Mar 31, 2016
NOTE-1 1. CORPORATE INFORMATION
Reliable ventures India Limited is a public Company domiciled in India and incorporated under the provisions of the companies Act 1956. Its share is listed on stock exchanges in India. The company is engaged in the hospitality business. The company caters in domestic market.
2. SIGNIFICANTACCOUNTING POLICIES a. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The accounts have been prepared to comply in all material aspects with applicable accounting principles in lndia(lndian GAAP), the Accounting Standards (Accounting Standard Rules 2006 as amended) issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 2013.
The accounting policies adopted in preparation and presentation of financial statement are consistent with those of previous year except as suitably explained.
b. PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS
Financial Statements are prepared according to the schedule III notified under the Companies Act 2013, for the preparation and presentation of its financial statements. The adoption of
schedule III 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 statements. The company has reclassified the head of expenses & income and also previous year figures in accordance with the requirements applicable in the current year.
c. USE OF ESTIMATES
The preparation of financial statements in conformity with'' Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities and disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the managementâs best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.
J. ACCOUNTING CONVENTION AND REVENUE RECOGNITION:
The financial statements have been prepared in accordance with Historical Cost Convention. Both Income and Expenditure items are recognized generally on Accrual basis.
The Income from Rooms, Food & Beverages and allied services has been accounted for net of taxes, if any.
e. FIXEDASSETS:
The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to working condition for its intended use. Expenditure for additions, modifications, improvements and renewals are capitalized and expenditure for maintenance and repairs are charged to the Statement of Profit and loss. When assets are sold or discarded, their cost and accumulated depreciation are removed from the accounts and any gain or loss resulting from their disposal is included in the Statement of profit and loss.
As the lease tenure is for a long period and the whole project of the company is based on the subjected Land, Building & Interior, amount of refundable deposit against leasehold Land, Building & Interior and Leasehold land has been taken in Fixed Assets on the basis of going concern concept.
f. DEPRECIATION:
i. Deposit on leasehold Land, Building & Interior are not amortized or depreciated over period of lease because the deposit is refundable at the
expiry of lease of 30 years, subject to renewal.
ii. Depreciation on other fixed assets is provided using the straight line method at the rates and in the manner prescribed in Schedule II to the Companies Act, 2013.
g. INVENTORIES:
Inventories of Foods, Beverages, Crockery & Cutlery, and Engineering & Maintenance, Housekeeping and Stationary items are valued at cost whereas Crockery & Cutlery, House Keeping items in circulation are valued at net estimated value. Residuals (wastage) are valued at net realizable value.
h. TAXES ON INCOME:
i. Current Tax:
Provision for income tax is made on the Basis of book profit as envisaged as per the provisions of section 115JB of the Income Tax act 1961 or on the normal profit considering all applicable deductions, set off and disallowances as the case may be.
ii. Deferred Tax:
A provision is made for deferred tax of all timing differences arising between taxable incomes and accounting income at currently enacted tax rates (without surcharge and education cess applicable thereon). Deferred Tax Assets are recognized only if there is reasonable certainty with convincing evidence that they will be realized and are reviewed for the appropriateness of their respective carrying values at each balance sheet date.
i. SUNDRY DEBTORS/CREDITORS:
Sundry debtors/creditors are stated at net of Misc. balances written off, which are not realizable / payable as per management opinion.
j. RETIREMENT BENEFITS:
Contribution to defined contribution schemes such as Provident Fund, Employees State Insurance and Employees Group Gratuity Scheme etc. are charged to the Statement of Profit and Loss on accrual basis.
k. FOREIGN CURRENCY TRANSACTIONS:
Foreign currency transactions arising during the year are recorded at the exchange rate prevailing at the date of transaction. Exchange Fluctuations arising on payment or realization are dealt with in the Statement of Profit & Loss.
The future cash outflow are determinable only on receipt of the judgment/ decision pending with forums/ authorities.
Mar 31, 2015
1. CORPORATE INFORMATION
Reliable ventures India Limited is a public Company domiciled in India
and incorporated under the provisions of the companies Act 1956. Its
share is listed on stock exchanges in India. The company is engaged in
the hospitality business. The company caters in domestic market.
2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The accounts have been prepared to comply in all material aspects with
applicable accounting principles in lndia(lndian GAAP), the Accounting
Standards (Accounting Standard Rules 2006 as amended) issued by the
Institute of Chartered Accountants of India and the relevant provisions
of : the Companies Act, 2013.
The accounting policies adopted in preparation and presentation of
financial statement are consistent with those of previous year except
as suitably i explained.
