Leave encashment benefits & gratuity available on retirement are provided on the basis of actuarial valuation.

12. Taxes on Income

a. Current tax is determined as the amount of tax payable in respect of taxable income for the period, using applicable tax rates and Laws.

b. Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets on timing differences, being the difference between taxable income and accounting income that originates in one period and capable of reversal in one or more subsequent periods.

13. Provisions, Contingent Liabilities and Contingent Assets (AS-29)

a. The provisions are recognized and measured by using a substantial degree of estimation.

b. Contingent liabilities and contingent assets are disclosed after a careful evaluation of the facts and legal aspects of the matter involved in issue.

14. Segment Reporting

Segments are identified based on dominant source and nature of risk and returns and the internal organizations and management structure.


Mar 31, 2014

1. Accounting Convention

a. The Financial Statements are prepared under the historical cost convention on the basis of going concern and in accordance with the Generally Accepted Accounting Principles in India (GAAP) and provisions of the Companies Act, 1956.

b. The preparation of financial statements are in conformity with generally accepted accounting principles, requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and the differences between actual results and estimates are recognized in the periods in which the results are known/ materialize.

2. Revenue Recognition

a. Revenue is recognized when it is earned and no significant uncertainty exists as to its realization or collection.

b. Sales are recognized when goods are invoiced on dispatch to customers. Sales include Excise duty but exclude Sales Tax.

c. Income from real estate sales is recognised on the transfer of all significant risks & rewards of the ownership to the buyers and it is not unreasonable to expect ultimate collection & no significant uncertanity exists regarding the amount of consideration.

d. Determination of revenues under the percentage of completion method necessarily involves making estimates by the company. Revenue from real estate is recognised as per guideline issued by ICAI by applying Percentage Completion Method to sale of tenements

e. Export incentive/benefits are accounted on accrual basis. Customs duty benefits in the form of Advance License entitlements on the export of goods are recognized and added to the cost of import.

3. Inventories Valuation

a. Raw material, packing material, store & consumables are valued at the lower of cost and net realizable value except waste/scrap, which is valued at net realizable value. The cost is computed on FIFO basis.

b. Raw material is issued from stores is treated as work in progress.

c. inventories of Work in Progress includes cost of Land, Premium for development rights, raw matarial, construction costs and allocated interest and expenses incidental to the projects undertaken by the company and are valued at cost.

d. Finished Goods and process stock include cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

4. Fixed Assets

a. Fixed Assets are stated at their original cost of acquisition / installation and included preoperational expenses including borrowing cost. Fixed assets are shown net of accumulated depreciation.

b. Capital Work-in-progress is stated at the amount spent up to the date of the Balance Sheet, however pending completion of the project, assets shown in Assets schedule and no depreciation is provided on the same.

c. Leasehold land is shown at cost, including lease premium paid.

5. Depreciation

a. Depreciation has been charged on Straight Line Method corresponding to the rates prescribed under Schedule XIV to the Companies Act, 1956.

b. Depreciation on additions/deletions is being provided on pro-rata basis from the date of such additions/deletions.

6. Borrowing Cost

Borrowing costs that are attributable to the acquisition, construction or production of qualifying assets are capitalized as a part of such assets till such time as the assets are ready for their intended use. Qualifying assets are assets that necessarily require a substantial period of time to get ready for their intended use. All the other borrowing cost is recognized as an expense in the period in which they are incurred.

7. Impairment of Assets

Impairment of assets has been recognized and losses if any has been charged to profit & Loss account.

As of each balance sheet date, the carrying amount of assets is tested for impairment so as to determine-

a. The provision for impairment loss, if any, required, or

b. The reversal, if any, required or impairment has been recognized in previous periods.

8. Leases

Leasehold land is being amortized over the period of lease.

9. Transaction Of Foreign Currency Items (AS-11)

a. Transactions of foreign currencies are recorded at the exchange rates prevailing on the date on which transaction took place. Gains and Losses arising out of fluctuation in the exchange rates are accounted for on realization.

b. Current assets and liabilities denominated in foreign currency as at the balance sheet date are converted at the exchange rate prevailing on balance sheet date. Exchange differences are recognized as income or expense in the profit and loss account.

c. The premium or discount arising at the inception of such a forward exchange contract which is not intended for trading or speculation purposes are amortized as expense or income over the life of the contract. Exchange differences on such a contract are recognized in the profit and loss in the reporting period in which the exchange rates change. Any profit or loss arising on cancellation or renewal of such a forward exchange contract is recognized as income or as expense for the period. The company does not have forward contracts and swaps for speculative purposes.

10. Investments

a. Long-term investments including investment in the shares of subsidiaries are stated at cost. Provision for diminution in value of long-term investments if any is made, if such diminution is other than of temporary nature.

b. Current Investment are carried at lower of cost or market value

11. Employee Benefits

The company is using the Unit Credit Method and other assumption as per market; hence no change has been adjusted to the opening balance of reserves and surplus.

a. The liability for superannuation benefits, on the basis of amount contributed to LIC''s Group Gratuity Policy and the difference between the amount payable on retirement and recovered from LIC is charged to profit & loss account.

b. Employee''s Contribution to Provident Fund, Family Pension Fund is debited to Profit & Loss account.

c. Leave encashment benefits & gratuity available on retirement are provided on the basis of actuarial valuation.

