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Accounting Policies of Yuranus Infrastructure Ltd. Company

Mar 31, 2014

1. Basis of Preparation of Financial Statement

The financial statements have been prepared under the historical cost convention method in accordance with the generally accepted accounting principles and the provisions of the Companies act 1956. The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except in the case of significant uncertainty relating to income.

2. Use of Estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities on the date of financial statements and reported amount of revenues and expenses for the year. Actual results could differ from these estimates. Difference between the actual result and estimates are recognized in the period in which the results are known/ materialized. Any revision to an accounting estimate is recognized prospectively in the year of revision.

3. Revenue Recognition

Income and expenditure are recognized and accounted on accrual basis, except in case of significant uncertainties.

4. Fixed Assets and Depreciation

Fixed assets are stated at their cost on acquisition less accumulated depreciation. Cost of acquisition is inclusive of freight, duties and other directly attributable cost incurred to bring the assets to their working condition for use.

Depreciation on Fixed Assets is provided on Written Down Value method in accordance with the provisions of the Companies Act, 1956 in the manner and at the rates specified in the Schedule XIV to the said Act, on pro-rata basis.

5. Miscellaneous Expenditure

Preliminary Expenses are written off over a period of ten years.

6. Investment NIL

7. Inventories

NIL- However the closing stock of are valued at Cost or Market Value whichever is lower on FIFO basis.

8. Taxes on Income

a) Current Tax

The current charge for income tax is calculated in accordance with the relevant provisions as prescribed under the Income Tax Act, 1961.

b) Deferred Tax

Deferred tax charge or credit reflects the tax effects of timing differences between accounting income and taxable income for the period. The deferred tax charge or credit and the corresponding deferred tax liabilities 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 if there is virtual certainty of realization of such assets. Deferred tax assets are reviewed at each balance sheet date.

9. Segment Reporting

The Company deals in only one reportable segment i.e Infrastructure and hence requirement of Accounting Standard 17 "Segment Reporting" issued by ICAI is not applicable.

10. Micro, Small and Medium Enterprises Development Act, 2006

Based on the information available with the company in respect of MSME (as defined in the Micro Small & Medium Enterprise Development Act, 2006) there are no delays in payment of dues to such enterprises during the year.

As per information available with the Company about suppliers whether they are covered under Micro, Small and Medium Enterprises Act, 2006. As on date, the Company has not received confirmation from any suppliers who have registered under the "Micro, Small and Medium Enterprise Development Act, 2006" and hence no disclosure has been made under the said Act.

11. Provision, 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 in the books of accounts and disclosed as notes to accounts. Contingent assets are neither recognized nor disclosed in the financial statements.


Mar 31, 2013

Basis of Preparation of Financial Statement

The financial statementshave been prepared under the historical cost convention method in accordance with the generally accepted accounting principles and the provisions of the Companies act 1956, The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except in the case of significant uncertainly relating to income.

Use of Estimates

The preparation of financial statement'', requires management to make estimates and assumption that affect the reported omount of assets and liabilities and disclosure of contigngent liabilities on the date of financial statements and reported amount of revenues and expenses for the year. Actual results could differ from these estimates. Difference between the actual result and estimates are rcognized in the period in which the results are known/ materialised. Any revision to an accounting estimate is recognized prospectively inthe year of revision.

Revenue Recognition

Income and expenditure are recognized and accounted on accrual basis, except in case of significant uncertainties.

Fixed Assets and Depreciation

Fixed assets are stated at their cost on aquisition less accumulated depreciation. Cost of acquisition is inclusive of freight , duties and other directly attributable cost incurred to bring the assets to their working condition for use.

Depreciation on Fixed Assets is provided on Written Down Value method in accordance with the provisions of the Companies Act. 1956 in the manner and at the rates specified in the Schedule XIV to the said Act on pro-rata basis.

Miscellaneous Expenditur

Preliminary Expenses are written off over a period of ten years.

