Accounting Policies of SMIFS Capital Markets Ltd. Company
Mar 31, 2023
The Company Information
SMIFS Capital markets Limited (the âCompanyâ) is a public limited company incorporated and domiciled in India and has its registered office at Vaibhav, 4F, 4, Lee Road, Kolkata - 700 020, India. The Company is listed on the BSE Limited and Calcutta Stock Exchange Limited. The company is engaged mainly in merchant banking and trading in government securities and shares.
The financial statements for the year ended March 31,2023 were approved by the Board of Directors and authorised for issue on 18th May 2023.
Note: 1 Significant accounting policies
a) Statement of Compliance
The financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under the companies (Indian Accounting Standards) Rules, 2015 as amended by companies (Indian Accounting Standards) (Amendment) Rules, 2016, the relevant provisions of Companies Act, 2013 (âthe Actâ)
The financial statements are presented in Indian Rupees (in Lakhs) except otherwise indicated.
b) Basis of Preparation
The Financial Statements of the Company have been prepared on historical cost convention under accrual method of accounting and as a going concern concept except for certain assets and liabilities which are measured at fair values as required by Ind AS.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
All assets and liabilities have been classified as per the Companyâs normal operating cycle and the other criteria as set out in the Division II of Schedule III to the Companies Act, 2013. The Company has ascertained its operating cycle as 12 months for the purpose of current and noncurrent classification of assets and liabilities.
Adoption of new Indian Accounting Standards and interpretations
Effective 1st April 2019, Ind AS 116 replaces the existing standard Ind AS 17 and specifies how an entity will recognise, measure, present and disclose leases. The standard provides a single lease accounting model, requiring lessees to recognise a right of use asset (âROU assetâ) and a corresponding liability on the lease commencement date. It provides exemption for leases with lease term of 12 months or less or the underlying asset has a low value.
The Company has applied Ind AS 116. The Company has assessed the effect of the new standard and has concluded that the application of Ind AS 116 has not had significant effect on recognition and measurement of revenue.
c) Use of estimates
In preparation of the financial statements, the Company makes judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and the associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised, and future periods affected.
d) Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation/amortization and impairment, if any. Freehold land is disclosed at cost less impairment, if any. Cost comprises of purchase price and directly attributable cost of acquisition/ bringing the asset to its working condition for its intended use (net of credit availed, if any).Capital work in progress, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any.
Subsequent costs are included in the assetâs carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
An item of property, plant and equipment and any significant part initially recognised is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized.
Depreciation
Depreciation is the systematic allocation of the depreciable amount of PPE over its useful life and is provided on a written down value basis over the useful lives as prescribed under Schedule II to the Companies Act, 2013.
Depreciable amount for PPE is the cost of PPE less its estimated residual value. The useful life of PPE is the period over which PPE is expected to be available for use by the Company, or the number of production or similar units expected to be obtained from the asset by the Company.
Depreciation on additions is provided on a pro-rata basis from the month of installation or acquisition. Depreciation on deductions/disposals is provided on a pro-rata basis up to the month proceeding the month of deduction/disposal.
e) Impairment of Non-financial assets
The Company assesses at each reporting date whether there is any indication that any property, plant and equipment and intangible assets or group of assets, called cash generating unit may be impaired. If any such indication exists the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the Statement of Profit and Loss. If at the balance sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed, and the asset is reflected at the recoverable amount.
f) Inventories
Inventories consisting of shares and securities have been individually valued script wise at lower of cost and market rate, in case they are quoted. Other stock-in-trade are valued at cost/ net asset value whichever is lower or where balance sheet of investee Company is not available for past two years, value of such unquoted Stock-in-trade have been taken at rupee one per share as per prudential norms issued by the Reserve Bank of India.
g) Borrowing costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale and borrowing costs are being incurred. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale.
h) Provisions, Contingent liabilities and Contingent Assets
Provisions are recognised when there is a present obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and in respect of which reliable estimate can be made. Provisions are not discounted to its present value and are determined based on the best estimate required to settle the obligation at each Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the best current estimate.
A present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made, is disclosed as a contingent liability. Contingent liabilities are also disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non -occurrence of one or more uncertain future events not wholly within the control of the Company.
Contingent assets are not recognised in financial statements since this may result in the recognition of income that may never be realised. However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and is recognised.
i) Revenue recognition
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Revenue is measured at the fair value of the consideration received or receivable, net of returns, discounts, volume rebates, and goods and service tax. The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the Company regardless of when the payment is being made.
Income from interest on deposits, loan and interest bearing securities is recognised on a time proportion basis taking into account the underlying interest rate.
Dividend income is recognised at the time when right to receive the payment is established, which is generally, when the shareholders approve the dividend.
j) Income Tax
The income tax expense or credit for the period is the tax payable on the current periodâs taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities (including MAT) attributable to temporary differences and to unused tax losses.
Deferred tax is provided using the balance sheet approach on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purpose at reporting date. Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. The Company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
Deferred tax assets include Minimum Alternate Tax (MAT) paid in accordance with the tax laws in India, which is likely to give future economic benefits in the form of availability of set off against future income tax liability. MAT is recognised as deferred tax assets in the Balance Sheet when the asset can be measured reliably and it is probable that the future economic benefit associated with the asset will be realised.
k) Cash flow statement
Cash flows are reported using the indirect method, whereby profit for the period 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.
l) Financial instruments
Financial assets and financial liabilities are recognised when a Company becomes a party to the contractual provisions of the instruments.
Initial Recognition
All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction cost that are directly attributable to the acquisition or issue of financial assets and financial liabilities, that are not at fair value through profit or loss, are added to the fair value on initial recognition
Classification and Subsequent Measurement: Financial Assets
The Company classifies financial assets as subsequently measured at amortised cost, fair value through other comprehensive income (âFVOCIâ)or fair value through profit or loss (âFVTPLâ) on the basis of following:
⢠entityâs business model for managing the financial assets and
⢠contractual cash flow characteristics of the financial asset.
Debt InstrumentsAmortised Cost
A financial asset is subsequently measured at amortise cost, if the financial asset is held within a business model, whose objective is to hold the asset in order to collect contractual cash flow and the contractual term of financial asset give rise on specified date to cash flow that are solely payment of principal and interest on principal amount outstanding.
Fair Value through Other Comprehensive Income
Financial assets that are held within a business model whose objective is achieved by both, selling financial assets and collecting contractual cash flows that are solely payments of principal and interest, are subsequently measured at fair value through other comprehensive income. Fair value movements are recognized in the other comprehensive income (OCI). Interest income measured using the EIR method and impairment losses, if any are recognised in the Statement of Profit and Loss. On derecognition, cumulative gain or loss previously recognised in OCI is reclassified from the equity to âother incomeâ in the Statement of Profit and Loss.
Fair Value through Profit or Loss
A financial asset is classified and measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through OCI.
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.
Equity Instruments
All investments in equity instruments classified under financial assets are measured at fair value. The company, in respect of equity investments which are not held for trading,made an irrevocable election based on its judgment to present in other comprehensive income subsequent changes in the fair value (FVOCI) of such equity instrument. The Company makes such election on an instrument-by-instrument basis. Fair value changes on an equity instrument is recognised as other income in the Statement of Profit and Loss unless the Company has elected to measure such instrument at FVOCI. Fair value changes excluding dividends, on an equity instrument measured at FVOCI are recognised in OCI. Amounts recognised in OCI are not subsequently reclassified to the Statement of Profit and Loss. Dividend income on the investments in equity instruments are recognised as âother incomeâ in the Statement of Profit and Loss.
