Mar 31, 2015
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
i) The financial statements of the Company have been prepared in
accordance with the generally accepted accounting principlesin India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under section 133 of the Companies Act, 2013, read together with
paragraph 7 of the Companies(Accounts) Rules, 2014.
ii) The accounting policies have been consistently applied by the
Company and are consistent with those used in the previous year, except
for the change in accounting policy.
b) FIXED ASSETS AND DEPRECIATION:
(i) Valuation of fixed assets
Fixed assets are maintained at cost less accumulated depreciation.
(ii) Depreciation and amortization
Depreciation is calculated on straight line method on all other assets
except the land as mentioned in under para , based on useful life of
various assets, as specified in Schedule II to Companies Act, 2013, as
amended from time to time. Depreciation for day to day is calculated
when any asset is first put to use on any day during that month.
Lease hold Land: The company had purchased a residential plot in NOIDA.
The matter is in dispute regarding ownership and allotment. The company
is taking suitable legal action for this and the case is pending at
Allahabad High Court. The amount had been shown as fixed assets in the
Balance Sheet and depreciation has not been provided for.
(iii) Write-off losses on assets
All assets dismantled/discarded are written off assuming that scrap
value for the same is Nil. If and when such discarded assets are
disposed off partially or fully, the amounts realized during the year
on account of sale are credited to profit and loss account of that
year.
(iv) Intangible assets
Intangible assets acquired separately are measured on initial
recognition at cost. Following initial recognition, intangible assets
are carried at cost less accumulated amortization and accumulated
impairment losses, if any. Intangible assets are amortised on a
straight line basis over their estimated useful economic life. The
following are the acquired intangible assets:
Software
Cost of software is amortized over its useful life of 10 years starting
from the year of project implementation. Gains or losses arising from
derecognition of an intangible asset are measured as the difference
between the net disposal proceeds and the carrying amount of the asset
and are recognized in the statement of profit and loss when the asset
is derecognized.
c) FOREIGN EXCHANGE TRANSACTION: N. A.
d) REVENUE RECOGNITION:
i) Revenue/Income and Cost/Expenditure are being accounting on accrual
basis, as they are earned or incurred.
ii) Dividend income is recognised when the right to receive payment is
established.
iii) Interest income is recognised on a time proportion basis taking
into account the amount outstanding and the interest rate applicable.
e) EMPLOYEES RETIREMENT BENEFITS :
* Provident Fund:- Contribution towards provident fund is made to the
regulatory authorities. Such benefits are classified as defined
contribution schemes as the Company does not carry any further
obligations, apart from the contribution made on a monthly basis.
* Gratuity: - The Company provides for gratuity, a defined Benefit
plans (the "Gratuity Plan") covering eligible employees in accordance
with the payment of Gratuity Act, 1972. The Gratuity plan provides a
lump sum payment to vested employees at retirement, death,
incapacitation or termination of employment, of an amount based on the
respective employee,s salary and the nature of employment.The Company,s
liability is actuarially determined at the end of each year. Actuarial
losses / gains are recognized in the statement of Profit and Loss
account in the year in which they arise.
f) INVESTMENTS:
Investments that are readily realizable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as non-current investments. Current
investments are carried at lower of cost and fair value determined on
an individual investment basis. Non-current investments are carried at
cost and includes interest on the specific borrowings for the purposes
of investment.
g) INVENTORIES:
Closing stock of properties have been valued at lower of cost or market
value.
h) CASH FLOW STATEMENT :
The Cash Flow Statement is prepared by the indirect method set out in
Accounting Standard 3 on Cash Flow Statement and presents the cash
flows by operating, investing and financing activities of the Company.
Cash and Cash equivalents presented in the Cash Flow Statement consist
of cash on hand and demand deposits with banks.
i) USE OF ESTIMATES:
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Although these estimates are based upon management,s best
knowledge of current events and actions, actual results could differ
from these estimates.
j) SEGMENT REPORTING:
The segments of the company have been identified in line with the
Accounting Standard on segment reporting (AS17) taking into account the
organisation structure as well as the differential risks and returns of
these segments.
