Mar 31, 2014
1. Basis of preparation of accounts
The Financial Statements of the Company have been prepared in
accordance with generally accepted accounting principles in India,
mandatory accounting standards notified under the Companies (Accounting
Standards) Rules. 2006, (as amended) and the relevant provisions of the
Companies Act. 1956. The Financial Statements have been prepared under
the historical cost convention on an accrual basis, except in case of
assets for which provision for impairment is made and revaluation is
carried out. The accounting policies applied by the Company are
consistent with those used in the previous year.
All the assets and liabilities have been classified as current or
non-current as per the Company''s normal operating cycle and other
criteria set out in Revised Schedule VI to the Companies Act. 1956.
Based on the nature of services/contracts and time between the
acquisition of assets for processing and their realisation in cash or
cash equivalents, the Company has ascertained its operating cycle as 12
months for the purpose of current/non-current classification of assets
and liabilities.
2) Revenue Recognition
a) As per the accounting policy so far adopted by the Company, the
Profit or Loss from the booking/sale of the Commercial space in
Chokhani Square will be taken when actual possession is given to the
parties since this is the timing when significant risks & rewards are
transferred to the buyer.
b) Income from construction contract is calculated on the basis of,
lower of percentage completion
i) As per technical evaluation;
ii) An estimated cost up to the date and also taking into account
estimated future liability accruing out of the contract including
contingencies warranties, claims etc.
3) Valuation of Stock
Stock of Commercial space has been valued at Cost including the cost of
land appurtenant thereto or net realizable value whichever is less. The
cost includes all project expenses incurred.
4) 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 long term investments. Long-term
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. The current investments are
stated at lower of cost or at fair value.
5) Tangible fixed assets
Tangible Fixed Assets are stated at cost less accumulated depreciation
and impairment provision. The cost comprises the purchase price (net of
Cenvat and VAT wherever applicable) and any attributable cost of
bringing the assets to its working condition for its intended use.
6) Depreciation
Depreciation has been calculated on written down value method at the
rates specified in Schedule XIV (As amended) read with section 205 (2)
(b) of Companies Act, 1956 and have been charged on pro-rata basis with
reference to the period of use of such assets.
7) Impairment of tangible and intangible 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, An impairment loss is recognised wherever the carrying amount
of an asset exceeds it''s recoverable amount. The recoverable amount is
the greater of the asset''s net selling price and it''s value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and risks
specific to the asset
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful life. A previously
recognised impairment loss is increased or reversed depending on
changes in circumstances. However, the carrying value after reversal is
not increased beyond the carrying value that would have prevailed by
charging usual depreciation II there was no impairment.
8) Retirement and other benefits
Expenses and liabilities in respect of employee benefits are recorded
in accordance with Revised Accounting Standard 15 - Employee Benefits
(Revised 2005) issued by the ICAI.
(a) Provident Fund
The Company makes contribution to statutory provident fund in
accordance with Employees Provident Fund and Miscellaneous Provisions
Act, 1952 which 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.
(b) Gratuity
Gratuity is a post employment benefit and is in the nature of a defined
benefit plan. The liability recognised in the balance sheet in respect
of gratuity-is the present value of the defined benefit/ obligation at
the balance sheet date less the fair value of plan assets, together
with adjustment for unrecognized actuarial gains or losses and past
service costs. The defined benefit/obligation is calculated at or near
the balance sheet date by an independent Actuary using the Projected
Unit Credit Method.
Actuarial gains and losses, if any, arising from past experience and
changes in actuarial assumptions are charged or credited to the
Statement of Profit and Loss Account in the year to which such gains or
losses relate.
(c) Leave Encashment
Liability in respect of leave encashment becoming due or expected after
the balance date is estimated on the basis of an actuarial valuation
performed by an independent Actuary using the Projected Unit Credit
Method.
9) Income Taxes
Tax expense comprises of current and deferred tax. Current income tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act, 1961.
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the Balance Sheet date. Deferred
tax is recognised at the Balance Sheet date, subject to the
considerations of prudence, on timing differences, being the difference
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods.
10) Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand, fixed deposits with banks which are
short term, highly liquid investments that are readily convertible into
known amounts of cash and which are subject to an insignificant risk of
changes in value.
Deferred tax assets are recognised only to the extent that there is
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realised.
c) The Company has not allotted any fully paid up shares pursuant to
contract(s) without payment being received in cash nor has allotted any
fully paid up shares by way of bonus shares nor has bought back any
class of shares during the period of five years immediately preceding
the balance sheet date
Mar 31, 2013
1. Basis of preparation of accounts
The Financial Statements of the Company have been prepared in
accordance with generally accepted accounting principles in India,
mandatory accounting standards notified under the Companies (Accounting
Standards) Rules. 2006, (as amended) and the relevant provisions of the
Companies Act. 1956. The Financial Statements have been prepared under
the historical cost convention on an accrual basis, except in case of
assets for which provision for impairment is made and revaluation is
carried out. The accounting policies applied by the Company are
consistent with those used in the previous year.