CHANGE IN ACCOUNTING POLICY
PRESENTATION AND DISCLOSURE OF,FINANCIAL STATEMENTS
Financial Statements during the year ended 31 st March 2015, is
prepared according to the schedule III notified under the Companies Act
2013, for the preparation and presentation of its financial statements.
The adoption of schedule III 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 statements. The company has
reclassified the head of expenses & income and also previous year
figures in accordance with the requirements applicable in the current
year.
USE OF ESTIMATES
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgements, estimates and assumptions
that affect the reported amounts of revenue, expenses, assets and
liabilities and disclosure of contingent liabilities, at the end of the
reporting period. Although these estimates are based on the
management's best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amounts of assets or
liabilities in future periods.
ACCOUNTING CONVENTION AND REVENUE RECOGNITION
The financial statements have been prepared in accordance with
Historical Cost Convention. Both Income and Expenditure items are
recognized generally on Accrual basis.
The Income from Rooms, Food & Beverages and allied services has been
accounted for net of taxes, if any.
FIXED ASSETS
The cost of an asset comprises its purchase price and any directly
attributable costs of bringing the asset to working condition for its
intended use. Expenditure for additions, modifications, improvements
and renewals are capitalized and expenditure for maintenance and
repairs are charged to the Statement of Profit and loss. When assets
are sold or discarded, their cost and accumulated depreciation are
removed from the accounts and any gain or loss resulting from their
disposal is included in the Statement of profit and loss.
As the lease tenure is for a long period and the whole project of the
company is based on the subjected Land, Building & Interior, amount of
refundable deposit against leasehold Land, Building & 'interior and
Leasehold land has been taken in Fixed Assets on the basis of going
concern concept.
DEPRECIATION:
a. Deposit on leasehold Land, Building & Interior are not amortized or
depreciated over period of lease because the deposit is refundable at
the expiry of lease of 30 years, subject to renewal.
b. Depreciation on other fixed assets is provided using the straight
line method.
Method of deprecation has been changed in this year. Depreciation is
calculated on assets by taking into consideration the useful life and
residual value of the assets as defined under the schedule II.
During the year, as defined by schedule II, useful life of the assets
has been revised and due to this change all the assets which has
completed its revised useful life, the value of that asset, after
leaving its residual value, has been written off directly from the Free
Reserves of the company. And on the assets which has remaining revised
useful life has been depreciated in such a manner that it would be
completely written off after leaving the residual value of 5% in the
remaining useful life.
INVENTORIES:
Inventories of Foods, Beverages, Crockery & Cutlery, and Engineering &
Maintenance, House keeping and Stationary items are valued at cost
whereas Crockery & Cutlery, House Keeping items in circulation are
valued at net estimated value. Residuals (wastage) are valued at net
realizable value.
TAXES ON INCOME:
(a) Current Tax:
Provision for income tax is made on the Basis of book profit as
envisaged as per the provisions of section 115JB of the Income Tax Act
1961 or on the normal profit considering all applicable deductions, set
off and disallowances as the case may be.
(b) Deferred Tax:
A provision is made for deferred tax of all timing differences arising
between taxable incomes and accounting income at currently enacted tax
rates (without surcharge and education cess applicable thereon).
Deferred Tax Assets are recognized only if there is reasonable
certainty with convincing evidence that they will be realized and are
reviewed for the appropriateness of their respective carrying values at
each balance sheet date.
SUNDRY DEBTORS/CREDITORS:
Sundry debtors/creditors are stated at net of Misc. balances written
off, which are not realizable / payable as per management opinion.
RETIREMENT BENEFITS:
Contribution to defined contribution schemes such as Provident Fund,
Employees State Insurance and Employees Group Gratuity Scheme etc. are
charged to the Statement of Profit and Loss on accrual basis.
FOREIGN CURRENCY TRANSACTIONS:
Foreign currency transactions arising during the year are recorded at
the exchange rate prevailing at the date of transaction. Exchange
Fluctuations arising on payment or realisation are dealt with in the
Statement of Profits Loss.
Mar 31, 2014
CHANGE IN ACCOUNTING POLICY
PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS
Financial Statements during the year ended 31 st March 2014, is
prepared according to the revised schedule VI notified under the
Companies Act 1956, for the 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 statements. The
company has reclassified the head of expenses & income and also
previous year figures in accordance with the requirements applicable in
the current year.
USE OF ESTIMATES
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgements, estimates and assumptions
that affect the reported amounts of revenue, expenses, assets and
liabilities and disclosure of contingent liabilities, at the end of the
reporting period. Although these estimates are based on the
management''s best knowledge of current events and actions,
uncertainty about these assumptions and estimates could result in the
outcomes requiring a material adjustment to the carrying amounts of
assets or liabilities in future periods.
