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Accounting Policies of Kernex Microsystems (India) Ltd. Company
Mar 31, 2025
2. Material accounting policies
2.1 Statement of compliance and basis of preparation
The Standalone financial statements of the Company have been prepared in accordance with Indian
Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as
amended from time to time) and presentation requirements of Division II of Schedule III to the Companies
Act, 2013 (as amended from time to time), (Ind AS compliant Schedule III), as applicable to the Standalone
Financial Statements(SFS).
The Standalone financial statements have been prepared on a historical cost basis, except for the following
assets and liabilities which have been measured at fair value or at revalued amount:
^ Buildings classified as property, plant and equipment,
^ Derivative financial instruments,
^ Certain financial assets and liabilities measured at fair value (refer accounting policy regarding
financial instruments), and
^ Contingent consideration arising in business combination
^ Equity settled ESOP at grant date fair value and cash settled ESOP at fair value at each reporting
date
The accounting policies and related notes further described the specific measurements applied for each of
the assets and liabilities.
In addition, the carrying values of recognised assets and liabilities designated as hedged items in fair value
hedges that would otherwise be carried at amortised cost are adjusted to record changes in the fair values
attributable to the risks that are being hedged in effective hedge relationships. The Standalone financial
statements are presented in INR, and all values are rounded to the nearest lakhs (INR 00,000), except when
otherwise indicated.
The Company has prepared the financial statements on the basis that it will continue to operate as a going
concern.
2.2 Key sources of estimation
The preparation of financial statements in conformity with Ind AS requires that the management of the
Company makes estimates and assumptions that affect the reported amounts of income and expenses of
the period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities
as of the date of the financial statements. The estimates and underlying assumptions made by management
are explained under respective policies. Revisions to accounting estimates include useful lives of property,
plant and equipment & intangible assets, allowance for expected credit loss, future obligations in respect
of retirement benefit plans, expected cost of completion of contracts, provision for rectification costs, fair
value/recoverable amount measurement, tax provisions etc. Difference, if any, between the actual results and
estimates is recognised in the period in which the results are known.
2.3 Property, plant and equipment
Property, Plant and Equipment are measured at cost less accumulated depreciation and impairment loss
if any. The cost of property plant and equipment includes those incurred directly for the construction or
acquisition of the asset and directly attributable to bringing it to the location and condition necessary for it to
be capable of operating in the manner intended by the management and includes present value of expected
costs for dismantling/restoration wherever applicable.
The cost of major spares is recognized in the carrying amount of the item of property, plant and equipment,
in accordance with the recognition criteria set out in the standard. The carrying amount of the replaced
part is derecognized at the time of actual replacement. The costs of the day-to-day servicing of the item are
recognized in statement of profit or loss as incurred. Each component / part of an item of property, plant and
equipment with a cost that is significant in relation to the total cost of the item is depreciated separately only
when it has a different useful life. The gain or loss arising from de-recognition of an item of property, plant and
equipment is included in statement of profit or loss when the item is derecognized.
Depreciation on each part of an item / component of PPE provided on pro-rata basis using the written down
value method based on the expected useful life of the asset and is charged to the Statement of Profit and
Loss as specified in Part C of Schedule II to the Companies Act, 2013 and in the manner specified therein,
except in respect of self-generated units included in plant & machinery group which are depreciated over their
technically estimated useful lives of 10 years on written down value method. The estimated useful life has
been assessed based on technical evaluation, considering the nature of the asset and the estimated usage
basis management''s best judgement of economic benefits from those classes of assets.
Property plant and equipment with finite life are evaluated for recoverability whenever there is an indication
that their carrying amounts may not be recoverable. If such indication exists, the recoverable amount (higher
of fair value less cost to sell and value in use) is determined on an individual asset basis unless the asset does
not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable
amount is determined for cash generating unit (CGU) to which the asset belongs. If the recoverable amount
of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or
CGU) is reduced to its recoverable amount. An impairment loss is recognized in the statement of profit and
loss account.
