Notes to Accounts of Cranex Ltd.

Mar 31, 2015

Note No. 1

Corporate Information

Cranex Limited is a public limited company domiciled in India & incorporated under provision of Companies Act, 1956. Its shares are listed on two stock exchange in India i.e.BSE & DSE. The company is engaged in the business of manufacturing & selling cranes & its parts. The company is also providing after sales maintenance services. The company caters the domestic market in the public sector as well as in the private sector. The company is managed by the board of directors headed by the Chairman Shri Suresh Chandra Agrawal.

Note No. 2

Basis of preparation

The financial statements of the Company have been prepared in accordance with Generally Accepted Accounting Principles in India (Indian GAAP). The company has prepared 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 financial statements have been prepared on an accrual basis and under the historical cost convention.

3. Basis of Accounting & Accounting Convention

1. All Revenue, Expenses, except provision for gratuity, Assets & Liabilities are accounted for on accrual basis.

2. The Financial Statements are prepared under the historical cost convention in accordance with applicable mandatory accounting standard and relevant presentation requirements of the Companies Act, 2013.

3. Fixed Assets are recorded in the books at cost of acquisition which comprises of purchase price, freight and other incidental expenses including expenditure of installation of Fixed Assets.

4. Depreciation-

Tangible Assets

Depreciation on Fixed Assets is provided on Straight Line Method (SLM). Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013 except in respect of the following assets, where useful life is different than those prescribed in Schedule II are used;

Particular Depreciation

Plant & Machineries; Over its useful considered as 30 years as technically assessed.

Computer Software Over a period of 5 years.

Other Over the period of agreement of right to use.

5. Investments are stated at cost of acquisition

6. Inventories: As certified by the Management, the stocks have been valued at cost or net realizable value, whichever is lower.

7. Sales are recognized at the point of dispatch of finished goods from the factory.

8. Foreign Currency Transactions;

Transactions denominated in foreign currencies are recorded at the exchange rate prevailing on the date of the transaction or that approximates the actual rate at the date of the settlement of the transaction.

Monetary items denominated in foreign currencies at the year-end are restated at year-end rates. In case of items which are covered by forward exchange contracts, the difference between the year-end rate and rate on the date of the contract is recognized as exchange difference and the premium paid on forward contracts is recognized over the life of the contract.

Any income or expense on account of exchange difference either on settlement or on translation is recognized in the Profit and Loss Statement, except in case of long term liabilities, where they relate to acquisition of Fixed Assets, in which case they are adjusted to the carrying cost of such assets.

9. B) NOTES TO ACCOUNTS

1. Contingent Liabilities (in Rs):

2014-15 2013-14

a) Bank Guarantees issued 3,77,37,999 2,01,04,113

b) Any other NIL NIL

TOTAL 3,77,37,999 1,01,04,113

10. Company has not provided for Gratuity as the same is accounted for on cash basis as and when paid.

* The expense has not been accounted for during this year and will be accounted for as and when the bill is received and paid.

11. Confirmation of balances in some cases are yet to be received from Debtors/Creditors and also for loans, advances & deposits.

12. Previous year figures have been re-arranged / re-grouped wherever necessary.

13. The names of Small Scale Industrial undertakings to whom the Company owes a sum exceeding Rs. 1,00,000 and which is outstanding for more than 30 days is NIL previous year NIL.

14. Foreign Exchange gain/loss is accounted for in the Export revenue account.

15. The company has incurred a loss of Rs.3,83,390/- only on account of its non-recoverable trade bills. It has been observed that these debts are disputed being arising due to alleged late delivery and the company has not been able to recover in spite of its best efforts. The amount has become bad debt and has been accounted for accordingly.

15 I. List of Related Parties-

A. Associate and Enterprise, over which key management personnel and their relatives exercise significant influence, with whom transactions have taken place during the year:

1. Cranex Infratech Pvt Ltd.

2. Skylark Associates Pvt Ltd.

B. Key Management Personnel: a. Directors

1. Suresh Chandra Agrawal - Chairman

2. Piyush Agrawal - Managing Director

3. Chaitanya Agrawal - Director

4. Amitabh Agrawal - Director

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Mar 31, 2014

Note No. 1

Corporate Information

Cranex Limited is a public limited company domiciled in India & incorporated under provision of Companies Act,1956. Its shares are listed on two stock exchange in India i.e.BSE&DSE. The company is engaged in the business of manufacturing & selling cranes & its parts. The company is also providing after sales maintenance services. The company caters the domestic market in the public sector as well as in the private sector. The company is managed by the board of directors headed by the Chairman Shri Suresh Chandra Agrawal.

Note No. 2

Basis of preparation

The financial statements of the Company have been prepared in accordance with Generally Accepted Accounting Principles in India (Indian GAAP). The company has prepared 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 financial statements have been prepared on an accrual basis and under the historical cost convention.

3. Contingent Liabilities (in Rs):

2013-14 2012-13

a) Bank Guarantees issued 2,01,04,113 1,54,81,438

b) Any other NIL NIL

TOTAL 2,01,04,113 1,54,81,438

4. Company has not provided for Gratuity as the same is accounted for on cash basis as and when paid.

5. Confirmation of balances in some cases are yet to be received from Debtors/Creditors and also for loans, advances & deposits.

6. Previous year figures have been re-arranged / re-grouped wherever necessary.

7. The names of Small Scale Industrial undertakings to whom the Company owes a sum exceeding Rs. 1,00,000 and which is outstanding for more than 30 days is NIL previous year NIL.

