Mar 31, 2015
1. Basis of Preparation.
The financial statements have been prepared to comply with the
Accounting Standards specified u/s 133 of the Companies Act 2013 read
with Companies (Accounts) Rule 2014 and other accounting principle
generally accepted in India. The financial statements have been
prepared under the historical cost convention on the accrual basis. The
accounting policies have been consistently applied by the Company and
are consistent with those used in the previous year.
2. Revenue Recognition
All revenues and expenses are accounted for on accrual basis.
3. Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation, less impairment losses, if any. Cost is inclusive of all
identifiable expenditure incurred to bring the assets to their working
condition for intended use. Where an asset is scrapped or otherwise
disposed off, the cost and related depreciation is written back and the
resultant profit or loss, if any, is reflected in the Profit and Loss
Account.
4. Depreciation
The depreciation on the fixed assets has been provided on useful life
of the Assets on written down value method in accordance with the
provision of Companies Act, 2013 and necessary adjustment has been made
in WDV of existing Assets whose useful life has been expired.
5. Impairment of Assets
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment of company's assets. If any indication
exists, the recoverable amount of such assets is estimated. An
impairment loss is recognized wherever the carrying amount of the
assets exceeds its recoverable amount.
6. Investments
Investments are stated at cost. Provision for diminution in the value
of long term investments is made only if such a decline is other than
temporary in the opinion of the management.
7. Employee Benefits
i) Provident Fund
The Company makes Contribution to statutory provident fund in
accordance with Employees' Provident Fund and Miscellaneous Provision
Act, 1952. The plan is a defined contribution plan and contribution
paid or payable is recognized as an expense in the period in which
services are rendered by the employee.
ii) Gratuity
Gratuity is a post-employment benefit and is in the nature of defined
benefit plan. The liability recognized in the balance sheet in respect
of gratuity is the present value of the defined benefit obligation at
the balance sheet date together with adjustments of unrecognized
actuarial gains or losses and past service costs. The defined benefit
obligation is calculated annually by an independent actuary using the
projected unit credit method. Actuarial gains and losses arising from
adjustments and changes in actuarial assumptions are charged or
credited to the profit and loss account in the year in which such gains
or losses arise.
iii) Compensated absences
Provision for compensated absences when determined to be a long term
benefit made on the basis of actuarial valuation as at the end of the
year. Actuarial gains and losses arising from experience, adjustment
and changes in actuarial assumptions are charged or credited to the
profit and loss account in the year in which such gains or losses
arise.
8. Inventories
Inventories consist of Land, Plots and Flats under construction valued
at cost and other acquisition expenses including pending allocation of
expenses incurred and also include expenses to bring them in their
actual position/status for sale.
9. Use of Estimates
The preparation of Financial Statements in conformity with the
generally accepted accounting principles requires management to make
estimates and assumption in respect of certain items that affect the
reported amount of assets and liabilities as at the date of the
financial statements and the reported amount of income and expenses
during the reporting period. Actual result/outcome could differ from
estimates. Any revision in accounting estimates is recognised
prospectively in the period in which such results are materialised.
10. Tax on Income
a) Current Tax:
Provision for Income Tax is determined in accordance with the
provisions of Income tax Act, 1961 after considering tax allowance and
exemptions if any.
b) Deferred Tax Provision:
Deferred Tax charge or credit is recognized, on timing differences,
being the difference between the taxable income and accounting income
that originate in one period and are capable of reversal in one or more
subsequent periods. It is calculated using the applicable tax rates and
tax laws that have been enacted by the balance sheet date. The deferred
tax asset is recognized and carried forward only to the extent that
there is a reasonable certainty that the asset will be realized in
future. At each Balance sheet date, recognized and unrecognized
Deferred Tax Assets are reviewed.
11. Miscellaneous Expenditure
1 /10th of the miscellaneous expenditure had been written off during
the year and the balance will be adjusted proportionately over the
subsequent years.
12. Foreign Currency Transaction
Transactions denominated in Foreign Currency are normally recorded at
the exchange rate prevailing at the time of the transaction. Exchange
difference if any arising out of transaction settled during the year is
recognised in the profit and loss account.
