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Accounting Policies of Generic Engineering Construction and Projects Ltd. Company

Mar 31, 2016

1. Basis of Preparation of financial statement

The Financial statement We place Portfolio & Financial Consultancy Services Limited have been prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises accounting standardized by Central Government of India under the relevant provision of Companies Act, 2013.

2. Use of Estimates

The preparation of financial statements is in conformity with Generally Accepted Accounting Principles (GAAP) in India requires management to misestimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the Balance sheet financial statements and reported amounts of income and expenses during the period.

3. Investments

Long term investments are stated at cost. Provision for diminution in the value of the long term investments is made only if such a decline is other than temporary in the opinion of the management.

4. Valuation of inventories

Stock in trade (traded) is valued at (FIFO) or net realizable value whichever is low however unquoted securities held as stock in trade has been valued at cost.

5. Fixed Assets & Depreciation

Fixed Assets are stated at cost less Depreciation. Depreciation on Fixed Assets is provided on the of depreciable amount on the Written Down Value (WDV) Method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013. Depreciation on additions/ deletions is calculated on part with reject to date of addition/ deletions.

6. Revenue Recognition:

a) Dividend income is recognized when the unconditional right to receive the income is established.

b) Income from services rendered is accounted for when the work is performed. Services income: is exclusive of Service Tax.

7. Taxation:

Current T ax is measured at the amount expected to be paid to/ recovered from the tax authorities, us the applicable tax rate. Deferred tax resulting from timing difference “between taxable and annual income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax assets is recognized and carried forward only to the extent of the virtual certainty that the asset will be realized in future

8. Earnings Per Share:

The Basic Earnings Per Share (EPS)’ is computed by dividing the net profit after tax for the yea’'' by weighted average number of equity shares outstanding during the year.

9. Provisions, Contingent liabilities and Contingent Assets:

Contingent liabilities if any, are disclosed by way of notes to the Balance sheet. Provision in made the accounts in respect of those contingencies, which are likely to materialize in to liabilities in half year-end, till the finalization of the accounts, and have material effect on the position stated in the Balance Sheet. Contingent Assets are not recognized in the financial statement.


Mar 31, 2015

1. Basis of Preparation of financial statment:

The Financial statements of Welplace Portfolio & Financial Consultancy Services Limited have been prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises accounting standards notified by Central Government of India under the relevant provision of Companies Act, 2013.

2. Use of Estimates:

The preparation of financial statements is in conformity with Generally Accepted Accounting Principles (GAAP) in India requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of the financial statements and reported amounts of income and expenses during the period.

3. Investments:

Long term investments are stated at cost. Provision for diminution in the value of the long term investments is made only if such a decline is other than temporary in the opinion of the management.

4. Valuation of inventories:

Stock in trade (traded) is valued at cost (FIFO) or net realizable value whichever is lower.However unquoted securities held as stock in trade has been valued at cost.

5. Fixed Assets & Depreciation:

Fixed Assets are stated at cost less Depreciation. Depreciation on Fixed Assets is provided to the extent of depreciable amount on the Written Down Value (WDV) Method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013. Depreciation on additions/ deletions is calculated on pro-rata with respect to date of addition/ deletions.

6. Revenue Recognition:

A. Dividend income is recognized when the unconditional right to receive the income is established.

B. Income from services rendered is accounted for when the work is performed. Services income is exclusive of Service Tax.

7. Taxation:

Current Tax is measured at the amount expected to be paid to/ recovered from the tax authorities, using the applicable tax rate. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax assets is recognized and carried forward only to the extent that there is virtual certainty that the asset will be realized in future.

8. Earning Per Share:

The Basic Earnings Per Share ("EPS") is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year.

9. Provisions. Contingent liabilities and Contingent Assets:

Contingent liabilities if any, are disclosed by way of notes to the Balance sheet. Provision is made in the accounts in respect of those contingencies, which are likely to materialize in to liabilities after the year-end, till the finalization of the accounts, and have material effect on the position stated in the Balance Sheet. Contingent Assets are not recognized in the Financial statement.

