Mar 31, 2015
2.1 Basis of preparation
The accompanying financial statements are prepared and presented under
the historical cost convention, on the accrual basis of accounting and
comply with the Accounting Standards prescribed by Companies
(Accounting Standard) Rules, 2006 (to the extent applicable) and issued
by the Institute of Chartered Accountants of India (ICAI') to the
extent applicable, and are in accordance with the generally accepted
accounting principles ('GAAP') in India and the relevant provisions of
the Companies Act, 1956, to extent applicable. The financial statement
s are presented in Indian rupees.
This is the first year of application of the revised schedule VI to the
Companies Act, 1956 for the preparation of the financial statements of
the Company. The revised Schedule VI introduces conceptual changes as
well as new disclosures in the financial statements. These include
classification of all assets and liabilities into current and
non-current. The previous year figures have also undergone a
reclassification to comply with the requirements of the revised
Schedule VI.
2.2 Use of estimates
The preparation of the financial statements in conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amount of
assets, liabilities, revenues and expenses and disclosure of contingent
liabilities on the date of financial statements. The estimates and
assumptions used in the accompanying financial statements are based
upon the management's evaluation of the relevant facts and
circumstances as of the date of the financial statements. Actual
results may differ from those estimates and assumptions used in
preparing the accompanying financial statements. Any revision to
accounting estimates is recognised prospectively in current and future
periods.
2.3 Current and non-current classification
All assets and liabilities are classified into current and non-current.
Assets
An asset is classified as current when it satisfies any of the
following criteria:
a) it is expected to be realised in, or is intended for sale or
consumption in, the Company's normal operating cycle;
b) it is held primarily for the purpose of being traded;
c) it is expected to be realised within 12 months after the reporting
date; or
d) it is cash or cash equivalent unless it is restricted from being
exchanged or used to settle a liability for at least 12 months after
thereporting date.
Current assets include the current portion of non-current financial
assets.
All other assets are classified as non-current.
Liabilities
A liability is classified as current when it satisfies any of the
following criteria:
a) it is expected to be settled in the Company's normal operating
cycle;
b) it is held primarily for the purpose of being traded;
c) it is due to be settled within 12 months after the reporting date;
or
d) the Company does not have an unconditional right to defer settlement
of the liability for at least 12 months after the reporting date.
Terms of a liability that could, at the option of the counterparty,
result in its settlement by the issue of equity instruments do not
affect its classification.
Current liabilities include current portion of non-current financial
liabilities. All other liabilities are classified as non-current.
2.4 Revenue recognition
Revenue from constructed properties is recognised on the "percentage of
completion method" net of cost of projects. Cost of project includes
cost of land, cost of stores and spares, construction cost, labour cost
and other allocable interest, administrative and finance expense net of
interest and other finance income.
Interest income is recognized on accrual basis. Dividend is recognised
when right to receive is established.
2.5 Fixed assets and depreciation
(a) Fixed assets are stated at historical Cost includes all expenses
incidental to acquisition of the assets.
(b) Effective 1st April 2014, the company depreciates its fixed assets
over the useful life in manner prescribed in schedule II of the act, as
against the earlier practice of depreciating at the rates prescribed in
Schedule XIV of the companies act, 1956.
(c) Depreciation is provided from the month of utilisation / purchase
of asset.
2.6 Impairment of assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired based on internal / external
factors. If any such indication exists, the Company estimates the
recoverable amount of the asset. If such recoverable amount of the
asset or the recoverable amount of the cash generating unit which the
asset belongs to is less than it s carrying amount, the carrying amount
is reduced to its recoverable amount. The reduction is treated as an
impairment loss and is recognised in the statement of profit and loss.
If at the balance sheet date there is an indication that a previously
assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount subject
to a maximum of depreciable historical cost.
2.7 Investments
Long term investment s are stated at cost less provision for diminution
in value other than temporary, if any. Current investment s are stated
at lower of cost or fair value in respect of each separate investment.
2.8 Inventories
Inventories are stated at lower of cost and net realisable value.
Construction Work-in-progress includes cost of land, construction cost,
other allocable interest and administrative expenses incidental to the
projects undertaken by the Company.
2.9 Borrowing costs
Borrowing cost that the directly attributable to project are recognised
as an expense in the period in which they are incurred as a part of the
project cost.
