Mar 31, 2014
1.1 Basis of preparation of Financial Statements:
The financial statements are prepared and presented under the
historical cost convention on the accrual basis of accounting and
comply with the provisions of the Companies Act, 1956. The preparation
of the financial statements, in conformity with generally accepted
accounting principles, requires the use of estimated and assumptions
that affect the reported amount of assets and liabilities as at the
Balance Sheet date, reported amounts of revenues and expenses during
the year and disclosure of contingent liabilities as at that date. The
estimates and assumptions used in these financial statements are based
upon the management''s evaluation of the relevant facts and
circumstances as of the date of the financial statements.
1.2 Income recognition:
(a) Revenue is recognized on completion of registration of
Lands/Plots/Flats to the respective buyers.
(b) All other income is recognized on accrual basis.
1.3 Fixed Assets and Depreciation/Amortisation:
Fixed Assets are stated at historical cost less accumulated
depreciation. Depreciation on assets is provided on the Written Down
Value method at rates prescribed in Schedule XIV to the Companies
ACt,1956. Company does not have any intangible assets.
1.4 Investments:
Non-Current investments consists 334427 of Equity Shares of Sarega Aqua
Ltd have been valued at Cost.
1.5 Foreign Currency Transactions:
Company has no foreign currency transactions during the year.
1.6 Valuation of Inventories:
Stock of finished plots/flats and work-in-progress has been valued at
Cost plus development expenses. Stock of Land has been valued at Cost.
Cost includes consideration, stamp duty, registration and other
incidental expenses.
1.7 Employee Benefits:
The provisions of Provident Fund Act and ESI Act are applicable to the
company and the company is generally regular in depositing the dues
with the appropriate authorities. The provisions of Payment of Gratuity
Act are not applicable to the company.
1.8 Taxation:
Current tax is provided on the taxable income for the year. Deferred
tax liabilities arising from timing differences have been fully
provided. Deferred tax assets are recognized on the consideration of
prudence.
1.9 Impairment of Assets:
The carrying amounts of assets are reviewed at each balance sheet date
to ascertain impairment based on internal/external factors. An
impairment loss is recognised when the carrying amount of an asset
exceeds its recoverable amount. The recoverable amount is the higher of
the net selling price of the assets and their value in use.
1.10 Provisions:
Provisions are recognised when the Company has present legal or
constructive obligations, as a result of past events, for which it is
probable that an outflow of economic benefits will be required to
settle the obligation and a reliable estimate can be made for the
amount of the obligation.
Mar 31, 2013
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES:
1.1 Basis of preparation of Financial Statements:
The financial statements have been prepared in accordance with
generally accepted accounting principles in India (Indian GAAP). The
company has prepared these financial statements to comply in all
material respects with the accounting standards notified by the
Companies (Accounting Standard) Rules, 2006(as amended) and the
relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under historical
cost convention.
1.2 Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires management of the company to
make estimates and assumptions that effect the reported amount of
assets and liabilities and disclosure of contingent liabilities at the
date of financial statements and the reported amount of revenue and
expenses during the reporting period. Difference between the actual
results and estimates are recognized in the period in which the results
are known/materialized
1.3 Tangible Assets:
Tangible assets are stated at cost less accumulated depreciation and
impairment losses, if any. Direct cost comprises of all expenditure of
capital in nature attributable to bringing the tangible fixed asset to
working condition for its intended use and incidental expenses
including interest relating to acquisition, until Tangible assets are
ready to be put to use.
1.4 Revenue Recognition:
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the company and the revenue can be
reliably measured.
(i) Income from sale of units of mutual funds is recognized on its
realization.
(ii) Interest on bank deposits is recognized on a time proportion basis
taking into account the amounts invested and the rate applicable.
1.5 Investments:
Investments, which are readily realizable and intended to be held of
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
at lower of cost and fair value. Long term investments are carried at
cost less provision for diminution, other that of temporary nature, in
value of such investments.
1.6 Employee Benefits:
Contribution to provident fund is made on actual liability and
accounted for on accrual basis. No provision has been made for the
retirement benefits of the employees. Provisions of payment of
Gratuity Act applies to the company. Even though there are employees
who have put in qualifying service to be eligible for Gratuity,
provision against liability was not made in the accounts.
