Mar 31, 2015
A Basis of Preparation of financial statement:
The financial statements are prepared in accordance with Indian GAAP
under the historical cost convention on the accrual basis. GAAP
comprises mandatory accounting standards prescribed by the Companies
(Accounting Standards) Rules, 2006 and guidelines issued by SEBI.
Accounting policies have been consistently applied except where a
newly issued accounting standard is initially adopted or a revision to
an existing accounting standard requires a change in the accounting
policy hitherto in use.
b Use of Estimates:
The preparation of financial statements is in conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities on
the date of financial statements and the reported amounts of revenues
and expenses during the reporting period. Differences between actual
results and estimates are recognized in the period in which the
results are known / materialized.
c Revenue Recognition:
Income
i Revenue from sale of finished properties / buildings / Land are
recognized on transfer of property and once significant risks and
rewards of ownership have been transferred to the buyer. Similarly,
revenue from sale of Transferable Development Rights (TDR) is
recognized on transfer of the rights to the buyer. Revenue recognition
is postponed to the extent of significant uncertainty.
ii Revenue from sale of incomplete properties is recognized on the
basis of percentage of completion method, determined on the basis of
physical proportion of the work completed, as certified by the
Company's technical personnel, in relation to a contract or a group
of contracts within a project, only after the work has progressed to
the extent of 40% of the total work involved. Variations in estimates
are updated periodically by technical certification. Further, revenue
recognized in the aforesaid manner and related cost are both
restricted to 90% until the construction activity and related
formalities are substantially completed. Costs relating to
construction / development are charged to the Profit and Loss Account
in proportion with the revenue recognized during the period. The
balance costs are carried as part of 'Incomplete Projects' under
inventories. Amounts receivable / payable are reflected as Debtors /
Advances from Customers, respectively, after considering income
recognized in the aforesaid manner. Recognition of revenue relating to
agreements entered into with the buyers, which are subject to
fulfilment of obligations / conditions imposed by statutory
authorities.
iii Interest income is recognised on time proportion basis.
iv Dividend income is recognized when the right to receive dividend is
established and/ or receipt.
Expenses
All revenue expenses are accounted on accrual basis except, expenses
pertaining to specific projects, which are considered as paid towards
work in progress until the specific project is completed.
d Fixed Assets and Depreciation:
i Assets are stated at actual cost less accumulated depreciation, less
impairment if any. The actual cost capitalised includes material cost,
freight, installation cost, duties and taxes, finance charges and
other incidental expenses incurred during the
construction/installation stage.
ii Depreciation on fixed assets is provided on the straight-line
method based on useful lives of assets as estimated by the Management.
Depreciation for assets purchased / sold during the period is
proportionately charged. Intangible assets are amortized over their
respective individual estimated useful lives on a straight-line basis,
commencing from the date the asset is available for its use. Leasehold
improvements are written off over the lower of the remaining primary
Period of lease or the life of the asset. Depreciation methods, useful
lives and residual values are reviewed at each reporting date.
iii The cost of and the accumulated depreciation of fixed assets sold,
retired or otherwise or disposed off are removed from the stated
values and the resulting gains and losses are included in the profit
and loss Accounts.
e Investments:
Investments are classified into current and long term investments.
Current investments are stated at lower of cost and fair value. Long
term investments are stated at cost. A provision for diminution is
made to recognize decline, other than temporary, in the value of long
term investments.
f Inventories
Items of inventories are measured at lower of cost or net realisable
value. Cost of inventories comprises of all cost of purchase, cost of
conversion and other costs incurred in bringing them to their
respective present location and condition. Cost of stores and spares,
trading and other products is determined on weighted average basis.
Work in Progress of Real Estate Projects is valued at cost.
g Borrowing Costs:
Interests and other borrowing costs attributable to qualifying assets
(including projects undertaken for sale by the Company directly or
through its Subsidiaries, Joint Ventures, Associates etc.) are
allocated as part of the cost of construction/development of such
assets. The borrowing costs incurred during the period in which
activities, necessary to prepare the assets for their intended use or
sale, are in progress, are allocated as aforesaid. Such allocation is
suspended during extended periods in which active development is
interrupted and, no costs are allocated once all such activities are
substantially complete. All other borrowing costs are charged to the
Profit and Loss Account.
h Taxation
i Current income tax is measured at the amount expected to be paid to
the tax authorities in accordance with the Indian Income-tax Act.