2.10 Foreign exchange transactions
Foreign exchange transactions are recorded using the rate of exchange
on the date of the respective transaction. Exchange differences arising
on foreign exchange transactions settled during the year are recognised
in the statement of profit and loss of the year.
Monetary assets and liabilities denominated in foreign currencies as at
the balance sheet date are translated at the closing exchange rates on
that date; the resultant exchange differences are recognised in the
statement of profit and loss.
2.11 Taxation
a) Current tax: Current tax is determined as the amount of tax payable
in respect of estimated taxable income for the year computed in
accordance provisions of the income Tax Act, 1961.
b) Deferred tax : Deferred tax arising on account of timing differences
between accounting income and taxable income for the period and which
are capable of reversal in one or more subsequent period s and the
corresponding deferred tax liabilities or assets are recognised using
the tax rates that have been enacted or substantively enacted by the
balance sheet date. Deferred tax assets are recognised only to the
extent there is reasonable certainty that the assets can be realised in
future.
2.12 Provisions and contingencies
The Company creates a provision when there is a present obligation as a
result of a past even that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
Provisions are reviewed at each balance sheet date and adjusted to
reflect the current best estimate. If it is no longer probable that the
outflow of resources would be required to settle the obligation, the
provision is reversed.
Contingent assets are not recognised in the financial statements.
However, contingent assets are assessed continually and if it is
virtually certain that an economic benefit will arise, the asset and
related income are recognised in the period in which the change occurs.
2.13 Earnings per share
The basic earnings per share is computed by dividing the net profit /
loss after tax attributable to the equity shareholders for the period
by the weighted average number of equity shares outstanding during the
reporting period. The number of shares used in computing diluted
earnings per share comprises the weighted average number of shares
considered for deriving earnings per share and also the weighted
average number of equity shares, which could have been issued on the
conversions of all dilutive potential shares. In computing dilutive
earnings per share, only potential equity shares that are dilutive and
that reduce profit / loss per share are included.
Mar 31, 2014
1.1 Basis of preparation
The accompanying financial statements are prepared and presented under
the historical cost convention, on the accrual basis of accounting and
comply with the Accounting Standards prescribed by Companies
(Accounting Standard) Rules, 2006 (to the extent applicable) and issued
by the Institute of Chartered Accountants of India (ICAI'') to the
extent applicable, and are in accordance with the generally accepted
accounting principles (''GAAP'') in India and the relevant provisions of
the Companies Act, 1956, to extent applicable. The financial statement
s are presented in Indian rupees.
This is the first year of application of the revised schedule VI to the
Companies Act, 1956 for the preparation of the financial statements of
the Company. The revised Schedule VI introduces conceptual changes as
well as new disclosures in the financial statements. These include
classification of all assets and liabilities into current and
non-current. The previous year figures have also undergone a
reclassification to comply with the requirements of the revised
Schedule VI.
2.2 Use of estimates
The preparation of the financial statements in conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amount of
assets, liabilities, revenues and expenses and disclosure of contingent
liabilities on the date of financial statements. The estimates and
assumptions used in the accompanying financial statements are based
upon the management''s evaluation of the relevant facts and
circumstances as of the date of the financial statements. Actual
results may differ from those estimates and assumptions used in
preparing the accompanying financial statements. Any revision to
accounting estimates is recognised prospectively in current and future
periods.
2.3 Current and non-current classification
All assets and liabilities are classified into current and non-current.
Assets
An asset is classified as current when it satisfies any of the
following criteria:
a) it is expected to be realised in, or is intended for sale or
consumption in, the Company''s normal operating cycle;
b) it is held primarily for the purpose ofbeing traded;
c) it is expected to be realised within 12 months after the reporting
date; or
d) it is cash or cash equivalent unless it is restricted from being
exchanged or used to settle a liability for at least 12 months after
the reporting date.
Current assets include the current portion of non-current financial
assets. All other assets are classified as non-current.
Liabilities
A Liability is classified as current when it satisfies any of the
following criteria:
a) it is expected to be settled in the Company''s normal operating
cycle;
b) it is held primarily for the purpose of being traded;
c) it is due to be settled within 12 months after the reporting date;
or
d) the Company does not have an unconditional right to defer settlement
of the liability for at least 12 months after the reporting date. Terms
of a liability that could, at the option of the counterparty, result in
its settlement by the issue of equity instruments do not affect its
classification.
