Mar 31, 2018
1.1 Nature of Operations
Real News and Views Limited ( Earlier Known as Real Realty Management Company Limited, changed from Hilllock Agro Foods (India) Limited) was incorporated on 03/08/1993 .
1. 2 Basis of Preparation
The financial statements have been prepared to comply in all material respects with the standards specified under Section 133 of the Companies Act, 2013 ("Act"), read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Act. The financial statements have been prepared under historical cost convention on an accrual basis except in case of assets for which provision for impairment is made. The accounting policies have been consistently applied by the Company and except for the changes in accounting policy discussed below, are consistent with those used in the previous year.
Note No . 1.3 - Significant Accounting Policies (a) Use of estimates
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the period reported. actual results could differ form those estimates. Any revision to accounting estimates is recognized in accordance with the requirements of the respective accounting standard.
(b) Inventories
Inventories are valued as follows:
i Raw materials
Raw materials, components, stores and spares are valued at lower of cost and net realizable value. However, materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost of raw materials, components and stores and spares is determined on a FIFO basis. Cost includes relevant cost of bringing those material at their present location and condition.
ii Work-in-progress and finished goods
Work-in-progress and finished goods are valued at lower of cost and net realizable value. Cost includes direct materials and labour and a proportion of construction overheads.
Net Realizable Value is the estimated selling Price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.
(c) Events occurring after balance date
Material events occurring after the date of balance sheet are recognized and are dealt with appropriately in accordance with generally accepted accounting principles and as provided in AS-5
(d) Depreciation
i Depreciation is provided using the Written Down Value Method according to useful of assets as provided in schedule II of the Companies Act, 2013.
ii Useful lives of assets estimated by management (years) a Factory Buildings 30
b Plant and equipmentâs 15
c Furniture and fixtures 10
d Office Equipment 5
e Computer end user devise 3
(e) 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 Sales of Flats
Revenue is recognized when the significant risks and rewards of ownership of the flats have passed to the buyer.
(f ) Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation and impairment losses. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use, net of CENVAT recoverable. Financing costs relating to construction of fixed assets are also included to the extent they relate to the period till such assets are ready to be put to use. Financing costs not relating to construction of fixed assets are charged to the income statements.
(g) Borrowing Cost
Borrowing cost includes interest and amortization of ancillary costs incurred in connection with the arrangement of borrowings.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period they occur.
In case funds borrowed are generally used for the purpose of obtaining a qualifying assets, the amount of borrowing costs determined by applying a capitalizing rate to the expenditure on that asset are capitalized as a part of the cost of the qualifying asset.
(h) Segment Reporting
The company has two business segments i.e. Real Estate & Media News Tv Channel.
(i ) Earning Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period.
(j ) Income Taxes
Tax expense comprises current and deferred tax. Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India and tax laws prevailing in the respective tax jurisdictions where the company operates. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date. Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit and loss.
Deferred income taxes reflect the impact of timing differences between taxable income and accounting income originating during the current year and reversal of timing differences for the earlier years. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted at the reporting date. Deferred income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit and loss.
(k) Impairment
The carrying amounts of assets are reviewed at each balance sheet date if there are impairment indicators. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the asset''s net selling price and value in use.
After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.
A previously recognized impairment loss is increased or decreased based on reassessment of recoverable amount, which is carried out if the change is significant. However the carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging usual depreciation if there was no impairment.
(l) Goodwill
Goodwill arising on amalgamation is recognized as intangible assets are included under Fixed Assets. Goodwill will be amortized over Sixty month/5 years from 01/04/2013.
(m) Provisions
A provision is recognized when an enterprise 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. Provision are not discounted to its present value and are determined based on 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.
(n) Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.
Mar 31, 2016
1.1 Nature of Operations
Real Realty Management Company Limited [ Earlier known as Hilllock Agro Foods (India) Limited] was incorporated on 03/08/ 1993 .
