Mar 31, 2015
A) The financial statements are prepared under the historical cost
convention on an accrual basis (except for revaluation of certain
Fixed Assets) in accordance with Generally Accepted Accounting
principles (Indian GAAP) and Accounting Standards notified and relevant provisions of the Companies Act, 2013.
b) Fixed Assets are stated at cost / revaluation. Cost include
borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalized as a part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for use. All other borrowing costs are
charged to revenue. Depreciation has been determined using the Straight
Line Method based on the useful life of an asset as envisaged under the
Schedule II of the Companies Act, 2013. Leasehold Land is amortized
over the lease period.
The Fixed Assets having zero remaining useful life as on 1st April,
2014, their carrying amounts, after retaining their residual value have
been transferred to general reserve.
In case of revalued Fixed Assets, having zero remaining useful life as
on 1st April,2014, the amounts standing to the credit of revaluation
reserve have been transferred to the general reserve.
The residual value of Fixed Assets is considered at 5% of the original
cost of the assets as specified in Part C of Schedule II of the
Companies Act, 2013.
c) Permanent Investments have been stated at cost less diminution in
value, other than temporary.
d) Valuation of Inventories -
i) Stores, spares and construction materials have been valued at lower
of cost or net realizable value. Cost has been considered on FIFO
Basis.
ii) Work  in  Progress has been valued at material cost plus all
other direct charges attributable to the portion of work executed.
Anticipated loss to complete any contract, if any, are considered for
valuation.
iii) Valuation of Staging Materials -
Cost of Staging Materials used in job is written off over a period of
4/6 years depending on the life of those materials.
iv) Tools at cost less write down depending on use in job.
e) Prepaid Expenses -
i) Bank Guarantee Commission, Insurance charges, processing fees etc.
paid in advance have been appropriated at the time scale and the amount
attributable to the relevant accounting year is charged to Profit and
Loss Statement of for the relevant year and the balance transferred to
Prepaid Expenses under "Advance Recoverable in cash or in kind or value
to be received" in Accounts.
f) Consultancy Charges and initial transportation cost of Plant &
machinery are charged to revenue in proportion to the value of work
done at the year end to the total contractual value of the respective
contracts. Expenditure on temporary hutments and fencing is charged to
revenue over the contractual period of execution of the respective
contracts.
g) All expenses and income to the extent considered payable and
receivable, unless stated otherwise, have been accounted for on accrual
basis.
h) Employee Benefits
Liabilities in respect of Employee Benefits are accounted for as under:
i) Short-term Employee Benefits -
Undiscounted amount of short-term employee benefits expected to be paid
in exchange of the services rendered by employees is recognized during
the period when the employees render the service. These include
salaries, wages, bonus, social security contribution, medical care and
short term compensated absence.
ii) Post Employment Benefits -
The Company makes monthly contribution to Trustees and State Authority
for provident fund and pension entitlement of employees in service.
The Company has taken up Group Gratuity cover under "Cash Accumulation
Scheme" with Life Insurance Corporation of India for payment of
gratuity to retiring employees. Under this scheme the Company's
liability in respect of gratuity payable to retiring employees as per
Gratuity Act, 1972, including death and premature retirement is fully
covered on the concept that the Company is a going concern.
The above-mentioned post employment benefits are accounted for as
defined contribution plans.
iii) The Company has been following a practice of granting accumulated
leave to its employees on separation and accordingly no provision for
leave salary as per AS15 of ICAI has been made in the accounts.
iv) Gratuity liability and expenses has been provided on the basis of
actuarial valuation based on AS-15.
i) Revenue Recognition -
i) Value of work done up to progressive billing stage at the end of the
accounting year and certified/accepted by the client within the said
date is taken at the appropriate rate as per contract.
ii) Value of work done up to progressive billable stage at the end of
the accounting year but not certified/accepted by the client within the
said date is taken at the appropriate rate as per contract and shown
under the head "Work done but bills not raised.
iii) Value of work done below the progressive billable stage is however
valued at cost (material cost plus all other direct charges
attributable to the portion of work done) and shown under the head
"Work  in  Progress". Adjustments are made in case of any anticipated
loss to complete a contract.
iv) When work is completed beyond 20% of the total executable work,
total estimated cost of the project is reviewed vis-Ã -vis total revenue
receivable there from. Any loss accruable in this respect, pertaining
to completion of the project is provided for.
j) Arbitration claim/counter claim is accounted for on the basis of
merit of the case in terms of advice of Legal Experts.
