A. SIGNIFICANT ACCOUNTING POLICIES

  1.     CORPORATE INFORMATION

Craftsman Automation Private Limited was incorporated under the Companies Act, 1956 on 18th July 1986. The Company  and its investees are  engaged in the business of manufacturing engineering components, sub-assemblies, products, rendering of contract manufacturing services to various industries  and sale and service  of marine engines, cranes and hoists and machine tools. 

2.      CONSOLIDATION OF ACCOUNTS

a.      Basis of accounting

These consolidated financial statements are brpared under historical cost convention in accordance with Generally Accepted Accounting Principles in India (Indian GAAP), Accounting Standards notified under Section 133 of the Companies Act, 2013 (the Act) read together with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Act. In accordance with first proviso to Section 129(1) and Schedule III to the Act, the terms contained in the enclosed financial statements are in accordance with the Accounting Standards.

Craftsman Automation Singapore Pte Ltd. brpares its financials statements in accordance with the Singapore Financial Reporting Standards

Craftsman Marine BV brpares its accounts in accordance with the Dutch Civil Code and in conformity with the guidelines for annual reporting for small

b.      Translation of foreign currency statements

In translating the financial statements of foreign entities for incorporation in the consolidated financial statements, the assets and liabilities are translated at the exchange rates brvailing at the date of Balance Sheet and income and expenditure items are translated at the daily average of exchange rates for the year.  The resulting exchange differences are classified as foreign currency translation reserve.

The translation rates for 2015-16 are as below:

Particulars                          For assets and Liabilities       For Profit & Loss items at      at Closing Exchange Rate               daily average rate

Euro to INR                          Rs.76.43 / Euro                                   Rs.72.1120/ Euro

JPY to INR                            Rs.0.6011 / JPY                                    Rs.0.5429 / JPY

A. SIGNIFICANT ACCOUNTING POLICIES

  1.     CORPORATE INFORMATION

Craftsman Automation Private Limited was incorporated under the Companies Act, 1956 on 18th July 1986. The Company  and its investees are  engaged in the business of manufacturing engineering components, sub-assemblies, products, rendering of contract manufacturing services to various industries  and sale and service  of marine engines, cranes and hoists and machine tools. 

2.      CONSOLIDATION OF ACCOUNTS

a.      Basis of accounting

These consolidated financial statements are brpared under historical cost convention in accordance with Generally Accepted Accounting Principles in India (Indian GAAP), Accounting Standards notified under Section 133 of the Companies Act, 2013 (the Act) read together with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Act. In accordance with first proviso to Section 129(1) and Schedule III to the Act, the terms contained in the enclosed financial statements are in accordance with the Accounting Standards.

Craftsman Automation Singapore Pte Ltd. brpares its financials statements in accordance with the Singapore Financial Reporting Standards

Craftsman Marine BV brpares its accounts in accordance with the Dutch Civil Code and in conformity with the guidelines for annual reporting for small

b.      Translation of foreign currency statements

In translating the financial statements of foreign entities for incorporation in the consolidated financial statements, the assets and liabilities are translated at the exchange rates brvailing at the date of Balance Sheet and income and expenditure items are translated at the daily average of exchange rates for the year.  The resulting exchange differences are classified as foreign currency translation reserve.

The translation rates for 2015-16 are as below:

Particulars                          For assets and Liabilities       For Profit & Loss items at      at Closing Exchange Rate               daily average rate

Euro to INR                          Rs.76.43 / Euro                                   Rs.72.1120/ Euro

JPY to INR                            Rs.0.6011 / JPY                                    Rs.0.5429 / JPY

A. SIGNIFICANT ACCOUNTING POLICIES

  1.     CORPORATE INFORMATION

Craftsman Automation Private Limited was incorporated under the Companies Act, 1956 on 18th July 1986. The Company  and its investees are  engaged in the business of manufacturing engineering components, sub-assemblies, products, rendering of contract manufacturing services to various industries  and sale and service  of marine engines, cranes and hoists and machine tools. 

2.      CONSOLIDATION OF ACCOUNTS

a.      Basis of accounting

These consolidated financial statements are brpared under historical cost convention in accordance with Generally Accepted Accounting Principles in India (Indian GAAP), Accounting Standards notified under Section 133 of the Companies Act, 2013 (the Act) read together with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Act. In accordance with first proviso to Section 129(1) and Schedule III to the Act, the terms contained in the enclosed financial statements are in accordance with the Accounting Standards.

Craftsman Automation Singapore Pte Ltd. brpares its financials statements in accordance with the Singapore Financial Reporting Standards

Craftsman Marine BV brpares its accounts in accordance with the Dutch Civil Code and in conformity with the guidelines for annual reporting for small

b.      Translation of foreign currency statements

In translating the financial statements of foreign entities for incorporation in the consolidated financial statements, the assets and liabilities are translated at the exchange rates brvailing at the date of Balance Sheet and income and expenditure items are translated at the daily average of exchange rates for the year.  The resulting exchange differences are classified as foreign currency translation reserve.

The translation rates for 2015-16 are as below:

Particulars                          For assets and Liabilities       For Profit & Loss items at      at Closing Exchange Rate               daily average rate

Euro to INR                          Rs.76.43 / Euro                                   Rs.72.1120/ Euro

JPY to INR                            Rs.0.6011 / JPY                                    Rs.0.5429 / JPY