Accounting Policies of Cranes Software International Ltd. Company
Mar 31, 2023
Significant Accounting Policies
a) Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current/ non-current
classification.
An asset is treated as current when it is:
i) Expected to be realised or intended to be sold or consumed in normal operating cycle
ii) Held primarily for the purpose of trading
iii) Expected to be realised within twelve months after the reporting period, or
iv) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
i) It is expected to be settled in normal operating cycle
ii) It is held primarily for the purpose of trading
iii) It is due to be settled within twelve months after the reporting period, or
iv) There is no unconditional right to defer the settlement of the liability for at least twelve months after
the reporting period
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realisation in
cash and cash equivalents. The Company has identified 12 months as its operating cycle.
The Company has applied the fair value measurement wherever necessitated at each reporting period.
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:
i) In the principal market for the asset or liability;
ii) 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.
The fair value of an asset or liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their economic best
interest.
A fair value measurement of a non - financial asset takes into account a market participant''s ability to
generate economic benefits by using the asset in its highest and the best use or by selling it to
another market participant that would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and
minimising the use of unobservable inputs.
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 market 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; and
Level 3 : Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.
For assets and liabilities that are recognized in the financial statements on a recurring basis, the
Company determines whether transfers have occurred between levels in the hierarchy by re-assessing
categorization (based on the lowest level input that is significant to the fair value measurement as a
whole) at the end of each reporting period.
The Company has designated the respective team leads to determine the policies and procedures for
both recurring and non - recurring fair value measurement. External valuers are involved, wherever
necessary with the approval of Company''s board of directors. Selection criteria include market
knowledge, reputation, independence and whether professional standards are maintained.
For the purpose of fair value disclosure, the Company has determined classes of assets and liabilities
on the basis of the nature, characteristics and risk of the asset or liability and the level of the fair value
hierarchy as explained above. The component wise fair value measurement is disclosed in the relevant
notes.
c) Revenue Recognition
Sale of goods
Revenue from sale of products is recognized, in accordance with the sales contract, on delivery ofgoods
to the customer. Revenue from product sales are shown net of taxes.
Revenue on software development services comprises revenue priced on a time and material andfixed-
price contracts. Revenue priced on a time and material contracts are recognized as related services
are performed. Revenue from fixed-price, fixed time-frame contracts is recognized in accordance with
the percentage of completion method.
Revenue from technical service, training, support and other services is recognized as the relatedservices
are performed over the duration of the contract/course.
Interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts
the estimated future cash payments or receipts over the expected life of the financial instrument or a
shorter period, where appropriate, to the gross carrying amount of the financial asset or to the amortised
cost of a financial liability. When calculating the effective interest rate, the Company estimates the
expected cash flows by considering all the contractual terms of the financial instrument (for example,
prepayment, extension, call and similar options) but does not consider the expected credit losses.
Rental income from operating lease is recognised on a straight line basis over the term of the relevant
lease, if the escalation is not a compensation for increase in cost inflation index.
Dividend income is recognized when the companyâs right to receive dividend is established by the
reporting date, which is generally when shareholders approve the dividend.
d) Property, plant and equipment and capital work in progress
Presentation
Property, plant and equipment and capital work in progress are stated at cost, net of accumulated
depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part
of the plant and equipment and borrowing costs of a qualifying asset, if the recognition criteria are met.
When significant parts of plant and equipment are required to be replaced at intervals, the Company
depreciates them separately based on their specific useful lives. All other repair and maintenance
costs are recognised in profit or loss as incurred.
Advances paid towards the acquisition of tangible assets outstanding at each balance sheet date, are
disclosed as capital advances under long term loans and advances and the cost of the tangible assets
not ready for their intended use before such date, are disclosed as capital work in progress.
All material/ significant components have been identified for our plant and have been accounted separately.
The useful life of such component are analysed independently and wherever components are having
different useful life other than plant they are part of, useful life of components are considered for calculation
of depreciation.
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying
amount of the item if it is probable that the future economic benefits embodied within the part will flow
to the Company and its cost can be measured reliably. The costs of repairs and maintenance are
recognised in the statement of profit and loss as incurred.
Gains or losses arising from derecognition of property, plant and equipment are measured as the
difference between the net disposal proceeds and the carrying amount of the asset and are recognized
in the statement of profit and loss when the asset is derecognized.
e) Depreciation on property, plant and equipment
Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The
depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less 5%
being its residual value.
Depreciation is provided on straight line method, over the useful lives specified in Schedule II to the
Companies Act, 2013 except for the following items, where useful life estimated on technical assessment,
past trends and differ from those provided in Schedule II of the Companies Act, 2013.
Depreciation for PPE on additions is calculated on pro-rata basis from the date of such additions. For
deletion/ disposals, the depreciation is calculated on pro-rata basis up to the date on which such
assets have been discarded/ sold. Additions to fixed assets, costing 5000 each or less are fully
depreciated retaining its residual value.
The residual values, estimated useful lives and methods of depreciation of property, plant and equipment
are reviewed at each financial year end and adjusted prospectively, if appropriate.
f) Intangible assetsIntangible assets acquired separately
Intangible assets acquired separately are measured on initial recognition at cost. The cost of a separately
acquired intangible asset comprises (a) its purchase price, including import duties and non-refundable
purchase taxes, after deducting trade discounts and rebates; and (b) any directly attributable cost of
preparing the asset for its intended use.
Following initial recognition, intangible assets are carried at cost less any accumulated amortisation
and accumulated impairment losses.
Intangible assets acquired in a business combination
Intangible assets acquired in a business combination and recognised separately from goodwill are
initially recognised at their fair value at the acquisition date (which is regarded as their cost).
Subsequent to initial recognition, intangible assets acquired in a business combination are reported at
cost less accumulated amortisation and accumulated impairment losses, on the same basis as
intangible assets that are acquired separately.
Intangible assets internally generated
Expenditure on research activities is recognised as an expense in the year in which it is incurred.
An internally -generated intangible asset arising from development (or from the development phase of
an internal project) is recognised if, and only if, the intangible asset first meets the recognition criteria
referred in Ind AS 38 "Intangible Assets". Where no internally-generated intangible asset can be
recognised, development expenditure is recognised in the statement of profit and loss in the period in
which it is incurred.
Subsequent to initial recognition, internally-generated intangible assets are reported at cost less
accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets
that are acquired separately.
Useful life and amortisation of intangible assets
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with
finite lives are amortised over the useful economic life and assessed for impairment whenever there is
an indication that the intangible asset may be impaired. The amortisation period and the amortisation
method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting
period.
The amortisation expense on intangible assets with finite lives is recognised in the statement of profit
and loss unless such expenditure forms part of carrying value of another asset.
Intangible assets with indefinite useful life
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually.
The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues
to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective
basis.
Subsequent cost and measurement
Subsequent costs are capitalised only when it increases the future economic benefits embodied in the
specific asset to which it relates. All other expenditures, including expenditure on internally-generated
intangibles, are recognised in the statement of profit and loss as incurred.
Subsequent to initial recognition, internally-generated intangible assets are reported at cost less
accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets
that are acquired separately.
The amortisation expense on intangible assets with finite lives is recognised in the statement of profit
and loss unless such expenditure forms part of carrying value of another asset.
Investment properties are properties held to earn rentals and/or for capital appreciation (including property
under construction for such purposes).
Investment properties are measured initially at cost, including transaction costs. Subsequent to initial
recognition, investment properties are measured in accordance with Ind AS 16 - Property, plant and
equipment''s requirements for cost model. The cost includes the cost of replacing parts and borrowing
costs for long-term construction projects if the recognition criteria are met. When significant parts of
the investment property are required to be replaced at intervals, the Company depreciates them
separately based on their specific useful lives. All other repair and maintenance costs are recognised
in the statement of profit and loss as incurred.
Company depreciates investment property as per the useful life prescribed in Schedule II of the
Companies Act, 2013.
Though the Company measures investment property using the cost-based measurement, the fair value
of investment property is disclosed in the notes. Fair values are determined based on an annual
evaluation performed by an accredited external independent valuer applying a valuation model.
An investment property is derecognised upon disposal or when the investment property is permanently
withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss
arising on derecognition of the property (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the statement of profit and loss in the period in
which the property is derecognised.
h) Non Current Assets Held for Sale
Non-current assets and disposal groups are classified as held for sale if their carrying amount will be
recovered principally through a sale transaction rather than through continuing use. This condition is
regarded as met only when the asset (or disposal group) is available for immediate sale in its present
condition subject only to terms that are usual and customary for sales of such asset (or disposal
group) and its sale is highly probable. Management must be committed to the sale, which should be
expected to qualify for recognition as a completed sale within one year from the date of classification.
Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their
carrying amount and fair value less costs to sell.
Inventories are carried at the lower of cost and net realisable value. Cost includes cost of purchase and
other costs incurred in bringing the inventories to their present location and condition. Costs are
determined on weighted average basis as follows :
i) Raw materials, packing materials and Store and Spare Parts : At purchase cost including
other cost incurred in bringing materials/consumables to their present location and condition.
ii) Work in progress: At material cost, conversion costs and appropriate share of production overheads
(iii) Finished goods and waste: At material cost, conversion costs, appropriate share of production
overheads and Excise Duty. Post implementation of GST from July 1,2017 no excise duty is
included in the closing stock of finished goods as at March 31,2023.
j) Financial Instruments
Financial assets
Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual
provisions of the instruments.
Initial recognition and measurement
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded
at fair value through profit or loss, transaction costs that are attributable to the acquisition of the
financial asset. Purchases or sales of financial assets that require delivery of assets within a time
frame established by regulation or convention in the market place (regular way trades) are recognised
on the trade date, i.e., the date that the Company commits to purchase or sell the asset.
For purposes of subsequent measurement, financial assets are classified on the basis of their contractual
cash flow characteristics and the entity''s business model of managing them.
Financial assets are classified into the following categories:
⢠Financial instruments (other than equity instruments) at amortised cost
⢠Financial Instruments (other than equity instruments) at Fair value through Other comprehensive
income (FVTOCI)
⢠Other Financial Instruments, derivatives and equity instruments at fair value through profit or loss
(FVTPL)
⢠Equity instruments measured at fair value through other comprehensive income (FVTOCI)
Financial instruments other than equity instruments at amortised cost
The Company classifies a financial instruments (other than equity instruments) at amortised cost, if
both the following conditions are met:
a) The asset is held within a business model whose objective is to hold assets for collecting contractual
cash flows; and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments
of principal and interest (SPPI) on the principal amount outstanding.
Such financial assets are subsequently measured at amortised cost using the effective interest rate
(EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition
and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance
income in the profit or loss. The losses arising from impairment are recognised in the profit or loss.
Financial instruments other than equity instruments at FVTOCI
The Company classifies a financial instrument (other than equity instrument) at FVTOCI, if both of the
following criteria are met:
a) The objective of the business model is achieved both by collecting contractual cash flows and
selling the financial assets, and
b) The assetâs contractual cash flows represent SPPI.