ACCOUNTING CONVENTION AND REVENUE RECOGNITION:
The financial statements have been prepared in accordance with
Historical Cost Convention. Both Income and Expenditure items are
recognized generally on Accrual basis.
The Income from Rooms, Food & Beverages and allied services has been
accounted for net of taxes, if any.
FIXED ASSETS:
The cost of an asset comprises its purchase price and any directly
attributable costs of bringing the asset to working condition for its
intended use. Expenditure for additions, modifications, improvements
and renewals are capitalized and expenditure for maintenance and
repairs are charged to the Statement of Profit and loss. When assets
are sold or discarded, their cost and accumulated depreciation are
removed from the accounts and any gain or loss resulting from their
disposal is included in the Statement of profit and loss.
As the lease tenure is for a long period and the whole project of the
company is based on the subjected Land, Building & Interior, amount of
refundable deposit against leasehold Land, Building & Interior and
Leasehold land has been taken in Fixed Assets on the basis of going
concern concept.
DEPRECIATION:
a. Deposit on leasehold Land, Building & Interior are not amortized or
depreciated over period of lease because the deposit is refundable at
the expiry of lease of 30 years, subject to renewal.
b. Depreciation on other fixed assets is provided using the straight
line method at the rates specified in Schedule XIV to the Companies
Act, 1956 (as amended).
INVENTORIES:
Inventories of Foods, Beverages, Crockery & Cutlery, and Engineering &
Maintenance, House keeping and Stationary items are valued at cost
whereas Crockery & Cutlery, House Keeping items in circulation are
valued at net estimated value. Residuals (wastage) are valued at net
realizable value.
TAXES ON INCOME:
(a) Current Tax:
Provision for income tax is made on the Basis of book profit as
envisaged as per the provisions of section 115 J B of the I ncome Tax
act 1961 or on the normal profit considering all applicable deductions,
set off and disallowances as the case may be.
(b) Deferred Tax:
A provision is made for deferred tax of all timing differences arising
between taxable incomes and accounting income at currently enacted tax
rates (without surcharge and education cess applicable thereon).
Deferred Tax Assets are recognized only if there is reasonable
certainty that they will be realized and are reviewed for the
appropriateness of their respective carrying values at each balance
sheet date.
SUNDRY DEBTORS/CREDITORS:
Sundry debtors/creditors are stated at net of Misc. balances written
off, which are not realizable / payable as per management opinion.
RETIREMENT BENEFITS:
Contribution to defined contribution schemes such as Provident Fund,
Employees State Insurance and Employees Group Gratuity Scheme etc. are
charged to the Statement of Profit and Loss on accrual basis.
FOREIGN CURRENCY TRANSACTIONS:
Foreign currency transactions arising during the year are recorded at
the exchange rate prevailing at the date of transaction. Exchange
Fluctuations arising on payment or realisation are dealt with in the
Statement of Profit & Loss.
Mar 31, 2013
CHANGE IN ACCOUNTING POLICY
PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS
Financial Statements during the year ended 31st March 2013, is prepared
according to the revised schedule VI notified under the Companies Act
1956 for the preparation and and presentation of its financial
statements. The adoption Df revised schedule VI does not impact
recognition and neasurement principles followed for preparation of
inancial statements. However, it has significant impact on
presentation and disclosures made in the financial statements. The
company has also reclassified the irevious year figures in accordance
with the requirements ipplicable in the current year.
USE OF ESTIMATES
The preparation of financial statements in conformity with Indian GAAP
that requires the management to make judgements, estimates and
assumptions that affect the reported amounts of revenue, expenses,
assets anc liabilities and disclosure of contingent liabilities, at the
enc of the reporting period. Although these estimates are basec on the
management''s best knowledge of current events and actions, uncertainty
about these assumptions anc estimates could result in the outcomes
requiring a materia adjustment to the carrying amounts of assets or
liabilities ir future periods.
ACCOUNTING CONVENTION AND REVENUE RECOGNITION:
The financial statements have been prepared ir accordance with
Historical Cost Convention. Both Income and Expenditure items are
recognized generally on Accrua basis.
The Income from Rooms, Food & Beverages and alliec services has been
accounted for net of taxes, if any.
FIXED ASSETS:
The cost of an asset comprises its purchase price and an} directly
attributable costs of bringing the asset to workinc condition for its
intended use. Expenditure for additions modifications, improvements and
renewals are capitalizec and expenditure for maintenance and repairs
are chargec to the Statement of Profit and loss. When assets are sold
o discarded, their cost and accumulated depreciation are removed from
the accounts and any gain or loss resulting from their disposal is
included in the Statement of profit and loss.
