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Accounting Policies of Victoria Mills Ltd. Company

Mar 31, 2015

1. Major Accounting Policies:-

a) Recognition of income expenditure The company is in the business of real estate development. Real estate income is recognized as revenue on the completion of sale of property. Other income and cost/expenditure are generally accounted on accrual as they are earned or incurred.

b) Depreciation as per Companies Act, 2013

With the introduction of Companies Act, 2013, there has been change in the method of accounting of depreciation from Written Down Value to Systematic allocation of assets' value over its useful life (SLM), with effect from 1.4.2014. Consequently the depreciation of the year ended 31.3.2015 is higher by Rs.4,21,143/-.

c) Valuation of Inventories:

Property held as stock in trade is valued at cost or market whichever is lower. Work-in-progress is valued at cost of property plus all direct expenditure pertaining to project. Finished goods stock is valued at cost or realizable value whichever is lower.

d) Fixed Assets

Fixed assets are stated at cost less depreciation.

e) Investment

Non Current investments are stated at cost or book value. Permanent diminution in value of each investment is being provided after taking into consideration value of each investment individually. Current investment are valued at cost or market value whichever is lower.

f) Accounting Policy regarding Retirement Benefits

1) Gratuity and Leave encashment is provided in the basis of valuation made by an Actuary

2) Superannuation Fund is contributed into Fund with LIC.

g) Taxation

i) Current Tax

Provision for Current Tax is made based on the liability computed in accordance with the relevant tax rates and provisions of Income Tax Act, 1961.

ii) Deferred Taxes

Deferred Tax is accounted for by computing the tax effect of timing differences which arise during the year and reverse in subsequent periods. Deferred tax assets are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such Deferred Tax Assets can be realized.


Mar 31, 2014

A) Recognisation of income expenditure

The company is in the business of real estate development. Real estate income is recognized as revenue on the completion of sale of property. Other income and cost/expenditure are generally accounted on accrual as they are earned or incurred.

b) Depreciation is provided at Written Down Value Method as per Schedule XIV of the Companies Act, 1956.

c) Valuation of Inventories:

Property held as stock in trade is valued at cost or market whichever is lower. Work-in-progress is valued at cost of property plus all direct expenditure pertaining to project. Finished goods stock is valued at cost or realizable value whichever is lower.

d) Fixed Assets

Fixed assets are stated at cost less depreciation.

e) Investment

Non Current investments are stated at cost or book value. Permanent diminution in value of each investment is being provided after taking into consideration value of each investment individually. Current investment are valued at cost or market value whichever is lower.

f) Accounting Policy regarding Retirement Benefits

1) Gratuity and Leave encashment is provided in the basis of valuation made by an Actuary

2) Superannuation Fund is contributed into Fund with LIC.

g) Taxation

i) Current Tax

Provision for Current Tax is made based on the liability computed in accordance with the relevant tax rates and provisions of Income Tax Act, 1961.

ii) Deferred Taxes

Deferred Tax is accounted for by computing the tax effect of timing differences which arise during the year and reverse in subsequent periods. Deferred tax assets are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such Deferred Tax Assets can be realized.


Mar 31, 2013

1. Major Accounting Policies:-

a) Recognisation of income expenditure

The company is in the business of real estate development. Real estate income is recognized as revenue on the completion of sale of property. Other income and cost/expenditure are generally accounted on accrual as they are earned or incurred.

b) Depreciation is provided at Written Down Value Method as per Schedule XIV of the Companies Act, 1956.

c) Valuation of Inventories:

Property held as stock in trade is valued at cost or market whichever is lower. Work-in-progress is valued at cost of property plus all direct expenditure pertaining to project. Finished goods stock is valued at cost or realizable value whichever is lower.

d) Fixed Assets

Fixed assets are stated at cost less depreciation.

e) Investment

Non Current investments are stated at cost or book value. Permanent diminution in value of each investment is being provided after taking into consideration value of each investment individually. Current investment are valued at cost or market value whichever is lower.

f) Accounting Policy regarding Retirement Benefits

1) Gratuity and Leave encashment is provided in the basis of valuation made by an Actuary

2) Superannuation Fund is contributed into Fund with LIC.

g) Taxation

i) Current Tax

Provision for Current Tax is made based on the liability computed in accordance with the relevant tax rates and provisions of Income Tax Act, 1961.

ii) Deferred Taxes

Deferred Tax is accounted for by computing the tax effect of timing differences which arise during the year and reverse in subsequent periods. Deferred tax assets are recognized and carried for ward only to the extent that there is a reasonable certainty that suffi cient future taxable income will be available against which such Deferred Tax Assets can be realized.


Mar 31, 2011

1. Major Accounting Policies:-

a) Recogn isation of income expenditure

Revenue/income and cost/expenditure are generally accounted on accrual as they are earned or incurred.

b) Depreciation is provided at Written Down Value Method as per Schedule XIV of the Companies Act, 1956.

c) Valuation of Inventories:

Property held as stock in trade is valued at cost or market whichever is lower. Finished goods stock is valued at cost or realizable value whichever is lower.

d) Fixed Assets

Fixed assets are stated at cost less depreciation.

e) Investment

All long term investment are stated at cost or book value, book value being arrived at after adjusting provisions for permanent diminution in values of each investment individually. Short term investments are valued at cost or market value whichever is lower.

f) Accounting Policy regarding Retirement Benefits

1) Gratuity and Leave encashment is provided in the basis of valuation made by an Actuary

2) Superannuation Fund is contributed into Fund with LIC.

g) Taxation

i) Current Tax

Provision for Current Tax is made based on the liability computed in accordance with the relevant tax rates and provisions of Income Tax Act, 1961.

ii) Deferred Taxes

Deferred Tax is accounted for by computing the tax effect of timing differences which arise during the year and reverse in subsequent periods. Deferred tax assets are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such Deferred Tax Assets can be realized.


Mar 31, 2010

A) Recognisation of income expenditure

Revenue/income and cost/expenditure are generally accounted on accrual as they are earned or incurred.

b) Depreciation is provided at Written Down Value Method as per Schedule XIV of the Companies Act, 1956.

c) Valuation of Inventories:

Property held as stock in trade is valued at cost or market whichever is lower. Finished goods stock is valued at cost or realizable value whichever is lower.

d) Fixed Assets:

Fixed assets are stated at cost less depreciation.

e) Investment:

All long term investment are stated at cost or book value, book value being arrived at after adjusting provisions for permanent diminution in values of each investment individually. Short term investments are valued at cost or market value whichever is lower.

f) Accounting Policy regarding Retirement Benefits:

1) Gratuity and Leave encashment is provided in the basis of valuation made by an Actuary

2) Superannuation Fund is contributed into Fund with LIC.

g) Taxation:

I) Current Tax :

Provision for Current Tax is made based on the liability computed in accordance with the relevant tax rates and provisions of Income Tax 1961.

ii) Deferred Taxes :

Deferred Tax is accounted for by computing the tax effect of timing differences which arise during the year and reverse in subsequent periods. Deferred tax assets are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such Deferred Tax Assets can be realized.

A) Subsidiary

Victoria Land Pvt.Ltd.

B) Associates

1. Galactic Enterprises Ltd. 6. Bruhaspati Investment & Trading

2. Adarsh Enterprises 7. Sutantu Agricultural Farm

3. Fistuala Trading Pvt.Ltd. 8. Mangaldas Mehta & Co. Pvt. Ltd.

4. Abhay Investments Pvt.Ltd. 9. Bromelia Trading Pvt. Ltd.

5. Pawan Farms & Orachards 10. Mangaldas Mehta & Co.

 
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