Current liabilities include current portion of non-current financial
liabilities. All other liabilities are classified as non-current.
2.4 Revenue recognition
Revenue from constructed properties is recognised on the âÂÂpercentage
of completion methodâ net of cost of projects. Cost of project
includes cost of land, cost of stores and spares, construction cost,
labour cost and other allocable interest, administrative and finance
expense net of interest and other finance income.
Interest income is recognized on accrual basis. Dividend is recognised
when right to receive is established.
2.5 Fixed assets and depreciation
(a) Fixed assets are stated at historical cost less accumulated
depreciation. Cost includes all expenses incidental to acquisition of
the assets.
(b) Depreciation is provided at rates prescribed in Schedule XIV to the
Companies Act, 1956 using written down value method. é Depreciation is
provided from the month of utilisation / purchase of asset.
2.6 Impairment of assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired based on internal / external
factors. If any such indication exists, the Company estimates the
recoverable amount of the asset. If such recoverable amount of the
asset or the recoverable amount of the cash generating unit which the
asset belongs to is less than it s carrying amount, the carrying amount
is reduced to its recoverable amount. The reduction is treated as an
impairment loss and is recognised in the statement of profit and loss.
If at the balance sheet date there is an indication that a previously
assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount subject
to a maximum of depreciable historical cost.
2.7 Investments
Long term investment s are stated at cost less provision for diminution
in value other than temporary, if any. Current investment s are stated
at lower of cost or fair value in respect of each separate investment.
2.8 Inventories
Inventories are stated at lower of cost and net realisable value.
Construction Work-in-progress includes cost of land, construction cost,
other allocable interest and administrative expenses incidental to the
projects undertaken by the Company.
2.9 Borrowing costs
Borrowing cost that the directly attributable to project are recognised
as an expense in the period in which they are incurred as a part of the
project cost.
2.10 Foreign exchange transactions
F oreign exchange transactions are recorded using the rate of exchange
on the date of the respective transaction. Exchange differences arising
on foreign exchange transactions settled during the year are recognised
in the statement of profit and loss of the year.
Monetary assets and liabilities denominated in foreign currencies as at
the balance sheet date are translated at the closing exchange rates on
that date; the resultant exchange differences are recognised in the
statement of profit and loss.
2.11 Taxation
a) Current tax: Current tax is determined as the amount of tax payable
in respect of estimated taxable income for the year computed in
accordance provisions of the income Tax Act, 1961.
b) Deferred tax : Deferred tax arising on account of timing differences
between accounting income and taxable income for the period and which
are capable of reversal in one or more subsequent period s and the
corresponding deferred tax liabilties or assets are recognised using
the tax rates that have been enacted or substantively enacted by the
balance sheet date. Deferred tax assets are recognised only to the
extent there is reasonable certainty that the assets can be realised in
future.
2.12 Provisions and contingencies
The Company creates a provision when there is a present obligation as a
result of a past even that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a posible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
Provisions are reviewed at each balance sheet date and adjusted to
reflect the current best estimate. If it is no longer probable that the
outflow ofresources would be required to settle the obligation, the
provision is reversed.Contingent assets are not recognised in the
financial statements. However, contingent assets are assesssed
continually and if it is virtually certain that an economic benefit
will arise, the asset and related income are recognised in the period
in which the change occurs.
2.13 Earnings per share
The basic earnings per share is computed by dividing the net profit /
loss after tax attributable to the equity shareholders for the period
by the weighted average number of equity shares outstanding during the
reporting period. The number of shares used in computing diluted
earnings per share comprises the weighted average number of shares
considered for deriving earnings per share and also the weighted
average number of equity shares, which could have been issued on the
conversions of all dilutive potential shares. In computing dilutive
earnings per share, only potential equity shares that are dilutive and
that reduce profit / loss per share are included.
Mar 31, 2013
1.1 Basis of preparation
The accompanying financial statements are prepared and presented under
the historical cost convention, on the accrual basis of accounting and
comply with the Accounting Standards prescribed by Companies
(Accounting Standard) Rules, 2006 (to the extent applicable) and issued
by the Institute of CharteredAccountants of India (ICAI'') to the extent
applicable, and are in accordance with the generally accepted
accounting principles (''GAAP'') in India and the relevant provisions of
the Companies Act, 1956, to extent applicable. The financial statement
s are presented in Indian rupees.
