Mar 31, 2018
1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a) Current and non-current classification: All assets and liabilities have been classified as current or non-current as per the Companyâs normal operating cycle and other criteria set-out in the Act. Deferred tax assets and liabilities are classified as non-current assets and non-current liabilities, as the case may be.
b) Property, plant and equipment:
Recognition and initial measurement
Property, plant and equipment are stated at their cost of acquisition. The cost comprises purchase price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any trade discount and rebates are deducted in arriving at the purchase price. Subsequent costs are included in the assetâs carrying amount or recognized as a separate asset; benefits associated with the item will flow to the Company. All other repair and maintenance costs are recognized in statement of profit or loss as incurred.
Subsequent measurement (depreciation and useful lives)
Property, plant and equipment are subsequently measured at cost less accumulated depreciation and impairment losses. Depreciation on property, plant and equipment is provided on written down basis, computed on the basis of their useful lives prescribed in Schedule II of the Act.
(c) Investment properties:
Recognition and initial measurement
Investment properties are properties held to earn rentals or measured initially at their cost of acquisition. The cost comprises purchase price, borrowing cost, if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any trade discount and rebates for capital appreciation, or both. Investment properties are deducted in arriving at the purchase price.
Subsequent costs are included in the assetâs carrying amount or recognized as a separate asset, as appropriate, only when or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company. All other repair and maintenance costs are recognized in statement of profit or loss as incurred. Since it is for investment no depreciation has been charged.
(d) Investment in equity instruments of subsidiaries, joint ventures and associates:
Investment in equity instruments of subsidiaries, joint ventures and associates are stated at cost as per (âIND ASâ) 27 âSeparate Financial Statementsâ.
(e) Inventories:
Land and plots other than area transferred to constructed properties at the commencement of construction are valued at lower of cost/approximate average cost/ as re-valued on conversion to stock and net realisable value. Cost includes land (including development rights and land under agreement to purchase) acquisition cost, borrowing cost, estimated internal development costs and external development charges.
Construction work-in-progress of constructed properties includes the cost of land (including development rights and land under agreements to purchase), internal development costs, external development charges, construction costs, overheads, borrowing cost, development/ construction materials and all indirect cost attributed to it and is valued at lower of cost/ estimated cost and net realisable value.
(f) Revenue recognition:
Revenue from real estate projects: Revenue from constructed properties for all projects is recognized in accordance with the âGuidance Note on Accounting for Real Estate Transactionsâ (âGuidance Noteâ). As per this Guidance Note, the revenue has been recognized on percentage of completion method and on the percentage of actual project costs incurred thereon to total estimated project cost.
Share of profit/ loss from partnership
Share of profit/ loss from firms in which the Company is a partner is accounted for in the financial year ending on (or immediately before) the date of the balance sheet.
(g) Retirement Benefits to Employees:
The law relating to a retirement benefits of the employees are not followed by the company and the retirement benefits are accounted for on cash basis.
(h) Taxation:
a. Current tax is determined on the profit for the year in accordance with the provisions of the Income tax Act, 1961.
b. Deferred tax is calculated at the rates and laws that have been enacted or substantively enacted as of the Balance Sheet date and is recognized on timing difference that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets, subject to consideration of prudence are recognized and carried forward only to the extent that they can be realized.
(i) Cash and cash equivalents:
Cash and cash equivalents comprise cash in hand, demand deposits and short-term highly liquid investments that are readily convertible into known amount of cash
(j) Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be outflow of resources. Contingent Liabilities are not recognised, but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statements.
Mar 31, 2016
Notes:
(i) The Cash Flow Statement reflects the combined cash flows pertaining to continuing and discounting operations.
(ii) These earmarked account balances with banks can be utilized only for the specific identified purposes.
1 Significant accounting policies:
a Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.
b Use of estimates
The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known / materialize.
c Inventories
Inventories are valued at the lower of cost (on FIFO / weighted average basis) and the net realizable value after providing for obsolescence and other losses, where considered necessary. Cost includes all charges in bringing the goods to the point of sale, including octopi and other levies, transit insurance and receiving charges. Work-in-progress and finished goods include appropriate proportion of overheads and, where applicable, excise duty.
d Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.