As the lease tenure is for a long period and the whole project of the
company is based on the subjected Land, Building & Interior, amount of
refundable deposit against leasehold Land, Building & Interior and
Leasehold land has been taken in Fixed Assets on the basis of going
concern concept.
DEPRECIATION:
a. Deposit on leasehold Land, Building & Interior are not amortized or
depreciated over period of lease because the deposit is refundable at
the expiry of lease of 30 years, subject to renewal.
b. Depreciation on other fixed assets is provided using the straight
line method at the rates specified in Schedule XIV to the Companies
Act, 1956 (as amended).
INVENTORIES:
Inventories of Foods, Beverages, Crockery & Cutlery, and Engineering &
Maintenance, House keeping and Stationary items are valued at cost
whereas Crockery & Cutlery, House Keeping items in circulation are
valued at net estimated value. Residuals (wastage) are valued at net
realizable value.
MISCELLANEOUS EXPENDITURE:
Miscellaneous Expenditure consisting of Preliminary and public issue
expenses are written off evenly over a stipulated period from the date
of commencement of commercial operations.
TAXES ON INCOME:
(a) Current Tax:
Provision for income tax is made on the Basis of book profit as
envisaged as per the provisions of section 115JB of the Income Tax act
1961 or on the normal profit considering all applicable deductions, set
off and disallowances as the case may be.
(b) Deferred Tax:
A provision is made for deferred tax of all timing differences arising
between taxable incomes and accounting income at currently enacted tax
rates (without surcharge and education cess applicable thereon).
Deferred Tax Assets are recognized only if there is reasonable
certainty that they will be realized and are reviewed for the
appropriateness of their respective carrying values at each balance
sheet date.
SUNDRY DEBTORS/CREDITORS:
Sundry debtors/creditors are stated at net of Misc. balances written
off, which are not realizable / payable as per management opinion.
RETIREMENT BENEFITS:
Contribution to defined contribution schemes such as Provident Fund,
Employees State Insurance and Employees Group Gratuity Scheme etc. are
charged to the Statement of Profit and Loss on accrual basis.
FOREIGN CURRENCY TRANSACTIONS:
Foreign currency transactions arising during the year are recorded at
the exchange rate prevailing at the date of transaction. Exchange
Fluctuations arising on payment or realisation are dealt with in the
Statement of Profit & Loss.
Mar 31, 2012
CHANGE IN ACCOUNTING POLICY
PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS
During the year ended 31st March 2012, the revised schedule VI notified
under the Companies Act 1956 has become applicable to the company, for
the 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 statements. The company has also
reclassified the previous year figures in accordance with the
requirements applicable in the current year.
USE OF ESTIMATES
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgements, estimates and assumptions
that affect the reported amounts of revenue, expenses, assets and
liabilities and disclosure of contingent liabilities, at the end of the
reporting period. Although these estimates are based on the
management's best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes
requiring a material adjustment to the carrying amounts of assets or
liabilities in future periods.
ACCOUNTING CONVENTION AND REVENUE RECOGNITION:
The financial statements have been prepared in accordance with
Historical Cost Convention. Both Income and Expenditure items are
recognized generally on Accrual basis.
The Income from Rooms, Food & Beverages and allied services has been
accounted for net of taxes, if any.
FIXED ASSETS:
The cost of an asset comprises its purchase price and any directly
attributable costs of bringing the asset to working condition for its
intended use. Expenditure for additions, modifications, improvements
and renewals are capitalized and expenditure for maintenance and
repairs are charged to the Statement of Profit and loss. When assets
are sold or discarded, their cost and accumulated depreciation are
removed from the accounts and any gain or loss resulting from their
disposal is included in the Statement of profit and loss.
As the lease tenure is for a long period and the whole project of the
company is based on the subjected Land, Building & Interior, amount of
refundable deposit against leasehold Land, Building & Interior has been
taken in Fixed Assets on the basis of going concern concept.
DEPRECIATION:
a. Deposit on leasehold Land, Building & Interior are not amortized or
depreciated over period of lease because the deposit is refundable at
the expiry of lease of 30 years, subject to renewal.
b. Depreciation on other fixed assets is provided using the straight
line method at the rates specified in Schedule XIV to the Companies
Act, 1956 (as amended)
INVENTORIES:
Inventories of Foods, Beverages, Crockery & Cutlery, Engineering &
Maintenance, House keeping and Stationary items are valued at cost
whereas Crockery & Cutlery, House Keeping items in circulation are
valued at net estimated value. Residuals (wastage) are valued at net
realizable value.