ii Deferred tax resulting from "timing differences" between book
and taxable profit is accounted for using the tax rates and laws that
have been enacted or substantively enacted as on the Balance Sheet
date. The deferred tax asset is recognised and carried forward only to
the extent that there is a reasonable /virtual certainty that the
asset will be realised in future. At each balance sheet date, the
carrying amount of deferred tax assets, if any, are reviewed to
reassure realization.
i Provision, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
j Impairment of Assets:
Consideration is given at each balance sheet date to determine whether
there is any indication of impairment of the carrying amount of the
Company's fixed assets. If any indication exists, an asset's
recoverable amount is estimated. An impairment loss is recognized
whenever the carrying amount of an asset exceeds its recoverable
amount.
Reversal of impairment losses recognised in prior years is recorded
when there is an indication that the impairment losses recognised for
the asset no longer exist or have decreased. However, the increase in
carrying amount of an asset due to reversal of an impairment loss is
recognised to the extent it does not exceed the carrying amount that
would have been determined (net of depreciation) had no impairment
loss been recognised for the assets in prior years. k Earning Per
Share:
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the
period. For the purpose of calculating diluted earning per share, the
net profit or loss for the period attributable to equity shareholders
and the weighted average number of shares outstanding during the
period are adjusted for the effects of all dilative potential equity
shares.
l Dues to Small Scale industrial undertaking:
There are no Micro and Small Enterprises to whom the company owes
dues, for more than 45 days as at March 31st, 2015. This information
as required to be disclosed under the micro, Small and Medium
Enterprises development Act, 2006 has been determined to the extent
such parties have been identified on the basis of Information
available to the company.
Mar 31, 2013
A Basis of Preparation of financial statement:
The financial statements have been prepared and presented under the
historical cost convention using the accrual basis of accounting in
accordance with the accounting principles generally accepted in India
and are in accordance with the applicable Accounting Standards,
Guidance Notes and the relevant provisions of the Companies Act, 1956.
b Use of Estimates:
The preparation of financial statements is in conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities on
the date of financial statements and the reported amounts of revenues
and expenses during the reporting period. Differences between actual
results and estimates are recognized in the period in which the results
are known / materialized.
c Revenue Recognition:
Income
i Revenue from sjile of finished properties / building* / Land are
recognized on transfer of property and once significant risks and
rewards of ownership have been transferred to the buyer. Similarly,
revenue from sale of Transferable Development Rights (TDR) is
recognized on transfer of the rights to the buyer. Revenue recognition
is postponed to the extent of significant uncertainty.
ii Revenue from side of incomplete properties is recognized on the
basis of percentage of completion method, determined on the basis of
physical proportion of the work completed, as certified by the
Company''s technical personnel, in relation to a contract or a group
of contracts within a project, only after the work has progressed to
the extent of 40% of the total work involved. Variations in estimates
are updated periodically by technical certification. Further, revenue
recognized in the aforesaid manner and related cost are both
restricted to 90% until the construction activity and related
formalities are substantially completed. Costs relating to construction
/ development arc charged to the Profit and Loss Account in proportion
with the revenue recognized during the period. The balance costs are
carried as part of ''Incomplete Projects'' under inventories. Amounts
receivable / payable are relieved as Debtors / Advances from Customers,
respectively, after considering income recognized in the aforesaid
manner. Recognition of revenue relating to agreements entered into with
the buyers, which are subject to fulfillment of obligations / conditions
imposed by statutory authorities.
iii Interest income is recognized on time proportion basis.
iv Dividend income is recognized when the right to receive dividend is
e established and/ or receipt.
Expense*
All revenue expenses are accounted on accrual basis except, expenses
pertaining to specific projects, which are considered as paid towards
work in progress until the specific project is completed.
Fixed Assets and Depreciation:
i Assets are stated at actual cost less accumulated depreciation, less
impairment if any. The actual cost capitalized includes material cost,
freight, installation cost, duties and taxes, finance charges and other
incidental expenses incurred during the construction/installation
stage.
ii Depreciation has been provided for on straight-line method at the
rates prescribed in Schedule XIV to the Companies Act. 1956.
iii The cost of and the accumulated depreciation of fixed assets sold,
retired or otherwise or disposed off are removed from the stated values
and the resulting gains and losses are included in the profit and loss
Accounts.
e Investments:
Investments fire classified into current and long term investments.