Initial Recognition
Financial liabilities are initially measured at the amortised cost unless at initial recognition, they are classified as fair value through profit and loss. In case of trade payables, they are initially recognised at fair value and subsequently, these liabilities are held at amortised cost, using the effective interest method.
Classification and Subsequent Measurement: Financial liabilities
Financial liabilities are subsequently measured at amortised cost using the EIR method. Financial liabilities carried at fair value through profit or loss are measured at fair value with all changes in fair value recognised in the Statement of Profit and Loss.
Impairment of financial assets
Financial assets, other than those at FVTPL, are assessed for indicators of impairment at the end of each reporting period. The Company recognises a loss allowance for expected credit losses on financial asset. In case of trade receivables, the Company follows the simplified approach permittedby Ind AS 109 - Financial Instruments for recognition of impairment loss allowance. The application of simplified approach does not require the Company to track changes in credit risk. The Company calculates the expected credit losses on trade receivables using a provision matrix on the basis of its historical credit loss experience.
Derecognition of financial instruments
The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the contractual rights to receive the cash flows from the asset.
A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expires.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.
m) Fair value measurements
The Company measures financial instruments at fair value at each balance sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
- In the principal market for the asset or liability.
Or
-In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Company.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole;
Level 1- Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2- Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
Level 3- Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
n) Employee benefits Defined contributions plan
Contributions to defined contribution schemes such as employeesâ state insurance, labour welfare fund, superannuation scheme, employee pension scheme etc. are charged as an expense based on the amount of contribution required to be made as and when services are rendered by the employees. Companyâs provident fund contribution, in respect of certain employees, is made to a government administered fund and charged as an expense to the Statement of Profit and Loss. The above benefits are classified as Defined Contribution Schemes as the Company has no further defined obligations beyond the monthly contributions.
The Companyâs Liabilities on account of Gratuity and Earned Leave on retirement of employees are determined at the end of each financial year on the basis of actuarial valuation certificates obtained from Registered Actuary in accordance with the measurement procedure as per Indian Accounting Standard (Ind AS) -19., âEmployee Benefitsâ The gratuity liability is covered through a policy taken by a trust established under the group gratuity scheme with Life Insurance Corporation of India (LIC). The costs of providing benefits under these plans are also determined on the basis of actuarial valuation at each year end. Actuarial gains and losses for defined benefit plans are recognized through OCI in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.
The Defined Benefit Plan can be short term or Long terms which are defined below:
(i) Short term Employee benefit
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employeesâ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefits obligations in the balance sheet.
(ii) Long term Employee benefits
Compensated absences which are not expected to occur within 12 months after the end of the period in which the employee renders the related services are recognized as a liability at the present value of the defined benefit obligation at the balance sheet date.
o) Segment reporting
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the companyâs chief operating decision maker to make decisions for which discrete financial information is available. Based on the management approach as defined in Ind AS 108, the chief operating decision maker evaluates the Companyâs performance and allocates resources based on an analysis of various performance indicators by business segments and geographic segments.
p) Borrowings
Borrowings are measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Where there is a breach of a material provision of a long-term loan arrangement on or before the end of the reporting period with the effect that the liability becomes payable on demand on the reporting date, the entity does not classify the liability as current, if the lender agreed, after the reporting period and before the approval of the financial statements for issue, not to demand payment as a consequence of the breach.
Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.
r) Investment in subsidiary
Investment in subsidiaryis shown at deemed cost. Further where the carrying amount of an investment is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount and the difference is transferred to the Statement of Profit and Loss, if any. On disposal of investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to the Statement of profit and loss, if any.
s) Business Combinations
Business combinations have been accounted for using the acquisition method under the provisions of Ind AS 103, Business Combinations. The Cost of acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition, which is the date on which control is transferred to the Company. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition.
t) Recent Accounting Developments
Misistry of Corporate Affairs (MCA), vide notification dated 31st March, 2023, has made the following amendments to Ind AS which are effective 1st April, 2023.
a. Amendments to Ind AS 1, Presentation of Financial Statements where the companies are now required to disclose material accounting policies rather than their significant accounting policies.
b. Amendments to Ind AS 8, Accounting policies Changes in Accounting Estimates and Errors where the definition of changes in account estimate has been replaced by revised definition of accounting estimate.
c. Amendments to Ind AS 12, Income Taxes where the scope of initial Recognition Exemption (IRE) has been narrowed down.
Based on preliminary assessment, the Company does not expect these amendments to have any significant impact on its standalone financial statements.
Mar 31, 2018
NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2018 The Company Information
Smifs Capital markets Limited (the âCompanyâ) is a public limited company incorporated and domiciled in India and has its registered office at Vaibhav, 4F, 4, Lee Road, Kolkata - 700 020, India. The Company is listed on the BSE Limited and Calcutta Stock Exchange Limited. The company is engaged mainly in merchant banking and trading in government securities and shares.
The financial statements for the year ended March 31, 2018 were approved by the Board of Directors and authorized for issue on 30th May 2018.
Note: 1 Significant accounting policies
This note provides a list of the significant accounting policies adopted in the preparation of these financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated.
a) Statement of Compliance
The financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under the companies (Indian Accounting Standards) Rules, 2015 as amended by companies (Indian Accounting Standards) (Amendment) Rules, 2016, the relevant provisions of Companies Act, 2013 (âthe Actâ)
The financial statements up to year ended 31 March 2017 were prepared in accordance with the accounting standards notified under the section 133 of the Companies Act, 2013 read together with Rule 7 of Companies (Accounts) rule 2014, (Indian GAAP).
The transition from Previous GAAP to Ind AS has been accounted for in accordance with Ind AS 101 âFirst Time Adoption of Indian Accounting Standardâ with April 1, 2016 being the transition date.
In accordance with Ind AS 101 âFirst Time Adoption of Indian Accounting Standardâ the Company has presented a reconciliation from the presentation of final statements under accounting standards notified under the Companies Accounting Standard Rules, 2006 i.e. âPrevious GAAPâ to Ind AS of total equity as at April 1, 2016 and March 31, 2017, total comprehensive income and cash flow for the year ended March 31, 2017.
The financial statements are presented in Indian Rupees except otherwise indicated.
b) Basis of Preparation
The Financial Statements of the Company have been prepared on historical cost convention under accrual method of accounting and as a going concern concept except for certain assets and liabilities which are measured at fair values as required by Ind AS.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
All assets and liabilities have been classified as per the Companyâs normal operating cycle and the other criteria as set out in the Division II of Schedule III to the Companies Act, 2013. The Company has ascertained its operating cycle as 12 months for the purpose of current and noncurrent classification of assets and liabilities.
c) Use of estimates
In preparation of the financial statements, the Company makes judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and the associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised, and future periods affected.
d) Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation/amortization and impairment, if any. Freehold land is disclosed at cost less impairment, if any. Cost comprises of purchase price and directly attributable cost of acquisition/ bringing the asset to its working condition for its intended use (net of credit availed, if any). Capital work in progress, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any.
Subsequent costs are included in the assetâs carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
On transition to Ind AS, the entity has elected to continue with the carrying value of all of its property, plant and equipment recognized as at 1st April 2016 measured as per the previous GAAP and use that carrying value as the deemed cost of the property, plant and equipment.
An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized.
