Mar 31, 2015
A. BASIS OF ACCOUNTING
The Financial Statements are prepared to comply in all material aspects
with the applicable accounting principal in India, the Accounting
Standards issued by the institute of Chartered Accountants of India and
the relevant provisions ofthe Companies Act, 1956.
The financial statements are prepared in accordance with the historical
cost convention using the accrual method of accounting.
b. USE OF ESTIMATES
The presentation of Financial Statements requires management to make
estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses and disclosure of contingent
liabilities. The estimates and assumption used in the accompanying
Financial Statements are based upon management's evaluation of the
relevant facts and circumstances as ofthe date ofthe financial
statement. Actual results may differ from the estimates and assumptions
used in preparing the accompanying Financial statements.
c. FIXED ASSETS
Fixed assets are stated at cost of acquisition, including any
attributable cost for bringing the asset to its working condition for
its intended use, less accumulated depreciation and impairment loss
except plant & machinery, which have revalued, are stated at revalued
figure.
d. DEPRECIATION
Depreciation is provided on the Straight-Line Method at the manner
prescribed under schedule II of the companies Act, 2013. Till 31st
March 2014 Depreciation was provided on the Straight-Line method at the
rates & manner prescribed under schedule XIV ofthe companies Act, 1956.
The Company has recalculated the depreciation as per schedule II ofthe
companies Act, 2013 on the Assets and difference in the carrying amount
as per schedule II of the companies Act, 2013 and schedule XIV ofthe
companies Act, 1956, as on 31st March 2014 has been charged to Reserve
& Surplus account.
e. INVENTORIES
i) Amount of work in progress certified /billed in the subsequent year
is pro-rated for the year under review, based on number of days
involved.
ii) Work in progress at initial stages is valued at cost.
iii) Stock of stores and scaffolding have been valued at cost or net
realizable value, whichever is lower having regard to the life of such
material used.
iv) Construction material at site has been valued, at lower of the cost
and net realizable value.
v) Stock of raw materials is valued at cost or net realizable value,
whichever is lower.
vi) Finished goods are valued at cost or market value, whichever is
lower.
f. INVESTMENT
i) Long term investments are stated at cost. However, provision for
diminution has been made if such diminution is permanent in nature.
ii) Current investments are stated at lower of cost and fair value.
g. CONTRACT RECEIPTS / REVENUE RECOGNITION
i) In respect of contracts executed, the company accounts for income to
the extent of work completed, on the basis of invoices certified.
Uncertified contract receipts are determined on technical estimates.
ii) Material supplied by the clients in accordance with the terms of
contract is not taken into account as contract receipts.
iii) Prices escalations /de-escalations are accounted as and when
certified.
iv) Other income is recognized on accrual basis.
h. RETIREMENT BENEFITS
Contribution to defined contribution schemes such as provident fund and
superannuation are charged to the profit & loss as incurred. The
company also provides retirement benefits in the form of Gratuity and
leave encashment on the basis of valuation, as at the Balance Sheet
date. Gratuity liability is covered by a Group Gratuity policy with
life insurance Corporation of India.
i. FOREIGN CURRENCY TRANSACTIONS
Foreign currency transactions are recorded at the exchange rates
prevailing on the date of transaction. Gains & Losses arising out of
subsequent fluctuations are accounted for on actual payment or
realization. Current assets & liabilities denominated in foreign
currency as at the Balance Sheet date are converted at the exchange
rates prevailing on that date. Exchange differences are recognized in
the Profit & Loss Account.
j. TAXES ON INCOME
Current tax is determined as the amount of tax payable in respect of
estimated taxable income for the year. Deferred tax is recognized
subject to the consideration of prudence, on timing deference, being
the difference between taxable income & accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
k. BORROWING COST
Borrowing cost incurred in relation to the acquisition, construction of
assets are capitalized as the part of the cost of such assets up to the
date when such assets are ready for intended use. Other borrowing costs
are charged as an expense in the year in which these are incurred.
l. IMPAIRMENT OF ASSETS
Impairment loss is provided to the extent the carrying amounts of
assets exceed their recoverable amount. Recoverable amount is the
higher of an assets net selling price and its value in use. Value in
use is the present value of estimated future cash flows expected to
arise from the continuing use of an asset and from its disposal at the
end of its useful life. Net selling price is the amount obtainable from
the sale of an asset in an arms length transaction between
knowledgeable, willing parties, less the costs of disposal.
m. PROVISIONS & CONTINGENT LIABILITIES
The Company creates a provision where there is present obligation as a
result of past eventthat probably requires an outflow of resources and
a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resource is remote, no provision or disclosure is made.
