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Accounting Policies of Tulive Developers Ltd. Company

Mar 31, 2016

19. NOTES ACCOMPANYING FINANCIAL STATEMENTS. A SIGNIFICANT ACCOUNTING POLICIES: 1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS :

The Financial Statements have been prepared to comply with in all material aspects, the Generally Accepted Accounting Principles ( GAAP) under the historical cost convention, on an accrual basis and in line with the Accounting Standards as prescribed under Section 133 of the Companies Act 2013 read with Rule 7 of the Companies (Accounts) Rules 2014, the provisions of the Companies Act 2013 to the extent notified and guidelines issued by Securities and Exchange Board of India ( SEBI ) .The disclosures and other requirements under MICRO SMALL MEDIUM ENTERPRISES DEVELOPMENT Act 2006 have been considered.

2. USE OF ESTIMATES:

The preparation of Financial Statements requires the Management to make estimates of Assets and Liabilities and disclosures relating to contingent liabilities as at the date of the Financial Statements and the reported amounts of income and expenses and provisions made during the year .

3. REVENUE RECOGNITION :

(i) Income is recognized in respect completion of Project Management Consultancy Services on monthly basis and are recorded as income excluding Service Tax collected . There are NO Excise duty and sales tax collections in respect consultancy services rendered.

(ii) License fee of agricultural lands is accounted on accrual basis .

(iii) Income from Long term Investments viz in Firms .Share of Profit is accounted as per the Provisional accounts of the firms subject to Audit.

(iv) Dividend income from investments in Mutual Funds (Current Investments) are accounted for when the right to receive the payment is established especially when dividends are reinvested.

4. EXPENDITURE : Expenses are accounted for on accrual basis and provision is made for all loss and accepted liabilities 5. TANGIBLE (FIXED ) ASSETS & DEPRECIATION :

(a) TANGIBLE ASSETS: (Fixed Assets)

Tangible (Fixed)assets are stated at cost less accumulated depreciation. Cost of fixed assets includes all expenses incurred including agricultural development expenses to bring the assets to its location and commencement of operational use.

(b) DEPRECIATION:

Depreciation on Tangible (Fixed) assets other than free hold and agricultural Lands is charged under Written Down Value Method taking into consideration useful lives of respective assets, limiting after taking the residual value @5% of the Cost of Assets.

(c) IMPAIRMENT OF TANGIBLE FIXED ASSETS:

Considerations is given at every Balance Sheet date to determine whether there is any impairment of the carrying cost of the company''s tangible assets Impairment Loss is recognized as an when required

6. INVESTMENTS:

Long term Investments are stated at cost , Provision for diminution in value is made to recognise a decline other than temporary in value of long term investments and is determined separately for each individual investment. Share of Profit / Loss from investments in Partnership firms are accounted as per the statements received from respective firms.

7. INVENTORIES:

(a) Inventories are valued at lower of cost or net realizable value , cost being ascertained on the following basis:

(i) Stores, spares and materials on weighted average cost basis.

(ii) Work -in-progress - cost including applicable overheads.

(iii) traded goods at lower of cost at the reliable value.

(iv) Others / Non moving investments are provided for to the extent of requirements and are shown at Net realizable value.

8. RETIREMENT BENEFITS TO EMPLOYEES :

Employee benefits in accordance with the relevant statutory requirements viz., Provident Fund, Gratuity, leave encashment will be provided for and duly accounted as and when the company becomes liable under the respective enactment.

9. TAX ON INCOME & DEFERED TAX :

Current tax is determined on the basis of taxable income for the financial year and deferred tax is recognized for all timing differences subject to consideration of prudence.

10. CASH FLOW STATEMENT:

Cash flow is reported using the indirect method whereby Net Profit before tax is adjusted for the effects of transactions of a NON CASH nature and any deferrals or accruals of part or future operating cash, receipts, or payments. The cash flow from regular revenue generating , investment and financing activities of the company are segregated.

11. EARINGS PER SHARE:

In determining earnings per share . the company considers the Net Profit after Tax and includes the post tax effect on extra ordinary items..The number of shares used in computing basic and diluted equity shares is the weighted average number of shares outstanding during the year.

12. PROVISIONS AND CONTINGENT LIABILITIES :

The Company creates provision when there is a present obligation as a result of an event that requires an outflow of resources and a reliable and reasonable estimates are made of the amount. A disclosure for contingent Liability is made when there is a possible obligation or a present obligation that may but probably will NOT require an outflow of resources .

(9) a, There are No transactions with any related parties during the year

b, CURRENT ACCOUNT BALANCES (INTEREST FREE) WITH FIRMS :IN WHICH COMPANY IS A PARTNER

10. PROVISION FOR TAXATION:

Provision for Taxation has been made ascertaining taxable income .Since the share income from firms and agricultural income are totally excluded under Section 10 of IT Act 1961 the same have been excluded while determining taxable income . There is NO liability for Deferred tax .