This is the first year of application of the revised schedule VI to the
Companies Act, 1956 for the preparation of the financial statements of
the Company. The revised Schedule VI introduces conceptual changes as
well as new disclosures in the financial statements. These include
classification of all assets and liabilities into current and
non-current. The previous year figures have also undergone a
reclassification to comply with the requirements of the revised
Schedule VI.
1.2 Use of estimates
The preparation of the financial statements in conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amount of
assets, liabilities, revenues and expenses and disclosure of contingent
liabilities on the date of financial statements. The estimates and
assumptions used in the accompanying financial statements are based
upon the management''s evaluation of the relevant facts and
circumstances as of the date of the financial statements. Actual
results may differ from those estimates and assumptions used in
preparing the accompanying financial statements. Any revision to
accounting estimates is recognised prospectively in current and future
periods.
1.3 Current and non-current classification
All assets and liabilities are classified into current and non-current.
Assets
An asset is classified as current when it satisfies any of the
following criteria:
a) it is expected to be realised in, or is intended for sale or
consumption in, the Company''s normal operating cycle;
b) it is held primarily for the purpose of being traded;
c) it is expected to be realised within 12 months after the reporting
date; or
d) it is cash or cash equivalent unless it is restricted from being
exchanged or used to settle a liability for at least 12 months after
the reporting date.
Current assets include the current portion of non-current financial
assets.
All other assets are classified as non-current.
Liabilities
A liability is classified as current when it satisfies any of the
following criteria:
a) it is expected to be settled in the Company''s normal operating
cycle;
b) it is held primarily for the purpose of being traded;
c) it is due to be settled within 12 months after the reporting date;
or
d) the Company does not have an unconditional right to defer settlement
of the liability for at least 12 months after the reporting date. Terms
of a liability that could, at the option of the counterparty, result in
its settlement by the issue of equity instruments do not affect its
classification.
Current liabilities include current portion of non-current financial
liabilities. All other liabilities are classified as non-current.
1.4 Revenue recognition
Revenue from constructed properties is recognised on the "percentage
of completion method" net of cost of projects. Cost of project
includes cost of land, cost of stores and spares, construction cost,
labour cost and other allocable interest, administrative and finance
expense net of interest and other finance income.
Interest income is recognized on accrual basis. Dividend is recognised
when right to receive is established.
1.5 Fixed assets and depreciation
(a) Fixed assets are stated at historical cost less accumulated
depreciation. Cost includes all expenses incidental to acquisition of
the assets.
(b) Depreciation is provided at rates prescribed in Schedule XIV to the
Companies Act, 1956 using written down value method. © Depreciation is
provided from the month of utilisation / purchase of asset.
1.6 Impairment of assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired based on internal / external
factors. If any such indication exists, the Company estimates the
recoverable amount of the asset. If such recoverable amount of the
asset or the recoverable amount of the cash generating unit which the
asset belongs to is less than it s carrying amount, the carrying amount
is reduced to its recoverable amount. The reduction is treated as an
impairment loss and is recognised in the statement of profit and loss.
If at the balance sheet date there is an indication that a previously
assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount subject
to a maximum of depreciable historical cost.
1.7 Investments
Long term investment s are stated at cost less provision for diminution
in value other than temporary, if any.
Current investment s are stated at lower of cost or fair value in
respect of each separate investment.
1.8 Inventories
Inventories are stated at lower of cost and net realisable value.
Construction Work-in-progress includes cost of land, construction cost,
other allocable interest and administrative expenses incidental to the
projects undertaken by the Company.
1.9 Borrowing costs
Borrowing cost that the directly attributable to project are recognised
as an expense in the period in which they are incurred as a part of the
project cost.
1.10 Foreign exchange transactions
Foreign exchange transactions are recorded using the rate of exchange
on the date of the respective transaction. Exchange differences arising
on foreign exchange transactions settled during the year are recognised
in the statement of profit and loss of the year.
Monetary assets and liabilities denominated in foreign currencies as at
the balance sheet date are translated at the closing exchange rates on
that date; the resultant exchange differences are recognised in the
statement of profit and loss.