Debt instruments included within the FVTOCI category are measured as at each reporting date at fair
value. Fair value movements are recognized in the other comprehensive income (OCI). However, the
group recognizes interest income, impairment losses and reversals and foreign exchange gain or loss
in the profit and loss statement. On derecognition of the asset, cumulative gain or loss previously
recognised in OCI is reclassified from the equity to profit and loss. Interest earned whilst holding
FVTOCI debt instrument is reported as interest income using the EIR method.
Financial instruments other than equity instruments at FVTPL
The Company classifies all other financial instruments, which do not meet the criteria for categorization
as at amortized cost or as FVTOCI, as at FVTPL.
Financial instruments included within the FVTPL category are measured at fair value with all changes
recognized in the profit and loss.
All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are
held for trading are classified as at FVTPL. Where the Company makes an irrevocable election of
equity instruments at FVTOCI, it recognises all subsequent changes in the fair value in other
comprehensive income, without any recycling of the amounts from OCI to profit and loss, even on sale
of such investments.
Equity instruments included within the FVTPL category are measured at fair value with all changes
recognized in the profit and loss.
Financial assets are measured at FVTPL except for those financial assets whose contractual terms
give rise to cash flows on specified dates that represents solely payments of principal and interest
thereon, are measured as detailed below depending on the business model:
A financial asset is primarily derecognised when:
⢠The rights to receive cash flows from the asset have expired, or
⢠The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation
to pay the received cash flows in full without material delay to a third party under a âpass-throughâ arrangement?
and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the
Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass¬
through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When
it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred
control of the asset, the Company continues to recognise the transferred asset to the extent of the Companyâs
continuing involvement. In that case, the Company also recognises an associated liability. The transferred asset
and the associated liability are measured on a basis that reflects the rights and obligations that the Company
has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of
the original carrying amount of the asset and the maximum amount of consideration that the Company could be
required to repay.
Impairment of financial assets
In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement and
recognition of impairment loss on the following financial assets and credit risk exposure:
a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities,
deposits, trade receivables and bank balance.
b) Financial assets that are debt instruments and are measured at FVTOCI
c) Trade receivables or any contractual right to receive cash or another financial asset that result from
transactions that are within the scope of Ind AS 11 and Ind AS 18.
The Company follows âsimplified approachâ for recognition of impairment loss allowance on:
⢠Trade receivables or contract revenue receivables; and
⢠All lease receivables resulting from transactions within the scope of Ind AS 17
The application of simplified approach does not require the Company to track changes in credit risk. Rather, it
recognises impairment loss allowance based on lifetime Expected Credit Loss (ECL) at each reporting date,
right from its initial recognition.
For recognition of impairment loss on other financial assets and risk exposure, the Company determines that
whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not
increased significantly, 12 months ECL is used to provide for impairment loss. However, if credit risk has increased
significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that
there is no longer a significant increase in credit risk since initial recognition, then the entity reverts to recognising
impairment loss allowance based on 12-month ECL.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a
financial instrument. The 12 months ECL is a portion of the lifetime ECL which results from default events that are
possible within 12 months after the reporting date.
ECL is the difference between all contractual cash flows that are due to the Company in accordance with the
contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the
original EIR. When estimating the cash flows, the Company considers all contractual terms of the financial
instrument (including prepayment, extension, call and similar options) over the expected life of the financial
instrument and Cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
ECL allowance (or reversal) recognized during the period is recognized as income/ expense in the statement of
profit and loss, net of lien available on securities held against the receivables. This amount is reflected under the
head âother expensesâ in the profit and loss. The balance sheet presentation for various financial instruments is
described below:
⢠Financial assets measured as at amortised cost, contractual revenue receivables and lease
receivables: ECL is presented as an allowance, which reduces the net carrying amount. Until the asset
meets write-off criteria, the Company does not reduce impairment allowance from the gross carrying amount.
⢠Debt instruments measured at FVTOCI: Since financial assets are already reflected at fair value, impairment
allowance is not further reduced from its value. Rather, ECL amount is presented as âaccumulated impairment
amountâ in the OCI.
For assessing increase in credit risk and impairment loss, the company combines financial instruments on the
basis of shared credit risk characteristics with the objective of facilitating an analysis that is designed to enable
significant increases in credit risk to be identified on a timely basis.
For impairment purposes, significant financial assets are tested on individual basis at each reporting date. Other
financial assets are assessed collectively in groups that share similar credit risk characteristics. Accordingly,
the impairment testing is done retrospectively on the following basis:
Financial liabilitiesInitial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at FVTPL and as at amortised cost.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit
and loss.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables,
net of directly attributable transaction costs.
The Companyâs financial liabilities include trade and other payables, loans and borrowings including bank overdrafts,
financial guarantee contracts and derivative financial instruments.
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at FVTPL
Financial liabilities at FVTPL include financial liabilities held for trading and financial liabilities designated upon
initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they
are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial
instruments entered into by the Company that are not designated as hedging instruments in hedge relationships
as defined by Ind AS 109. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in the profit or loss.
For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized
in OCI. These gains/ loss are not subsequently transferred to profit and loss. However, the company may transfer
the cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the
statement of profit or loss. The company has not designated any financial liability as at fair value through profit
and loss.
Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost
using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as
well as through the EIR amortisation process.
Derivative financial instruments
The Company holds derivative financial instruments such as foreign exchange forward and options contracts to
mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for these
contracts is generally a bank.
(a) Derivatives fair valued through profit or loss
This category has derivative financial assets or liabilities which are not designated as hedges.
Although the Company believes that these derivatives constitute hedges from an economic perspective, they
may not qualify for hedge accounting under Ind AS 109, Financial Instruments. Any derivative that is either not
designated a hedge, or is so designated but is ineffective as per Ind AS 109, is categorized as a financial asset
or financial liability, at fair value through profit or loss.
Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs
are recognized in net profit in the Statement of Profit and Loss when incurred. Subsequent to initial recognition,
these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are
included in other income. Assets / liabilities in this category are presented as current assets / current liabilities
if they are either held for trading or are expected to be realized within 12 months after the Balance Sheet date.
Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognised in the statement of profit or loss.
Reclassification of financial assets
The Company determines classification of financial assets and liabilities on initial recognition. After initial
recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities.
For financial assets which are debt instruments, a reclassification is made only if there is a change in the
business model for managing those assets. Changes to the business model are expected to be infrequent. The
Companyâs senior management determines change in the business model as a result of external or internal
changes which are significant to the Companyâs operations. Such changes are evident to external parties. A
change in the business model occurs when the Company either begins or ceases to perform an activity that is
significant to its operations. If the Company reclassifies financial assets, it applies the reclassification prospectively
from the reclassification date which is the first day of the immediately next reporting period following the change
in business model. The Company does not restate any previously recognised gains, losses (including impairment
gains or losses) or interest.
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet, if
there is a currently enforceable legal right to offset the recognised amounts and there is an intention to
settle on a net basis, to realise the assets and settle the liabilities simultaneously.
k) Foreign currency transactions and translations
Transactions and balances
Transactions in currencies other than the entityâs functional currency (foreign currencies) are recognised at
the rates of exchange prevailing at the dates of the transactions. However, for practical reasons, the Company
uses an average rate, if the average approximates the actual rate at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency
spot rates of exchange at the reporting date. Exchange differences arising on settlement or translation of
monetary items are recognised in profit or loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using
the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a
foreign currency are translated using the exchange rates at the date when the fair value is determined. The
gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the
recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items
whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss,
respectively).
The Company enters into forward exchange contract to hedge its risk associated with Foreign currency
fluctuations. The premium or discount arising at the inception of a forward exchange contract is amortized
as expense or income over the life of the contract. In case of monetary items which are covered by forward
exchange contract, the difference between the yearend rate and rate on the date of the contract is recognized
as exchange difference. Any profit or loss arising on cancellation of a forward exchange contract is recognized
as income or expense for that year.
Borrowing cost include interest computed using Effective Interest Rate method, amortisation of
ancillary costs incurred and exchange differences arising from foreign currency borrowings to the
extent they are regarded as an adjustment to the interest cost.
Borrowing costs that are directly attributable to the acquisition, construction, production of a qualifying
asset are capitalised as part of the cost of that asset which takes substantial period of time to get ready for
its intended use. The Company determines the amount of borrowing cost eligible for capitalisation by
applying capitalisation rate to the expenditure incurred on such cost. The capitalisation rate is determined
based on the weighted average rate of borrowing cost applicable to the borrowings of the Company which
are outstanding during the period, other than borrowings made specifically towards purchase of the qualifying
asset. The amount of borrowing cost that the Company capitalises during the period does not exceed the
amount of borrowing cost incurred during that period. All other borrowings costs are expensed in the period
in which they occur.
Interest income earned on the temporary investment of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs
are recognised in the statement of profit and loss in the period in which they are incurred.
Government grants are recognised at fair value where there is a reasonable assurance that the grant
will be received and all the attached conditions are complied with.
In case of revenue related grant, the income is recognised on a systematic basis over the period for which
it is intended to compensate an expense and is disclosed under âOther operating revenueâ or netted off
against corresponding expenses wherever appropriate. Receivables of such grants are shown under âOther
Financial Assetsâ. Export benefits are accounted for in the year of exports based on eligibility and when
there is no uncertainty in receiving the same. Receivables of such benefits are shown under Other Financial
Assets.
Government grants related to assets, including non-monetary grants at fair value, shall be presented in the
balance sheet by setting up the grant as deferred income. The grant set up as deferred income is recognised
in profit or loss on a systematic basis over the useful life of the asset.
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid
to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are
enacted or substantively enacted, at the reporting date in the countries where the Company operates and
generates taxable income.
Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss
(either in other comprehensive income or in equity). Current tax items are recognised in correlation to the
underlying transaction either in OCI or directly in equity. Management periodically evaluates positions
taken in the tax returns with respect to situations in which applicable tax regulations are subject to
interpretation and establishes provisions where appropriate.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in
the form of adjustment to future tax liability, is recognised as an asset viz. MAT Credit Entitlement, to the
extent there is convincing evidence that the Company will pay normal Income tax and it is highly probable
that future economic benefits associated with it will flow to the Company during the specified period. The
Company reviews the âMAT Credit Entitlementâ at each Balance Sheet date and writes down the
carrying amount of the same to the extent there is no longer convincing evidence to the effect that the
Company will pay normal Income tax during the specified period.
Deferred tax is provided using the liability method on temporary differences between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available
against which the deductible temporary differences, and the carry forward of unused tax credits and unused
tax losses can be utilised. Where there is deferred tax assets arising from carry forward of unused tax
losses and unused tax created, they are recognised to the extent of deferred tax liability.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that
it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax
asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are
recognised to the extent that it has become probable that future taxable profits will allow the deferred tax
asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in
other comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying
transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current
tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the
same taxation authority.
o) Retirement and other employee benefits
Short-term employee benefits
A liability is recognised for short-term employee benefit in the period the related service is rendered at the
undiscounted amount of the benefits expected to be paid in exchange for that service.
Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no
obligation, other than the contribution payable to the provident fund and super annuation fund. The Company
recognizes contribution payable to the provident fund scheme as an expense, when an employee renders
the related service. If the contribution payable to the scheme for service received before the balance sheet
date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability
after deducting the contribution already paid. If the contribution already paid exceeds the contribution due
for services received before the balance sheet date, then excess is recognized as an asset to the extent
that the pre-payment will lead to, for example, a reduction in future payment or a cash refund.
The Company operates a defined benefit gratuity plan in India, which requires contributions to be made to
a separately administered fund. The cost of providing benefits under the defined benefit plan is determined
using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding
amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding
amounts included in net interest on the net defined benefit liability), are recognised immediately in the
balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which
they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.
Compensated absences
The Company has a policy on compensated absences which are both accumulating and non-accumulating
in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation
performed by an independent actuary at each balance sheet date using projected unit credit method on the
additional amount expected to be paid / availed as a result of the unused entitlement that has accumulated
at the balance sheet date. Expense on non-accumulating compensated absences is recognized in the
period in which the absences occur.
Other long term employee benefits
Liabilities recognised in respect of other long-term employee benefits are measured at the present value of
the estimated future cash outflows expected to be made by the Company in respect of services provided by
the employees up to the reporting date.
p) Impairment of non financial assets
The Company assesses, at each reporting date, whether there is an indication that an asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company
estimates the assetâs recoverable amount. An assetâs recoverable amount is the higher of an assetâs or
cash-generating unitâs (CGU) fair value less costs of disposal and its value in use. Recoverable amount is
determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU
exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable
amount.
Mar 31, 2015
1.1 Basis of preparation of financial statements
The financial statements are prepared and presented in accordance with
the Indian Generally Accepted Accounting Principles ("GAAP") under the
historical cost convention on the accrual basis. GAAP comprises
mandatory Accounting Standards issued by the Institute of Chartered
Accountants of India (I CAI), Companies (Accounting Standards) Rules,
2006 and guidelines issued by the Securities and Exchange Board of
India.
Preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates &
assumptions that affect the reported balance of assets & liabilities
and disclosures relating to contingent assets & liabilities as on the
date of financial statement and reported amounts of income &
expenditure during the period. Actual results could differ from these
estimates, differences if any between the actual results and estimates
are recognized in the period in which the results are known or
materialized.
Presentation and disclosure of financial statements during the year
ended March 31, 2015 the revised Schedule VI notified under the
Companies Act 1956, has become applicable to the Company, for
preparation and presentation of its financial statements. The adoption
of revised Schedule VI does not impact recognition and measurement
principles followed by the Company for preparation of financial
statements. However, it has significant impact on presentation and
disclosures made in the financial statements. The Company has also
reclassified the previous year figures in accordance with the
requirements applicable in the current year.
All the assets and liabilities have been classified as current or
non-current as per Company's normal operating cycle and other criteria
set out in the Schedule VI to the Companies Act, 1956.
1.2 Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires 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 results of operations during the reporting
period. Although these estimates are based upon management's best
knowledge of current events and actions, actual results could differ
from these estimates. Significant estimates used by the management in
the preparation of these financial statements include classification of
assets and liabilities into current and non-current, estimates of the
economic useful lives of fixed assets, provisions for bad and doubtful
debts. Any revision to accounting estimates is recognized
prospectively.
1.3 Revenue recognition
(i) Revenue from sale of products is recognized, in accordance with the
sales contract, on delivery of goods to the customer. Revenue from
product sales are shown net of taxes.
(ii) Revenue on software development services comprises revenue priced
on a time and material and fixed-price contracts. Revenue priced on a
time and material contracts are recognized as related services are
performed. Revenue from fixed-price, fixed time-frame contracts is
recognized in accordance with the percentage of completion method.
(iii) Revenue from technical service, training, support and other
services is recognized as the related services are performed over the
duration of the contract/course.
(iv) Dividend is recognized when the right to receive the dividend is
established at the balance sheet date.
1.4 Cash flow statement
Cash flows are reported using the indirect method, whereby net profits
before tax is adjusted for the effects of transactions of a non-cash
nature and the changes during the period in inventories and operating
receivables and payables. The cash flows from regular revenue
generating, investing and financing activities of the Company are shown
separately.
1.5 Fixed assets and capital work-in-progress
(i) Fixed assets are stated at historical cost less accumulated
depreciation. Cost includes all expenses incurred to bring the assets
to its present location and condition.
(ii) Interest on borrowed money allocated to and utilized for fixed
assets, pertaining to the period up to the date the fixed asset is
ready for its intended use, is capitalized.
1.6 Intangible assets
(i) All intangible assets are stated at cost less accumulated
amortization.
(ii) The cost of acquired intangible assets is the consideration paid
for acquisition and other incidental costs incurred to bring the
intangible asset for its intended use.
(iii) Internally generated intangible assets are valued at cost which
were incurred during the development phase of intangibles which
comprises of expenditure on materials and services used or consumed,
salaries and other employment related cost of personnel engaged in
development of intangible asset, other direct expenditures and
overheads that are necessary for the generation of the intangible asset
and that can be allocated on a reasonable basis.
(iv) Interest on borrowed money allocated to and utilized for
intangible assets, pertaining to the period up to the date the
intangible asset is ready for its intended use, is capitalized in
accordance with Accounting Standard-16.
(v) Amount paid towards the acquisition of intangible assets, which is
not put to use as at reporting date and the cost of intangible assets
not ready for its intended use before such date is disclosed under
capital work-in-progress.
1.7 Research and development
(i) The Company in association with the Centre for Sponsored Schemes
and Projects of Indian Institute of Science, Bangalore has set up a
designing and testing laboratory. The Indian Institute of Science and
the Company will jointly own the Intellectual Property rights and
patents for technologies and products developed by the laboratory.
(ii) The Company, also in association with Indian Institute of Science,
and Society for Innovation and Development has entered into
Collaborative Research Programme called "Cranes -I I Sc" Research
Programme. The parties shall be joint owners of any intellectual
property rights and inventions that may be realized through this
programme.
(iii) Research cost relating to the above are charged to statement of
profit and loss and the expenditure incurred relating to the
development phase are treated as advances in capital work in progress
and will be capitalized when the intangible asset is ready for use as
per the criteria laid down by the AS-26.
1.8 Depreciation and amortization
(i) Depreciation on fixed asets is calculated on a straight-line basis
using the rates arrived at based on the useful lives estimated by the
management.
(ii) Till the year ended 31 March 2014, Schedule XIV to the Companies
Act, 1956, prescribed requirements concerning depreciation of fixed
assets. From the current year, Schedule XIV has been replaced by
Schedule II to the Companies Act, 2013.
Considering the applicablility of Schedule II, the management has
re-estimated useful lives and residual values of all its fixed assets
which are equal to useful lives and residual values specified in
Schedule II. The management believes that depreciation rates currently
used fairly reflect its estimate of the useful lives and residual
values of fixed assets.
(iii) Depreciation on individual low cost assets (costing less than
Rs.5,000) is provided for in full in the year of purchase irrespective
of date of installation.
(iv) Other intangible assets are amortized over their respective
individual estimated useful life on a straight line basis, commencing
from the date the asset is available to the Company for its use.
1.9 Impairment of assets
The Company assesses at each balance sheet date using internal and
external sources, whether there is any indication that an asset (both
tangible and intangible) may be impaired more than of a temporary
nature. If any such indications exist, 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 to 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 a
previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the asset is reflected at the recoverable
amount subject to a maximum of depreciated historical cost.
1.10 Inventories
Inventories of the Company comprises of third party software products.
Such software products are valued at cost or net realizable value,
whichever is lower. The cost formula used is weighted average basis.
Net realizable value is the estimated selling price in ordinary course
of business, less estimated cost of completion and estimated cost
necessary to make the sale. The cost of inventories is net of VAT
credit.
1.11 Investments
(i) Investments are either classified as current or non current based
on the management's intention at the time of purchase.
(ii) Non current investments are stated at cost less provision for
diminution in the value of such investments. Diminution in value is
provided for where the management is of the opinion that the diminution
is of permanent nature.
(iii) Current investments are carried at the lower of cost or fair
value. Any reduction in carrying amount and any reversals of such
reduction are charged or credited to the statement of profit & loss.
(iv) Investments in foreign subsidiaries have been reflected at the
exchange rates prevailing at the date of transactions.
1.12 Effect of exchange fluctuation on foreign currency transactions
(i) Foreign currency transactions are recorded at the exchange rate
prevailing on the date of the transaction.
(ii) Exchange differences are recorded when the amount actually
received on sales or actually paid when the expenditure is incurred, is
converted into indian rupees.
(iii) Exchange differences arising on foreign currency transactions are
recognized as income or expense in the period in which they arise.
(iv) Period-end balances of monetary foreign currency assets and
liabilities are translated at the closing rate. The resulting exchange
difference is recognized in the statement of profit and loss.
(v) Non - monetary assets & liabilities are translated at the rate
prevailing on the date of transaction.
(vi) Foreign currency translation differences relating to liabilities
incurred for acquiring fixed assets are recognized in statement of
profit and loss.
1.13 Employees' retirement benefits
(i) Post-employment benefit plans
Contributions to defined contribution retirement benefit schemes are
recognized as an expense when employees have rendered services
entitling them to contributions.
For defined benefit schemes, the cost of providing benefits is
determined using the projected unit credit method, with actuarial
valuations being carried out at each balance sheet date. Actuarial
gains and losses are recognized in full in the statement of profit and
loss for the period in which they occur. Past service cost is
recognized immediately to the extent that the benefits are already
vested, and otherwise is amortized on a straight-line basis over the
average period until the benefits become vested. The retirement benefit
obligation recognized in the balance sheet represents the present value
of the defined benefit obligation as adjusted for unrecognized past
service cost and as reduced by the fair value of scheme assets. Any
asset resulting from this calculation is limited to the present value
of available refunds and reductions in future contributions to the
scheme.
(ii) Short-term employee benefits
The undiscounted amount of short-term employee benefits expected to be
paid in exchange for the services rendered by employees is recognized
during the period when the employee renders the service. These benefits
include compensated absences such as paid annual leave, overseas social
security contributions and performance incentives.
(iii) Long-term employee benefits
Compensated absences which are not expected to occur within twelve
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.
1.14 Income Tax / Deferred Tax
(i) Current tax is calculated in accordance with the relevant tax
regulations.
(ii) Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to timing differences that result between
the profit offered for income taxes and the profit as per the financial
statements. Deferred tax in respect of timing difference which
originate during the tax holiday period but reverse after the tax
holiday period is recognized in the year in which the timing difference
originate. For this purpose the timing difference which originates
first is considered to reverse first. Deferred tax assets and
liabilities are measured using the tax rates and tax laws that have
been enacted or substantively enacted by the balance sheet date. The
effect on deferred tax assets and liabilities of a change in tax rates
is recognized in the statement of profit and loss in the year of
charge. Deferred tax assets on timing differences are recognized only
if there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realized. Deferred tax assets are reassessed for the appropriateness of
their respective carrying values at each balance sheet dates.
