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લાભ કંસ્ટ્રક્શન

બીએસઈ: 530339  |  ઍનઍસઈ : LABHCONST  |  ISIN: INE962A01013  |  Construction & Contracting - Civil

શોધો લાભ કંસ્ટ્રક્શન કનેક્શન � માર્ચ 13
એકાઉન્ટીંગ નીતિ વર્ષ : માર્ચ '14
I. DISCLOSURE OF SIGNIFICANT ACCOUNTING POLICIES
 
 The financial statements have been prepared under historical cost
 convention on accrual basis, in accordance with generally accepted
 accounting principles in compliance with applicable accounting
 standards, as per the provisions of Companies Act, 1956, unless stated
 otherwise.
 
 The accounts are maintained on accrual basis except in certain cases
 where the relevant items are accounted for on cash basis, more
 specifically in the case of income by way of Insurance Claim, income
 on Investment/ deposits, sale of parking slots, escalation claim and
 expenses in the nature of penalty for delayed/deficient work of the
 contracts as well as those payable due to delayed payment to its
 suppliers/contractors. 
 
 II. USE OF ESTIMATES
 
 The presentation of financial statements in conformity with the
 generally accepted accounting principles requires estimates and
 assumptions to be made that may affect the reported amount of assets
 and liabilities as at the date of the financial statements and the
 reported amount of revenues and expenses during the reporting period.
 Actual results could differ from those estimated.
 
 III. FIXED ASSETS
 
 Fixed assets are stated at cost of acquisition less depreciation. Cost
 includes purchase price and all other attributable costs of bringing
 the asset to working condition to intended use.
 
 IV. IMPAIRMENT OF ASSETS
 
 As per a preliminary assessment carried out by the management as on
 the balance sheet date, there is no indication of any substantial loss
 on account of impairment in the value of the assets. In the opinion of
 the management the assets are likely to recover the value at which
 these are stated in the accounts, on an overall basis. Hence no
 provision has been made for impairment loss of assets. However the
 company has initiated steps to identify impairment loss arising in
 case of each of the assets where recoverable amount is lower than the
 amount carried in the accounts. The provision for any loss arising on
 the same shall be provided in the accounts after completion of the
 exercise.
 
 V. INVESTMENTS
 
 Long term investments are carried at cost of acquisition thereof,
 except in case of one company whose net worth has been totally eroded
 and where management is not confident of recovery; such investment has
 been written off.
 
 VI. DEPRECIATION
 
 a) Depreciation on fixed assets, has been provided on written down
 value at the rates specified under Schedule-XIV of Companies Act,
 1956. However the assets comprised in Plant, Machinery, equipments and
 Commercial vehicles could not be used for the purpose of business of
 the company during the year. However depreciation has been charged
 thereupon in view of normal wear and tear of such assets.
 
 b) Depreciation on additions to /deduction from the assets, during the
 year is provided on pro-rata basis.
 
 VII. CASH FLOW STATEMENTS
 
 Cash flow statement giving summary of cash receipts and payments by
 the company duly classified into operating activities, financing
 activities and investing activities have been annexed to the notes
 forming part of balance sheet.
 
 VIII. REVENUE RECOGNITION
 
 1 The company did not have any project under development or
 contractual assignment during the year
 
 2 Revenue of sale of real estate assets held as stock in trade have
 been recognised upon sale thereof Revenue by way of sale of parking
 slots/extra work in the projects developed by the company is being
 accounted for on receipt basis
 
 IX. PRIOR PERIOD ITEMS
 
 Material items of income and expenditure pertaining to earlier years,
 to the extent distinctly identifiable, are separately disclosed in the
 Profit & Loss account.
 
 X. EVENTS OCCURRING AFTER BALANCE SHEET DATE AND EXTRA-ORDINARY ITEMS
 
 Extra-ordinary items materially affecting operation of company are
 being separately disclosed by way of specific notes.
 
 XI. RETIREMENT BENEFITS AND PROVIDENT FUND
 
 Retirement benefits payable to the employees including, gratuity and
 leave encashment are accounted for on cash basis.
 
 XII. RELATED PARTY DISCLOSURES
 
 The disclosure of all related party transactions giving name of the
 related party, nature of relation, nature of transactions, volume of
 transactions, and their balances as at the balance sheet date have
 been annexed to the notes forming part of the balance sheet. The
 disclosure in that respect being made by, the management has been
 accepted by the auditor.
 
 XIII. PROVISIONS AND CONTINGENCIES
 
 Provisions involving substantial degree of estimation in measurement
 are recognized when there is a present obligation as a result of past
 events and it is probable that there will be an outflow of resources.
 Contingent assets are neither recognized nor disclosed in the
 financial statements. Contingent Liabilities existing on the date of
 balance sheet as well as events subsequent thereto, which in the
 opinion of the management have material impact on the affairs of
 company, as at the date of balance sheet, are disclosed by way of
 notes.
 
 XIV. ACCOUNTING FOR TAXES
 
 a) Deferred Tax Liability is recognized for timing difference between
 the accounting income and taxable income for the year that originates
 in one period and are capable of reversal in one or more subsequent
 periods. Such deferred tax is quantified using the tax rates enacted
 as on the balance sheet date. However, deferred tax asset in respect
 of the brought forward losses and other set off claims has not been
 recognised in view of uncertainty with regard to the availability of
 sufficient future income against which such deferred tax asset can be
 realized.
 
 b) No provision for current tax has been made during the year, in view
 of loss.
 
 XV. EARNING PER SHARE
 
 Earning per share of issued, subscribed and paid-up capital of Company
 is disclosed by way of notes.
 
 XVI. SEGMENT REPORTING
 
 As the company has not conducted business during the year, it has not
 identified any reportable business segments.
 
 XVII. BORROWING COSTS
 
 Borrowing cost directly attributable to the acquisition of a
 qualifying asset till the time such asset is put to use of the
 business, is considered as a part of cost of that asset. Other
 borrowing costs are recognized as expenditure in the year in which
 they are incurred.
સ્તોત્ર: રેલીગેર ટેકનોવા


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