Mar 31, 2014
1.1. Basis of Preparation of Financial Statements
The Financial Statements have been prepared to comply in respects with
the notified accounting standards by Companies Accounting Standards
Rules, 2006 and the relevant provisions of the Companies Act, 1956. The
Financial Statements have been prepared under the historical cost
convention on an accrual basis in accordance with accounting principles
generally accepted in India.
Presentation of Financial Statements as per the revised Schedule VI
notified under the Companies Act,1956, has become applicable to the
Company, from previous year.
1.2. Fixed Assets (Own)
Fixed Assets are stated at cost of acquisition including attributable
interest & financial costs till date of acquisitions / installation of
the assets and improvement thereon less accumulated
depreciation/amortization, impairment losses, if any.
1.3. Depreciation and Amortization
Depreciation on Fixed Assets has been provided on Straight Line Method
at the current effective rates prescribed under Schedule XIV to the
Companies Act, 1956. Depreciation in respect of assets acquired during
the year has been provided on pro-rata basis.
1.4. Investments
Investments which are readily realizable and intended to be held for
not more than one year from the date on which such investment are made,
are classified as current investments. All other investments are
classified as long term investments.
Current Investments are carried in the Financial Statements at lower of
cost or fair value determined on an individual investment basis. Long
Term Investments are stated at cost of acquisition. Provision for
diminution in the value of Long Term investments is made only if, such
decline in the opinion of management is other than temporary.
1.5. Inventory
Items of inventory are measured as per basis mentioned below:- Raw
Materials are valued at cost on FIFO basis.
Work In Progress is valued at cost including cost of finance, which
consist of interest on loan from bank which is capitalized in
proportion of its area remained unsold irrespective of its construction
stage.
1.6. Gratuity/Retirement Benefits
Gratuity/Retirement Benefits are classified as Long Term Provisions as
it will be payable after 12 months from the reporting date.
Gratuity has been determined and provided for all employees who have
completed 5 years of continuous service. The total accrued liability of
Gratuity will be deposited in Gratuity Fund with LIC of India in 2
years. The Company has formed the Trust for Group Gratuity Scheme with
Life Insurance Corporation of India.
1.7. Revenue Recognition
Revenue from sale of flat is recognized on issue of letter of
allotment/execution of agreement (whichever is earlier) as the project
is near to completion.
1.8. Service Tax and Value Added Tax
Service Tax is paid on the services provided or to be provided on
receipts basis. Value Added Tax is paid on the basis of Agreement
registered during the year for booking made after 01.04.2010 inclusive
of current year.
1.9. Provision for Current and Deferred Tax
1.9.1 Provision for Current Tax is made and retained in the accounts on
the basis of estimated tax liability as per the applicable provisions
of the Income Tax Act, 1961 and considering assessment orders and
decisions of appellate authorities in the Company''s case.
1.9.2 Provisions for Current Tax is made after taking into
considerations benefits admissible under the provisions of Income Tax
Act, 1961. 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.
1.10. Provisions, Contingent Liabilities and Contingent Assets
The Company recognizes a provision when there is present obligation as
a result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for contingent liability is made when there is possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. Contingent assets are neither
recognized nor disclosed in the financial statements.
1.11. other Information and Explanations
1.11.1. Balances in various accounts included in Sundry Debtors,
Sundry Creditors, Advances Recoverable, Deposits/ Advances from
Customers and Joint Venture Accounts are subject to confirmation.
1.11.2. In the opinion of the Board, the aggregate value of current
assets (including stock) and loans and advances on realization in the
ordinary course of business will not be less than the amount at which
these are stated in the Balance Sheet.
1.11.3. All lands/development rights/premises are purchased on
agreement basis and conveyance in respect of the same will be executed
directly in favor of Co-operative Societies whenever they are formed.
1.11.4. The Company has no information as to whether any of its
suppliers constitute small-scale undertakings and therefore, the amount
due to such suppliers has not been separately identified.
1.11.5. During the current year assessment of Income Tax for the A.Y.
2011-12 was completed and Order was passed by the Additional
Commissoner of Income tax, wherein demand of Income Tax raised by the
authority of Rs. 3.78 Crores. However, Company has filed an appeal with
the Commissioner of Income Tax (Appeal).