As per our attached Report of even date For Koshal & For Welplace Portfolio & Financial Consultancy Associates Chartered Services Ltd. Accountants Firm Number:121233W


Mar 31, 2014

1. Basis of Preparation of financial statement

The Financial statements of Welplace Portfolio & Financial Consultancy Services Limited have been prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises accounting standards notified by Central Government of India under section 211 (3C) Companies Act, 1956, other pronouncements of Institute of Chartered Accountants of India and the provisions of Companies Act, 1956.

2. Use of Estimates

The preparation of financial statements is in conformity with Generally Accepted Accounting Principles (GAAP) in India requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of the financial statements and reported amounts of income and expenses during the period.

3. Investments

Long term investments are stated at cost. Provision for diminution in the value of the long term investments is made only if such a decline is other than temporary in the opinion of the management.

4. Valuation of inventories

Stock in trade (traded) is valued at cost (FIFO) or net realizable value whichever is lower. However unquoted securities held as stock in trade has been valued at cost.

5. Fixed Assets & Depreciation

Fixed Assets are stated at cost less Depreciation. Depreciation is provided on Written Down Value Method at the rate prescribed in Sch XIV of the Companies Act 1956.

6. Revenue Recognition:

a) Dividend income is recognized when the unconditional right to receive the income is established.

b) Income from services rendered is accounted for when the work is performed. Services income is exclusive of Service Tax.

7. Taxation:

Current Tax is measured at the amount expected to be paid to/ recovered from the tax authorities, using the applicable tax rate. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax assets is recognized and carried forward only to the extent that there is virtual certainty that the asset will be realized in future.

8. Earning Per Share:

The Basic Earnings Per Share ("EPS") is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year.

9. Provisions, Contingent liabilities and Contingent Assets

Contingent liabilities if any, are disclosed by way of notes to the Balance sheet. Provision is made in the accounts in respect of those contingencies, which are likely to materialize in to liabilities after the year-end, till the finalization of the accounts, and have material effect on the position stated in the Balance Sheet. Contingent Assets are not recognized in the Financial statement.


Mar 31, 2013

1. Basis of Preparation of financial statement

The Financial statements of Welplace Portfolio & Financial Consultancy Services Limited have been prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises accounting standards notified by Central Government of India under section 211 (3C) Companies Act, 1956, other pronouncements of Institute of Chartered Accountants of India and the provisions of Companies Act, 1956.

2. Use of Estimates

The preparation of financial statements is in conformity with Generally Accepted Accounting Principles (GAAP) in India requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of the financial statements and reported amounts of income and expenses during the period.

3. Presentation and disclosure in the ?nancial statements:

For the year ended 31st March, 2013 the revised Schedule VI noti?ed under the Companies Act, 1956, is applicable to the company, for presentation and disclosed in ?nancial statements. The company has reclassi?ed the previous year’s ?gures in accordance with the revised Schedule VI as applicable in the current year.

4. Investments

Long term investments are stated at cost. Provision for diminution in the value of the long term investments is made only if such a decline is other than temporary in the opinion of the management.

5. Valuation of inventories

Stock in trade (traded) is valued at cost (FIFO) or net realizable value whichever is lower. However unquoted securities held as stock in trade has been valued at cost.

6. Revenue Recognition:

a) Dividend income is recognized when the unconditional right to receive the income is established.

b) Income from services rendered is accounted for when the work is performed. Services income is exclusive of Service Tax.

c) Profit/sale of Investment and securities are accounted on the contract date.

d) Taxation:

Current Tax is measured at the amount expected to be paid to/ recovered from the tax authorities, using the applicable tax rate. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax assets is recognized and carried forward only to the extent that there is virtual certainty that the asset will be realized in future.

e) Earning Per Share:

The Basic Earnings Per Share ("EPS") is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year.

f) Provisions, Contingent liabilities and Contingent Assets

Contingent liabilities if any, are disclosed by way of notes to the Balance sheet. Provision is made in the accounts in respect of those contingencies, which are likely to materialize in to liabilities after the year-end, till the finalization of the accounts, and have material effect on the position stated in the Balance Sheet. Contingent Assets are not recognized in the Financial statement.

7. Statutory Reserve:

In accordance with the prudential Norms prescribed by the Reserve Bank of India (Amendment) Act,1997, Twenty percent of the Pro?t after Taxation of the current year have been transferred to the Statutory Reserve.