The company,s reportable operating segments consist of the following
business group :
* Real Estate/Publishing of Newspaper/Shares sale purchase business and
Miscellaneous income Segment revenues, results and capital employed
include the respective amounts identifiable to each of the segments.
Other unallocable expenditure includes expenses incurred on common
services provided to the segments which are not directly identifiable.
* The expenses of employee benefits expenses has been bifurcated on the
basis of revenue generated in each segment and the same has been shown
as other administrative expenses in the segment of Publishing of News
Paper.
k) IMPAIRMENT OF FIXED ASSETS:
An assets is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
statement of profit and loss in the period in which an assets is
identified as impaired. The impairment loss recognized in prior
accounting period is reversed if there has been a change in the
estimate of recoverable amount.
l) EARNING PER SHARE:
Basic earnings per share is calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting Attributable taxes ) by the weighted average number of equity
shares outstanding during the period. For the purpose of calculating
diluted earnings per share, the net profit or loss for the period
attributable to equity shareholders and the weighted average number of
shares outstanding during the period are adjusted for the effects of
all dilutive potential equity shares.
m) TAXATION :
Tax expense for the period, comprises current tax and deferred tax for
determining the net Profit/(Loss) for the year. Current tax is
determined on the basis of tax liability on the total income computed
under the provision of Income Tax Act, 1961, or tax for the year.
Deferred Tax is recognised as timing difference. Deferred Tax charges
is recognized by using current tax rates where there is unabsorbed
depreciation or carry forward losses, deferred tax assets are
recognized if there is virtual certainty of realization of such assets.
Other deferred tax assets are recognised only to extent if there is
reasonable certainty of realization of a such assets. Such assets
reviewed at the end of each are Balance Sheet to reassess realization.
Mar 31, 2014
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
i) The financial statements have been prepared under the historical
cost convention basis and generally accepted Accounting Principles and
the Accounting Standards referred under section 211(3C) of Companies
Act,1956 and disclosures made in accordance with the requirements of
schedule VI of the Companies Act, 1956, read with the General Circular
15/2013 dated 13th September , 2013 of the Ministry of Corporate
Affairs in India in respect of Section 133 of the Companies Act, 2013.
ii) The accounting policies not specifically referred to otherwise, are
consistent with the generally accepted accounting policies.
b) FIXED ASSETS AND DEPRECIATION:
i) Fixed assets are stated at cost less accumulated depreciation.
ii) Depreciation on fixed assets has been charged on straight line
basis as per the rates prescribed in Schedule XIV of the Companies
Act,1956.
iii) Land: The company had purchased a residential plot in NOIDA. The
matter is in dispute regarding ownership and allotment. The company is
taking suitable legal action for this. The amount had been shown as
fixed assets in the Balance Sheet.
c) FOREIGN EXCHANGE TRANSACTION: N. A.
d) REVENUE RECOGNITION:
i) Revenue/Income and Cost/Expenditure are being accounting on accrual
basis, as they are earned or incurred.
ii) Dividend income is recognised when the right to receive payment is
established.
iii) Interest income is recognised on a time proportion basis taking
into account the amount outstanding and the interest rate applicable.
e) EMPLOYEES RETIREMENT BENEFITS :
Liability on account of retirement benefits such as provident fund, and
gratuity are accrued on actuarial valuation basis and charged to
Statement of Profit and Loss at the year end.
f) INVESTMENTS:
Investments in Quoted and Unquoted shares are long term investments and
valued at cost basis unless there is permanent fall in the values
thereof, Investment in Properties are valued at cost.
g) INVENTORIES:
Closing stock of properties have been valued at lower of cost or net
relisable value.
h) CASH FLOW STATEMENT :
The Cash Flow Statement is prepared by the indirect method set out in
Accounting Standard 3 on Cash Flow Statement and presents the cash
flows by operating, investing and financing activities of the Company.
Cash and Cash equivalents presented in the Cash Flow Statement consist
of cash on hand and demand deposits with banks.
i) USE OF ESTIMATES:
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Although these estimates are based upon management''s best
knowledge of current events and actions, actual results could differ
from these estimates.
j) SEGMENT REPORTING:
The segments of the company have been identified in line with the
Accounting Standard on segment reporting (AS17) taking into account the
organisation structure as well as the differential risks and returns of
these segments.
