Mar 31, 2015
1.1 Basis of Accounting :
The financial statements have been prepared to comply in all material
respects with the mandatory Accounting Standards notified under Section
133 of the Companies Act, 2013 read with paragraph 7 of the Companies
(Account) Rules, 2014. The financial statements have been prepared
under the historical cost convention on an accrual basis. The
accounting policies have been consistently applied by the Company with
those used in the previous year except for the change in the accounting
policy explained below.
1.2 Change in Accounting Policy Depreciation on Fixed Assets:
Till the year ended March 31, 2014 Schedule XIV to the Companies Act,
1956 prescribed requirements concerning depreciation on fixed assets
was followed. From the current year, Schedule XIV has been replaced by
Schedule II to the Companies Act, 2013. Effective from April 1, 2014,
the Company has provided depreciation on fixed assets based on useful
lives as provided in Schedule II of the Companies Act, 2013 under the
Straight Line Method ( Upto March 31, 2014 the Company has provided
depreciation under Written Down Value Method and for the change Rs.
14,847/- has been credited to opening balance of Retained Earnings).
Had there been no change in the method of depreciation the charge to
the Statement of Profit & Loss would have been lower by Rs. 49,556/-.
1.3 Fixed Assets and Depreciation
i) Fixed assets are stated at cost less accumulated depreciation. Cost
comprises the purchase price and any directly attributable cost of
bringing the asset to its working condition for its intended use
ii) Depreciation has been provided on Straight Line method, over the
estimated useful lives of the respective assets, as specified in
Schedule II of the Companies Act, 2013.
1.4 Impairment of Fixed Assets
Wherever events or changes in circumstances indicate that the carrying
value of fixed assets may be impaired, the impaired, the company
subjects such assets to a test of recoverability, based on discounted
cash flow ow expected expected, recognized an impairment loss as the
difference between the carrying value and fair value less costs to led
cost to sell. None of company's the fixed assets are considered
impaired as on the Balance Sheet date.
1.5 Investments
Investments are valued at their cost. Provision for diminution, if any,
in the value of investments is made to recognize a decline, other than
temporary. The said diminution is determined for each investment
individually. Investments are either classified as current or
long-term based on Management's intention at the time of purchase.
Investments includes "Flats at Delhi" and "Flats at Jaipur" amounting
Rs. 3,79,99,666/- Delhi Flats are lying vacant and used by the Co. for
its own purpose and Jaipur Flats are ready for possession. However
completion certificate is still awaited by developers. The Company
shall take possession soon after the completion certificates are
available.
1.6 Current Assets
Stock in trade is valued at cost or market price, whichever is lower,
whereby the cost of each scrip is compared vis-a-vis its market value
and the resultant shortfall, if any, is charged to revenue.
1.7 Cash and Cash Equivalents
Cash and cash equivalents comprise cash at bank and in hand and short
herm investment with an original maturity of three months or less.
1.8 Cash Flow Statement
Cash Flows are reported using the indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non- cash
nature, accrual of past or future operating cash receipts or payments
and item of income or expenses associated with investing or financing
cash flows. The cash flows from operating, investing and financing
activities are segregated.
1.8 Taxation
Provision for tax has been made in accordance with the assessable
profits determined under the provision of Income Tax Act, 1961.
Deferred Tax Assets / Liability in accordance with the AS-22
"Accounting for Tax on Income "has been recognized in the book of
account. Deferred Income Tax reflects the impact of current year timing
differences between taxable income and accounting income for the year
and reversal of timing differences of earlier years. Deferred tax is
measured based on the tax rates and the tax laws enacted or
substantively enacted at the balance sheet date.
1.9 Revenue recognition
Revenue is primarily derived from Capital Market transactions and
financing activities.
Income and Expenditure are generally recognized on Accrual basis with
certain exceptions as enumerated below :
A. INCOME
i) Income from all non-performing assets are accounted for on receipt
basis as per prudential norms promulgated by Reserve Bank of India.
ii) Dividend :
Accounted for on receipt basis.
iii) Lease Rentals and Hire Purchase Income :
Accounted for on accrual basis, additional finance charges and penal
interest are accounted for on receipt basis.
iv) The share hedging contract of Capital Market Operations are
accounted without considering STT and Stamp Duty on date of their
settlement and released gain / loss in respect of settled contracts or
recognized in the Profit & Loss account along with underlying
transactions.
