Mar 31, 2015
(a) Accounting Convention & Concepts
The accounts are prepared in accordance with accounting principles
generally accepted and the guidelines issued by the Institute of
Chartered Accountants of India wherever applicable. The Company
generally follows mercantile system of accounting under historical
cost convention
(b) Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. The
estimates used in the preparation of the financial statements are
prudent and reasonable. Difference between the actual results and
estimates are recognised in the period in which the results are known/
materialized.
(c) Fixed Assets
All the Fixed Assets are stated at cost less accumulated depreciation.
(d) Depreciation
Depreciation on assets has been provided based on useful life of
assets as per Schedule II of the Companies Act,2013.
On Expiry of the useful life of the asset, the carrying amount less the
residual value of the asset will be transferred to the opening balance
of Reserves & Surplus.
(e) Investments
Long-term investments are stated at cost, which includes other
incidental expenses.
(f) Real Estate Business Inventories:
Work-in-Progress of Projects
(i) Inventories are valued at cost or net realizable value whichever
is less. The Construction Work in Progress includes Cost of Land,
Properties, Development Rights, TDR Rights, Construction Costs and
Direct Expenses attributable to the projects.
(ii) Inventories of finished tenements, if any, are valued at cost or
estimated net realizable value which ever is less, as certified by
management.
(g) Income
Generally revenue is recognized when the income is determined to be
realized on accrual basis or actually received.
(h) Expenses
All revenue expenses are charged on the mercantile method of
accounting.
(i) Employees'benefits policy:
The Company does not make any provision forgratuity/retirement
benefits payable to the employees. The amounts in respect of
gratuity/retirement benefits payable in accordance with the Payment of
Gratuity Act, 1972 / other statutory provisions, if any, shall be
accounted in the year of actual payment thereof.'
(j) Taxation
Tax expense comprises current and deferred tax. Provision for current
tax is made after taking into consideration benefits admissible under
the provisions of the Income Tax Act, 1961.The deferred tax resulting
from timing difference between taxable and accounting income is
accounted using the tax rates and laws that are enacted or
substantively enacted as on the balance sheet date. Deferred Tax asset
Is recognised and carried forward only to the extent that there is
virtual certainty that the asset will be realized in future.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws,
which gives future economic benefits in the form of adjustment to
future income tax liability, is considered as an asset if there is
convincing evidence that the Company will pay normal income tax.
Accordingly, MAT is recognised as an asset in the Balance Sheet when
it is probable that future economic benefit associated with it will
flow to the Company.
(k) Provisions & Contingent Liabilities:
The company creates the provision when there is a present obligation
as a result of past event that probably required an outflow of
resources and reliable estimate can be made of the amount of the
outflow.
Disclosure for a Contingent Liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or a present obligation in respect of which likelihood of outflow of
resources is remote, no provision or disclosures made.
Mar 31, 2014
(a) Accounting Convention & Concepts
The accounts are prepared in accordance with accounting principles
generally accepted and the guidelines issued by the Institute of
Chartered Accountants of India wherever applicable. The Company
generally follows mercantile system of accounting under historical cost
convention.
(b) Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. The
estimates used in the preparation of the financial statements are
prudent and reasonable. Difference between the actual results and
estimates are recognised in the period in which the results are known/
materialized.
(c) Fixed Assets
All the Fixed Assets are stated at cost less accumulated depreciation.
(d) Depreciation
Depreciation on assets has been provided on straight-line method at the
rates prescribed by Schedule XIV of the Companies Act, 1956 as amended.
(e) Investments
Long-term investments are stated at cost, which includes other
incidental expenses.
(f) Real Estate Business
Inventories:
Work-in-Progress of Projects
(i) Inventories are valued at cost or net realizable value whichever is
less. The Construction Work in Progress includes Cost of Land,
Development Rights, TDR Rights, Construction Costs and Direct Expenses
attributable to the projects.
(ii) Inventories of finished tenements, if any, are valued at cost or
estimated net realizable value whichever is less, as certified by
management.
(g) Income
Generally revenue is recognized when the income is sure to realize on
accrual basis or actually received.
(h) Expenses
Revenue expenses are charged on the mercantile method of accounting.
(i) Employees'' benefits policy:
The Company does not make any provision for gratuity/retirement
benefits payable to the employees. The amounts in respect of
gratuity/retirement benefits payable in accordance with the Payment of
Gratuity Act, 1972 / other statutory provisions, if any, shall be
accounted in the year of actual payment thereof.