The company''s reportable operating segments consist of the following
business group :
* Real Estate/Shares sale purchase business and Miscellaneous income
Segment revenues, results and capital employed include the respective
amounts identifiable to each of the segments. Other unallocable
expenditure includes expenses incurred on common services provided to
the segments which are not directly identifiable.
k) IMPAIRMENT OF FIXED ASSETS:
An assets is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
statement of profit and loss in the period in which an assets is
identified as impaired. The impairment loss recognized in prior
accounting period is reversed if there has been a change in the
estimate of recoverable amount.
l) EARNING PER SHARE:
Basic earnings per share is calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting Attributable taxes ) by the weighted average number of equity
shares outstanding during the period. For the purpose of calculating
diluted earnings per share, the net profit or loss for the period
attributable to equity shareholders and the weighted average number of
shares outstanding during the period are adjusted for the effects of
all dilutive potential equity shares.
m) TAXATION :
Tax expense for the period, comprises current tax and deferred tax for
determining the net Profit/(Loss) for the year. Current tax is
determined on the basis of tax liability on the total income computed
under the provision of Income Tax Act, 1961, or tax for the year.
Deferred Tax is recognised as timing difference. Deferred Tax charges
is recognized by using current tax rates.where there is unabsorbed
depreciation or carry forward losses, deferred tax assets are
recognized if there is virtual certainty of realization of such assets.
Other deferred tax assets are recognised only to extent if there is
reasonable certainty of realization of a such assets. Such assets
reviewed at the end of each are Balance Sheet to reassess realization.
Mar 31, 2013
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
i) The financial statements have been prepared under the historical
cost convention basis and generally accepted accounting principles and
the Accounting Standards referred under section 211 (3C) of Companies
Act,1956 and disclosures made in accordance with the requirements of
schedule VI of the Companies Act, 1956.
ii) The accounting policies not specifically referred to otherwise, are
consistent with the generally accepted accounting policies.
b) FIXED ASSETS AND DEPRECIATION:
i) Fixed assets are stated at cost less accumulated depreciation.
ii) Depreciation on fixed assets has been charged on straight line
basis as per the rates prescribed in Schedule XIV of the Companies Act,
1956.
iii) Land: The company had purchased a residential plot in NOIDA. The
matter is in dispute regarding ownership and allotment. The company is
taking suitable legal action for this. The amount had been shown as
fixed assets in the Balance Sheet.
c) FOREIGN EXCHANGE TRANSACTION: Not Applicable.
d) BASIS OF ACCOUNTING: Revenues/Incomes and Cost/Expenditures are
being accouted on accrual basis, as they are earned or incurred.
e) EMPLOYEES RETIREMENT BENEFITS : Liability on account of retirement
benefits such as provident fund are not applicable, however the
gratuity is accrued on actuarial valuation basis and charged to Profit
and Loss account at the year end.
f) PRELIMINARY EXPENSES AND PUBLIC ISSUE EXPENSES: Not Applicable
g) INVESTMENTS: Investments in Quoted and Unquoted shares are long term
investments and valued at cost basis unless there is permanent fall in
the values thereof, Investment in Properties are valued at cost.
h) STOCK IN TRADE : Closing stock of properties have been valued at
lower of cost or net reusable value.
i) CASH FLOW STATEMENT : The Cash Flow Statement is prepared by the
indirect method set out in Accounting Standard 3 on Cash Flow Statement
and presents the cash flows by operating, investing and financing
activities of the Company. Cash and Cash equivalents presented in the
Cash Flow Statement consist of cash on hand and demand deposits with
banks.
j) SEGMENT REPORTING: The segments of the company have been identified
in line with the Accounting Standard on segment reporting (AS17) taking
into account the organisation structure as well as the differential
risks and returns of these segments.
The company''s reportable operating segments consist of the following
business group : - Real Estate/Shares sale purchase business and
Miscellaneous income.
