Mar 31, 2015
CORPORATE INFORMATION
SILVERPOINT INFRATECH LIMITED (the Company) is a Limited company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956 as amended Companies Act, 2013.
The Company is in the business of providing land development,
construction services and other related services for civil & structural
construction and infrastructure sector projects.
1. Basis Of Preparation of Standalone Financial Statements
The financial statements of the Company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act,2013.The accounting
policies adopted in the preparation of financial statements are
consistent with those of previous year. The financial statements have
been prepared on an accrual basis except as otherwise stated. All
assets and liabilities have been classified as current or non-current
as per the Company's normal operating cycle and other criteria set out
in the Schedule III to the Companies Act, 2013. Based on the nature of
products and the time between the acquisition of assets for processing
and their realization in cash and cash equivalents, the Company
ascertains its operating cycle for the purpose of current/non-current
classification of assets and liabilities.
2. Presentation and disclosure of Standalone Financial statements
During the year ended 31st March 2011, 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 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. The revised schedule VI allows line items, sub-line items
and sub-totals to be presented as an addition or substitution on the
face of the financial statements when such presentation is relevant to
an understanding of the company's financial position or performance or
to cater to industry/sector- specific disclosure requirements. As per
Companies Act 2013 Schedule VI name has been replaced by Schedule III.
3. Use Of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles require 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
end, Although these estimates are based upon management's best
knowledge of current events and actions, actual results could differ
from these estimates.
4. Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand and short-term investments with an
original maturity of three months or less.
5. Provision For Current And Deferred Tax
Tax expense comprises current and deferred tax. Current income-tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Income-tax Act, 1961 enacted in India and tax laws
prevailing in the respective tax jurisdictions where the company
operates. The tax rates and tax laws used to compute the amount are
those that are enacted or substantively enacted, at the reporting date.
Deferred income taxes reflect the impact of timing differences between
taxable income and accounting income originating during the current
year and reversal of timing differences for the earlier years. Deferred
tax is measured using the tax rates and the tax laws enacted or
substantively enacted at the reporting date.
6. investments
Investments, which are readily realizable and intended to be held for
not more than one year from the date on which such investments are
made, are classified as Current Investments. All other investments are
classified as Long Term Investments. On initial recognition, all
investments are measured at cost. The cost comprises purchase price and
directly attributable acquisition charges such as brokerage, fees and
duties. Both current investments and long term investments are carried
in the financial statements at cost. On disposal of an investment, the
difference between its carrying amount and net disposal proceeds is
charged or credited to the statement of profit and loss.
7. Current Assets. Loans & Advances
In the opinion of the Board and to the best of its knowledge and belief
the value on realization of current assets in the ordinary course of
business would not be less than the amount at which they are stated in
the Balance Sheet and repayable on demand.
8. Fixed Assets and Depreciation
Tangible Assets:
Tangible assets are stated at their cost of acquisition net of
receivable CENVAT and VAT Credits. All costs, direct or indirect,
relating to the acquisition and installation of fixed assets and
bringing it to its working condition for its intended use are
capitalized and include borrowing costs and adjustments arising from
foreign exchange rate variations directly attributable to construction
or acquisition of fixed assets. Depreciation on fixed assets is
provided on straight line method (SLM) on a pro-rata-basis at the rates
and in the manner specified in part C of Schedule II to the Companies
Act, 2013. In respect of assets acquired/sold during the period,
depreciation has been provided on pro-rata basis with reference to the
days of addition/put to use or disposal.
Impairment of tangible and intangible Assets:
Management periodically assesses using, external and internal sources,
whether there is an indication that an asset may be impaired. An
impairment loss is recognized wherever the carrying value of an asset
exceeds its recoverable amount. The recoverable amount is higher of the
asset's net selling price and value in use i.e. the present value of
future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. An impairment loss for an asset is
reversed if there has been a change in the estimates used to determine
the recoverable amount since the last impairment loss was recognized.
9. Recognition of Income & Expenditure
Income and expenditure is recognized and accounted for on accrual
basis. Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured. Revenue from sale of goods is recognized on transfer
of significant risks and rewards of ownership to the customer and when
no significant uncertainty exists regarding realization of the
consideration. Sales are recorded net of sales returns, sales tax/VAT,
cash and trade discounts.
10. Earning Per Shares
The Company reports Basic and Diluted earnings per equity share in
accordance with the Accounting Standard - 20 on Earning Per Share. In
determining earning per share, the Company considers the net profit
after tax and includes the post tax effect of any extraordinary/
exceptional items. The number of shares used in computing basic
earnings per share is the weighted average number of equity shares
outstanding during the period. The numbers of shares used in computing
diluted earnings per share comprises the weighted average number of
equity shares that would have been issued on the conversion of all
potential equity shares. Dilutive potential equity shares have been
deemed converted as of the beginning of the period, unless issued at a
later date.
11. Provision. Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
12. Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals or accruals of past & future
operating cash receipts or payments and item of income or expenses
associated with investing and financing cash flows. The cash flows from
operating, investing and financing activities of the Company are
segregated.
13. Borrowing Cost
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying assets is one that takes necessarily
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to revenue.
14. Foreign Currency Transactions
The Company follows Accounting Standard- 11 issued by the Institute of
Chartered Accounting of India to account for the foreign exchange
transactions.
15. Lease Policy
(i) Finance Leases:
Leases which effectively transfer to the company substantially all the
risks and benefits incidental to ownership of the leased item are
capitalized at the inception of the lease term at the lower of the fair
value of the leased property and present value of minimum lease
payments. Lease payments are apportioned between the finance charges
and reduction of the lease liability so as to achieve a constant rate
of the interest on the remaining balance of the liability. Finance
charges are recognized as finance costs in the Statement profit and
loss.