13. Sundry Debtors & Advances
Whenever the management finds any debt/advances as doubtful, bad,
irrecoverable, necessary adjustments are being made in Profit and Loss
account in the year during which such question arises.
14. Provision, Contingent Liabilities & Contingent Assets.
Provision involving substantial degree of estimation in measurement is
recognised when there is present obligation as a result of past events
and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognised but are disclosed in the
notes. Contingent assets are neither recognised nor disclosed in the
financial statements.
15. Prior Period Items etc.
Material Items if any, relating to the prior period, non-recurring and
extraordinary items etc., are disclosed separately.
16. Earnings Per Share
The earning considered in ascertaining the Company's EPS comrpirses as
the net profit after tax. The number of shares used in computing Basic
EPS is the weighted average number of shares outstanding during the
year. The number of shares considered for deriving basic EPS & also the
weighted average number of shares considered for deriving basic EPS &
also the weighted average no of shares that could have been issued on
the conversion of all diluted potential equity shares.
17. Operating leases
Assets taken on lease under which all risk and rewards of ownership are
effectively retained by the lessor are classified as operating lease.
Lease payments under operating are recognised as expenses.
18. Rounding Off
Amounts have been rounded off to the nearest rupee.
Mar 31, 2014
1. Basis of Preparation
The financial statements have been prepared to comply with the
Accounting Standards referred to in Companies (Accounting Standards)
Rule 2006 issued by the Central Government in exercise of the power
conferred under sub-section (1) (a) of section 642 and the relevant
provisions of the Companies Act, 1956(the ''Act"). The financial
statements have been prepared under the historical cost convention on
the accrual basis. The accounting policies have been consistently
applied by the Company and are consistent with those used in the
previous year.
2. Revenue Recognition
All revenues and expenses are accounted for on accrual basis.
3. Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation, less impairment losses, if any. Cost is inclusive of all
identifiable expenditure incurred to bring the assets to their working
condition for intended use. Where an asset is scrapped or otherwise
disposed off, the cost and related depreciation is written back and the
resultant profit or loss, if any, is reflected in the Profit and Loss
Account.
4. Depreciation
The depreciation on the fixed assets has been provided on written down
value method in accordance with Companies Act, 1956 on pro-rata basis.
5. Impairment of Assets
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment of company''s assets. If any indication
exists, the recoverable amount of such assets is estimated. An
impairment loss is recognized wherever the carrying amount of the
assets exceeds its recoverable amount.
6. Investments
Investments are stated at cost. Provision for diminution in the value
of long term investments is made only if such a decline is other than
temporary in the opinion of the management.
7. Employee Benefits
i) Provident Fund-
The Company makes Contribution to statutory provident fund in
accordance with Employees'' Provident Fund and Miscellaneous Provision
Act, 1952. The plan is a defined contribution plan and contribution
paid or payable is recognized as an expense in the period in which
services are rendered by the employee.
ii) Gratuity -
Gratuity is a post-employment benefit and is in the nature of defined
benefit plan. The liability recognized in the balance sheet in respect
of gratuity is the present value of the defined benefit obligation at
the balance sheet date together with adjustments of unrecognized
actuarial gains or losses and past service costs. The defined benefit
obligation is calculated annually by an independent actuary using the
projected unit credit method. Actuarial gains and losses arising from
adjustments and changes in actuarial assumptions are charged or
credited to the profit and loss account in the year in which such gains
or losses arise.
iii) Compensated absences -
Provision for compensated absences when determined to be a long term
benefit made on the basis of actuarial valuation as at the end of the
year. Actuarial gains and losses arising from experience, adjustment
and changes in actuarial assumptions are charged or credited to the
profit and loss account in the year in which such gains or losses
arise.