An item of property, plant and equipment and any significant part initially recognised is derecognised upon
disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising
on derecognition of the asset (calculated as the difference between the net disposal proceeds and the
carrying amount of the asset) is included in the statement of profit and loss when the asset is derecognised.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed
at each financial year end and adjusted prospectively, if appropriate.
2.4 Intangible assets
Intangible asset is recognised when it is probable that future economic benefits that are attributable to the
asset will flow to the enterprise and the cost of the asset can be measured reliably. Intangible assets acquired
separately are measured on initial recognition at cost. Internally generated intangibles, excluding capitalised
development costs (refer below policy for R&D costs), are not capitalised and the related expenditure is
reflected in profit or loss in the period in which the expenditure is incurred.
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment
whenever there is an indication that the intangible asset may be impaired. The amortisation period and
the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of
each reporting period. Changes in the expected useful life or the expected pattern of consumption of future
economic benefits embodied in the asset are considered to modify the amortisation period or method, as
appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible
assets with finite lives is recognised in the statement of profit and loss unless such expenditure forms part of
carrying value of another asset.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either
individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to
determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite
to finite is made on a prospective basis.
An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no
future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition
of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the
asset) is included in the statement of profit and loss when the asset is derecognised.
2.5 Research and development costs
Research costs are expensed as incurred. Development expenditures on an individual project are recognised
as an intangible asset when the Company can demonstrate:
^ The technical feasibility of completing the intangible asset so that the asset will be available for
use or sale
^ Its intention to complete and its ability and intention to use or sell the asset
^ How the asset will generate future economic benefits
^ The availability of resources to complete the asset
^ The ability to measure reliably the expenditure during development
2.6 Investment in subsidiaries, associates and joint ventures
A subsidiary is an entity that is controlled by another entity.
An associate is an entity over which the Company has significant influence. Significant influence is the power
to participate in the financial and operating policy decisions of the investee but is not control or joint control
over those policies.
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement
have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of
an arrangement, which exists only when decisions about the relevant activities require unanimous consent of
the parties sharing control.
The Company''s investments in its subsidiaries, associates and joint ventures are accounted at cost less
impairment.
2.7 Impairment of investments
Investment is evaluated for impairment by adopting the ''Value in Use'' model for the purposes of ascertaining
the estimated recoverable amount of the investment. In the absence of computation of ''Value in Use'', the net-
worth of the investee company is considered as the amount of ''value in use'' and impairment is considered
accordingly.
If the recoverable amount is less than its carrying amount, the impairment loss is recorded in the Statement
of Profit and Loss. When an impairment loss subsequently reverses, the carrying amount of the Investment is
increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not
exceed the cost of the Investment. A reversal of an impairment loss is recognised immediately in Statement
of Profit or Loss.
2.8 Current versus non-current classification
The Company segregates assets and liabilities into current and non-current categories for presentation in the
balance sheet after considering its normal operating cycle and other criteria set out in Ind AS 1, âPresentation
of Financial Statementsâ. For this purpose, current assets and liabilities include the current portion of non¬
current assets and liabilities respectively. Deferred tax assets and liabilities are always classified as non¬
current.
The operating cycle is the time between the acquisition of assets for processing and their realization in cash
and cash equivalents. The Company has identified period up to twelve months as its operating cycle.
2.9. Foreign currencies
The Company''s Standalone financial statements are presented in Indian Rupee (INR), which is also the
Company''s functional currency.
2.10 Transactions and balances
Transactions in foreign currencies are initially recorded by the Company at functional currency spot rates
at the date the transaction first qualifies for recognition. However, for practical reasons, the Company uses
average rate if the average approximates the actual rate at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency
spot rates of exchange at the reporting date.
Exchange differences arising on settlement or translation of monetary items are recognised in profit or loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the date when the fair value is determined. The gain or
loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition
of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value
gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively).
In determining the spot exchange rate to use on initial recognition of the related asset, expense or income
(or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance
consideration, the date of the transaction is the date on which the Company initially recognises the non¬
monetary
asset or non-monetary liability arising from the advance consideration. If there are multiple payments or
receipts in advance, the Company determines the transaction date for each payment or receipt of advance
consideration.