k) As per the terms of the respective contract, Mobilization Advance
received from the Contracted is progressively adjusted with the running
bills raised on them at the agreed rate. Interest on such Mobilization
Advance is charged to revenue account as per the terms of the
respective contract. Mobilization Fees are considered proportionate to
execution of the related contracts.
l) Contingent Liabilities and Provisions -
Claims against the company under dispute for which no reasonable
estimate can be made of amount involved or which may not likely to
require, an outflow of resources are not provided for in the accounts
but disclosed by way of notes. Disputed claims for which reliable
estimate can be made for likely outflow of resources are, however,
recognized in accounts.
m) Impairment of Assets -
The company has a system of identifying impair able assets, if any, in
terms of Accounting Standard 28 on Impairment of Assets issued by the
Institute of Chartered Accountants of India and on the basis of cash
generating unit concept at the year end. Impairment loss thereon being
the excess of book value over the recoverable value of such assets, if
any, is charged to revenue for the year.
Reversal of impairment-loss recognized in earlier years is made if
there is an indication that the impairment loss has decreased or does
not exist.
Since Accounting Standard on Impairment of Assets is not applicable to
assets arising from construction contracts as per Accounting Standard 7
on Construction Contracts issued by ICAI, the Company has not carried
out any exercise of Impairment regarding the same.
n) Taxes on Income -
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred Tax liabilities and assets are
recognized at substantively enacted tax rates, subject to the
consideration of prudence, on timing difference, being the difference
between taxable income and accounting income that originate in one year
and are capable of reversal in one or more subsequent years.
o) Use of Estimate -
The preparation of financial statement requires estimates and
assumptions to be made, that affect the amount of assets and
liabilities on the date of financial statement and amount of revenue
and expenses during the reporting period. The difference between the
actual and estimates is recognized in the period in which the results
are known or materialized.
p) Accounting policies not specifically referred to are consistent with
generally accepted accounting practice.
Mar 31, 2014
A) The financial statements are prepared under the historical cost
convention on an accrual basis (except for revaluation of certain Fixed
Assets) in accordance with Generally Accepted Accounting principles
(Indian GAAP) and Accounting Standards notified and relevant provisions
of the Companies Act, 1956.
b) Fixed Assets are stated at cost / revaluation. Cost include
borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalized as a part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for use. All other borrowing costs are
charged to revenue. Depreciation has been determined on written down
value method at rates specified in schedule XIV to the Companies Act,
1956. Leasehold Land is amortised over the lease period.
The Intangible Assets acquired during this financial year 2013-14
relates to purchase of exclusive transferable development rights of
land in Sarkar Bazar, Beliaghata, Kolkata. The cost incurred will be
adjusted against the future revenues from the Project.
c) Permanent Investments have been stated at cost less diminution in
value, other than temporary.
d) Valuation of Inventories -
i) Stores, spares and construction materials have been valued at lower
of cost or net realizable value. Cost has been considered on FIFO
Basis.
ii) Work - in - Progress has been valued at material cost plus all
other direct charges attributable to the portion of work executed.
Anticipated loss to complete any contract, if any, are considered for
valuation.
iii) Valuation of Staging Materials Â
Cost of Staging Materials used in job is written off over a period of
4/6 years depending on the life of those materials.
iv) Tools at cost less write down depending on use in job.
e) Prepaid Expenses Â
i) Bank Guarantee Commission, Insurance charges, processing fees etc.
paid in advance have been appropriated at the time scale and the amount
attributable to the relevant accounting year is charged to Profit and
Loss Statement of for the relevant year and the balance transferred to
Prepaid Expenses under "Advance Recoverable in cash or in kind or value
to be received" in Accounts.
f) Consultancy Charges and initial transportation cost of Plant &
machinery are charged to revenue in proportion to the value of work
done at the year end to the total contractual value of the respective
contracts. Expenditure on temporary hutments and fencing is charged to
revenue over the contractual period of execution of the respective
contracts.
g) All expenses and income to the extent considered payable and
receivable, unless stated otherwise, have been accounted for on accrual
basis.
h) Employee Benefits
Liabilities in respect of Employee Benefits are accounted for as under
i) Short-term Employee Benefits Â
Undiscounted amount of short-term employee benefits expected to be paid
in exchange of the services rendered by employees is recognized during
the period when the employees render the service. These include
salaries, wages, bonus, social security contribution, medical care and
short term compensated absence.
ii) Post Employment Benefits Â
The Company makes monthly contribution to Trustees and State Authority
for provident fund and pension entitlement of employees in service.