(iii) Minimum Alternative Tax (MAT) paid in accordance to the tax laws,
which gives rise to future economic benefits in the form of adjustment
of future income tax liability, is considered as an asset if there is
convincing evidence that the Company will pay normal income tax after
the tax holiday period. Accordingly, MAT is recognized as an asset in
the balance sheet when it is probable that the future economic benefit
associated with it will flow to the Company and the asset can be
measured reliably.
(iv) Advance taxes and provisions for current income taxes are
presented in the balance sheet after off-setting advance taxes paid and
income tax provisions arising in the same tax jurisdiction.
(v) The Company offsets deferred tax assets and deferred tax
liabilities relating to taxes on income levied by the same governing
taxation laws.
1.15 Provisions and Contingent Liabilities
The Company creates a provision when there is a present obligation as a
result of an obligating 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. Where there is a possible
obligation or a present obligation in respect of which the likelihood
of outflow of resources is remote, no provision or disclosure is made.
1.16 Earnings per share
(i) Basic earnings per share is calculated by dividing the net earnings
available to the equity shareholders by the weighted average number of
equity shares outstanding during the year.
(ii) Diluted earnings per share is calculated by dividing the net
earnings available to existing and potential equity shareholders by
aggregate of the weighted average number of equity shares considered
for deriving basic earnings per share. Dilutive potential equity shares
are deemed converted as of the beginning of the period, unless issued
at a later date.
1.17 Leases
(i) Lease arrangements where substantial risk and rewards incidental to
ownership vests with the lessor, such leases are recognized as
operating leases.
(ii) Lease payments under operating lease are recognized as an expense
in the statement of profit and loss.
1.18 Derivative instruments and hedge accounting
The Company uses foreign currency forward contracts and currency
options to hedge its risks associated with foreign currency
fluctuations relating to certain firm commitments and forecasted
transactions. The Company designates these hedging instruments as cash
flow hedges applying the recognition and measurement principles set out
in the Accounting Standard 30 "Financial Instruments: Recognition and
Measurement" (AS-30).
The use of hedging instruments is governed by the Company's policies
approved by the board of directors, which provide written principles on
the use of such financial derivatives consistent with the Company's
risk management strategy.
Hedging instruments are initially measured at fair value, and are
remeasured at subsequent reporting dates. Changes in the fair value of
these derivatives that are designated and effective as hedges of future
cash flows are recognized directly in share holders' funds and the
ineffective portion is recognized immediately in the statement of
profit and loss.
Changes in the fair value of derivative financial instruments that do
not qualify for hedge accounting are recognized in the statement of
profit and loss as they arise.
Hedge accounting is discontinued when the hedging instrument expires or
is sold, terminated, or exercised, or no longer qualifies for hedge
accounting. At that time for forecasted transactions, any cumulative
gain or loss on the hedging instrument recognized in shareholders'
funds is retained there until the forecasted transaction occurs. If a
hedged transaction is no longer expected to occur, the net cumulative
gain or loss recognized in shareholders' funds is transferred to the
statement of profit and loss for the period.
However, the Company has no outstanding hedged transaction nor entered
into any hedging transaction during the year.
Mar 31, 2013
1.1 Basis of Preparation of financial statements
The financial statements are prepared and presented in accordance with
the Indian Generally Accepted Accounting Principles ("GAAP" )
under the historical cost convention on the accrual basis. GAAP
comprises mandatory accounting standards issued by the Institute of
Chartered Accountants of India (ICAI), Companies (Accounting Standards)
Rules, 2006 and guidelines issued by the Securities and Exchange Board
of India.
Preparation of Financial Statements in conformity with Generally
Accepted Accounting Principles requires management to make estimates &
assumptions that affect the reported balance of assets & liabilities
and disclosures relating to Contingent assets & liabilities as on the
date of Financial Statement and reported amounts of Income &
expenditure during the period. Actual results could differ from these
estimates, differences if any between the actual results and estimates
are recognized in the period in which the results are known or
materialized.
Presentation and disclosure of financial statements during the year
ended March 31, 2013 the revised Schedule VI notified under the
Companies Act 1956, has become applicable to the Company, for
preparation and presentation of its financial statements. The adoption
of revised Schedule VI does not impact recognition and measurement
principles followed by the Company for preparation of financial
statements. However, it has significant impact on presentation and
disclosures made in the financial statements. The Company has also
reclassified the previous year figures in accordance with the
requirements applicable in the current year.
All the assets and liabilities have been classified as current or
non-current as per Company''s normal operating cycle and other
criteria set out in the Schedule VI to the Companies Act, 1956.
1.2 Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires 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 results of operations during the reporting
period. Although these estimates are based upon management''s best
knowledge of current events and actions, actual results could differ
from these estimates. Significant estimates used by the management in
the preparation of these financial statements includes classification
of assets and liabilities into current and non-current, estimates of
the economic useful lives of fixed assets, provisions for bad and
doubtful debts. Any revision to accounting estimates is recognized
prospectively.
1.3 Revenue Recognition
(i) Revenue from sale of products is recognized, in accordance with the
sales contract, on delivery of goods to the Customer. Revenue from
product sales are shown net of taxes.
(ii) Revenue on Software Development services comprises revenue priced
on a time and material and fixed-price contracts. Revenue priced on a
time and material contracts are recognized as related services are
performed. Revenue from fixed-price, fixed time-frame contracts is
recognized in accordance with the percentage of completion method.
(iii) Revenue from Technical Service, Training, support and other
services is recognized as the related services are performed over the
duration of the contract/course.
(iv) Dividend is recognized when the right to receive the dividend is
established at the balance sheet date.
1.4 Cash flow statement
Cash flows are reported using the indirect method, whereby net profits
before tax is adjusted for the effects of transactions of a non-cash
nature and the changes during the period in inventories and operating
receivables and payables. The cash flows from regular revenue
generating, investing and financing activities of the Company are shown
separately.
1.5 Fixed Assets and Capital Work-in-progress
(i) Fixed Assets are stated at historical cost less accumulated
depreciation. Cost includes all expenses incurred to bring the assets
to its present location and condition.
(ii) Interest on borrowed money allocated to and utilized for fixed
assets, pertaining to the period up to the date the fixed asset is
ready for its intended use, is capitalized.
1.6 Intangible Assets
(i) All intangible assets are stated at cost less accumulated
amortization.
(ii) The cost of acquired intangible assets is the consideration paid
for acquisition and other incidental costs incurred to bring the
intangible asset for its intended use.
(iii) Internally generated intangible assets are valued at cost which
were incurred during the development phase of intangibles which
comprises of expenditure on materials and services used or consumed,
salaries and other employment related cost of personnel engaged in
development of intangible asset, other direct expenditures and
overheads that are necessary for the generation of the intangible asset
and that can be allocated on a reasonable basis.
(iv) Interest on borrowed money allocated to and utilized for
intangible assets, pertaining to the period up to the date the
intangible asset is ready for its intended use, is capitalized in
accordance with Accounting Standard-16.
(v) Amount paid towards the acquisition of intangible assets, which is
not put to use as at reporting date and the cost of intangible assets
not ready for its intended use before such date is disclosed under
Capital Work-in-progress.
1.7 Research and Development
(i) The Company in association with the Centre for Sponsored Schemes
and Projects of Indian Institute of Science, Bangalore has set up a
designing and testing laboratory. The Indian Institute of Science and
the Company will jointly own the Intellectual Property rights and
patents for technologies and products developed by the laboratory.
(ii) The Company, also in association with Indian Institute of Science,
and Society for Innovation and Development has entered into
Collaborative Research Programme called "Cranes "I I
Sc" Research Programme. The Parties shall be joint owners of any
Intellectual Property Rights and Inventions that may be realized
through this programme.
(iii) Research cost relating to the above are charged to Statement of
Profit and Loss and the expenditure incurred relating to the
Development phase are treated as advances in Capital Work in progress
and will be capitalized when the intangible asset is ready for use as
per the criteria laid down by the AS- 26.
1.8 Depreciation and Amortization
(i) Depreciation has been provided on Straight Line method at the rates
prescribed under Schedule XIV of the Companies Act, 1956. In respect of
assets purchased / sold during the year, depreciation is charged on a
pro-rata basis.
(ii) The Management estimates the useful life of Customized
software/commercial rights procured for specific application as 3 years
and accordingly amortizes over their estimated useful life on a
straight line basis.
(iii) Depreciation on individual low cost assets (costing less than
Rs.5,000) is provided for in full in the year of purchase irrespective
of date of installation.
(iv) Other Intangible assets are amortized over their respective
individual estimated useful life on a straight- line basis, commencing
from the date the asset is available to the Company for its use.
(v) After recognition of impairment loss, the depreciation charge for
the asset is on the revalued amount prospectively over the remaining
useful life of the asset.
1.9 Impairment of Assets
The Company assesses at each balance sheet date using internal and
external sources, whether there is any indication that an asset (both
tangible and intangible) may be impaired more than of a temporary
nature. If any such indications exist, 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 to 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 a
previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the asset is reflected at the recoverable
amount subject to a maximum of depreciated historical cost.
1.10 Inventories
Inventories of the company comprises of Third Party software products.
Such software products are valued at cost or net realizable value,
whichever is lower. The cost formula used is weighted average basis.
Net realizable value is the estimated selling price in ordinary course
of business, less estimated cost of completion and estimated cost
necessary to make the sale. The cost of inventories is net of VAT
credit.
1.11 Investments
(i) Investments are either classified as current or non current based
on the management''s intention at the time of purchase.
(ii) Non current investments are stated at cost less provision for
diminution in the value of such investments. Diminution in value is
provided for where the management is of the opinion that the diminution
is of permanent nature.
(iii) Current investments are carried at the lower of cost or fair
value. Any reduction in carrying amount and any reversals of such
reduction are charged or credited to the statement of profit & loss.
(iv) Investments in Foreign Subsidiaries have been reflected at the
exchange rates prevailing at the date of transactions.
1.12 Effect of Exchange Fluctuation on foreign currency transactions
(i) Foreign currency transactions are recorded at the exchange rate
prevailing on the date of the transaction.
(ii) Exchange differences are recorded when the amount actually
received on sales or actually paid when the expenditure is incurred, is
converted into Indian Rupees.
(iii) Exchange differences arising on foreign currency transactions are
recognized as income or expense in the period in which they arise.
(iv) Period-end balances of monetary foreign currency assets and
liabilities are translated at the closing rate. The resulting exchange
difference is recognized in the statement of profit and loss.
(v) Non " Monetary assets & liabilities are translated at the
rate prevailing on the date of transaction.
(vi) Foreign currency translation differences relating to liabilities
incurred for acquiring fixed assets are recognized in Statement of
Profit and Loss.
