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Accounting Policies of Geefcee Finance Ltd. Company

Mar 31, 2015

1.1 Presentation & Disclosure of Financial Statement

During the year ended 31st March, 2015, the Revised Schedule IV notified under the Companies Act, 1956 has become applicable to the company, for preparation and presentation of its financial statements. The adaptation of Revised Schedule IV does not impact recognition and measurement principles allowed for preparation of financial Statements However, it has significant impact on the presentation and disclosures made in the financial statements Assets and Liabilities have been classified as Current and Non - Current as per the Company's normal operating cycle and other criteria set out in the Schedule IV of the companies Act, 1956 Based on the nature of activity carried out by the company and period between the procurement and realization in cash and cash equivalents, the Company has ascertained its operating cycle as 5 Years for the purpose of Current - Non Current classification of assets & liabilities.

1.2 Accounting Concepts

The accounts are prepared on historical cost basis and as a going concern.Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis The expenses are shown net of recovery where ever there is any recovery against respective expenses

1.3 Revenue Recognition

The revenues have been booked on accrual basis No recognized revenue has been deferred

1.4 Investments

Investments are classified into Non - Currernt and Current Investments

Non - Current Investments are carried at cost, while Current Investments are carried individually at lower of cost and fair value and the resultant decline, if any, is charges to revenue

1.5 Use of Estimates

The Preparation of financial statements in conformity with General Accepted Accounting Principles required the management to make estimates and assumptions that affect the reported balances of assets and liabilities as of the financial statements and reported amounts of income and expense dring the period. Management believes that the estimates used in the preparation of financial statements are prudent and reasonable

1.6 Fixed Assets

Fixed Assets are stated at cost of acquisition including freight, taxes, duties and other incidental expenses related to acquisition and Instalation, less depreciation.

1.7 intangible Assets:

All intangible Assets are initially measures at cost and amortised so as to reflect the pattern in which the assets' economic benefits are consumed

1.8 Depreciation

The Company provides depreciation on straight line method basis at trie rates prescribed in Schedule XIV to the Companies Act, 1956

1.9 Revenue Recognition

Income from sale of stock is recognized on the transfer of all significant risk and rewards of ownership to the buyers and it is not unreasonable to expect ultimate collection and no significant uncertainty exits regarding the amount to considerations. However if, at the time of transfer, substantial acts are yet to be performed under the contract, revenue is recognized on proportionate basis as the time acts are performed, i.e on the percentage of completion basis.

Revenue from sale of land and other rights are considered upon transfer of all significant risk and rewards of ownership of such real estate/ property as per the terms of the contract entered into with the buyers, which is generally with the firmity of the sale contractst an agreement

Income from long term contracting assignments is also recognized on the percentage of completion basis. As the long term contracts necessarily extend beyond one Year, revision in cost and revenues estimated during the course of the contract are reflected in the accounting period in which the facts requiring the revision become known. Any expected loss on a project is recognized in the year in which costs incurred together with balance cost to completion, cost of completion are likely to be excess of the estimated revenues from project. Unbilled costs are carried as construction work - in - progress.

Determination of revenues under the percentage of completion method necessarily involves making estimates by the company, some of which are of a technical nature, concerning, where relevant the percentage of completion, cost to completion, the expected revenues from the project/ activity and the foreseeable losses to completion

Project management fees receivable on fixed period contracts is accounted over the tenure of the contract/ agreement. Where the management fee is linked to the input costs, revenue is recognized as a proportion of the work complete based on progress claims submitted. Whether the management fee is linked to the revenue generation from the project, revenue is recognized on the percentage of completion basis.

Income from operation of commercial complexes is recognized over the tenure of the lease/ service agreement.

Interest income is accounted on an accrual basis at contracted rates except where there is uncertainty of ultimate collection.

Dividend income is recognized when the right to receive the same is established.

1.10 Provision for Taxation

Tax expense comprises both current and deferred tax.

Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates laws

Deferred tax assets and liabilities are recognized for futures tax consequences attributable to the timing difference between taxable income and accounting income that are capable of reversal in one or more subsequent periods and are measured using tax rates enacted or substantively enacted as the Balance Sheet date. Deferred Tax assets are not recognized unless, in the management judgment, there is virtual certainty that sufficient future taxable income will be available which such deferred tax assets can be realized. The carrying amount of deferred tax is reviewed at each balance sheet date.

1.11 Provisions and Contingent Liabilities

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated

Contingent liabilities are disclosed in respect of possible obligations that arise from past event but their existence is confirmed by the occurrence or non- occurrence of one or more uncertain future events not wholly within the control of the Company.