Depreciation
Depreciation is the systematic allocation of the depreciable amount of PPE over its useful life and is provided on a written down value basis over the useful lives as prescribed under Schedule II to the Companies Act, 2013.
Depreciable amount for PPE is the cost of PPE less its estimated residual value. The useful life of PPE is the period over which PPE is expected to be available for use by the Company, or the number of production or similar units expected to be obtained from the asset by the Company.
Depreciation on additions is provided on a pro-rata basis from the month of installation or acquisition. Depreciation on deductions/disposals is provided on a pro-rata basis up to the month preceding the month of deduction/disposal.
e) Impairment of Non-financial assets
The Company assesses at each reporting date whether there is any indication that any property, plant and equipment and intangible assets or group of assets, called cash generating unit may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the Statement of Profit and Loss. If at the balance sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed, and the asset is reflected at the recoverable amount.
f) Inventories
Inventories consisting of shares and securities has been individually valued script wise at lower of cost and market rate, in case they are quoted. Other stock-in-trade are valued at cost/ net asset value whichever is lower or where balance sheet of investee Company is not available for past two years, value of such unquoted Stock-in-trade have been taken at rupee one per share as per prudential norms issued by the Reserve Bank of India.
Inventories includes construction work-in-progress in respect of real estate development.
g) Borrowing costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale and borrowing costs are being incurred. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale.
h) Provisions, Contingent liabilities and Contingent Assets
Provisions are recognized when there is a present obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and in respect of which reliable estimate can be made. Provisions are not discounted to its present value and are determined based on the best estimate required to settle the obligation at each Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the best current estimate.
A present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made, is disclosed as a contingent liability. Contingent liabilities are also disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non -occurrence of one or more uncertain future events not wholly within the control of the Company.
Contingent assets are not recognized in financial statements since this may result in the recognition of income that may never be realized. However, when the realization of income is virtually certain, then the related asset is not a contingent asset and is recognized.
i) Revenue recognition
The company recognizes revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity. The company bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and specifies of each arrangement. Revenue is measured at the fair value of the consideration received or receivables.
The measurement of contract revenue is affected by a variety of uncertainties that depend on the outcome of future events. The estimates often need to be revised as events occur and uncertainties resolve. Therefore, the amount of contract revenue may increase or decrease from one period to the next.
When the outcome of construction contract can be estimated reliably, contract revenue and contract costs associated with the construction contract shall be recognized as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period. An expected loss on construction contract shall be recognized as an expense immediately.
The recognition of revenue and expenses by reference to the stage of completion of a contract is often referred to as the percentage of completion method. Under this method contract revenue is matched with the contact costs incurred in reaching the stage of completion, resulting in the reporting of revenue, expenses and profit which can be attributed to the proportion of work completed.
Interest Income
Income from interest on deposits, loan and interest bearing securities is recognized on a time proportion basis taking into account the underlying interest rate.
Dividend income
Dividend income is recognized at the time when right to receive the payment is established, which is generally, when the shareholders approve the dividend.
j) Income Tax
The income tax expense or credit for the period is the tax payable on the current periodâs taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities (including MAT) attributable to temporary differences and to unused tax losses.
Deferred tax is provided using the balance sheet approach on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purpose at reporting date. Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. The Company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
Deferred tax assets include Minimum Alternate Tax (MAT) paid in accordance with the tax laws in India, which is likely to give future economic benefits in the form of availability of set off against future income tax liability. MAT is recognized as deferred tax assets in the Balance Sheet when the asset can be measured reliably and it is probable that the future economic benefit associated with the asset will be realized.
k) Cash flow statement
Cash flows are reported using the indirect method, whereby profit for the period 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.
l) Financial instruments
Financial assets and financial liabilities are recognized when a Company becomes a party to the contractual provisions of the instruments.
Financial Assets
Initial Recognition
All financial assets and liabilities are recognized at fair value on initial recognition, except for
trade receivables which are initially measured at transaction price. Transaction cost that are directly attributable to the acquisition or issue of financial assets and financial liabilities, that are not at fair value through profit or loss, are added to the fair value on initial recognition.
Classification and Subsequent Measurement: Financial Assets
The Company classifies financial assets as subsequently measured at amortized cost, fair value through other comprehensive income (âFVOCIâ) or fair value through profit or loss (âFVTPLâ) on the basis of following:
- entityâs business model for managing the financial assets and
- contractual cash flow characteristics of the financial asset.
Debt Instruments
Amortized Cost
A financial asset is subsequently measured at amortize cost, if the financial asset is held within a business model, whose objective is to hold the asset in order to collect contractual cash flow and the contractual term of financial asset give rise on specified date to cash flow that are solely payment of principal and interest on principal amount outstanding.
Fair Value through Other Comprehensive Income
Financial assets that are held within a business model whose objective is achieved by both, selling financial assets and collecting contractual cash flows that are solely payments of principal and interest, are subsequently measured at fair value through other comprehensive income. Fair value movements are recognized in the other comprehensive income (OCI). Interest income measured using the EIR method and impairment losses, if any are recognized in the Statement of Profit and Loss. On derecognition, cumulative gain or loss previously recognized in OCI is reclassified from the equity to âother incomeâ in the Statement of Profit and Loss.
Fair Value through Profit or Loss
A financial asset is classified and measured at fair value through profit or loss unless it is measured at amortized cost or at fair value through OCI.
All recognized financial assets are subsequently measured in their entirety at either amortized cost or fair value, depending on the classification of the financial assets.
Equity Instruments
All investments in equity instruments classified under financial assets are measured at fair value. The company in respect of equity investments, which are not held for trading, made an irrevocable election based on its judgment to present in other comprehensive income subsequent changes in the fair value (FVOCI) of such equity instrument. The Company makes such election on an instrument-by-instrument basis. Fair value changes on an equity instrument is recognized as other income in the Statement of Profit and Loss unless the Company has elected to measure such instrument at FVOCI. Fair value changes excluding dividends, on an equity instrument measured at FVOCI are recognized in OCI. Amounts recognized in OCI are not subsequently reclassified to the Statement of Profit and Loss. Dividend income on the investments in equity instruments are recognized as âother incomeâ in the Statement of Profit and Loss.
Financial Liabilities
Initial Recognition
Financial liabilities are initially measured at the amortized cost unless at initial recognition, they are classified as fair value through profit and loss. In case of trade payables, they are initially recognized at fair value and subsequently, these liabilities are held at amortized cost, using the
effective interest method.
Classification and Subsequent Measurement: Financial liabilities
Financial liabilities are subsequently measured at amortized cost using the EIR method. Financial liabilities carried at fair value through profit or loss are measured at fair value with all changes in fair value recognized in the Statement of Profit and Loss.
Impairment of financial assets
Financial assets, other than those at FVTPL, are assessed for indicators of impairment at the end of each reporting period. The Company recognizes a loss allowance for expected credit losses on financial asset. In case of trade receivables, the Company follows the simplified approach permitted by Ind AS 109 - Financial Instruments for recognition of impairment loss allowance. The application of simplified approach does not require the Company to track changes in credit risk. The Company calculates the expected credit losses on trade receivables using a provision matrix on the basis of its historical credit loss experience.
Derecognition of financial instruments
The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the contractual rights to receive the cash flows from the asset.
A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled or expires.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.
m) Fair value measurements
The Company measures financial instruments at fair value at each balance sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
- In the principal market for the asset or liability.