Mar 31, 2014
A. BASIS OF ACCOUNTING
The Financial Statements are prepared to comply in all material aspects
with the applicable accounting principal in India, the Accounting
Standards issued by the institute of Chartered Accountants of India and
the relevant provisions of the Companies Act, 1956.
The financial statements are prepared in accordance with the historical
cost convention using the accrual method of accounting.
b. USE OF ESTIMATES
The presentation of Financial Statements requires management to make
estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses and disclosure of contingent
liabilities. The estimates and assumption used in the accompanying
Financial Statements are based upon management''s evaluation of the
relevant facts and circumstances as of the date of the financial
statement. Actual results may differ from the estimates and assumptions
used in preparing the accompanying Financial statements.
c. FIXED ASSETS
Fixed assets are stated at cost of acquisition, including any
attributable cost for bringing the asset to its working condition for
its intended use, less accumulated depreciation and impairment loss
except plant & machinery, which have revalued, are stated at revalued
figure.
d. DEPRECIATION
Depreciation is provided on the Straight-Line Method at the rates
prescribed under schedule XIV of the companies Act, 1956. In respect of
revalued plant & machinery the difference between the depreciation on
revalued amount and original cost, calculated on Straight Line Method
at the rates prescribed under Schedule XIV of the Companies Act, 1956,
is charged to Capital revaluation Reserve.
e. INVENTORIES
i) Amount of work in progress certified /billed in the subsequent year
is pro-rated for the year under review, based on number of days
involved.
ii) Work in progress at initial stages is valued at cost.
iii) Stock of stores and scaffolding have been valued at cost or net
realizable value, whichever is lower having regard to the life of such
material used.
iv) Construction material at site have been valued, at lower of the
cost and net realizable value.
v) Stock of raw materials is valued at cost or net realizable value,
whichever is lower.
vi) Finished goods are valued at cost or market value, whichever is
lower.
f. INVESTMENT i) Long term investment are stated at cost However,
provision for diminution has been made if, such diminution is permanent
in nature. ii) Current investments are stated at lower of cost and
fair value.
g. CONTRACT RECEIPTS / REVENUE RECOGNITION i) In respect of contracts
executed, the company accounts for income to the extend of work
completed, on the basis of invoices
certified. Uncertified contract receipts are determined on technical
estimates. ii) Material supplied by the clients in accordance with the
terms of contract is not taken into account as contract receipts. iii)
Prices escalations /de-escalations are accounted as and when Certified.
iv) Other income is recognized on accrual basis. h. RETIREMENT
BENEFITS
Contribution to defined contribution schemes such as provident fund and
superannuation are charged to the profit & loss as incurred. The
company also provides retirement benefits in the form of Gratuity and
leave encashment on the basis of valuation, as at the Balance Sheet
date. Gratuity liability is covered by a Group Gratuity policy with
life insurance Corporation of India.
i. FOREIGN CURRENCY TRANSACTIONS
Foreign currency transactions are recorded at the exchange rates
prevailing on the date of transaction. Gains & Losses arising out of
subsequent fluctuations are accounted for on actual payment or
realization. Current assets & liabilities denominated in foreign
currency as at the Balance Sheet date are converted at the exchange
rates prevailing on that date. Exchange differences are recognized in
the Profit & Loss Account.
j. TAXES ON INCOME
Current tax is determined as the amount of tax payable in respect of
estimated taxable income for the year. Deferred tax is recognized
subject to the consideration of prudence, on timing deference, being
the difference between taxable income & accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
K. BORROWING COST
Borrowing cost incurred in relation to the acquisition, construction of
assets are capitalized as the part of the cost of such assets up to the
date when such assets are ready for intended use. Other borrowing cost
are charged as an expenses in the year in which these are incurred.
I. IMPAIRMENT OF ASSETS
Impairment loss is provided to the extent the carrying amounts of
assets exceed their recoverable amount. Recoverable amount is the
higher of an assets net selling price and its value in use. Value in
use is the present value of estimated future cash flows expected to
arise from the continuing use of an asset and from its disposal at the
end of its useful life. Net selling price is the amount obtainable from
the sale of an asset in an arms length transaction between
knowledgeable, willing parties, less the costs of disposal.
m. PROVISIONS & CONTINGENT LIABILITIES
The Company creates a provision where there is present obligation as a
result of past event that probably requires an outflow of resources and
a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resource is remote, no provision or disclosure is made.