2.11 Financial instruments
Financial assets and/or financial liabilities are recognised when the Company becomes party to a contract
embodying the related financial instruments. All financial assets, financial liabilities and financial guarantee
contracts are initially measured at fair value except for trade receivables not containing a significant financing
component are initially measured at transaction price. Transaction costs that are attributable to the acquisition
or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair
value through profit or loss) are added to or deducted from, the fair value of such financial assets or liabilities,
on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial
liabilities at fair value through profit or loss are recognised in profit or loss. In case of funding to subsidiary
companies in the form of interest free or concession loans and preference shares, the excess of the actual
amount of the funding over initially measured fair value is accounted as an equity investment. A financial asset
and a financial liability is offset and presented on net basis in the balance sheet when there is a current legally
enforceable right to set-off the recognised amounts and it is intended to either settle on net basis or to realise
the asset and settle the liability simultaneously.
(i) Financial assets:
A. All recognised financial assets are subsequently measured in their entirety either at amortised
cost or at fair value as follows:
1. Investments in debt instruments that are designated as fair value through profit or
loss (FVTPL) - at fair value. Debt instruments at FVTPL is a residual category for debt
instruments, if any, and all changes are recognised in profit or loss.
2. Investments in debt instruments that meet the following conditions are subsequently
measured at amortised cost (unless the same designated as fair value through profit or
loss): ⢠The asset is held within a business model whose objective is to hold assets in
order to collect contractual cash flows; and ⢠The contractual terms of instrument give rise
on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
3. Investment in debt instruments that meet the following conditions are subsequently
measured at fair value through other comprehensive income [FVTOCI] (unless the same
are designated as fair value through profit or loss) ⢠The asset is held within a business
model whose objective is achieved both by collecting contractual cash flows and selling
financial assets; and ⢠The contractual terms of instrument give rise on specified dates
to cash flows that are solely payments of principal and interest on the principal amount
outstanding.
4. Investment in equity instruments issued by subsidiary, associate and joint venture
companies are measured at cost less impairment.
B. For financial assets that are measured at FVTOCI, income by way of interest and dividend,
provision for impairment and exchange difference, if any, (on debt instrument) are recognised
in profit or loss and changes in fair value (other than on account of above income or expense)
are recognised in other comprehensive income and accumulated in other equity. On disposal of
debt instruments at FVTOCI, the cumulative gain or loss previously accumulated in other equity
is reclassified to profit or loss. In case of equity instruments at FVTOCI, such cumulative gain or
loss is not reclassified to profit or loss on disposal of investments.
C. A financial asset is primarily derecognised when:
1. the right to receive cash flows from the asset has expired, or
2. the Company has transferred its rights to receive cash flows from the asset or has assumed
an obligation to pay the received cash flows in full without material delay to a third party
under a pass-through arrangement; and (a) the Company has transferred substantially all
the risks and rewards of the asset, or (b) the Company has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.
On derecognition of a financial asset in its entirety, the difference between the carrying
amount at the date of derecognition and the consideration received is recognised in profit
or loss.
D. Impairment of financial assets: For trade receivable, the Company applies the simplified
approach of Ind AS 109, which requires measurement of loss allowance at an amount equal
to lifetime expected credit losses. Impairment loss on trade receivables is recognised using
expected credit loss model, which involves use of a provision matrix constructed on the basis
of historical credit loss experience as permitted under Ind AS 109 and is adjusted for forward
looking information. Impairment loss on investments is recognised when the carrying amount
exceeds its recoverable amount. For all other financial assets, expected credit losses are
recognised based on the difference between the contractual cashflows and all the expected cash
flows, discounted at the original effective interest rate. ECLs are measured at an amount equal
to 12-month expected credit losses or at an amount equal to lifetime expected credit losses if the
credit risk on the financial asset has increased significantly since initial recognition.
ii) Financial liabilities:
A. Financial liabilities, including derivatives and embedded derivatives, which are designated
for measurement at FVTPL are subsequently measured at fair value. Financial guarantee
contracts are subsequently measured at the amount of impairment loss allowance or the
amount recognised at inception net of cumulative amortisation, whichever is higher. All
other financial liabilities including loans and borrowings are measured at amortised cost
using Effective Interest Rate (EIR) method.