1.11 Taxation
a) Current tax: Current tax is determined as the amount of tax payable
in respect of estimated taxable income for the year computed in
accordance provisions of the income Tax Act, 1961.
b) Deferred tax : Deferred tax arising on account of timing differences
between accounting income and taxable income for the period and which
are capable of reversal in one or more subsequent period s and the
corresponding deferred tax liabilties or assets are recognised using
the tax rates that have been enacted or substantively enacted by the
balance sheet date. Deferred tax assets are recognised only to the
extent there is reasonable certainty that the assets can be realised in
future.
1.12 Provisions and contingencies
The Company creates a provision when there is a present obligation as a
result of a past even that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a posible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
Provisions are reviewed at each balance sheet date and adjusted to
reflect the current best estimate. If it is no longer probable that the
outflow of resources would be required to settle the obligation, the
provision is reversed.
Contingent assets are not recognised in the financial statements.
However, contingent assets are assesssed continually and if it is
virtually certain that an economic benefit will arise, the asset and
related income are recognised in the period in which the change occurs.
1.13 Earnings per share
The basic earnings per share is computed by dividing the net profit /
loss after tax attributable to the equity shareholders for the period
by the weighted average number of equity shares outstanding during the
reporting period. The number of shares used in computing diluted
earnings per share comprises the weighted average number of shares
considered for deriving earnings per share and also the weighted
average number of equity shares, which could have been issued on the
conversions of all dilutive potential shares. In computing dilutive
earnings per share, only potential equity shares that are dilutive and
that reduce profit / loss per share are included.
1.14 Segment Reporting
(a) Segment Revenue and Expense
Revenue and Expense have been identified to a segment on the basis of
relationship to operating activities of the segment. Revenue and
Expenses which relate to enterprises as a whole and are not allocable
to a segment on a reasonable basis have been disclosed as
"Unallocable".
(b) Segment Assets and Liabilities
Segment assets and segment liabilities represent assets and liabilities
in respective segments. Investments, tax related assets and other
assets and liabilities that cannot be allocated to a segment on or
reasonable basis have been disclosed as "Unallocable"
(c) Accounting Policies
The accounting policies consistently used in the preparation of the
financial statements are also applied to item of revenue and
expenditure in individual segments.
Mar 31, 2012
1.1 Basis of preparation
The accompanying financial statements are prepared and presented under
the historical cost convention, on the accrual basis of accounting and
comply with the Accounting Standards prescribed by Companies
(Accounting Standard) Rules, 2006 (to the extent applicable) and issued
by the Institute of Chartered Accountants of India (ICAI') to the
extent applicable, and are in accordance with the generally accepted
accounting principles ('GAAP') in India and the relevant provisions
of the Companies Act, 1956, to extent applicable. The financial
statement s are presented in Indian rupees.
This is the first year of application of the revised schedule VI to the
Companies Act, 1956 for the preparation of the financial statements of
the Company. The revised Schedule VI introduces conceptual changes as
well as new disclosures in the financial statements. These include
classification of all assets and liabilities into current and
non-current. The previous year figures have also undergone a
reclassification to comply with the requirements of the revised
Schedule VI.
1.2 Use of estimates
The preparation of the financial statements in conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amount of
assets, liabilities, revenues and expenses and disclosure of contingent
liabilities on the date of financial statements. The estimates and
assumptions used in the accompanying financial statements are based
upon the management's evaluation of the relevant facts and
circumstances as of the date of the financial statements. Actual
results may differ from those estimates and assumptions used in
preparing the accompanying financial statements. Any revision to
accounting estimates is recognized prospectively in current and future
periods.
1.3 Current and non-current classification
All assets and liabilities are classified into current and non-current.
Assets
An asset is classified as current when it satisfies any of the
following criteria:
a) it is expected to be realized in, or is intended for sale or
consumption in, the Company's normal operating cycle;
b) it is held primarily for the purpose of being traded;
c) it is expected to be realized within 12 months after the reporting
date; or
d) it is cash or cash equivalent unless it is restricted from being
exchanged or used to settle a liability for at least 12 months after
the reporting date.
Current assets include the current portion of non-current financial
assets.
All other assets are classified as non-current.