Segment revenues, results and capital employed include the respective
amounts identifiable to each of the segments. Other unallocable
expenditure includes expenses incurred on common services provided to
the segments which are not directly identifiable.
k) IMPAIRMENT OF FIXED ASSETS: An assets is treated as impaired when
the carrying cost of assets exceeds its recoverable value. An
impairment loss is charged to the profit and loss account in the period
in which an assets is identified as impaired. The impairment loss
recognized in prior accounting period is reversed if there has been a
change in the estimate of recoverable amount.
l) EARNING PER SHARE: Basic earnings per share is calculated by
dividing the net profit or loss for the period attributable to equity
shareholders (after deducting attributable taxes) by the weighted
average number of equity shares outstanding during the period. For the
purpose of calculating diluted earnings per share, the net profit or
loss for the period attributable to equity shareholders and the
weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
m) TAXATION : Tax expense for the period, comprises current tax and
deferred tax for determining the net Profit/(Loss) for the year.
Current tax is determined on the basis of tax liability on the total
income computed under the provision of Income Tax Act, 1961, or tax for
the year. Deferred Tax is recognised as timing difference. Deferred Tax
charges is recognized by using current tax rates. Where there is
unabsorbed depreciation or carry forward losses, deferred tax assets
are recognized if there is virtual certainty of realization of such
assets. Other deferred tax assets are recognised only to extent if
there is reasonable certainty of realization of such assets. Such
assets are reviewed at the end of each Balance Sheet to reassess
realization.
Mar 31, 2012
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
i) The financial statements have been prepared under the historical
cost convention basis and generally accepted accounting principles and
the Accounting Standards referred under section 211(3C) of Companies
Act,1956 and disclosures made in accordance with the requirements of
schedule VI of the Companies Act, 1956.
ii) The accounting policies not specifically referred to otherwise, are
consistent with the generally accepted accounting policies.
iii) During the year ended March 31, 2012 the revised Schedule VI
notified under the Companies Act, 1956, has become applicable to the
company, for preparation and presentation of its financial statements.
The adoption of revised Schedule VI does not impact recognition and
measurement principles followed for preparation of financial
statements. However, it has significant impact on presentation and
disclosures made in the financial statement. The company has also
realigned the previous year figures in accordance with the
requirements.
b) FIXED ASSETS AND DEPRECIATION:
i) Fixed assets are stated at cost less accumulated depreciation.
ii) Depreciation on fixed assets has been charged on straight line
basis as per the rates prescribed in Schedule XIV of the Companies
Act,1956.
iii) Land: The company had purchased a residential plot in NOIDA. The
matter is in dispute regarding ownership and allotment. The company is
taking suitable legal action for this. The amount had been shown as
fixed assets in the Balance Sheet.
c) FOREIGN EXCHANGE TRANSACTION: Not Applicable.
d) BASIS OF ACCOUNTING: Revenues/Incomes and Cost/Expenditures are
being accouted on accrual basis, as they are earned or incurred.
e) EMPLOYEES RETIREMENT BENEFITS : Liability on account of retirement
benefits such as provident fund are not applicable, however the
gratuity is accrued on actuarial valuation basis and charged to Profit
and Loss account at the year end.
I) PRELIMINARY EXPENSES AND PUBLIC ISSUE EXPENSES: Not Applicable
g) INVESTMENTS: Investments in Quoted and Unquoted shares are long term
investments and valued at cost basis unless there is permanent fall in
the values thereof, Investment in Properties are valued at cost.
h) STOCK IN TRADE : Closing stock of properties have been valued at
lower of cost or net relisable value
i) SEGMENT REPORTING: The segments of the company have been identified
in line with the Accounting Standard on segment reporting (AS17) taking
into account the organisation structure as well as the differential
risks and returns of these segments.
The company's reportable operating segments consist of the following
business group :
Real Estate/Shares sale purchase business and Miscellaneous income.
