Home  »  Company  »  Indo Pacific Project  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Indo Pacific Projects Ltd. Company

Mar 31, 2015

1. Estimated amount of contracts remaining to be executed on capital accounts not provided for - NIL (P.Y. - NIL)

2. in the opinion of the Board current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business. Confirmation of Balances in respect of the Deposits and Advances, Sundry Creditors, Sundry Debtors and other payables etc. were not available for verification at the time of audit.

3. REMUNERATION TO STATUTORY AUDITOR Audit Fees: Rs.50000 /- (PY Rs. 25000/-]

4. MANAGERIAL REMUNERATION :

%, Mr. Nandkumar Harchandani Rs.10, 00,000/-

2. Ms. Archana D. Wani Rs. 5,00,000/-

5. SEGMENT REPORTING :-

The Company serves to business segments i.e. Construction, Entertainment and other related Business, which is governed by the same set of risk and returns.

6. RELATED PARTY DISCLOSURE :-

Related party Disclosures have been made as applicable in the Tax Audit Report & the Annexure thereto.

7. EARNING PER SHARE (EPS)

Divisible Profit for the year 2014-2015 Rs. 14,928,744.90

No. of Equity Shares 10,050,800

Earning Per Shares Rs.1.485


Mar 31, 2014

1, BASIS OF PREPRATION

The financial Statements are prepared under the historical awl convention In accordance with generally accepted Amounting Principles (GAAP) and materially comply with the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and the provtikoei of the Companies Act, 1956. All Income 8 Expenditure having a material bearing on the Financial Statements are recognized on Accrual basis.

2, Use Of ESTIMATES

The preparation of financial Statement in conformity with GAAP require management to make estimates and assumption that affect the reported amount of Assets 6 Liabilities, disclosure of Contingent Liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses -during the reporting period- The actual results could differ from these estimates

3, VALUATION Of FIXED ASSET

Fixed Assets are stated at the cost of acquisition or Construction less Depreciation provided thereon, d- DEPRERATION

i) Depreciation on Fixed Assets Is provided on written down value at the rates as prescribed by Schedule xrv of The Companies Act, 1956

ii Depreciation is charged cm pro-rata bass for assets Purchased / Sold during the vear. rhl Lands Bullring (whether freehold or leasehold} w depreciated

5. INVESTMENTS;

The long-term investments are stated at cost Temporary decline In the value of investment fif any) is not recognized,

6. VALUATION Qf INVENTORIES

Closing Stock art » valued, taken and certified by the Director.

I) Stores. Spares, BuSrfing Match jb, Loose Tools are valued at coiL

II) Raw Materials are valued at cost

III) Project Work in Progress is valued at cost

7. REVENUE RECONISATION

Rpvenue from Entertainment and other Related Business (Business Conducting Charges! Is recognized in some cases on receipt basis and in other cases on Accrual bath

Director has certified that no personal expenses have been charged in the accounts during the year.


Mar 31, 2013

1. BASIS OF PREPARATION :

The Financial Statements are prepared under the historical cost convention in accordance with generally accepted Accounting Principles (GAAP) and materially comply with the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and the provision of the Companies Act, 1956. All Income & Expenditure having a material bearing on the Financial Statements are recognized on Accrual basis.

2. USE OF ESTIMATES :

The preparation of Financial Statement in conformity with GAAP requires management to make estimates and assumption that affect the reported amount of Assets & Liabilities, disclosure of Contingent Liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The actual results could differ from these estimates.

3. VALUATION OF FIXED ASSETS :

Fixed Assets are stated at the cost of acquisition or Construction less Depreciation provided thereon.

4. DEPRECIATION :

i) Depreciation on Fixed Assets is provided on written down value at the rates as prescribed by Schedule XIV of The Companies Act, 1956.

ii) Depreciation is charged on pro-rata basis for assets Purchased / Sold during the year.

iii) Land & Building (whether Freehold or leasehold) is depreciated.

5. INVESTMENTS :

The long-term investments are stated at cost. Temporary decline in the value of investment (if any) is not recognized.

