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ಕಂಪನಿಯ ಅಕೌಂಟಿಗ್ ಪಾಲಿಸಿ PVV Infra Ltd.
Mar 31, 2015
1. Basis of preparation
The financial statements have been prepared in compliance with the Accounting Standards Notified by Companies (Accounting Standards) Rules,2006 (as amended) 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 are Consistent with those used in the previous year.
2. Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) require the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the result of operations during the reporting period. The management believes that the estimates used in the preparation of financial statements are prudent and reasonable. However, future results may defer from these estimates and the differences between the actual results and the estimates are recognized in the period in which results are known/materialize .
3. Revenue Recognition
Revenue is primarily derived from the fixed price contracts and recognized on the basis of completion of the project work and billing of the same to customers.
4. Fixed Assets
Fixed assets are stated at cost of acquisition or construction. less accumulated depreciation. Cost comprises of the purchase price and other attributable expenses including cost of borrowings till the date of capitalization of the asset acquired / commissioned.
All the expenditure incurred on establishing / setting up of new projects / substantial expansion of existing facilities / creation of new assets is capitalized. Such expenditure to be capitalized includes borrowing / finance costs, direct and indirect expenditure incurred on such assets up to the time they are completed.
5. Depreciation
Depreciation on fixed assets has been provided on the written down value method and at the rates and in manner specified in Schedule xiv to the Companies Act, 1956.
6. Investments
Long term investments are stated at cost. The diminution in the market value of such investments is not recognized unless it is considered permanent in nature. Current investments are valued at the cost or market value whichever is lower.
7. Accounting for Leases
Rentals in respect of leased premises are charged to profit and loss account.
8. Taxes on Income
a. Current Tax
Provision for current tax is made for the amount of tax payable in respect of taxable income for the year computed under the provision of the income Tax Act.1961.
b. Deferred Tax
Deferred tax is recognized on timing difference being the difference between taxable income and accounting income that originate in one period and are capable of being reversed in the subsequent period / s, subject to the consideration of prudence.
9. Provisions, Contingent Liabilities and Contingent Assets
Provision involving substantial degree of estimation in measurement is 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 Liabilities are disclosed when the Company has possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation. Contingent Assets are neither recognized nor disclosed in the financial statements.
10. Impairment
The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of impairment based on internal/ external factors. An impairment loss will be recognized if the carrying amount of an asset exceeds its estimated recoverable amount. The recoverable amount is greater of asset's net selling price and value in use. In assessing the value in use the estimated future economic benefits are discounted to the present value at the weighted average cost of capital.
11. : Payments to Statutory Auditor:
2014-15 2013-14
Audit fee
Statutory Fee 15,000 15,000
Income Tax Matters 10,000 10,000
Total 25,000 25,000
12. Segment Reporting:
The company is engaged in the business of construction and infrastructure works which all together is only one business segment and the segment reporting not applicable for the company.
13. Related party Disclosures:
1. Related Party disclosures in accordance with AS-18 issued by The Institute of Chartered Accountants of India by virtue of share holding and key management personnel.
a) Relation Ship
i. Associate Companies : Nil
ii 100% Subsidiary Companies : Nil
Iii Other Indian Subsidiaries : Nil
iii. Key Management Personnel : Director
b) The following transactions were carried out with related parties in the ordinary course of business.
ii. Key Management Personnel
Remuneration paid NIL NIL
15. There are no amounts due to small-scale industrial undertakings, to whom the company owes a sum which is outstanding for more than 30 days and hence the details in respect of outstanding dues to small-scale industrial undertakings are not furnished, as required as per the notification No.GSR 129(E) dated 22nd February 1999.
16. Previous year's figures have been reclassified/ regrouped wherever necessary to conform to the current years' classification.
The financial statements have been prepared in compliance with the Accounting Standards Notified by Companies (Accounting Standards) Rules,2006 (as amended) 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 are Consistent with those used in the previous year.
2. Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) require the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the result of operations during the reporting period. The management believes that the estimates used in the preparation of financial statements are prudent and reasonable. However, future results may defer from these estimates and the differences between the actual results and the estimates are recognized in the period in which results are known/materialize .
3. Revenue Recognition
Revenue is primarily derived from the fixed price contracts and recognized on the basis of completion of the project work and billing of the same to customers.
4. Fixed Assets
Fixed assets are stated at cost of acquisition or construction. less accumulated depreciation. Cost comprises of the purchase price and other attributable expenses including cost of borrowings till the date of capitalization of the asset acquired / commissioned.
All the expenditure incurred on establishing / setting up of new projects / substantial expansion of existing facilities / creation of new assets is capitalized. Such expenditure to be capitalized includes borrowing / finance costs, direct and indirect expenditure incurred on such assets up to the time they are completed.
5. Depreciation
Depreciation on fixed assets has been provided on the written down value method and at the rates and in manner specified in Schedule xiv to the Companies Act, 1956.