1.12 Prior Period Expenditure/ Extraordinary items

Wherever appears, the nature and amount of prior period items/ extraordinary items are separately disclosed in the profit and loss account in such a manner that their impact on current years' profit can be perceived. There is no change in the accounting policy/ accounting estimates, which has a material effect in the current year or which is likely to have a material effect in the subsequent periods.

1.13 Preliminary Expenses

Amortisation of preliminary expenses has been done as per Section 35-D of the Income- tax Act over a period of Five years.


Mar 31, 2014

1.1 Presentation & Disclosure of Financial Statement

During the year ended 31st March, 2014, the Revised Schedule IV notified under the Companies Act, 1956 has become applicable to the company, for preparation and presentation of its financial statements. The adaptation of Revised Schedule IV does not impact recognition and measurement principles allowed for preparation of financial Statements. However, it has significant impact on the presentation and disclosures made in the financial statements. Assets and Liabilities have been classified as Current and Non - Current as per the Company''s normal operating cycle and other criteria set out in the Schedule IV of the companies Act, 1956. Based on the nature of activity carried out by the company and period between the procurement and realization in cash and cash equivalents, the Company has ascertained its operating cycle as 5 Years for the purpose of Current - Non Current classification of assets & liabilities.

1.2 Accounting Concepts

The accounts are prepared on historical cost basis and as a going concern.Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis. The expenses are shown net of recovery where ever there is any recovery against respective expenses.

1.3 Revenue Recognition

The revenues have been booked on accrual basis. No recognized revenue has been deferred.

1.4 Investments

Investments are classified into Non - Currernt and Current Investments.

Non - Current Investments are carried at cost, while Current Investments are carried individually at lower of cost and fair value and the resultant decline, if any, is charges to revenue.

1.5 Use of Estimates

The Preparation of financial statements in conformity with General Accepted Accounting Principles required the management to make estimates and assumptions that affect the reported balances of assets and liabilities as of the financial statements and reported amounts of income and expense dring the period. Management believes that the estimates used in the preparation of financial statements are prudent and reasonable.

1.6 Fixed Assets

Fixed Assets are stated at cost of acquisition including freight, taxes, duties and other incidental expenses related to acquisition and instalation, less depreciation.

1.7 Intangible Assets:

All intangible Assets are initially measures at cost and amortised so as to reflect the pattern in which the assets'' economic benefits are consumed.

1.8 Depreciation

The Company provides depreciation on straight line method basis at the rates prescribed in Schedule XIV to the Companies Act, 1956.

1.9 Revenue Recognition

Income from sale of stock is recognized on the transfer of all significant risk and rewards of ownership to the buyers and it is not unreasonable to expect ultimate collection and no significant uncertainty exits regarding the amount to considerations. However if, at the time of transfer, substantial acts are yet to be performed under the contract, revenue is recognized on proportionate basis as the time acts are performed, i.e. on the percentage of completion basis.

Revenue from sale of land and other rights are considered upon transfer of all significant risk and rewards of ownership of such real estate/ property as per the terms of the contract entered into with the buyers, which is generally with the firmity of the sale contracts an agreement.

Income from long term contracting assignments is also recognized on the percentage of completion basis. As the long term contracts necessarily extend beyond one Year, revision in cost and revenues estimated during the course of the contract are reflected in the accounting period in which the facts requiring the revision become known. Any expected loss on a project is recognized in the year in which costs incurred together with balance cost to completion, cost of completion are likely to be excess of the estimated revenues from project. Unbilled costs are carried as construction work - in - progress.

Determination of revenues under the percentage of completion method necessarily involves making estimates by the company, some of which are of a technical nature, concerning, where relevant, the percentage of completion, cost to completion, the expected revenues from the project/ activity and the foreseeable losses to completion

Project management fees receivable on fixed period contracts is accounted over the tenure of the contract/ agreement. Where the management fee is linked to the input costs, revenue is recognized as a proportion of the work complete based on progress claims submitted. Whether the management fee is linked to the revenue generation from the project, revenue is recognized on the percentage of completion basis.

Income from operation of commercial complexes is recognized over the tenure of the lease/ service agreement.

Interest income is accounted on an accrual basis at contracted rates except where there is uncertainty of ultimate collection.

Dividend income is recognized when the right to receive the same is established.

1.10 Provision for Taxation

Tax expense comprises both current and deferred tax.

Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates laws.

Deferred tax assets and liabilities are recognized for futures tax consequences attributable to the timing difference between taxable income and accounting income that are capable of reversal in one or more subsequent periods and are measured using tax rates enacted or substantively enacted as the Balance Sheet date. Deferred Tax assets are not recognized unless, in the management judgment, there is virtual certainty that sufficient future taxable income will be available which such deferred tax assets can be realized. The carrying amount of deferred tax is reviewed at each balance sheet date.

