Mar 31, 2015
1. Corporate Information :
Wagend Infra Venture Limited ('the Company') was incorporated in India
on 29th September, 1981. The equity shares of the Company are listed in
India on the Bombay stock exchange (BSE Limited).
The Company is primarily engaged in the investing activities and the
management of the Company is building up the team to improve its
investment decisions and increase the value of the stakeholders and
also continues to focus on exploring opportunities in the
infrastructure sector.
2. Basis of Preparation of Financial Statements:
The financial statements of the company have been prepared in
accordance with Generally Accepted Accounting Principles in India
(Indian GAAP) under the historical cost convention on a going concern
basis. Pursuant to Section 133 of the Companies Act, 2013 and Rule 7 of
the Companies (Accounts) Rules, 2014, till the standards of accounting
or any addendum thereto are prescribed by Central Government in
consultation and recommendation of the National Financial Reporting
Authority, the Company will continue to apply the Accounting Standards
notified under Section 211(3C) of the Companies Act, 1956; the
Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 2013.
All the assets and Liabilities have been classified as current or
non-current as per the criteria set out in Schedule III to the
Companies Act, 2013. The accounting policies, in all material respects,
have been consistently applied by the Company and are consistent with
those used in the previous year, except to the extent stated in Note 3
below.
3. Changes in Accounting Policies
Depreciation of Fixed Assets:
The Schedule II of the Companies Act, 2013 is being implemented from
1st April, 2014 and the Company has adopted the new method of
Depreciation on its Fixed Asset from "Written down value" method to
"Depreciation on the basis of useful life" as provided in Part C of
Schedule II. The depreciation charge for the year ended 31st March,
2015 is higher by Rs. 59,808/-
4. Revenue Recognition:
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured. The following are specific criteria on which revenue
is recognized.
Test coe is recognized on the time proportion basis.
Dividend Income is recognized when the instrument/unit holders' right
to receive payment is established by the balance sheet date.
5. Miscellaneous Expenditure:
Miscellaneous Expenditure comprising of preferential share issue
expenses and are written off in five equal installments, the year
2014-15 being the 5th year of installment the Company no longer has any
miscellaneous expenditure.
6. Fixed Assets:
Tangible Assets:
Tangible Assets are stated at cost of acquisition and includes all
direct and indirect cost incurred up to the date of acquisition and /
or the asset is put to use, less accumulated depreciation and
impairment losses, if any. Subsequent expenditures related to an item
of fixed asset are added to its book value only if they increase the
future benefits from the existing asset beyond its previously assessed
standard of performance.
Intangible Assets:
An item is recognized as an intangible asset if it meets the definition
of an intangible asset. However the company has not acquired any
Intangible Assets.
7. Depreciation / Amortization:
Effective from 1st April, 2014 the Company depreciates its fixed assets
over the useful life or residual value as in the manner prescribed in
Part C of Schedule II to the Companies Act, 2013, as against the
earlier practice of depreciating at the rate prescribed in Schedule XIV
of the Companies Act, 1956
Depreciation on additions/disposals to the fixed assets during the year
is provided on pro- rata basis from/to the date of such
additions/disposals as the case may be.
8. Impairment of Assets:
The carrying amounts of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal / external
factors. Impairment loss, if any, is provided in the Profit and Loss
Account to the extent of carrying amount of assets exceeds their
estimated recoverable amount.
9. Investments:
Long Term Investments are valued at cost. Diminution in value if any,
which is of a temporary nature, is not provided. However, the company
has no Long Term Investments.
Investments that are readily realizable and intended to be held for not
more than a year from the date on which such investments are made are
classified as current investments. Current Investments are valued at
lower of cost and fair value.
10. Inventories:
Inventories are valued at lower of cost and market Value.
11. Foreign Currency Exposure:
Earnings and expenditure in foreign currency during the current and
previous financial year - NIL
12. Segment Reporting:
As the company operates in only one business and operates only in one
geographical segment i.e. domestic, the disclosure requirements under
Accounting Standard 17-"Segment Reporting" is not required.
13. Employee Benefits:
As per management's view none of the current employees shall complete
their term of service of five years, hence actuarial valuation of
gratuity is not done.
14. Sundry Debtors and Receivables:
Sundry Debtors and Loans and Advances are stated at the value if
realized in the ordinary course of business. Irrecoverable amounts, if
any are accounted and/or provided for as per management's judgment or
only upon final settlement of accounts with the parties.
15. Cash & Cash Equivalent:
Cash and cash equivalent includes cash on hand, and deposits maintained
with banks which can be withdrawn by the company at any point of time.