Liabilities
A liability is classified as current when it satisfies any of the
following criteria :
a) it is expected to be settled in the Company's normal operating
cycle;
b) it is held primarily for the purpose of being traded;
c) it is due to be settled within 12 months after the reporting date;
or
d) the Company does not have an unconditional right to defer settlement
of the liability for at least 12 months after the reporting date.
Terms of a liability that could, at the option of the counterparty,
result in its settlement by the issue of equity instruments do not
affect its classification.
Current liabilities include current portion of non-current financial
liabilities.
All other liabilities are classified as non-current.
1.4 Revenue recognition
Revenue from constructed properties is recognized on the "percentage
of completion method" net of cost of projects. Cost of project
includes cost of land, cost of stores and spares, construction cost,
labour cost and other allocable interest, administrative and finance
expense net of interest and other finance income.
Interest income is recognized on accrual basis. Dividend is recognized
when right to receive is established.
1.5 Fixed assets and depreciation
(a) Fixed assets are stated at historical cost less accumulated
depreciation. Cost includes all expenses incidental to acquisition of
the assets.
(b) Depreciation is provided at rates prescribed in Schedule XIV to the
Companies Act, 1956 using written down value method.
(c) Depreciation is provided from the month of utilization / purchase
of asset.
1.6 Impairment of assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired based on internal / external
factors. If any such indication exists, the Company estimates the
recoverable amount ofthe asset. If such recoverable amount of the asset
or the recoverable amount of the cash generating unit which the asset
belongs to is less than it s carrying amount, the carrying amount is
reduced to its recoverable amount. The reduction is treated as an
impairment loss and is recognized in the statement of profit and loss.
If at the balance sheet date there is an indication that a previously
assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount subject
to a maximum of depreciable historical cost.
1.7 Investments
Long term investment s are stated at cost less provision for domination
in value other than temporary, if any.
Current investment s are stated at lower of cost or fair value in
respect of each separate investment.
1.8 Inventories
Inventories are stated at lower of cost and net realizable value.
Construction Work-in-progress includes cost of land, construction cost,
other allocable interest and administrative expenses incidental to the
projects undertaken by the Company.
1.9 Borrowing costs
Borrowing cost that the directly attributable to project are recognized
as an expense in the period in which they are incurred as a part of the
project cost.
1.10 Foreign exchange transactions
Foreign exchange transactions are recorded using the rate of exchange
on the date of the respective transaction. Exchange differences arising
on foreign exchange transactions settled during the year are recognized
in the statement of profit and loss ofthe year.
Monetary assets and liabilities denominated in foreign currencies as at
the balance sheet date are translated at the closing exchange rates on
that date; the resultant exchange differences are recognized in the
statement of profit and loss.
1.11 Taxation
a) Current tax: Current tax is determined as the amount of tax payable
in respect of estimated taxable income for the year computed in
accordance provisions of the income Tax Act, 1961.
b) Deferred tax : Deferred tax arising on account of timing differences
between accounting income and taxable income for the period and which
are capable of reversal in one or more subsequent period s and the
corresponding deferred tax liabilties or assets are recognized using
the tax rates that have been enacted or substantively enacted by the
balance sheet date. Deferred tax assets are recognized only to the
extent there is reasonable certainty that the assets can be realized in
future.
1.12 Provisions and contingencies
The Company creates a provision when there is a present obligation as a
result of a past even that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a posible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
Provisions are reviewed at each balance sheet date and adjusted to
reflect the current best estimate. If it is no longer probable that the
outflow of resources would be required to settle the obligation, the
provision is reversed.
Contingent assets are not recognised in the financial statements.
However, contingent assets are assesssed continually and if it is
virtually certain that an economic benefit will arise, the asset and
related income are recognised in the period in which the change occurs.
1.13 Earnings per share
The basic earnings per share is computed by dividing the net profit /
loss after tax attributable to the equity shareholders for the period
by the weighted average number of equity shares outstanding during the
reporting period. The number of shares used in computing diluted
earnings per share comprises the weighted average number of shares
considered for deriving earnings per share and also the weighted
average number of equity shares, which could have been issued on the
conversions of all dilutive potential shares. In computing dilutive
earnings per share, only potential equity shares that are dilutive and
that reduce profit / loss per share are included.