Segment revenues, results and capital employed include the respective
amounts identifiable to each of the segments. Other unallocable
expenditure includes expenses incurred on common services provided to
the segments which are not directly identifiable.
j) IMPAIRMENT OF FIXED ASSETS: An assets is treated as impaired when
the carrying cost of assets exceeds its recoverable value. An
impairment loss is charged to the profit and loss account in the period
in which an assets is identified as impaired. The impairment loss
recognized in prior accounting period is reversed if there has been a
change in the estimate of recoverable amount.
k) EARNING PER SHARE: Basic earnings per share is calculated by
dividing the net profit or loss for the period attributable to equity
shareholders (after deducting Attributable taxes ) by the weighted
average number of equity shares outstanding during the period. For the
purpose of calculating diluted earnings per share, the net profit or
loss for the period attributable to equity shareholders and the
weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
l) TAXATION : Tax expense for the period, comprises current tax and
deferred tax for determining the net Profit/(Loss) for the year.
Current tax is determined on the basis of tax liability on the total
income computed under the provision of Income Tax Act, 1961, or tax for
the year. Deferred Tax is recognised as timing difference. Deferred Tax
charges is recognized by using current tax rates. Where there is
unabsorbed depreciation or carry forward losses, deferred tax assets
are recognized if there is virtual certainty of realization of such
assets. Other deferred tax assets are recognised only to extent if
there is reasonable certainty of realization of such assets. Such
assets are reviewed at the end of each Balance Sheet to reassess
realization.
Mar 31, 2010
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
i) The financial statements have been prepared under the historical
cost convention basis and generally accepted accounting principles and
the Accounting Standards referred under section 211(3C) of Companies
Act, 1956 and disclosures made in accordance with the requirements of
schedule VI of the Companies Act, 1956.
ii) The accounting policies not specifically referred to otherwise, are
consistent with the generally accepted accounting policies.
b) FIXED ASSETS AND DEPRECIATION:
i) Fixed assets are stated at cost less accumulated depreciation.
ii) Depreciation on fixed assets has been charged on straight line
basis as per the rates prescribed in Schedule XIV of the Companies Act,
1956.
iii) Land: The company had purchased a residential plot in NOIDA. The
matter is in dispute regarding ownership and allotment. The company is
taking suitable legal action for this. The amount had been shown as
fixed assets in the Balance Sheet.
C) FOREIGN EXCHANGE TRANSACTION: N.A.
d) BASIS OF ACCOUNTING:
Revenues/Incomes and Cost/Expenditures are being accounting on accrual
basis, as they are earned or incurred, Expenditures have been disclosed
net of Service Tax which are Modvatable.
e) EMPLOYEES RETIREMENT BENEFITS : Liability on account of retirement
benefits such as provident fund are not applicable, however the
gratuity is accrued on actuarial valuation basis and charged to Profit
and Loss account during the year.
f) PRELIMINARY EXPENSES AND PUBLIC ISSUE EXPENSES: N.A.
g) INVESTMENTS : Investments in Shares are long term investments and
valued at cost basis unless there is a permanent fall in the values
thereof.
h) STOCK IN TRADE : Closing stock of properties have been valued at
lower of cost or net relisable value.
i) SEGMENT REPORTING
The segments of the company have been identified in line with the
Accounting Standrad on segment reporting(AS17) taking into account the
organisation structure as well as the differential risks and returns of
these segments.
The companys reportable operating segments consist of the following
business group:
* Real Estate/Shares sale purchase business and Miscellaneous income
Segment revenues, results and capital employed include the respective
amounts identifiable to each of the segments.
Other unallocable expenditure includes expenses incurred on common
services provided to the segments which are not directly identifiable.
j) IMPAIRMENT OF FIXED ASSETS
An assets is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
profit and loss account in the year in which an assets is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount.
k) EARNING PER SHARE
Basic earnings per share is calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deductiong attributable taxes) by the weighted average number of equity
shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilative potential equity shares.
l) TAXATION :
Tax expense for the period, comprising current tax and deferred tax is
included in determining the net Profit/(Loss)for the year. Current tax
is determined on the basis of tax liability on the total income
computed under the provision of Income Tax Act, 1961, or tax for the
year. Deferred Tax is recognised as timming difference. Deferred Tax
charges is recognised by using current tax rates Where there is
unabsorbed depreciation or carry forward losses, deferred tax assets
are recognised if there is virtual certainity of realisation of such
assets. Other deferred tax assets are recognised only to extent there
is reasonable certainity of realisation of a such assets. Such assets
are reviewed at each Balance Sheet to reassess realisation.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article