I). Significant Accounting Policies A)Basis of brparation of financial statements The Financial statements have been brpared on historical Cost Convention and in accordance with Generally Accepted Accounting Principles and Complying with the Applicable Accounting Standards notified under relevant provisions of the Companies Act, 2013. B)Fixed Assets Fixed Assets are stated at cost less Debrciation. Cost of acquisition is inclusive of Freight, duties, installation and other incidental expenses net of CENVAT Credit if any applicable. C) Debrciation Debrciation on fixed assets is provided under straight line method in accordance with estimated useful lives as specified in Schedule II to the Companies Act, 2013, and reckoning the residual value at 5% of the original cost of the asset. Intangible assets are amortized equally over the estimated useful life not exceeding five years. D) Investments Long Term Investments are valued at cost. Any diminution in the value of Long term Investments is charged to Profit and Loss Statement Account, if such a decline is other than temporary in the opinion of the management. Current Investments are Carried at lower of cost and net realizable value . E) Revenue and Expenditure Recognition Revenue is recognized and expenditure is accounted for on their accrual. Income is recognized on Work Completed and billed on Customers. F) Employee Benefits Short-term Employee benefits are charged at the undiscounted amount to Profit and Loss account in the year in which related service is rendered. Liabilities in respect of defined benefit plans are determined based on actuarial valuation made by an Independent actuary using projected Unit Credit method as at the Balance sheet date. Actuarial gains or losses are recognized immediately in the profit & loss statement account. G) Taxes on Income Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of Income Tax Act, 1961. Deferred tax is recognized, on timing difference being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one more subsequent period. Deferred tax assets in respect of unabsorbed debrciation and carry forward of losses are recognized only to the extent that there is virtual certainty that there will be sufficient future taxable income available against which such deferred tax asset can be realized. H) Foreign Exchange Transaction Transactions in foreign exchange are initially recognised at the rates brvailing on the dates of transactions. All monetary assets and liabilities are restated at each Balance sheet date using the closing rate. Resultant exchange difference is recognised as income or expenses in that period. I)Impairment of Assets Impairment loss if any, is provided to the extent the carrying amount of the assets exceeds their recoverable amount. J) Provisions, Contingent Provisions are recognized when there is a brsent obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and in respect of which reliable estimate can be made. Contingent Liabilities are disclosed, unless the possibility of any outflow in settlement is remote, in the Notes on Accounts. 1. Figures for the brvious year have been re-grouped wherever necessary, to conform to Current year classification. Vide our report of date attached For MAHARAJ N. R. Suresh & Co FRN NO: 001931S Chartered Accountants For & on behalf of Board of Directors sd/- K V SRINIVASAN Partner M.NO 204368 sd/- C P Khandelwal Managing Director sd/- Pradeep Gotecha CFO sd/- Sunil Sarda Director sd/- Tushar Adhav Company Secretary Place: Mumbai Date: 29.05.2015 |