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Accounting Policies of Monnet Project Developers Ltd. Company

Mar 31, 2015

1. Basis of Accounting

The Company has prepared its financial statements in accordance with generally accepted accounting principles and also in accordance with the requirements of the Companies Act, 2013 and Companies Act 1956 to the extent applicable.

2. Income and Expenditure

Accounting of Income & Expenditure is done on accrual basis except interest on late payment received from debtors which is accounted for on receipt basis.

3. Fixed Assets & Depreciation

a) Fixed assets are stated at their original cost of acquisition inclusive of inward freight, duties and expenditure incurred in the acquisition, construction & installation.

b) Depreciation is charged on Straight Line Method on the basis of useful life provided in Schedule II of the Companies Act 2013.

4. Investments

Long term investments are stated at original cost of acquisition. Dividend on Investment is accounted for in the year of declaration.

5. Inventories

Inventories of land and development cost has been valued at cost. Incidental expenses directly related to the real estate development project cost has been included in cost of project

6. Retirement Benefits

Liability for Gratuity & Leave encashment benefits has been provided on arithmetical basis on gross liability on balance date. The management is of the view that it is in compliance of AS-15.

7. Contingent Liabilities

Contingent Liabilities are determined on the basis of available information and are disclosed by way of notes to the accounts.

8. Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and short term investments with an original maturity of three months or less.

9. Unless specifically stated to be otherwise, these policies are consistently followed.

b) The holders of the equity shares are entitled to receive dividends as declared from time to time, and are entitled to vote at meetings of the Company.

c) There are no holding or subsidiary companies of the Company.

a) Non-Current investments have been valued considering the Significant Accounting Policy No.4 disclosed in Note No. 1 to these financial statement.

b) Previous year figures of number of shares are reported in brackets


Mar 31, 2014

1. Basis of Accounting

The Company has prepared its financial statements in accordance with generally accepted accounting principles and also in accordance with the requirements of the Companies Act, 1956.

2. Income and Expenditure

Accounting of Income & Expenditure is done on accrual basis except interest on late payment received from debtors which is accounted for on receipt basis.

3. Fixed Assets & Depreciation

a) Fixed assets are stated at their original cost of acquisition inclusive of inward freight, duties and expenditure incurred in the acquisition, construction & installation.

b) Depreciation is charged on Straight Line Method at the rates provided in Schedule XIV of the Companies Act.

c) Cenvat credit availed on capital goods is accounted for by credit to respective fixed assets and henceforth depreciation has been charged on net cost of Fixed Assets.

4. Investments

Long term investments are stated at original cost of acquisition. Dividend on Investment is accounted for in the year of declaration.

5. Inventories

Inventories of land and development cost has been valued at cost. Incidental expenses related to the real estate development project cost has been included in cost of project

6. Retirement Benefits

Liability for Gratuity & Leave encashment benefits has been provided on arithmetical basis on gross liability on balance date. The management is of the view that it is in compliance of AS-15.

7. Contingent Liabilities

Contingent Liabilities are determined on the basis of available information and are disclosed by way of notes to the accounts.

8. Sundry Debtors

Interest on overdue bills is accounted for on receipt basis.

9. Cash and Cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and short term investments with an original maturity of three months or less.

10. Unless specifically stated to be otherwise, these policies are consistently followed.


Mar 31, 2011

1. Basis of Accounting

The Company has prepared its financial statements in accordance with generally accepted accounting principles and also in accordance with the requirements of the Companies Act, 1956.

2. Income and Expenditure

Accounting of Income & Expenditure is done on accrual basis except interest on late payment received from debtors which is accounted for on receipt basis.

3. Fixed Assets & Depreciation

a) Fixed assets are stated at their original cost of acquisition inclusive of inward freight, duties and expenditure incurred in the acquisition, construction & installation.

b) Depreciation is charged on Straight Line Method at the rates provided in Schedule XIV of the Companies Act.

c) Cenvat credit availed on capital goods is accounted for by credit to respective fixed assets and henceforth depreciation has been charged on net cost of Fixed Assets.

4. Investments

Long term investments are stated at original cost of acquisition. Dividend on Investment is accounted for in the year of declaration.

5. Gratuity/Retirement Benefits:

Retirement benefits are accounted for on accrual basis on the basis of arithmetical calculations.

6. Contingent Liabilities

Contingent Liabilities are determined on the basis of available information and are disclosed by way of notes to the accounts.

7. Sundry Debtors

Interest on overdue bills is accounted for on receipt basis.

8.Unless specifically stated to be otherwise, these policies are consistently followed.

Disclosure of employee benefits [text block]

The Company has not complied with Accounting Standard AS-15 (revised) regarding retirement benefits of the employees. However the company has accounted for retirement benefit of employees on accrual basis calculated on arithmetical basis based on last drawn salaries.

Disclosure of related parties [text block]

Key Management Personnel : Mr J P Lath

Transactions during the year :

Remuneration and perquisites : Rs.26,89,510/-

Disclosures of deferred tax assets and liabilities [text block]

The Company estimates the deferred tax charge using the applicable rate of taxation based on the impact of timing differences between financial statements and estimated taxable income for the current year. The movement of provision for deferred tax is given below:


Mar 31, 2010

1. Basis of Accounting

The Company has prepared its financial statements in accordance with generally accepted accounting principles and also in accordance with the requirements of the Companies Act, 1956.

2. Income and Expenditure

Accounting of Income & Expenditure is done on accrual basis except interest on late payment received from debtors which is accounted for on receipt basis.

3. Fixed Assets & Depreciation

a) Fixed assets are stated at their original cost of acquisition inclusive of inward freight, duties and expenditure incurred in the acquisition, construction & installation.

b) Depreciation is charged on Straight Line Method at the rates provided in Schedule XIV of the Companies Act.

c) Cenvat credit availed on capital goods is accounted for by credit to respective fixed assets and henceforth depreciation has been charged on net cost of Fixed Assets.

4. Investments

Long term investments are stated at original cost of acquisition.

5. Gratuity/Retirement Benefits :

Retirement benefits are accounted for on accrual basis on the basis of arithmetical calculations.

6. Contingent Liabilities

Contingent Liabilities are determined on the basis of available information and are disclosed by way of notes to the accounts.

7. Sundry Debtors

Interest on overdue bills is accounted for on receipt basis.

8. Unless specifically stated to be otherwise, these policies are consistently followed.

 
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