Mar 31, 2013
1. BASIS OF ACCOUNTING
The Financial Statements are prepared to comply in all material aspects
with the applicable accounting principal in India, the Accounting
Standards issued by the institute of Chartered Accountants of India and
the relevant provisions of the Companies Act, 1956.
The financial statements are prepared in accordance with the historical
cost convention using the accrual method of accounting.
2. USE OF ESTIMATES
The presentation of Financial Statements requires management to make
estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses and disclosure of contingent
liabilities. The estimates and assumption used in the accompanying
Financial Statements are based upon management''s evaluation of the
relevant facts and circumstances as of the date of the financial
statement. Actual results may differ from the estimates and assumptions
used in preparing the accompanying Financial statements.
3. FIXED ASSETS
Fixed assets are stated at cost of acquisition, including any
attributable cost for bringing the asset to its working condition for
its intended use, less accumulated depreciation and impairment loss
except plant & machinery, which have revalued, are stated at revalued
figure.
4. DEPRECIATION
Depreciation is provided on the Straight-Line Method at the rates
prescribed under schedule XIV of the companies Act, 1956. In respect of
revalued plant & machinery the difference between the depreciation on
revalued amount and original cost, calculated on Straight Line Method
at the rates prescribed under Schedule XIV of the Companies Act, 1956,
is charged to Capital revaluation Reserve.
5. INVENTORIES
i) Amount of work in progress certified /billed in the subsequent year
is pro-rated for the year under review, based on number of days
involved.
ii) Work in progress at initial stages is valued at cost.
iii) Stock of stores and scaffolding have been valued at cost or net
realizable value, whichever is lower having regard to the life of such
material used.
iv) Construction material at site have been valued, at lower of the
cost and net realizable value.
v) Stock of raw materials is valued at cost or net realizable value,
whichever is lower.
vi) Finished goods are valued at cost or market value, whichever is
lower.
6. INVESTMENT
i) Long term investment are stated at cost However, provision for
diminution has been made if, such diminution is permanent in nature.
ii) Current investments are stated at lower of cost and fair value.
7. CONTRACT RECEIPTS / REVENUE RECOGNITION
i) In respect of contracts executed, the company accounts for income to
the extend of work completed, on the basis of invoices certified.
Uncertified contract receipts are determined on technical estimates.
ii) Material supplied by the clients in accordance with the terms of
contract is not taken into account as contract receipts.
iii) Prices escalations /de-escalations are accounted as and when
Certified.
iv) Other income is recognized on accrual basis.
8. RETIREMENT BENEFITS
Contribution to defined contribution schemes such as provident fund and
superannuation are charged to the profit & loss as incurred. The
company also provides retirement benefits in the form of Gratuity and
leave encashment on the basis of valuation, as at the Balance Sheet
date. Gratuity liability is covered by a Group Gratuity policy with
life insurance Corporation of India.
9. FOREIGN CURRENCY TRANSACTIONS
Foreign currency transactions are recorded at the exchange rates
prevailing on the date of transaction. Gains & Losses arising out of
subsequent fluctuations are accounted for on actual payment or
realization. Current assets & liabilities denominated in foreign
currency as at the Balance Sheet date are converted at the exchange
rates prevailing on that date. Exchange differences are recognized in
the Profit & Loss Account.
10. TAXES ON INCOME
Current tax is determined as the amount of tax payable in respect of
estimated taxable income for the year. Deferred tax is recognized
subject to the consideration of prudence, on timing deference, being
the difference between taxable income & accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
11. BORROWING COST
Borrowing cost incurred in relation to the acquisition, construction of
assets are capitalized as the part of the cost of such assets up to the
date when such assets are ready for intended use. Other borrowing cost
are charged as an expenses in the year in which these are incurred.
12. IMPAIRMENT OF ASSETS
Impairment loss is provided to the extent the carrying amounts of
assets exceed their recoverable amount. Recoverable amount is the
higher of an assets net selling price and its value in use. Value in
use is the present value of estimated future cash flows expected to
arise from the continuing use of an asset and from its disposal at the
end of its useful life. Net selling price is the amount obtainable from
the sale of an asset in an arms length transaction between
knowledgeable, willing parties, less the costs of disposal.
13. PROVISIONS & CONTINGENT LIABILITIES
The Company creates a provision where there is present obligation as a
result of past event that probably requires an outflow of resources and
a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resource is remote, no provision or disclosure is made.
