Mar 31, 2015
1 Corporate information
Quantum Build-Tech Limited is engaged in business of Construction of
Housing & Development of Infrastructure for residential segment.. The
Company carrying its activities from its registered office situated at
H.No,8-1-405/A/66, Dream Vlley , Near OU Colony, Shaikpet, Hyderabad -
500 008.
2.1 Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on accrual basis under the historical
cost convention. The accounting policies adopted in the preparation of
the financial statements are consistent with those followed in the
previous year.
2.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognized in the periods in which
the results are known / materialize.
2.3 Inventories and Services
a) Inventories are valued at the lower of cost (on FIFO / weighted
average basis) and the net realizable value after providing for
obsolescence and other losses, where considered necessary. Cost
includes all charges in bringing the goods to the point of sale,
including octopi and other levies, transit insurance and receiving
charges and is net of credit under VAT and CENVAT scheme, where
applicable) Work-in-progress and finished goods have-been valued at
cost or net realizable value whichever is lower. Cost include all
direct costs and appropriate proportion of overheads and, where
applicable, c) Construction work in progress is-measured by reference
to the actual cost incurred for the work performed up to the reporting
date bear to the estimated total contract cost for each contract
2.4 Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises of cash on hand, amount in current accounts.
2.5 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
2.6 Depreciation and amortization
Depreciable amount for assets is the cost of an asset or other amount
substituted for cost, less its estimated residual value. Depreciation
on Tangible assets has been provided on straight line method (SLM) as
per the useful life prescribed in scheduled II to the companies act,
2013 Depreciation on the additional value due to revaluation has been
charged to be revaluation reserve account.
The estimated useful life of the intangible assets and the amortization
period are reviewed at the end of each financial year and amortization
method is revised to affect the changed pattern.
2.7 Revenue recognition
Contract Revenue & Expenses
Revenue from projects under long term contracts is recognized by
reference to the completion of the contract activity at the reporting
date, where the contract activity extend beyond the reporting date, on
the basis of percentage of completion method.
2.8 Tangible fixed assets
Fixed assets are stated at cost of acquision as reduced by accumulated
depreciation. All roosts including financial costs up to the date of
commissioning and attributable to the fixed assets are capitalized
apart from taxes, freight and incidental expenses related to the
acquision and installation of the respective fixed assets and excludes
duties and taxes to the extent recoverable from tax authorities.
2.9 Intangible assets
Intangible assets are carried at cost less accumulated amortization and
impairment losses, if any. The cost of an intangible asset comprises
its purchase price, including any import duties and other taxes (other
than those subsequently recoverable from the taxing authorities), and
any directly attributable expenditure on making the asset ready for its
intended use and net of any trade discounts and rebates. Subsequent
expenditure on an intangible asset after its purchase / completion is
recognized as an expense when incurred unless it is probable that such
expenditure will enable the asset to generate future economic benefits
in excess of its originally assessed standards of performance and such
expenditure can be measured and attributed to the asset reliably, in
which case such expenditure is added to the cost of the asset.
2.10 Employee benefits
a) Gratuity is accounted on actuarial basis and charged to profit and
loss statement on reporting date) Employer contribution towards
provident fund is accounted on accrual basis and charged to profit and
loss statement on reporting date. c) Bonus and leave encashment is
accounted on payment basis and charged to profit loss statement on
reporting date.
2.11 Earnings per share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) as adjusted for dividend, interest and other charges to
expense or income relating to the dilutive potential equity shares, by
the weighted average number of equity shares considered for deriving
basic earnings per share and the weighted average number of equity
shares which could have been issued on the conversion of ail dilutive
potential equity shares. Potential equity shares are deemed to be
dilutive only if their conversion to equity shares would decrease the
net profit per share from continuing ordinary operations Potential
dilutive equity shares are deemed to be converted as at the beginning
of the period' unless they have been issued at a later date. The
dilutive potential equity shares are adjusted for the proceeds
receivable had the shares been actually issued at fair value (i.e.
average market value of the outstanding shares).Dilutive potential
equity shares are determined independently for each period presented.
The number of equity shares and potentially dilutive equity shares are
adjusted for share splits/ reverse share splits and bonus shares, as
appropriate.
2.12 Taxes on income
Income tax liability for the year is calculated in accordance with the
relevant tax laws and regulations applicable to the company. Deferred
tax is recognized on timing differences, being the differences between
taxable income and accounting income that originate in one period and
are capable of reversal in one more subsequent periods.
2.13 Impairment of assets
The carrying amounts of assets are reviewed at each Balance Sheet date
to determine whether there is any indication of impairment of the
carrying amount of the company's assets The recoverable amount of such
assets is estimated. Where the carrying amount of the asset exceeds the
recoverable amount, the impairment loss is recognized in the statement
of profit and loss.