Mar 31, 2013
1.1. Basis of Preparation of Financial Statements
The fnancial statements have been prepared to comply in respects with
the notifed Accounting Standards by Companies Accounting Standards
Rules, 2006 and the relevant provisions of the Companies Act, 1956. The
fnancial statements have been prepared under the historical cost
convention on an accrual basis in accordance with accounting principles
generally accepted in India.
Presentation of fnancial statements as per the revised Schedule VI
notifed under the Companies Act, 1956, has become applicable to the
Company, from previous year.
1.2. Fixed Assets (own)
Fixed Assets are stated at cost of acquisition including attributable
interest & fnancial costs till date of acquisitions/ installation of
the assets and improvement thereon less accumulated
depreciation/amortization, impairment losses, if any.
1.3. Depreciation and Amortization
Depreciation on Fixed Assets has been provided on Straight Line Method
at the current effective rates prescribed under Schedule XIV to the
Companies Act, 1956. Depreciation in respect of asset acquired during
the year has been provided on pro-rata basis.
1.4. Investments
Investments which are readily realizable and intended to be held for
not more than one year from the date on which such investments are
made, are classifed as current investments. All other investments are
classifes as long term investments.
Current Investments are carried in the fnancial statements at lower of
cost or fair value determined on an individual investment basis. Long
Term Investments are stated at cost of acquisition. Provision for
diminution in the value of Long Term Investments is made only if, such
decline in the opinion of management is other than temporary.
1.5. Inventory
Items of inventory are measured as per basis mentioned below:-
Raw Materials are valued at cost on FIFO basis.
Work In Progress is valued at cost including cost of fnance, which
consist of interest on loan from bank which is capitalized in
proportion of its area remain unsold irrespective of its construction
stage.
Finished Goods are valued at cost including borrowing cost.
1.6. Gratuity/Retirement Benefts
Gratuity/Retirement Benefts is classifed as Long Term Provisions as it
will be payable after 12 months from the reporting date.
Gratuity has been determined and provided for all employees who have
completed 5 years of continuous service. The total accrued liability of
Gratuity will be deposited in Gratuity Fund with LIC of India in 5
years. The Company has formed the Trust for Group Gratuity Scheme with
Life Insurance Corporation of India.
1.7. Revenue Recognition
Revenue from sale of fat is recognized on issue of letter of
allotment/execution of agreement (whichever is earlier) and also sale
completely recorded on booking of previous years as the project is near
to completion.
1.8. Service Tax and Value Added Tax
Service tax is paid on the services provided or to be provided on
receipts basis. Value Added Tax is paid on the basis of Agreement
registered during the year or booking made after 01.04.2010 inclusive
of current year.
1.9. Provision for Current and Deferred Tax
1.9.1 Provision for Current Tax is made and retained in the accounts on
the basis of estimated tax liability as per the applicable provisions
of the Income Tax Act, 1961 and considering assessment orders and
decisions of appellate authorities in Company''s case.
1.9.2 Provisions for Current Tax is made after taking into
considerations benefts admissible under the provisions of Income Tax
Act, 1961. 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.
1.9.3 Deferred Tax Liability has been reversed during the year and
added in Statement of Proft and Loss as wrongly calculated in previous
year.
1.10. Provisions, Contingent Liabilities and Contingent Assets
The Company recognizes a provision when there is present obligation as
a result of a past event that probably requires an outfow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for contingent liability is made when there is possible
obligation or a present obligation that may, but probably will not,
require an outfow of resources. Contingent assets are neither
recognized nor disclosed in the fnancial statements.
1.11. other Information and Explanation
1.11.1. Balances in various accounts included in Sundry Debtors, Sundry
Creditors, Advances Recoverable, Deposits/ Advances from Customers and
Joint Venture Accounts are subject to confrmation.
1.11.2. In the opinion of the Board, the aggregate value of current
assets (including stock) and loans and advances on realization in the
ordinary course of business will not be less than the amount at which
these are stated in the Balance Sheet.