Or
- In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Company.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole;
Level 1- Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2- Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
Level 3- Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
n) Employee benefits
Defined contributions plan
Contributions to defined contribution schemes such as employeesâ state insurance, labour welfare fund, superannuation scheme, employee pension scheme etc. are charged as an expense based on the amount of contribution required to be made as and when services are rendered by the employees. Companyâs provident fund contribution, in respect of certain employees, is made to a government administered fund and charged as an expense to the Statement of Profit and Loss. The above benefits are classified as Defined Contribution Schemes as the Company has no further defined obligations beyond the monthly contributions.
Defined benefit plans
The Companyâs Liabilities on account of Gratuity and Earned Leave on retirement of employees are determined at the end of each financial year on the basis of actuarial valuation certificates obtained from Registered Actuary in accordance with the measurement procedure as per Indian Accounting Standard (Ind AS) -19., âEmployee Benefitsâ The gratuity liability is covered through a policy taken by a trust established under the group gratuity scheme with Life Insurance Corporation of India (LIC). The costs of providing benefits under these plans are also determined on the basis of actuarial valuation at each year end. Actuarial gains and losses for defined benefit plans are recognized through OCI in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.
The Defined Benefit Plan can be short term or Long terms which are defined below:
(i) Short term Employee benefit
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employeesâ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefits obligations in the balance sheet.
(ii) Long term Employee benefits
Compensated absences which are not expected to occur within 12 months after the end of the period in which the employee renders the related services are recognized as a liability at the present value of the defined benefit obligation at the balance sheet date.
o) Segment reporting
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the companyâs chief operating decision maker to make decisions for which discrete financial information is available. Based on the management approach as defined in Ind AS 108, the chief operating decision maker evaluates the Companyâs performance and allocates resources based on an analysis of various performance indicators by business segments and geographic segments.
p) Borrowings
Borrowings are measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Where there is a breach of a material provision of a long-term loan arrangement on or before the end of the reporting period with the effect that the liability becomes payable on demand on the reporting date, the entity does not classify the liability as current, if the lender agreed, after the reporting period and before the approval of the financial statements for issue, not to demand payment as a consequence of the breach.
q) Earnings per share
Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.
r) Investment in subsidiary
Investment in subsidiary is shown at deemed cost. Further where the carrying amount of an investment is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount and the difference is transferred to the Statement of Profit and Loss, if any. On disposal of investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to the Statement of profit and loss, if any.
s) Business Combinations
Business combinations have been accounted for using the acquisition method under the provisions of Ind AS 103, Business Combinations. The Cost of acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition, which is the date on which control is transferred to the Company. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition.
t) Recent accounting pronouncements
Ind AS 12 - Income Taxes: The amendments clarify that an entity needs to consider whether tax law restricts the sources of taxable profits against which it may make deductions on the reversal of that deductible temporary difference. Furthermore, the amendments provide guidance on how an entity should determine future taxable profits and explain the circumstances in which taxable profit may include the recovery of some assets for more than their carrying amount.
Entities are required to apply the amendments retrospectively. However, on initial application of the amendments, the change in the opening equity of the earliest comparative period may be recognized in opening retained earnings (or in another component of equity, as appropriate), without allocating the change between opening retained earnings and other components of equity. Entities applying this relief must disclose that fact.
These amendments are effective for annual periods beginning on or after 1 April 2018. These amendments are not expected to have any impact on the Company as the Company has no deductible temporary differences or assets that are in the scope of the amendments.
Ind AS 115- Revenue from Contract with Customers: On March 28, 2018, Ministry of Corporate Affairs ("MCA") has notified the Ind AS 115, Revenue from Contract with Customers. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Further, the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entityâs contracts with customers.
The standard permits two possible methods of transition:
Retrospective approach - Under this approach the standard will be applied retrospectively to each prior reporting period presented in accordance with Ind AS 8- Accounting Policies, Changes in Accounting Estimates and Errors;
Retrospectively with cumulative effect of initially applying the standard recognized at the date of initial application (Cumulative catch - up approach) The effective date for adoption of Ind AS 115 is financial periods beginning on or after April 1, 2018.
The Company will adopt the standard on April 1, 2018 by using the cumulative catch-up transition method and accordingly comparatives for the year ending or ended March 31, 2018 will not be retrospectively adjusted. The effect on adoption of Ind AS 115 is expected to be insignificant.
4 Terms and Rights attached to equity shares
The Company has only one class of equity shares having a par value of '' 10/- per share. Each holder of equity shares is entitled to one vote pershare. The Company declares and pay dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Mar 31, 2015
(a) Basis of preparation of financial statements
The financial statements have been prepared in conformity with
accounting principles generally accepted in India and comply with the
Accounting Standards issued by the Institute of Chartered Accountants
of India and referred to Sec 129 & 133 of the Companies Act, 2013.
The financial statements have been prepared under the historical cost
convention, except for certain class of fixed assets which are
revalued as and when undertaken, in accordance with the generally
accepted accounting principles in India.
The accounting policies have been consistently applied by the Company
and except for the changes in accounting policy discussed more fully
below, are consistent with those used in the previous year.
(b) Fixed Assets
Fixed assets are stated at cost and includes amount added on
revaluation less accumulated depreciation and Lease Terminal Adjustment
account. Cost comprises the purchase price and any attributable cost of
bringing the asset to its working condition for its intended use.
(c) Depreciation
Depreciation on Fixed assets is provided on written down value
method. Depreciation is provided based on the rates derived from the
useful life assigned to each asset as prescribed in Schedule II to the
Companies Act, 2013.
Depreciation on Fixed assets added/disposed during the year is provided
on a pro-rata basis with reference to the date of addition/disposal.
(d) Lease Equalisation Charges
Lease rental income is recognised on accrual basis over the lease
period. Except in cases where lease contracts have become
non-performing assets, the cost of all leased assets is fully amortised
during the lease period as per Accounting Standard-19"Accounting for
Leases" issued by the Institute of Chartered Accountants of India.
Lease Equalisation charge is accordingly accounted for.
(e) Investments
As per the Accounting Standard issued by The Institute of Chartered
Accountants of India, Non- Current investments in shares and securities
are carried at cost less provision for diminution, other than
temporary, determined separately for each individual Investment.
Current investments are carried at lower of cost or fair value.
(f) Stock-in-trade
i) Stock-in-trade consisting of shares and securities has been
individually valued script wise at lower of cost and market rate, in
case they are quoted. Other Stock-in-trade are valued at cost / net
asset value whichever is lower or where balance sheet of investee
Company is not available for past two years, value of such unquoted
Stock-in-trade have been taken at rupee one per share as per prudential
norms issued by the Reserve Bank of India.
ii) Stock-in-trade includes construction work-in-progress in respect of
real estate development.
(g) Revenue recognition
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
In respect of lease rentals arising out of lease agreements, it is the
company's policy to recognise income as per the terms of the agreements
entered into with lessees. However, where lease rentals are past due
for more than one year, the Company has not recognised any income as
per the past practice followed by the company.
Revenue from real estate development activity is recognized when all
significant risk and rewards of ownership in the fl ats being
developed are transferred to the customers and a reasonable expectation
of collection of the sale consideration from the customers exists.
Revenue from sale of incomplete properties / projects is recognised on
the basis of percentage of completion method. Estimated costs relating
to construction / development are charged to the Statement of Profit
and Loss in proportion with the revenue recognised during the year. The
balance costs are carried as part of 'Construction Work in Progress'
under inventories under current assets. Amounts receivable / payable
are reflected as Trade Receivables or Advances from Customers,
respectively, after considering income recognised in the aforesaid
manner.
