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Accounting Policies of Vora Construction Ltd. Company

Mar 31, 2014

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

During the year ended 31st March 2014, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The company has also re- classified the previous year figures in accordance with the figures of the current year.

II BASIS OF ACCOUNTING:

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the provisions of Companies Act, 1956 and the accounting principles generally accepted in India and comply with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006.

III REVENUE RECOGNITION

Revenue is recognised upon invoicing shares sold and services rendered.

IV. FIXED ASSETS

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

V DEPRECIATION

The company has provided depreciation on Fixed Assets on written down value basis at the revised rates prescribed under the Income Tax Act, 1961.

VI INVESTMENTS:

Investments being Long Term Investments are stated at cost. Fluctuation in Value of investments is accounted on Realisation.

IX. TAXES ON INCOME

Income Tax expenses comprises of current tax and deferred tax (charge or credit). No Provision for Income Tax is made on the basis of taxable income for the current accounting year in accordance with the provisions of the Income Tax Act, 19 61. There is no deferred tax liability up to the year ended 31st March, 2014.


Mar 31, 2013

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

During the year ended 31st March 2013, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The company has also re-classified the previous year figures in accordance with the figures of the current year.

II. BASIS OF ACCOUNTING:

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the provisions of Companies Act, 1956 and the accounting principles generally accepted in India and comply with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006.

III. REVENUE RECOGNITION

Revenue is recognised upon invoicing shares sold and services rendered.

IV. FIXED ASSETS

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

V. DEPRECIATION

The company has provided depreciation on Fixed Assets on written down value basis at the revised rates prescribed under the Income Tax Act, 1961.

VI. INVESTMENTS:

Investments being Long Term Investments are stated at cost. Fluctuation in Value of investments is accounted on Realisation.

VII. TAXES ON INCOME

Income Tax expenses comprises of current tax and deferred tax (charge or credit). No Provision for Income Tax is made on the basis of taxable income for the current accounting year in accordance with the provisions of the Income Tax Act, 1961. There is no deferred tax liability up to the year ended 31st March, 2013.

VIII. REPORTABLE SEGMENT There are no reportable segments.

IX. CONTINGENT LIBILITIES

No contingent liabilities are provided for the year ended 31/03/2013.

X. Disclosure of details as required by Revised Para 13 of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2009, earlier Paragraph 9BB of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.


Mar 31, 2012

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

During the year ended 31* March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of 'rts financial statements.

However, rt has significant impact on. presentation and disclosures made in the financial statements. The company has also re-classified the previous year figures in accordance with the figures of the current year.

II. BASIS OF ACCOUNTING:

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the provisions of Companies Act, 1956 and the accounting principles generally accepted in India and comply with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006. -

III. REVENUE RECOGNITION

Revenue is recognised upon invoicing shares sold and services rendered.

IV. FIXED ASSETS

Fixed Assets are stated at cost of acquisition less accumulated depredation.

V. DEPRECIATION

The company has provided depredation on Fixed Assets on written down value basis at the revised rates prescribed under the Income Tax Act 1961.

VI. INVESTMENTS:

Investments being Long Term investments are slated at cost Fluctuation in Value of investments is accounted on realisation.

VII. TAXES ON INCOME

Income Tax expenses comprises of current tax and deferred tax (charge or credit). Provision for Income Tax is made on the basis of taxable income for the current accounting year in accordance with the provisions of the Income Tax Ad, 1961. There is no deferred tax liability up to the year ended 31st March, 2012.

VIII. REPORTABLE SEGMENT There are no reportabte segments.

IX. CONTINGENT UBIUTJES

No contingent Nabifities are provided for the year ended 31/03/2012.

X. Disclosure of details as required by Revised Para 13 of Non-Ban king Financial Companies Prudential Norms (Reserve Bank) Directions, 2009, earlier Paragraph 9BB of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.


Mar 31, 2010

A) BASIS OF ACCOUNTING

The financial statements are prepared under historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act, 1956.

b) FIXED ASSETS

Fixed Assets are staled at cost of acquisition less accumulated depreciation.

c) DEPRECIATION

The company has provided depreciation on Fixed Assets on written down value basis at the revised rates prescribed under the Income Tax Act, 1961.

d) Accounting policies not specifically referred to otherwise are in accordance with generally accepted accounting principles consistently followed by the Company.

e) INCOME RECOGNITION

Income is recognised upon invoicing shares sold and services rendered.

 
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