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Accounting Policies of India Infraspace Ltd. Company

Mar 31, 2015

A) Basis of Preparation:

These financial statements have been prepared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis. Pursuant to section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rule, 2014, till the standards of accounting or any addendum thereto are prescribed by Central Government in consultation and recommendation of the national Financial Reporting Authority, the existing Accounting Standards notified under the Companies Act,1956 shall continue to apply. Consequently, these financial statements have been prepared to comply in all material aspects with the accounting standards notified under section 211(3C) of Companies Act,1956 (Companies (Accounting Standards) Rules,2006 as amended) and other relevant provisions of the Companies Act,2013.

B) USE OF ESTIMATES:

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities on the date of the 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/materialised

C) Revenue Recognisation:

i) All income and expenditure items having material bearing on the financial statements are recognised on accrual basis.

ii) In case of Steel business, the purchase and sales are accounted net off of VAT receivable and payable.

D) Valuation of Closing Stock:

Stock of Steel Products is valued at cost or market price whichever is lower basis.

E) Provision, Contingent Liabilities and Contingent Assets:

Provisions are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources to settle the obligation that can be reliably estimated. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed.

F) Prior Period Adjustment :

Expense and income pertaining to earlier/previous years are accounted as prior period item.

G) Deferred Tax :

There are no timing differences for tax liability and therefore Deferred Tax Assets / liability as on 31/03/2015 has not been recognized.

H) Employee Benefits :

The company is not liable to the provision of Provident Fund Act or ESI Act and no provision is required for Gratuity liability as none of the employee has completed eligible period of employment.

Further the benefit in terms of Leave Encashment is paid during the same year as the employees are not allowed to accumulate the leaves entitled during the year.

I) Impairment of assets:

An assets is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which assets is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been change in the estimate of recoverable amount.




Mar 31, 2014

A) Basis of preparation of Financial Statements:

i) The financial statements have been prepared under the historical cost convention on accrual basis as a going concern in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 and in accordance with applicable accounting standard as prescribed by the Companies (Accounting Standard) Rules, 2006.

ii) Accounting policies not specifically referred to otherwise are in consonance with generally accepted accounting principles.

B) Revenue Recognisation:

i) All income and expenditure items having material bearing on the financial statements are recognised on accrual basis.

ii) In case of Steel business, the purchase and sales are accounted net off of VAT receivable and payable.

C) Valuation of Closing Stock:

1) Stock of Steel Products is valued at cost or market price whichever is lower basis.

D) Provision, Contingent Liabilities and Contingent Assets:

Provisions are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources to settle the obligation that can be reliably estimated. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed.

E) Prior Period Adjustment:

Expense and income pertaining to earlier/previous years are accounted as prior period item.

F) Deferred Tax:

There are no timing differences for tax liability and therefore Deferred Tax Assets/liability as on 31/03/2014 has not been recognised.

G) Employee Benefits:

The company is not liable to the provision of Provident Fund Act or ESI Act and no provision is required for Gratuity liability as none of the employee has completed eligible period of employment.

Further the benefit in terms of Leave Encashment is paid during the same year as the employees are not allowed to accumulate the leaves entitled during the year.

H) Impairment of assets:

An assets is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which assets is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been change in the estimate of recoverable amount.


Mar 31, 2013

A) Basis of preparation of Financial Statements:

i) The financial statements have been prepared under the historical cost convention on accrual basis as a going concern in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 and in accordance with applicable accounting standard as prescribed by the Companies (Accounting Standard) Rules, 2006.

ii) Accounting policies not specifically referred to otherwise are in consonance with generally accepted accounting principles.

B) Revenue Recognisation:

i) All income and expenditure items having material bearing on the financial statements are recognised on accrual basis.

ii) In case of Steel business, the purchase and sales are accounted net off of VAT receivable and payable.

C) Valuation of Closing Stock:

1) Stock of Steel Products is valued at cost or market price whichever is lower basis.

D) Provision, Contingent Liabilities and Contingent Assets:

Provisions are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources to settle the obligation that can be reliably estimated. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed.

E) Prior Period Adjustment :

Expense and income pertaining to earlier/previous years are accounted as prior period item.

F) Deferred Tax :

There are no timing differences for tax liability and therefore Deferred Tax Assets / liability as on 31/03/2013 has not been recognised.

G) Employee Benefits :

The company is not liable to the provision of Provident Fund Act or ESI Act and no provision is required for Gratuity liability as non of the employee has completed eligible period of employment. Further the benefit in terms of Leave Encashment is paid during the same year as the employees are not allowed to accumulate the leaves entitled during the year.


Mar 31, 2012

A) Basis of preparation of Financial Statements:

i) The financial statements have been prepared under the historical cost convention on accrual basis as a going concern in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 and in accordance with applicable accounting standard as prescribed by the Companies (Accounting Standard) Rules, 2006.

ii) Accounting policies not specifically referred to otherwise are in consonance with generally accepted accounting principles.

B) Revenue Recognisation:

All the income is accounted for on accrual basis.

C) Contingent Liabilities:

Contingent liabilities not provided for in account are disclosed by way of notes.

D) Deferred Tax :

There are no timing differences for tax liability and therefore Deferred Tax Assets / liability as on 31/03/2012 has not been recognised.


Mar 31, 2011

I) Basis of preparation of Financial Statements :

The financial statements have been prepared under the historical cost convention in accordance with the normally accepted accounting principles and the provisions of the Companies Act, 1956.

ii) Basis of Accounting:

All income and expenditure items having a material bearing on the financial statements are recognised on accrual basis, except Dividend Income which is accounted on receipt basis.

iii) Revenue Recognisation: All the income is accounted for on accrual basis.

iv) Contingent Liabilities: Contingent liabilities not provided for in account are disclosed by way of notes.

v) Deferred Tax: There are no timing differences for tax liability and therefore Deferred Tax Assets / liability as on 31/03/2011 has not been recognised.


Mar 31, 2010

I) Basis of preparation of Financial Statements :

The financial statements have been prepared under the historical cost convention in accordance with the normally accepted accounting principles and the provisions of the Companies Act, 1956.

ii) Basis of Accounting:

All income and expenditure items having a material bearing on the financial statements are recognised on accrual basis, except Dividend Income which is accounted on receipt basis.

iii) Revenue Recognisation:

All the income is accounted for on accrual basis.

iv) Contingent Liabilities:

Contingent liabilities not provided for in account are disclosed by way of notes.

V) Deferred Tax:

There are no timing differences for tax liability and therefore Deferred Tax Assets / liability as on 31/03/2010 has not been recognised.

 
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