2.14 Provisions and contingencies
Provisions are recognized only when there is a present obligation as a
result of past events and when a reliable estimate of the amount of
obligation can be made Contingent liability is disclosed for
(i) Possible obligation which will be confirmed only by future events
not wholly within the control of the company or
(ii) Present obligations arising from past events where it is not
possible that an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount of the obligation
cannot be made. Contingent assets are not recognized in the financial
statements since this may result in the recognition of income that may
never be realized
Mar 31, 2014
1.1 Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on accrual basis under the historical
cost convention. The accounting policies adopted in the preparation of
the financial statements are consistent with those followed in the
previous year.
1.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
1.3 Inventories and Services
a) Inventories are valued at the lower of cost (on FIFO / weighted
average basis) and the net realisable value after providing for
obsolescence and other losses, where considered necessary. Cost
includes all charges in bringing the goods to the point of sale,
including octroi and other levies, transit insurance and receiving
charges and is net of credit under VAT and CENVAT scheme, where
applicable.b) Work-in-progress and finished goods have been valued at
cost or net realizable value whichever is lower. Cost include all
direct costs and appropriate proportion of overheads and, where
applicable. c) Construction work in progress is measured by reference
to the actual cost incured for the work performed up to the reporting
date bear to the estimated total contract cost for each contract
1.4 Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises of cash on hand, amount in current accounts.
1.5 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
1.6 Depreciation and amortisation
Depreciation on Tangible assets has been provided on straight line
method (SLM) as per rates specified in schedule XIV of the companies
Act,1956.
1.7 Revenue recognition Contract Revenue & Expenses
Revenue from projects under long term contracts is recognised by
reference to the completion of the contract activity at the reporting
date, where the contract activity extend beyond the reporting date, on
the basis of percentage of completion method.
1.8 Tangible fixed assets
Fixed assets are stated at cost of acquision as reduced by accumulated
depreciation. All costs including financial costs up to the date of
commissioning and attributable to the fixed assets are capitalised
apart from taxes, freight and incidential expenses related to the
acquision and installation of the respective fixed assets and excludes
duties and taxes to the extent recoverable from tax authorities.
1.9 Intangible assets
Intangible assets are carried at cost less accumulated amortisation and
impairment losses, if any. The cost of an intangible asset comprises
its purchase price, including any import duties and other taxes (other
than those subsequently recoverable from the taxing authorities), and
any directly attributable expenditure on making the asset ready for its
intended use and net of any trade discounts and rebates. Subsequent
expenditure on an intangible asset after its purchase / completion is
recognised as an expense when incurred unless it is probable that such
expenditure will enable the asset to generate future economic benefits
in excess of its originally assessed standards of performance and such
expenditure can be measured and attributed to the asset reliably, in
which case such expenditure is added to the cost of the asset.
1.10 Employee benefits
a) Gratuity is accounted on acturial basis and charged to profit and
loss statement on reporting date.b) Employer contribution towards
provident fund is accounted on accrual basis and charged to profit and
loss statement on reporting date.c) Bonus and leave encashment is
accounted on payment basis and charged to profit loss statement on
reporting date.
1.11 Earnings per share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) as adjusted for dividend, interest and other charges to
expense or income relating to the dilutive potential equity shares, by
the weighted average number of equity shares considered for deriving
basic earnings per share and the weighted average number of equity
shares which could have been issued on the conversion of all dilutive
potential equity shares. Potential equity shares are deemed to be
dilutive only if their conversion to equity shares would decrease the
net profit per share from continuing ordinary operations.
Potential dilutive equity shares are deemed to be converted as at the
beginning of the period, unless they have been issued at a later date.
The dilutive potential equity shares are adjusted for the proceeds
receivable had the shares been acturally issued at fair value
(i.e.average market value of the outstanding shares).Dilutive potential
equity shares are determined independently for each period presented.
The number of equity shares and potentially dilutive equity shares are
adjusted for share splits/ reverse share splits and bonus shares, as
appropriate.
1.12 Taxes on income
Income tax liability for the year is calculated in accordance with the
relevant tax laws and regulations applicable to the company. Deferred
tax is recognised on timing differences, being the differences between
taxable income and accounting income that originate in one period and
are capable of reversal in one more subsequent periods.
1.13 Impairment of assets
The carrying amounts of assets are reviewed at each Balance Sheet date
to determine whether there is any indication of impairment of the
carrying amount of the company''s assets. The recoverable amount of such
assets is estimated. Where the carrying amount of the asset exceeds the
recoverable amount, the impairment loss is recognised in the statement
of profit and loss.
1.14 Provisions and contingencies
Provisions are recognised only when there is a present obligation as a
result of past events and when a reliable estimate of the amount of
obligation can be made Contigent liability is disclosed for (i)
Possible obligation which will be confirmed only by future events not
wholly within the control of the company or (ii) Present obligations
arising from past events where it is not possible that an outflow of
resources will be required to settle the obligation or a reliable
estimate of the amount of the obligation cannot be made. Contingent
assets are not recognised in the financial statements since this may
result in the recognition of income that may never be realised.