(ii) Operating Leases:
Leases, where the less or effectively retains substantially all the
risks and benefits of ownership of the leased item, are classified as
operating lease. Operating lease payments are recognized as an expense
in the statement of profit and Loss on a straight line basis over the
lease term.
Mar 31, 2014
1. Basis Of Preparation of Financial Statements
The financial statements of the Company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act, 1956.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year.
The financial statements have been prepared on an accrual basis except
as otherwise stated.
All assets and liabilities have been classified as current or
non-current as per the Company''s normal operating cycle and other
criteria set out in the Schedule VI to the Companies Act, 1956. Based
on the nature of products and the time between the acquisition of
assets for processing and their realisation in cash and cash
equivalents, the Company ascertains its operating cycle for the purpose
of current/non-current classification of assets and liabilities.
2- Summary of significant accounting policies
a. Presentation and disclosure of financial statements
During the year ended 31st March 2011, 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 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.
The revised schedule VI allows line items, sub-line items and
sub-totals to be presented as an addition or substitution on the face
of the financial statements when such presentation is relevant to an
understanding of the company''s financial position or performance or to
cater to industry/sector- specific disclosure requirements.
b. Use Of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles require 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
end. Although these estimates are based upon management''s best
knowledge of current events and actions, actual results could differ
from these estimates.
c. Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand and short-term investments with an
original maturity of three months or less.
d. Provision For Current And Deferred Tax
Tax expense comprises current and deferred tax. Current income-tax is
measured at the amount expected to be paid to the tax authorities in
accordance with the Income-tax Act, 1961 enacted in India and tax laws
prevailing in the respective tax jurisdictions where the company
operates. The tax rates and tax laws used to compute the amount are
those that are enacted or substantively enacted, at the reporting date.
Deferred income taxes reflect the impact of timing differences between
taxable income and accounting income originating during the current
year and reversal of timing differences for the earlier years. Deferred
tax is measured using the tax rates and the tax laws enacted or
substantively enacted at the reporting date.
e. Investments
Investments, which are readily realizable and intended to be held for
not more than one year from the date on which such investments are
made, are classified as Current Investments. All other investments are
classified as Long Term Investments. On initial recognition, all
investments are measured at cost. The cost comprises purchase price and
directly attributable acquisition charges such as brokerage, fees and
duties.
Both current investments and long term investments are carried in the
financial statements at cost.
On disposal of an investment, the difference between its carrying
amount and net disposal proceeds is charged or credited to the
statement of profit and loss.
f. Current Assets. Loans & Advances
In the opinion of the Board and to the best of its knowledge and belief
the value on realisation of current assets in the ordinary course of
business would not be less than the amount at which they are stated in
the Balance Sheet and repayable on demand.
g. Fixed Assets and Depreciation Tangible Assets
Tangible assets are stated at their cost of acquisition net of
receivable CENVAT and VAT Credits. All costs, direct or indirect,
relating to the acquisition and installation of fixed assets and
bringing it to its working condition for its intended use are
capitalised and include borrowing costs and adjustments arising from
foreign exchange rate variations directly attributable to construction
or acquisition of fixed assets. Depreciation on fixed assets is
provided on straightline method (SM) on a pro-rata-basis at the rates
and in the manner specified in Schedule XIV to the Companies Act, 1956.
In respect of assets acquired/sold during the year, depreciation has
been provided on pro-rata basis with reference to the days of
addition/put to use or disposal.
h. Impairment of tangible and intangible Assets
Management periodically assesses using, external and internal sources,
whether there is an indication that an asset may be impaired. An
impairment loss is recognized wherever the carrying value of an asset
exceeds its recoverable amount. The recoverable amount is higher of the
asset''s net selling price and value in use i.e. the present value of
future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. An impairment loss for an asset is
reversed if there has been a change in the estimates used to determine
the recoverable amount since the last impairment loss was recognized.
i. Recognition of Income & Expenditure
Income and expenditure is recognized and accounted for on accrual
basis. Revenue is recognised to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured. Revenue from sale of goods is recognised on transfer
of significant risks and rewards of ownership to the customer and when
no significant uncertainty exists regarding realisation of the
consideration. Sales are recorded net of sales returns, sales tax/VAT,
cash and trade discounts.
j. Earning Per Shares
The Company reports Basic and Diluted earnings per equity share in
accordance with the Accounting Standard - 20 on Earning Per Share. In
determining earning per share, the Company considers the net profit
after tax and includes the post tax effect of any
extraordinary/exceptional items. The number of shares used in computing
basic earning per share is the weighted average number of equity shares
outstanding during the period. The numbers of shares used in computing
diluted earning per share comprises the weighted average number of
equity shares that would have been issued on the conversion of all
potential equity shares. Dilutive potential equity shares have been
deemed converted as of the beginning of the period, unless issued at a
later date.
k. Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent Assets are neither nor disclosed in the
financial statements.
l. There are no Micro, Small and Medium Enterprises (MSMEs) as defined
in the Micro, Small, Medium Enterprises Development Act, 2006 within
the appointed date during the year and no MSMEs to whom the Company
owes dues on account of principal amount together with interest at the
balance sheet date and hence no additional disclosures have been made.
m. The Company is a small and medium sized company (SMC) as defined in
the general instructions in respect of accounting standards notified
under the Companies Act, 1956. Accordingly, the Company has complied
with the Accounting Standards as applicable to a small and medium sized
Company.
n. During the year, under review the promoters of the Company i.e.
Saffron Vinimay Private Limited and Shivmangal Commercial Private
Limited has got the shares of the Company listed on BSE SME platform by
the way of offer for sale. Both the promoters offered 40 lacs share
each for offer for sale.
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