1.13 Employees'' Retirement Benefits
(i) Post-employment benefit plans
Contributions to defined contribution retirement benefit schemes are
recognized as an expense when employees have rendered services
entitling them to contributions.
For defined benefit schemes, the cost of providing benefits is
determined using the Projected Unit Credit Method, with actuarial
valuations being carried out at each balance sheet date. Actuarial
gains and losses are recognized in full in the statement of profit and
loss for the period in which they occur. Past service cost is
recognized immediately to the extent that the benefits are already
vested, and otherwise is amortized on a straight-line basis over the
average period until the benefits become vested. The retirement benefit
obligation recognized in the balance sheet represents the present value
of the defined benefit obligation as adjusted for unrecognized past
service cost, and as reduced by the fair value of scheme assets. Any
asset resulting from this calculation is limited to the present value
of available refunds and reductions in future contributions to the
scheme.
(ii) Short-term employee benefits
The undiscounted amount of short-term employee benefits expected to be
paid in exchange for the services rendered by employees is recognized
during the period when the employee renders the service. These benefits
include compensated absences such as paid annual leave, overseas social
security contributions and performance incentives.
(iii) Long-term employee benefits
Compensated absences which are not expected to occur within twelve
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.
1.14 Income Tax/ Deferred Tax
(i) Current tax is calculated in accordance with the relevant tax
regulations.
(ii) Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to timing differences that result between
the profit offered for income taxes and the profit as per the financial
statements. Deferred tax in respect of timing difference which
originate during the tax holiday period but reverse after the tax
holiday period is recognized in the year in which the timing difference
originate. For this purpose the timing difference which originates
first is considered to reverse first. Deferred tax assets and
liabilities are measured using the tax rates and tax laws that have
been enacted or substantively enacted by the balance sheet date. The
effect on deferred tax assets and liabilities of a change in tax rates
is recognized in the statement of profit and loss in the year of
charge. Deferred tax assets on timing differences are recognized only
if there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realized. Deferred tax assets are reassessed for the appropriateness of
their respective carrying values at each balance sheet dates.
(iii) Minimum alternative tax (MAT) paid in accordance to the tax laws,
which gives rise to future economic benefits in the form of adjustment
of future income tax liability, is considered as an asset if there is
convincing evidence that the Company will pay normal income tax after
the tax holiday period. Accordingly, MAT is recognized as an asset in
the balance sheet when it is probable that the future economic benefit
associated with it will flow to the Company and the asset can be
measured reliably.
(iv) Advance taxes and provisions for current income taxes are
presented in the balance sheet after off- setting advance taxes paid
and income tax provisions arising in the same tax jurisdiction.
(v) The Company offsets deferred tax assets and deferred tax
liabilities relating to taxes on income levied by the same governing
taxation laws.
1.15 Provisions and Contingent Liabilities
The Company creates a provision when there is a present obligation as a
result of an obligating 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. Where there is a possible
obligation or a present obligation in respect of which the likelihood
of outflow of resources is remote, no provision or disclosure is made.
1.16 Earnings per Share
(i) Basic Earnings per share is calculated by dividing the net earnings
available to the Equity Shareholders by the weighted average number of
Equity Shares outstanding during the year.
(ii) Diluted Earnings per share is calculated by dividing the net
earnings available to existing and potential Equity Shareholders by
aggregate of the weighted average number of Equity Shares considered
for deriving basic earnings per share. Dilutive potential equity shares
are deemed converted as of the beginning of the period, unless issued
at a later date.
1.17 Leases
(i) Lease arrangements where substantial risk and rewards incidental to
ownership vests with the lessor, such leases are recognized as
operating leases.
(ii) Lease payments under operating lease are recognized as an expense
in the statement of profit and loss.
1.18 Derivative Instruments and Hedge Accounting
The Company uses foreign currency forward contracts and currency
options to hedge its risks associated with foreign currency
fluctuations relating to certain firm commitments and forecasted
transactions. The Company designates these hedging instruments as cash
flow hedges applying the recognition and measurement principles set out
in the Accounting Standard 30 "Financial Instruments: Recognition
and Measurement" (AS"30).
The use of hedging instruments is governed by the Company''s
policies approved by the board of directors, which provide written
principles on the use of such financial derivatives consistent with the
Company''s risk management strategy.
Hedging instruments are initially measured at fair value, and are
remeasured at subsequent reporting dates. Changes in the fair value of
these derivatives that are designated and effective as hedges of future
cash flows are recognized directly in shareholders'' funds and
the ineffective portion is recognized immediately in the statement of
profit and loss.
Changes in the fair value of derivative financial instruments that do
not qualify for hedge accounting are recognized in the statement of
profit and loss as they arise.
Hedge accounting is discontinued when the hedging instrument expires or
is sold, terminated, or exercised, or no longer qualifies for hedge
accounting. At that time for forecasted transactions, any cumulative
gain or loss on the hedging instrument recognized in
shareholders'' funds is retained there until the forecasted
transaction occurs. If a hedged transaction is no longer expected to
occur, the net cumulative gain or loss recognized in
shareholders'' funds is transferred to the statement of profit
and loss for the period.
However, the company has no outstanding hedged transaction nor entered
into any hedging transaction during the year.
Mar 31, 2012
1.1 Basis of Preparation of financial statements
The financial statements are prepared and presented in accordance with
the Indian Generally Accepted Accounting Principles ("GAAP") under
the historical cost convention on the accrual basis. GAAP comprises
mandatory accounting standards issued by the Institute of Chartered
Accountants of India (ICAI), Companies (Accounting Standards) Rules,
2006 and guidelines issued by the Securities and Exchange Board of
India.
Preparation of Financial Statements in conformity with Generally
Accepted Accounting Principles requires management to make estimates &
assumptions that affect the reported balance of assets & liabilities
and disclosures relating to Contingent assets & liabilities as on the
date of Financial Statement and reported amounts of Income &
expenditure during the period. Actual results could differ from these
estimates, differences if any between the actual results and estimates
are recognized in the period in which the results are known or
materialized.
Presentation and disclosure of financial statements during the year
ended March 31, 2012 the revised Schedule VI notified under the
Companies Act 1956, has become applicable to the Company, for
preparation and presentation of its financial statements. The adoption
of revised Schedule VI does not impact recognition and measurement
principles followed by the Company for preparation of financial
statements. However, it has significant impact on presentation and
disclosures made in the financial statements. The Company has also
reclassified the previous year figures in accordance with the
requirements applicable in the current year.
All the assets and liabilities have been classified as current or
non-current as per Company's normal operating cycle and other
criteria set out in the Schedule VI to the Companies Act, 1956.
1.2 Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires 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 results of operations during the reporting
period. Although these estimates are based upon management's best
knowledge of current events and actions, actual results could differ
from these estimates. Significant estimates used by the management in
the preparation of these financial statements include classification of
assets and liabilities into current and non-current, estimates of the
economic useful lives of fixed assets, provisions for bad and doubtful
debts. Any revision to accounting estimates is recognized
prospectively.
1.3 Revenue Recognition
(i) Revenue from sale of products is recognized, in accordance with the
sales contract, on delivery of goods to the Customer. Revenue from
product sales are shown net of taxes.
(ii) Revenue on Software Development services comprises revenue priced
on a time and material and fixed-price contracts. Revenue priced on a
time and material contracts are recognized as related services are
performed. Revenue from fixed-price, fixed time-frame contracts is
recognized in accordance with the percentage of completion method.
(iii) Revenue from Technical Service, Training, support and other
services is recognized as the related services are performed over the
duration of the contract/course.
(iv) Dividend is recognized when the right to receive the dividend is
established at the balance sheet date.
1.4 Cash flow statement
Cash flows are reported using the indirect method, whereby net profits
before tax is adjusted for the effects of transactions of a non-cash
nature and the changes during the period in inventories and operating
receivables and payables. The cash flows from regular revenue
generating, investing and financing activities of the Company are shown
separately.
1.5 Fixed Assets and Capital Work-in-progress
(i) Fixed Assets are stated at historical cost less accumulated
depreciation. Cost includes all expenses incurred to bring the assets
to its present location and condition.
(ii) Interest on borrowed money allocated to and utilized for fixed
assets, pertaining to the period up to the date the fixed asset is
ready for its intended use, is capitalized.
1.6 Intangible Assets
(i) All intangible assets are stated at cost less accumulated
amortization.
(ii) The cost of acquired intangible assets is the consideration paid
for acquisition and other incidental costs incurred to bring the
intangible asset for its intended use.
(iii) Internally generated intangible assets are valued at cost which
were incurred during the development phase of intangibles which
comprises of expenditure on materials and services used or consumed,
salaries and other employment related cost of personnel engaged in
development of intangible asset, other direct expenditures and
overheads that are necessary for the generation of the intangible asset
and that can be allocated on a reasonable basis.
(iv) Interest on borrowed money allocated to and utilized for
intangible assets, pertaining to the period up to the date the
intangible asset is ready for its intended use, is capitalized in
accordance with Accounting Standard-16.
(v) Amount paid towards the acquisition of intangible assets, which is
not put to use as at reporting date and the cost of intangible assets
not ready for its intended use before such date is disclosed under
Capital Work-in-progress.
1.7 Research and Development
(i) The Company in association with the Centre for Sponsored Schemes
and Projects of Indian Institute of Science, Bangalore has set up a
designing and testing laboratory. The Indian Institute of Science and
the Company will jointly own the Intellectual Property rights and
patents for technologies and products developed by the laboratory.
(ii) The Company, also in association with Indian Institute of Science,
and Society for Innovation and Development has entered into
Collaborative Research Programme called "Cranes -I I Sc" Research
Programme. The Parties shall be joint owners of any Intellectual
Property Rights and Inventions that may be realized through this
programme.
(iii) Research cost relating to the above are charged to Statement of
Profit and Loss and the expenditure incurred relating to the
Development phase are treated as advances in Capital Work in progress
and will be capitalized when the intangible asset is ready for use as
per the criteria laid down by the AS-26.
1.8 Depreciation and Amortization
(i) Depreciation has been provided on Straight Line method at the rates
prescribed under Schedule XIV of the Companies Act, 1956. In respect of
assets purchased / sold during the year, depreciation is charged on a
pro-rata basis.
(ii) The Management estimates the useful life of Customized
software/commercial rights procured for specific application as 3 years
and accordingly amortizes over their estimated useful life on a
straight line basis.
(iii) Depreciation on individual low cost assets (costing less than
Rs.5,000) is provided for in full in the year of purchase irrespective
of date of installation.
(iv) Other Intangible assets are amortized over their respective
individual estimated useful life on a straight-line basis, commencing
from the date the asset is available to the Company for its use.
(v) After recognition of impairment loss, the depreciation charge for
the asset is on the revalued amount prospectively over the remaining
useful life of the asset.