Costs of the projects are based on the management's estimate of the
cost to be incurred upto the completion of the projects and include
cost of land, materials, services and other expenses attributable to
the projects. Estimates of project income, as well as project costs,
are reviewed periodically. The effect of changes in cost, if any, is
recognised in the financial statements for the period in which such
changes are determined.
(h) Employee Benefits
The employees' gratuity fund scheme managed by a Trust (Life Insurance
Corporation of India) is a defined benefit plan. The Present value of
obligation is determined based on actuarial valuation using the
Projected Unit Credit Method which recognizes each period of service as
giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation. The
compensated absences are unfunded. Provision for leave encashment has
been made on the basis of Actuarial valuation as at the end of the fi
nancial year and are charged to Statement of Profit & Loss during the
year.
Short-term employee benefits are recognised as an expense in the
Statement of Profit &Loss of the year in which the related service is
rendered.
(i) Provision for Current and Deferred Tax
The accounting treatment for income tax in respect of the income is
based on the Accounting Standards on 'Accounting for Taxes on Income'
(AS 22) issued by the Institute of Chartered Accountants of India.
A provision is made for the current tax based on tax liability computed
in accordance with relevant tax rates and tax laws. A provision is made
for deferred tax liability / asset for timing differences arising
between taxable incomes and accounting income at currently enacted tax
rates.
Minimum Alternate Tax (MAT) paid in a year is charged to the statement
of Profit and Loss as current tax. The Company recognises MAT credit
as an asset only to the extent that there is convincing evidence that
the Company will pay normal tax during the specified period i.e the
period for which MAT credit is allowed to be carried forward. In the
year in which the Company recognises MAT credit as an asset in
accordance with the Guidance Note on Accounting for Credit Available in
respect of Minimum Alternative Tax under the Income Tax Act, 1961, the
said assets is created by way of credit to the statement of Profit and
loss and shown as "MAT Credit Entitlement". The Company reviews the
"MAT Credit Entitlement" asset at each reporting date and writes down
the asset to the extent the Company does not have convincing evidence
that it will pay normal tax during the specified period.
Deferred tax assets are recognized 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.
(j) Contingencies i
Claims against the Company which are material and whose future outcome
cannot be ascertained with reasonable certainty are treated as
contingent and disclosed by way of notes to the financial statements.
(k) Impairment of Assets
In compliance with Accounting Standard (AS) 28- "Impairment of Assets"
issued by the Institute of Chartered Accountants of India, the carrying
amounts of Cash Generating Units/Assets are reviewed at Balance Sheet
date to determine whether there is any indication of impairment. If
any such indication exists, the recoverable amount is estimated at the
higher of net selling price and value in use. Impairment loss is
recognised wherever carrying amount exceeds the recoverable amount.
(l) Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised in respect of obligations where, based on the
evidence available, their existence at the Balance Sheet date is
considered probable. Contingent liabilities are shown by way of Notes
to the financial statements in respect of obligations where, based on
the evidence available, their existence at the Balance Sheet date is
considered not probable. Contingent assets are not recognised in the fi
nancial statements.
Mar 31, 2014
(a) Basis of preparation of financial statements
The financial statements have been prepared to comply in all material
respects with the applicable accounting principles in India, mandatory
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 which as per a clarification issued by the
Ministry of Corporate Affairs continue to apply under section 133 of
the Companies Act 2013 (which has superseded section 211(3C) of the
Companies Act 1956 w.e.f 12 September 2013), other pronouncement of the
Institute of Chartered Accountants of India, the provisions of the
Companies Act, 2013(to the extent notified and applicable) and the
Companies Act, 1956(to the extent applicable).
The financial statements have been prepared under the historical cost
convention, except for certain class of fixed assets which are revalued
as and when undertaken, in accordance with the generally accepted
accounting principles in India and the provisions of Companies Act,
1956.
The accounting policies have been consistently applied by the Company
and except for the changes in accounting policy discussed more fully
below, are consistent with those used in the previous year.
(b) Fixed Assets
Fixed assets are stated at cost and includes amount added on
revaluation less accumulated depreciation and Lease Terminal Adjustment
account. Cost comprises the purchase price and any attributable cost of
bringing the asset to its working condition for its intended use.
(c) Depreciation
Depreciation on Fixed assets is provided on written down value method
at the rates prescribed in Schedule XIV of the Companies Act 1956, (as
amended), except for leased assets which is written off on
straight-line method at the rates prescribed in Schedule XIV of the
Companies Act, 1956. For lease contracts, which have become
non-performing assets, depreciation has been provided at accelerated
rate of depreciation calculated on principal recovery method.
Depreciation on Fixed assets added/disposed during the year is provided
on a pro-rata basis with reference to the date of addition/disposal.
(d) Lease Equalisation Charges
Lease rental income is recognised on accrual basis over the lease
period. Except in cases where lease contracts have become
non-performing assets, the cost of all leased assets is fully amortised
during the lease period as per Accounting Standard-19 "Accounting for
Leases" issued by the Institute of Chartered Accountants of India.
Lease Equalisation charge is accordingly accounted for.
(e) Investments
As per the Accounting Standard issued by The Institute of Chartered
Accountants of India, Non- Current investments in shares and securities
are carried at cost less provision for diminution, other than
temporary, determined separately for each individual Investment.
Current investments are carried at lower of cost or fair value.
(f) Stock-in-trade
i) Stock-in-trade consisting of shares and securities has been
individually valued script wise at lower of cost and market rate, in
case they are quoted. Other Stock-in-trade are valued at cost/net
asset value whichever is lower or where balance sheet of investee
Company is not available for past two years, value of such unquoted
Stock-in-trade have been taken at rupee one per share as per prudential
norms issued by the Reserve Bank of India.
ii) Stock-in-trade includes construction work-in-progress in respect of
real estate development.
(g) Revenue recognition
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
In respect of lease rentals arising out of lease agreements, it is the
company''s policy to recognise income as per the terms of the agreements
entered into with lessees. However, where lease rentals are past due
for more than one year, the Company has not recognised any income as
per the past practice followed by the company.
Revenue from real estate development activity is recognized when all
significant risk and rewards of ownership in the flats being developed
are transferred to the customers and a reasonable expectation of
collection of the sale consideration from the customers exists.
Revenue from sale of incomplete properties/projects is recognised on
the basis of percentage of completion method. Estimated costs relating
to construction/development are charged to the Statement of Profit
and Loss in proportion with the revenue recognised during the year. The
balance costs are carried as part of ''Construction Work in Progress''
under inventories under current assets. Amounts receivable/payable
are reflected as Trade Receivables or Advances from Customers,
respectively, after considering income recognised in the aforesaid
manner.
Costs of the projects are based on the management''s estimate of the
cost to be incurred upto the completion of the projects and include
cost of land, materials, services and other expenses attributable to
the projects. Estimates of project income, as well as project costs,
are reviewed periodically. The effect of changes in cost, if any, is
recognised in the financial statements for the period in which such
changes are determined.
(h) Employee Benefits
The employees'' gratuity fund scheme managed by a Trust (Life Insurance
Corporation of India) is a defined benefit plan. The present value of
obligation is determined based on actuarial valuation using the
Projected Unit Credit Method which recognizes each period of service as
giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation. The
compensated absences are unfunded. Provision for leave encashment has
been made on the basis of Actuarial valuation as at the end of the
financial year and are charged to Statement of Profit & Loss during the
year.
