Mar 31, 2013
(a) Basis of Preparation of Financial Statements:
Financial statements have been prepared and presented under historical
cost convention in accordance with the accounting principles generally
accepted in India having due regard to fundamental accounting
assumptions of going concern, consistency and accrual and comply with
the Accounting Standards referred to in Sec.211 (3C) of the Companies
Act, 1956 as applicable and with the relevant provisions of the
Companies Act, 1956.
(b) Use of Estimates:
The preparation of financial statements in conformity with Indian GAAP
requires management to make estimates and assumptions that affects the
reported amounts of assets and liabilities on the date of the financial
statements and reported amounts of revenues and expenses for the year.
Actual results could differ from these estimates. Any revision to
accounting estimates is recognized prospectively in the current and
future periods.
(c) Revenue Recognition:
Revenue from construction contracts is recognized on the percentage of
completion method as mentioned in accounting standard (AS) 7 "
Construction contracts" notified by the companies accounting standard
rules 2006. Percentage of completion method is determined on the basis
of actual project cost incurred as compared to the total cost estimated
to be incurred on the projects.
(d) Fixed Assets and Depreciation
Fixed assets are carried at cost of acquisition less accumulated
depreciation. The cost of fixed assets includes purchase price,
non-refundable taxes, duties, freight, and other incidental expenses
related to the acquisition and installation of the respective assets.
Depreciation on fixed assets is provided using straight line method at
the rates specified in Schedule XIV to the Companies Act, 1956.
(k) Tax Expense:
Income tax expense comprises current tax, deferred tax, Minimum
alternative Tax.
Current tax
The current change for income tax is calculated in accordance with the
relavent tax regulations applicable to the company.
Deferred tax
Deferred tax charge or credit reflects the tax effects of timing
differences between accounting income and taxable income for the year.
The deferred tax charge or credit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates that have
enacted or substantially enacted by the balance sheet date. Deferred
tax asset is recognized only to the extent there is reasonable
certainty that the assets can be realized in future.
(n) Provisions:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
(o) Earnings per Share:
The basic Earnings Per Share ("EPS") is computed by dividing the net
profit after tax for the year by the weighted average number of equity
shares outstanding during the year.
(P) Employees Share Based Payments
Employees Stock Option Scheme 2011
The company provides Stock  option scheme to its employees. During the
year 31st march 2013 an employee stock option scheme was an existence.
The relevant details of scheme and grant date are given below
Pursuant to the resolutions approved by the members in the Extra
Ordinary General Meeting held on 12th May , 2011, the Company has
granted 30,00,000 Options to employees. The ESOS 2011 plan is
administered by the remuneration Committee of the Board. The committee
shall determine the employees eligible for receiving the options, the
number of options to be granted, the exercise price, the vesting period
and the exercise period.
Mar 31, 2012
(a) Basis of Preparation of Financial Statements:
Financial statements have been prepared and presented under historical
cost convention in accordance with the accounting principles generally
accepted in India having due regard to fundamental accounting
assumptions of going concern, consistency and accrual and comply with
the Accounting Standards referred to in Sec.211 (3C) of the Companies
Act, 1956 as applicable and with the relevant provisions of the
Companies Act, 1956.
(b) Use of Estimates:
The preparation of financial statements in conformity with Indian GAAP
requires management to make estimates and assumptions that affects the
reported amounts of assets and liabilities on the date of the financial
statements and reported amounts of revenues and expenses for the year.
Actual results could differ from these estimates. Any revision to
accounting estimates is recognized prospectively in the current and
future periods.
(c) Revenue Recognition:
Revenue from construction contracts is recognized on the percentage of
completion method as mentioned in accounting standard (AS) 7 "
Construction contracts" notified by the companies accounting standard
rules 2006. Percentage of completion method is determined on the basis
of actual project cost incurred as compared to the total cost estimated
to be incurred on the projects.
(d) Fixed Assets and Depreciation
Fixed assets are carried at cost of acquisition less accumulated
depreciation. The cost of fixed assets includes purchase price,
non-refundable taxes, duties, freight, and other incidental expenses
related to the acquisition and installation of the respective assets.
Depreciation on fixed assets is provided using straight line method at
the rates specified in Schedule XIV to the Companies Act, 1956.
(k) Tax Expense:
Income tax expense comprises current tax, deferred tax, Minimum
alternative Tax.