1.9 Impairment of Assets
The Company assesses at each balance sheet date using internal and
external sources, whether there is any indication that an asset (both
tangible and intangible) may be impaired more than of a temporary
nature. If any such indications exist, 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 to 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 a
previously assessed impairment loss no longer exists, the recoverable
amount is reassessed and the asset is reflected at the recoverable
amount subject to a maximum of depreciated historical cost.
1.10 Inventories
Inventories of the company comprises of Third Party software products.
Such software products are valued at cost or net realizable value,
whichever is lower. The cost formula used is weighted average basis.
Net realizable value is the estimated selling price in ordinary course
of business, less estimated cost of completion and estimated cost
necessary to make the sale. The cost of inventories is net of VAT
credit.
1.11 Investments
(i) Investments are either classified as current or non current based
on the management's intention at the time of purchase.
(ii) Non current investments are stated at cost less provision for
diminution in the value of such investments. Diminution in value is
provided for where the management is of the opinion that the diminution
is of permanent nature.
(iii) Current investments are carried at the lower of cost or fair
value. Any reduction in carrying amount and any reversals of such
reduction are charged or credited to the statement of profit & loss.
(iv) Investments in Foreign Subsidiaries have been reflected at the
exchange rates prevailing at the date of transactions.
1.12 Effect of Exchange Fluctuation on foreign currency transactions
(i) Foreign currency transactions are recorded at the exchange rate
prevailing on the date of the transaction.
(ii) Exchange differences are recorded when the amount actually
received on sales or actually paid when the expenditure is incurred, is
converted into Indian Rupees.
(iii) Exchange differences arising on foreign currency transactions are
recognized as income or expense in the period in which they arise.
(iv) Period-end balances of monetary foreign currency assets and
liabilities are translated at the closing rate. The resulting exchange
difference is recognized in the statement of profit and loss.
(v) Non - Monetary assets & liabilities are translated at the rate
prevailing on the date of transaction.
(vi) Foreign currency translation differences relating to liabilities
incurred for acquiring fixed assets are recognized in Statement of
Profit and Loss.
1.13 Employees' Retirement Benefits
(i) Post-employment benefit plans
Contributions to defined contribution retirement benefit schemes are
recognized as an expense when employees have rendered services
entitling them to contributions.
For defined benefit schemes, the cost of providing benefits is
determined using the Projected Unit Credit Method, with actuarial
valuations being carried out at each balance sheet date. Actuarial
gains and losses are recognized in full in the statement of profit and
loss for the period in which they occur. Past service cost is
recognized immediately to the extent that the benefits are already
vested, and otherwise is amortized on a straight-line basis over the
average period until the benefits become vested. The retirement benefit
obligation recognized in the balance sheet represents the present value
of the defined benefit obligation as adjusted for unrecognized past
service cost, and as reduced by the fair value of scheme assets. Any
asset resulting from this calculation is limited to the present value
of available refunds and reductions in future contributions to the
scheme.
(ii) Short-term employee benefits
The undiscounted amount of short-term employee benefits expected to be
paid in exchange for the services rendered by employees is recognized
during the period when the employee renders the service. These benefits
include compensated absences such as paid annual leave, overseas social
security contributions and performance incentives.
(iii) Long-term employee benefits
Compensated absences which are not expected to occur within twelve
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.
1.14 Income Tax/ Deferred Tax
(i) Current tax is calculated in accordance with the relevant tax
regulations.
(ii) Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to timing differences that result between
the profit offered for income taxes and the profit as per the financial
statements. Deferred tax in respect of timing difference which
originate during the tax holiday period but reverse after the tax
holiday period is recognized in the year in which the timing difference
originate. For this purpose the timing difference which originates
first is considered to reverse first. Deferred tax assets and
liabilities are measured using the tax rates and tax laws that have
been enacted or substantively enacted by the balance sheet date. The
effect on deferred tax assets and liabilities of a change in tax rates
is recognized in the statement of profit and loss in the year of
charge. Deferred tax assets on timing differences are recognized only
if there is a reasonable certainty that sufficient future taxable
income will be available against which such deferred tax assets can be
realized. Deferred tax assets are reassessed for the appropriateness of
their respective carrying values at each balance sheet dates.
(iii) Minimum alternative tax (MAT) paid in accordance to the tax laws,
which gives rise to future economic benefits in the form of adjustment
of future income tax liability, is considered as an asset if there is
convincing evidence that the Company will pay normal income tax after
the tax holiday period. Accordingly, MAT is recognized as an asset in
the balance sheet when it is probable that the future economic benefit
associated with it will flow to the Company and the asset can be
measured reliably.
(iv) Advance taxes and provisions for current income taxes are
presented in the balance sheet after off- setting advance taxes paid
and income tax provisions arising in the same tax jurisdiction.
(v) The Company offsets deferred tax assets and deferred tax
liabilities relating to taxes on income levied by the same governing
taxation laws.
1.15 Provisions and Contingent Liabilities
The Company creates a provision when there is a present obligation as a
result of an obligating 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. Where there is a possible
obligation or a present obligation in respect of which the likelihood
of outflow of resources is remote, no provision or disclosure is made.
1.16 Earnings per Share
(i) Basic Earnings per share is calculated by dividing the net earnings
available to the Equity Shareholders by the weighted average number of
Equity Shares outstanding during the year.
(ii) Diluted Earnings per share is calculated by dividing the net
earnings available to existing and potential Equity Shareholders by
aggregate of the weighted average number of Equity Shares considered
for deriving basic earnings per share. Dilutive potential equity shares
are deemed converted as of the beginning of the period, unless issued
at a later date.
1.17 Leases
(i) Lease arrangements where substantial risk and rewards incidental to
ownership vests with the lessor, such leases are recognized as
operating leases.
(ii) Lease payments under operating lease are recognized as an expense
in the statement of profit and loss.
1.18 Derivative Instruments and Hedge Accounting
The Company uses foreign currency forward contracts and currency
options to hedge its risks associated with foreign currency
fluctuations relating to certain firm commitments and forecasted
transactions. The Company designates these hedging instruments as cash
flow hedges applying the recognition and measurement principles set out
in the Accounting Standard 30 "Financial Instruments: Recognition and
Measurement" (AS-30).
The use of hedging instruments is governed by the Company's policies
approved by the board of directors, which provide written principles on
the use of such financial derivatives consistent with the Company's
risk management strategy.
Hedging instruments are initially measured at fair value, and are
remeasured at subsequent reporting dates. Changes in the fair value of
these derivatives that are designated and effective as hedges of future
cash flows are recognized directly in shareholders' funds and the
ineffective portion is recognized immediately in the statement of
profit and loss.
Changes in the fair value of derivative financial instruments that do
not qualify for hedge accounting are recognized in the statement of
profit and loss as they arise.
Hedge accounting is discontinued when the hedging instrument expires or
is sold, terminated, or exercised, or no longer qualifies for hedge
accounting. At that time for forecasted transactions, any cumulative
gain or loss on the hedging instrument recognized in shareholders'
funds is retained there until the forecasted transaction occurs. If a
hedged transaction is no longer expected to occur, the net cumulative
gain or loss recognized in shareholders' funds is transferred to the
statement of profit and loss for the period.
However, the company has no outstanding hedged transaction nor entered
into any hedging transaction during the year.
The Company has only one class of shares referred to as equity shares
having a par value of Re.2/-. Each holder of equity shares is entitled
to one vote per share held.
The Company declares and pays dividend 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.
Dividend, if approved, is payable to the shareholders in proportion to
their shareholding. In the event of liquidation of the Company, the
holders of equity shares will be entitled to receive any of the
remaining assets of the company. The distribution will be in proportion
to the number of equity shares held by the shareholders.
The Company has not declared dividend during the year.
The Company has not allotted any fully paid up equity shares by way of
bonus shares nor has bought back any class of equity shares during the
period of five years immediately preceding the balance sheet date.
Details of equity shares allotted as fully paid up without payment
being received in cash during the period of five years immediately
preceding the balance sheet date is given below:
Paid -up capital includes 30,98,880 shares issued as consideration for
acquisition of step down subsidiary Cubeware GmbH in the year 2008-09
Term Loans from Jammu and Kashmir Bank Limited is secured by
Hypothecation of Current and Fixed Assets of the Company; Pledge of
Shares of Wholly Owned Subsidiary Systat Software Inc; Pari passu
charge on Property at Bannerghatta Road; Assignment of Intellectual
Property Rights of Sigma Plot Product line and Systat; Personal
Guarantee of Whole Time Directors.
Rate of Interest is Base rate 2.25%, which varies between 10.50% to
10.75% during the year. The Loan was restructured during the month of
October 2010 with repayment schedule of 16 equal quarterly installments
starting from October 2011.
The management has ascertained the Warranty liability that will accrue
in the future periods as on 31st March 2012 to be Nil and has reversed
the excess liability to the Statement of Profit and Loss as at the year
end. the auditors have relied on the certificate of the management in
this regard.
Mar 31, 2011
20.1.1. Basis of Preparation of financial statements
The financial statements are prepared and presented in accordance with
the Indian Generally Accepted Accounting Principles ("GAAP") under the
historical cost convention on the accrual basis. GAAP comprises
mandatory accounting standards issued by the Institute of Chartered
Accountants of India (ICAI), Companies (Accounting Standards) Rules,
2006 and guidelines issued by the Securities and Exchange Board of
India.
20.1.2. Use of Estimates
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosures of
contingent assets and liabilities on the date of the financial
statements and reported amounts of revenue and expenses during the
period reported. Actual results could differ from those estimates. Any
revision to accounting estimates is recognized prospectively in current
& future periods.
20.1.3. Revenue Recognition
i. Revenue from sale of products is recognized, in accordance with the
sales contract, on delivery of goods to the Customer. Revenue from
product sales are shown net of taxes.
ii. Revenue on Software Development services comprises revenue priced
on a time and material and fixed- price contracts. Revenue priced on a
time and material contracts are recognized as related services are
performed. Revenue from fixed-price, fixed time-frame contracts is
recognized in accordance with the percentage of completion method.
iii. Revenue from Technical Service, Training, support and other
services is recognized as the related services are performed over the
duration of the contract/course.
iv. Dividend is recognized when the right to receive the dividend is
established at the balance sheet date.
20.1.4. Cash flow statement
Cash flows are reported using the indirect method, whereby net profits
before tax is adjusted for the effects of transactions of a non-cash
nature and the changes during the period in inventories and operating
receivables and payables. The cash flows from regular revenue
generating, investing and financing activities of the Company are shown
separately.
20.1.5. Fixed Assets and Capital Work-in-progress
i. Fixed Assets are stated at historical cost less accumulated
depreciation. Cost includes all expenses incurred to bring the assets
to its present location and condition. During the year exchange
differences on translation of foreign currency loans obtained to
purchase fixed assets from countries outside India are recognized in
Profit and Loss a/c.
ii. Interest on borrowed money allocated to and utilized for fixed
assets, pertaining to the period up to the date the fixed asset is
ready for its intended use, is capitalized.
iii. Advances paid towards the acquisition of fixed assets outstanding
as of each balance sheet date and the cost of fixed assets not ready
for its intended use before such date are disclosed under Capital
Work-in- progress.