e Cash flow statement
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
f Depreciation and amortization
Depreciation has been provided on the written down method as per the rates prescribed in Schedule XIV to the Companies Act, 1956 except in assets costing less than Rs.5,000 each are fully depreciated in the year of capitalization
g Revenue recognition
i Accounting of construction contracts
The company follows the percentage completion method based on the stage of completion at the balance sheet date, taking into account the contractual price and revision thereto by estimating total revenue and total cost till completion of the contract and the profit so determined has been accounted for proportionate to the percentage of actual work done. Project revenue is recognized at the percentage of work completed to total sales consideration as per agreements to sale/ allotments executed. Project costs which are recognized in the statement of profit and loss by reference to the stage of completion of the project activity are matched with the revenue recognized resulting in the reporting of revenue, expenses and profit which can be attributed to the proportion of work completed.
ii Income from services
Rent from Safe vault is recognized on accrual basis h Other income
Interest income is accounted on accrual basis. Dividend income is accounted for when the right to receive it is established.
i Tangible fixed assets
Fixed assets, except land are carried at cost less accumulated depreciation and impairment losses, if any. The company capitalized all cost relating to acquision and installation of fixed assets.
Borrowing costs are capitalized as part of qualifying fixed assets. Other borrowing costs are expensed.
Advances paid towards the acquision of fixed assets outstanding at each balance sheet date are disclosed as "Capital Advances" under short term advances and cost of fixed assets not ready to use before such dates are disclosed under "Capital work in progress".
j Impairment of Assets
At each Balance Sheet date, the management makes as assessment of any indicator that may lead to impairment of assets. An asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value, which is higher of net selling price and value in use. Any impairment loss is charged to statement of profit and loss in the year in which it is identified as impaired.
k Investments
Investments that are readily realizable and are 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 stated at lower of cost and fair value. Long term investments are stated at cost of acquisition. Provision for diminution is made when such diminution is considered other than temporary in nature. Valuation is determined on the basis of each category of investments.
l Retirement Benefits to Employees:
The law relating to retirement benefits of employees are not followed by the company and the retirement benefits are accounted for on cash basis.
m Taxation
a. Current tax is determined on the profit for the year in accordance with the provisions of the Income tax Act, 1961.
b. Deferred tax is calculated at the rates and laws that have been enacted or substantively enacted as of the Balance Sheet date and is recognized on timing difference that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets, subject to consideration of prudence are recognized and carried forward only to the extent that they can be realized.
n Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be outflow of resources. Contingent Liabilities are not recognized, but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.
o Expenses relating to amalgamation:
The expense relating to amalgamation is carried as an asset and is amortized over a period of 5 years from the date of the amalgamation.
Mar 31, 2015
A Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on accrual basis under the historical
cost convention. The accounting policies adopted in the preparation of
the financial statements are consistent with those followed in the
previous year. b Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities
(including contingent liabilities) and the reported income and
expenses during the year. The Management believes that the estimates
used in preparation of the financial statements are prudent and
reasonable. Future results could differ due to these estimates and the
differences between the actual results and the estimates are
recognised in the periods in which the results are known /
materialise.
c Inventories
Inventories are valued at the lower of cost (on FIFO / weighted
average basis) and the net realisable value after providing for
obsolescence and other losses, where considered necessary. Cost
includes all charges in bringing the goods to the point of sale,
including octroi and other levies, transit insurance and receiving
charges. Work-in-progress and finished goods include appropriate
proportion of overheads and, where applicable, excise duty.
d Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of
three months or less from the date of acquisition), highly liquid
investments that are readily convertible into known amounts of cash
and which are subject to insignificant risk of changes in value.
e Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
f Depreciation and amortisation
Depreciation has been provided on the written down method as per the
rates prescribed in Schedule XIV to the Companies Act, 1956 except in
assets costing less than Rs.5,000 each are fully depreciated in the
year of capitalisation
g Revenue recognition
i Accounting of construction contracts
The company follows the percentage completion method based on the
stage of completion at the balance sheet date, taking into account the
contractual price and revision thereto by estimating total revenue and
total cost till completion of the contract and the profit so
determined has been accounted for proportionate to the percentage of
actual work done. Project revenue is recognised at the percentage of
work completed to total sales consideration as per agreements to sale/
allotments executed. Project costs which are recognised in the
statement of profit and loss by reference to the stage of completion
of the project activity are matched with the revenue recognised
resulting in the reporting of revenue, expenses and profit which can
be attributed to the proportion of work completed.
ii Income from services
Rent from Safe vault is recognised on accrual basis h Other income
Interest income is accounted on accrual basis. Dividend income is
accounted for when the right to receive it is established.
i Tangible fixed assets
Fixed assets, except land are carried at cost less accumulated
depreciation and impairment losses, if any. The company capitalized
all cost relating to acquis ion and installation of fixed assets.