1.2 Basis of Preparation
The financial statements have been prepared to comply in all material respects with the standards specified under Section 133 of the Companies Act, 2013 ("Act"), read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Act. The financial statements have been prepared under historical cost convention on an accrual basis except in case of assets for which provision for impairment is made. The accounting policies have been consistently applied by the Company and except for the changes in accounting policy discussed below, are consistent with those used in the previous year.
Note No. 1.3 - Significant Accounting Policies (a) Use of estimates
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the period reported. actual results could differ form those estimates. Any revision to accounting estimates is recognised in accordance with the requirements of the respective accounting standard.
(b) Inventories
Inventories are valued as follows:
i Raw materials
Raw materials, components, stores and spares are valued at lower of cost and net realizable value. However, materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost of raw materials, components and stores and spares is determined on a FIFO basis. Cost includes relevant cost of bringing those material at their present location and condition.
ii Work-in-progress and finished goods
Work-in-progress and finished goods are valued at lower of cost and net realizable value. Cost includes direct materials and labour and a proportion of construction overheads. Net Realisable Value is the estimated selling Price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.
(c) Events occurring after balance date
Material events occurring after the date of balance sheet are recognized and are dealt with appropriately in accordance with generally accepted accounting principles and as provided in AS-5
(d) Depreciation
i Depreciation is provided using the Written Down Value Method according to useful of assets as provided in schedule II of the Companies Act, 2013.
ii Useful lives of assets estimated by management (years) a Factory Buildings 30
b Plant and equipments 15
c Furniture and fixtures 10
d Office Equipment 5
e Computer end user devise 3
(e) 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 Sales of Flats
Revenue is recognised when the significant risks and rewards of ownership of the flats have passed to the buyer.
(f) Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation and impairment losses. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use, net of CENVAT recoverable. Financing costs relating to construction of fixed assets are also included to the extent they relate to the period till such assets are ready to be put to use. Financing costs not relating to construction of fixed assets are charged to the income statements.
(g) Borrowing Cost
Borrowing cost includes interest and amortization of ancillary costs incurred in connection with the arrangement of borrowings.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period they occur.
In case funds borrowed are generally used for the purpose of obtaining a qualifying assets, the amount of borrowing costs determined by applying a capitalizing rate to the expenditure on that asset are capitalized as a part of the cost of the qualifying asset.
(h) Segment Reporting
The company has only one business segment i.e. Real Estate Development.
(i) Earning Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period.
(j) Income Taxes
Tax expense comprises current and deferred tax. Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India and tax laws prevailing in the respective tax jurisdictions where the company operates. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date. Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit and loss.
Deferred income taxes reflect the impact of timing differences between taxable income and accounting income originating during the current year and reversal of timing differences for the earlier years. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted at the reporting date. Deferred income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit and loss.
(k) Impairment
The carrying amounts of assets are reviewed at each balance sheet date if there are impairment indicators. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the asset''s net selling price and value in use.
After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.
A previously recognised impairment loss is increased or decreased based on reassessment of recoverable amount, which is carried out if the change is significant. However the carrying value after reversal is not increased beyond the carrying value that would have prevailed by charging usual depreciation if there was no impairment.
(l) Goodwill
Goodwill arising on amalgamation is recognised as intangible assets are included under Fixed Assets. Goodwill will be amortised over Sixty month/5 years from 01/04/2013.
(m) Provisions
A provision is recognised when an enterprise 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. Provision are not discounted to its present value and are determined based on 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.
(n) Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and short-term investments with an original maturity of three months or less
Mar 31, 2015
I Depreciation on fixed assets
Till the year ended 31 March 2014, Schedule XIV to the Companies Act,
1956, prescribed requirements concerning depreciation of fixed assets.
From the current year, Schedule XIV has been replaced by Schedule II to
the Companies Act, 2013. The applicability of Schedule II has resulted
in the following changes related to depreciation of fixed assets.