20.1.6. Intangible Assets -
i. All intangible assets are stated at cost less accumulated
amortization.
ii. The cost of acquired intangible assets is the consideration paid
for acquisition and other incidental costs incurred to bring the
intangible asset for its intended use.
iii. Internally generated intangible assets are valued at cost which
were incurred during the development phase of intangibles which
comprises of expenditure on materials and services used or consumed,
salaries and other employment related cost of personnel engaged in
development of intangible asset, other direct expenditures and
overheads that are necessary for the generation of the intangible asset
and that can be allocated on a reasonable basis.
iv. Interest on borrowed money allocated to and utilized for intangible
assets, pertaining to the period up to the date the intangible asset is
ready for its intended use, is capitalized in accordance with
Accounting Standard-16.
v. Amount paid towards the acquisition of intangible assets, which is
not put to use as at reporting date and the cost of intangible assets
not ready for its intended use before such date is disclosed under
Capital Work-in-progress.
20.1.7. Research and Development
i. The Company in association with the Centre for Sponsored Schemes and
Projects of Indian Institute of Science, Bangalore has set up a
designing and testing laboratory. The Indian Institute of Science and
the Company will jointly own the Intellectual Property rights and
patents for technologies and products developed by the laboratory.
ii. The Company, also in association with Indian Institute of Science,
and Society for Innovation and Development has entered into
Collaborative Research Programme called "Cranes -I I Sc" Research
Programme. The Parties shall be joint owners of any Intellectual
Property Rights and Inventions that may be realized through this
programme.
iii. Research cost relating to the above are charged to Profit and Loss
account and the expenditure incurred relating to the Development phase
are treated as advances in Capital Work in progress and will be
capitalized when the intangible asset is ready for use as per the
criteria laid down by the AS-26.
20.1.8. Depreciation and Amortization
i. Depreciation has been provided on Straight Line method at the rates
prescribed under Schedule XIV of the Companies Act, 1956. In respect of
assets purchased / sold during the year, depreciation is charged on a
pro-rata basis.
ii. The Management estimates the useful life of Customized
software/commercial rights procured for specific application as 3 years
and accordingly amortizes over their estimated useful life on a
straight line basis.
iii. Depreciation on individual low cost assets (costing less than
Rs.5,000) is provided for in full in the year of purchase irrespective
of date of installation.
iv. Other Intangible assets are amortized over their respective
individual estimated useful life on a straight- line basis, commencing
from the date the asset is available to the Company for its use.
v. After recognition of impairment loss, the depreciation charge for
the asset is on the revalued amount prospectively over the remaining
useful life of the asset.
20.1.9. Impairment of Assets
The Company assesses at each balance sheet date using internal and
external sources, whether there is any indication that an asset (both
tangible and intangible) may be impaired more than of a temporary
nature. If any such indications exist, 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 to 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 profit and loss account.
If at the balance sheet date there is an indication that a previously
assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount subject
to a maximum of depreciated historical cost.
In the current year, in view of various reasons already covered
elsewhere in this Report, it has not been possible to conduct this
detailed review.
20.1.10. Inventories
Inventories of the company comprises of Third Party software products.
Such software products are valued at cost or net realizable value,
whichever is lower. The cost formula used is weighted average basis.
Net realizable value is the estimated selling price in ordinary course
of business, less estimated cost of completion and estimated cost
necessary to make the sale. The cost of inventories is net of VAT
credit.
20.1.11. Investments
Investments are either classified as current or long-term based on the
management's intention at the time of purchase.
i. Long term investments are stated at cost less provision for
diminution in the value of such investments. Diminution in value is
provided for where the management is of the opinion that the diminution
is of permanent nature.
ii. Current investments are carried at the lower of cost or fair value.
Any reduction in carrying amount and any reversals of such reduction
are charged or credited to the profit & loss account.
iii. Investments in Foreign Subsidiaries have been reflected at the
exchange rates prevailing at the date of transactions.
20.1.12. Effect of Exchange Fluctuation on foreign currency
transactions
i. Foreign currency transactions are recorded at the exchange rate
prevailing on the date of the transaction.
ii. Exchange differences are recorded when the amount actually received
on sales or actually paid when the expenditure is incurred, is
converted into Indian Rupees.
iii. Exchange differences arising on foreign currency transactions are
recognized as income or expense in the period in which they arise.
iv. Period-end balances of monetary foreign currency assets and
liabilities are translated at the closing rate. The resulting exchange
difference is recognized in the profit and loss account.
v. Non - Monetary assets & liabilities are translated at the rate
prevailing on the date of transaction.
vi. Foreign currency translation differences relating to liabilities
incurred for acquiring fixed assets are recognized in Profit and Loss
a/c.
20.1.13. Employees' Retirement Benefits i) Post-employment benefit
plans
Contributions to defined contribution retirement benefit schemes are
recognized as an expense when employees have rendered services
entitling them to contributions.
For defined benefit schemes, the cost of providing benefits is
determined using the Projected Unit Credit Method, with actuarial
valuations being carried out at each balance sheet date. Actuarial
gains and losses are recognised in full in the profit and loss account
for the period in which they occur. Past service cost is recognised
immediately to the extent that the benefits are already vested, and
otherwise is amortized on a straight-line basis over the average period
until the benefits become vested. The retirement benefit obligation
recognised in the balance sheet represents the present value of the
defined benefit obligation as adjusted for unrecognised past service
cost, and as reduced by the fair value of scheme assets. Any asset
resulting from this calculation is limited to the present value of
available refunds and reductions in future contributions to the scheme.
ii) Short-term employee benefits
The undiscounted amount of short-term employee benefits expected to be
paid in exchange for the services rendered by employees is recognised
during the period when the employee renders the service. These benefits
include compensated absences such as paid annual leave, overseas social
security contributions and performance incentives.
iii) Long-term employee benefits
Compensated absences which are not expected to occur within twelve
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.
20.1.14. Income Tax/ Deferred Tax
i. Current tax is calculated in accordance with the relevant tax
regulations.
ii. Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to timing differences that result between
the profit offered for income taxes and the profit as per the financial
statements. Deferred tax in respect of timing difference which
originate during the tax holiday period but reverse after the tax
holiday period is recognized in the year in which the timing difference
originate. For this purpose the timing difference which originates
first is considered to reverse first. Deferred tax assets and
liabilities are measured using the tax rates and tax laws that have
been enacted or substantively enacted by the balance sheet date. The
effect on deferred tax assets and liabilities of a change in tax rates
is recognized in the profit and loss account in the year of charge.
Deferred tax assets on timing differences are recognized only if there
is a reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realized.
Deferred tax assets are reassessed for the appropriateness of their
respective carrying values at each balance sheet dates.
iii. Minimum alternative tax (MAT) paid in accordance to the tax laws,
which gives rise to future economic benefits in the form of adjustment
of future income tax liability, is considered as an asset if there is
convincing evidence that the Company will pay normal income tax after
the tax holiday period. Accordingly, MAT is recognized as an asset in
the balance sheet when it is probable that the future economic benefit
associated with it will flow to the Company and the asset can be
measured reliably.
iv. Advance taxes and provisions for current income taxes are presented
in the balance sheet after off-setting advance taxes paid and income
tax provisions arising in the same tax jurisdiction.
v. The Company offsets deferred tax assets and deferred tax liabilities
relating to taxes on income levied by the same governing taxation laws.
20.1.15. Provisions and Contingent Liabilities
The Company creates a provision when there is a present obligation as a
result of an obligating 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. Where there is a possible
obligation or a present obligation in respect of which the likelihood
of outflow of resources is remote, no provision or disclosure is made.
20.1.16. Earnings per Share
i. Basic Earnings per share is calculated by dividing the net earning
available to the Equity Shareholders by the weighted average number of
Equity Shares outstanding during the year.
ii. Diluted Earnings per share is calculated by dividing the net
earnings available to existing and potential Equity Shareholders by
aggregate of the weighted average number of Equity Shares considered
for deriving basic earnings per share and also the weighted average
number of equity shares that could have been issued on the conversion
of all dilutive potential equity shares (FCCB). Dilutive potential
equity shares are deemed converted as of the beginning of the period,
unless issued at a later date.
20.1.17. Leases
i. Lease arrangements where substantial risk and rewards incidental to
ownership vests with the less or, such leases are recognized as
operating leases.
ii. Lease payments under operating lease are recognized as an expense
in the profit and loss account.
20.1.18. Derivative Instruments and Hedge Accounting
The Company uses foreign currency forward contracts and currency
options to hedge its risks associated with foreign currency
fluctuations relating to certain firm commitments and forecasted
transactions. The Company designates these hedging instruments as cash
flow hedges applying the recognition and measurement principles set out
in the Accounting Standard 30 "Financial Instruments: Recognition and
Measurement" (AS-30).
The use of hedging instruments is governed by the Company's policies
approved by the board of directors, which provide written principles on
the use of such financial derivatives consistent with the Company's
risk management strategy.
Hedging instruments are initially measured at fair value, and are
remeasured at subsequent reporting dates. Changes in the fair value of
these derivatives that are designated and effective as hedges of future
cash flows are recognised directly in shareholders' funds and the
ineffective portion is recognised immediately in the profit and loss
account.
Changes in the fair value of derivative financial instruments that do
not qualify for hedge accounting are recognised in the profit and loss
account as they arise.
Hedge accounting is discontinued when the hedging instrument expires or
is sold, terminated, or exercised, or no longer qualifies for hedge
accounting. At that time for forecasted transactions, any cumulative
gain or loss on the hedging instrument recognised in shareholders'
funds is retained there until the forecasted transaction occurs. If a
hedged transaction is no longer expected to occur, the net cumulative
gain or loss recognised in shareholders' funds is transferred to the
profit and loss account for the period.
Mar 31, 2010
20.1.1. Basis of Preparation of financial statements
The financial statements are prepared and presented in accordance with
the Indian Generally Accepted Accounting Principles ("GAAP") under the
historical cost convention on the accrual basis. GAAP comprises
mandatory accounting standards issued by the Institute of Chartered
Accountants of India (ICAI), Companies (Accounting Standards) Rules,
2006 and guidelines issued by the Securities and Exchange Board of
India.
20.1.2. Use of Estimates
The preparation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosures of
contingent assets and liabilities on the date of the financial
statements and reported amounts of revenue and expenses during the
period reported. Actual results could differ from those estimates. Any
revision to accounting estimates is recognized prospectively in current
& future periods.
20.1.3. Revenue Recognition
i. Revenue from sale of products is recognized, in accordance with the
sales contract, on delivery of goods to the Customer. Revenue from
product sales are shown net of taxes.
ii. Revenue on Software Development services comprises revenue priced
on a time and material and fixed-price contracts. Revenue priced on a
time and material contracts are recognized as related services are
performed. Revenue from fixed-price, fixed time-frame contracts is
recognized in accordance with the percentage of completion method.
iii. Revenue from Technical Service, Training, support and other
services is recognized as the related services are performed over the
duration of the contract/course.
iv. Dividend is recognized when the right to receive the dividend is
established at the balance sheet date.