B. A financial liability is derecognised when the related obligation expires or is discharged or
cancelled.
2.12 Impairment of assets
As at the end of each financial year, the carrying amounts of PPE, investment property, intangible assets and
investments in subsidiary, associate and joint venture companies are reviewed to determine whether there is
any indication that those assets have suffered an impairment loss. If such indication exists, PPE, investment
property, intangible assets and investments in subsidiary, associate and joint venture companies are tested
for impairment so as to determine the impairment loss, if any. Goodwill is tested for impairment each year.
Impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount.
Recoverable amount is determined:
(i) in the case of an individual asset, at the higher of the fair value less costs of disposal and the
value-in-use; and
(ii) in the case of a cash generating unit (the smallest identifiable group of assets that generates
independent cash flows), at the higher of the cash generating unit''s fair value less costs of
disposal and the value-in-use. (The amount of value-in-use is determined as the present value
of estimated future cash flows from the continuing use of an asset, which may vary based on
the future performance of the Company and from its disposal at the end of its useful life. For
this purpose, the discount rate (post-tax) is determined based on the weighted average cost
of capital of the company suitably adjusted for risks specified to the estimated cash flows of
the asset). If recoverable amount of an asset (or cash generating unit) is estimated to be less
than its carrying amount, such deficit is recognised immediately in the Statement of Profit and
Loss as impairment loss and the carrying amount of the asset (or cash generating unit) is
reduced to its recoverable amount. When an impairment loss recognised earlier is subject to full
or partial reversal, the carrying amount of the asset (or cash generating unit), except impairment
loss allocated to goodwill, is increased to the revised estimate of its recoverable amount, such
that the increased carrying amount does not exceed the carrying amount that would have been
determined had no impairment loss is recognised for the asset (or cash generating unit) in prior
years. A reversal of an impairment loss (other than impairment loss allocated to goodwill) is
recognised immediately in the Statement of Profit and Loss.
d. Fair value measurement
The Company measures financial instruments, such as, derivatives, at fair value at each balance
sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to sell the asset or transfer the
liability takes place either:
^ In the principal market for the asset or liability, or
^ In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Company.
The fair value of an asset or a liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant''s ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant
that would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the use of relevant observable inputs and minimising the
use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the
fair value measurement as a whole:
^ Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities
^ Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
^ Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to the fair value measurement as a whole) at the end of
each reporting period.
The Company''s Management Committee determines the policies and procedures for both recurring fair
value measurement, such as derivative instruments and unquoted financial assets measured at fair value,
and for non-recurring measurement, such as assets held for sale in discontinued operations. The Valuation
Committee comprises of the head of the investment properties segment, heads of the Company''s internal
mergers and acquisitions team, the head of the risk management department, financial controllers and chief
finance officer.
External valuers are involved for valuation of significant assets, such as properties and unquoted financial
assets, and significant liabilities, such as contingent consideration. Involvement of external valuers is decided
upon annually by the Valuation Committee after discussion with and approval by the Company''s Audit
Committee. Selection criteria include market knowledge, reputation, independence and whether professional
standards are maintained. Valuers are normally rotated every three years. The Valuation Committee decides,
after discussions with the Company''s external valuers, which valuation techniques and inputs to use for each
case.
At each reporting date, the Valuation Committee analyses the movements in the values of assets and liabilities
which are required to be remeasured or re-assessed as per the Company''s accounting policies. For this
analysis, the Valuation Committee verifies the major inputs applied in the latest valuation by agreeing the
information in the valuation computation to contracts and other relevant documents.
The Valuation Committee also compares the change in the fair value of each asset and liability with relevant
external sources to determine whether the change is reasonable.
On an interim basis, the Valuation Committee and the Company''s external valuers present the valuation
results to the Audit Committee and the Company''s independent auditors. This includes a discussion of the
major assumptions used in the valuations.
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the
basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as
explained above.
2.13 Inventories
Inventories are valued at the lower of cost and net realisable value.
