Mar 31, 2015
1. Basis of accounting and presentation of financial statements:
The Company maintains its accounts on accrual basis following the
historical cost convention, except for the revaluation of certain fixed
assets, in accordance with generally accepted accounting principles
["GAAP"] in compliance with the provisions of the Companies Act, 2013
and the Accounting Standards as specified in the Companies (Accounting
Standards) Rules, 2006 read with Rule 7(1) of the Companies (Accounts)
Rules, 2014 issued by the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013. Further, the guidance
notes/announcements issued by the Institute of Chartered Accountants of
India (ICAI) are also considered, wherever applicable except to the
extent where compliance with other statutory promulgations override the
same requiring a different treatment
The Balance Sheet and the Statement of Profit and Loss are prepared and
presented in the format prescribed in the Schedule III to the Companies
Act, 2013 ("the Act"). The Cash Flow Statement has been prepared and
presented as per the requirements of Accounting Standard (AS) 3 "Cash
Flow Statements". The disclosure requirements with respect to items in
the Balance Sheet and Statement of Profit and Loss, as prescribed in
the Schedule III to the Act, are presented by way of notes forming part
of accounts along with the other notes required to be disclosed under
the notified Accounting Standards and the Equity Listing Agreement.
2. Use of Estimates :
The preparation of financial statements in conformity with GAAP
requires that the management of the Company makes estimates and
assumptions that affect the reported amounts of income and expenses of
the period, the reported balances of assets and liabilities and the
disclosures relating to contingent liabilities as of the date of the
financial statements. Examples of such estimates include the useful
lives of tangible and intangible fixed assets, allowance for doubtful
debts/advances, future obligations in respect of retirement benefit
plans, etc. difference, if any, between the actual results and
estimates is recognized in the period in which the results are known.
3. Fixed Assets:
a. All Fixed Assets are stated at cost less depreciation. Cost of
acquisition is inclusive of purchase price, levies and any directly
attributable cost of bringing the assets to its working condition for
the intended use.
b. Exchange difference arising on payment of liabilities for purchase
of fixed assets from outside India and year end conversion for such
liabilities are charged / credited to the Profit & Loss Account.
c. When an Asset is scrapped or otherwise disposed off, the cost and
related depreciation are removed from the books of accounts and
resultant profit (including capital profit) or loss, if any, is
reflected in the Profit & Loss Account.
d. Items of fixed assets that have been retired from active use and
are held for disposal are stated at the lower of their net book value
and estimated net realizable value and are disclosed separately in the
financial statements.
e. Capital Work-in-Progress includes the cost of assets that are not
ready for intended use at the Balance Sheet and advances paid to
acquire capital assets before the Balance Sheet date.
4. Intangible Assets
All intangible assets are initially measured at cost amortized so as to
reflect the pattern in which the assets' economic benefits are
consumed.
5. Depreciation
Depreciation on assets carried at historical costs is provided on
straight line method on the basis of useful life as specified in
Schedule II to the Companies Act, 2013.
6. Investments
a. Current Investments are stated at cost or market value whichever is
less.
b. Long term Investments are stated at cost. Provision for diminution
in value is made, if permanent.
7. Employee Benefits
Defined Benefit Plans - Company's liabilities towards gratuity being
post employment benefit are determined actuarially using the projected
unit credit method which considers each period of service as giving
rise to an additional unit of benefit entitlement and measures each
unit separately build up the final obligation. Past service costs are
recognized on straight line basis over the average residual period
until the amended benefits become vested. Actuarial gain and losses are
recognized immediately in the Statement of Profit and loss as income or
expense. Obligation is measured at the present value of estimated
future cash flows.
8. Foreign Currency Transactions:
a. Foreign Currency transactions are recorded at the exchange rate as
of the date of the respective transactions.
b. In the case of monetary assets and liabilities denominated in
foreign currency, the exchange rate prevalent on the Balance Sheet date
is applied to restate such assets and liabilities. Exchange differences
arising on restatement of foreign currency assets and liabilities are
recognized as income or expenditure in Profit & Loss Account.
9. Revenue Recognized
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection.
Dividend is recognized when the right to receive is established.
Interest is recognized on time proportion basis.
10. Income Tax and Deferred Taxes
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred tax is measured based on the tax
rates and tax laws enacted or substantively enacted at the balance
sheet date. Deferred tax is recognized, subject to 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. Deferred tax
assets arising on account of unabsorbed depreciation or carry forward
of tax losses shall be recognized only when there is a virtual
certainty supported by convincing evidence that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
11. Provisions
Provisions are recognized in accounts in respect of present probable
obligations, the amount of which can be reliably estimated.
