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Accounting Policies of Tulive Developers Ltd. Company

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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