12. Taxes on Income

a. Current tax is determined as the amount of tax payable in respect of taxable income for the period, using applicable tax rates and Laws.

b. Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets on timing differences, being the difference between taxable income and accounting income that originates in one period and capable of reversal in one or more subsequent periods.

13. Provisions, Contingent Liabilities and Contingent Assets (AS-29)

a. The provisions are recognized and measured by using a substantial degree of estimation.

b. Contingent liabilities and contingent assets are disclosed after a careful evaluation of the facts and legal aspects of the matter involved in issue.

14. Segment Reporting

Segments are identified based on dominant source and nature of risk and returns and the internal organizations and management structure.


Mar 31, 2013

1. ACCOUNTING CONVENTION

a. The Financial Statements are prepared under the historical cost convention on the basis of going concern and in accordance with the Generally Accepted Accounting Principles in India (GAAP) and provisions of the Companies Act, 1956.

b. The preparation of financial statements are in conformity with generally accepted accounting principles, requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and the differences between actual results and estimates are recognized in the periods in which the results are known/ materialize.

2. REVENUE RECOGNITION

a) Revenue is recognized when it is earned and no significant uncertainty exists as to its realization or collection.

b) Sales are recognized when goods are invoiced on dispatch to customers. Sales include Excise duty but exclude Sales Tax.

c) Export incentive/benefits are accounted on accrual basis. Customs duty benefits in the form of Advance License entitlements on the export of goods are recognized and added to the cost of import.

3. INVENTORIES VALUATION

a. Raw material, packing material, store & consumables are valued at the lower of cost and net realizable value except waste/scrap, which is valued at net realizable value. The cost is computed on FIFO basis.

b. Finished Goods and process stock include cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

4. FIXED ASSETS

a. Fixed Assets are stated at their original cost of acquisition / installation and included preoperational expenses including borrowing cost. Fixed assets are shown net of accumulated depreciation.

b. Capital Work-in-progress is stated at the amount spent up to the date of the Balance Sheet, however pending completion of the project, assets shown in Assets schedule and no depreciation is provided on the same.

c. Leasehold land is shown at cost, including lease premium paid.

5. DEPRECIATION

a. Depreciation has been charged on Straight Line Method corresponding to the rates prescribed under Schedule XIV to the Companies Act, 1956.

b. Depreciation on additions/deletions is being provided on pro-rata basis from the date of such additions/deletions.

6. BORROWING COST

Borrowing costs that are attributable to the acquisition, construction or production of qualifying assets are capitalized as a part of such assets till such time as the assets are ready for their intended use. Qualifying assets are assets that necessarily require a substantial period of time to get ready for their intended use. All the other borrowing cost is recognized as an expense in the period in which they are incurred.

7. IMPAIRMENT OF ASSETS

Impairment of assets has been recognized and losses if any has been charged to profit & Loss Statement. As of each balance sheet date, the carrying amount of assets is tested for impairment so as to determine

a. The provision for impairment loss, if any, required, or

b. The reversal, if any, required or impairment has been recognized in previous periods.

8. LEASES

Leasehold land is being amortized over the period of lease.

9. TRANSACTION OF FOREGIN CURRENCY ITEMS (AS – 11)

a. Transactions of foreign currencies are recorded at the exchange rates prevailing on the date on which transaction took place. Gains and Losses arising out of fluctuation in the exchange rates are accounted for on realization.

b. Current assets and liabilities denominated in foreign currency as at the balance sheet date are converted at the exchange rate prevailing on balance sheet date. Exchange differences are recognized as income or expense in the profit and loss account.

c. The premium or discount arising at the inception of such a forward exchange contract which is not intended for trading or speculation purposes are amortized as expense or income over the life of the contract. Exchange differences on such a contract are recognized in the profit and loss in the reporting period in which the exchange rates change. Any profit or loss arising on cancellation or renewal of such a forward exchange contract is recognized as income or as expense for the period. The company does not have forward contracts and swaps for speculative purposes.

10. INVESTMENTS

a. Long-term investments including investment in the shares of foreign subsidiary are stated at cost. Provision for diminution in value of long-term investments if any is made, if such diminution is other than of temporary nature.

b. Current Investment are carried at lower of cost or market value

11. EMPLOYEE BENEFITS

The company is using the Unit Credit Method and other assumption as per market; hence no change has been adjusted to the opening balance of reserves and surplus.

a. The liability for superannuation benefits, on the basis of amount contributed to LIC''s Group Gratuity Policy and the difference between the amount payable on retirement and recovered from LIC is charged to profit & loss account.

b. Employee''s Contribution to Provident Fund, Family Pension Fund is debited to Profit & Loss account.

c. Leave encashment benefits & gratuity available on retirement are provided on the basis of actuarial valuation.

12. TAXES ON INCOME

a. Current tax is determined as the amount of tax payable in respect of taxable income for the period, using applicable tax rates and Laws.

b. Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets on timing differences, being the difference between taxable income and accounting income that originates in one period and capable of reversal in one or more subsequent periods.

13. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS-29)

a. The provisions are recognized and measured by using a substantial degree of estimation.

b. Contingent liabilities and contingent assets are disclosed after a careful evaluation of the facts and legal aspects of the matter involved in issue.

14. SEGMENT REPORTING

Segments are identified based on dominant source and nature of risk and returns and the internal organizations and management structure.


Mar 31, 2012

1. ACCOUNTING CONVENTION

a) The Financial Statements are prepared under the historical cost convention on the basis of going concern and in accordance with the Generally Accepted Accounting Principles in India (GAAP) and provisions of the Companies Act, 1956.

b) The preparation of financial statements are in conformity with generally accepted accounting principles, requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and the differences between actual results and estimates are recognized in the periods in which the results are known/ materialize.

2. REVENUE RECOGNITION

a) Revenue is recognized when it is earned and no significant uncertainty exists as to its realization or collection.

b) Sales are recognized when goods are invoiced on dispatch to customers. Sales include Excise duty but exclude Sales Tax.

c) Export incentive/benefits are accounted on accrual basis. Customs duty benefits in the form of Advance License entitlements on the export of goods are recognized and added to the cost of import.

3. INVENTORIES VALUATION

a. Raw material, packing material, store & consumables are valued at the lower of cost and net realizable value except waste/scrap, which is valued at net realizable value. The cost is computed on FIFO basis.

b. Finished Goods and process stock include cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

4. FIXED ASSETS

a. Fixed Assets are stated at their original cost of acquisition / installation and included preoperational expenses including borrowing cost. Fixed assets are shown net of accumulated depreciation.

b. Capital Work-in-progress is stated at the amount spent up to the date of the Balance Sheet, however pending completion of the project, assets shown in Assets schedule and no depreciation is provided on the same.

c. Leasehold land is shown at cost, including lease premium paid.

5. DEPRECIATION

a. Depreciation has been charged on Straight Line Method corresponding to the rates prescribed under Schedule XIV to the Companies Act, 1956.

b. Depreciation on additions/deletions is being provided on pro-rata basis from the date of such additions/deletions.

6. BORROWING COST

Borrowing costs that are attributable to the acquisition, construction or production of qualifying assets are capitalized as a part of such assets till such time as the assets are ready for their intended use. Qualifying assets are assets that necessarily require a substantial period of time to get ready for their intended use. All the other borrowing cost is recognized as an expense in the period in which they are incurred.

7. IMPAIRMENT OF ASSETS

Impairment of assets has been recognized and losses if any has been charged to profit & Loss Statement. As of each balance sheet date, the carrying amount of assets is tested for impairment so as to determine

a. The provision for impairment loss, if any, required, or

b. The reversal, if any, required or impairment has been recognized in previous periods.

8. LEASES

Leasehold land is being amortized over the period of lease.

9. TRANSACTION OF FOREGIN CURRENCY ITEMS (AS - 11)

a. Transactions of foreign currencies are recorded at the exchange rates prevailing on the date on which transaction took place. Gains and Losses arising out of fluctuation in the exchange rates are accounted for on realization.

b. Current assets and liabilities denominated in foreign currency as at the balance sheet date are converted at the exchange rate prevailing on balance sheet date. Exchange differences are recognized as income or expense in the Profit and Loss Statement.

c. The premium or discount arising at the inception of such a forward exchange contract which is not intended for trading or speculation purposes are amortized as expense or income over the life of the contract. Exchange differences on such a contract are recognized in the profit and loss in the reporting period in which the exchange rates change. Any profit or loss arising on cancellation or renewal of such a forward exchange contract is recognized as income or as expense for the period. The company does not have forward contracts and swaps for speculative purposes.

10. INVESTMENTS

a. Long-term investments including investment in the shares of foreign subsidiary are stated at cost. Provision for diminution in value of long-term investments if any is made, if such diminution is other than of temporary nature.

b. Current Investment are carried at lower of cost or market value

11. EMPLOYEE BENEFITS

The company is using the Unit Credit Method and other assumption as per market; hence no change has been adjusted to the opening balance of reserves and surplus.

a. The liability for superannuation benefits, on the basis of amount contributed to LIC's Group Gratuity Policy and the difference between the amount payable on retirement and recovered from LIC is charged to profit & Loss Statement.

b. Employee's Contribution to Provident Fund, Family Pension Fund is debited to Profit & Loss Statement.

c. Leave encashment benefits & gratuity available on retirement are provided on the basis of actuarial valuation.

12. TAXES ON INCOME

a. Current tax is determined as the amount of tax payable in respect of taxable income for the period, using applicable tax rates and Laws.

b. Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets on timing differences, being the difference between taxable income and accounting income that originates in one period and capable of reversal in one or more subsequent periods.

13. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS-29)

a. The provisions are recognized and measured by using a substantial degree of estimation.

b. Contingent liabilities and contingent assets are disclosed after a careful evaluation of the facts and legal aspects of the matter involved in issue.

14. SEGMENT REPORTING

Segments are identified based on dominant source and nature of risk and returns and the internal organizations and management structure.

 
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