Mar 31, 2012

1. Basis of Preparation of financial statement

The Financial statements of Welplace Portfolio & Financial Consultancy Services Limited have been prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises accounting standards notified by Central Government of India under section 211 (3C) Companies Act, 1956, other pronouncements of Institute of Chartered Accountants of India and the provisions of Companies Act, 1956.

2. Use of Estimates

The preparation of financial statements is in conformity with Generally Accepted Accounting Principles (GAAP) in India requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of the financial statements and reported amounts of income and expenses during the period.

3. Presentation and disclosure in the ?nancial statements:

For the year ended 31st March, 2013 the revised Schedule VI noti?ed under the Companies Act, 1956, is applicable to the company, for presentation and disclosed in ?nancial statements. The company has reclassi?ed the previous year’s ?gures in accordance with the revised Schedule VI as applicable in the current year.

4. Investments

Long term investments are stated at cost. Provision for diminution in the value of the long term investments is made only if such a decline is other than temporary in the opinion of the management.

5. Valuation of inventories

Stock in trade (traded) is valued at cost (FIFO) or net realizable value whichever is lower. However unquoted securities held as stock in trade has been valued at cost.

6. Revenue Recognition:

a) Dividend income is recognized when the unconditional right to receive the income is established.

b) Income from services rendered is accounted for when the work is performed. Services income is exclusive of Service Tax.

c) Profit/sale of Investment and securities are accounted on the contract date.

d) Taxation:

Current Tax is measured at the amount expected to be paid to/ recovered from the tax authorities, using the applicable tax rate. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax assets is recognized and carried forward only to the extent that there is virtual certainty that the asset will be realized in future.

e) Earning Per Share:

The Basic Earnings Per Share ("EPS") is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year.

f) Provisions, Contingent liabilities and Contingent Assets

Contingent liabilities if any, are disclosed by way of notes to the Balance sheet. Provision is made in the accounts in respect of those contingencies, which are likely to materialize in to liabilities after the year-end, till the finalization of the accounts, and have material effect on the position stated in the Balance Sheet. Contingent Assets are not recognized in the Financial statement.

7. Statutory Reserve:

In accordance with the prudential Norms prescribed by the Reserve Bank of India (Amendment) Act,1997, Twenty percent of the Pro?t after Taxation of the current year have been transferred to the Statutory Reserve.


Mar 31, 2011

1) Basis of Accounting:

The financial statements have been prepared under the historical cost convention, on the basis of going concern, and on accrual method of accounting, in accordance with Generally Accepted Accounting Principles (GAAP) and provision of the Companies Act 1956 as adopted consistently by the Company. All income and expenditure having material bearing of ?nancial statements are recognized on accrual basis. The company has completed with all the mandatory Accounting Standards (AS) issued by the Institute of Chartered Accountants of India, to the extent applicable.

2) Revenue Recognition a) Income from operations:

Income from operations which comprises dealing in shares and securities are all accounted for on accrual basis. Dividend income is accounted for when the right to receive is established.

3) Investments

As per the policy of the company, all the investment are treated as Long term Investment. Investments are stated at cost. In case of quoted investments, provision for diminution in value of investment is made, if such diminution is of permanent nature.

4) Statutory Reserve

In accordance with Section 45-IC of the Reserve Bank Of India (Amendment) Act, 1997, twenty percent of the Profit after taxation is to be transferred to Statutory Reserve.

5) Stock-in-trade

To comply with the Prudential Norms prescribed by the Reserve Bank of India, stock in trade has been valued at Cost or available market quotation whichever is lower, scrip wise. However unquoted securities held as stock in trade has been valued at cost.

6) Borrowing Costs

Borrowing Costs that are attributable to the acquisitions, construction or production of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale. All other borrowing costs are charged as an expenses in the year in which these are incurred.

7) Treatment of Contingent Liabilities

Claims against the Company are recognized when Board of Directors determine that it is probable that the liability will be payable. Claims made by the Company are recognized when formal intimation of the agreement of the Claim is received from the counterparties.

8) Accounting Standard 22 issued by The Institute of Chartered Accountant of India on accounting for taxes on income become mandatory effective from April 1, 2001. However on a conservative basis, the company has not recognized the deferred tax asset.

General:

Accounting policies not speci?cally referred to are consistent with the Indian Generally Accepted Accounting Principles (GAAP).

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