Short-term employee benefits are recognised as an expense in the
Statement of Profit &Loss of the year in which the related service is
rendered.
(i) Provision for Current and Deferred Tax
The accounting treatment for income tax in respect of the income is
based on the Accounting Standards on ''Accounting for Taxes on Income''
(AS 22) issued by the Institute of Chartered Accountants of India.
A provision is made for the current tax based on tax liability computed
in accordance with relevant tax rates and tax laws. A provision is made
for deferred tax liability/asset for timing differences arising
between taxable incomes and accounting income at currently enacted tax
rates.
Minimum Alternate Tax (MAT) paid in a year is charged to the statement
of Profit and Loss as current tax. The Company recognises MAT credit as
an asset only to the extent that there is convincing evidence that the
Company will pay normal tax during the specified period i.e the period
for which MAT credit is allowed to be carried forward. In the year in
which the Company recognises MAT credit as an asset in accordance with
the Guidance Note on Accounting for Credit Available in respect of
Minimum Alternative Tax under the Income Tax Act, 1961, the said assets
is created by way of credit to the statement of profit and loss and
shown as "MAT Credit Entitlement". The Company reviews the "MAT Credit
Entitlement" asset at each reporting date and writes down the asset to
the extent the Company does not have convincing evidence that it will
pay normal tax during the specified period.
Deferred tax assets are recognized 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.
(j) Contingencies
Claims against the Company which are material and whose future outcome
cannot be ascertained with reasonable certainty are treated as
contingent and disclosed by way of notes to the financial statements.
(k) Impairment of Assets
In compliance with Accounting Standard (AS) 28 - "Impairment of Assets"
issued by the Institute of Chartered Accountants of India, the carrying
amounts of Cash Generating Units/Assets are reviewed at Balance Sheet
date to determine whether there is any indication of impairment. If any
such indication exists, the recoverable amount is estimated at the
higher of net selling price and value in use. Impairment loss is
recognised wherever carrying amount exceeds the recoverable amount.
(l) Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised in respect of obligations where, based on the
evidence available, their existence at the Balance Sheet date is
considered probable. Contingent liabilities are shown by way of Notes
to the financial statements in respect of obligations where, based on
the evidence available, their existence at the Balance Sheet date is
considered not probable. Contingent assets are not recognised in the
financial statements.
Mar 31, 2013
(a) Basis of preparation of financial statements
The financial statements have been prepared to comply, in all material
respects, with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India and the relevant provisions
of the Companies Act, 1956.
The financial statements have been prepared under the historical cost
convention, except for certain class of fixed assets which are
revalued, in accordance with the generally accepted accounting
principles in India and the provisions of Companies Act, 1956.
The accounting policies have been consistently applied by the Company
and except for the changes in accounting policy discussed more fully
below, are consistent with those used in the previous year.
(b) Fixed Assets
Fixed assets are stated at cost and includes amount added on
revaluation less accumulated depreciation and Lease Terminal Adjustment
account. Cost comprises the purchase price and any attributable cost of
bringing the asset to its working condition for its intended use.
(c) Depreciation
Depreciation on Fixed assets is provided on written down value method
at the rates prescribed in Schedule XIV of the Companies Act 1956, (as
amended), except for leased assets which is written off on
straight-line method at the rates prescribed in Schedule XIV of the
Companies Act, 1956. For lease contracts, which have become
non-performing assets, depreciation has been provided at accelerated
rate of depreciation calculated on principal recovery method.
Depreciation on Fixed assets added/disposed during the year is provided
on a pro-rata basis with reference to the date of addition/disposal.
(d) Lease Equalisation Charges:
Lease rental income is recognised on accrual basis over the lease
period. Except in cases where lease contracts have become
non-performing assets, the cost of all leased assets is fully amortised
during the lease period as per Accounting Standard-19" Accounting for
Leases" issued by the Institute of Chartered Accountants of India.
Lease Equalisation charge is accordingly accounted for.
(e) Investments
As per the Accounting Standard issued by The Institute of Chartered
Accountants of India, Non- Current investments in shares and securities
are carried at cost less provision for diminution, other than
temporary, determined separately for each individual Investment.
Current investments are carried at lower of cost or fair value.
(f) Stock-in-trade
i) Stock-in-trade consisting of shares and securities has been
individually valued script wise at lower of cost and market rate, in
case they are quoted. Other Stock-in-trade are valued at cost / net
asset value whichever is lower or where balance sheet of investee
Company is not available for past two years, value of such unquoted
Stock-in-trade have been taken at rupee one per share as per prudential
norms issued by the Reserve Bank of India.
ii) Stock-in-trade includes construction work-in-progress in respect of
real estate development.
(g) Revenue recognition
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
In respect of lease rentals arising out of lease agreements, it is the
Company''s policy to recognise income as per the terms of the agreements
entered into with lessees. However, where lease rentals are past due
for more than one year, the Company has not recognised any income as
per the past practice followed by the company.
Revenue from real estate development activity is recognized when all
significant risk and rewards of ownership in the flats being developed
are transferred to the customers and a reasonable expectation of
collection of the sale consideration from the customers exists.
Revenue from sale of incomplete properties / projects is recognised on
the basis of percentage of completion method. Estimated costs relating
to construction / development are charged to the Statement of Profit
and Loss in proportion with the revenue recognised during the year. The
balance costs are carried as part of ''Construction Work in Progress''
under inventories under current assets. Amounts receivable / payable
are reflected as Trade Receivables or Advances from Customers,
respectively, after considering income recognised in the aforesaid
manner.
Costs of the projects are based on the management''s estimate of the
cost to be incurred upto the completion of the projects and include
cost of land, materials, services and other expenses attributable to
the projects. Estimates of project income, as well as project costs,
are reviewed periodically. The effect of changes in cost, if any, is
recognised in the financial statements for the period in which such
changes are determined.
(h) Employee Benefits
The employees'' gratuity fund scheme managed by a Trust (Life Insurance
Corporation of India) is a defined benefit plan. The Present value of
obligation is determined based on actuarial valuation using the
Projected Unit Credit Method which recognizes each period of service as
giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation. The
compensated absences are unfunded. Provision for leave encashment has
been made on the basis of Actuarial valuation as at the end of the
financial year and are charged to Statement of Profit & Loss during the
year.
Short-term employee benefits are recognised as an expense in the
Statement of Profit & Loss of the year in which the related service is
rendered.
(i) Provision for Current and Deferred Tax
The accounting treatment for income tax in respect of the income is
based on the Accounting Standards on "Accounting for Taxes on Income"
(AS 22) issued by the Institute of Chartered Accountants of India.
A provision is made for the current tax based on tax liability computed
in accordance with relevant tax rates and tax laws. A provision is made
for deferred tax liability / asset for timing differences arising
between taxable incomes and accounting income at currently enacted tax
rates.
Minimum Alternate Tax (MAT) paid in a year is charged to the statement
of Profit and Loss as current tax. The Company recognises MAT credit as
an asset only to the extent that there is convincing evidence that the
Company will pay normal tax during the specified period i.e the period
for which MAT credit is allowed to be carried forward. In the year in
which the Company recognises MAT credit as an asset in accordance with
the Guidance Note on Accounting for Credit Available in respect of
Minimum Alternative Tax under the Income Tax Act, 1961, the said assets
is created by way of credit to the statement of profit and loss and
shown as "MAT Credit Entitlement". The Company reviews the "MAT Credit
Entitlement" asset at each reporting date and writes down the asset to
the extent the Company does not have convincing evidence that it will
pay normal tax during the specified period.