11. Confirmation of Balances as at 31.3.2016 have NOT been received from certain parties/person in response to letters sent seeking confirmation of balances.

12. Figures for the previous years have been regrouped and reclassified wherever required to conform to the classification as per accounts drawn as per Schedule III of the Companies Act 2013.


Mar 31, 2014

1. The accounts have been prepared to comply with in all material aspects, the generally accepted Accounting principles under historical cost convention on an accrual basis and in line with the applicable Accounting Standards specified in Companies (Accounting Standard) Rules 2006 and the provisions of the Companies Act 1956.The disclosures and other requirements under the MICRO Small Medium Enterprises Development Act have been considered.

2. REVENUE RECOGNITION :

(I) Income is recognised on completion of project management services on monthly basis and are recorded excluding recoveries of Service Tax. There are NO excise duty and sales tax collections in respect of services rendered.

(ii) Licence fee of agricultural lands is accounted on accrual basis.

(iii) Income from Investments viz Share of Profit / Loss from the firms in which the company is a partner is accounted based on the provisional accounts of respective firms subject to Audit.

(iv) Interest on borrowings is accounted on accrual basis.

(v) Expenses are accounted for on accrual basis and provision is made for all losses and claims and undisputed liabilities / Claims.

(vi) USE OF ESTIMATES:

The preparation of financial statements requires the management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial Statement and the reported amount of income and expenses during the year.

3. FIXED ASSETS & DEPRECIATION

(a) TANGIBLE ASSETS: (Fixed Assets)

Tangible assets are stated at cost less accumulated depreciation. Cost of fixed assets includes all expenses incurred including agricultural development expenses to bring the assets to its location and commencement of operational use.

(b) DEPRECIATION:

Depreciation on Tangible (Fixed) assets other than free hold and agricultural Lands is charged under Written Down Value Method at the rates specified in Schedule XIV of Companies the Act 1956 and in respect of additions during the year provided on prorata basis from the date of assets being put to use.

4. INVESTMENTS :

Long term investments are stated at cost. Provision for diminution in value is made to recognise a decline other than temporary in value of long term investments and is determined separately for each individual investment. Share of Profit / Loss from investments in partnership firms are accounted as per the statement received from respective firms.

5. INVENTORIES :

Inventories are valued at cost or net realisable value after providing for obsolescence as follows:

(1) Stores, spares and materials on weighted average cost basis.

(2) Project work - in - progress at cost

6. RETIREMENT BENEFITS TO EMPLOYEES

Employee benefits in accordance with the relevant statutory requirements viz., Provident Fund, Gratuity, leave encashment will be provided for and duly accounted as and when the company becomes liable under respective enactment.

7. EARINGS PER SHARE :

The company considers post tax profit including tax adjustment if any relating to earlier years. The number of shares considered in computing basis and diluted equity shares is the weighted average number of shares during the year.

8. INCOME TAX, CURRENT & DEFERRED TAX :

Deferred Tax is recognised for all timing differences with regard to depreciation provided for in financial statement and claims made under Income Tax Act. Current tax is determined based on computation of taxable income as per the provisions of Income Tax Act 1961.

9. CASH FLOW STATEMENT :

Cash flow is reported using the indirect method whereby net profit tax is adjusted for the effects of transactions of a NON CASH nature and my deferrals or accruals of our future operating cash, receipts, and payments. The cash flow from regular revenue activities, investment and financing activities of the company are segregated.


Mar 31, 2013

A. The accounts have been prepared in accordance with instructions for preparation of Balance Sheet and Profit and Loss Statement as per REVISED SCHEDULE VI of the Companies Act 1956 vide Notification No. SO 447 (E) dated 28.2.2011. The Accounts comply with in all material aspects, the Generally Accepted Accounting Principles under the historical cost convention on accrual basis and in line with the applicable Accounting Standards specified in Companies (Accounting Standard) Rules 2006 and the provisions of the Companies Act 1956.

B. USE OF ESTIMATES:

The preparation of financial statements requires the management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial Statement and the reported amount of incomes and expenses during the year.

C. TANGIBLE ASSETS: (Fixed Assets)

Tangible assets are stated at cost less accumulated depreciation. Cost includes all expenses incurred to bringthe assets to its location and commencement of operational use.

D. DEPRECIATION:

Depreciation on Tangible (Fixed) assets (other than free hold Land) is charged underwritten Down Value Method at the rates specified in ScheduleXIV of Companiesthe Act1956

E. INVESTMENTS:

Long term Investments are stated at cost Provision for diminution is made to recognize a decline other than temporary in value of long term investments and is determined separately for each individual investment. Current investments are carried at lower of cost or value computed separately in respect of each category of investment.