Unless stated otherwise, the impact mentioned for the current year is
likely to hold good for future years also.
ii Useful lives/ depreciation rates
Till the year ended 31 March 2014, depreciation rates prescribed under
Schedule XIV were treated as minimum rates and the company was not
allowed to charge depreciation at lower rates even if such lower rates
were justified by the estimated useful life of the asset. Schedule II
to the Companies Act 2013 prescribes useful lives for fixed assets
which, in many cases, are different from lives prescribed under the
erstwhile Schedule XIV. However, Schedule II allows companies to use
higher/ lower useful lives and residual values if such useful lives and
residual values can be technically supported and justification for
difference is disclosed in the financial statements.
Considering the applicability of Schedule II, the management has
re-estimated useful lives and residual values of all its fixed assets.
The management believes that depreciation rates currently used fairly
reflect its estimate of the useful lives and residual values of fixed
assets, though these rates in certain cases are different from lives
prescribed under Schedule II. Hence, this change in accounting policy
did not have any material impact on financial statements of the
company.
(b) Use of estimates
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, the disclosure of contingent liabilities on the date
of the financial statements and the reported amounts of revenues and
expenses during the period reported. actual results could differ form
those estimates. Any revision to accounting estimates is recognised in
accordance with the requirements of the respective accounting standard.
(c) Inventories
Inventories are valued as follows:
i Raw materials
Raw materials, components, stores and spares are valued at lower of
cost and net realizable value. However, materials and other items held
for use in the production of inventories are not written down below
cost if the finished products in which they will be incorporated are
expected to be sold at or above cost. Cost of raw materials, components
and stores and spares is determined on a FIFO basis. Cost includes
relevant cost of bringing those material at their present location and
condition..
Work-in-progress and finished goods are valued at lower of cost and net
realizable value. Cost includes direct materials and labour and a
proportion of construction overheads.
Net Realisable Value is the estimated selling Price in the ordinary
course of business, less estimated costs of completion and estimated
costs necessary to make the sale.
Net realizable value is the estimated selling price in the ordinary
course of business, less estimated costs of completion and estimated
costs necessary to make the sale.
(d) Events occurring after balance date
Material events occurring after the date of balance sheet are
recognized and are dealt with appropriately in accordance with
generally accepted accounting principles and as provided in AS-5
(e) Depreciation
i Depreciation is provided using the Written Down Value Method
according to useful of assets as provided in schedule II of the
Companies Act, 2013.
ii Effective from 1st April, 2014, the company has charged depreciation
on the remaining useful life of the assets as per the requirement of
Schedule -II of the Act. In respect of the assets completing its useful
life, has been adjusted against opening balance of the retained
earnings in accordance with the transitional provision provided in Note
7(b) of the Schedule II of the act.
iii Useful lives of assets estimated by management (years)
a Factory Buildings 30
b Plant and equipments 15
c Furniture and fixtures 10
d Office Equipment 5
e Computer end user devise 3
(f) 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 Sales of Flats
Revenue is recognised when the significant risks and rewards of
ownership of the flats have passed to the buyer.
(g) Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation and
impairment losses. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use, net of CENVAT recoverable. Financing costs relating
to construction of fixed assets are also included to the extent they
relate to the period till such assets are ready to be put to use.
Financing costs not relating to construction of fixed assets are
charged to the income statements.
(h) Borrowing Cost
Borrowing cost includes interest and amortization of ancillary costs
incurred in connection with the arrangement of borrowings.
Borrowing costs directly attributable to the acquisition, construction
or production of an asset that necessarily takes a substantial period
of time to get ready for its intended use or sale are capitalized as
part of the cost of the respective asset. All other borrowing costs are
expensed in the period they occur.
In case funds borrowed are generally used for the purpose of obtaining
a qualifying assets, the amount of borrowing costs determined by
applying a capitalizing rate to the expenditure on that asset are
capitalized as a part of the cost of the qualifying asset.
(i) Segment Reporting
Pursuant of scheme of arrangement The Company has demerged its agro
division and taken over the business of transferor company which has
only business segment of Real Estate Development.