Mar 31, 2012
1. BASIS OF ACCOUNTING
The Financial Statements are prepared to comply in all material aspects
with the applicable accounting principal in India, the Accounting
Standards issued by the institute of Chartered Accountants of India and
the relevant provisions of the Companies Act, 1956.
The financial statements are prepared in accordance with the historical
cost convention using the accrual method of accounting.
2. USE OF ESTIMATES
The presentation of Financial Statements requires management to make
estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses and disclosure of contingent
liabilities. The estimates and assumption used in the accompanying
Financial Statements are based upon management's evaluation of the
relevant facts and circumstances as of the date of the financial
statement. Actual results may differ from the estimates and assumptions
used in preparing the accompanying Financial statements.
3. FIXED ASSETS
Fixed assets are stated at cost of acquisition, including any
attributable cost for bringing the asset to its working condition for
its intended use, less accumulated depreciation and impairment loss
except plant & machinery, which have revalued, are stated at revalued
figure.
4. DEPRECIATION
Depreciation is provided on the Straight-Line Method at the rates
prescribed under schedule XIV of the companies Act, 1956. In respect of
revalued plant & machinery the difference between the depreciation on
revalued amount and original cost, calculated on Straight Line Method
at the rates prescribed under Schedule XIV of the Companies Act, 1956,
is charged to Capital revaluation Reserve.
5. INVENTORIES
i) Amount of work in progress certified /billed in the subsequent year
is pro-rated for the year under review, based on number of days
involved.
ii) Work in progress at initial stages is valued at cost.
iii) Stock of stores and scaffolding have been valued at cost or net
realizable value, whichever is lower having regard to the life of such
material used.
iv) Construction material at site have been valued, at lower of the
cost and net realizable value.
v) Stock of raw materials is valued at cost or net realizable value,
whichever is lower.
vi) Finished goods are valued at cost or market value, whichever is
lower.
6. INVESTMENT
i) Long term investment are stated at cost However, provision for
diminution has been made if, such diminution is permanent in nature,
ii) Current investments are stated at lower of cost and fair value.
7. CONTRACT RECEIPTS/REVENUE RECOGNITION
i) In respect of contracts executed, the company accounts for income to
the extend of work completed, on the basis of invoices certified.
Uncertified contract receipts are determined on technical estimates.
ii) Material supplied by the clients in accordance with the terms of
contract is not taken into account as contract receipts.
iii) Prices escalations /de-escalations are accounted as and when
Certified.
iv) Other income is recognized on accrual basis.
8. Retirement benefits
Contribution to defined contribution schemes such as provident fund and
superannuation are charged to the profit & loss as incurred. The
company also provides retirement benefits in the form of Gratuity and
leave encashment on the basis of valuation, as at the Balance Sheei
date. Gratuity liability is covered by a Group Gratuity policy with
life insurance Corporation of India.
9. FOREIGN CURRENCY TRANSACTIONS ,
Foreign currency transactions are recorded at the exchange rates
prevailing on the date of transaction. Gains & Losses arising out of
subsequent fluctuations are accounted for on actual payment or
realization. Current assets & liabilities denominated in foreign
currency as at the Balance Sheet date are converted at the exchange
rates prevailing on that date. Exchange differences are recognized in
the Profit & Loss Account.
10. TAXES ON INCOME
Current tax is determined as the amount of tax payable in respect of
estimated taxable income for the year. Deferred tax is recognize
subject to the consideration of prudence, on timing deference, being
the difference between taxable income & accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
11. BORROWING COST
Borrowing cost incurred in relation to the acquisition, construction of
assets are capitalized as the part of the cost of such assets up to the
date when such assets are ready for intended use. Other borrowing cost
are charged as an expenses in the year in which these are incurred.
12. IMPAIRMENT OF ASSETS
Impairment loss is provided to the extent the carrying amounts of
assets exceed their recoverable amount. Recoverable amount is the
higher of an assets net selling price and its value in use. Value in
use is the present value of estimated future cash flows expected to
arise from the continuing use of an asset and from its disposal at the
end of its useful life. Net selling price is the amount obtainable from
the sale of an asset in an arm's length transaction between
knowledgeable, willing parties, less the costs of disposal.
13. PROVISIONS & CONTINGENT LIABILITIES
The Company creates a provision where there is present obligation as a
result of past event that probably requires an outflow of resources and
a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resource is remote, no provision or disclosure is made.