Costs incurred in bringing each product to its present location and condition are accounted for as
follows:
^ Raw materials: Cost includes the cost of purchase and other costs incurred in bringing the
inventories to their present location and condition. Cost is determined using the Weighted
Average Cost method.
^ Finished goods and work-in-progress: Cost includes the cost of direct materials and labour
and a proportion of manufacturing overheads based on normal operating capacity but excluding
borrowing costs. Cost is determined using the Weighted Average Cost method.
^ Traded goods: Cost includes the cost of purchase and other costs incurred in bringing the
inventories to their present location and condition. Cost is determined using the Weighted
Average Cost method.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs
of completion and the estimated costs necessary to make the sale.
2.14 Cash and bank balances
Cash and bank balances include fixed deposits, margin money deposits, earmarked balances with banks and
other bank balances which have restrictions on repatriation. Short-term and liquid investments being subject
to more than insignificant risk of change in value, are not included as part of cash and cash equivalents.
Mar 31, 2024
II. Significant Material accounting policies information
Entity specific disclosure of material accounting policies where Ind AS permits alternative treatment is disclosed hereunder after assessing the materiality of the accounting policy information involving exercising of judgments considering the qualitative and quantitative factors like size and nature, characteristics of transactions, events or conditions. Entity''s conclusion that the accounting policy is not material does not affect the disclosures required under Ind AS.
The material accounting policies applied by the Company in the preparation of its financial statements are listed below. Such accounting policies have been applied consistently to all the periods presented in these financial statements, unless otherwise indicated.
III. 1 Basis of Preparation and Presentation
The financial statements are prepared on a ''going concern'' basis under historical cost using accrual basis, except for the following assets and liabilities which have been measured at fair value amount:
i) Certain financial assets and liabilities
ii) employee defined benefit assets/(liability)
The financial statements have been prepared and presented in accordance with the Indian Accounting Standards (âInd ASâ) notified under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 and other relevant provisions of the Act since 1st April 2017.
Company''s financial statements are presented in Indian Rupees, which is also its functional currency and rounded off to the nearest Rs. lakhs.
For the purposes of current and non-current classification, the Entity reckoned its normal operating cycle as 12 months
111.2 Use of estimates and judgments
The preparation of financial statements in conformity with Ind AS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
111.3 Property, plant and equipment
Property, plant and equipment are stated at cost, net of recoverable taxes, trade discount and rebates less accumulated depreciation and impairment losses, if any. Such cost includes purchase price, cost of manufacture including proportionate overhead expenditure and any cost directly attributable to bringing the assets to its working conditions for its intended use.
Subsequent costs are included in the asset''s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably.
Depreciation on property, plant and equipment is provided using written down vale method. Depreciation is provided based on useful life of the assets as prescribed in schedule II to the companies Act, 2013.
III. 4 Intangible assets
Intangible assets that are acquired by the company are stated at cost of acquisition net of recoverable taxes, trade discount and rebates less accumulated amortization/depletion and impairment loss, if any. Such cost includes purchase price, and any cost directly attributable to bringing the asset to its working condition for the intended use. Intangible Assets internally developed or under development by the Entity are stated by including the cost of outsourced services together with the relevant employee costs for such development and other relevant overhead expenditure.
Gains and Losses arising from de-recognition of an intangible assets are recorded in the statement of profit and loss, and are measured as the difference between the net disposal proceeds, if any, and the carrying amount of respective intangible assets as on the date of de-recognition.
111.5 Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
111.5.1 Financial Assets
All financial assets are recognised initially at fair value and in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset are amortized. Purchase and sale of financial assets are recognised on the trade date, i.e., the date that the Company commits to purchase or sell the asset.
The financial assets are subsequently measured at fair value through Profit & Loss (FVTPL) excepting investments in subsidiary which are stated at cost.
111.5.2 Investment in subsidiaries
The Company has elected to carry its investment in Equity instruments of subsidiary at cost in accordance with Ind AS 27. Investment is evaluated for impairment by adopting the ''Value in Use'' model for the purposes of ascertaining the estimated recoverable amount of the investment. In the absence of computation of ''Value in Use'', the net-worth of the investee company is considered as the amount of ''value in use'' and impairment is considered accordingly.