(j) Earning Per Share
Basic earning per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. Partly
paid equity shares are treated as a fraction of an equity share to the
extent that they were entitled to participate in dividends relative to
a fully paid equity share during the reporting period.
(k) Income Taxes
Tax expense comprises current and deferred tax. Current income-tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Income-tax Act, 1961 enacted in India and tax laws
prevailing in the respective tax jurisdictions where the company
operates. The tax rates and tax laws used to compute the amount are
those that are enacted or substantively enacted, at the reporting date.
Current income tax relating to items recognized directly in equity is
recognized in equity and not in the statement of profit and loss.
Deferred income taxes reflect the impact of timing differences between
taxable income and accounting income originating during the current
year and reversal of timing differences for the earlier years. Deferred
tax is measured using the tax rates and the tax laws enacted or
substantively enacted at the reporting date. Deferred income tax
relating to items recognized directly in equity is recognized in equity
and not in the statement of profit and loss.
(l) Impairment
The carrying amounts of assets are reviewed at each balance sheet date
if there are impairment indicators. An impairment loss is recognized
wherever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is the greater of the asset's net
selling price and value in use.
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful life.
A previously recognised impairment loss is increased or decreased based
on reassessment of recoverable amount, which is carried out if the
change is significant. However the carrying value after reversal is not
increased beyond the carrying value that would have prevailed by
charging usual depreciation if there was no impairment.
(m) Goodwill
Goodwill arising on amalgamation is recognised as intangible assets are
included under Fixed Assets. Goodwill will be amortised over Sixty
month/5 years from 01/04/2013.
(n) Provisions
A provision is recognised when an enterprise 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. Provision are not discounted to its
present value and are determined based on 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.
(o) Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand and short-term investments with an
original maturity of three months or less.
Mar 31, 2014
(a) Use of estimates
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, the disclosure of contingent liabilities on the date
of the financial statements and the reported amounts of revenues and
expenses during the period reported. Actual results could differ from
those estimates. Any revision to accounting estimates is recognized in
accordance with the requirements of the respective accounting standard.
(b) Inventories
Inventories are valued as follows:
Raw materials, components, stores and spares
Lower of cost and net realizable value. However, materials and other
items held for use in the production of inventories are not written
down below cost if the finished products in which they will be
incorporated are expected to be sold at or above cost. Cost is
determined on a FIFO basis. Cost includes relevant cost of bringing
those material at their present location and condition.
Work-in-progress and finished goods
Lower of cost and net realizable value. Cost includes Direct Materials
and Labour and a proportion of Construction Overheads based on normal
operating capacity or actual production whichever is less.
Net Realizable Value is the estimated selling price in the ordinary
course of business, less estimated costs of completion and estimated
costs necessary to make the sale.
(c) Events occurring after balance date
Material events occurring after the date of balance sheet are
recognized and are dealt with appropriately in accordance with
generally accepted accounting principles and as provided in AS-5
(d) Depreciation
Depreciation is provided using the written Down Value Method as per the
rates prescribed under schedule XIV of the Companies Act, 1956 except
in case of :
Intangible Asset  Intangible Assets are stated at cost of acquisition
less accumulated amortization.
(e) 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.
Sales of Flats
Revenue is recognized when the significant risks and rewards of
ownership of the flats have passed to the buyer.
(f) Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation and
impairment losses. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use, net of CENVAT recoverable. Financing costs relating
to construction of fixed assets are also included to the extent they
relate to the period till such assets are ready to be put to use.
Financing costs not relating to construction of fixed assets are
charged to the income statements.
(j) Borrowing Cost
Borrowing cost that are directly attributable to the acquisition,
construction or production of a qualifying project are considered as
cost of the project. Other borrowing costs are recognized as an expense
in the period in which they are incurred.
(k) Segment Reporting
Pursuant of scheme of arrangement The company has demerged its agro
division and taken over the business of transferor company which has
only business segment of Real Estate Development.