6. VALUATION OF INVENTORIES :

Closing Stock are as valued, taken and certified by the Director. i) Stores, Spares, Building Materials, Loose Tools are valued at cost.

ii) Raw Materials are valued at cost.

iii) Project Work in Progress is valued at cost

7. REVENUE RECOGNITION :-

Revenue from Entertainment and other Related Business (Business Conducting Charges) is recognized in some cases on receipt basis and in other cases on Accrual basis.

8. PERSONAL EXPENSES :

Director has certified that no personal expenses have been charged in the accounts during the year.


Mar 31, 2012

1. BASIS OF PREPARATION :

The Financial Statements are prepared under the historical cost convention in accordance with generally accepted Accounting Principles (GAAP) and materially comply with the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and the provision of the Companies Act, 1956. All Income & Expenditure having a material bearing on the Financial Statements are recognized on Accrual basis.

2. USE OF ESTIMATES :

The preparation of Financial Statement in conformity with GAAP requires management to make estimates and assumption that affect the reported amount of Assets & Liabilities, disclosure of Contingent Liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The actual results could differ from these estimates.

3. VALUATION OF FIXED ASSETS :

Fixed Assets are stated at the cost of acquisition or Construction less Depreciation provided thereon.

4. DEPRECIATION :

i) Depreciation on Fixed Assets is provided on written down value at the rates as prescribed by Schedule XIV of The Companies Act, 1956.

ii) Depreciation is charged on pro-rata basis for assets Purchased / Sold during the year.

iii) Land & Building (whether Freehold or leasehold) is depreciated.

5. INVESTMENTS :

The long-term investments are stated at cost. Temporary decline in the value of investment (if any) is not recognized.

6. VALUATION OF INVENTORIES :

Closing Stock are as valued, taken and certified by the Director.

i) Stores, Spares, Building Materials, Loose Tools are valued at cost.

ii) Raw Materials are valued at cost.

iii) Project Work in Progress is valued at cost plus estimated Profit on the basis of completion of work

7. REVENUE RECOGNITION :-

Revenue from Entertainment and other Related Business (Business Conducting Charges) is recognized in some cases at receipt basis and otherwise on Accrual basis.

8. PERSONAL EXPENSES :

Director has certified that no personal expenses have been charged in the accounts during the year.


Mar 31, 2011

1. BASIS OF PREPARATION:

The Financial Statements are prepared under the historical cost convention in accordance with generally accepted Accounting Principles (GAAP) and materially comply with the Mandatory Accounting Standards issued by the Institute Of Chartered Accountants Of India and the provisions of The Companies Act, 1956. All Income & Expenditure having a material bearing on the Financial Statements are recognized on Accrual basis.

2. USE OF ESTIMATES:

The preparation of Financial Statement in conformity with GAAP requires Management to make estimates and assumption that affect the reported amount of Assets & Liabilities, disclosure of Contingent Liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The actual results could differ from these estimates.

3. VALUATION OF FIXED ASSETS:

Fixed Assets are stated at the cost of acquisition or Construction less Depreciation Provided thereon.

4. DEPRECIATION:

i) Depreciation on Fixed Assets is provided on W. D . V. Method at the rates as prescribed by Schedule XIV of The Companies Act, 1956.

ii) Depreciation is charged on pro-rata basis for assets Purchased / Sold during the year.

iii) Land (whether freehold or leasehold) is deprecated.

5. BORROWING COSTS:

Borrowing costs that are directly attributable to the production of qualifying assets (i.e. Commercial Complexes) are capitalized, while the other borrowing costs are capitalized to Capital Work In Progress.

6. INVESTMENTS:

The long-term Investments are stated at cost. Temporary decline in the value of investment (if any) is not recognized

7. VALUATION OF INVENTORIES:

I) Closing Stock are as valued, taken and certified by the Director.

ii) Stores, Spares, Building Materials, Loose Tools are valued at cost.

iii) Raw Materials are valued at cost.

iv) Project Work in Progress is valued at cost plus estimated Profit on the basis of completion of work.

8. REVENUE RECOGNITION:

Revenue from entertainment and other related Business (Business Conduction Charg) is recognized on the basis of percentage of work completed.