(j) Taxation
Tax expense comprises current and deferred tax. Provision for current
tax is made after taking into consideration benefits admissible under
the provisions of the Income Tax Act, 1961 The deferred tax resulting
from timing difference between taxable and accounting income is
accounted using the tax rates and laws that are enacted or
substantively enacted as on the balance sheet date. Deferred Tax asset
Is recognised and carried forward only to the extent that there is
virtual certainty that the asset will be realized in future.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
gives future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal income tax. Accordingly, MAT
is recognised as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the Company.
(k) Provisions & Contingent Liabilities:
The company creates the provision when there is a present obligation as
a result of past event that probably required an outflow of resources
and reliable estimate can be made of the amount of the outflow.
Disclosure for a Contingent Liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or a present obligation in respect of which likelihood of outflow of
resources is remote, no provision or disclosures made.
Mar 31, 2013
(a) Accounting Convention & Concepts
The accounts are prepared in accordance with accounting principles
generally accepted and the guidelines issued by the Institute of
Chartered Accountants of India wherever applicable. The Company
generally follows mercantile system of accounting under historical cost
convention.
(b) Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. The
estimates used in the preparation of the financial statements are
prudent and reasonable. Difference between the actual results and
estimates are recognised in the period in which the results are known/
materialized.
(c) Fixed Assets
All the Fixed Assets are stated at cost less accumulated depreciation.
(d) Depreciation
Depreciation on assets has been provided on straight-line method at the
rates prescribed by Schedule XIV of the Companies Act, 1956 as amended.
(e) Investments
Long-term investments are stated at cost, which includes other
incidental expenses.
(f) Real Estate Business Inventories: Work-in-Proaress of Projects
(i) Inventories are valued at cost or net realizable value whichever is
less. The Construction Work in Progress includes Cost of Land,
Development Rights, TDR Rights, Construction Costs and Direct Expenses
attributable to the projects. (ii) Inventories of finished tenements,
if any, are valued at cost or estimated net realizable value whichever
is less, as certified by management.
(g) Income
Generally revenue is recognized when the income is sure to realize on
accrual basis or actually received.
(h) Expenses
Revenue expenses are charged on the mercantile method of accounting.
(i) Employees'' benefits policy:
The Company does not make any provision for gratuity/retirement
benefits payable to the employees. The amounts in respect of
gratuity/retirement benefits payable in accordance with the Payment of
Gratuity Act, 1972 / other statutory provisions, if any, shall be
accounted in the year of actual payment thereof.
(j) Taxation
Tax expense comprises current and deferred tax. Provision for current
tax is made after taking into consideration benefits admissible under
the provisions of the Income Tax Act, 1961.The deferred tax resulting
from timing difference between taxable and accounting income is
accounted using the tax rates and laws that are enacted or
substantively enacted as on the balance sheet date. Deferred Tax asset
Is recognised and carried forward only to the extent that there is
virtual certainty that the asset will be realized in future.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
gives future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal income tax. Accordingly, MAT
is recognised as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the Company.
(k) Provisions & Contingent Liabilities :
The company creates the provision when there is a present obligation as
a result of past event that probably required an outflow of resources
and reliable estimate can be made of the amount of the outflow.
Disclosure for a Contingent Liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or a present obligation in respect of which likelihood of outflow of
resources is remote, no provision or disclosures made.
Mar 31, 2012
(a) Accounting Convention & Concepts
The accounts are prepared in accordance with accounting principles
generally accepted and the guidelines issued by the Institute of
Chartered Accountants of India wherever applicable. The Company
generally follows mercantile system of accounting under historical cost
convention.
(b) Fixed Assets
All the Fixed Assets are stated at cost less accumulated depreciation.
(c) Depreciation
Depreciation on assets has been provided on straight-line method at the
rates prescribed by Schedule XIV of the Companies Act, 1956 as amended.
(d) Investments
Long-term investments are stated at cost, which includes other
incidental expenses.
(e) Real Estate Business Inventories:
Work-in-Proaress of Projects
Inventories are valued at cost or net realizable value whichever is
less. The Construction Work in Progress includes cost of Land,
Development Rights, TDR Rights, Construction Costs and Direct Expenses
incidental to the projects undertaken by the Company. All the direct
expenses incurred are charged to work in progress account fully.