Deferred tax assets are recognized 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.
(j) Contingencies
Claims against the Company which are material and whose future outcome
cannot be ascertained with reasonable certainty are treated as
contingent and disclosed by way of notes to the financial statements.
(k) Impairment of Assets
In compliance with Accounting Standard (AS) 28- "Impairment of Assets"
issued by the Institute of Chartered Accountants of India, the carrying
amounts of Cash Generating Units/Assets are reviewed at Balance Sheet
date to determine whether there is any indication of impairment. If any
such indication exists, the recoverable amount is estimated at the
higher of net selling price and value in use. Impairment loss is
recognised wherever carrying amount exceeds the recoverable amount.
(l) Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised in respect of obligations where, based on the
evidence available, their existence at the Balance Sheet date is
considered probable. Contingent liabilities are shown by way of Notes
to the financial statements in respect of obligations where, based on
the evidence available, their existence at the Balance Sheet date is
considered not probable. Contingent assets are not recognised in the
financial statements.
Mar 31, 2012
(a) Basis of preparation of financial statements
The financial statements have been prepared to comply, in all material
respects, with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India and the relevant provisions
of the Companies Act, 1956.
The financial statements have been prepared under the historical cost
convention, except for certain class of fixed assets that are revalued,
in accordance with the generally accepted accounting principles in
India and the provisions of Companies Act, 1 956.
The accounting policies have been consistently applied by the Company
and except for the changes in accounting policy discussed more fully
below, are consistent with those used in the previous year.
(b) Fixed Assets
Fixed assets are stated at cost and includes amount added on
revaluation less accumulated depreciation and Lease Terminal Adjustment
account. Cost comprises the purchase price and any attributable cost of
bringing the asset to its working condition for its intended use.
During the year the Company has revalued its Land and Building by Rs.
291,682,913 crediting revaluation reserve by the said amount. I
(c) Depreciation
Depreciation on Fixed assets is provided on written down value method
at the rates prescribed in Schedule XIV of the Companies Act 1956, (as
amended), except for leased assets which is written off on
straight-line method at the rates prescribed in Schedule XIV of the
Companies Act, 1956. For lease contracts, which have become
non-performing assets, depreciation has been provided at accelerated
rate of depreciation calculated on principal recovery method.
Depreciation on Fixed assets added/disposed during the year is provided
on a pro-rata basis with reference to the date of addition/disposal.
(d) Lease Equalisation Charges
Lease rental income is recognised on accrual basis over the lease
period. Except in cases where lease contracts have become
non-performing assets, the cost of all leased assets is fully amortised
during the lease period as per Accounting Standard-" 19 Accounting for
Leases" issued by the Institute of Chartered Accountants of India.
Lease Equalisation charge is accordingly accounted for.
(e) Investments
As per the Accounting Standard issued by The Institute of Chartered
Accountants of India, Non-Current investments in shares and securities
are carried at cost less provision for diminution, other than
temporary, determined separately for each individual Investment.
Current investments are carried at lower of cost or fair value.
(f) Stock-in-trade
i) Stock-in-trade consisting of shares and securities has been
individually valued script wise at lower of cost and market rate, in
case they are quoted. Other Stock-in-trade are valued at cost / net
asset value whichever is lower or where balance sheet of investee
Company is not available for past two years, value of such unquoted
Stock-in-trade have been taken at rupee one per share as per prudential
norms issued by the Reserve Bank of India.
ii) During the year the Company has converted its capital asset into
stock-in-trade. Stock- in-trade includes construction work-in-progress
in respect of real estate development.
(g) Revenue recognition
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
In respect of lease rentals arising out of lease agreements, it is the
company's policy to recognise income as per the terms of the agreements
entered into with lessees. However, where lease rentals are past due
for more than one year, the Company has not recognised any income as
per the past practice followed by the company.
Revenue from real estate development activity is recognized when all
significant risk and rewards of ownership in the flats being developed
are transferred to the customers and a reasonable expectation of
collection of the sale consideration from the customers exists.
(h) Employee Benefits
The employees' gratuity fund scheme managed by a Trust (Life Insurance
Corporation of India) is a defined benefit plan. The Present value of
obligation is determined based on actuarial valuation using the
Projected Unit Credit Method which recognizes each period of service as
giving rise to additional unit of employee benefit entitlement and
measures each unit separately to build up the final obligation. The
compensated absences are unfunded.
Short-term employee benefits are recognised as an expense in the
statement of profit & loss of the year in which the related service is
rendered. Provision has been made for the monetary value of the leave
due to staff.
(i) Provision for Current and Deferred Tax
The accounting treatment for income tax in respect of the income is
based on the Accounting Standards on 'Accounting for Taxes on Income'
(AS 22) issued by the Institute of Chartered Accountants of India.
A provision is made for the current tax based on tax liability computed
in accordance with relevant tax rates and tax laws. A provision is made
for deferred tax liability / asset for timing differences arising
between taxable incomes and accounting income at currently enacted tax
rates.
Minimum Alternate Tax (MAT) paid in a year is charged to the statement
of Profit and Loss as current tax. The Company recognises MAT credit as
an asset only to the extent that there is convincing evidence that the
Company will pay normal tax during the specified period i.e. the period
for which MAT credit is allowed to be carried forward. In the year in
which the Company recognises MAT credit as an asset in accordance with
the Guidance Note on Accounting for Credit Available in respect of
Minimum Alternative Tax under the
Income Tax Act, 1961, the said assets is created by way of credit to
the statement of profit and loss and shown as "MAT Credit Entitlement".
The Company reviews the "MAT Credit Entitlement" asset at each
reporting date and writes down the asset to the extent the Company does
not have convincing evidence that it will pay normal tax during the
specified period.
Deferred tax assets are recognized 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.
(j) Contingencies
Claims against the Company which are material and whose future outcome
cannot be ascertained with reasonable certainty are treated as
contingent and disclosed by way of notes to the Financial Statement.
(k) Impairment of Assets
In compliance with Accounting Standard (AS) 28- "Impairment of Assets"
issued by the Institute of Chartered Accountants of India, the carrying
amounts of Cash Generating Units/Assets are reviewed at Balance Sheet
date to determine whether there is any indication of impairment. If any
such indication exists, the recoverable amount is estimated at the
higher of net selling price and value in use. Impairment loss is
recognised wherever carrying amount exceeds the recoverable amount.
(I) Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised in respect of obligations where, based on the
evidence available, their existence at the Balance Sheet date is
considered probable. Contingent liabilities are shown by way of Notes
to the financial statements in respect of obligations where, based on
the evidence available, their existence at the Balance Sheet date is
considered not probable. Contingent assets are not recognised in the
Accounts.
Mar 31, 2011
(a) Basis of preparation
The financial statements have been prepared to comply, in all material
respects, with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India and the relevant provisions
of the Companies Act, 1956.
The financial statements have been prepared under the historical cost
convention on an accrual basis.
The accounting policies have been consistently applied by the Company
and except for the changes in accounting policy discussed more fully
below, are consistent with those used in the previous year.
(b) Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and Lease
Terminal Adjustment account. Cost comprises the purchase price and any
attributable cost of bringing the asset to its working condition for
its intended use.