The Company has taken up Group Gratuity cover under "Cash Accumulation
Scheme" with Life Insurance Corporation of India for payment of
gratuity to retiring employees. Under this scheme the Company''s
liability in respect of gratuity payable to retiring employees as per
Gratuity Act, 1972, including death and premature retirement is fully
covered on the concept that the Company is a going concern.
The above-mentioned post employment benefits are accounted for as
defined contribution plans.
iii) The Company has been following a practice of granting accumulated
leave to its employees on separation and accordingly no provision for
leave salary as per AS15 of ICAI has been made in the accounts.
i) Revenue Recognition -
i) Value of work done up to progressive billing stage at the end of the
accounting year and certified/accepted by the client within the said
date is taken at the appropriate rate as per contract.
ii) Value of work done up to progressive billable stage at the end of
the accounting year but not certified/accepted by the client within the
said date is taken at the appropriate rate as per contract and shown
under the head "Work done but bills not raised".
iii) Value of work done below the progressive billable stage is however
valued at cost (material cost plus all other direct charges
attributable to the portion of work done) and shown under the head
"Work - in - Progress". Adjustments are made in case of any anticipated
loss to complete a contract.
iv) When work is completed beyond 20% of the total executable work,
total estimated cost of the project is reviewed vis-a-vis total revenue
receivable therefrom. Any loss accruable in this respect, pertaining to
completion of the project is provided for.
j) Arbitration claim/counter claim is accounted for on the basis of
merit of the case in terms of advice of Legal Experts.
k) As per the terms of the respective contract, Mobilisation Advance
received from the Contractee is progressively adjusted with the running
bills raised on them at the agreed rate. Interest on such Mobilisation
Advance is charged to revenue account as per the terms of the
respective contract. Mobilisation Fees are considered proportionate to
execution of the related contracts.
l) Contingent Liabilities and Provisions Â
Claims against the company under dispute for which no reasonable
estimate can be made of amount involved or which may not likely to
require, an outflow of resources are not provided for in the accounts
but disclosed by way of notes. Disputed claims for which reliable
estimate can be made for likely outflow of resources are, however,
recognized in accounts.
m) Impairment of Assets Â
The company has a system of identifying impairable assets, if any, in
terms of Accounting Standard 28 on Impairment of Assets issued by the
Institute of Chartered Accountants of India and on the basis of cash
generating unit concept at the year end. Impairment loss thereon being
the excess of book value over the recoverable value of such assets, if
any, is charged to revenue for the year. Reversal of impairment-loss
recognised in earlier years is made if there is an indication that the
impairment loss has decreased or does not exist.
Since Accounting Standard on Impairment of Assets is not applicable to
assets arising from construction contracts as per Accounting Standard 7
on Construction Contracts issued by ICAI, the Company has not carried
out any exercise of Impairment regarding the same.
n) Taxes on Income Â
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred Tax liabilities and assets are
recognised at substantively enacted tax rates, subject to the
consideration of prudence, on timing difference, being the difference
between taxable income and accounting income that originate in one year
and are capable of reversal in one or more subsequent years.
o) Use of Estimate Â
The preparation of financial statement requires estimates and
assumptions to be made, that affect the amount of assets and
liabilities on the date of financial statement and amount of revenue
and expenses during the reporting period. The difference between the
actual and estimates is recognized in the period in which the results
are known or materialized.
p) Accounting policies not specifically referred to are consistent with
generally accepted accounting practice.
Mar 31, 2012
A) Accounts have been prepared on Historical Cost Convention (except in
the case of revaluation of certain fixed assets).
b) Fixed Assets are stated at cost / revaluation. Cost include
borrowing cost that are attributable to the acquisition or construction
of qualifying assets are capitalized as a part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for use. All other borrowing costs are
charged to revenue. Depreciation has been determined on written down
value method at rates specified in schedule XIV to the Companies Act,
1956. Leasehold Land is amortised over the lease period.
c) Permanent Investments have been stated at cost less diminution in
value, other than temporary.
d) Valuation of Inventories -
i) Stores, spares and construction materials have been valued at below
cost or net realizable value. Cost has been considered on FIFO Basis.
ii) Work - in - Progress has been valued at material cost plus all
other direct charges attributable to the portion of work executed.
iii) Valuation of Staging Materials -
Cost of Staging Materials used in job is written off over a period of
4/6 years depending on the life of those materials.
iv) Tools at cost less write down depending on use in job.
e) Prepaid Expenses -
i) Bank Guarantee Commission, Insurance charges, processing fees etc.
paid in advance have been appropriated at the time scale and the amount
attributable to the relevant accounting year is charged to Profit and
Loss Account for the relevant year and the balance transferred to
Prepaid Expenses under "Advance Recoverable in cash or in kind or value
to be received" in Accounts.