F. INVENTORIES:

Inventories are valued at lower of cost or net reliable value after providing for obsolescence as follows:

(1) Stores, spares and Raw materials on weighted average cost basis.

(2) Project work -in-progress at cost

G. RETIREMENT BENEFITS TO EMPLOYEES:

Employee benefits in accordance with relevant statutory requirements Viz Employees provident fund, Gratuity, leave encashment will be provided and duly accounted for as and when the company becomes liable under respective Statute or Act.

H. REVENUE RECOGNITION:

(1) Interest on borrowing is accounted on accrual basis

(2) Share income /Loss in respect of investments in Partnership firms is accounted in accordance with the audited/provisional accounts of the respective firms and as per statement of Accounts rendered by the firms.

(3) Contingent /disputed liabilities will be provided for as and when crystallized and accepted by the company.

I EARINGS PER SHARE:

The company considers post tax profit .The number of shares considered in computing basic and diluted equity shares is the weighted average number of shares during the year.

J. INCOME (Deferred Tax) and CURRENT TAX:

Deferred Tax is recognized for all timing differences with regard to depreciation provided for in accounts and claimed under Income Tax. Current tax is determined based on computation of taxable income under the provisions of Income Tax Act 1961.

K. CASH FLOW STATEMENT:

Cash flow is reported using the indirect method whereby net profit before tax is adjusted for the effects of transactions of a non cash nature and any deferrals or accruals of or future operating cash, receipts, and payments. The cash flow from regular revenue generating, investing and financing activities of the company are segregated.


Mar 31, 2012

A. The accounts have been prepared in accordance with instructions for preparation of Balance Sheet an Profit and Loss Statement in accordance with REVISED SCHEDULE VI of the Companies Act 1956 as pe Notification No SO 447 (E) dated 28.2.2011. The Accounts comply with in all material aspects, th Generally Accepted Accounting Principles under the historical cost convention on accrual basis andii line with the applicable Accounting Standards specified in Companies (Accounting Standard) Rule 2006 and the provisions of the Companies Act 1956.

B. USE OF ESTIMATES:

The preparation of financial statement requires the management to make estimates and assumptions tha affect the reported balances of assets and liabilities and disclosures relating to contingent liabilities as a the date of the financial Statement and the reported amount of incomes and expenses during the year.

C. TANGIBLE ASSETS; (Fixed Assets)

Tangible assets are stated at cost less accumulated depreciation. Cost includes al! expenses incurred tc bring the assets to its location and commencement of operational use.

D. DEPRECIATION:

Depreciation on Tangible (Fixed) assets (other than free hold Land) is charged under Written Dowr Value Method at the rates specified in Schedule XIV of the Companies Act 1956.

E. INVESTMENTS:

Long term Investments are stated at cost Provision for diminution is made to recognize a decline othei than temporary in value of long term investments and is determined separately for each individual investment. Current investments are carried at lower of cost or value computed separately in respect ol each category of investment.

F. INVENTORIES

Inventories are valued at lower of cost or net reliable value after providing for obsolescence as follows:

(1) Stores, spares and Raw materials on weighted average cost basis.

(2) Project work-in-progress at cost

G. RETIREMENT BENEFITS TO EMPLOYEES

Employee benefits in accordance with relevant statutory requirements Viz Employees provident fund, Gratuity, leave encashment will be provided and duly accounted for as and when the company becomes liable under respective Statute or Act.

H. REVENUE RECOGNITION

(1) Interest on borrowing is accounted on accrual basis

(2) Share income /Loss in respect of investments in Partnership firms is accounted in accordance with the audited/provisional accounts of the respective firm and as per statement of Accounts rendered by the firms.

(III) Contingent/disputed liabilities will be provided for as and when crystallized and accepted by the company.

I EARINGS PER SHARE:

The company considers post tax profit .The number of shares considered in computing basic and diluted equity shares is the weighted average number of shares during the year.

J. INCOME (Deferred Tax) and CURRENTTAX:

Deferred Tax is recognized for all timing differences with regard to depreciation provided for in accounts and claimed under Income Tax. Current tax is determined based on computation of taxable income under the provisions of Income Tax Act 1961.

K. CASH FLOW STATEMENT:

Cash flow is reported using the indirect method whereby net profit before tax is adjusted for the effects of transactions of a non cash nature and any deferrals or accruals of or future operating cash, receipts, and payments. The cash flow from regular revenue generating, investing and financing activities of the company are segregated.


Mar 31, 2011

1. Basis of preparation of Financial Statements

The Accounts have been prepared to comply with, in all material aspects, the Generally Accepted Accounting Principles (GAAP ) and in compliance with the Accounting Standards specified by the Companies (Accounting Standards) Rules 2006 notified by the Central Government and other provisions of the Companies Act 1956.The Company maintains its accounts on accrual basis following the historical cost convention.