B. EXPENDITURE Employee Benefits:
Provident Fund:
i) Retirement benefits in the form of Provident Fund are accounted for
on accrual basis and charged to Statement of Profit & Loss account of
the year. Both the employee and the Company make monthly contributions
to the provident fund plan equal to a specified percentage of the
covered employee's salary.
ii) Leave Encashment :
Leave Encashment is accounted in the books on payment basis and charged
to Statement Profit & Loss account of the year.
iii) Gratuity:
Gratuity is provided in the accounts on accrual Basis on estimates
though no actuarial valuation of gratuity liability has been made. The
gratuity liability has not been actuarially calculated due to limited
number of staffs. Accordingly full disclosure as per AS-15 is not
considered necessary by the management.
Mar 31, 2014
1.1 Basis of Accounting
The financial statements have been prepared to comply in all material
respects with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India and the relevant provisions
of the Companies Act, 1956. The financial statements have been prepared
under the historical cost convention on an accrual basis. The
accounting policies have been consistently applied by the Company with
those used in the previous year.
1.2 Fixed Assets and Depreciation
I) Fixed assets are stated at cost less accumulated depreciation. Cost
comprises the purchase price and any directly attributable cost of
bringing the asset to its working condition for its intended use
ii) Depreciation has been provided on written down value method as per
rates and in the manner prescribed in Schedule XIV ofthe CompaniesAct,
1956.
1.3 Impairment of Fixed Assets
Wherever events or changes in circumstances indicate that the carrying
value of fixed assets may be impaired, the company subjects such assets
to a test of recoverability, based on discounted cash flow expected
recognized an impairment loss as the difference between the carrying
value and fair value less costs to sell. None ofthe company''s fixed
assets are considered impaired as on the Balance Sheet date
1.4 Investments
Investments are valued at their cost. Provision for diminution, if any,
in the value of investments is made to recognize a decline, other than
temporary. The said diminution is determined for each investment
individually. Investments are either classified as current or
long-term based on Management''s intention at the time of purchase.
Investments includes "Flats at Delhi" and "Flats at Jaipur" amounting
Rs. 3,76,84,966/-Delhi Flats are lying vacant and used by the Co. for
its own purpose and Jaipur Flats are ready for possession. However
completion certificate is still awaited by developers. The Company
shall take possession soon after the completion certificates are
available.
1.5 CurrentAssets
Stock in trade is valued at cost or market price, whichever is lower,
whereby the cost of each scrip is compared vis-a-vis its market value
and the resultant shortfall, if any, is charged to revenue.
1.6 Cash and Cash equivalents
Cash and cash equivalents comprise cash at bank and in hand and short
herm investment with an original maturity ofthree months or less.
1.7 Cash Flow Statement
Cash Flows are reported using the indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non- cash
nature, accrual of past or future operating cash receipts or payments
and item of income or expenses associated with investing or financing
cash flows. The cash flows from operating, investing and financing
activities are segregated.
1.8 Taxation
Provision for tax has been made in accordance with the assessable
profits determined under the provision of Income TaxAct. 1961.
Deferred Tax Assets /Liability in accordance with the AS-22 "Accounting
for Tax on Income "has been recognized in the book of account. Deferred
Income Tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the balance sheet date.
1.9 Revenue recognition
Revenue is primarily derived from Capital Market transactions, Bill
discounting services and financing activities.
Income and Expenditure are generally recognized on Accrual basis with
certain exceptions as enumerated below:
A) INCOME
i) Income from all non-performing assets are accounted for on receipt
basis as per prudential norms promulgated by Reserve Bank of India.
ii) Bill Discounting Services:
Accounted for according to the terms of agreement.
iii) Dividend:
Accounted for on receipt basis.
iv) Lease Rentals and Hire Purchase Income:
Accounted for on accrual basis, additional finance charges and penal
interest are accounted for on receipt basis.
v) The share hedging contract of Capital Market Operations are
accounted without considering STT and Stamp Duty on date of their
settlement and released gain / loss in respect of settled contracts or
recognized in the Profit & Loss account along with underlying
transactions.