9. PERSONAL EXPENSES

Director has certified That no personal expenses have been charged in the accounts during the Year.


Mar 31, 2010

1. BASIS OF PREPARATION:

The Financial Statements are prepared under the historical cost convention in accordance with generally accepted Accounting Principles (GAAP) and materially comply with the Mandatory Accounting Standards issued by the Institute of Chartered Accountants Of India and the provisions of the Companies Act, 1956. All Income &Expenditure having a material bearing on the Financial Statements are recognized on Accrual basis.

2. USE OF ESTIMATES:

The preparation of Financial Statement in conformity with GAAP requires management to make estimates and assumption that affect the reported amount of Assets & Liabilities, disclosure of Contingent Liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The actual results could differ from these estimates.

3. VALUATION OF FIXED ASSETS:

Fixed Assets are stated at the cost of acquisition or Construction less Depreciation provided there on.

4. DEPRECIATION:

i) Depreciation on Fixed Assets is provided on Written Down Method at the rates as prescribed by Schedule XIV of the Companies Act, 1956.

ii) Depreciation is charged on pro-rata basis for assets Purchased / Sold during the year.

iii) Land (whether freehold or leasehold) is depreciated.

5. BORROWING COSTS:

Borrowing costs that are directly attributable to the production of qualifying assets (i.e. Commercial Complex) are capitalized, while the other borrowing costs are capitalized to capital work in progress.

6. INVESTMENTS:

The long-term Investments are stated at cost. Temporary decline in the value of investment (if any) is not recognized

7. VALUATION OF INVENTORIES:

i) Closing Stock are as valued, taken and certified by the directors.

ii) Stores, Spares, Building Materials, Loose Tools are valued at cost.

iii) Raw Materials are valued at cost.

iv) Project Work in Progress is valued at cost plus estimated Profit on the basis of completion of work.

8. REVENUE RECOGNITION:

Revenue from entertainment and other Related Business (Business Conducting Charges) is recognized on the basis of percentage of work completed.

9. PERSONAL EXPENSES:

Directors has certified that no personal expenses have been charged in the accounts during the year.


Mar 31, 2009

1. BASIS OF PREPARATION: -

The Financial Statements are prepared under the historical cost convention in accordance with generally accepted Accounting Principles (GAAP) and materially comply with the Mandatory Accounting Standards issued by the Institute Of Chartered Accountants Of India and the provisions of The Companies Act, 1956. All Income & Expenditure having a material bearing on the Financial Statements are recognized on Accrual basis.

2. USE OF ESTIMATES:-

The preparation of Financial Statement in conformity with GAAP requires Management to make estimates & assumptions that affect the reported amount of Assets & Liabilities, disclosure of Contingent Liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The actual results could differ from these estimates.

3. VALUATION OF FIXED ASSETS: -

Fixed Assets are stated at the cost of acquisition or Construction less Depreciation provided thereon.

4. DEPRECIATION: -

i) Depreciation on Fixed Assets is provided on Written down Value Method at the rates as prescribed by Schedule XIV of The Companies Act, 1956.

ii) Depreciation is charged on pro-rata basis for assets Purchased / Sold during the year.

iii) Land (whether freehold or leasehold) is depreciated.

5. BORROWING COSTS:-

Borrowing costs that are directly attributable to the production of qualifying assets (i.e. Commercial Complexes) are capitalized, while the other borrowing costs are capitalized to Capital Work In Progress.

6. INVESTMENTS: -

The long-term Investments are stated at cost. Temporary decline in the value of investment (if any) is not recognized

7. VALUATION OF INVENTORIES: -

Closing stock are as valued, taken and certified by the director. i) Stores, Spares, Building Materials, Loose Tools are valued at cost. ii) Raw Materials are valued at cost. iii) Project Work in Progress is valued at cost plus estimated Profit on the basis of completion of work.

8. REVENUE RECOGNITION:-

Revenue from Entertainment and other Related Business (Business Conducting Charges) is recognized on the basis of percentage of work completed.

8. PERSONAL EXPENSES:-

Director has certified that no personal expenses have been charged in the accounts during the year

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X