(c) Depreciation
Depreciation on Fixed assets is provided on written down value method
at the rates prescribed in Schedule XIV of the Companies Act 1956, (as
amended), except for leased assets which is written off on
straight-line method at the rates prescribed in Schedule XIV of the
Companies Act, 1956. For lease contracts, which have become
non-performing assets, depreciation has been provided at accelerated
rate of depreciation calculated on principal recovery method.
Immovable property held on time-sharing basis is being proportionally
depreciated over its time-sharing period contracted for.
Depreciation on Fixed assets added/disposed during the year is provided
on a pro-rata basis with reference to the date of addition/disposal.
(d) Lease Equalisation Charges:
Lease rental income is recognised on accrual basis over the lease
period. Except in cases where lease contracts have become
non-performing assets, the cost of all leased assets is fully amortised
during the lease period as per the Guidance Note issued by the
Institute of Chartered Accountants of India. Lease Equalisation charge
is accordingly accounted for.
(e) Investments
As per the guidelines issued by The Institute of Chartered Accountants
of India, Long Term investments in shares and securities are carried at
cost less provision for diminution, other than temporary, determined
separately for each individual Investment.
(f) Stock-in-trade
Stock-in-trade consisting of shares and securities has been
individually valued script wise at lower of cost and market rate, in
case they are quoted. Other Stock-in-trade are valued at cost / net
asset value whichever is lower or where balance sheet of investee
Company is not available for past two years, value of such unquoted
Stock-in-trade have been taken at rupee one per share as per prudential
norms issued by the Reserve Bank of India.
(g) Revenue recognition
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
In respect of lease rentals arising out of lease agreements, it is the
company's policy to recognise income as per the terms of the agreements
entered into with lessees. However, where lease rentals are past due
for more than one year, the Company has not recognised any income as
per the past practice followed by the company. Similarly, the company
has not recognised any income in cases where there is a delay of more
than six months in the case of income from interest.
(h) Retirement Benefits
The Company has taken an appropriate group gratuity policy with Life
Insurance Corporation of India to provide for its liabilities for
gratuity. Premium paid on policy is charged to revenue.
Provision has been made for the monitory value of the leave due to
staff.
(i) Income Taxes
The accounting treatment for income tax in respect of the income is
based on the Accounting Standards on ÃAccounting for Taxes on Income'
(AS 22) issued by the Institute of Chartered Accountants of India.
A provision is made for the current tax based on tax liability computed
in accordance with relevant tax rates and tax laws. A provision is made
for deferred tax liability / asset for all timing differences arising
between taxable income and accounting income at currently enacted tax
rates.
Deferred tax assets are recognized 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.
(j) Contingencies
Liabilities which are material and whose future outcome cannot be
ascertained with reasonable certainty are treated as contingent and
disclosed by way of notes to the accounts.
(k) Impairment of Assets
In compliance with Accounting Standard (AS) 28- "Impairment of Assets"
issued by the Institute of Chartered Accountants of India, the carrying
amounts of Cash Generating Units/Assets are reviewed at Balance Sheet
date to determine whether there is any indication of impairment. If any
such indication exists, the recoverable amount is estimated at the
higher of net selling price and value in use. Impairment loss is
recognised wherever carrying amount exceeds the recoverable amount.
(l) Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised in respect of obligations where, based on the
evidence available, their existence at the Balance Sheet date is
considered probable. Contingent liabilities are shown by way of Notes
to the accounts in respect of obligations where, based on the
evidence available, their existence at the balance Sheet date is
considered not probable. Contingent assets are not recognised in the
Accounts.
Mar 31, 2010
(a) Basis of preparation
The financial statements have been prepared to comply, in all material
respects, with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India and the relevant provisions
of the Companies Act, 1956.
The financial statements have been prepared under the historical cost
convention on an accrual basis.
The accounting policies have been consistently applied by the Company
and except for the changes in accounting policy discussed more fully
below, are consistent with those used in the previous year.
(b) Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation and
Lease Terminal Adjustment account. Cost comprises the purchase price
and any attributable cost of bringing the asset to its working
condition for its intended use.
(c) Depreciation
Depreciation on Fixed assets is provided on written down value method
at the rates prescribed in Schedule XIV of the Companies Act 1956, (as
amended), except for leased assets which is written off on
straight-line method at the rates prescribed in Schedule XIV of the
Companies Act, 1956. For lease contracts, which have become non-
performing assets, depreciation has been provided at accelerated rate
of depreciation calculated on principal recovery method.
Immovable property held on time-sharing basis is being proportionally
depreciated over its time-sharing period contracted for.
Depreciation on Fixed assets added/disposed during the year is provided
on a pro-rata basis with reference to the date of addition/disposal.
(d) Lease Equalisation Charges:
Lease rental income is recognised on accrual basis over the lease
period. Except in cases where lease contracts have become
non-performing assets, the cost of all leased assets is fully amortised
during the lease period as per the Guidance Note issued by the
Institute of Chartered Accountants of India. Lease Equalisation charge
is accordingly accounted for.
(e) Investments
As per the guidelines issued by The Institute of Chartered Accountants
of India, Long Term investments in shares and securities are carried at
cost less provision for diminution, other than temporary, determined
separately for each individual Investment.
(f) Stock-in-trade
Stock-in-trade consisting of shares and securities has been
individually valued script wise at lower of cost and market rate, in
case they are quoted. Other Stock-in-trade are valued at cost / net
asset value whichever is lower or where balance sheet of investee
Company is not available for past two years, value of such unquoted
Stock-in-trade have been taken at rupee one per share as per prudential
norms issued by the Reserve Bank of India.
(g) Revenue recognition
Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.
In respect of lease rentals arising out of lease agreements, it is the
companyÃs policy to recognise income as per the terms of the agreements
entered into with lessees. However, where lease rentals are past due
for more than one year, the Company has not recognised any income as
per the past practice followed by the company. Similarly, the company
has not recognised any income in cases where there is a delay of more
than six months in the case of income from interest.
(h) Retirement Benefits
The Company has taken an appropriate group gratuity policy with Life
Insurance Corporation of India to provide for its liabilities for
gratuity. Premium paid on policy is charged to revenue.
Provision has been made for the monitory value of the leave due to
staff.
(i) Income Taxes
The accounting treatment for income tax in respect of the income is
based on the Accounting Standards on ÃAccounting for Taxes on IncomeÃ
(AS 22) issued by the Institute of Chartered Accountants of India.
A provision is made for the current tax based on tax liability computed
in accordance with relevant tax rates and tax laws. A provision is made
for deferred tax liability / asset for all timing differences arising
between taxable income and accounting income at currently enacted tax
rates.
Deferred tax assets are recognized 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.
(j) Contingencies
Liabilities which are material and whose future outcome cannot be
ascertained with reasonable certainty are treated as contingent and
disclosed by way of notes to the accounts.
(k) Impairment of Assets
In compliance with Accounting Standard (AS) 28- ÃImpairment of AssetsÃ
issued by the Institute of Chartered Accountants of India, the carrying
amounts of Cash Generating Units/Assets are reviewed at Balance Sheet
date to determine whether there is any indication of impairment. If any
such indication exists, the recoverable amount is estimated at the
higher of net selling price and value in use. Impairment loss is
recognised wherever carrying amount exceeds the recoverable amount.
(l) Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised in respect of obligations where, based on the
evidence available, their existence at the Balance Sheet date is
considered probable. Contingent liabilities are shown by way of Notes
to the accounts in respect of obligations where, based on the evidence
available, their existence at the balance Sheet date is considered not
probable. Contingent assets are not recognised in the Accounts.
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