1.11 Provisions and Contingent Liabilities

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated.

Contingent liabilities are disclosed in respect of possible obligations that arise from past event but their existence is confirmed by the occurrence or non- occurrence of one or more uncertain future events not wholly within the control of the Company.

1.12 Prior Period Expenditure/Extraordinary items

Wherever appears, the nature and amount of prior period items/ extraordinary items are separately disclosed in the profit and loss account in such a manner that their impact on current years'' profit can be perceived. There is no change in the accounting policy/ accounting estimates, which has a material effect in the current year or which is likely to have a material effect in the subsequent periods.

1.13 Preliminary Expenses

Amortisation of preliminary expenses has been done as per Section 35-D of the Income- tax Act over a period of Five years.


Mar 31, 2012

1.1 Presentation & Disclosure of Financial Statement

During tht year ended 31st March, 2012, the Revised Schedule IV notified undei -he Companies. "056 has become applicable to the company, for preparation and presentation of its financial statements. The adaptation of Revised Schedule IV does net impact recognition and measurement principles allowed for preparation of financial Statements. However, it has significant impact or, the preservation etui d lccves made in the financial statements. Assets and Liabilities have been classified as Current and Non - Current as per the Company's normal operating cycle and other criteria set out in the Schedule IV of the companies Act, 1956. Based on the nature of activity carried out by the company and period between the procurement and realization in cash and cash equivalents, the Company has ascertained its operating cycle as 5 Years for the purpose of Current - Non Current classification of assets & liabilities.

1.2 Accounting Concepts

The accounts are prepared on historical cost basis and as a going concern.Company follows mercantile system of accounting and recognizes income and expenditure-on accrual basis. The expenses are shown net of recovery where ever there is any recovery against respective expenses.

1.3 Revenue Recognition

The revenues have been booked on accrual basis. No recognized revenue has been deferred.

1.4 Investments

Investments are classified into Non - Currernt and Current Investments.

Non - Current Investments are carried at cost, while Current Investments are carried individually at lower of cost and fair value and the resultant decline, if any, is charges to revenue.

1.5 Use of Estimates

The Preparation of financial statements in conformity with General Accepted Accounting Principles required the management to make estimates and assumptions that affect the reported balances of assets and liabilities as of the financial statements and reported amounts of income and expense dring the period. Management believes that the estimates used in the preparation of financial statements are prudent and reasonable.

1.6 Fixed Assets

Fixed Assets are stated at cost of acquisition including freight, taxes, duties and other incidental expenses related to acquisition and instalation, less depreciation.

1.7 Intangible Assets:

All intangible Assets are initially measures at cost and amortised so as to reflect the pattern in which the assets' economic benefits are consumed.

1.8 Depreciation

The Company provides depreciation on straight line method basis at the rates prescribed in Schedule XIV to the Companies Act, 1956.

1.9 Revenue Recognition

Income from sale of stock is recognized on the transfer of all significant risk and rewards of ownership to the buyers and it is not unreasonable to expect ultimate collection and no significant uncertainty exits regarding the amount to considerations. However if, at the time of transfer, substantial acts are yet to be performed under the contract, revenue is recognized on proportionate basis as the time acts are performed, i.e. on the percentage of completion basis.

Revenue from sale of land and other rights are considered upon transfer of all significant risk and rewards of ownership of such real estate/ property as per the terms of the contract entered into with the buyers, which is generally with the firmity of the sale contracts! an agreement.

Income from long term contracting assignments is also recognized on the percentage of completion basis As the long term contracts necessarily extend beyond one Year, revision in cost and revenues estimated during the course of the contract are reflected in the accounting period in which the facts requiring the revision become known. Any expected loss on a project is recognized in the year in which costs incurred together with balance cost to completion, cost of completion are likely to be excess of the estimated - revenues from project. Unbilled costs are carried as construction work - in - progress.

Determination of revenues under the percentage of completion method necessarily involves making estimates by the company, some of which are of a technical nature, concerning, where relevant, the percentage of completion, cost to completion, the expected revenues from the project/ activity and the foreseeable losses to completion

Project management fees receivable on fixed period contracts is accounted over the tenure of the contract/ agreement. Where the management fee is linked to the input costs, revenue is recognized as a proportion of the work complete based on progress claims submitted. Whether the management fee is linked to the revenue generation from the project, revenue is recognized on the percentage of completion basis

Income from operation of commercial complexes is recognized over the tenure of the lease/ service agreement.

Interest income is accounted on an accrual basis at contracted rates except where there is uncertainty of ultimate collection.

Dividend income is recognized when the right to receive the same is established.

1.10 Provision for Taxation

Tax expense comprises both current and deferred tax.