12. Contingent Liabilities and Commitments
Contingent liabilities are disclosed in respect of possible obligations
that arise from past events but their existence is confirmed only by
the occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the company.
13. Impairment of assets
Management periodically assesses using external and internal
indications whether there is an indication that an asset may be
impaired. Impairment occurs where the carrying amount exceeds the
present value of future cash flows expected to arise from the
continuing use of the asset or its eventual disposal. The impairment
loss to be expensed is determined as the excess of the carrying amount
over the higher of the asset's net sale price or present value as
determined above.
Mar 31, 2014
1. Basis of preparation of financial statements:
The financial statements are prepared under the historical cost
convention on the accrual basis of accounting and comply with the
mandatory Accounting Standards referred to in section 211(3C) of the
Companies Act, 1956.
2. Use of Estimates :
The preparation of financial statements requires the management to make
estimates and assumptions in the reported amount of assets and
liabilities (including contingent liabilities) as on the date of
financial statements and the reported income and expenses during the
reporting period. Any revision to accounting estimates is recognized
prospectively in current and future periods.
3. Fixed Assets:
a. All Fixed Assets are stated at cost less depreciation. Cost of
acquisition is inclusive of purchase price, levies and any directly
attributable cost of bringing the assets to its working condition for
the intended use.
b. Exchange difference arising on payment of liabilities for purchase
of fixed assets from outside India and year end conversion for such
liabilities are charged / credited to the Profit & Loss Account.
c. When an Asset is scrapped or otherwise disposed off, the cost and
related depreciation are removed from the books of accounts and
resultant profit (including capital profit) or loss, if any, is
reflected in the Profit & Loss Account.
d. Items of fixed assets that have been retired from active use and are
held for disposal are stated at the lower of their net book value and
estimated net realizable value and are disclosed separately in the
financial statements.
e. Capital Work-in-Progress includes the cost of assets that are not
ready for intended use at the Balance Sheet and advances paid to
acquire capital assets before the Balance Sheet date.
4. Intangible Assets
All intangible assets are initially measured at cost amortized so as to
reflect the pattern in which the assets'' economic benefits are
consumed.
5. Depreciation
Depreciation on fixed assets has been charged using Straight Line
Method at the rates and in manner prescribed in Schedule XIV to the
Companies Act, 1956.
6. Investments
a. Current Investments are stated at cost or market value whichever is
less.
b. Long term Investments are stated at cost. Provision for diminution
in value is made, if permanent.
7. Employee Benefits
Defined Benefit Plans - Company''s liabilities towards gratuity being
post employment benefit are determined actuarially using the projected
unit credit method which considers each period of service as giving
rise to an additional unit of benefit entitlement and measures each
unit separately build up
the final obligation. Past service costs are recognized on straight
line basis over the average residual period until the amended benefits
become vested. Actuarial gain and losses are recognized immediately in
the Statement of Profit and loss as income or expense. Obligation is
measured at the present value of estimated future cash flows.
8. Foreign Currency Transactions:
a. Foreign Currency transactions are recorded at the exchange rate as
of the date of the respective transactions.
b. In the case of monetary assets and liabilities denominated in
foreign currency, the exchange rate prevalent on the Balance Sheet date
is applied to restate such assets and liabilities. Exchange differences
arising on restatement of foreign currency assets and liabilities are
recognized as income or expenditure in Profit & Loss Account.
9. Revenue Recognized
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection.
Dividend is recognized when the right to receive is established.
Interest is recognized on time proportion basis.
10. Income Tax and Deferred Taxes
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred tax is measured based on the tax
rates and tax laws enacted or substantively enacted at the balance
sheet date. Deferred tax is recognised, subject to 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. Deferred tax
assets arising on account of unabsorbed depreciation or carry forward
of tax losses shall be recognized only when there is a virtual
certainty supported by convincing evidence that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
11. Provisions
Provisions are recognised in accounts in respect of present probable
obligations, the amount of which can be reliably estimated.
12. Contingent Liabilities
Contingent liabilities are disclosed in respect of possible obligations
that arise from past events but their existence is confirmed only by
the occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the company.
13. Impairment of assets
Management periodically assesses using external and internal
indications whether there is an indication that an asset may be
impaired. Impairment occurs where the carrying amount exceeds the
present value of future cash flows expected to arise from the
continuing use of the asset or its eventual disposal. The impairment
loss to be expensed is determined as the excess of the carrying amount
over the higher of the asset''s net sale price or present value as
determined above.
