Accounting Policies of Steel Strips Infrastructures Ltd. Company

Mar 31, 2015

I) Convention

The financial statements are prepared under the historical cost convention in accordance with the applicable Accounting standards and relevant presentational requirements of the Companies Act, 2013.

ii) Fixed Assets

Fixed Assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of duties, taxes and other incidental expenses.

iii) Depreciation

The Company have revised depreciation rates on tangible fixed assets w.e.f.April 01,2014 as per the useful life specified in the Schedule II of the Companies Act, 2013. The depreciation has been calculated based on the remaining useful life of the assets.

iv) Inventories

Inventory of Real Estate business and of Traded Goods has been valued at cost or market price whichever is lower.

v) Transactions in Foreign Currency

There were no foreign currency transactions during the year.

vi) Retirement Benefits:-

Gratuity and Earned Leave have been provided for in the books of accounts on actuarial valuation basis at the end of the year.

vii) Interest

Interest in respect of fixed deposits from public or with Bank have been accounted for on accrual basis.

viii) Recognition of Income/Expenditure

All revenues and expenses are accounted for on accrual basis.

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Mar 31, 2013

I). Convention

The financial statements are prepared under the historical cost convention in accordance with the applicable Accounting standards and relevant presentational requirements of the Companies Act, 1956

ii) Fixed Assets

Fixed Assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of duties, taxes and other incidental expenses.

iii). Depreciation

Depreciation on fixed assets is provided on straight line method as per rates specified in schedule XIV to Companies Act, 1956. Infrastructure project of commercial parking under ''Build Operate and Transfer'' scheme of Noida is being depreciated over a period of 12.35 years, which is the remaining period of the license agreement after capitalization, on straight line basis.

iv). Inventories

Inventory of Real Estate business and of Traded Goods has been valued at cost or market price whichever is lower.

v). Transactions in Foreign Currency

There were no foreign currency transactions during the year.

vi). Retirement Benefits:-

Gratuity and Earned Leave have been provided for in the books of accounts on actuarial valuation basis at the end of the year.

vii). Interest

Interest in respect of fixed deposits from public or with Bank have been accounted for on accrual basis.

viii). Recognition of Income/Expenditure

All revenues and expenses are accounted for on accrual basis.

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Mar 31, 2012

I). Convention

The financial statements are prepared under the historical cost convention in accordance with the applicable Accounting standards and relevant presentational requirements of the Companies Act, 1956.

ii). Fixed Assets

Fixed Assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of duties, taxes and other incidental expenses.

iii). Depreciation

Depreciation on fixed assets is provided on straight line method as per rates specified in schedule XIV to Companies Act, 1956. Infrastructure project of commercial parking under 'Build Operate and Transfer' scheme of Noida is being depreciated over a period of 12.35 years, which is the remaining period of the license agreement after capitalization, on straight line basis.

iv). Inventories

Inventory of Real Estate business and of Traded Goods has been valued at cost or market price whichever is lower.

v). Transactions in Foreign Currency

There were no foreign currency transactions during the year.

vi). Retirement Benefits:-

Gratuity and Earned Leave have been provided for in the books of accounts on actuarial valuation basis at the end of the year.

vii). Interest

Interest in respect of fixed deposits from public or with Bank have been accounted for on accrual basis.

viii). Recognition of Income/Expenditure

All revenues and expenses are accounted for on accrual basis.

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Mar 31, 2010

I). Convention

The financial statements are prepared under the historical cost convention in accordance with the applicable Accounting Standards and relevant presentational requirements of the Companies Act, 1956.

ii). Fixed Acsets Fixed Assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of duties, taxes and other incidental expenses.

iii). Depreciation

Depreciation on fixed assets is provided on straight line method as per rates specified in schedule XIV to Companies Act, 1956. Infrastructure project of commercial parking under Build Operate and Transfer scheme of Noida has been depreciated over a period of 11.35 years, which is the remaining period of the license agreement, on straight line basis.

iv). Inventories Inventory of Real Estate business and of Traded Goods has been valued at cost or market price whichever is lower.

v). Transactions in Foreign Currency.

There were no foreign currency transactions during the year.

vi). Retirement Benefits:-

Gratuity and Earned Leave have been provided for in the books of accounts on actuarial valuation basis at the end of the year.

vii). Interest

Interest in respect of fixed deposits from public or with Bank have been accounted for on accrual basis.

viii). Recognition of Income/Expenditure All revenues and expenses are accounted for on accrual basis.