1.11.3. All lands/development rights/premises are purchased on
agreement basis and conveyance in respect of the same will be executed
directly in favor of Co-operative Societies whenever they are formed.
1.11.4. The Company has no information as to whether any of its
suppliers constitute small-scale undertakings and therefore, the amount
due to such suppliers has not been separately identifed.
1.11.5. The Company has taken the advances from various parties against
the ongoing projects at BKC, Malad and Turbhe. Basically to promote
the sale of the Company they can get minimum compensation or they can
also apply the option to buy the Property at prevailing market rate.
Meanwhile the Company is regularly paying commitment charges to the
parties on amount paid by them.
Mar 31, 2012
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared to comply in respects with
the notified Accounting Standards by Companies Accounting Standards
Rules, 2006 and the relevant provisions of the Companies Act, 1956. The
financial statements have been prepared under the historical cost
convention on an accrual basis in accordance with accounting principles
generally accepted in India.
During the year ended March 31, 2012, the revised schedule VI notified
under the Companies Act,1956, has become applicable to the Company, for
the preparation and presentation of its financial statements. The
adoption of revised Schedule VI does not impact recognition and
measurement principles followed for preparation of financial
statements. The Company has also classified previous yearRss figures in
accordance with the requirements applicable in the current year.
1.2. Fixed Assets (Own)
Fixed Assets are stated at cost of acquisition including attributable
interest & financial costs till date of acquisitions / installation of
the assets and improvement thereon less accumulated
depreciation/amortization, impairment losses, if any.
1.3. Depreciation and Amortization
Depreciation on Fixed Assets has been provided on Straight Line Method
at the current effective rates prescribed under Schedule XIV to the
Companies Act, 1956. Depreciation in respect of asset acquired during
the year has been provided on pro-rata basis.
1.4. Investments
I nvestments which are readily realizable and intended to be held for
not more than one year from the date on which such investments are
made, are classified as current investments. All other investments are
classified as long term investments.
Current Investments are carried in the financial statements at lower of
cost or fair value determined on an individual investment basis. Long
Term Investments are stated at cost of acquisition. Provision for
diminution in the value of Long Term investments is made only if, such
decline in the opinion of management is other than temporary.
1.5. Inventory
Items of inventory are measured as per basis mentioned below:- Raw
Materials are valued at cost on First-In-First-Out basis.
Work In Progress is valued at cost including cost of finance, which
consist of interest on loans from Banks capitalized in proportion of
its area remain unsold irrespective of its construction stage.
Finished Goods are valued at cost including borrowing cost.
1.6. Gratuity/Retirement Benefits
Gratuity/Retirement Benefits are classified as Long Term Provisions as
it will be payable after 12 months from the reporting date.
Gratuity has been determined and provided for all employees who have
completed 5 years of continuous service. The total accrued liability of
Gratuity will be deposited in Gratuity Fund with LIC of India in 5
years. The Company has already formed the Trust for Group Gratuity
Scheme with Life Insurance Corporation of India.
1.7. Revenue Recognition
Revenue from sale of flats is recognized on issue of letter of
allotment/execution of agreement (whichever is earlier), in proportion
to completion of construction of flats and/or value of letter of demand
issued during the year.
1.8. Service Tax and Value Added Tax
Service Tax has been paid on the services provided or to be provided on
receipts basis.
1.9. Provision for Current and Deferred Tax
1.9.1 Provision for Current Tax is made and retained in the accounts on
the basis of estimated tax liability as per the applicable provisions
of the Income Tax Act, 1961 and considering assessment orders and
decisions of appellate authorities in CompanyRss case
1.9.2 Provisions for Current Tax is made after taking into
considerations benefits admissible under the provisions of Income Tax
Act, 1961. 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.
1.10. Provisions, Contingent Liabilities and Contingent Assets
The Company recognizes a provision when there is present obligation as
a result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for contingent liability is made when there is possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. Contingent Assets are neither
recognized nor disclosed in the financial statements.
1.11. other Information and Explanation
1.11.1. Balances in various accounts included in Sundry Debtors,
Sundry Creditors, Advances Recoverable, Deposits/ Advances from
Customers and Joint Venture Accounts are subject to confirmation.