1.14 Segment Reporting
(a) Segment Revenue and Expense
Revenue and Expense have been identified to a segment on the basis of
relationship to operating activities of the segment. Revenue and
Expenses which relate to enterprises as a whole and are not allocable
to a segment on a reasonable basis have been disclosed as
"Unallocable".
(b) Segment Assets and Liabilities
Segment assets and segment liabilities represent assets and liabilities
in respective segments. Investments, tax related assets and other
assets and liabilities that cannot be allocated to a segment on or
reasonable basis have been disclosed as "Unallocable"
(c) Accounting Policies
The accounting policies consistently used in the preparation of the
financial statements are also applied to item of revenue and
expenditure in individual segments.
Mar 31, 2011
The financial statements are prepared in accordance with Generally
Accepted Accounting Principles (GAAP) applicable in India. GAAP
comprises of accounting standards notified by the Central Government of
India under Section 211(3C) of the Companies Act, 1956, other
pronouncements of the Institute of Chartered Accountants of India and
the relevant provisions of the Companies Act, 1956 (the "Act"). The
summary of the significant accounting policies is set out below -
2.1 Basis of Preparation
The financial statements have been prepared and presented under the
historical cost convention on the accrual basis of accounting and
comply with the accounting standards prescribed by Companies
(Accounting Standards) Rules, 2006 issued by the Institute of Chartered
Accountants of India and the relevant provisions of the Companies Act,
1956, to the extent applicable.
2.2 Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles (GAAP) requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosure of contingent liabilities on the
date of financial statements. Actual results could differ from those
estimates. Any revision to accounting estimates is recognised
prospectively in current and future periods.
2.3 Fixed Assets and Depreciation
(a) Fixed assets are stated at historical cost less accumulated
depreciation. Cost includes all expenses incidental to acquisition of
the assets.
(b) Depreciation is provided at rates prescribed in Schedule XIV to the
Companies Act, 1956 using written down value method.
(c) Depreciation is provided from the month of utilisation / purchase
of asset.
2.4 Impairment of Assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset. If
such recoverable amount of the asset or the recoverable amount of the
cash generating unit which the asset belongs to, is less than its
carrying amount, the carrying amount is reduced to its recoverable
amount. The reduction is treated as an impairment loss and is
recognised in the profit and loss account. If at the balance sheet
date there is an indication that a previously assessed impairment loss
no longer exists, the recoverable amount is reassessed and the asset is
reflected at the recoverable amount subject to a maximum of depreciable
historical cost.
2.5 Investments
Long term investments are stated at cost less provision for dimunition
in value other than temporary, if any. Current investments are stated
at lower of cost or fair value in respect of each separate investment.
2.6 Inventories
Inventories are stated at lower of cost and net realisable value.
Construction Work-in-Progress includes cost of land, construction cost,
other allocated interest and administrative expenses incidental to the
projects undertaken by the Company.
2.7 Borrowing costs
Borrowing Costs that are directly attributable to project are
recognised an expense in the period in which they are incurred as a
part of the project cost.
2.8 Revenue Recognition
Revenue from constructed properties is recognised on the Ãpercentage of
completion methodà net of cost of projects. Interest income is
recognized on accrual basis. Dividend is recognised when right to
receive is established. Cost of project includes cost of land cost of
store and spares, construction cost, labour cost other allocated
interest, administrative & finance expenses net of interest and other
finance incomes.
2.9 Taxation
(a) Current tax: Current tax is determined as the amount of tax payable
in respect of estimated taxable income for the year computed in
accordance with provisions of the Income Tax Act,1961.
(b) Deferred tax: Deferred tax arising on account of timing differences
between accounting income and taxable income for the period and which
are capable of reversal in one or more subsequent periods and the
corresponding deferred tax liabilities or assets are recognised using
the tax rates that have been enacted or substantively enacted by the
balance sheet date. Deferred tax assets are recognised only to the
extent there is reasonable certainty that the assets can be realised in
future.
2.10 Provisions and Contingencies
The Company creates a provision when there is a 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 a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
2.11 Earnings Per Share
The basic earnings per share is computed by dividing the net profit /
loss attributable to the equity shareholders for the period by the
weighted average number of equity shares outstanding during the
reporting period. The number of shares used in computing diluted
earning per share comprises the weighted average number of shares
considered for deriving earnings per share, and also the weighted
average number of equity shares, which could have been issued on the
conversions of all dilutive potential shares. In computing dilutive
earnings per share, only potential equity shares that are dilutive and
that reduce profit / loss per share are included.
