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Accounting Policies of Vishvas Projects Ltd. Company

Mar 31, 2015

1. Basis for preparation of Financial Statement

The Financial Statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, applicable accounting standards and the provisions of the Companies Act, 2013 as adopted consistently by the Company.

2. Recognition of Income/Expenditure

a.) The Company generally follows mercantile system of accounting and recognize significant items of Income and expenditure on accrual basis.

b.) Income from Lease Rental, Hire Purchase and interest on loans is accounted for on accrual basis. However, no income is accounted for in cases where the same is considered doubtful of recovery by the management. The delayed payment charges, wherever applicable, are accounted for, on settlement with the parties, on cash basis.

c.) Dividend is accounted for on receipt basis

3. Fixed Assets

Fixed Assets are valued at cost less accumulated depreciation.

4. Depreciation

Depreciation is provided on SLM basis at the rate prescribed the Companies Act.

5. Investments

Investments are classified into current and long-term investments. Current investments are carried at the lower of cost and quoted/fair value, computed category wise. Long Term investments are stated at cost. Provision for diminution in the value of long-term investment is made only if, such a decline is other than temporary in the opinion of the management.

Company has investment in 25,00,000 Equity Shares @ 10/- of Gypcrete Building India Private Limited and in the 2012-13, Management has considered permanent diminution of Rs. 2,25,00,000 in value of investment & hence provision for diminution is made in the year 2012-13

6. Taxation

The current charge for income tax is calculated in accordance with the relevant tax regulations applicable to the company.

Deferred tax is recognized, subject to the consideration of prudence, on timing differences being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred tax assets are not recognized on unabsorbed depreciation & carry forward of losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized and are reviewed at each balance sheet date to reassure the realization.

Deferred tax assets & Liabilities are measured using the tax rate and tax laws that have been enacted or substantively enacted at the balance sheet date.


Mar 31, 2014

1. Basis for preparation of Financial Statement

The Financial Statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, applicable accounting standards and the provisions of the Companies Act, 1956 as adopted consistently by the Company.

2. Recognition of Income/Expenditure

a. ) The Company generally follows mercantile system of accounting and recognize significant items of Income and expenditure on accrual basis.

b. ) Income from Lease Rental, Hire Purchase and interest on loans is accounted for on accrual basis. However, no income is accounted for in cases where the same is considered doubtful of recovery by the management. The delayed payment charges, wherever applicable, are accounted for, on settlement with the parties, on cash basis.

c. ) Dividend is accounted for on receipt basis

3. Fixed Assets

Fixed Assets are valued at cost less accumulated depreciation.

4. Depreciation

Depreciation is provided on SLM basis at the rate prescribed under Schedule -XIV of the Companies Act.

5. Investments

Investments are classified into current and long-term investments. Current investments are carried at the lower of cost and quoted/fair value, computed category wise. Long Term investments are stated at cost. Provision for diminution in the value of long-term investment is made only if, such a decline is other than temporary in the opinion of the management.

Company has investment in 25,00,000 Equity Shares @ 10/- of Gypcrete Building India Private Limited and in the 2012-13, Management has considered permanent diminution of Rs. 2,25,00,000 in value of investment & hence provision for diminution is made in the year 2012-13

6. Taxation

The current charge for income tax is calculated in accordance with the relevant tax regulations applicable to the company.

Deferred tax is recognized, subject to the consideration of prudence, on timing differences being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred tax assets are not recognized on unabsorbed depreciation & carry forward of losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized and are reviewed at each balance sheet date to reassure the realization.

Deferred tax assets & Liabilities are measured using the tax rate and tax laws that have been enacted or substantively enacted at the balance sheet date.


Mar 31, 2013

1. Basis for preparation of Financial Statement

The Financial Statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, applicable accounting standards and the provisions of the Companies Act, 1956 as adopted consistently by the Company.

2. Recognition of Income/Expenditure

a.) The Company generally follows mercantile system of accounting and recognize significant items of Income and expenditure on accrual basis.

b.) Income from Lease Rental, Hire Purchase and interest on loans is accounted for on accrual basis. However, no income is accounted for in cases where the same is considered doubtful of recovery by the management. The delayed payment charges, wherever applicable, are accounted for, on settlement with the parties, on cash basis.

c.) Dividend is accounted for on receipt basis

3. Fixed Assets

Fixed Assets are valued at cost less accumulated depreciation.

4. Depreciation

Depreciation is provided on SLM basis at the rate prescribed under Schedule –XIV of the Companies Act.

5. Investments

Investments are classified into current and long-term investments. Current investments are carried at the lower of cost and quoted/fair value, computed category wise. Long Term investments are stated at cost. Provision for diminution in the value of long-term investment is made only if, such a decline is other than temporary in the opinion of the management.

Company has investment in 25,00,000 Equity Shares @ 10/- of Gypcrete Building India Private Limited and in the current period, Management has considered permanent diminution of Rs. 2,25,00,000 in value of investment & hence provision for diminution is made.

6. Taxation

The current charge for income tax is calculated in accordance with the relevant tax regulations applicable to the company.

Deferred tax is recognized, subject to the consideration of prudence, on timing differences being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred tax assets are not recognized on unabsorbed depreciation & carry forward of losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized and are reviewed at each balance sheet date to reassure the realization.

Deferred tax assets & Liabilities are measured using the tax rate and tax laws that have been enacted or substantively enacted at the balance sheet date.


Mar 31, 2010

1. Basis for preparation of Financial Statement

The Financial Statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, applicable accounting standards and the provisions of the Companies Act, 1956 as adopted consistently by the Company.