B) EXPENDITURE Employee Benefits:
i) Provident Fund:
Retirement benefits in the form of Provident Fund are accounted for on
accrual basis and charged to Profit & Loss account of the year. Both
the employee and the Company make monthly contributions to the
provident fund plan equal to a specified percentage of the covered
employee''s salary.
ii) Leave Encashment:
Leave Encashment is accounted in the books on payment basis and charged
to Profit & Loss account ofthe year.
iii) Gratuity:
Gratuity is provided in the accounts on Accrual Basis on estimates
though no actuarial valuation of gratuity liability has been made. The
gratuity liability has not been actuarially calculated due to limited
number of staffs. Accordingly full disclosure as per AS-15 is not
considered necessary by the management.
The company has issued only one class of shares referred to as equity
shares having a par value of Rs. 10/- Each holder of equity shares is
entitled to one vote per share.
In the event of liquidation of company, the holders of equity shares
will be entitled to receive any of remaining assets of the company,
after distribution of all preferential amounts. However no such
Preferential amounts exist currently.
Distribution will be in proportion to number of equity shares held by
each shareholder.
(i) Reconciliation of number of shares outstanding and amount of share
capital as at 31st March 2014 and 31st March 2013 issetoutbelow:
Mar 31, 2013
1.1 BasisofAccounting
The financial statements have been prepared to comply in all material
respects with the mandatoryAccounting Standards issued by the Institute
of Chartered Accountants of India and the relevant provisions of the
CompaniesAct, 1956. The financial statements have been prepared under
the historical cost convention on an accrual basis. The accounting
policies have been consistently applied by the Company with those used
in the previous year.
1.2 FixedAssets and Depreciation
i) Fixed assets are stated at cost less accumulated depreciation. Cost
comprises the purchase price and any directly attributable
costofbringing the assetto its working condition for its intended use
ii) Depreciation has been provided on written down value method as per
rates and in the manner prescribed in ScheduleXIV
oftheCompaniesAct,1956.
1.3 ImpairmentofFixedAssets
Wherever events or changes in circumstances indicate that the carrying
value of fixed assets may be impaired, the company subjects such assets
to a test of recoverability, based on discounted cash flow expected
recognized an impairment loss as the difference between the carrying
value and fair value less costs to sell. None ofthe company''s fixed
assets are considered impairedason the Balance Sheet date
1.4 Investments
Investments are valued at their cost. Provision for diminution, if any,
in the value of investments is made to recognize a decline, other than
temporary. The said diminution is determined for each investment
individually. Investments are either classified as current or
long-term based on Management''s intention at the time of purchase.
Investments includes ÂFlats at Delhi and ÂFlats at Jaipur amounting
Rs. 4,45,80,961/-Delhi Flats are used by the Co. for its own purpose
and Jaipur Flats are ready for possession. However completion
certificate is still awaited by developers. The Company shall take
possession soon after the completion certificates are available.
1.5 CurrentAssets
Stock in trade is valued at cost or market price, whichever is lower,
whereby the cost of each scrip is compared vis-a-vis its market value
and the resultant shortfall, ifany,ischargedtorevenue.
1.6 CashandCashequivalents
Cash and cash equivalents comprise cash and cash at bank and in hand
and short term investment with an original maturityofthree months or
less.
1.7 CashFlowStatement
Cash Flows are reported using the indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non- cash
nature, accrual of past or future operating cash receipts or payments
and item of income or expenses associated with investing or financing
cash flows. The cash flows from operating, investing and financing
activities are segregated.
1.8 Taxation
Provision for tax has been made in accordance with the assessable
profits determined under the provision of IncomeTaxAct.1961.
Deferred Tax Assets /Liability in accordance with the AS-22 "Accounting
for Tax on Income "has been recognized in the book of account. Deferred
Income Tax reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier years. Deferred tax is measured based
on the tax rates and the tax laws enacted or substantively enacted at
the balance sheet date.
1.9 Revenue recognition
Revenue is primarily derived from Capital Market transactions, Bill
Discounting services and financing activities.
Income and Expenditure are generally recognized on Accrual basis with
certain exceptions as enumerated below :
A) INCOME
i) Income from all non-performing assets are accounted for on receipt
basis as per prudential norms promulgatedbyReserve Bank ofIndia.
ii) Bill Discounting Services:
Accounted for according tothe termsofagreement.
iii) Dividend :
Accounted foronreceipt basis.
iv) Lease Rentals and Hire Purchase Income :
Accounted for on accrual basis, additional finance charges and penal
interest are accounted for on receipt basis.
v) The share hedging contract of Capital Market Operations are
accounted without considering STT and Stamp Duty on date of their
settlement and released gain / loss in respect of settled contracts or
recognized in the Profit& Loss account along with underlying
transactions .
