Mar 31, 2015
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements of the company have been prepared in
accordance with the Indian Generally Accepted Accounting Principles
("Indian GAAP") under the historical cost convention on accrual basis.
GAAP comprises mandatory accounting standards as prescribed as section
133 of the companies Act, 2013, read with rule 7 of companies
(Accounts) Rules, 2014. Accounting policies have been consistently
applied except where a newly Issued accounting standard is initially
adopted or a revision to an existing accounting standard requires a
change in the accounting policy hereto In use.
b) TANGIBLE ASSETS
Tangible assets are stated at cost or at revalued amount less
accumulated depreciation. Cost of fixed assets includes all Incidental
expenses and interest costs on borrowings, attributable to the
acquisition of qualifying assets, upto the date of commissioning of
assets. An item of Fixed assets or de-recognised upon disposal or
future economic benefits are expected from its use or disposal. Any
gain or loss arising on de-recognition of the fixed assets (calculated
as the differences between the net disposal proceeds and the carrying
amount of the assets) Is included in the financial statements in the
year the assets is de-recognised.
c) INVESTMENTS
Long term invests are carried individually at cost less diminution, other
than temporary, In the value of such investments determined on an
individual basis. Current investments are carried individually, at
lower of cost and fair value. Cost of investments include acquisition
charges such as brokerage, fees and duties.
d) DEPRECIATION
Depreciation on fixed assets charged in accordance with estimate of
useful life's of the assets, on straight line method, at rates specified
in Schedule II of the companies Act,2013. Depreciation on assets
purchased during the year is provided pro-rara to the period such asset
was put to use during the year.
In respect of an assets for which Impairment loss is recognised,
depreciation is provided on the revised carrying amount of the assets
over its remaining useful life.
e) INCOME AND EXPENDITURE
Income and expenditure are accounted for on accrual basis.
f) EARNINGS PER SHARE
Basic earnings per share is computed by dividing the net profit or loss
for the year attributed to equity shareholders by the weighted average
number of equity shares outstanding during the year.
For the purpose of calculating diluted earning proper share, the net
profit or loss for the year attributable to the equity shareholders and
the weighted average number of shares outstanding during the year are
adjusted for the effect of all dilutive potential equity shares except
where the results would be anti-dilutive.
The number of shares and dilutive equity shares are adjusted
retrospectively for all period presented for any share split and bonus
shares issues.
g) TAXES ON INCOME
Provision for current income tax, is made as per the provisions of the
Income tax Act, 1961.
h) CASH AND CASH EQUIVALENTS
Cash and cash equivalents for the purposes of cash flow statement
comprises cash at bank and in hand and short term investments with an
original maturity period of three months or less
i) CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby net profit
before tax is adjusted for the affects of transactions of a non-cash
nature and any deferral pr accrual of past or future cash receipts or
payments. The cash flow from regular revenue generating, investing and
financing activities of the company are segregated.
Mar 31, 2012
A) BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared in accordance with the Indian
Generally Accepted Accounting Principles ('GAAP ) under the historical
cost convention, accrual basis of accounting, on going concern basis.
GAAP comprises mandatory accounting standards issued by the Institute
of Chartered Accountants of India and the provisions of Companies Act,
1956. Accounting policies have been consistently applied except where
a newly issued accounting standard is initially adopted or a revision
to an existing accounting standard requires a change in the accounting
policy hitherto in use.
b) INVESTMENTS ,
investment in shares are stated at cost and provision is made to
recognise any decline, other than temporary, in the value of such
investments. Profits or losses on sale of investments are included in
the Profit and Loss Account and calculated as the difference between
the net proceeds realised and the book value.
c) INCOME AND EXPENDITURE
income and expenditure are accounted for on accrual basis.
d) INVENTORIES
Inventories of flats are valued at Lower of cost or net market value;
Cost includes cost of acquisition and other related expenses incurred
in bringing the inventories to their present location and condition.
Net market value is the estimated selling price in the ordinary course
of business.
e) CASH AND CASH EQUIVALENTS
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and hand and short term investments with an
original maturity period of three months or less.
f) EARNINGS PER SHARE
Basic earnings per share is computed by dividing the net profit or loss
for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential - equity shares
except where the results would be anti-dilutive. The number of shares
and potentially dilutive equity shares are adjusted retrospectively for
all period presented for any share splits and bonus shares issues,
g) Deferred tax is recognised, subject for the consideration of
prudence, an timing difference, being the difference between taxable
income and accounting income that originate in one period and capable
of reversal in one or more subsequent periods.