Investment NIL

Inventories

NIL, However the closing stock of are valued at Cost or Market Value whichever is lower on FIFO basis.

Taxes on Income

a) Current Tax

The current charge for income tax is calculated in accordance with the relevant provisions as prescribed under the Income Tax Act. I961.

b) Deferred Tax

Deferred tax charge or credit reflects the tax effects of timing differences between accounting income and taxable income for the period. The deferred tax charge or credit and the corresponding deferred tax liabilities 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 if there is virtual certainty of realization of such assets. Deferred tax assets are reviewed at each balance sheet date.

Segment Reporting

The Company deals in only one reportable segment and hence requirement of Accounting Standard 17 "Segment Reporting" issued by ICA1 is not applicable.

Micro, Small and Medium Enterprises Development Act, 2006

Based on the information available with the company in respect of MSME (as defined in the Micro Small & Medium Enterprise Development Act, 2006) there are no delays in payment of dues to such enterprises during the year.

As per information available with the Company about suppliers whether they are covered under Micro. Small and Medium Enterprises Act, 2006. As on date, the Company has not received confirmation from any suppliers who have registered under the "Micro, Small and Medium Enterprise Development Act, 2006"" and he nee no disclosure has been made under the said Act.

Provision, 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 in the books of accounts and disclosed as notes to accounts. Contingent assets are neither recognized nor disclosed in the financial statements.


Mar 31, 2012

Basis of Preparation of Financial Statement

The financial statements have been prepared under the historical cost convention method in accordance with the generally accepted accounting principles and the provisions of the Companies act 1956. The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except in the case of significant uncertainty relating to income.

Use of Estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities on the date of financial statements and reported amount of revenues and expenses for the year. Actual results could differ from these estimates.

Difference between the actual result and estimates are recognized in the period in which the results are known/ materialized. Any revision to an accounting estimate is recognized prospectively in the year of revision.

Revenue Recognition

Income and expenditure are recognized and accounted on accrual basis, except in case of significant uncertainties.

Fixed Assets and Depreciation

Fixed assets are stated at their cost on acquisition less accumulated depreciation. Cost of acquisition is inclusive of freight, duties and other directly attributable cost incurred to bring the assets to their working condition for use.

Depreciation on Fixed Assets is provided on Written Down Value method in accordance with the provisions of the Companies Act, 1956 in the manner and at the rates specified in the Schedule XIV to the said Act, on pro-rata basis.

Miscellaneous Expenditure

Preliminary Expenses are written off over a period of ten years.

Investment NIL

Inventories

NIL, However the closing stock of are valued at Cost or Market Value whichever is lower on FIFO basis.

Taxes on Income

a) Current Tax

The current charge for income tax is calculated in accordance with the relevant provisions as prescribed under the Income Tax Act, 1961.

b) Deferred Tax

Deferred tax charge or credit reflects the tax effects of timing differences between accounting income and taxable income for the period. The deferred tax charge or credit and the corresponding deferred tax liabilities 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 if there is virtual certainty of realization of such assets. Deferred tax assets are reviewed at each balance sheet date.

Segment Reporting

The Company deals in only one reportable segment and hence requirement of Accounting Standard 17 "Segment Reporting" issued by ICAI is not applicable.

Micro, Small and Medium Enterprises Development Act, 2006

Based on the information available with the company in respect of MSME (as defined in the Micro Small & Medium Enterprise Development Act, 2006) there are no delays in payment of dues to such enterprises during the year.

As per information available with the Company about suppliers whether they are covered under Micro, Small and Medium Enterprises Act, 2006. As on date, the Company has not received confirmation from any suppliers who have registered under the "Micro, Small and Medium Enterprise Development Act, 2006" and hence no disclosure has been made under the said Act.

Provision, 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 in the books of accounts and disclosed as notes to accounts. Contingent assets are neither recognized nor disclosed in the financial statements.