Mar 31, 2010
1. BASIS OF ACCOU NTING
The Financial Statements are prepared to comply in all material aspects
with the applicable accounting principal in India, the Accounting
Standards issued by the institute of Chartered Accountants of India and
the relevant provisions of the Companies Act, 1956. The financial
statements are prepared in accordance with the historical cost
convention using the accrual method of accounting.
2. USE OF ESTIMATES
The presentation of Financial Statements requires management to make
estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses and disclosure of contingent
liabilities. The estimates and assumption used in the accompanying
Financial Statements are based upon managements evaluation of the
relevant facts and circumstances as of the date of the financial
statement. Actual results may differ from the estimates and assumptions
used in preparing the accompanying Financial statements.
3. FIXED ASSETS
Fixed assets are stated at cost of acquisition, including any
attributable cost for bringing the asset to its working condition for
its intended use, less accumulated depreciation and impairment loss
except plant & machinery, which have revalued, are stated at revalued
figure.
4. DEPRECIATION
Depreciation is provided on the Straight-Line Method at the rates
prescribed under schedule XIV of the companies-Act, 1956. In respect of
revalued plant & machinery the difference between the depreciation on
revalued amount and original cost, calculated on Straight Line Method
at the rates prescribed under Schedule XIV of the Companies Act, 1956,
is charged to Capital revaluation Reserve.
5. INVENTORIES
i) Amount of work in progress certified /billed in the subsequent year
is pro-rated for the year under review, based on number of days
involved.
ii) Work in progress at initial stages is valued at cost.
iii) Stock of stores and scaffolding have been valued at cost or net
realizable value, whichever is lower having regard to the life of such
material used.
iv) Construction material at site have been valued, at lower of the
cost and net realizable value.
v) Stock of raw materials is valued at cost or net realizable value,
whichever is lower.
vi) Finished goods are valued at cost or market value, whichever is
lower.
6. INVESTMENT
i) Long term investment are stated at cost However, provision for
diminution has been made if, such diminution is permanent in nature.
ii) Current investments are stated at lower of cost and fair value.
7. CONTRACT RECEIPTS / REVENUE RECOGNITION
i) In respect of contracts executed, the company accounts for income to
the extend of work completed, on the basis of invoices certified.
Uncertified contract receipts are determined on technical estimates.
ii) Material supplied by the clients in accordance with the terms of
contract is not taken into account as contract receipts.
iii) Prices escalations /de-escalations are accounted as and when
Certified.
iv) Other income is recognized on accrual basis.
8. RETIREMENT BENEFITS
Contribution to defined contribution schemes such as provident fund and
superannuation are charged to the profit & loss as incurred. The
company also provides retirement benefits in the form of Gratuity and
leave encashment on the basis of valuation, as at the Balance Sheet
date. Gratuity liability is covered by a Group Gratuity policy with
life insurance Corporation of India.
9. FOREIGN CURRENCY TRANSACTIONS
Foreign currency transactions are recorded at the exchange rates
prevailing on the date of transaction. Gains & Losses arising out of
subsequent fluctuations are accounted for on actual payment or
realization. Current assets & liabilities denominated in foreign
currency as at the Balance Sheet date are converted at the exchange
rates prevailing on that date. Exchange differences are recognized in
the Profit & Loss Account.
10. TAXES ON INCOME
Current tax is determined as the amount of tax payable in respect of
estimated taxable income for the year. Deferred tax is recognized
subject to the consideration of prudence, on timing deference, being
the difference between taxable income & accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods.
11. BORROWING COST
Borrowing cost incurred in relation to the acquisition, construction of
assets are capitalized as the part of the cost of such assets up to the
date when such assets are ready for intended use. Other borrowing cost
are charged as an expenses in the year in which these are incurred.
12. IMPAIRMENT OF ASSETS
Impairment loss is provided to the extent the carrying amounts of
assets exceed their recoverable amount. Recoverable amount is the
higher of an assets net selling price and its value in use. Value in
use is the present value of estimated future cash flows expected to
arise from the continuing use of an asset and from its disposal at the
end of its useful life. Net selling price is the amount obtainable from
the sale of an asset in an arms length transaction between
knowledgeable, willing parties, less the costs of disposal.
13. PROVISIONS & CONTINGENT LIABILITIES
The Company creates a provision where there is present obligation as a
result of past event that probably requires an outflow of resources and
a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resource is remote, no provision or disclosure is made.