Current investments are stated at lower of cost and fair Video. Lung
term investments are stated at cost. A provision for diminution is made
to recognize decline, other than temporary, in the value of long term
investments.
f Inventories
Items of inventories are measured at lower of cost or net realizable
value. Cost of inventories comprises of all cost of purchase, cost of
conversion and other costs incurred in bringing them to their
respective present location and condition. Cost of stores and spies,
trading and other products is determined on weighted average basis.
Work in Progress of Rerun Estate Projects is valued at cost.
g Borrowing Costs:
Interests and other borrowing costs attributable to qualifying assets
(including projects undertaken for sale by the Company directly or
through its Subsidiaries, .Joint Ventures, Associates etc.) are
allocated as part of the cost of construct ion/development of such
assets. The borrowing costs incurred during the period in which
activities, necessary to prepare the assets for their intended use or
sale, are in progress, are allocated as aforesaid. Such allocation is
suspended during extended periods in which active development is
interrupted and, no costs are allocated once till such activities are
substantially complete. AH other borrowing costs are charged to the
Profit and Loss Account.
h Taxation
i Current income tax is measured at the amount expected to be paid to
the tax authorities in accordance with the Indian Income-tax Act.
ii Deferred tax resulting from ''timing differences" between book and
taxable profit is accounted for using the t
i Provision,. Contingent and Continued Assets:
Provisions involving substantial degree of estimation in measurement me
recognized when there is a present obligation as a result of past
events and it is probable that there will be an out How of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
j Impairment of Assets:
Consideration is given at each balance sheet dale to determine whether
there is any indication of impairment of the carrying amount of the
Company''s fixed assets. If any indication exists, an asset''s
recoverable amount is estimated. An impairment loss is recognized
whenever the carrying amount of an asset exceeds Ms recoverable
amount.
Kevers of impairment losses recognized in prior years is recorded
when there is an indication that the impairment losses recognized for
the ass»*t no longer exist or have decreased. However, the increase in
carrying amount of an asset due to reversal of an impairment loss is
recognized to the extent it does not exceed the carrying amount that
would have been determined (net of depreciation} had no impairment loss
been recognized for the assets in prior years.
k Earning Per Share:
13 a sic earnings per share are calculated by dividing the net profit
or loss for the period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shiir eh older s
and the weighted average number of shares outstanding during the period
are adjusted for the effects of all dilative potential equity shares.
Aug 31, 2010
A. Basis of Preparation of financial Statement:
The financial statements have been prepared and presented under the
historical cost convention using the accrual basis of accounting in
accordance with the accounting principles generally accepted in India
and are in accordance with the applicable Accounting Standards,
Guidance Notes and the relevant provisions of the Companies Act, 1956.
b. Use of Estimates:
The preparation of financial statements is in conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities on
the date of financial statements and the reported amounts of revenues
and expenses during the reporting period. Differences between actual
results and estimates are recognized in the period in which the results
are known / materialized.
c. Revenue Recognition: Income
i. Revenue from sale of finished properties / buildings / Land are
recognized on transfer of property and once significant risks and
rewards of ownership have been transferred to the buyer. Similarly,
revenue from sale of Transferable Development Rights (TDR) is
recognized on transfer of the rights to the buyer. Revenue recognition
is postponed to the extent of significant uncertainty.
ii. Revenue from sale of incomplete properties is recognized on the
basis of percentage of completion method, determined on the basis of
physical proportion of the work completed, as certified by the
Companys technical personnel, in relation to a contract or a group of
contracts within a project, only after the work has progressed to the
extent of 40% of the total work involved. Variations in estimates are
updated periodically by technical certification. Further, revenue
recognized in the aforesaid manner and related cost are both restricted
to 90% until the construction activity and related formalities are
substantially completed. Costs relating to construction / development
are charged to the Profit and Loss Account in proportion with the
revenue recognized during the year. The balance costs are carried as
part of ÃIncomplete Projects under inventories. Amounts receivable /
payable are reflected as Debtors / Advances from Customers,
respectively, after considering income recognized in the aforesaid
manner. Recognition of revenue relating to agreements entered into with
the buyers, which are subject to fulfilment of obligations / conditions
imposed by statutory authorities is postponed till such obligations are
discharged.
iii. Interest income is recognised on time proportion basis.
iv. Dividend income is recognized when the right to receive dividend is
established and/ or receipt.