(l) Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. Partly
paid equity shares are treated as a fraction of an equity share to the
extent that they were entitled to participate in dividends relative to
a fully paid equity share during the reporting period.
(m) Income Taxes
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income Tax
Act, 1961.
Deferred tax is recognized, 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.
(o) Impairment
The carrying amounts of assets are reviewed at each balance sheet date
if there are impairment indicators. An impairment loss is recognized
wherever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is the greater of the asset''s net
selling price and value in use.
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful life.
A previously recognized impairment loss is increased or decreased based
on reassessment of recoverable amount, which is carried out if the
change is significant. However the carrying value after reversal is not
increased beyond the carrying value that would have prevailed by
charging usual depreciation if there was no impairment.
(p) Goodwill
Goodwill arising on amalgamation is recognized as intangible assets are
included under Fixed Assets. Goodwill will be amortised over sixty
month/5 years from the 01/04/2013.
(p) Provisions
A provision is recognized when an enterprise 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 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.
Mar 31, 2013
(a) Use of estimates
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, the disclosure of contingent liabilities on the date
of the financial statements and the reported amounts of revenues and
expenses during the period reported. Actual results could differ from
those estimates. Any revision to accounting estimates is recognized in
accordance with the requirements of the respective accounting standard.
(b) Inventories
Inventories are valued as follows:
Raw materials, components, stores and spares
Lower of cost and net realizable value. However, materials and other
items held for use in the production of inventories are not written
down below cost if the finished products in which they will be
incorporated are expected to be sold at or above cost. Cost is
determined on a FIFO basis. Cost includes relevant cost of bringing
those material at their present location and condition.
Work-in-progress and finished goods
Lower of cost and net realizable value. Cost includes Direct Materials
and Labour and a proportion of Manufacturing Overheads based on normal
operating capacity or actual production whichever is less. Net
Realizable Value is the estimated selling price in the ordinary course
of business, less estimated costs of completion and estimated costs
necessary to make the sale.
(c) Events occurring after balance date
Material events occurring after the date of balance sheet are
recognized and are dealt with appropriately in accordnce with generally
accepted accounting principles and as provided in AS-5
(d) Depreciation
Depreciation is provided using the written Down Value Method as per the
rates prescribed under schedule
XIV of the Companies Act, 1956 except in case of :
Intangible Asset  Intangible Assets are stated at cost of acquisition
less accumulated amortization.
(e) 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.
Sales of Flats
Revenue is recognized when the significant risks and rewards of
ownership of the flats have passed to the buyer.
(f) Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation and
impairment losses. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use, net of CENVAT recoverable. Financing costs relating
to construction of fixed assets are also included to the extent they
relate to the period till such assets are ready to be put to use.
Financing costs not relating to construction of fixed assets are
charged to the income statements.
(j) Borrowing Cost
Borrowing cost that are directly attributable to the acquisition,
construction or production of a qualifying project are considered as
cost of the project. Other borrowing costs are recognized as an expense
in the period in which they are incurred.
(k) Segment Reporting
Pursuant of scheme of arrangement The company has demerged its agro
division and taken over the business of transferor company which has
only business segment of Real Estate Development.
(l) Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. Partly
paid equity shares are treated as a fraction of an equity share to the
extent that they were entitled to participate in dividends relative to
a fully paid equity share during the reporting period.
(m) Income Taxes
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income Tax
Act, 1961.
Deferred tax is recognized, 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.
(n) Impairment
The carrying amounts of assets are reviewed at each balance sheet date
if there are impairment indicators. An impairment loss is recognized
wherever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is the greater of the asset''s net
selling price and value in use.
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful life.
A previously recognized impairment loss is increased or decreased based
on reassessment of recoverable amount, which is carried out if the
change is significant. However the carrying value after reversal is not
increased beyond the carrying value that would have prevailed by
charging usual depreciation if there was no impairment.