Inventories of finished tenements, if any, are valued at cost or
estimated net realizable value whichever is less, as certified by
management.
(f) Income
Generally revenue is recognized when the income is sure to realize on
accrual basis or actually received.
(g) Expenses
The expenses pertaining to specific real estate project are considered
as work in progress until the project is completed and revenue is
recognized and all other revenue expenses are charged on the mercantile
method of accounting.
(h) Employees' benefits policy:
The Company does not make any provision for gratuity/retirement
benefits payable to the employees. The amounts in respect of
gratuity/retirement benefits payable in accordance with the Payment of
Gratuity Act, 1972 / other statutory provisions, if any, shall be
accounted in the year of actual payment thereof.
(i) Provisions & Contingent Liabilities :
The company creates the provision when there is a present obligation as
a result of past event that probably required an outflow of resources
and reliable estimate can be made of the amount of the outflow.
Disclosure for a Contingent Liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible obligation
or a present obligation in respect of which likelihood of outflow of
resources is remote, no provision or disclosures made.
Mar 31, 2011
(a) Accounting Convention & Concepts
The accounts are prepared in accordance with accounting principles
generally accepted and the guidelines issued by the Institute of
Chartered Accountants of India wherever applicable. The Company
generally follows mercantile system of accounting under historical cost
convention.
(b) Fixed Assets
All the Fixed Assets are stated at cost less accumulated depreciation.
(c) Depreciation . Depreciation on owned assets has been provided on
straight-line method at the
rates prescribed by Schedule XIV of the Companies Act, 1956 as amended.
(d) Investments
Long-term investments are stated at cost, which includes brokerage.
Provision for the diminution in the value of investment is not made
since it is considered long term in nature in the opinion of the
management.
(e) Real Estate Business Inventories:
Work-in-Progress of Projects
Inventories are valued at lower of cost or net realizable value. The
Construction Work in Progress includes cost of Land, Development
Rights, TDR Rights, Construction Costs and Expenses incidental to the
projects undertaken by the Company. All the expenses incurred are
charged to work in progress account fully.
Inventories of finished tenements, if any, are valued at cost or
estimated net realizable value whichever is less, as certified by
management.
(f) Income
Income is accounted generally on accrual basis. The Revenue is
recognized when actually received or the income is sure to realize.
(g) Expenses
The expenses pertaining to specific real estate project are considered
as work in progress until the project is completed and revenue is
recognized.
(h) Employees' benefits policy:
The Company has paid short term benefits to their employees in the form
of Employees Provident Fund, Medical Reimbursement, Group Insurance
Scheme as may be applicable under the terms of their employment.
(i) Contingent Liabilities :
A disclosure for a Contingent Liability is made when there is a
possible obligation or a present obligation in respect of which
likelihood of outflow of resources is remote, and are not provided for
in the accounts and are separately disclosed in the notes on account
forming part of the accounts.
Mar 31, 2010
(a) Accounting Convention & Concepts
The accounts are prepared in accordance with accounting principles
generally accepted and the guidelines issued by the Institute of
Chartered Accountants of India wherever applicable. The Company
generally follows mercantile system of accounting under historical cost
convention.
(b) Fixed Assets
Allthe Fixed Assets are stated at cost less accumulated depreciation.
(c) Depreciation
Depreciation on owned assets has been provided on straight-line method
at the rates prescribed by Schedule XIV of the Companies Act, 1 956 as
amended.
(d) Investments
Long-term investments are stated at cost, which includes brokerage.
Provision for the diminution in the value of investment is not made
since it is considered long term in nature in the opinion of the
management.
(e) Real Estate Business Inventories:
Inventories are valued at lower of cost or net realizable value. The
Construction Work in Progress includes cost of Land, Development
Rights, TDR Rights, Construction Costs and Expenses incidental to the
projects undertaken by the Company. All the expenses incurred are
charged to work in progress account fully. Inventories of finished
tenements, if any, are valued at cost or estimated net realizable value
whichever is less, as certified by management.
(f) Income
Income is accounted generally on accrual basis. The Revenue is
recognized when actually received or the income is sure to realize.
(g) Expenses
The expenses pertaining to specific real estate project are considered
as work in progress until the project is completed and revenue is
recognized.
(h) Employees benefits policy:
The Company has adopted human resources policy for gratuity liability,
leave travel allowance and leave salary on cash basis as may be
applicable under the provisions of the respective act.