6. Investments
Long term investments are stated at cost. The diminution in the market value of such investments is not recognized unless it is considered permanent in nature. Current investments are valued at the cost or market value whichever is lower.
7. Accounting for Leases
Rentals in respect of leased premises are charged to profit and loss account.
8. Taxes on Income
a. Current Tax
Provision for current tax is made for the amount of tax payable in respect of taxable income for the year computed under the provision of the income Tax Act.1961.
b. Deferred Tax
Deferred tax is recognized on timing difference being the difference between taxable income and accounting income that originate in one period and are capable of being reversed in the subsequent period / s, subject to the consideration of prudence.
9. Provisions, Contingent Liabilities and Contingent Assets
Provision involving substantial degree of estimation in measurement is 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 Liabilities are disclosed when the Company has possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation. Contingent Assets are neither recognized nor disclosed in the financial statements.
10. Impairment
The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of impairment based on internal/ external factors. An impairment loss will be recognized if the carrying amount of an asset exceeds its estimated recoverable amount. The recoverable amount is greater of asset's net selling price and value in use. In assessing the value in use the estimated future economic benefits are discounted to the present value at the weighted average cost of capital.
11. : Payments to Statutory Auditor:
2014-15 2013-14
Audit fee
Statutory Fee 15,000 15,000
Income Tax Matters 10,000 10,000
Total 25,000 25,000
12. Segment Reporting:
The company is engaged in the business of construction and infrastructure works which all together is only one business segment and the segment reporting not applicable for the company.
13. Related party Disclosures:
1. Related Party disclosures in accordance with AS-18 issued by The Institute of Chartered Accountants of India by virtue of share holding and key management personnel.
a) Relation Ship
i. Associate Companies : Nil
ii 100% Subsidiary Companies : Nil
Iii Other Indian Subsidiaries : Nil
iii. Key Management Personnel : Director
b) The following transactions were carried out with related parties in the ordinary course of business.
ii. Key Management Personnel
Remuneration paid NIL NIL
15. There are no amounts due to small-scale industrial undertakings, to whom the company owes a sum which is outstanding for more than 30 days and hence the details in respect of outstanding dues to small-scale industrial undertakings are not furnished, as required as per the notification No.GSR 129(E) dated 22nd February 1999.
16. Previous year's figures have been reclassified/ regrouped wherever necessary to conform to the current years' classification.
Mar 31, 2014
1. Basis of preparation
The financial statements have been prepared in compliance with the Accounting Standards Notified by Companies (Accounting Standards) Rules, 2006 (as amended) 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 are Consistent with those used in the previous year.
2. Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) require the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the result of operations during the reporting period. The management believes that the estimates used in the preparation of financial statements are prudent and reasonable. However, future results may defer from these estimates and the differences between the actual results and the estimates are recognized in the period in which results are known/materialize.
3. Revenue Recognition
Revenue is primarily derived from the fixed price contracts and recognized on the basis of completion of the project work and billing of the same to customers.
4. Fixed Assets
Fixed assets are stated at cost of acquisition or construction, less accumulated depreciation. Cost comprises of the purchase price and other attributable expenses including cost of borrowings till the date of capitalization of the asset acquired/commissioned.
All the expenditure incurred on establishing/setting up of new projects/substantial expansion of existing facilities/creation of new assets is capitalized. Such expenditure to be capitalized includes borrowing/finance costs, direct and indirect expenditure incurred on such assets up to the time they are completed.
5. Depreciation
Depreciation on fixed assets has been provided on the written down value method and at the rates and in manner specified in Schedule xiv to the Companies Act, 1956.
6. Investments
Long term investments are stated at cost. The diminution in the market value of such investments is not recognized unless it is considered permanent in nature. Current investments are valued at the cost or market value whichever is lower.
7. Accounting for Leases
Rentals in respect of leased premises are charged to profit and loss account.
8. Taxes on Income
a. Current Tax
Provision for current tax is made for the amount of tax payable in respect of taxable income for the year computed under the provision of the income Tax Act. 1961.
b. Deferred Tax
Deferred tax is recognized on timing difference being the difference between taxable income and accounting income that originate in one period and are capable of being reversed in the subsequent periods, subject to the consideration of prudence.
9. Provisions, Contingent Liabilities and Contingent Assets
Provision involving substantial degree of estimation in measurement is 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 Liabilities are disclosed when the Company has possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation. Contingent Assets are neither recognized nor disclosed in the financial statements.
10. Impairment
The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of impairment based on internal/external factors. An impairment loss will be recognized if the carrying amount of an asset exceeds its estimated recoverable amount. The recoverable amount is greater of asset''s net selling price and value in use. In assessing the value in use the estimated future economic benefits are discounted to the present value at the weighted average cost of capital.