2. USE OF ESTIMATES

The preparation of financial statement requires the management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial statement and the reported amount of income and expenses during the year .Examples of such estimates include provisions for taxations useful life of depreciable fixed assets and provisions for impairment of assets.

3. FIXED ASSETS

Fixed Assets are stated at cost less accumulated depreciation. Cost includes all expenses incurred to bring the assets to its present location and commencement of operational use.

4. DEPRECIATION

Depreciation (other than freehold land) is charged under Written Down Value method at the rates specified in schedule XIV to the Companies Act 1956.

5. IMPAIRMENT

At each balance sheet date, the management reviews the carrying amount of assets, to determine whether there is any indication that those assets were impaired. Loss due to impairment is recognized as and when required.

6. INVESTMENTS

Long term investments are continued at cost. Provision for diminution is made to recognize a decline other than temporary in value of long term investments and is determined separately for each individual investment Current investments are carried at lower of cost and fair value computed separately in respect of each category of investment.

7. INVENTORIES

Inventories are valued at the lower of cost and net reliable value after providing for obsolescence as follows

(i) Stores, Spares and Raw Materials on weighted average basis.

(ii) Project work in progress at cost.

8. RETIREMENT BENEFITS TO EMPLOYEES

Employee benefits in accordance with the relevant Statutory requirements viz. Employees provident fund payment of gratuity, leave encashment will be provided and accounted for as and when the company becomes liable under respective Statutes, Acts.

9. RENENUE RECOGNITION

(i) Rental income/interest income is accounted on accrual basis.

(ii) Share income/loss in respect of investments in partnership firms is accounted in accordance with audited accounts of the firm and as per Statement of Accounts rendered by the firms.

(iii) Contingent, disputed liabilities will be provided for, as an when crystallized and accepted by the Company.

In respect of project works on hand income is recognized on completion basis as per Guidance Note of Institute of Chartered Accountants of India.

10. EARNINGS PER SHARE

The company considers post tax profit. The number of share used in computing basic and diluted equity shares is the weighted average number of shares on during the year.

11. TAXES ON INCOME

Current Tax is determined on the basis of taxable income of the year. Deferred Tax is recognized for all timing difference subject to consideration of prudence.

12. CASH FLOW STATEMENT

Cash flow statement is based on indirect method whereby net profit after tax is adjusted for the effects of transactions of non cash nature and accruals of past or future operating receipts and payments. The cash flows from regular revenue generating, investing and financial activities are segregated.


Mar 31, 2010

1. Basis of preparation :

The financial statements are prepared under historical cost convention and the requirements of the Companies Act, 1956.

2. Use of Estimates :

The preparation of financial statements requires the Management of the Company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent liabilities as at the date of financial statements and reported amounts of income and expenditure during the year. Examples of such estimates include provision for fringe benefit tax and useful life of depreciable fixed assets and provisions for impairment.

3. Fixed Assets:

Fixed Assets are stated at cost less accumulated depreciation costs include all expenses incurred to bring the assets to its present location and condition.

4. Depreciation :

Depreciation other than free hold land is charged under the written down value method at the rates prescribed in SCHEDULE XIV to the Companies Act, 1956.

5. Impairment:

At each Balance Sheet date, the Management reviews the carrying amounts of its Fixed Assets to determine whether there is any indication that those assets were impaired. Impairment loss is recognised as and when required.

6. Investments:

Long Term Investments are stated at cost less provision for other than temporary diminution in value. Impairment loss will be provided for as and when required.

7. Inventories:

Inventories are valued as follows:

(i) Stores, Spares and Raw Materials on weighted average basis. (ii) Project work in progress at cost.

8. Retirement Benefits:

Employer benefits in accordance with the relevant statutory requirements viz. Employees Provident Fund, Gratuity, Encashment of Leave will be provided for and accounted as and when the company becomes liable under the relevant statutes/Acts.

9. Revenue Recognition:

(i) Rental income/interest income is accounted on accrual basis.

(ii) Share income / loss in respect of investments in partnership firms is accounted in accordance with audited accounts of the firm and as per Statement of Account rendered by the firm.

(iii) Contingent, disputed liabilities will be provided for as an when crystallized and accepted by the Company.

(iv) In respect of project works on hand income is recognized on completion of project and on realization.

10. EARNINGS PER SHARE:

In determining earnings per share the company considers the net profits after tax and includes the post tax effect on extra ordinary items.

11. TAXES ON INCOME:

Current Income tax is determined on the basis of taxable income for the year. Deferred Tax is recognized forall timing difference subject to the consideration of prudence for recognizing deferred tax as an asset.

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