8. Inventories
Inventories consist of Land, Plots and Flats under construction valued
at cost and other acquisition expenses including pending allocation of
expenses incurred and also include expenses to bring them in their
actual Dosition/status for sain
9. Use of Estimates
The preparation of Financial Statements in conformity with the
generally accepted accounting principles requires management to make
estimates and assumption in respect of certain items that affect the
reported amount of assets and liabilities as at the date of the
financial statements and the reported amount of income and expenses
during the reporting period. Actual result/outcome could differ from
estimates. Any revision in accounting estimates is recognised
prospectively in the period in which such results are materialised.
10. Tax on Income
a) Current Tax:
Provision for Income Tax is determined in accordance with the
provisions of Income tax Act, 1961 after considering tax allowance and
exemptions if any.
b) Deferred Tax Provision:
Deferred Tax charge or credit is recognized, on timing differences,
being the difference between the taxable income and accounting income
that originate in one period and are capable of reversal in one or more
subsequent periods. It is calculated using the applicable tax rates and
tax laws that have been enacted by the balance sheet date. The deferred
tax asset is recognized and carried forward only to the extent that
there is a reasonable certainty that the asset will be realized in
future. At each Balance sheet date, recognized and unrecognized
Deferred Tax Assets are reviewed.
11. Miscellaneous Expenditure
1/10"'' of the miscellaneous expenditure had been written off during the
year and the balance will be adjusted proportionately over the
subsequent years.
12. Foreign Currency Transaction
Transactions denominated in Foreign Currency are normally recorded at
the exchange rate prevailing at the time of the transaction. Exchange
difference if any arising out of transaction settled during the year is
recognised in the profit and loss account.
13. Sundry Debtors & Advances
Whenever the management finds any debt/advances as doubtful, bad,
irrecoverable, necessary adjustments are being made in Profit and Loss
account in the year during which such question arises.
14. Provision, Contingent Liabilities & Contingent Assets.
Provision involving substantial degree of estimation in measurement is
recognised when there is present obligation as a result of past events
and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognised but are disclosed in the
notes. Contingent assets are neither recognised nor disclosed in the
financial statements.
15. Prior Period Items etc.
Material Items if any, relating to the prior period, non-recurring and
extraordinary items etc., are disclosed separately.
16. Earnings Per Share
The earning considered in ascertaining the Company''s EPS comrpirses as
the net profit after tax. The number of shares used in computing Basic
EPS is the weighted average number of shares outstanding during the
year. The number of shares considered for deriving basic EPS & also the
weighted average number of shares considered for deriving basic EPS &
also the weighted average no of shares that could have been issued on
the conversion of all diluted potential equity shares.
17. Operating leases
Assets taken on lease under which all risk and rewards of ownership are
effectively retained by the lessor are classified as operating lease.
Lease payments under operating are recognised as expenses.
18. Rounding Off
Amounts have been rounded off to the nearest rupee.
14.1 Advances includes amount given to various parties amounting to Rs.
1230.12 Lac (Previous year Rs. 1230.12 Lacs) in respect of property to be
purchased/ acquired in due course of time. The matters relating to
these are sub judice.
14.2 Advances include amount given to various parties amounting to Rs.
1829.98 Lacs (Previous year Rs. 1547.21 Lacs) negotiation in respect of
transfer of title of land are in progress and necessary sale deeds has
not been executed so far in favour of the company.
14.3 An Amount of Rs. 1887.91 Lacs(PreviousyearRs. 1371.25 Lacs) was given
to various parties on account of franchise fees and other expenses for
acquiring rights of Realogy Corpn. Inc USA for their brand (Century 21)
which is recoverable in due course of time.
Defined Benefit Plans:
(a) Gratuity
(b) Earned Leave.
These are unfunded schemes, the present value of obligation is
determined based on actuarial valuation, the disclosure of which is
given as under:
Mar 31, 2013
1. Accounting Convention
The accompanying financial statements are prepared in accordance with
Indian Generally Accepted Accounting Principles (GAAP) under the
historical cost convention on accrual basis. GAAP comprises mandatory
accounting standards issued by the Institute of Chartered Accountants
of India (ICAI) and the provisions of the Companies Act, 1956.
2. Revenue Recognition
All revenues and expenses are accounted for on accrual basis.
3. Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation, less impairment losses, if any. Cost is inclusive of all
identifiable expenditure incurred to bring the assets to their working
condition for intended use. Where an asset is scrapped or otherwise
disposed off, the cost and related depreciation is written back and the
resultant profit or loss, if any, is reflected in the Profit and Loss
Account.
4. Depreciation
The depreciation on the fixed assets has been provided on written down
value method in accordance with Companies Act, 1956 on pro-rata basis.
5. Impairment of Assets
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment of company''s assets. If any indication
exists, the recoverable amount of such assets is estimated. An
impairment loss is recognized wherever the carrying amount of the
assets exceeds its recoverable amount.
6. Investments
Investments are stated at cost. Provision for diminution in the value
of long term investments is made only if such a decline is other than
temporary in the opinion of the management.
7. Retirement Benefits
Company''s contribution to provident fund and family pension fund are
charged to profit and loss account.
Contribution to provident fund is accounted on accrual basis with
corresponding contribution recognised fund.
Gratuity is defined benefit or obligation and is provided for on the
basis of an actuarial valuation made at the end of the each financial
year. The liability so provided is unfunded.
Leave encashment is provided for on the basis of an actuarial valuation
at the end of each financial year.
8. Inventories
Inventories consist of Land, Plots and Flats under construction valued
at cost and other acquisition expenses including pending allocation of
expenses incurred and also include expenses to bring them in their
actual position/status for sale.
9. Use of Estimates
The preparation of Financial Statements in conformity with the
generally accepted accounting principles requires management to make
estimates and assumption in respect of certain items that affect the
reported amount of assets and liabilities as at the date of the
financial statements and the reported amount of income and expenses
during the reporting period. Actual result/outcome could differ from
estimates. Any revision in accounting estimates is recognised
prospectively in the period in which such results are materialised.
10. Tax on Income
a) Current Tax:
Provision for Income Tax is determined in accordance with the
provisions of Income tax Act, 1961 after considering tax allowance and
exemptions if any.
b) Deferred Tax Provision:
Deferred Tax charge or credit is recognized, on timing differences,
being the difference between the taxable income and accounting income
that originate in one period and are capable of reversal in one or more
subsequent periods. It is calculated using the applicable tax rates and
tax laws that have been enacted by the balance sheet date. The deferred
tax asset is recognized and carried forward only to the extent that
there is a reasonable certainty that the asset will be realized in
future. At each Balance sheet date, recognized and unrecognized
Deferred Tax Assets are reviewed.
11. Miscellaneous Expenditure
1/10th of the miscellaneous expenditure had been written off during the
year and the balance will be adjusted proportionately over the
subsequent years.
12. Foreign Currency Transaction
Transactions denominated in Foreign Currency are normally recorded at
the exchange rate prevailing at the time of the transaction. Exchange
difference if any arising out of transactions settled during the year
is recognised in the profit and loss account
13. Sundry Debtors & Advances
Whenever the management finds any debt/advances as doubtful, bad,
irrecoverable, necessary adjustments are being made in Profit and Loss
account in the year during which such question arises.
14. Provision, Contingent Liabilities & Contingent Assets.
Provision involving substantial degree of estimation in measurement is
recognised when there is present obligation as a result of past events
and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognised but are disclosed in the
notes. Contingent assets are neither recognised nor disclosed in the
financial statements.
15. Prior Period Items etc.
Material Items if any, relating to the prior period, non-recurring and
extraordinary items etc., are disclosed separately.
16. Earnings Per Share
The earning considered in ascertaining the Company''s EPS comprises as
the net profit after tax. The number of shares used in computing Basic
EPS is the weighted average number of shares outstanding during the
year. The number of shares considered for deriving basic EPS & also the
weighted average number of shares considered for deriving basic EPS &
also the weighted average no of shares that could have been issued on
the conversion of all diluted potential equity shares.
17. Operating leases
Assets taken on lease under which all risk and rewards of ownership are
effectively retained by the lessor are classified as operating lease.