(o) Goodwill
Goodwill arising on amalgamation is recognized as intangible assets are
included under Fixed Assets. Goodwill will be amortised over sixty
month/5 years from the 01/04/2013.
(p) Provisions
A provision is recognized when an enterprise 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 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.
Mar 31, 2012
(a) Use of estimates
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, the disclosure of contingent liabilities on the date
of the financial statements and the reported amounts of revenues and
expenses during the period reported. actual results could differ form
those estimates. Any revision to accounting estimates is recognised in
accordance with the requirements of the respective accounting standard.
(b) Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation and
impairment losses. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use, net of CENVAT recoverable. Financing costs relating
to construction of fixed assets are also included to the extent they
relate to the period till such assets are ready to be put to use.
Financing costs not relating to construction of fixed assets are
charged to the income statements.
(c) Depreciation
Depreciation is provided using the Straight Line Method as per the
rates prescribed under schedule XIV of the Companies Act, 1956.
(d) Inventoreis
As explained to us, the company has not done any commercial production
dueirng the year under audit so physical verification of inventory does
not arise.
(e) 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.
Sales of Goods
Revenue is recognised when the significant risks and rewards of
ownership of the goods have passed to the buyer. Excise Duty included
in the amount of turnover (gross) are deducted form turnover (gross)
for disclosure of net turnover in the P&L account.
(f) Impairment
The carrying amounts of assets are reviewed at each balance sheet date
if there are impairment indicators. An impairment loss is recognized
wherever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is the greater of the asset''s net
selling price and value in use.
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful life.
A previously recognised impairment loss is increased or decreased based
on reassessment of recoverable amount, which is carried out if the
change is significant. However the carrying value after reversal is not
increased beyond the carrying value that would have prevailed by
charging usual depreciation if there was no impairment.
(g) Employee Benefits
The company does not have any employee as at the end of the year and
hence provision for retirement benefits are not done.
(h) Segment Reporting
The company is engaged mainly in the business of agricultural products.
These, in the context of Accounting Standard 17 on Segment Reporting,
as specified in the Companies (Accounting Standard) Rules, 2006, are
considered to constitute one single primary segment. Further, there is
no reportable secondary segment i.e. Geographical segment.
(i) Income Taxes
Current tax is the amount of tax payable on the taxable income for the
year as determined in accordance with the provisions of the Income Tax
Act, 1961.
As the company has unabsorbed depreciation and carry forward loss
during the year in the absence of virtual certainty of future taxable
profit the company has not recognised deferred tax asset.
(j) Provisions
A provision is recognised when an enterprise 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. Provision are not discounted to its
present value and are determined based on 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.
Mar 31, 2010
1. Basis of Accounting
The accompanying financial statements have been prepared under the
historical cost convention, with Indian Generally Accepted Accounting
Principles(GAAP) and the provisions of the Companies Act,1956(The Act).
2. Use of Estimates
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles required estimates and assumptions to be
made that affect the reported amounts of assets and liabilities and
disclosed contingent liabilities on the date of financial statements
and the reported amounts of revenues and ex during the reporting
period. Actual results could differ from these estimates and
differences between results and estimates are recognized in the periods
in which the results are known/materialize.
3. Fixed Assets and Depreciation
Fixed Assets are stated at cost of acquisition.
4. Inventories
There is no stock of Raw materials and Finished Goods. Byproducts are
valued at Net realizable Packing Materials are valued at cost.
5. Investment:
Investments are valued at cost except that there is permanent
diminution in the value of the same.
6. Sales & Job Work Charges:
During the year under the review, the company has stopped its own
manufacturing & has carried out work on behalf of parties. The same is
accounted on the monthly basis quantity of processing date. during the
month.
7. Contingent Liabilities:
All liabilities have been provided for in the accounts except
liabilities of a contingent nature, which are been disclosed at their
estimated value in the notes on accounts.
8. Preliminary & Deferred Revenue Expenses (Public Issue Exp.)
Preliminary & Public Issue Expenses (if any) are amortized in the same
year.