All the assets and liabilities have been classified as current or
non-current as per the Company''s normal operating cycle and other
criteria set out in Revised Schedule VI to the Companies Act. 1956.
Based on the nature of services/contracts and time between the
acquisition of assets for processing and their realisation in cash or
cash equivalents, the Company has ascertained its operating cycle as 12
months for the purpose of current/non-current classification of assets
and liabilities.
2) Revenue Recognition
a) As per the accounting policy so far adopted by the Company, the
Profit or Loss from the booking/ sale of the Commercial space in
Chokhani Square will be taken when actual possession is given to the
parties since this is the timing when significant risks & rewards are
transferred to the buyer.
b) Income from construction contract is calculated on the basis of,
lower of percentage completion
i) As per technical evaluation;
ii) An estimated cost up to the date and also taking into account
estimated future liability accruing out of the contract including
contingencies warranties, claims etc.
3) Valuation of Stock
Stock of Commercial space has been valued at Cost including the cost of
land appurtenant thereto or net realizable value whichever is less. The
cost includes all project expenses incurred.
4) 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 long term investments. Long-term
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. The current investments are
stated at lower of cost or at fair value.
5) Tangible fixed assets
Tangible Fixed Assets are stated at cost less accumulated depreciation
and impairment provision. The cost comprises the purchase price (net
of Cenvat and VAT wherever applicable) and any attributable cost of
bringing the assets to its working condition for its intended use.
6) Depreciation
Depreciation has been calculated on written down value method at the
rates specified in Schedule XIV (As amended) read with section 205 (2)
(b) of Companies Act, 1956 and have been charged on pro-rata basis with
reference to the period of use of such assets.
7) Impairment of tangible and intangible 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, An impairment loss is recognised wherever the carrying amount
of an asset exceeds it''s recoverable amount. The recoverable amount is
the greater of the asset''s net selling price and it''s value in use. In
assessing value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and risks
specific to the asset
After impairment, depreciation is provided on the revised carrying
amount of the asset over its remaining useful life. A previously
recognised impairment loss is increased or reversed depending on
changes in circumstances. However, the carrying value after reversal is
not increased beyond the carrying value that would have prevailed by
charging usual depreciation II there was no impairment.
8) Retirement and other benefits
Expenses and liabilities in respect of employee benefits are recorded
in accordance with Revised Accounting Standard 15 - Employee Benefits
(Revised 2005) issued by the ICAI.
(a) Provident Fund
The Company makes contribution to statutory provident fund in
accordance with Employees Provident Fund and Miscellaneous Provisions
Act, 1952 which 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.
(b) Gratuity
Gratuity is a post employment benefit and is in the nature of a defined
benefit plan. The liability recognised in the balance sheet in respect
of gratuity is the present value of the defined benefit/ obligation at
the balance sheet date less the fair value of plan assets, together
with adjustment for unrecognized actuarial gains or losses and past
service costs. The defined benefit/obligation is calculated at or near
the balance sheet date by an independent Actuary using the Projected
Unit Credit Method.
Actuarial gains and losses, if any, arising from past experience and
changes in actuarial assumptions are charged or credited to the
Statement of Profit and Loss Account in the year to which such gains or
losses relate.
(c) Leave Encashment
Liability in respect of leave encashment becoming due or expected after
the balance date is estimated on the basis of an actuarial valuation
performed by an independent Actuary using the Projected Unit Credit
Method.
9) Income Taxes
Tax expense comprises of current and deferred tax. Current income tax
is measured at the amount expected to be paid to the tax authorities in
accordance with the Indian Income Tax Act, 1961.
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted
at the Balance Sheet date. Deferred tax is recognised at the Balance
Sheet date, subject to the considerations of prudence, on timing
differences, being the difference between taxable income and accounting
income that originate in one period and are capable of reversal in one
or more subsequent periods.
10) Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand, fixed deposits with banks which are
short term, highly liquid investments that are readily convertible into
known amounts of cash and which are subject to an insignificant risk of
changes in value.
Deferred tax assets are recognised only to the extent that there is
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realised.
Mar 31, 2012
1. Accounting Convention :
These Accounts are prepared under the historical cost convention and on
the basis of going concern with revenues recognized and expenses
accounted on their accrual, including provision/adjustments during the
year.
2) Valuation of Stock:
Stock of Commercial space has been valued at Cost including the cost of
land appurtenant thereto or net realizable value whichever is less. The
cost includes all project expenses incurred.
3) Depreciation:
Depreciation has been calculated on written down value method at the
rates specified in Schedule XIV (As amended) read with section 205 (2)
(b) of Companies Act, 1956 and have been charged on prorata basis with
reference to the period of use of such assets.