111.5.3 Impairment of financial assets
In accordance with Ind AS 109, the Company uses ''Expected Credit Loss'' (ECL) model, for evaluating impairment of financial assets other than those measured at cost.
Receivables from Railways which are under the Government (including foreign government) are generally treated as fully recoverable based on past experience. Impairment on account of expected credit loss is however, assessed in respect of dues outstanding for a significant period of time.
111.6 Financial Liabilities
Initial recognition and measurement
All financial liabilities are recognized at fair value and in case of loans, net of directly attributable transaction costs. Fees of recurring nature are directly recognised in the Statement of Profit and Loss as finance cost.
Subsequent measurement
Financial liabilities are carried at amortized cost using the effective interest method in cases where the
contractual liability is for a long term. For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.
111.7 Derecognition of financial instruments
A financial asset (or a part of the financial asset) is derecognized from the Company''s balance sheet when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability (or a part of the financial liability) is derecognized from the Company''s balance sheet when the obligation under the liability is discharged or cancelled or expires.
111.8 Cash and cash equivalents
Cash and cash equivalents consist of cash at banks and on hand, demand deposits and other short term deposits that are readily convertible into known amounts of cash and are subject to insignificant risk of changes in value and have a short term maturity. Deposits under pledge with the bankers for obtaining credit facilities are not included in cash & cash equivalents.
NI.9 Inventories
Inventories consist of raw materials, stores and spares, work-in-progress, costs incurred on customer contracts yet to be accepted by them and finished goods and measured at the lower of cost and net realisable value after providing for obsolescence. The cost of all categories of inventories is based on the weighted average method. Cost includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of finished goods and work-in-progress, cost includes an appropriate share of fixed overheads based on normal operating capacity for the relevant period(s).
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.
MI.10 Impairment of non-financial assets
The carrying amounts of the Company''s non-financial assets, other than inventories and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset''s recoverable amount is estimated to determine the extent of impairment if any.
The recoverable amount of an asset or cash-generating unit (as defined below) is the greater of its value in use and its fair value less costs to sell.
An impairment loss is recognised in the statement of profit and loss to the extent, the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
Mar 31, 2023
1. Corporate information
Kernex Microsystems (India) Limited is engaged in the manufacture and sale of Safety Systems and Software services for Railways.
2. Significant accounting policies
The significant accounting policies applied by the Company in the preparation of its financial statements are listed below. Such accounting policies have been applied consistently to all the periods presented in these financial statements, unless otherwise indicated.
2.1. Basis of Preparation and Presentation
The financial statements have been prepared on the historical cost basis and on accrual basis, except for the following assets and liabilities which have been measured at fair value amount:
i) Certain financial assets and liabilities
ii) employee defined benefit assets/(liability)
The financial statements have been prepared and presented in accordance with the Indian Accounting Standards (âInd ASâ) notified under the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.
Company''s financial statements are presented in Indian Rupees, which is also its functional currency.
2.2. Use of estimates and judgments
The preparation of financial statements in conformity with Ind AS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
2.3. Property, plant and equipment
Property, plant and equipment are stated at cost, net off recoverable taxes, trade discount and rebates less accumulated depreciation and impairment losses, if any. Such cost includes purchase price and any cost directly attributable to bringing the assets to its working conditions for its intended use and estimated costs of dismantling and removing the item and restoring the site on which it is located.
Subsequent costs are included in the asset''s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.
Gains and losses upon disposal of an item of property, plant and equipment are determined as the difference between the net disposal proceeds and the carrying amount of property, plant and equipment and are recognised in the statement of profit and loss.
Depreciation on property, plant and equipment is provided using written down vale method. Depreciation is provided based on useful life of the assets as prescribed in schedule II to the companies Act, 2013.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.
Intangible assets that are acquired by the company are stated at cost of acquisition net of recoverable taxes, trade discount and rebates less accumulated amortization/depletion and impairment loss, if any. Such cost includes purchase price, and any cost directly attributable to brining the asset to its working condition for the intended use.
Subsequent expenditures are capitalised only when they increase the future economic benefits embodied in the specific asset to which they relate.