Mar 31, 2013
2.1 Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2006 (as amended) and the
relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on accrual basis under the historical
cost convention. The accounting policies adopted in the preparation of
the financial statements are consistent with those followed in the
previous year.
2.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
2.3 Inventories and Services
a) Inventories are valued at the lower of cost (on FIFO / weighted
average basis) and the net realisable value after providing for
obsolescence and other losses, where considered necessary. Cost
includes all charges in bringing the goods to the point of sale,
including octroi and other levies, transit insurance and receiving
charges and is net of credit under VAT and CENVAT scheme, where
applicable.
b) Work-in-progress and finished goods have been valued at cost or net
realizable value whichever is lower. Cost include all direct costs and
appropriate proportion of overheads and, where applicable.
c) Construction work in progress is measured by reference to the actual
cost incured for the work performed up to the reporting date bear to
the estimated total contract cost for each contract.
2.4 Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises of cash on hand, amount in current accounts.
2.5 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
2.6 Depreciation and amortisation
Depreciation on Tangible assets has been provided on straight line
method (SLM) as per rates specified in schedule XIV of the companies
Act, 1956.
2.7 Revenue recognition
Contract Revenue & Expenses
Revenue from projects under long term contracts is recognised by
reference to the completion of the contract activity at the reporting
date, where the contract activity extend beyond the reporting date, on
the basis of percentage of completion method.
2.8 Tangible fixed assets
Fixed assets are stated at cost of acquisition as reduced by
accumulated depreciation. All costs including financial costs up to the
date of commissioning and attributable to the fixed assets are
capitalised apart from taxes, freight and incidential expenses related
to the acquision and installation of the respective fixed assets and
excludes duties and taxes to the extent recoverable from tax
authorities.
2.9 Intangible assets
Intangible assets are carried at cost less accumulated amortisation and
impairment losses, if any. The cost of an intangible asset comprises
its purchase price, including any import duties and other taxes (other
than those subsequently recoverable from the taxing authorities), and
any directly attributable expenditure on making the asset ready for its
intended use and net of any trade discounts and rebates. Subsequent
expenditure on an intangible asset after its purchase / completion is
recognised as an expense when incurred unless it is probable that such
expenditure will enable the asset to generate future economic benefits
in excess of its originally assessed standards of performance and such
expenditure can be measured and attributed to the asset reliably, in
which case such expenditure is added to the cost of the asset.
2.10 Employee benefits
a) Gratuity is accounted on accrual basis and charged to profit and
loss statement on reporting date.
b) Employer contribution towards provident fund is accounted on accrual
basis and charged to profit and loss statement on reporting date.
c) Bonus and leave encashment is accounted on payment basis and charged
to Profit and Loss statement on reporting date.
2.11 Earnings per share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) as adjusted for dividend, interest and other charges to
expense or income relating to the dilutive potential equity shares, by
the weighted average number of equity shares considered for deriving
basic earnings per share and the weighted average number of equity
shares which could have been issued on the conversion of all dilutive
potential equity shares. Potential equity shares are deemed to be
dilutive only if their conversion to equity shares would decrease the
net profit per share from continuing ordinary operations. Potential
dilutive equity shares are deemed to be converted as at the beginning
of the period, unless they have been issued at a later date. The
dilutive potential equity shares are adjusted for the proceeds
receivable had the shares been actually issued at fair value
(i.e.average market value of the outstanding shares).Dilutive potential
equity shares are determined independently for each period presented.
The number of equity shares and potentially dilutive equity shares are
adjusted for share splits/ reverse share splits and bonus shares, as
appropriate.
2.12 Taxes on income
Income tax liability for the year is calculated in accordance with the
relevant tax laws and regulations applicable to the company. Deferred
tax is recognised on timing differences, being the differences between
taxable income and accounting income that originate in one period and
are capable of reversal in one more subsequent periods.
2.13 Impairment of assets
The carrying amounts of assets are reviewed at each Balance Sheet date
to detemine whether there is any indication of impairment of the
carrying amount of the company''s assets. The recoverable amount of such
assets is estimated. Where the carrying amount of the asset exceeds the
recoverable amount, the impairment loss is recognised in the statement
of profit and loss.
2.14 Provisions and contingencies
Provisions are recognised only when there is a present obligation as a
result of past events and when a reliable estimate of the amount of
obligation can be made Contigent liability is disclosed for (i)
Possible obligation which will be confirmed only by future events not
wholly within the control of the company or (ii) Present obligations
arising from past events where it is not possible that an outflow of
resources will be required to settle the obligation or a reliable
estimate of the amount of the obligation cannot be made. Contingent
assets are not recognised in the financial statements since this may
result in the recognition of income that may never be realised.
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