9. Government Subsidy: The subsidy received against fixed assets is
reduced from the cost of concerned Assets.
10. Impairment of Fixed Assets:
Consideration is given at each balance sheet date to determine whether
there is any indication of impairment the carrying amount of the
Company's fixed assets. If any indication exists;, an asset's
recoverable annexed estimated. An impairment loss is, recognized
whenever the carrying amount of an asset exceeds is reserved amount.
The recoverable amount is the greater of the net selling price and
value in use. In assessing the estimated future cash flows are
discounted to their present value based on appropriate discount The
company has carefully considered the impact of Accounting Standard-28
pertaining to Impairment As the recoverable amount of assets is higher
than the WDV of its Fixed Assets, no provision is Impairment of assets.
11. Prior Period Items:
There are no prior period items during the year,
12. Gratuity:
(Gratuity & other retirement benefits are not provided
13. Segmental Reporting:
The Company has only one business segment and its operation are also
confined to one geographical i.e. India, as such, no further disclosure
under Accounting Standard 17 'Segment Reporting" issued by institute of
Chartered Accountants of India is required.
14. Deferred Tax Liability:
Deferred taxation has not been calculated, as the Company has
unabsorbed losses of previous years and uncertainty of the sufficiency
of future taxable profit.
Mar 31, 2009
1.Basis of Accounting
The accompanying financial statements have been prepared under the
historical cost convention, in accordance with Indian Generally
Accepted Accounting Principles(GAAP) and the provisions of the
Companies Act,1956(The Act).
2.Use of Estimates
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles require estimates and assumptions to be
made that affect the reported amounts of assets and liabilities and
disclosure of contigent liabilities on the date of financial statements
and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from these estimates and
differences between actual results and estimates are recognized in the
periods in which the results are known/materialize.
3.Fixed Assets and Depreciation
Fixed Assets are stated at cost of acquisition.
4.Inventories
There is no stock of Raw materials and Finished Goods.Byproducts are
valued at Net realishable Value and Packing Materials are valued at
cost.
5.Investment:
Investments are valued at cost except that there is permanent
diminution in the value of the same.
6.Sales & Job Work Charges:
During the year under the review, the company has stopped its own
manufacturing & has carried out job work on behalf of parties. The same
is accounted on the monthly basis quantity of processing done during
the month.
7.Contingent Liabilities:
All liabilities have been provided for in the accounts except
liabilities of a contingent nature, which have been disclosed at their
estimated value in the notes on accounts.
8.Preliminary & Deferred Revenue Expenses(Public Issue Exp.)
Preliminary & Public Issue Expenses(if any) are amortised in the same
year.
9.Government Subsidy : The subsidy received against fixed assets
is reduced from the cost of concerned fixed assets.
10.Impairment of Fixed Assets :
Consideration is given at each balance sheet date to determine whether
there is any indication of impairment of the carrying amount of the
CompanyÃs fixed assets. If any indication exists, an assetÃs
recoverable amount is estimated. An impairment loss is ,recognized
whenever the carrying amount of an asset exceeds its recoverable
amount. The recoverable amount is the greater of the net selling price
and value in use. In assessing value in use, the estimated future cash
flows are discounted to their present value based on appropriate
discount factor.
The company has carefully considered the impact of Accounting
Standard-28 pertaining to Impairment Loss. As the recoverable amount
of assets is higher than the WDV of its Fixed Assets, no provision is
made for impairment of assets.
11.Prior Period Items :
There are no prior period items during the year.
12. Gratuity :
Gratuity & other retirement benefits are not provided.
13.Segmental Reporting :
The Company has only one business segment and its operation are also
confined to one geographical segment i.e.India, As such, no further
disclosure under Accounting Standard 17 à Segment Reportingà issued by
the institute of Chartered Accountants of India is required.
14.Deferred Tax Liability :
Deferred taxation has not been calculated, as the Company has
unabsorbed losses of previous years and due to uncertainty of the
sufficiency of future taxable profit.
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