Mar 31, 2012
1. Basis of preparation of financial statements:
The financial statements are prepared under the historical cost
convention on the accrual basis of accounting and comply with the
mandatory Accounting Standards referred to in section 211 (3C) of the
Companies Act, 1956.
2. Use of Estimates:
The preparation of financial statements requires the management to make
estimates and assumptions in the reported amount of assets and
liabilities (including contingent liabilities) as on the date of
financial statements and the reported income and expenses during the
reporting period. Any revision to accounting estimates is recognized
prospectively in current and future periods.
3. Fixed Assets:
a. All Fixed Assets are stated at cost less depreciation. Cost of
acquisition is inclusive of purchase price, levies and any directly
attributable cost of bringing the assets to its working condition for
the intended use.
b. Exchange difference arising on payment of liabilities for purchase
of fixed assets from outside India and year end conversion for such
liabilities are charged/credited to the Profit & Loss Account.
c. When an Asset is scrapped or otherwise disposed off, the cost and
related depreciation are removed from the books of accounts and
resultant profit (including capital profit) or loss, if any is
reflected in the Profit & Loss Account.
d. Items of fixed assets that have been retired from active use and
are held for disposal are stated at the lower of their net book value
and estimated net realizable value and are disclosed separately in the
financial statements.
e. Capital Work-in-Progress includes the cost of assets that are not
ready for intended use at the Balance Sheet and advances paid to
acquire capital assets before the Balance Sheet date.
4. Intangible Assets
All intangible assets are initially measured at cost amortized so as to
reflect the pattern in which the assets' economic benefits are
consumed.
5. Depreciation
Depreciation on fixed assets has been charged using Straight Line
Method at the rates and in manner prescribed in Schedule XIV to the
Companies Act, 1956.
6. Investments
a. Current Investments are stated at cost or market value whichever is
less.
b. Long term Investments are stated at cost. Provision for diminution
in value is made, if permanent.
7. Employee Benefits
Defined Benefit Plans - Company's liabilities towards gratuity being
post employment benefit are determined actuarially using the projected
unit credit method which considers each period of service as giving
rise to an additional unit of benefit entitlement and measures each
unit separately build up the final obligation. Past service costs are
recognized on straight line basis over the average residual period
until the amended benefits become vested. Actuarial gain and losses
are recognized immediately in the Statement of Profit and loss as
income or expense. Obligation is measured at the present value of
estimated future cash flows.
8. Foreign Currency Transactions:
a. Foreign Currency transactions are recorded at the exchange rate as
of the date of the respective transactions.
b. In the case of monetary assets and liabilities denominated in
foreign currency, the exchange rate prevalent on the Balance Sheet date
is applied to restate such assets and liabilities. Exchange differences
arising on restatement of foreign currency assets and liabilities are
recognized as income or expenditure in Profit & Loss Account.
9. Revenue Recognized
Revenue is recognized only when it can be reliable measured and it is
reasonable to expect ultimate collection.
Dividend is recognized when the right to receive is established.
Interest is recognized on time proportion basis.
10. Income Tax and Deferred Taxes
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred tax is measured based on the tax
rates and tax laws enacted or substantively enacted at the balance
sheet date. Deferred tax is recognised, subject to 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. Deferred tax
assets arising on account of unabsorbed depreciation or carry forward
of tax losses shall be recognized only when there is a virtual
certainty supported by convincing evidence that sufficient future
taxable income will be available against which such deferred tax assets
can be realized.
11. Provisions
Provisions are recognised in accounts in respect of present probable
obligations, the amount of which can be reliably estimated.
12. Contingent Liabilities
Contingent liabilities are disclosed in respect of possible obligations
that arise from past events but their existence is confirmed only by
the occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the company.
13. Impairment of assets
Management periodically assesses using external and internal
indications whether there is an indication that an asset may be
impaired. Impairment occurs where the carrying amount exceeds the
present value of future cash flows expected to arise from the
continuing use of the asset or its eventual disposal. The impairment
loss to be expensed is determined as the excess of the carrying amount
over the higher of the asset's net sale price or present value as
determined above.
14. Segment Reporting
The Company is working in Development, Construction of Multiplex cum
Malls.
Mar 31, 2010
1. Basis of preparation of financial statements:
The financial statements are prepared under the historical cost
convention on the accrual basis of accounting and comply with the
mandatory Accounting Standards issued by the Institute of Chartered
Accountants of India as referred to in Section 211(3C) and other
relevant provisions of the Companies Act, 1956.