Borrowing costs are capitalised as part of qualifying fixed assets.
Other borrowing costs are expensed.
Advances paid towards the acquisition of fixed assets outstanding at
each balance sheet date are disclosed as "Capital Advances" under
short term advances and cost of fixed assets not ready to use before
such dates are disclosed under "Capital work in progress".
j Impairment of Assets
At each Balance Sheet date , the management makes as assessment of any
indicator that may lead to impairment of assets. An asset is treated
as impaired when the carrying cost of the asset exceeds it's
recoverable value, which is higher of net selling price and value in
use. Any impairement loss is charged to statement of profit and loss
in the year in which it is identified as impaired.
k Investments
Investments that are readily realisable and are 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
stated at lower of cost and fair value. Long term investments are
stated at cost of acquisition. Provision for diminution is made when
such diminution is considered other than temporary in nature.
Valuation is determined on the basis of each category of investments.
l Retirement Benefits to Employees:
The law relating to retirement benefits of employees are not followed
by the company and the retirement benefits are accounted for on cash
basis. m Taxation
a. Current tax is determined on the profit for the year in accordance
with the provisions of the Income tax Act, 1961.
b. Deferred tax is calculated at the rates and laws that have been
enacted or substantively enacted as of the Balance Sheet date and is
recognized on timing difference that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax
assets, subject to consideration of prudence are recognized and
carried forward only to the extent that they can be realized.
n Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be outflow of resources.
Contingent Liabilities are not recognised, but are disclosed in the
notes. Contingent assets are neither recognised nor disclosed in the
financial statements.
o Expenses relating to amalgamation:
The expense relating to amalgamation is carried as an asset and is
amortised over a period of 5 years from the date of the amalgamation.
Mar 31, 2014
A. Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on accrual basis under the historical
cost convention. The accounting policies adopted in the preparation of
the financial statements are consistent with those followed in the
previous year.
b. Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
c. Inventories
Inventories are valued at the lower of cost (on FIFO / weighted average
basis) and the net realisable value after providing for obsolescence
and other losses, where considered necessary. Cost includes all charges
in bringing the goods to the point of sale, including octroi and other
levies, transit insurance and receiving charges. Work-in-progress and
finished goods include appropriate proportion of overheads and, where
applicable, excise duty
d. Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
e. Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
f. Depreciation and amortisation
Depreciation has been provided on the written down method as per the
rates prescribed in Schedule XIV to the Companies Act, 1956 except in
assets costing less than Rs.5,000 each are fully depreciated in the
year of capitalisation.
g. Revenue recognition
i Accounting of construction contracts
The company follows the percentage completion method based on the stage
of completion at the balance sheet date, taking into account the
contractual price and revision thereto by estimating total revenue and
total cost till completion of the contract and the profit so determined
has been accounted for proportionate to the percentage of actual work
done. Project revenue is recognised at the percentage of work completed
to total sales consideration as per agreements to sale/ allotments
executed.Project costs which are recognised in the statement of profit
and loss by reference to the stage of completion of the project
activity are matched with the revenue recognised resulting in the
reporting of revenue, expenses and profit which can be attributed to
the proportion of work completed.
ii Income from services
Rent from Safe vault is recogised on acrual basis
h. Other income
interest income is accounted on accrual basis. Dividend income is
accounted for when the right to receive it is established.
j. Tangible fixed assets
Fixed assets, except land are carried at cost less accumulated
depreciation and impairment losses, if any. The company capitalized all
cost relating to acquision and installation of fixed assets.
Borrowing costs are capitalised as part of qualifying fixed assets.
Other borrowing costs are expensed.
Advances paid towards the acquision of fixed assets outstanding at each
balance sheet date are disclosed as "Capital Advances" under short term
advances and cost of fixed assets not ready to use before such dates
are disclosed under "Capital work in progress"
j. Impairment of Assets
At each Balance Sheet date , the management makes as assessment of any
indicator that may lead to impairment of assets. An asset is treated as
impaired when the carrying cost of the asset exceeds it''s recoverable
value, which is higher of net selling price and value in use. Any
impairement loss is charged to statement of profit and loss in the year
in which it is identified as impaired.
k. Investments
Investments that are readily realisable and are 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 stated at
lower of cost and fair value. Long term investments are stated at cost
of acquisition. Provision for diminution is made when such diminution
is considered other than temporary in nature. Valuation is determined
on the basis of each category of investments.