Expenses
All revenue expenses are accounted on accrual basis except, expenses
pertaining to specific projects, which are considered as paid towards
work in progress until the specific project is completed.
d. Fixed Assets and Depreciation:
(i) Assets are stated at actual cost less accumulated depreciation,
less impairment if any. The actual cost capitalised includes material
cost, freight, installation cost, duties and taxes, finance charges and
other incidental expenses incurred during the construction/installation
stage.
(ii) Depreciation has been provided for on straight-line method at the
rates prescribed in Schedule XIV to the Companies Act, 1956. (iii) The
cost of and the accumulated depreciation of fixed assets sold, retired
or otherwise or disposed off are removed from the stated values and the
resulting gains and losses are included in the profit and loss
Accounts.
e. Investments:
Investments are classified into current and long term investments.
Current investments are stated at lower of cost and fair value. Long
term investments are stated at cost. A provision for diminution is made
to recognize decline, other than temporary, in the value of long term
investments.
f. Inventories
Items of inventories are measured at lower of cost or net realisable
value. Cost of inventories comprises of all cost of purchase, cost of
conversion and other costs incurred in bringing them to their
respective present location and condition. Cost of stores and spares,
trading and other products is determined on weighted average basis.
Work in Progress of Real Estate Projects is valued at cost.
g. Borrowing Costs:
Interests and other borrowing costs attributable to qualifying assets
(including projects undertaken for sale by the Company directly or
through its Subsidiaries, Joint Ventures, Associates etc.) are
allocated as part of the cost of construction/development of such
assets. The borrowing costs incurred during the period in which
activities, necessary to prepare the assets for their intended use or
sale, are in progress, are allocated as aforesaid. Such allocation is
suspended during extended periods in which active development is
interrupted and, no costs are allocated once all such activities are
substantially complete. All other borrowing costs are charged to the
Profit and Loss Account.
h. Taxation:
i) Current income tax is measured at the amount expected to be paid to
the tax authorities in accordance with the Indian Income-tax Act.
ii) Deferred tax resulting from Ãtiming differencesà between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the Balance Sheet date. The
deferred tax asset is recognised and carried forward only to the extent
that there is a reasonable /virtual certainty that the asset will be
realised in future. At each balance sheet date, the carrying amount of
deferred tax assets, if any, are reviewed to reassure realization.
i. Provision, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
j. Impairment of Assets:
Consideration is given at each balance sheet date to determine whether
there is any indication of impairment of the carrying amount of the
Companys fixed assets. If any indication exists, an assets
recoverable amount is estimated. An impairment loss is recognized
whenever the carrying amount of an asset exceeds its recoverable
amount. Reversal of impairment losses recognised in prior years is
recorded when there is an indication that the impairment losses
recognised for the asset no longer exist or have decreased. However,
the increase in carrying amount of an asset due to reversal of an
impairment loss is recognised to the extent it does not exceed the
carrying amount that would have been determined (net of depreciation)
had no impairment loss been recognised for the assets in prior years.
k. Earning Per Share:
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. For the
purpose of calculating diluted earning per share, the net profit or
loss for the period attributable to equity shareholders and the
weighted average number of shares outstanding during the period are
adjusted for the effects of all dilative potential equity shares.
l. Dues to Small Scale industrial undertaking:
There are no Micro and Small Enterprises to whom the company owes dues,
for more than 45 days as at August 31st 2010. This information as
required to be disclosed under the micro, Small and Medium Enterprises
development Act, 2006 has been determined to the extent such parties
have been identified on the basis of Information available to the
company.
Aug 31, 2009
A. Basis of Preparation of financial Statement:
The financial statements have been prepared and presented under the
historical cost convention using the accrual basis of accounting in
accordance with the accounting principles generally accepted in India
and are in accordance with the applicable Accounting Standards,
Guidance Notes and the relevant provisions of the Companies Act, 1956.
b. Use of Estimates:
The preparation of financial statements is conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities on
the date of financial statements and the reported amounts of revenues
and expenses during the reporting period. Differences between actual
results and estimates are recognized in the period in which the results
are known / materialized.
c. Revenue Recognition:
Income
i. Revenue from sale of finished properties / buildings / Land are
recognized on transfer of property and once significant risks and
rewards of ownership have been transferred to the buyer. Similarly,
revenue from sale of Transferable Development Rights (TDR) is
recognized on transfer of the rights to the buyer. Revenue recognition
is postponed to the extent of significant uncertainty.