Current tax
The current change for income tax is calculated in accordance with the
relavent tax regulations applicable to the company.
Deferred tax
Deferred tax charge or credit reflects the tax effects of timing
differences between accounting income and taxable income for the year.
The deferred tax charge or credit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates that have
enacted or substantially enacted by the balance sheet date. Deferred
tax asset is recognized only to the extent there is reasonable
certainty that the assets can be realized in future.
(n) Provisions:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
(o) Earnings per Share:
The basic Earnings Per Share ("EPS") is computed by dividing the net
profit after tax for the year by the weighted average number of equity
shares outstanding during the year.
Mar 31, 2010
1. Financial Statements:
Financial Statements have been prepared under historical cost
convention and as a going concern, on accrual basis and in accordance
with the Generally Accepted Accounting Principles (GAAP) in India and
in compliance with relevant requirements of the Companies Act, 1956 and
the pronouncements of the Institute of Chartered Accountants of India
(ICAI).
2. Expenses:
It is the policy of the Company to provide for all expenses on accrual
basis.
3. Fixed Assets:
There are no fixed assets as per the books of accounts owned by the
company during the year and hence no depreciation is provided for the
current year.
4. Investments:
Investments held on the Balance Sheet date are valued at cost and at
the rates reported in previous years. The Company has the policy to
write off Permanent Diminution in the value of Investments to Revenue.
However, the Company has not ascertained the value of Investments as at
the Balance Sheet date and hence no provision has been made for the
same.
5. Taxes on Income:
Current Tax: Income Taxes are computed using the tax effect accounting
method, where taxes are accrued in the same period the related revenue
and expenses arise. A provision is made for income tax annually, based
on the tax liability computed after considering tax allowances and
exemptions. No provision has been made for Income Tax in view of
accumulated losses during the current period.
Deferred Tax: The differences that result between the profit offered
for income tax and the profit as per the financial statements are
identified, and thereafter a deferred tax asset or liability is
recorded for timing differences, namely the differences that originate
in one accounting period and get reversed in another, based on the tax
effect of the aggregate amount being considered. 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. The Company has brought
forwarded losses carried over from Previous Years and the Company is of
the opinion that it is unlikely that it will be able to realize the
benefits of such carry forward of losses. Consequently, the Company has
not made any provision for Deferred Taxes for the current period.
7. Capital Commitments:
Estimated amount of contracts to be executed on capital not provided
for (net of advances)- NIL
Mar 31, 2009
1. Financial Statements:
Financial Statements are prepared under historical cost convention and
as a going concern, on accrual basis and in accordance with the
generally accepted accounting principles in India and relevant
requirements of the Companies Act, 1956.
2. Revenue Recognition:
The Company recognizes Income on Accrual Basis.
3. Expenses:
It is the policy of the Company to provide for all expenses on accrual
basis. Similarly, Provisions are made for all known losses and
liabilities.
4. Fixed Assets:
There are no fixed assets as per the books of accounts owned by the
company during the year and hence no depreciation is provided for the
current year.
5. Investments:
Investments held on the Balance Sheet date are valued at cost and at
the rates reported in previous years. The Company has the policy to
write off Permanent Diminution in the value of Investments to Revenue.
However, the Company has not ascertained the value of Investments as at
the Balance Sheet date and hence no provision has been made for the
same.
6. Taxes on Income:
Current Tax: Income Taxes are computed using the tax effect accounting
method, where taxes are accrued in the same period the related revenue
and expenses arise. A provision is made for income tax annually, based
on the tax liability computed after considering tax allowances and
exemptions. No provision has been made for Income Tax in view of
accumulated losses during the current period.
Deferred Tax: The differences that result between the profit offered
for income tax and the profit as per the financial statements are
identified, and thereafter a deferred tax asset or liability is
recorded for timing differences, namely the differences that originate
in one accounting period and get reversed in another, based on the tax
effect of the aggregate amount being considered. 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. The Company has brought
forwarded losses carried over from Previous Years and the Company is of
the opinion that it is unlikely that it will be able to realize the
benefits of such carry forward of losses. Consequently, the Company has
not made any provision for Deferred Taxes for the current period.
8. Capital Commitments:
Estimated amount of contracts to be executed on capital not provided
for (net of advances) - NIL