The financial statements have been prepared in compliance with the Accounting Standards Notified by Companies (Accounting Standards) Rules, 2006 (as amended) 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 are Consistent with those used in the previous year.
2. Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) require the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the result of operations during the reporting period. The management believes that the estimates used in the preparation of financial statements are prudent and reasonable. However, future results may defer from these estimates and the differences between the actual results and the estimates are recognized in the period in which results are known/materialize.
3. Revenue Recognition
Revenue is primarily derived from the fixed price contracts and recognized on the basis of completion of the project work and billing of the same to customers.
4. Fixed Assets
Fixed assets are stated at cost of acquisition or construction, less accumulated depreciation. Cost comprises of the purchase price and other attributable expenses including cost of borrowings till the date of capitalization of the asset acquired/commissioned.
All the expenditure incurred on establishing/setting up of new projects/substantial expansion of existing facilities/creation of new assets is capitalized. Such expenditure to be capitalized includes borrowing/finance costs, direct and indirect expenditure incurred on such assets up to the time they are completed.
5. Depreciation
Depreciation on fixed assets has been provided on the written down value method and at the rates and in manner specified in Schedule xiv to the Companies Act, 1956.
6. Investments
Long term investments are stated at cost. The diminution in the market value of such investments is not recognized unless it is considered permanent in nature. Current investments are valued at the cost or market value whichever is lower.
7. Accounting for Leases
Rentals in respect of leased premises are charged to profit and loss account.
8. Taxes on Income
a. Current Tax
Provision for current tax is made for the amount of tax payable in respect of taxable income for the year computed under the provision of the income Tax Act. 1961.
b. Deferred Tax
Deferred tax is recognized on timing difference being the difference between taxable income and accounting income that originate in one period and are capable of being reversed in the subsequent periods, subject to the consideration of prudence.
9. Provisions, Contingent Liabilities and Contingent Assets
Provision involving substantial degree of estimation in measurement is 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 Liabilities are disclosed when the Company has possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation. Contingent Assets are neither recognized nor disclosed in the financial statements.
10. Impairment
The carrying amounts of assets are reviewed at each Balance Sheet date if there is any indication of impairment based on internal/external factors. An impairment loss will be recognized if the carrying amount of an asset exceeds its estimated recoverable amount. The recoverable amount is greater of asset''s net selling price and value in use. In assessing the value in use the estimated future economic benefits are discounted to the present value at the weighted average cost of capital.
Mar 31, 2013
(a) Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with the generally accepted accounting principles on accrual basis on comply with the accounting standards referred to in section 211(3C) of the Companies Act, 1956 as adopted consistently by the company. The company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis.
(b) Revenue Recognition
Revenue in the form of interest is accounted as accrued on the basis of number of months completed except in the case of non performing assets.
(c) Fixed Assets:
Fixed assets other than lands are stated at historical cost less accumulated depreciation. Whereas lands were accounted on the basis of cost price along with the expenses attributable on account of registration, transfer etc.
(d) Depreciation:
Depreciation of Fixed Assets is provided on Straight Line Basis at the rates prescribed in Schedule XIV to the Companies Act, 1956.
(e) Taxes on Income:
Current Tax is the amount of tax payable on the taxable income for the year and determined in accordance with the provisions of the Income Tax Act,1961. Deferred tax is recognised, on timing difference, being the difference between taxable income and accounting income that originates in one period and are capable of reversal in one or more subsequent periods.
(f) EMPLOYEES BENEFIT:
The company is not adopting Accounting Statndard (AS) 15 - ''Employee Benefit'' and no provisions made in books of account as the liability on account of gratuity as on 31/03/2013 is not material.
The financial statements have been prepared in accordance with the generally accepted accounting principles on accrual basis on comply with the accounting standards referred to in section 211(3C) of the Companies Act, 1956 as adopted consistently by the company. The company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis.
(b) Revenue Recognition
Revenue in the form of interest is accounted as accrued on the basis of number of months completed except in the case of non performing assets.
(c) Fixed Assets:
Fixed assets other than lands are stated at historical cost less accumulated depreciation. Whereas lands were accounted on the basis of cost price along with the expenses attributable on account of registration, transfer etc.
(d) Depreciation:
Depreciation of Fixed Assets is provided on Straight Line Basis at the rates prescribed in Schedule XIV to the Companies Act, 1956.
(e) Taxes on Income:
Current Tax is the amount of tax payable on the taxable income for the year and determined in accordance with the provisions of the Income Tax Act,1961. Deferred tax is recognised, on timing difference, being the difference between taxable income and accounting income that originates in one period and are capable of reversal in one or more subsequent periods.
(f) EMPLOYEES BENEFIT:
The company is not adopting Accounting Statndard (AS) 15 - ''Employee Benefit'' and no provisions made in books of account as the liability on account of gratuity as on 31/03/2013 is not material.
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