Mar 31, 2010
The financial statements are prepared in accordance with Generally
Accepted Accounting Principles (GAAP) applicable in rndia. GAAP
comprises of accounting standards notified by the Central Government of
India under Section 211 (3C) of the Companies Act. 1956, other
pronouncements of the Institute of Chartered Accountants of rndia and
the relevant provisions of the Companies Act, 1956 (theAct")
The summary of the significant accounting policies is set out below-
2.1 Basis of Preparation
Thefinancial statements havebeen prepared andpresented under the
historical cost convention on the accrual basis of accounting and
comply with the accounting standards prescribed by Companies
(Accounting Standards) Rules, 2006 issued by the Institute of Chartered
Accountants of Indiaand the relevant provisions of the Companies Act,
1956,totheextentapphcable.
2.2 Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles (GAAP) requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosure of contingent liabilities on the
date of financial statements. Actual results could differ from those
estimates. Any revision to accounting estimates is recognised
prospectively in current and future periods.
2.3 Fixed Assets and .Depreciation
(a) Fixed assets are stated at historical cost less accumulated
depreciation. Cost includes all expenses incidental to acquisition of
the assets.
(b) Depreciation is provided at rates prescribed in Schedule XIV to the
Companies Act,1 956 using written down value method.
(c) Depreciation is provided from the month of utihsation / purchase of
asset.
2.4 Impairment of Assets
The Company assesses at each balance sheet date whether there is any
indication that an asset may be impaired. If any such indication
exists, the Company estimates the recoverable amount of the asset. If
such recoverable amount of the asset or the recoverable amount of the
cash generating unit which the asset belongs to, is less than its
carrying amount, the carrying amount is reduced to its recoverable
amount. The reduction is treated as an impairment loss and is
recognised in the profit and loss account. If at the balance sheet
date there is an indication that a previously assessed impairment loss
no longer exists, the recoverable amount is reassessed and the asset is
reflected at the recoverable amount subject to amaximum of depreciable
historical cost.
2.5 Investments
Longterm in vestments are stated at cost less provision for dimunition
in value other than temporary, if any Current investments are stated at
lower of cost or fair value inrespect of each separate investment.
2.6 Inventories
Inventories are stated at lower of cost and net realisable value.
Construction Work-in-Progress includes cost of land, construction cost,
other allocated interest and administrative expenses incidental to the
projects undertaken by the Company.
2.7 Borrowing costs
Borrowing Costs that are directly attributable to project are
recognised an expense in the period in which they are incurred as a
part ofthe project cost.
2.8 Revenue Recognition
Revenue from constructed properties is recognised on the "percentage of
completion method" net of cost of projects. Merest income is recognized
on accrual basis. Dividend is recognised when right to receive is
established Cost of project includes cost of land cost of store and
spares, construction cost, labour cost other allocated interest,
administrative & finance expenses net of interest income and finance
income.
2.9 Taxation
(a) Currenttax: Currenttax is determined as the amount of tax payable
in respect of estimatedtaxable income for the year computed in
accordance with provisions of them come Tax Act, 1961.
(b) Deferred tax: Deferred tax arising on account oftiming differences
between accounting income and taxable income for the period and which
are capable of reversal in one ormore subsequent periods and the
corresponding deferred tax liabilities or Lsets are recognised usmg the
tax rates that have been enacted or substantively
enactedbythebalancesheetdate. Deferred tax assets are recognised only
to the extent there is reasonable certainty that the"assets canbe
realised in future.
2.10 Provisions and Contingencies
The Company creates a provision when there is a 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 a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provisionordisclosureismade.
2.11 Earnings Per Share
The basic earnings per share is computed by dividing the net profit
/loss attributable to the equity shareholders for the period by the
weighted average number of equity shares outstanding during the
reporting period. The number of shares used in computing diluted
earning per share comprises the weighted average number of shares
considered for deriving earnings per share, and also
theweightedaveragenumberofequity shares, which could have been issued
on the conversions ofall dilutive potential shares. In computing
dilutive earnings per share, only potential equity shares that are
dilutive and that reduce profit /loss per share are included.
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