Mar 31, 2015
1.1 Basis for preparation of financial Statements
The Financial Statement are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis. GAAP comprises mandatory
accounting standard as prescribed by the Companies (Accounts) Rules,
2014, the provisions of the Companies Act, 2013 and Guidelines issued
by the Securities and Exchange Board of India (SEBI). Accounting
Policies have been consistently applied except where a newly issued
accounting standard is mainly adopted or a revision to an existing
accounting standards requires a change in the accounting policy
hitherto is use.
1.2 Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to effect ultimate collection. Revenue from operations
includes sale of service.
1.3 Use of Estimate
The Preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities on the
date of the financial statements and reported amounts of revenues and
expenses during the reporting period. Differences between actual
results and estimates are recognized in the period in which the results
are known/materialized.
1.4 Provisions & Contingent Liabilities
A provision is recognized when an enterprise has a present obligation
as a result of past event, it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimates can be made. Provisions are not discounted to its present
value and are determined based on best estimate required to settle the
obligation at the Balance Sheet Date. These are reviewed at each
Balance Sheet Date and adjusted to reflect the current best estimates.
All known liabilities are provided for and liabilities which are
material, and whose future outcome cannot be ascertained with
reasonable certainty are treated as Contingent and disclosed by way
Notes on Accounts.
1.5 Basis of Fixed Assets
The company has freehold land (possessory right) and Transfer of
Development Rights (TDR) shown at cost.
1.6 Depreciation
The Company is not required to provide for depreciation on freehold
land as specified in the Schedule II of the Companies Act, 2013
1.7 Income Taxes
Income-tax expenses comprises of Current Tax and Deferred Tax charge or
credit. Provision for Current Tax is made on the assessable income at
the tax rate applicable to the relevant assessment year.
Deferred Tax is recognized, subject to the consideration of prudence,
on timing differences, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
1.8 Earnings Per Share
Basic earnings per share is computed by dividing the net profit after
tax by the weighted average number of equity shares outstanding during
the period. Diluted earnings per share is computed by dividing the
profit after tax by the weighted average number of equity shares
considered for deriving basic earnings per share and also the weighted
average number of equity shares that could have been issued upon
conversion of all dilutive potential equity shares. The diluted
potential equity shares area adjusted for the proceeds receivable had
the shares been actually issued at fair value which is the average
market value of the outstanding shares. Dilutive potential equity
shares are deemed converted as of the beginning of the period, unless
issued at a later date. Dilutive potential equity shares are determined
independently for each period presented.
The number of shares and potentially dilutive equity shares are
adjusted retrospectively for all periods presented for any share splits
and bonus shares issues including for changes effected prior to the
approval of the financial statements by the Board of Directors
1.9 Investments
Trade investments are the investments made to enhance the Company's
business interests. Investments are either classified as current or
long-term based on Management's intention at the time of purchase.
Investments are stated at cost including all other expenses incurred on
its acquisition and dividend accrued thereon, if any. Current
investments are carried at the lower of cost and fair value of each
investment individually. Long term investments are carried at cost less
provisions recorded to recognize any decline, other than temporary, in
the carrying value of each investment.
1.10 Cash & Cash Equivalents
Cash and cash equivalents comprise cash and cash on deposit with banks
and corporations.
1.11 Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash
receipts or payments and item of income or expenses associated with
investing or financing cash flows. The cash flows from operating,
investing and financing activities of the Company are segregated.
Mar 31, 2012
1.1 Basis for preparation of financial Statements
The Financial Statement is prepared in accordance with Indian Generally
Accepted Accounting Principles (GAAP) under the historical cost
convention on the accrual basis. GAAP comprises mandatory accounting
standard as prescribed by the Companies (Accounting Standards) Rules,
2006, the provisions of the Companies Act, 1956 and Guidelines issued
by the Securities and Exchange Board of India (SEBI). Accounting
Policies have been consistently applied except where a newly issued
accounting standard is mainly adopted or a revision to an existing
accounting standard requires a change in the accounting policy hitherto
is use.
1.2 Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to effect ultimate collection. Revenue from operations
includes sale of service.
1.3 Use of Estimate
The Preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities on the
date of the financial statements and reported amounts of revenues and
expenses during the reporting period. Differences between actual
results and estimates are recognized in the period in which the results
are known/materialized.
1.4 Provisions & Contingent Liabilities
A provision is recognized when an enterprise has a present obligation
as a result of past event, it is probable that an outflow of resources
will be required to settle the obligation, in respect of which reliable
estimates can be made. Provisions are not discounted to its present
value and are determined based on best estimate required to settle the
obligation at the Balance Sheet Date. These are reviewed at each
Balance Sheet Date and adjusted to reflect the current best estimates.
All known liabilities are provided for and liabilities which are
material, and whose future outcome cannot be ascertained with
reasonable certainty are treated as Contingent and disclosed by way
Notes on Accounts.
1.5 Fixed Assets
The Company does not have any fixed assets.
1.6 Income Taxes
Income-tax expenses comprises of Current Tax and Deferred Tax charge or
credit. Provision for Current Tax is made on the assessable income at
the tax rate applicable to the relevant assessment year.
Deferred Tax is recognized, subject to the consideration of prudence,
on timing differences, being the difference between taxable incomes and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
1.7 Earning Per Share
Basic earnings per share are computed by dividing the net profit after
tax by the weighted average number of equity shares outstanding during
the period. Diluted earnings per share is computed by dividing the
profit after tax by the weighted average number of equity shares
considered for deriving basic earrings per share and also the weighted
average number of equity shares that could have been issued upon
conversion of all dilutive potential equity shares. The diluted
potential equity shares area adjusted for the proceeds receivable had
the shares been actually issued at fair value which is the average
market value of the outstanding shares. Dilutive potential equity
shares are deemed converted as of the beginning of the period, unless
issued at a later date. Dilutive potential equity shares are determined
independently for each period presented.
The number of shares and potentially dilutive equity shares are
adjusted retrospectively for all periods presented for any share splits
and bonus shares issues including for changes effected prior to the
approval of the financial statements by the Board of Directors.
1.8 Investments
Trade investments are the investments made to enhance the Company's
business interests. Investments are either classified as current or
long-term based on Management's intention at the time of purchase.
Investments are stated at cost including all other expenses incurred on
its acquisition and dividend accrued thereon, if any. Current
investments are carried at the lower of cost and fair value of each
investment individually. Long term investments are carried at cost less
provisions recorded to recognize any decline, other than temporary, in
the carrying value of each investment.
1.9 Cash & Cash Equivalents
Cash and cash equivalents comprise cash and cash on deposit with banks
and corporations.
Cash flows are reported using the indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash
receipts or payments and item of income or expenses associated with
investing or financing cash flows. The cash flows from operating,
investing and financing activities of the Company are segregated.