8. Foreign Exchange gain/loss is accounted for in the Export revenue account.

9. The company has incurred a loss of Rs.5,42,212/- only on account of its non-recoverable trade bills. It has been observed that these debts are to disputed and doubtful debts and the company has not been able to recover in spite

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Mar 31, 2013

Note No. 1

Corporate Information

Cranex Limited is a public limited company domiciled in India & incorporated under provision of companies act, 1956. Its shares are listed on two stock exchange in India i.e.BSE & DSE. The company is engaged in the business of manufacturing & selling cranes & its parts. The company is also providing after sales maintenance services. The company caters the domestic market in the public sector as well as in the private sector. The company is managed by the board of directors headed by the Chairman Shri Suresh Chandra Agrawal.

Note No. 2

Basis of preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared 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 financial statements have been prepared on an accrual basis and under the historical cost convention.

3. Contingent Liabilities (in Rs):

I PARTICULARS 2012-13 2011-12

a) Bank Guarantee issued 1,54,81,438 1,20,79,944

b) Any other Nil NIL

c) TOTAL 1,54,81,438 1,20,79,944 4. Company has not provided for Gratuity as the same is accounted for on cash basis as and when paid. 3 Manaaerial Remuneration M''n RsV

5. Confirmation of balances in some cases are yet to be received from Debtors/Creditors and also for loans, advances & deposits.

6. Previous year figures have been re-arranged / re-grouped wherever necessary.

7. The names of Small Scale Industrial undertakings to whom the Company owes a sum exceeding Rs. 1,00,000 and which is outstanding for more than 30 days is NIL previous year NIL.

8. Foreign Exchange gain/loss is accounted for in the Export revenue account.

9. The company has incurred a loss of Rs. 19,27,823/- only on account of its non-recoverable trade bills. It has been observed that these debts are to disputed and doubtful debts and the company has not been able to recover in spite of its best efforts. The amount has become bad debt and has been accounted for accordingly.

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Mar 31, 2012

Note No. 1

Corporate Information

Cranex Limited is a public limited company domiciled in India & incorporated under provision of companies act,1956. Its shares are listed on two stock exchange in India i.e.BSE & DSE. The company is engaged in the business of manufacturing & selling cranes & its parts. The company is also providing after sales maintenance services. The company caters the domestic market in the public sector as well as in the private sector. The company is managed by the board of directors headed by the Chairman Shri Suresh Chandra Agrawal.

Note No. 2

Basis of preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared 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 financial statements have been prepared on an accrual basis and under the historical cost convention.

1. Contingent Liabilities (in Rs):

PARTICULARS 2011-12 2010-11

a) Bank Guarantee issued 1,20,79,944 1,02,34,960

b) Any other NIL NIL

c) TOTAL 1,20,79,944 1,02,34,960

2. Company has not provided for Gratuity as the same is accounted foron cash basis as and when paid.

3. Confirmation of balances in some cases are yet to be received from Debtors/Creditors and also for loans, advances & deposits.

4. Previous year figures have been re-arranged / re-grouped wherever necessary.

5. The names of Small Scale Industrial undertakings to whom the Company owes a sum exceeding Rs. 1,00,000 and which is outstanding for more than 30 days is NIL previous year NIL.

6. Foreign Exchange gain/loss is accounted for in the Export revenue account.

7. The company has incurred a loss of Rs. 33,32,406/- only on account of its non-recoverable trade bills. It has been observed that these debts are to disputed and doubtful debts and the company has not been able to recover in spite of its best efforts. The amount has become bad debt and has been accounted for accordingly. The company has recovered an amount of Rs. 48,14,367/-from its trade bills, previously considered as non recoverable.

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Mar 31, 2010

1. Contingent Liabilities

a) Bank Guarantees issued Rs.1,20,58,766 (78,62,705)

b) Any other NIL NIL

TOTAL Rs.1,20,58,766 (78,62,705)

2. Company has not provided for Gratuity as the same is accounted for on cash basis as and when paid.

3. Confirmation of balances in some cases are yet to be received from Debtors/Creditors and also for loans, advances & deposits.

4. Previous year figures have been re-arranged / re-grouped wherever necessary.

5. The names of Small Scale Industrial undertakings to whom the Company owes a sum exceeding Rs. 1,00,000 and which is outstanding for more than 30 days is NIL previous year NIL.

6. Foreign Exchange gain/loss is accounted for in the Export revenue account.

7. The company has incurred a loss of Rs. 93,26,924/- only on account of its non-recoverable trade bills. It has been observed that these debts are disputed and doubtful debts and the company has not been able to recover in spite of its best efforts. The amount has become bad debt and has been accounted for accordingly.

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Mar 31, 2009

1. Contingent Liabilities

a) Bank Guarantees issued Rs. 78,62,705 Rs. 69,86,985

b) Any Other NIL 14,86,944

Total Rs. 78,62,705 Rs. 84,73,929

2. Company has not provided for Gratuity as the same is accounted for on cash basis as and when paid.

3. Confirmation of balances in some cases are yet to be received from Debtors/Creditors and also for loans, advances & deposits.

4. Previous yearfigures have been re-arranged / re-grouped wherever necessary.

5. The names of Small Scale Industrial undertakings to whom the Company owes a sum exceeding Rs. 1,00,000 and which is outstanding for more than 30 days is NIL previous year NIL.

6. Foreign Exchange gain/loss is accounted for in the Export revenue account.

7. Obsolecence of old Plant & Machinery (Gross value Rs.21333531) derated by 95% amortization amount Rs. 1,16,07,394/- debited to expense account