f) Consultancy Charges and initial transportation cost of Plant &
machinery are charged to revenue in proportion to the value of work
done at the year end to the total contractual value of the respective
contracts. Expenditure on temporary hutments and fencing is charged to
revenue over the contractual period of execution of the respective
contracts.
g) All expenses and income to the extent considered payable and
receivable, unless stated
otherwise, have been accounted for on accrual basis.
h) Employee Benefits
Liabilities in respect of Employee Benefits are accounted for as under
:
i) Short-term Employee Benefits -
Undiscounted amount of short-term employee benefits expected to be paid
in exchange of the services rendered by employees is recognized during
the period when the employees render the service. These include
salaries, wages, bonus, social security contribution, medical care and
short term compensated absence.
ii) Post Employment Benefits -
The Company makes monthly contribution to Trustees and State Authority
for provident fund and pension entitlement of employees in service.
The Company has taken up Group Gratuity cover under "Cash Accumulation
Scheme" with Life Insurance Corporation of India for payment of
gratuity to retiring employees. Under this scheme the Company's
liability in respect of gratuity payable to retiring employees as per
Gratuity Act, 1972, including death and premature retirement is fully
covered on the concept that the Company is a going concern.
The above-mentioned post employment benefits are accounted for as
defined contribution plans.
iii) The Company has been following a practice of granting accumulated
leave to its employees on separation and accordingly no provision for
leave salary as per AS15 of ICAI has been made in the accounts.
i) Revenue Recognition -
i) Value of work done up to progressive billing stage at the end of the
accounting year and certified/accepted by the client within the said
date is taken at the appropriate rate as per contract.
ii) Value of work done up to progressive billable stage at the end of
the accounting year but not certified/accepted by the client within the
said date is taken at the appropriate rate as per contract and shown
under the head "Work done but bills not raised".
iii) Value of work done below the progressive billable stage is however
valued at cost (material cost plus all other direct charges
attributable to the portion of work done) and shown under the head
"Work - in - Progress". Adjustments are made in case of any anticipated
loss to complete a contract.
iv) When work is completed beyond 20% of the total executable work,
total estimated cost of the project is reviewed vis-a-vis total revenue
receivable there from. Any loss accruable in this respect, pertaining to
completion of the project is provided for.
j) Arbitration claim/counter claim is accounted for on the basis of
merit of the case in terms of advice of Legal Experts.
k) As per the terms of the respective contract, Mobilisation Advance
received from the Contractee is progressively adjusted with the running
bills raised on them at the agreed rate. Interest on such Mobilisation
Advance is charged to revenue account as per the terms of the
respective contract. Mobilisation Fees are considered proportionate to
execution of the related contracts.
l) Contingent Liabilities and Provisions -
Claims against the company under dispute for which no reasonable
estimate can be made of amount involved or which may not likely to
require, an outflow of resources are not provided for in the accounts
but disclosed by way of notes. Disputed claims for which reliable
estimate can be made for likely outflow of resources are, however,
recognized in accounts.
m) Impairment of Assets -
The company has a system of identifying impairable assets, if any, in
terms of Accounting Standard 28 on Impairment of Assets issued by the
Institute of Chartered Accountants of India and on the basis of cash
generating unit concept at the year end. Impairment loss thereon being
the excess of book value over the recoverable value of such assets, if
any, is charged to revenue for the year.
Reversal of impairment-loss recognised in earlier years is made if
there is an indication that the impairment loss has decreased or does
not exist.
n) Taxes on Income -
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred Tax liabilities and assets are
recognised at substantively enacted tax rates, subject to the
consideration of prudence, on timing difference, being the difference
between taxable income and accounting income that originate in one year
and are capable of reversal in one or more subsequent years.
o) Use of Estimate -
The preparation of financial statement requires estimates and
assumptions to be made, that affect the amount of assets and
liabilities on the date of financial statement and amount of revenue
and expenses during the reporting period. The difference between the
actual and estimates is recognized in the period in which the results
are known or materialized.
p) Accounting policies not specifically referred to are consistent with
generally accepted accounting practice.