2. Use of Estimates:
The preparation of financial statements requires the management to make
estimates and assumptions considered in the reported amount of assets
and liabilities (including contingent liabilities) as on the date of
financial statements and the reported income and expenses during the
reporting period. Management believes that the estimates used in the
preparation of the financial statement are prudent and reasonable.
Actual results could differ from these estimates. Any revision to
accounting estimates is recognized prospectively in current and future
periods.
3. Fixed Assets:
(a) All Fixed Assets are stated at cost less depreciation. Cost of
acquisition is inclusive of purchase price, levies and any directly
attributable cost of bringing the assets to its working condition for
the intended use.
(b) Exchange difference arising on payment of liabilities for purchase
of fixed assets from outside India and year end conversion for such
liabilities are charged / credited to the Profit & Loss Account.
(c) When an Asset is scrapped or otherwise disposed off, the cost and
related depreciation are removed from the books of accounts and
resultant profit (including capital profit) or loss, if any, is
reflected in the Profit & Loss Account.
(d) Items of fixed assets that have been retired from active use and
are held for disposal are stated at the lower of their net book value
and estimated net realizable value and are disclosed separately in the
financial statements.
(e) Capital Work-in-Progress includes the cost of assets that are not
ready for intended use at the Balance Sheet and advances paid to
acquire capital assets before the Balance Sheet date.
4. Intangible Assets:
(a) All intangible assets are initially measured at cost amortized so
as to reflect the pattern in which the assets economic benefits are
consumed.
(b) Software capitalized as intangible asset is written off over a
maximum period of three years.
5. Depreciation:
Depreciation on fixed assets has been charged using Straight Line
Method at the rates and in manner prescribed in Schedule XIV to the
Companies Act, 1956.
6. Employee Benefits:
Defined Contribution Plans
Companys contributions paid/payable during the year to Provident Fund
are charged to the Profit & Loss Account on accrual basis.
Defined Benefit Plans
Companys liabilities towards gratuity being post employment benefit
and leave encashment being other long term benefit are determined
actuarially using the projected unit credit method which considers each
period of service as giving rise to an additional unit of benefit
entitlement and measures each unit separately build up the final
obligation. Past service costs are recognized on straight line basis
over the average residual period until the amended benefits become
vested. Actuarial gain and losses are recognized immediately in the
Statement of Profit and Loss Account as income or expense. Obligation
is measured at the present value of estimated future cash flows and the
gross obligation is duly adjusted by the fair value of plan assets on
reporting date..
7. Foreign Currency Transactions:
(a) Foreign Currency transactions are recorded at the exchange rate as
of the date of the respective transactions.
(b) In the case of monetary assets and liabilities denominated in
foreign currency, the exchange rate prevalent on the Balance Sheet date
is applied to restate such assets and liabilities. Exchange
differences arising on restatement of foreign currency assets and
liabilities are recognized as income or expenditure in Profit & Loss
Account.
8. Income Tax and Deferred Taxes:
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred tax is measured, based on the
tax rates and tax laws enacted or substantively enacted at the Balance
Sheet date. Deferred tax is recognised, subject to 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. Deferred tax
assets arising on account of unabsorbed depreciation or carry forward
of tax losses shall be recognized only when there is a virtual
certainty supported by convincing evidence that sufficient future
taxable income will be available against which such deferred tax assets
can be realized
9. Contingent Liabilities:
(a) Provisions are recognised in accounts in respect of present
probable obligations, the amount of which can be reliably estimated.
(b) Contingent liabilities are disclosed in respect of possible
obligations that arise from past events but their existence is
confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the Company.
10. Segment Reporting
The Company is working on Development, Construction of Multiplexes cum
Malls & Hotels.
11. Earning per Shares:
(a) Basis earning per share is computed by dividing net income by the
weighted average number of common stock outstanding during the period.
(b) The number of shares used in computing diluted earnings per share
comprises the weighted averages shares considered for deriving basis
earnings per shares, and also the weighted average number of equity
shares that could have been issued on the conversion of all dilutive
potential equity shares. The diluted potential equity shares are
adjusted for the proceeds receivable, had the shares been actually
issued at fair value (i.e. the average market value to the outstanding
shares). Diluted potential equity shares are deemed converted as of the
beginning of the period, unless issued at the later date.
12. Impairment of assets:
Management periodically assesses using external and internal
indications whether there is an indication that an asset may be
impaired. Impairment occurs where the carrying amount exceeds the
present value of future cash flows expected to arise from the
continuing use of the asset or its eventual disposal. The impairment
loss to be expensed is determined as the excess of the carrying amount
over the higher of the assets net sale price or present value as
determined above.
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