20.1.4. Cash flow statement
Cash flows are reported using the indirect method, whereby net profits
before tax is adjusted for the effects of transactions of a non-cash
nature and the changes during the period in inventories and operating
receivables and payables. The cash flows from regular revenue
generating, investing and financing activities of the Company are shown
separately.
20.1.5. Fixed Assets and Capital Work-in-progress
i. Fixed Assets are stated at historical cost less accumulated
depreciation. Cost includes all expenses incurred to bring the assets
to its present location and condition. During the year exchange
differences on translation of foreign currency loans obtained to
purchase fixed assets from countries outside India are recognized in
Profit and Loss a/c.
ii. Interest on borrowed money allocated to and utilized for fixed
assets, pertaining to the period up to the date the fixed asset is
ready for its intended use, is capitalized.
iii. Advances paid towards the acquisition of fixed assets outstanding
as of each balance sheet date and the cost of fixed assets not ready
for its intended use before such date are disclosed under Capital
Work-in-progress.
20.1.6. Intangible Assets Ã
i. All intangible assets are stated at cost less accumulated
amortization.
ii. The cost of acquired intangible assets is the consideration paid
for acquisition and other incidental costs incurred to bring the
intangible asset for its intended use.
iii. Internally generated intangible assets are valued at cost which
were incurred during the development phase of intangibles which
comprises of expenditure on materials and services used or consumed,
salaries and other employment related cost of personnel engaged in
development of intangible asset, other direct expenditures and
overheads that are necessary for the generation of the intangible asset
and that can be allocated on a reasonable basis.
iv. Interest on borrowed money allocated to and utilized for intangible
assets, pertaining to the period up to the date the intangible asset is
ready for its intended use, is capitalized in accordance with
Accounting Standard-16.
v. Amount paid towards the acquisition of intangible assets, which is
not put to use as at reporting date and the cost of intangible assets
not ready for its intended use before such date is disclosed under
Capital Work-in-progress.
20.1.7. Research and Development
i. The Company in association with the Centre for Sponsored Schemes and
Projects of Indian Institute of Science, Bangalore has set up a
designing and testing laboratory. The Indian Institute of Science and
the Company will jointly own the Intellectual Property rights and
patents for technologies and products developed by the laboratory.
ii. The Company, also in association with Indian Institute of Science,
and Society for Innovation and Development has entered into
Collaborative Research Programme called "Cranes ÃI I Sc" Research
Programme. The Parties shall be joint owners of any Intellectual
Property Rights and Inventions that may be realized through this
programme.
iii. Research cost relating to the above are charged to Profit and Loss
account and the expenditure incurred relating to the Development phase
are treated as advances in Capital Work in progress and will be
capitalized when the intangible asset is ready for use as per the
criteria laid down by the AS- 26.
20.1.8. Depreciation and Amortization
i. Depreciation has been provided on Straight Line method at the rates
prescribed under Schedule XIV of the Companies Act, 1956. In respect of
assets purchased / sold during the year, depreciation is charged on a
pro-rata basis.
ii. The Management estimates the useful life of Customized
software/commercial rights procured for specific application as 3 years
and accordingly amortizes over their estimated useful life on a
straight line basis.
iii. Depreciation on individual low cost assets (costing less than
Rs.5,000) is provided for in full in the year of purchase irrespective
of date of installation.
iv. Other Intangible assets are amortized over their respective
individual estimated useful life on a straight-line basis, commencing
from the date the asset is available to the Company for its use.
v. After recognition of impairment loss, the depreciation charge for
the asset is on the revalued amount prospectively over the remaining
useful life of the asset.
20.1.9. Impairment of Assets
The Company assesses at each balance sheet date using internal and
external sources, whether there is any indication that an asset (both
tangible and intangible) may be impaired more than of a temporary
nature. If any such indications exist, 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 to 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 profit and loss account.
If at the balance sheet date there is an indication that a previously
assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount subject
to a maximum of depreciated historical cost.
In the current year, in view of various reasons already covered
elsewhere in this Report, it has not been possible to conduct this
detailed review
20.1.10.Inventories
Inventories of the Company comprises of Third Party software products.
Such software products are valued at cost or net realizable value,
whichever is lower. The cost formula used is weighted average basis.
Net realizable value is the estimated selling price in ordinary course
of business, less estimated cost of completion and estimated cost
necessary to make the sale. The cost of inventories is net of VAT
credit.
20.1.11.Investments
Investments are either classified as current or long-term based on the
managements intention at the time of purchase.
i. Long term investments are stated at cost less provision for
diminution in the value of such investments. Diminution in value is
provided for where the management is of the opinion that the diminution
is of permanent nature.
ii. Current investments are carried at the lower of cost or fair value.
Any reduction in carrying amount and any reversals of such reduction
are charged or credited to the profit & loss account.
iii. Investments in Foreign Subsidiaries have been reflected at the
exchange rates prevailing at the date of transactions.
20.1.12.Effect of Exchange Fluctuation on foreign currency transactions
i. Foreign currency transactions are recorded at the exchange rate
prevailing on the date of the transaction.
ii. Exchange differences are recorded when the amount actually received
on sales or actually paid when the expenditure is incurred, is
converted into Indian Rupees.
iii. Exchange differences arising on foreign currency transactions are
recognized as income or expense in the period in which they arise.
iv. Period-end balances of monetary foreign currency assets and
liabilities are translated at the closing rate. The resulting exchange
difference is recognized in the profit and loss account.
v. Non à Monetary assets & liabilities are translated at the rate
prevailing on the date of transaction.
vi. Foreign currency translation differences relating to liabilities
incurred for acquiring fixed assets are recognized in Profit and Loss
a/c.
20.1.13.Employees Retirement Benefits i) Post-employment benefit plans
Contributions to defined contribution retirement benefit schemes are
recognized as an expense when employees have rendered services
entitling them to contributions.
For defined benefit schemes, the cost of providing benefits is
determined using the Projected Unit Credit Method, with actuarial
valuations being carried out at each balance sheet date. Actuarial
gains and losses are recognised in full in the profit and loss account
for the period in which they occur. Past service cost is recognised
immediately to the extent that the benefits are already vested, and
otherwise is amortized on a straight-line basis over the average period
until the benefits become vested. The retirement benefit obligation
recognised in the balance sheet represents the present value of the
defined benefit obligation as adjusted for unrecognised past service
cost, and as reduced by the fair value of scheme assets. Any asset
resulting from this calculation is limited to the present value of
available refunds and reductions in future contributions to the scheme.
ii) Short-term employee benefits
The undiscounted amount of short-term employee benefits expected to be
paid in exchange for the services rendered by employees is recognised
during the period when the employee renders the service. These benefits
include compensated absences such as paid annual leave, overseas social
security contributions and performance incentives.
iii) Long-term employee benefits
Compensated absences which are not expected to occur within twelve
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.
20.1.14.Income Tax/ Deferred Tax
i. Current tax is calculated in accordance with the relevant tax
regulations.
ii. Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to timing differences that result between
the profit offered for income taxes and the profit as per the financial
statements. Deferred tax in respect of timing difference which
originate during the tax holiday period but reverse after the tax
holiday period is recognized in the year in which the timing difference
originate. For this purpose the timing difference which originates
first is considered to reverse first. Deferred tax assets and
liabilities are measured using the tax rates and tax laws that have
been enacted or substantively enacted by the balance sheet date. The
effect on deferred tax assets and liabilities of a change in tax rates
is recognized in the profit and loss account in the year of charge.
Deferred tax assets on timing differences are recognized only if there
is a reasonable certainty that sufficient future taxable income will be
available against which such deferred tax assets can be realized.
Deferred tax assets are reassessed for the appropriateness of their
respective carrying values at each balance sheet dates.
iii. Minimum alternative tax (MAT) paid in accordance to the tax laws,
which gives rise to future economic benefits in the form of adjustment
of future income tax liability, is considered as an asset if there is
convincing evidence that the Company will pay normal income tax after
the tax holiday period. Accordingly, MAT is recognized as an asset in
the balance sheet when it is probable that the future economic benefit
associated with it will flow to the Company and the asset can be
measured reliably.
iv. Advance taxes and provisions for current income taxes are presented
in the balance sheet after off- setting advance taxes paid and income
tax provisions arising in the same tax jurisdiction.
v. The Company offsets deferred tax assets and deferred tax liabilities
relating to taxes on income levied by the same governing taxation laws.
20.1.16.Provisions and Contingent Liabilities
The Company creates a provision when there is a present obligation as a
result of an obligating 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. Where there is a possible
obligation or a present obligation in respect of which the likelihood
of outflow of resources is remote, no provision or disclosure is made.
20.1.17.Earnings per Share
i. Basic Earnings per share is calculated by dividing the net earning
available to the Equity Shareholders by the weighted average number of
Equity Shares outstanding during the year.
ii. Diluted Earnings per share is calculated by dividing the net
earnings available to existing and potential Equity Shareholders by
aggregate of the weighted average number of Equity Shares considered
for deriving basic earnings per share and also the weighted average
number of equity shares that could have been issued on the conversion
of all dilutive potential equity shares (FCCB). Dilutive potential
equity shares are deemed converted as of the beginning of the period,
unless issued at a later date.
20.1.18. Leases
i. Lease arrangements where substantial risk and rewards incidental to
ownership vests with the lessor, such leases are recognized as
operating leases.
ii. Lease payments under operating lease are recognized as an expense
in the profit and loss account.
20.1.19. Derivative Instruments and Hedge Accounting
The Company uses foreign currency forward contracts and currency
options to hedge its risks associated with foreign currency
fluctuations relating to certain firm commitments and forecasted
transactions. The Company designates these hedging instruments as cash
flow hedges applying the recognition and measurement principles set out
in the Accounting Standard 30 "Financial Instruments: Recognition and
Measurement" (ASÃ30).
The use of hedging instruments is governed by the Companys policies
approved by the board of directors, which provide written principles on
the use of such financial derivatives consistent with the Companys
risk management strategy.
Hedging instruments are initially measured at fair value, and are
remeasured at subsequent reporting dates. Changes in the fair value of
these derivatives that are designated and effective as hedges of future
cash flows are recognised directly in shareholders funds and the
ineffective portion is recognised immediately in the profit and loss
account.
Changes in the fair value of derivative financial instruments that do
not qualify for hedge accounting are recognised in the profit and loss
account as they arise.
Hedge accounting is discontinued when the hedging instrument expires or
is sold, terminated, or exercised, or no longer qualifies for hedge
accounting. At that time for forecasted transactions, any cumulative
gain or loss on the hedging instrument recognised in shareholders
funds is retained there until the forecasted transaction occurs. If a
hedged transaction is no longer expected to occur, the net cumulative
gain or loss recognised in shareholders funds is transferred to the
profit and loss account for the period.
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