l. Retirement Benefits to Employees:
The law relating to retirement benefits of employees are not followed
by the company and the retirement benefits are accounted for on cash
basis.
m. Taxation
a. Current tax is determined on the profit for the year in accordance
with the provisions of the Income tax Act, 1961.
b. Deferred tax is calculated at the rates and laws that have been
enacted or substantively enacted as of the Balance Sheet date and is
recognized on timing difference that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax
assets, subject to consideration of prudence are recognized and carried
forward only to the extent that they can be realized.
n. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be outflow of
resources.Contingent Liabilities are not recognised, but are disclosed
in the notes. Contingent assets are neither recognised nor disclosed in
the financial statements.
o. Expenses relating to amalgamation:
The expense relating to amalgamtion is carried as an asset and is
amortised over a period of 5 years from the date of the amalgamation.
Mar 31, 2013
A Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on accrual basis under the historical
cost convention. The accounting policies adopted in the preparation of
the financial statements are consistent with those followed in the
previous year.
b Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
c Inventories
Inventories are valued at the lower of cost (on FIFO / weighted average
basis) and the net realisable value after providing for obsolescence
and other losses, where considered necessary. Cost includes all charges
in bringing the goods to the point of sale, including octroi and other
levies, transit insurance and receiving charges. Work-in-progress and
finished goods include appropriate proportion of overhead and, where
applicable, excise duty.
d Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
e Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
f Depreciation and amortisation
Depreciation has been provided on the written down method as per the
rates prescribed in Schedule XIV to the Companies Act, 1956 except in
assets costing less than Rs.5,000 each are fully depreciated in the
year of capitalisation
g Revenue recognition
i Accounting of construction contracts
The company follows the percentage completion method based on the stage
of completion at the balance sheet date, taking into account the
contractual price and revision thereto by estimating total revenue and
total cost till completion of the contract and the profit so determined
has been accounted for proportionate to the percentage of actual work
done. Project revenue is recognised at the percentage of work
completed to total sales consideration as per agreements to sale/
allotments executed. Project costs which are recognised in the
statement of profit and loss by reference to the stage of completion of
the project activity are matched with the revenue recognised resulting
in the reporting of revenue, expenses and profit which can be
attributed to the proportion of work completed.
ii Income from services
Rent from Safe vault is recognised on accrual basis
h Other income
Interest income is accounted on accrual basis. Dividend income is
accounted for when the right to receive it is established.
i Tangible fixed assets
Fixed assets, except land are carried at cost less accumulated
depreciation and impairment losses, if any. The company capitalized all
cost relating to acquisition and installation of fixed assets.
Borrowing costs are capitalised as part of qualifying fixed assets.
Other borrowing costs are expensed.
Advances paid towards the acquisition of fixed assets outstanding at
each balance sheet date are disclosed as "Capital Advances" under
short term advances and cost of fixed assets not ready to use before
such dates are disclosed under"Capital work in progress".
j Impairment of Assets
At each Balance Sheet date , the management makes as assessment of any
indicator that may lead to impairment of assets. An asset is treated
as impaired when the carrying cost of the asset exceeds it''s
recoverable value, which is higher of net selling price and value in
use. Any impairment loss is charged to statement of profit and loss in
the year in which it is identified as impaired.
k Investments
Investments that are readily realisable and are 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 stated at
lower of cost and fair value. Long term investments are stated at cost
of acquisition. Provision for diminution is made when such diminution
is considered other than temporary in nature. Valuation is determined
on the basis of each category of investments.
l Retirement Benefits to Employees
The law relating to retirement benefits of employees are not followed
by the company and the retirement benefits are accounted for on cash
basis.
m Taxation
a. Current tax is determined on the profit for the year in accordance
with the provisions of the Income tax Act, 1961.
b. Deferred tax is calculated at the rates and laws that have been
enacted or substantively enacted as of the Balance Sheet date and is
recognized on timing difference that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax
assets, subject to consideration of prudence are recognized and carried
forward only to the extent that they can be realized.
n Provisions, Contingent Labilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be outflow of resources.
Contingent Liabilities are not recognised, but are disclosed in the
notes. Contingent assets are neither recognised nor disclosed in the
financial statements.
o Expenses relating to amalgamation
The expense relating to amalgamation is carried as an asset and is
amortised over a period of 5 years from the date of the amalgamation.