ii. Revenue from sale of incomplete properties is recognized on the
basis of percentage of completion method, determined on the basis of
physical proportion of the work completed, as certified by the
Companys technical personnel, in relation to a contract or a group of
contracts within a project, only after the work has progressed to the
extent of 40% of the total work involved. Variations in estimates are
updated periodically by technical certification. Further, revenue
recognized in the aforesaid manner and related cost are both restricted
to 90% until the construction activity and related formalities are
substantially completed. Costs relating to construction / development
are charged to the Profit and Loss Account in proportion with the
revenue recognized during the year. The balance costs are carried as
part of Incomplete Projects under inventories. Amounts receivable /
payable are reflected as Debtors / Advances from Customers,
respectively, after considering income recognized in the aforesaid
manner. Recognition of revenue relating to agreements entered into with
the buyers, which are subject to fulfilment of obligations / conditions
imposed by statutory authorities is postponed till such obligations are
discharged.
iii. Interest income is recognised on time proportion basis.
iv. Dividend income is recognized when the right to receive dividend is
established and/ or receipt.
Expenses
All revenue expenses are accounted on accrual basis except, expenses
pertaining to specific projects, which are considered as paid towards
work in progress until the specific project is completed.
d. Fixed Assets and Depreciation:
(i) Assets are stated at actual cost less accumulated depreciation,
less impairment if any. The actual cost capitalised includes material
cost, freight, installation cost, duties and taxes, finance charges
and other incidental expenses incurred during the construction/
installation stage.
(ii) Depreciation has been provided for on straight-line method at
the rates prescribed in Schedule XIV to the Companies Act, 1956.
(iii) The cost of and the accumulated depreciation of fixed assets
sold, retired or otherwise or disposed off are removed from the stated
values and the resulting gains and losses are included in the profit
and loss Accounts.
e. Investments:
Investments are classified into current and long term investments.
Current investments are stated at lower of cost and fair value. Long
term investments are stated at cost. A provision for diminution is made
to recognize decline, other than temporary, in the value of long term
investments.
f. Inventories
Items of inventories are measured at lower of cost or net realisable
value. Cost of inventories comprises of all cost of purchase, cost of
conversion and other costs incurred in bringing them to their
respective present location and condition. Cost of stores and spares,
trading and other products is determined on weighted average basis.
Work in Progress of Real Estate Projects is valued at cost.
g. Borrowing Costs:
Interests and other borrowing costs attributable to qualifying assets
(including projects undertaken for sale by the Company directly or
through its Subsidiaries, Joint Ventures, Associates etc.) are
allocated as part of the cost of construction/development of such
assets. The borrowing costs incurred during the period in which
activities, necessary to prepare the assets for their intended use or
sale, are in progress, are allocated as aforesaid. Such allocation is
suspended during extended periods in which active development is
interrupted and, no costs are allocated once all such activities are
substantially complete. All other borrowing costs are charged to the
Profit and Loss Account.
h. Taxation:
i) Provision for Taxation is not made in view of the loss for the
current accounting year (reporting year) in accordance with the Income
Tax Act, 1961.
ii) Deferred tax resulting from "timing differences" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the Balance Sheet date. The
deferred tax asset is recognised and carried forward only to the extent
that there is a reasonable /virtual certainty that the asset will be
realised in future. At each balance sheet date, the carrying amount of
deferred tax assets, if any, are reviewed to reassure realization.
i. Provision, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
j. Impairment of Assets:
The carrying amount of assets are reviewed at each Balance Sheet date
if there is indication of impairement based on internal / external
factors. An impairement loss will be recognised whenerever the carrying
amount of an asset exceeds its estimated recoverable amount. The
recoverable amount is the estimated net selling price based on the best
information available, in the absence of active market.Previously
recognised impairment loss is further provided or reversed depending on
changes in circumstances.
k. Earning Per Share:
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. For the
purpose of calculating diluted earning per share, the net profit or
loss for the period attributable to equity shareholders and the
weighted average number of shares outstanding during the period are
adjusted for the effects of all dilative potential equity shares.
l. Dues to Small Scale industrial undertaking:
i. As at August 31st, 2009 and August 31st 2008, the company had no
outstanding dues exceeding Rs. 1 lacs for more than 30 days to Small
Scale Industrial Undertaking.
ii. There are no Micro and Small Enterprises to whom the company owes
dues, for more than 45 days as at August 31st 2009. This information as
required to be disclosed under the micro, Small and Medium Enterprises
development Act, 2006 has been determined to the extent such parties
have been identified on the basis of Information available to the
company.