1.7 Borrowing Costs:
Borrowing costs that are directly attributable to the acquisition and
construction of qualifying assets are capitalized as part of cost of
such assets till such time the asset is ready for its intended use. A
qualifying asset is one that requires substantial period of time to get
ready for its intended use. All other borrowing costs, if any, are
charged to the statement of Profit & Loss as period costs.
1.8 Provision for Current and Deferred Taxes:
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred tax resulting from "timing difference" between taxable income
and accounting income is accounted for using the tax rates and laws
that are enacted as on the balance sheet date. Deferred tax asset is
recognized and carried forward only to the extent that there is virtual
certainty that the asset will be realized in the future.
1.9 Provisions, Contingent Liabilities and Contingent Assets:
i) A provision is recognized when the company has 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
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on the best 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 best
estimates.
ii) Contingent liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
1.10 General:
Any other accounting policy not specifically referred to are consistent
with generally accepted accounting principles.
Mar 31, 2012
1.1 Basis of preparation of Financial Statements:
The financial statements have been prepared in accordance with
generally accepted accounting principles in India (Indian GAAP). The
company has prepared these financial statements to comply in all
material respects with the accounting standards notified by the
Companies (Accounting Standard) Rules, 2006(as amended) and the
relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under historical
cost convention.
1.2 Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires management of the company to
make estimates and assumptions that effect the reported amount of
assets and liabilities and disclosure of contingent liabilities at the
date of financial statements and the reported amount of revenue and
expenses during the reporting period. Difference between the actual
results and estimates are recognized in the period in which the results
are known/materialized
1.3 Tangible Assets:
Tangible assets are stated at cost less accumulated depreciation and
impairment losses, if any. Direct cost comprises of all expenditure of
capital in nature attributable to bringing the tangible fixed asset to
working condition for its intended use and incidental expenses
including interest relating to acquisition, until Tangible assets are
ready to be put to use.
1.4 Revenue Recognition:
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the company and the revenue can be
reliably measured.
(i) Income from sale of units of mutual funds is recognized on its
realization
(ii) Interest on bank deposits is recognized on a time proportion basis
taking into account the amounts invested and the rate applicable.
1.5 Investments:
Investments, which are readily realizable and intended to be held of
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 at
lower of cost and fair value. Long term investments are carried at cost
less provision for diminution, other that of temporary nature, in value
of such investments.
1.6 Employee Benefits:
Contribution to provident fund is made on actual liability and
accounted for on accrual basis. No provision has been made for the
retirement benefits of the employees. Provisions of payment of
Gratuity Act applies to the company. Even though there are employees
who have put in qualifying service to be eligible for Gratuity,
provision against liability was not made in the accounts.
1.7 Borrowing Costs:
Borrowing costs that are directly attributable to the acquisition and
construction of qualifying assets are capitalized as part of cost of
such assets till such time the asset is ready for its intended use. A
qualifying asset is one that requires substantial period of time to get
ready for its intended use. All other borrowing costs, if any, are
charged to the statement of Profit & Loss as period costs.
1.8 Provision for Current and Deferred Taxes:
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income Tax Act, 1961.
Deferred tax resulting from "timing difference" between taxable
income and accounting income is accounted for using the tax rates and
laws that are enacted as on the balance sheet date. Deferred tax asset
is recognized and carried forward only to the extent that there is
virtual certainty that the asset will be realized in the future.
1.9 Provisions, Contingent Liabilities and Contingent Assets:
i) A provision is recognized when the company has 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
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on the best 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 best
estimates.
ii) Contingent liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
1.10 General:
Any other accounting policy not specifically referred to are consistent
with generally accepted accounting principles.
Mar 31, 2011
1.1 METHOD OF ACCOUNTING:
The company maintains its accounts on accrual basis. The financial
statements are prepared under the historical cost conversion and on the
accounting principles of a going concern.
1.2 FXED ASSETS:
Fixed Assets are stated at cost less depreciation.
1.3 DEPRECIATION:
Depreciation of fixed assets put to use have been provided for on the
WDV method at the rates as specified by schedule XIV of the Companies
Act,1956.
1.4 INVESTMENTS:
All investments are considered as long term investments and are stated
at cost.
1.5 INVENTORY VALUATION:
i) Raw materials and stores are valued at lower of cost or net
realisable value.
ii) Property development projects in progress are valued at lower of
cost and net realisable value (taking into consideration the estimate
cost to complete)
iii) Land (stock in trade) is valued at the lower of cost and net
realizable value.