2. Recognition of Income/Expenditure

a.) The Company generally follows mercantile system of accounting and recognize significant items of Income and expenditure on accrual basis.

b.) Income from Lease Rental, Hire Purchase and interest on loans is accounted for on accrual basis. However, no income is accounted for in cases where the same is considered doubtful of recovery by the management. The delayed payment charges, wherever applicable, are accounted for, on settlement with the parties, on cash basis.

3. Fixed Assets

Fixed Assets are valued at cost less accumulated depreciation.

4. Inventory

Share to be held for less than 1 year is valued at lower of cost or market price. Cost is arrived on FIFO basis. Cost of bonus shares acquired is taken as Nil.

5. Hire Purchase Debtors

Hire Purchase installments which become due but remain unpaid are shown under sundry debtors as overdue installments.

6. Depreciation

Depreciation is provided on SLM basis at the rate prescribed under Schedule XIV of the Companies Act.

7. Dividend

Dividend is accounted for on receipt basis.

8. Investments

Investments are classified into current and long-term investments. Current investments are carried at the lower of cost and quoted/fair value, computed category wise. Long Term investments are stated at cost. Provision for diminution in the value of long-term investment is made only if, such a decline is other than temporary in the opinion of the management.

9. Taxation

The current charge for income tax is calculated in accordance with the relevant tax regulations applicable to the company.

Deferred tax is recognized, subject to the consideration of prudence, on timing differences being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred tax assets are not recognized on unabsorbed depreciation & carry forward of losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized and are reviewed at each balance sheet date to reassure the realization.

Deferred tax assets & Liabilities are measured using the tax rate and tax laws that have been enacted or substantively enacted at the balance sheet date.

10. Intangible Assets

Computer software is capitalized on the date of installation and is amortized over a period of 3 years.


Mar 31, 2009

1. Basis for preparation of Financial Statement

The Financial Statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, applicable accounting standards and the provisions of the Companies Act, 1956 as adopted consistently by the Company.

2. Recognition of Income/Expenditure

a.) The Company generally follows mercantile system of accounting and recognize significant items of Income and expenditure on accrual basis.

b.) Income from Lease Rental, Hire Purchase and interest on loans is accounted for on accrual basis. However, no income is accounted for in cases where the same is considered doubtful of recovery by the management. The delayed payment charges, wherever applicable, are accounted for, on settlement with the parties, on cash basis.

3. Fixed Assets

Fixed Assets are valued at cost less accumulated depreciation.

4. inventory

Share to be held for less than 1 year is valued at lower of cost or market price. Cost is arrived on FIFO basis. Cost of bonus shares acquired is taken as Nil.

5. Hire Purchase Debtors

Hire Purchase installments which become due but remain unpaid are shown under sundry debtors as overdue installments.

6. Depreciation

Depreciation is provided on SLM basis at the rate prescribed under Schedule XIV of the Companies Act.

7. Dividend

Dividend is accounted for on receipt basis.

8. Investments

Investments are classified into current and long-term investments. Current investments are carried at the lower of cost and quoted/fair value, computed category wise. Long Term investments are stated at cost. Provision for diminution in the value of long-term investment is made only if, such a decline is other than temporary in the opinion of the management.

9. Taxation

The current charge for income tax is calculated in accordance with the relevant tax regulations applicable to the company.

Deferred tax is recognized, subject to the consideration of prudence, on timing differences being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred tax assets are not recognized on unabsorbed depreciation & carry forward of losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized and are reviewed at each balance sheet date to reassure the realization.

Deferred tax assets & Liabilities are measured using the tax rate and tax laws that have been enacted or substantively enacted at the balance sheet date.

10. Intangible Assets

Computer software is capitalized on the date of installation and is amortized over a period of 3 years.


Mar 31, 2008

1. Basis for preparation of Financial Statement

The Financial Statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, applicable accounting standards and the provisions of the Companies Act, 1956 as adopted consistently by the Company.

2. Recognition of Income/Expenditure

a.) The Company generally follows mercantile system of accounting and recognize significant items of Income and expenditure on accrual basis.

b.) Income from Lease Rental, Hire Purchase and interest on loans is accounted for on accrual basis. However, no income is accounted for in cases where the same is considered doubtful of recovery by the management. The delayed payment charges, wherever applicable, are accounted for, on settlement with the parties, on cash basis.

3. Fixed Assets

Fixed Assets are valued at cost less accumulated depreciation.

4. Inventory

Share to be held for less than 1 year is valued at lower of cost or market price. Cost is arrived on FIFO basis. Costs of bonus shares acquired are taken as Nil.

5. Hire Purchase Debtors

Hire Purchase installments which become due but remain unpaid are shown under sundry debtors as overdue installments.

6. Depreciation

Depreciation is provided on SLM basis at the rate prescribed under Schedule XIV of the Companies Act.

7. Dividend

Dividend is accounted for on receipt basis.

8. Investments

Investments are classified into current and long-term investments. Current investments are carried at the lower of cost and quoted/fair value, computed category wise. Long Term

investments are stated at cost. Provision for diminution in the value of long-term investment is made only if, such a decline is other than temporary in the opinion of the management.

9. Taxation

The current charge for income tax is calculated in accordance with the relevant tax regulations applicable to the company.

Deferred tax is recognized, subject to the consideration of prudence, on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Deferred tax assets are not recognized on unabsorbed depreciation & carry forward of losses unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized and are reviewed at each balance sheet date to reassure the realization.

Deferred tax assets & Liabilities are measured using the tax rate and tax laws that have been enacted or substantively enacted at the balance sheet date.

10. Intangible Assets

Computer software is capitalized on the date of installation and is amortized over a period of 3 years.

 
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