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Accounting Policies of Unishire Urban Infra Ltd. Company

Mar 31, 2015

(i) Basis of Preparation of Financial Statements:

The accompanying financial statements of the company have been prepared in accordance with Indian GAAP and presented under the historical cost convention on the accrual basis of accounting and comply with Accounting Standards by the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956 ("Act") to the extent applicable and the revised Schedule VI to the accounting policies have been consistently by the company. The financial statements are presented in Indian rupees. (ii) Use of estimates:

The preparation of financial statements in conformity with generally accepted accounting principles ("GAAP") requires management to make certain estimates and assumption that affect reported amount of assets, liabilities (including disclosures of contingent liabilities) as on the date of the financial statements and the reported income and expenses during the reporting period. The estimates and assumptions used in the accompanying financial statements are bases on management's evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from those estimates. Any revisions to accounting estimates are recognized prospectively in current and future goods. (iii) Fixed Assets:

All tangible assets are stated at cost accumulated depreciation and amortization. The cost of the assets includes purchase price and any attributable cost of bringing the assets to its working condition for its intended use.

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to profit & loss account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount. (iv) Depreciation/amortization:

Depreciation on all tangible fixed assets is provided on written down valued method in terms of Section 350 of the Companies Act, 1956, at the rates prescribed in Schedule XIV to the said act. Asset each costing Rs.5, 000/- or less are depreciated at 100% in the year of capitalization.

3. Investments:

Investment, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as non-current investments. Non Current Investments are stated at cost. However, provisions for diminution in value are made to recognize a decline other than temporary in the value of investments. Current Assets are carried in the financial statement at lower cost and fair value determined on an individual investment basis. In case of unquoted securities, where fair market value is not available, lower of break up value or cost is considered. On disposal of an Investment, the difference between its carrying amount and net disposal proceeds is charged to the statement of profit and loss.

4. Recognition of Income and Expenditure:

Revenue is recognized and reported to the extent it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Interest Income is recognized as when the same has accrued on time proportion basis and company's right to receive interest is established. Dividend Income is recognized when right to receive the same is established by the reporting date.

5. Employee retirement and other benefits:

Short term employees benefits are recognized in the periods in which employee's service are rendered.

(viii) Income Taxes Income Tax

Income Tax expense is aggregate of current tax (i,e amount of tax for the period determined in accordance with Income Tax Laws), deferred tax charges or credit (reflecting tax effect on timing differences between accounting income and taxable income for the period) borne by company.

Current Tax expense is recognized on an annual basis under the taxes payable method, bases on the estimated tax liability after taking the tax credit for the allowances and exemption in accordance with Income Tax Act, 1961. Deferred Taxation

The deferred tax charge or credit and the corresponding deferred tax liability or assets are recognized using the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred Tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future; however, where there is unabsorbed depreciation or carried forward losses under the taxation laws, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Deferred Tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realized.

6. Provisions and Contingencies:

The Company creates a provision when there is present obligation as a result of a past event and it is probable that an outflow of resources would be required to settle the obligation, and in respect of which a reliable estimates can be made of the amount of the obligation.

A disclosure for the contingent liability is made when there is possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or discloser is made.

Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best estimates. A contingent liability is disclosed unless the possibilities of an outflow of resources embodying the economic benefits are remote.

Contingent assets are neither recognized nor disclosed in the financial statements. However, contingent assets are assessed continually and if it is virtually certain that an inflow of economic benefits will arise, the assets and related income are recognized in the period in which the change occurs.


Mar 31, 2014

(i) Basis of Preparation of Financial Statements:

The accompanying financial statements of the company have been prepared in accordance with Indian GAAP and presented under the historical cost convention on the accrual basis of accounting and comply with Accounting Standards by the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956 ("Act") to the extent applicable and the revised Schedule VI to the accounting policies have been consistently by the company. The financial statements are presented in Indian rupees.

(ii) Use of estimates:

The preparation of financial statements in conformity with generally accepted accounting principles ("GAAP") requires management to make certain estimates and assumption that affect reported amount of assets, liabilities (including disclosures of contingent liabilities) as on the date of the financial statements and the reported income and expenses during the reporting period. The estimates and assumptions used in the accompanying financial statements are bases on management''s evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results may differ from those estimates. Any revisions to accounting estimates are recognized prospectively in current and future goods.

(iii) Fixed Assets:

All tangible assets are stated at cost accumulated depreciation and amortization. The cost of the assets includes purchase price and any attributable cost of bringing the assets to its working condition for its intended use.

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to profit & loss account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

(iv) Depreciation/amortization:

Depreciation on all tangible fixed assets is provided on written down valued method in terms of Section 350 of the Companies Act, 1956, at the rates prescribed in Schedule XIV to the said act. Asset each costing Rs. 5,000/- or less are depreciated at 100% in the year of capitalization.

(v) Investments:

Investment, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as non-current investments. Non Current Investments are stated at cost. However, provisions for diminution in value are made to recognize a decline other than temporary in the value of investments. Current Assets are carried in the financial statement at lower cost and fair value determined on an individual investment basis. In case of unquoted securities, where fair market value is not available, lower of break up value or cost is considered. On disposal of an Investment, the difference between its carrying amount and net disposal proceeds is charged to the statement of profit and loss.

(vi) Recognition of Income and Expenditure:

Revenue is recognized and reported to the extent it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Interest Income is recognized as when the same has accrued on time proportion basis and company''s right to receive interest is established. Dividend Income is recognized when right to receive the same is established by the reporting date.

(vii) Employee retirement and other benefits:

Short term employees benefits are recognized in the periods in which employee''s service are rendered.

(viii) Income Taxes

Income Tax

Income Tax expense is aggregate of current tax (i,e amount of tax for the period determined in accordance with Income Tax Laws), deferred tax charges or credit (reflecting tax effect on timing differences between accounting income and taxable income for the period) borne by company.

Current Tax expense is recognized on an annual basis under the taxes payable method, bases on the estimated tax liability after taking the tax credit for the allowances and exemption in accordance with Income Tax Act, 1961.

Deferred Taxation

The deferred tax charge or credit and the corresponding deferred tax liability or assets are recognized using the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred Tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future; however, where there is unabsorbed depreciation or carried forward losses under the taxation laws, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Deferred Tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realized.

(x) Provisions and Contingencies:

The Company creates a provision when there is present obligation as a result of a past event and it is probable that an outflow of resources would be required to settle the obligation, and in respect of which a reliable estimates can be made of the amount of the obligation.

A disclosure for the contingent liability is made when there is possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or discloser is made.

Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best estimates. A contingent liability is disclosed unless the possibilities of an outflow of resources embodying the economic benefits are remote.

Contingent assets are neither recognized nor disclosed in the financial statements. However, contingent assets are assessed continually and if it is virtually certain that an inflow of economic benefits will arise, the assets and related income are recognized in the period in which the change occurs.

 
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