1.6 REVENUE RECOGNITION:
i) The company follows the mercantile system of accounting and
recognizes
Income and expenditure on accrual basis.
ii) Turnover on property development projects:
The company follows the percentage of completion method.
1.7 RETIRMENT BENEFITS:
a) Contribution to provident fund is made on actual liability and
accounted for on accrual basis. No provision has been made for the
retirement benefits of the employees.
b) Provisions of payment of Gratuity Act applies to the company. Even
though there are employees who have put in qualifying service to be
eligible for Gratuity, provision against liability was not made in the
accounts.
c) Provisions of payment of Bonus Act are applicable to the company.
Hence as per the Act, Bonus @ of 8.33% amount of Rs.2,37,001/- and the
same was not provided in the accounts.
1.8 DIVIDENDS:
No dividend has been recommended by the board.
Mar 31, 2010
1.1 METHOD OF ACCOUNTING:
The company maintains its accounts on accrual basis. The financial
statements are prepared under the historical cost conversion and on the
accounting principles of a going concern.
1.2 FXED ASSETS:
Fixed Assets are stated at cost less depreciation.
1.3 DEPRECIATION:
Depreciation of fixed assets put to use have been provided for on the
WDV method at the rates as specified by schedule XIV of the Companies
Act,1956.
1.4 INVESTMENTS:
All investments are considered as long term investments and are stated
at cost.
1.5 INVENTORY VALUATION:
i) Raw materials and stores are valued at lower of cost or net
realisable value.
ii) Property development projects in progress are valued at lower of
cost and net realisable value (taking into consideration the estimate
cost to complete)
iii) Land (stock in trade) is valued at the lower of cost and net
realizable value.
1.6 REVENUE RECOGNITION:
i) The company follows the mercantile system of accounting and
recognizes Income and expenditure on accrual basis.
ii) Turnover on property development projects:
The company follows the percentage of completion method.
1.7 RETIRMENT BENEFITS:
a) Contribution to provident fund is made on actual liability and
accounted for on accrual basis. No provision has been made for the
retirement benefits of the employees.
b) Provisions of payment of Gratuity Act applies to the company. Even
though there are employees who have put in qualifying service to be
eligible for Gratuity, provision against liability was not made in the
accounts.
c) Provisions of payment of Bonus Act arc applicable to the company.
Hence as per the Act, Bonus @ of 8.33% amount of Rs.2,26,188/- and the
same was not provided in the accounts.
1.8 DIVIDENDS:
No dividend has been recommended by the board.
Mar 31, 2009
1.1 METHOD OF ACCOUNTING:
The Company maintains its accounts on accural basis. The financial
statements are prepared under the historical cost conversion and on the
accounting principles of a going concern.
1.2 FIXED ASSETS:
Fixed Assets are stated at cost less depreciation.
1.3 DEPRECIATION:
Depreciation of fixed assets put to use have been provided for on the
WDV method at the rates as specified by Schedule XIV of the Companies
Act, 1956.
1.4 INVESTMENTS:
All Investments are considered as long term Investments and are stated
at cost.
1.5 INVENTORY VALUATION :
i) Raw Materials and stores are valued at lower of cost or net
realisable value.
ii) Property development projects in progress are valued at lower of
cost and net realisable value (taking consideration the estimate cost
to complete)
iii) Land (Stock in trade) is valued at the lower of cost and net
realisable value.
1.6 REVENUE RECOGNITION :
i) The Company follows the mercantile system of accounting and
recognises income and expenditure on accrual basis.
i) Turnover on property development projects:
The Company follows the percentage of completion method.
1.7 RETIREMENT BENEFITS:
a) Contribution to provident Fund is made on actual liability and
accounted for on accrual basis. No provision has been made for the
retirement benefits of the employees.
b) Provisions of payment of Gratuity Act applies to the Company. Even
though there are employees who have put in qualifying service to be
eligible for Gratuity, Provision against Liability was, not made in the
accounts.
c) Provisions of payment of Bonus Act are applicable to the company.
Hence as per the Act Bonus @ of 8.33% has to be provided in the
accounts.
1.8 DIVIDENDS:
No Dividend has been recommended by the Board.
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