Mar 31, 2012
A Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956, The financial
statements have been prepared on accrual basis under the historical
cost convention. The accounting policies adopted in the preparation of
the financial statements are consistent with those followed in the
previous year.
b Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
c Inventories
Inventories are valued at the lower of cost (on FIFO / weighted average
basis) and the net realisable value after providing for obsolescence
and other iosses, where considered necessary. Cost includes all charges
in bringing the goods to the point of sale, including octroi and other
levies, transit insurance and receiving charges, Work-in-progress and
finished goods include appropriate proportion of overhead and, where
applicable, excise duty.
d Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
e Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
f Depreciation and amortisation
Depreciation has been provided on the written down method as per the
rates prescribed in Schedule XIV to the Companies Act, 1956 except in
assets costing less than Rs.5,000 each are fully depreciated in the
year of capitalisation
g Revenue recognition
i Accounting constnjctioiicomm.
The company follows the percentage completion method based on the stage
of completion at the balance sheet date, taking into account the
contractual price and revision thereto by estimating total revenue and
total cost till completion of the contract and the profit so determined
has been accounted for proportionate to the percentage of actual work
done. Project revenue is recognised at the percentage of work
completed to total sales consideration as per agreements to sale/
allotments executed. Project costs which are recognised in the
statement of profit and loss by reference to the stage of completion of
the project activity are matched with the revenue recognised resulting
in the reporting of revenue, expenses and profit which can be
attributed to the proportion of work completed.
ii Income from services
Rent from Safe vault is recognised on accrual basis h Other income
Interest income is accounted on accrual basis. Dividend income is
accounted for when the right to receive it is established, i Tangible
fixed assets
Fixed assets, except land are carried at cost less accumulated
depreciation and impairment losses, if any. The company capitalized all
cost relating to acquisition and installation of fixed assets.
Borrowing costs are capitalised as part of qualifying fixed assets.
Other borrowing costs are expensed.
Advances paid towards the acquisition of fixed assets outstanding at
each balance sheet date are disclosed as ÃCapital Advances'' under
short term advances and cost of fixed assets not ready to use before
such dates are disclosed under "Capital work in progress .
j Impairment of Assets
At each Balance Sheet date , the management makes as assessment of any
indicator that may lead to impairment of assets. An asset is treated
as impaired when the carrying cost of the asset exceeds it's
recoverable value, which is higher of net selling price and value in
use. Any impairment loss is charged to statement of profit and loss in
the year in which it is identified as impaired.
k Investments
Investments that are readily realisable and are 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 stated at
lower of cost and fair value. Long term investments are stated at cost
of acquisition. Provision for diminution is made when such diminution
is considered other than temporary in nature. Valuation is determined
on the basis of each category of investments.
I Retirement Benefits to Employees
The law relating to retirement benefits of employees are not followed
by the company and the retirement benefits are accounted for on cash
basis.
m Taxation
a. Current tax is determined on the profit for the year in accordance
with the provisions of the Income tax Act, 1961.
b. Deferred tax is calculated at the rates and laws that have been
enacted or substantively enacted as of the Balance Sheet date and is
recognized on timing difference that originate in one period and are
capable of reversal in one or more subsequent periods. Deferred tax
assets, subject to consideration of prudence are recognized and carried
forward only to the extent that they can be realized.
n Provisions, Contingent Labilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be outflow of resources.
Contingent Liabilities are not recognised, but are disclosed in the
notes. Contingent assets are neither recognised nor disclosed in the
financial statements.
o Expenses relating to amalgamation Ã_ T
The expense relating to amalgamation is carried as a ikI it and is
amortised over a period of 5 years from the date of the amalgamation.
prcrna ,
No of shares held as at 31/03/2011 is shown after considering the
allotment of shares as per the order of Amalgamation given by the Hon.
High Court of Gujarat,
The company has issued only one class of shares having a par value of
Rs.10/- each. Each shareholder of equity share is entitled to one vote
per share. The company declares dividend in Indian Rupees. The dividend
proposed by Board of Directors is subject to the approval of the
shareholders at the Annual General Meeting.
Mar 31, 2010
1 BASIS OF ACCOUNTING:
The accounts are prepared on historical cost as going concern concept
adopting accrual basis. Accounting policies not referred to otherwise
are consistent with generally accepted accounting principles.
2 FIXED ASSETS & DEPRECIATION:
Fixed Assets except land are stated at cost less depreciation.