Current tax is measured at the amount expected to be paid to the tax authorities, using the applicable tax rates laws.

Deferred tax assets and liabilities are recognized for futures tax consequences attributable to the timing difference between taxable income and accounting income that are capable of reversal in one or more subsequent periods and are measured using tax rates enacted or substantively enacted as the Balance Sheet date. Deferred Tax assets are not recognized unless, in the management judgment, there is virtual certainty that sufficient future taxable income will be available which such deferred tax assets can be realized. The carrying amount of deferred tax is reviewed at each balance sheet date.

1.11 Provisions and Contingent Liabilities

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably estimated.

Contingent liabilities are disclosed in respect of possible obligations that arise from past event but their existence is confirmed by the occurrence or non- occurrence of one or more uncertain future events not wholly within the control of the Company.

1.12 Prior Period Expenditure/ Extraordinary items

Wherever appears, the nature and amount of prior period items/ extraordinary items are separately disclosed in the profit and loss account in such a manner that their impact on current years' profit can be perceived. There is no change in the accounting policy/ accounting estimates, which has a material effect in the current year or which is likely to have a material effect in the subsequent periods

1.13 Preliminary Expenses

Amortisation of preliminary expenses has been done as per Section 35-D of the Income- tax Act over a period of Five years.


Mar 31, 2009

1.1 Accounting Concepts

1.1.1 The accounts are prepared on historical cost basis and as a going concern.

1.1.2 Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis.

1.1.3 The expenses are shown net of recovery where ever there is any recovery against respective expenses.

1.2 Revenue Recognition

The revenues have been booked on accrual basis. No recognized revenue has been deferred.

1.3 Investments

Investments held by the company are primarily meant to be held over long term period. As per the conservative and prudent policy, company does not provide for the increase or decrease in the book value of individual investments held by the company as on the Balance Sheet date.

1.4 Fixed Assets

Fixed Assets are stated at cost of acquisition including freight, taxes, duties and other incidental expenses related to acquisition and installation, less depreciation.

1.5 Depreciation

The Company provides depreciation on straight line method basis at the rates prescribed in Schedule XIV to the Companies Act, 1956.

1.6 Prior Period Expenditure/ Extraordinary items

Wherever appears, the nature and amount of prior period items/ extraordinary items are separately disclosed in the profit and loss account in such a manner that their impact on current years profit can be perceived.

There is no change in the accounting policy/ accounting estimates, which has a material effect in the Current year or which is likely to have a material effect in the subsequent periods.

1.7 Preliminary Expenses

Amortisation of preliminary expenses, if any, has been done as per Section 35-D of the Income-tax Act over a period of Five years.

1.8 Other Accounting Policies

The Other Accounting standards are either not applicable or the accounting policies are consistent with generally accepted accounting practices


Mar 31, 2003

1 Accounting Concepts

1.1 The accounts are prepared on historical cost basis and as a going concern.

1.2 Company follows mercantile system of accounting and recognises income and expenditure on accrual basis.

1.3 The expenses are shown net of recovery wherever there is any recovery against respective expenes.

2. Revenue Recognition

The revenues have been booked on accrual basis. No recognised revenue has been deferred. However, interest on NPAs will be accounted for on receipt basis in the year of realisation.

3. Investments

Investments held by the company are primarily meant to be held over long term period. As per the conservative and prudent policy, company does not provide for the increase or decrease in the book value of individual investments held by the company on Balance Sheet date.

4. Fixed Asset

Fixed Asset are stated at cost of acquisition including freight, taxes, duties and other incidental expenses related to acquisition and installation, less depreciation.

5. Depreciation

The Company provided depreciation on straight line method basis at the rates prescribed in schedule XIV to the Companies Act, 1956.

6. Prior Period Expenditure/Extra ordinary items

Wherever appears, the nature and amount of prior period items/extraordinary

7. Preliminary Expenses

Amortisation of preliminary expenses has been done as per section 35-D of the Income tax Act over a period of ten years

8. Related party disclosure

8.1 Goyal Leasing is a partnership firm wherein your Companv and Shri A Goyal

haying 99% and 1% share respectively. The Capital of the firm viz. Rs 4.21 Crores has entirely been provided by your company. There has been no activity during the years

10. Taxes on Income

10.1 The amount of accumulated deffered tax payment on 1.4.2002 i.e. prior to the adoption of this statement being negligible has not been recognised.

10.2 The deferred tax for the year ended 31.03.2003. on account of difference in depreciation rates under companies Act, 1956 and the lncome-tax Act, being negligible has not been recognised.

12. Other Accounting Policies

The other accounting standards are either not applicable or the accounting policies are consistent with generally accepted accounting practices.

 
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