1.11.2. I n the opinion of the Board, the aggregate value of current
assets (including stock) and loans and advances on realization in the
ordinary course of business will not be less than the amount at which
these are stated in the Balance Sheet.
1.11.3. All lands/development rights/premises are purchased on
agreement basis and conveyance in respect of the same will be executed
directly in favor of Co-operative Societies whenever they are formed.
1.11.4. The Company has no information as to whether any of its
suppliers constitute small-scale undertakings and therefore, the amount
due to such suppliers has not been separately identified.
1.11.5. The Company has taken the advances from various parties
against the ongoing projects at BKC, Malad and Turbhe. Basically to
promote the sale of the Company they can get minimum compensation or
they can also apply the option to buy the property at prevailing market
rate. Meanwhile the Company is regularly paying commitment charges to
the parties on amount paid by them.
Mar 31, 2011
(a) basis of Preparation:
the financial statements have been prepared to comply in respects with
the notified accounting Standards by Companies accounting Standards
rules, 2006 and the relevant provisions of the Companies act, 1956
(Ãthe actÃ). the financial statements have been prepared under the
historical cost convention on an accrual basis in accordance with
accounting principles generally accepted in India.
(b) Sales:
Sales of fats is recognized on issue of letter of allotment / execution
of agreement (whichever is earlier), in proportion to completion of
construction of fat and/or value of letter of demand issued during the
year. however, Sales of BKC Project is recognized in the year of
allotment of letter issued irrespective of the construction stage.
(c) Fixed assets:
Fixed assets are stated at cost less accumulated depreciation,
impairment losses if any.
(d) Depreciation:
Depreciation on fixed assets has been provided on Straight line method
at the current effective rates prescribed under Schedule xiv to the
Companies act, 1956. depreciation in respect of asset acquired during
the year has been provided on pro-rata basis.
(e) Investments:
Long term investments are stated at cost of acquisition. Provision for
diminution in the value of long term investments is made only if, such
decline in the opinion of management is other than temporary.
(f) Gratuity/retirement Benefits:
Gratuity has been determined and provided for all employees who have
completed 5 years of continuous service.
(g) inventories :
Raw materials are valued at cost on FIFO basis.
Work in Progress is valued at cost including cost of finance, which
consist of interest on loan from banks which is capitalized in
proportion of its area remain unsold irrespective of its construction
stage.
Finished Goods is valued at cost including borrowing cost.
(h) Contingent liabilities:
The Company recognizes a provision when there is present obligation as
a result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. a
disclosure for contingent liability is made when there is possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources.
(i) Taxation:
(i) Provision for current tax is made and retained in the accounts on
the basis of estimated tax liability as per the applicable provisions
of the income tax act, 1961 and considering assessment orders and
decisions of appellate authorities in CompanyÃs case.
(ii) deferred tax for timing differences between tax profits and book
profits is accounted by using the tax rates and laws that have been
enacted or substantially enacted as of the balance Sheet date. deferred
tax asset in respect of unabsorbed losses are recognized to the extent
there is reasonable certainty that these assets can be realized in
future.
(j) accounting Policies not specifically referred to above are
consistent with earlier years and in consonance with generally accepted
accounting principles.
Mar 31, 2010
(a) System of Accounting:
The Company adopts the accrual basis in the preparation of the
accounts.
(b) Sales:
Sales of Flats are accounted for at value in the year in which the
agreements were entered into respective of the stage of completion of
the projects Savoy Residency at Santacruz (West) & Manavsthal at Malad
(West).
(c) Fixed Assets:
Fixed Assets are stated at cost.
(d) Depreciation:
Depreciation on Fixed Assets has been provided on Straight Line Method
at the current effective rates prescribed under Schedule XIV to the
Companies Act, 1956.
(e) Investments:
Long Term Investments are stated at cost of acquisition.
(f) Gratuity/Retirement Benefits:
Provision for Gratuity has been made and determined the liability for
gratuity of eligible employees upto March, 2010.
(g) Stock:
Inventories are valued at cost.
(h) Contingent Liabilities:
These are disclosed by way of Notes to the Accounts.
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