16. Cash flow Statement:
Cash flow are reported using the indirect method, whereby profit /
(loss) before extra-ordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
17. Provisions, Contingent Liabilities and Commitments:
Provisions involving substantial degree of estimation in measurement
are recognized at the balance sheet date when
a) there is a present obligation as a result of past events.
b) there is a probability that there will be an outflow of resources.
c) the amount of obligation can be reliably estimated.
Contingent Liabilities are not recognized but are disclosed in the
notes in case of:
(a) a present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount of obligation cannot be
made.
b) a possible obligation arising from past events, the existence of
which will be confirmed only by the occurrence or non-occurrence of one
or more uncertain future events not within the control of the company.
18. Taxes on Income:
Current Tax represents the amount of Income Tax payable in respect of
the taxable income for the reporting period as determined in accordance
with the provisions of the Income Tax Act, 1961.
Deferred tax assets and liabilities from timing differences between
taxable income and accounting income for the year is accounted for
using tax rates and laws that have been substantively enacted as on the
balance sheet date. Deferred tax assets arising from timing differences
are recognized to the extent there is virtual / reasonable certainty in
their realization.
19. Earnings per Share (EPS)
Basic EPS is computed using the weighted average number of equity
shares outstanding during the period. Diluted EPS is computed using the
weighted average number of equity and dilutive equity equivalent shares
outstanding during the year - end, except where the results would be
anti dilutive.
20. Micro, small & Medium Enterprises
There was no amount due as on 31st March, 2015 as reported to us
from/to Micro, small & Medium Enterprises as per MSMED Act, 2006.
Mar 31, 2014
1. General :
a) Financial statements of the company have been prepared in accordance
with the Generally Accepted Accounting Principles in India (Indian
GAAP) to comply with the Accounting Standards notified under the
Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956.
b) Financial Statements are prepared on historical cost convention, on
the basis of a going concern.
c) All revenues and expenses are accounted on accrual basis except to
the extent stated otherwise.
d) The accounting policies adopted in preparation of financial
statement are consistence with those of the previous year.
2. Revenue Recognition:
Revenue is recognized based on the nature of activity when
consideration can be reasonably measured and there exists reasonable
certainty of its recovery.
Interest income is recognized on the time proportion basis.
3. Miscellaneous Expenditure:
Miscellaneous Expenditure comprising of preferential share issue
expenses and are written off in five equal installments.
4. Fixed Assets:
Tangible Assets:
Fixed Assets are stated at cost of acquisition and includes all direct
and indirect cost incurred up to the date of acquisition and / or the
asset is put to use.
Intangible Assets:
An item is recognized as an intangible asset if it meets the definition
of an intangible asset. However the company has not acquired any
Intangible Assets.
5. Depreciation / Amortization:
Depreciation has been provided on Written down value (WDV) as per the
rates and in the manner prescribed in Schedule XIV to the Companies
Act, 1956.
6. Impairment of Assets:
The carrying amounts of assets are reviewed at each Balance Sheet date
if there is any indication of impairment based on internal / external
factors. Impairment loss, if any, is provided in the Profit and Loss
Account to the extent of carrying amount of assets exceeds their
estimated recoverable amount.
7. Investments:
Long Term Investments are valued at cost. Diminution in value if any,
which is of a temporary nature, is not provided. However, the company
has no Long Term Investments.
Current Investments are valued at lower cost and fair Value.
8. Sundry Debtors and Receivables :
Sundry Debtors and Loans and Advances are stated at the value if
realized in the ordinary course of business. Irrecoverable amounts, if
any are accounted and/or provided for as per management''s judgment or
only upon final settlement of accounts with the parties.
9. Inventories:
Inventories are valued at lower of cost and market Value.
10. Earnings per Share (EPS):
Basic EPS is computed using the weighted average number of equity
shares outstanding during the period. Diluted EPS is computed using the
weighted average number of equity and dilutive equity equivalent shares
outstanding during the year - end, except where the results would be
anti dilutive.
11. Taxes on Income:
Current Tax represents the amount of Income Tax payable in respect of
the taxable income for the reporting period as determined in accordance
with the provisions of the Income Tax Act, 1961.
Deferred tax assets and liabilities from timing differences between
taxable income and accounting income for the year is accounted for
using tax rates and laws that have been substantively enacted as on the
balance sheet date. Deferred tax assets arising from timing differences
are recognized to the extent there is virtual / reasonable certainty in
their realization.
12. Provisions, Contingent Liabilities And Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized at the balance sheet date when
a) there is a present obligation as a result of past events.
b) there is a probability that there will be an outflow of resources.
c) the amount of obligation can be reliably estimated.