Lease payments under operating are recognised as expenses.
18. Rounding Off
Amounts have been rounded off to the nearest rupee.
Mar 31, 2012
1. Accounting Convention
The accompanying financial statements are prepared in accordance with
Indian Generally Accepted Accounting Principles (GAAP) under the
historical cost convention on accrual basis. GAAP comprises mandatory
accounting standards issued by the Institute of Chartered Accountants
of India (ICAI) and the provisions of the Companies Act, 1956.
2. Revenue Recognition
All revenues and expenses are accounted for on accrual basis.
3. Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation, less impairment losses, if any. Cost is inclusive of all
identifiable expenditure incurred to bring the assets to their working
condition for intended use. Where an asset is scrapped or otherwise
disposed off, the cost and related depreciation is written back and the
resultant profit or loss, if any, is reflected in the Profit and Loss
Account.
4. Depreciation
The depreciation on the fixed assets has been provided on written down
value method in accordance with Companies Act, 1956 on pro-rata basis.
5. Impairment of Assets
The carrying amount of assets is reviewed at each balance sheet date
for any indication of impairment of company's assets. If any indication
exists, the recoverable amount of such assets is estimated. An
impairment loss is recognized wherever the carrying amount of the
assets exceeds its recoverable amount.
6. Investments
Investments are stated at cost. Provision for diminution in the value
of long term investments is made only if such a decline is other than
temporary in the opinion of the management.
7. Provision for Gratuity/Bonus and Provident Fund to Employees
a) Provision for Gratuity and Leave Encashment benefit is made based on
accrual basis at the Balance Sheet date. Bonus has been provided in the
books at the rate prescribed under the Payment of Bonus Act.
b) Contribution to Provident Fund Scheme accruing during the year is as
per the rate as prescribed by the statute and are charged to Profit &
Loss Account.
8. Inventories
Inventories consist of Land and Plots, valued at cost and other
acquisition expenses incurred to bring them in their actual
position/status for sale.
9. Use of Estimates
The preparation of Financial Statements in conformity with the
generally accepted accounting principles requires management to make
estimates and assumption in respect of certain items that affect the
reported amount of assets and liabilities as at the date of the
financial statements and the reported
amount of income and expenses during the reporting period. Actual
result/outcome could differ from estimates. Any revision in accounting
estimates is recognised prospectively in the period in which such
results are materialised.
10. Provision for Taxes
a) Current Tax:
Provision for Income Tax is determined in accordance with the
provisions of Income tax Act, 1961.
b) Deferred Tax Provision:
Deferred Tax charge or credit is recognized, on timing differences,
being the difference between the taxable income and accounting income
that originate in one period and are capable of reversal in one or more
subsequent periods. It is calculated using the applicable tax rates and
tax laws that have been enacted by the balance sheet date. The deferred
tax asset is recognized and carried forward only to the extent that
there is a reasonable certainty that the asset will be realized in
future. At each Balance sheet date, recognized and unrecognized
Deferred Tax Assets are reviewed.
11. Miscellaneous Expenditure
1 /10th of the miscellaneous expenditure had been written off during
the year and the balance will be adjusted proportionately over the
subsequent years.
12. Foreign Currency Transaction
Transactions denominated in Foreign Currency are normally recorded at
the exchange rate prevailing at the time of the transaction. However
there is no foreign currency transaction incurred during the year.
13. Sundry Debtors & Advances
Whenever the management finds any debt/advances as doubtful, bad,
irrecoverable, necessary adjustments are being made in Profit and Loss
account in the year during which such question arises.
14. Provision, Contingent Liabilities & Contingent Assets.
Provision involving substantial degree of estimation in measurement is
recognised when there is present obligation as a result of past events
and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognised but are disclosed in the
notes. Contingent assets are neither recognised nor disclosed in the
financial statements.
15. Prior Period Items etc.
Material Items if any, relating to the prior period, non-recurring and
extraordinary items etc., are disclosed separately.
16. Other Accounting Policies
These are consistent with the generally accepted accounting standards
as issued from time to time.