MISCELLANEOUS EXPENDITURE:
Miscellaneous Expenditure consisting of Preliminary and public issue
expenses are written off evenly over a stipulated period from the date
of commencement of commercial operations.
TAXES ON INCOME:
(a) CurrentTax:
Provision for income tax amounting to Rs. 53.21 lacs (current tax) is
made in the current year, in view of the "book profit" as envisaged
in section 115JBofthelncomeTaxAct, 1961.
(b) Deferred Tax:
A provision is made for deferred tax of all timing differences arising
between taxable incomes and accounting income at currently enacted tax
rates (without surcharge and education cess applicable thereon).
Deferred Tax Assets are recognized only if there is reasonable
certainty that they will be realized and are reviewed for the
appropriateness of their respective carrying values at each balance
sheet date.
SUNDRY DEBTORS/CREDITORS:
Sundry debtors/creditors are stated at net of Misc. balances written
off, which are not realizable / payable as per management opinion.
RETIREMENT BENEFITS:
Contribution to defined contribution schemes such as Provident Fund,
Employees State Insurance and Employees Group Gratuity Scheme etc. are
charged to the Statement of Profit and Loss on accrual basis.
FOREIGN CURRENCY TRANSACTIONS:
Foreign currency transactions arising during the year are recorded at
the exchange rate prevailing at the date of transaction. Exchange
Fluctuations arising on payment or realisation are dealt with in the
Statement of Profit & Loss.
Mar 31, 2010
BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The accounts have been prepared to comply in all material aspects with
applicable accounting principles in India, the Accounting Standards
issued by the Institute of Chartered Accountants of India and the
relevant provisions of the Companies Act, 1956.
ACCOUNTING CONVENTION AND REVENUE RECOGNITION:
The financial statements have been prepared in accordance with
Historical Cost Convention. Both Income and Expenditure items are
recognized generally on Accrual basis.
The Income from Rooms, Food & Beverages and allied services has been
accounted for net of taxes, if any.
FIXED ASSETS:
The cost of an asset comprises its purchase price and any directly
attributable costs of bringing the asset to working condition for its
intended use. Expenditure for additions, modifications, improvements
and renewals are capitalized and expenditure for maintenance and
repairs are charged to the profit and loss account. When assets are
sold or discarded, their cost and accumulated depreciation are removed
from the accounts and any gain or loss resulting from their disposal is
included in the profit and loss account.
As the lease tenure is for a long period and the whole project of the
company is based on the subjected Land, Building & Interior, amount of
refundable deposit against leasehold Land, Building & Interior has been
taken in Fixed Assets on the basis of going concern concept.
DEPRECIATION:
a. Deposit on leasehold Land, Building & Interior are not amortized or
depreciated over period of lease because the deposit is refundable at
the expiry of lease of 30 years, subject to renewal.
b. Depreciation on other fixed assets is provided using the straight
line method at the rates specified in Schedule XIV to the Companies
Act, 1956 (as amended)
INVENTORIES:
Inventories of Foods, Beverages, Crockery & Cutlery, Engineering &
Maintenance, House keeping and Stationary items are valued at cost
whereas Crockery & Cutlery, House Keeping items in circulation are
valued at net estimated value. Residuals (wastage) are valued at net
realizable value.
MISCELLANEOUS EXPENDITURE:
Miscellaneous Expenditure consisting of Preliminary, public issue and
deferred revenue expenses are written off evenly over a stipulated
period from the date of commencement of commercial operations.
TAXES ON INCOME:
(a) Current Tax:
Provision for income tax amounting to Rs. 41.48 lacs (current tax) is
made in the current year, in view of the "book profit" as envisaged in
section 115 JB of the Income Tax Act, 1961.
(b) Deferred Tax:
A provision is made for deferred tax of all timing differences arising
between taxable income and accounting income at currently enacted tax
rates (without surcharge and education cess applicable thereon).
(Deferred Tax Assets are recognised only if there is reasonable
certainty that they will be realised and are reviewed for the
appropriateness of their respective carrying values at each balance
sheet date.
SUNDRY DEBTORS/CREDITORS:
Sundry debtors/creditors are stated at net of Misc. balances written
off, which are not realizable / payable as per management opinion.
RETIREMENT BENEFITS:
Contribution to defined contribution schemes such as Provident Fund and
Employees State Insurance and Employees Group Gratuity Scheme etc. are
charged to the Profit and Loss account as incurred.
FOREIGN CURRENCY TRANSACTIONS :
Foreign currency transactions arising during the year are recorded at
the exchange rate prevailing at the date of transaction. Exchange
Fluctuations arising on payment or realisation are dealt with in the
Profit & Loss account.