Contingent Liabilities are not recognized but are disclosed in the
notes in case of:
a) a present obligation arising from a past event, when it is not
probable that an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount of obligation cannot be
made.
b) a possible obligation arising from past events, the existence of
which will be confirmed only by the occurrence or non-occurrence of one
or more uncertain future events not within the control of the company.
13. Other Accounting Policies:
These are consistent with the generally accepted accounting practices.
Mar 31, 2012
1. General :
a) Financial statements of the company have been prepared in accordance
with the Generally Accepted Accounting Principles in India (Indian
GAAP) to comply with the Accounting Standards notified under the
Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956.
b) Financial Statements are prepared on historical cost basis and in
consonance with the generally accepted accounting principles.
c) All revenues and expenses are accounted on accrual basis except to
the extent stated otherwise.
2. Miscellaneous Expenditure
Miscellaneous Expenditure comprising of share issue expenses and are
written off in five equal installments.
3. Fixed Assets and Depreciation:
Fixed Assets are stated at cost of acquisition and other direct cost
incurred up to the date the assets is put to use. However there were no
fixed assets during the year.
4. Investments
Long Term Investments are valued at cost. Diminution in value if any,
which is of a temporary nature, is not provided.
5. Sundry Debtors and Receivables :
Sundry Debtors and Loans and Advances are stated at the value if
realized in the ordinary course of business. Irrecoverable amounts, if
any are accounted and/or provided for as per management's judgment or
only upon final settlement of accounts with the parties.
6. Provisions, Contingent Liabilities And Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
7. Leases :
Leases where the company effectively remains substantially all the risk
and benefits of ownership of the leased term, are classified as
operating leases. Lease rental under operating lease are recognized in
the Profit & Loss account on straight line basis.
8. Taxes on Income:
Provision for income tax is made on the basis of estimated taxable
income for the year at current rates.
Current Tax represents the amount of Income Tax payable in respect of
the taxable income for the reporting period as determined in accordance
with the provisions of the Income Tax Act, 1961.
Mar 31, 2011
1. General:
a) Financial Statements are prepared on historical cost basis and in
consonance with the generally accepted accounting principles.
b) All revenues and expenses are accounted on accrual basis except to
the extent stated otherwise.
2. Miscellaneous Expenditure:
Miscellaneous Expenditure comprising of share issue expenses are
written off in five equal installments.
3. Fixed Assets and Depreciation:
a) Fixed Assets
Fixed Assets are stated at cost of acquisition and other direct cost
incurred up to the date the assets is put to use.
b) Depreciation
Depreciation on fixed assets is provided on straight line method at the
rates specified in Schedule ÃXIV of the Companies Act, 1956.
Depreciation on additionsdeletions to the fixed assets during the year
is provided on pro-rata basis from o the date of such
additionsdeletions as the case may be.
4. Investments:
Long Term Investments are valued at cost. Diminution in value if any,
which is of a temporary nature, is not provided.
5. Sundry Debtors and Receivables :
Sundry Debtors and Loans and Advances are stated at the value if
realized in the ordinary course of business. Irrecoverable amounts, if
any are accounted and / or provided for as per managements judgment or
only upon final settlement of accounts with the parties.
6. Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
7. Leases:
Leases where the company effectively remains substantially all the risk
and benefits of ownership of the leased term, are classified as
operating leases. Lease rental under operating lease are recognized in
the Profit & Loss account on straight line basis.
Mar 31, 2010
A. The Accounts have been prepared on historical cost basis.
b. The company generally follows the mercantile system of accounting
and recognfses income and expenditure on accrual basis.
II Miscellaneous Expenditure
Miscellaneous Expenditure comprising of share issue expenses are
written off in ten equal instalments.
III. Taxes
Current tax provision has been determined on the basis of relief,
deductions etc. available under the Income Tax Act, 1961. Deferred tax
is recognized for all timing differences, subject to the consideration
of prudence.
IV. Fixed Assets
Fixed assets are recorded at the cost of acquisition. Cost includes all
identifiable expenditure incurred to bring the assets to its present
condition and location.
V. Depreciation
Depreciation is provided for on Straight line method at the rates and
in the manner specified in Schedule XIV of the Companies Act, 1956.
Depreciation on additionsdeletions to the fixed assets during the year
is provided on pro-rata basis frorm to the date of such additions
deletions as the case may be.
VI. Investments
Long Term investments are valued at cost. Diminution in value if any,
which is of a temporary nature, is not provided.
VII. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized not disclosed in the
financial statements.
VIII. Leases
Leases where the company effectively remains substantially all the
risks and benefits of ownership of the leased term, are classified as
operating leases. Lease rental under operating lease are recognized in
the profit and Loss account on straight line basis.