Mar 31, 2010
A) Accounts have been prepared on Historical Cost Convention (except in
the case of revaluation of certain fixed assets).
b) Fixed Assets are stated at cost / revaluation. Depreciation has been
determined on written down value method at rates specified in schedule
XIV to the Companies Act, 1956. Leasehold Land is amortised over the
lease period.
c) Permanent Investments have been stated at cost less decline, if any,
and current Investments stated at lower of cost and market value.
d) Valuation of Current Assets -
i) Stores, spares and construction materials have been valued at below
cost or net realizable value. Cost has been considered on FIFO Basis.
ii) Work - in - Progress has been valued at material cost plus all
other direct charges attributable to the portion of work executed.
iii) Valuation of Staging Materials - Cost of Staging Materials used in
job is written off over a period of 4/6 years depending on the life of
those materials. iv) Tools at cost less write down depending on use in
job.
e) Prepaid Expenses -
i) Bank Guarantee Commission, Insurance charges etc. paid in advance
have been appropriated at the time scale and the amount attributable to
the relevant accounting year is charged to Profit and Loss Account for
the relevant year and the balance transferred to Prepaid Expenses.
ii) Consultancy Charges and initial transportation cost of Plant and
Machinery are charged to revenue in proportion to the value of work
done at the year end to the total contractual value of the respective
contracts.
iii) Expenditure on temporary hutments and fencing is charged to
revenue over the contractual period of execution of the respective
contracts.
f) All expenses and income to the extent considered payable and
receivable, unless stated otherwise, have been accounted for on accrual
basis.
g) Employee Benefits
Liabilities in respect of Employee Benefits are accounted for as under:
i) Short-term Employee Benefits -
Undiscounted amount of short-term employee benefits expected to be paid
in exchange of the services rendered by employees is recognized during
the period when the employees render the service. These include
salaries, wages, bonus, social security contribution, medical care and
short term compensated absence.
ii) Post Employment Benefits -
The Company makes monthly contribution to Trustees and State Authority
for provident fund and pension entitlement of employees in service.The
Company has taken up Group Gratuity cover under "Cash Accumulation
Scheme" with Life Insurance Corporation of India for payment of
gratuity to retiring employees. Under this scheme the Companys
liability in respect of gratuity payable to retiring employees as per
Gratuity Act, 1972, including death and premature retirement is fully
covered on the concept that the Company is a going concern,
The above-mentioned post employment benefits are accounted for as
defined contribution plans.
h) Revenue Recognition -
i) Value of work done up to progressive billing stage at the end of the
accounting year and certified / accepted by the client within the said
date is taken at the appropriate rate as per contract.
ii) Value of work done up to progressive billable stage at the end of
the accounting year but not certified/accepted by the client within the
said date is taken at the appropriate rate as per contract and shown
under the head "Work done but bills not raised"
iii) Value of work done below the progressive billable stage is however
valued at cost (material cost plus all other direct charges
attributable to the portion of work done) and shown under the head
"Work - in - Progress". Adjustments are made in case of any anticipated
loss to complete a contract.
iv) When work is completed beyond 20% of the total executable work,
total estimated cost of the project is reviewed vis-a-vis total revenue
receivable therefrom. Any loss accruable in this respect, pertaining to
completion of the project is provided for.
i) Borrowing Cost -
Borrowing Cost that are attributable to the acquisition or construction
of qualifying assets are capitalized as a part of the cost of such
assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for use. All other borrowing costs are
charged to revenue.
j) Arbitration claim/counter claim is accounted for on the basis of
merit of the case in terms of advice of Legal Experts.
k) As per the terms of the respective contract, Mobilisation Advance
received from the Contractee is progressively adjusted with the running
bills raised on them at the agreed rate. Interest on such Mobilisation
Advance is charged to revenue account as per the terms of the
respective contract. Mobilisation Fees are considered proportionate to
execution of the related contracts.
l) Contingent Liabilities and Provisions -
Claims against the company under dispute for which no reasonable
estimate can be made of amount involved or which may not likely to
require, an outflow of resources are not provided for in the accounts
but disclosed by way of notes. Disputed claims for which reliable
estimate can be made for likely outflow of resources are, however,
recognized in accounts.
m) Impairment of Assets -
The company has a system of identifying impairable assets, if any, in
terms of Accounting Standard 28 on Impairment of Assets issued by the
Institute of Chartered Accountants of India and on the basis of cash
generating unit concept at the year end. Impairment loss thereon being
the excess of book value over the recoverable value of such assets, if
any, is charged to revenue for the year.
Reversal of impairment-loss recognised in earlier years is made if
there is an indication that the impairment loss has decreased or does
not exist.
n) Taxes on Income -
Current tax is determined as the amount of tax payable in respect of
taxable income for the year. Deferred Tax liabilities and assets are
recognised at substantively enacted tax rates, subject to the
consideration of prudence, on timing difference, being the difference
between taxable income and accounting income that originate in one year
and are capable of reversal in one or more subsequent years.
o) Accounting policies not specifically referred to are consistent with
generally accepted accounting practice.
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