4) Impairment of Assets
Assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized for the amount by which the asset's
carrying amount exceeds its recoverable amount being the higher of the
asset's net selling price and its value in use. Value in use is based
on the present value of the estimated future cash flows relating to the
asset. For the purposes of assessing impairment, assets are grouped at
the lowest levels for which there are separately identifiable cash
flows (i.e. cash generating units).
5) Investments:
Long-term 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. The current
investments are stated at lower of cost or at quoted/fair value
computed category wise.
6) Fixed Assets :
Fixed Assets are valued at historical cost less accumulated
depreciation.
7) Revenue Recognition :
a) As per the accounting policy so far adopted by the Company, the
Profit & Loss from the booking/sale of the Commercial space in Chokhani
Square will be taken when actual possession is given to the parties.
Since this is the timing when significant risks & rewards are
transferred to the buyer.
b) Income from construction contract is calculated on the basis of,
lower of percentage completion
i. as per technical evaluation
ii. an estimated cost up to the date as also taking into account
estimated future liability accruing out of the contract including
contingencies warranties, claims etc.
8) Retirement and other benefits
Expenses and liabilities in respect of employee benefits are recorded
in accordance with Revised Accounting Standard 15 - Employee Benefits
(Revised 2005) issued by the ICAI.
(a) Provident Fund
The Company makes contribution to statutory provident fund in
accordance with Employees Provident Fund and Miscellaneous Provisions
Act, 1952 which 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.
(b) Gratuity
Gratuity is a post employment benefit and is in the nature of a defined
benefit plan. The liability recognised in the balance sheet in respect
of gratuity is the present value of the defined benefit/ obligation at
the balance sheet date less the fair value of plan assets, together
with adjustment for unrecognized actuarial gains or losses and past
service costs. The defined benefit/obligation is calculated at or near
the balance sheet date by and independent actuary using the projected
unit credit method.
Actuarial gains and losses, if any, arising from past experience and
changes in actuarial assumptions are charged or credited to the Profit
and loss account in the year to which such gains or losses relate.
(c) Leave Encashment
Liability in respect of leave encashment becoming due or expected after
the balance date is estimated on the basis of an actuarial valuation
performed by an independent Actuary using the projected unit credit
method.
Mar 31, 2010
1. Accounting Convention :
These Accounts are prepared under the historical cost convention and on
the basis of going concern with revenues recognized and expenses
accounted on their accrual, including provision/adjustments during the
year.
2) Valuation of Stock:
Stock of Commercial space has been valued at Cost including the cost of
land appurtenant thereto or net realizable value whichever is less. The
cost includes all project expenses incurred.
3) Depreciation:
Depreciation has been calculated on written down value method at the
rates specified in Schedule XIV (As amended) read with section 205 (2)
(b) of Companies Act, 1956 and have been charged on prorata basis with
reference to the period of use of such assets.
4) Investments:
Long-term 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. The current
investments are stated at lower of cost or at quoted/fair value
computed categorywise.
5) Fixed Assets :
Fixed Assets are valued at historical cost less accumulated
depreciation.
6) Revenue Recognition :
a) As per the accounting policy so far adopted by the Company, the
Profit & Loss from the booking/sale of the Commercial space in Chokhani
Square will be taken when actual possession is given to the parties.
Since this is the timing when significant risks & rewards are
transferred to the buyer.
b)Income from construction contract is calculated on the basis of,
lower of percentage completion
i. as per technical evaluation
ii. an estimated cost up to the date as also taking into account
estimated future liability accruing out of the contract including
contingencies warranties, claims etc.
7. Retirement and other benefits :
Expenses and liabilities in respect of employee benefits are recorded
in accordance with Revised Accounting Standard 15 - Employee Benefits
(Revised 2005) issued by the ICAI.
(a) Provident Fund
The Company makes contribution to statutory provident fund in
accordance with Employees Provident Fund and Miscellaneous Provisions
Act, 1952 which 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.
(b) Gratuity
Gratuity is a post employment benefit and is in the nature of a defined
benefit plan. The liability recognised in the balance sheet in respect
of gratuity is the present value of the defined benefit/ obligation at
the balance sheet date less the fair value of plan assets, together
with adjustment for unrecognized actuarial gains or losses and past
service costs. The defined benefit/obligation is calculated at or near
the balance sheet date by and independent actuary using the projected
unit credit method.
Actuarial gains and losses, if any, arising from past experience and
changes in actuarial assumptions are charged or credited to the Profit
and loss account in the year to which such gains or losses relate.
(c) Leave Encashment
Liability in respect of leave encashment becoming due or expected after
the balance date is estimated on the basis of an actuarial valuation
performed by an independent Actuary using the projected unit credit
method.
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