B) EXPENDITURE Employee Benefits:
i) Provident Fund:
Retirement benefits in the form of Provident Fund are accounted for on
accrual basis and charged to Profit &Loss accountofthe year. Both the
employee and the Company make monthly contributions to the provident
fund plan equal toaspecified percentageofthe covered employee''s salary.
ii) LeaveEncashment:
Leave Encashment is accounted in the books on payment basis and charged
to Profit & Loss account of the year.
iii) Gratuity:
Gratuity is provided in the accounts on Accrual Basis on estimates
though no actuarial valuation of gratuity liability has been made. The
gratuity liability has not been actuarially calculated due to limited
number of staffs. Accordingly full disclosure as perAS-15 is not
considered necessary by the management.
Mar 31, 2010
1.1 Basis of Accounting
The financial statements have been prepared to comply in all material
respects with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India and the relevant provisions
of the Companies Act, 1956. The financial statements have been prepared
under the historical cost convention on an accrual basis. The
accounting policies have been consistently applied by the Company with
those used in the previous year.
1.2 Fixed Assets and Depreciation
i) Fixed assets are stated at cost less accumulated depreciation . Cost
comprises the purchase price and any directly attributable cost of
bringing the asset to its working condition for its intended use
ii) Depreciation has been provided on written down value method as per
rates and in the manner prescribed in Schedule XIV of the Companies
Act, 1956.
1.3 Impairment of Fixed Assets
Wherever events or changes in circumstances indicate that the carrying
value of fixed assets may be impaired, the company subjects such assets
to a test of recoverability, based on discounted cash flow expected
recognized an impairment loss as the difference between the carrying
value and fair value less costs to sell. None of the companys fixed
assets are considered impaired as on the Balance Sheet date
1.4 Investments
Investments are valued at their cost. Provision for diminution, if any,
in the value of investments is made to recognise a decline, other than
temporary. The said diminution is determined for each investment
individually.
1.5 Current Assets
Stock in trade is valued at cost or market price, whichever is lower,
whereby the cost of each scrip is compared vis-a-vis its market value
and the resultant shortfall, if any, is charged to revenue.
1.6 Amortisation
Deferred reveneue expenditure is amortized over a period often years.
Public Issue expenses are amortized over a period often years.
1.7 Prior Period Items
Income & Expenditure pertaining to prior periods as well as extra
ordinary items, where material are disclosed separately.
1.8 Taxation
Provision for tax has been made in accordance with the assessable
profits determined under the provision of Income Tax Act, 1961.
Deferred Tax Assets / Liability in accordance with the AS-22
"Accounting for Tax on Income" has been recognized in the book of
account. Deferred Income Tax reflects the impact of current year timing
differences between taxable income and accounting income for the year
and reversal of timing differences of earlier years. Deferred tax is
measured based on the tax rates and the tax laws enacted or
substantively enacted at the balance sheet date. 1.9 Income &
Expenditure
Income and Expenditure are generally recognised on Accrual basis with
certain exceptions as enumerated below:
A) INCOME
i) Income from all non-performing assets are accounted for on receipt
basis as per prudential norms promulgated by Reserve Bank of India.
ii) Bill Discounting Services:-
Accounted for according to the terms of agreement.
iii) Dividend :-
Accounted for on receipt basis.
iv) Lease Rentals and Hire Purchase Income :-
Accounted for on accrual basis, additional finance charges and penal
interest are accounted for on receipt basis.
v) The share hedging contract of Capital Market Operations are
accounted on date of their settlement and realiased gain / loss in
respect of settled contracts or recognised in the Profit & Loss Account
along with underlying transactions
B) EXPENDITURE Employee Benefits:-
i) Retirement benefits in the form of Provident Fund are accounted for
on accrual basis and charged to Profit & Loss account of the year.
ii) Leave Encashment is accounted in the books on payment basis and
charged to Profit & Loss account of the year.
iii) Gratuity is provided in the accounts on Accrual Basis on estimates
though no actuarial valuation of gratuity Liability has been made. The
Gratuity Liability has not been actuarially calculated due to limited
number of staff. Accordingly full disclosure as perAS-15 is not
considered necessary by the management.