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Accounting Policies of Skyline Ventures India Ltd. Company

Mar 31, 2015

I. Basis for Preparation of financial Statements:

These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 ('the Act ) read with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Act (to the extent notifed) and guidelines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied except where a newly-issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

II. Use of Estimates:

The preparation and presentation of financial statements requires estimates and assumptions and/or revised estimates and assumptions to be made that afect the reported amount of assets and liabilities on the date of financial statements and reported amount of revenues and expenses during the reporting period. Diferences between the actual results and estimates are recognized in the period in which the results are known/materialized.

III. Cash flow Statement:

Cash fows are reported using the indirect method, whereby Profit/ (loss) before tax is adjusted with Cash and cash equivalents (with an original maturity of three months or less) held for the purpose of meeting short-term cash commitments.

IV. Revenue Recognition:

Company generally follows the mercantile system of accounting and recognizes income and expenses on accrual basis, including provisions or adjustments for committed obligations and amounts demined as payable or receivable during the year.

V. fixed Assets & Method of Depreciation:

The company has only Land as a Fixed Asset as per AS-10 "Accounting for Fixed Assets". Land is valued at Historical Cost. As Land is not a depreciable asset, AS-6 "Accounting for Depreciation" is not applicable.

VI. foreign Currency Transactions:

There is no foreign currency transaction for the company during the year; hence AS-11 "Accounting for foreign exchange" is not applicable for this year.

VII. Employee Benefts:

Expenses and Liabilities in respect of employee benefts are recorded in accordance with Revised Accounting Standard 15 – Employee Benefts (Revised 2005) issued by the Institute of Chartered Accountants of India (the "ICAI").

VIII. Earnings per share:

Basic earnings per share is computed by dividing the Profit/ (loss) after tax (including the post-tax efect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.

The weighted average number of equity shares outstanding during the period is adjusted for events including a bonus issue, bonus element in a rights issue to existing shareholders, share split and reverse share split (consolidation of shares).

For the purpose of calculating diluted earnings per share, the net Profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the efects of all dilutive potential equity shares.

IX. Related Party Transactions:

During the Financial Year 2014-15, there is no transaction made with related party, therefore the Accounting standard-18 "Related Party disclosure" is not required.

X. Taxes on Income:

Income-tax expense comprises current tax and deferred tax charge or credit. Provision for current tax is made on the basis of the assessable income at the tax rate applicable to the assessment year 2015-16.


Mar 31, 2013

The accounts have been prepared primarily on the historical cost convention and in accordance with the mandatory accounting standards Issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956. The significant accounting policies followed by the company are stated below:

i) Revenue recognition: The concern follows the mercantile system of accounting and recognizes income and expenditure on accrual basis.

ii) Fixed Assets: Fixed assets are stated at cost of acquisition. Cost comprises the purchase price and other attributable expenses. The company doesn''t have any fixed assets other than land.

iii) Inventories: Inventories have been valued at the least of its cost or its realizable value.

iv) Depreciation: The Company doesn''t have any fixed assets other than land, so the depreciation as per the provisions of the Companies Act, 1956 are not applicable.

Particulars FY 2012-13 FY 2011-12 (Amount in Rs.) (Amount in Rs.)

For Directors Remuneration 6,00,000.00 6,00,000.00

For Auditors

(I). Audit fees 40,000.00 35,000.00

(II). Tax Audit 20,000.00 15,000.00

(iii). Reimbursement of Expenses 4,500.00 5,150.00

1. Taxation:

Current tax: Since the Company has taxable income; Provision is made for Income Tax as per Income Tax Act, 1961.

2. Sundry debtors, sundry creditors and loans and advances are subject to confirmation from the parties.

3. Previous year figures are regrouped and rearranged wherever necessary.

4. The figures are rounded off to the nearest rupee.

As per our report of even date.


Mar 31, 2012

1. Accounting Policies:

The accounts have been prepared primarily on the historical cost convention and in accordance with the mandatory accounting standards Issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956. The significant accounting policies followed by the company are stated below:

i) Revenue recognition: The concern follows the mercantile system of accounting and recognizes income and expenditure on accrual basis.

ii) Fixed Assets: Fixed assets are stated at cost of acquisition. Cost comprises the purchase price and other attributable expenses. The company doesn''t have any fixed assets other than land.

iii) Inventories: Inventories have been valued at the least of its cost or its realizable value.

iv) Depreciation: The Company doesn''t have any fixed assets other than land, so the depreciation as per the provisions of the Companies Act, 1956 are not applicable.


Mar 31, 2011

1. Accounting Policies:

The accounts have been prepared primarily on the historical cost convention and in accordance with the mandatory accounting standards Issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956. The significant accounting policies followed by the company are stated below:

i) Revenue recognition: The concern follows the mercantile system of accounting and recognizes income and expenditure on accrual basis.

ii) Fixed Assets: Fixed assets are stated at cost of acquisition. Cost comprises the purchase price and other attributable expenses. The company doesn''t have any fixed assets other than land.

iii) Inventories: Inventories have been valued at the least of its cost or its realizable value.

iv) Depreciation: The Company doesn''t have any fixed assets other than land, so the depreciation as per the provisions of the Companies Act, 1956 are not applicable.