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Accounting Policies of Megh Mayur Infra Ltd. Company

Mar 31, 2014

Significant accounting policies adopted in the preparation and the presentation of the accounts are stated as under. These accounting policies adopted by the company are as per standard accounting practices prescribed by the Institute of Chartered Accountants of India:

(A) Basis of Accounting:

1) The financial statements have been prepared in compliance with all material aspects with the Accounting Standards notified by Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956, read with General Circular No.15/2013 dated 13th September 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013.

2) Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting principles followed by the Company.

3) All income and expenditure items & assets and liabilities having a material bearing on the financial statements are recognized on accrual basis.

(B) Investments:

Investments are valued at cost of acquisition and related expenses.

(C) Borrowing Costs:

Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets.

All other borrowing costs are charged to profit and loss account. However, no such borrowing cost have been capitalized during the year.

Provision for taxation for the year comprises of current tax and deferred tax.

1) Current tax is the amount of Income Tax ascertained on the basis of assessable profit computed in accordance with the provision of Income Tax Act, 1961.

2) Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent at the reporting date. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realize such assets. Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realized. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.


Mar 31, 2013

(A) Basis of Accounting:

1) Financial statements have been prepared on accrual basis following historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956.

2) Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting principles followed by the Company.

3) All income and expenditure items & assets and liabilities having a material bearing on the financial statements are recognized on accrual basis.

(B) Investments:

Investments are valued at cost of acquisition and related expenses.

(C) Borrowing Costs:

Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. All other borrowing costs are charged to profit and loss account. However, no such borrowing cost have been capitalized during the year.

(D) Accounting for Taxes on Income:

Provision for taxation for the year comprises of current tax and deferred tax.


Mar 31, 2012

(1) Accounting Policies:

Significant accounting policies adopted in the preparation and the presentation of the accounts are stated as under. These accounting policies adopted by the company are as per standard accounting practices prescribed by the Institute of Chartered Accountants of India:

(A) Basis of Accounting:

1) Financial statements have been prepared on accrual basis following historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956.

2) Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting principles followed by the Company.

3) All income and expenditure items & assets and liabilities having a material bearing on the financial statements are recognized on accrual basis.

(B) Investments:

Investments are valued at cost of acquisition and related expenses.

(C) Borrowing Costs:

Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are capitalized as part of the cost of such assets. All other borrowing costs are charged to profit and loss account. However, no such borrowing

(D) Accounting for Taxes on Income:

Provision for taxation for the year comprises of current tax and deferred tax.

1) Current tax is the amount of Income Tax ascertained on the basis of assessable profit computed in accordance with the provision of Income Tax Act, 1961.

2) Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent at the reporting date. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realize such assets. Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realized. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability.


Mar 31, 2011

(1) Accounting Policies:

Significant accounting policies adopted in the preparation and the presentation of the accounts are stated as under. These accounting policies adopted by the company are as per standard accounting practices prescribed by the Institute of Chartered Accountants of India.

(a) Basis of Accounting:

1. Financial statements have been prepared on accrual basis following historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956.

2. Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting principles followed by the Company.

3. All income and expenditure items & assets and liabilities having a material bearing on the financial statements are recognized on accrual basis.

(b) Fixed Assets.

Fixed assets are stated at cost less depreciation. Cost comprises the purchase price and other attributable cost for bringing the asset to working condition for its intended use.

(c) Depreciation:

Depreciation is provided on Straight-Line method at the rates and in the manner prescribed by Schedule XIV of the Companies Act, 1956. Depreciation has been provided for the full year.

(d) Investment:

Investments are valued at cost of acquisition and related expenses.


Mar 31, 2010

(1) Accounting Policies:

Significant accounting policies adopted in the preparation and the presentation of the accounts are stated as under. These accounting policies adopted by the company are as per standard accounting practices prescribed by the Institute of Chartered Accountants of India.

(a) Basis of Accounting:

1. Financial statements have been prepared on accrual basis following historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956.

2. Accounting policies not specifically referred to otherwise are consistent with generally accepted accounting principles followed by the Company.

3. All income and expenditure items & assets and liabilities having a material bearing on the financial statements are recognized on accrual basis.

(b) Fixed Assets:

Fixed assets are stated at cost less depreciation. Cost comprises the purchase price and other attributable cost for bringing the asset to working condition for its intended use.

(d) Depreciation:

Depreciation is provided on Straight-Line method at the rates and in the manner prescribed by Schedule XIV of the Companies Act, 1956. Depreciation has been provided for the full year.

(e) Investment:

Investments are valued at cost of acquisition and related expenses.

 
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