Depreciation on all assets except land is provided on written down
value method as provided in Schedule - XIV of the Companies Act, 1956,
on prorata basis.
3 INVESTMENTS:
Investments which are intended to be held for more than a year, from
the date of acquisition, are classified as long-term investments and
are carried at cost.
4 REVENUE RECOGNISATION:
(a) During the year Company has carried on the business of furniture.
Unsold stock is shown as stock in trade.
(b) During the year Company has sold the rights of development of land
and construction thereto and profit derived from it is shown as
development rights (Net).
(c) Interest income is recognised on accrual basis.
(d) dividend income is recognised when the right to receive the
dividend is established.
(e) The realised gains or losses on mutual fund unit is the difference
between the net sale consideration and the cost in the books of the
company.
5 RETIREMENT BENEFITS:
As informed, the law relating to retirement benefits are not followed
by the company however the retirement benefits are accounted for on
cash basis.
6 TAXATION
(a) Current tax in respect of taxable income is provided for the year
based on applicable tax rates and laws.
(b) Deferred tax is recognized, subject to the consideration of
prudence, on timing differences.being the difference between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods and is measured
using tax rates and laws that have been enacted or substantively
enacted by the Balance Sheet date. Deferred tax assets are reviewed at
each Balance Sheet date to re-assess realization.
7 PROVISION:
A provision is recognised for a present obligation as a result of past
event. It is probable that an outflow of resources will be required to
settle the obligation in respect of which a relieable estimate can be
made. Provisions are not discounted to its present value and are
determined based on management estimate, required to settle the
obligation at the balance sheet date. These are reviewed at each
balance sheet date and adjusted to reflect the current management
estimates.
8 CONTINGENT LIABILITIES/ASSETS
The company has provided for all liabilities and there are no
contingent liabilities. The contingent assets are neither recognised
nor disclosed in the Financial Statements.
Mar 31, 2009
I. BASIS OF ACCOUNTING :
The accounts are prepared on historical cost as going concern concept
adopting accrual basis. Accounting policies not referred to otherwise
are consistent with generally accepted accounting principles.
II. FIXED ASSETS & DEPRECIATION :
Fixed Assets except land are stated at cost less depreciation.
Depreciation on all assets except land is provided on written down
value method as provided in Schedule - XIV of the Companies Act, 1956,
on prorata basis.
2. FIXED ASSETS & DEPRECIATION :
Fixed Assets except land are stated at cost less depreciation.
Depreciation on all assets except land is provided on written down
value method as provided in Schedule - XIV of the Companies Act, 1956,
on prorata basis
3 INVESTMENTS:
Investments which are intended to be held for more than a year, from
the date of acquisitior, are classified as long term investments and
are carred at cost.
4 REVENUE RECOGNISATION
(a) The company has entered into agreement with housing society,
non-trading corporation and partnership firm for develoment of
properties. Income from property development activity is recognised in
terms of arrangement with developers, where applicable.
(b) Interest income is recognised on accrual basis.
(c) dividend income is recognised when the right to receive the
dividend is established.
(d) The realised gains or losses on mututal fund units is the
difference between the net sale consideration and the cost in the books
of the company
5 RETIREMENT BENEFITS:
As infomed, the law relating to retirement benefits are not applicable
to the company.
6 TAXATION
(a) Current tax in respect of taxable income is provided for the year
based on applicable tax rates and laws.
(b) Deferred tax is recognized, subject to the consideration of
prudence, on timing differences, being the difference between taxable
income and.accounting income that originate in one period and are
capable of reversal in one or more subsequent periods and is measured
using tax rates and laws that have been enacted or substantively
enacted by the Balance Sheet date. Deferred tax assets are reviewed at
each Balance Sheet date to re-assess realization.
(c) Provision for Fringe Benefit Tax is made on the basis of applicable
rates on the taxable value of eligible expenses of the company as
prescribed under the Income Tax Act, 1961
7 PROVISION
A provision is recognised for a present obligaion as a result of past
event, it is proble that an outflow of resources will be required to
settle the obligation in respect of which a relieable estimate can be
made Provisions are not discounted to its present value and are
detemined based on management estimate. required to settle the
obligation at the balance sheet date. These are reviewed at each
balance sheet date and adjusted to reflect the current management
estimates.
8 CONTINGENT LIABILTIES ASSETS
The company has provided for all liabilities and there are no
contingent libilities. The contingent assets are neither recognised nor
disclosed in the Financial Statements.