Gains and Losses arising from de-recognition of an intangible assets are recorded in the statement of profit and loss, and are measured as the difference between the net disposal proceeds, if any, and the carrying amount of respective intangible assets as on the date of de-recognition.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Initial recognition and measurement All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchase and sale of financial assets are recognised on the trade date, i.e., the date that the Company commits to purchase or sell the asset.
Subsequent measurement.
i. Financial assets carried at amortised cost (AC)
A financial asset is measured at amortised cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
ii. Financial assets at fair value through other comprehensive income (FVTOCI)
A financial asset is measured at FVTOCI if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
iii. Financial assets at fair value through profit or loss (FVTPL)
A financial asset which is not classified in any of the above categories are measured at FVTPL. Investment in subsidiaries
The Company has accounted for its investment in subsidiary at cost.
Impairment of financial assets
In accordance with Ind AS 109, the Company uses âExpected Credit Lossâ (ECL) model, for evaluating impairment of financial assets other than those measured at fair value through profit and loss (FVTPL).
For trade receivables, Company applies âsimplified approachâ for recognition of impairment loss allowance on the trade receivable balances. The application of simplified approach require the Company to recognises impairment loss allowance based on lifetime ECLs at each reporting date,
right from its initial recognition. The Company uses historical default rates to determine impairment loss on the portfolio of trade receivables. At every reporting date these historical default rates are reviewed and changes in the forward looking estimates are analysed.
Initial recognition and measurement
All financial liabilities are recognized at fair value and in case of loans, net of directly attributable transaction costs. Fees of recurring nature are directly recognised in the Statement of Profit and Loss as finance cost.
Subsequent measurement
Financial liabilities are carried at amortized cost using the effective interest method. For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.
Derecognition of financial instruments
A financial asset (or a part of the financial asset) is derecognized from the Company''s balance sheet when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability (or a part of the financial liability) is derecognized from the Company''s balance sheet when the obligation under the liability is discharged or cancelled or expires.
2.6. Cash and cash equivalents
Cash and cash equivalents consist of cash at banks and on hand, demand deposits and other short term deposits that are readily convertible into known amounts of cash, are subject to insignificant risk of changes in value and have a maturity of three months or less.
Inventories consist of raw materials, stores and spares, work-in-progress and finished goods are measured at the lower of cost and net realisable value after providing for obsolescence. The cost of all categories of inventories is based on the weighted average method. Cost includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of finished goods and work-inprogress, cost includes an appropriate share of overheads based on normal operating capacity.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.
2.8. Impairment of non-financial assets
The carrying amounts of the Companyâs non-financial assets, other than inventories and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the assetâs recoverable amount is estimated to determine the extent of impairment if any.
The recoverable amount of an asset or cash-generating unit (as defined below) is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or the cash-generating unit. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the âcash-generating unitâ).
An impairment loss is recognised in the statement of profit and loss to the extent, the carrying amount of an asset or its cash-generating unit exceeds its estimted recoverable amount.
The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
2.9. Provisions, Contingent Liabilities and Contingent Assets Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
Contingent liabilities
A contingent liability is disclosed when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
Contingent assets
Contingent assets are not recognised in the financial statements. However, contingent assets are assessed continually and if it is virtually certain that an inflow of economic benefits will arise, the asset and related income are recognised in the period in which the change occurs.
Effective 1st Apr, 2018 the Company has applied Ind AS 115. This comprehensive new standard will supersede existing revenue recognition guidance, and requires an entity to recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
Revenue from contracts priced on a time and material basis are recognised as the related services are rendered and the related costs are incurred.
Service income is recognised as per the terms of contracts with the customer, when the related services are performed.
iii. Sale of goods
Revenue from sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, there is no continuing effective control or management involvement with the goods, and the amount of revenue can be measured reliably.
Revenue from sale of goods is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms and excluding taxes or duties collected on behalf of the government.
Interest income is accrued on a time proportion basis, by reference to the principal outstanding and effective interest rate applicable.
2.11. Employee Benefits Expense
i. Short Term Employee Benefits
The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognised as an expense during the period when the employees render the services.
ii. Post-Employment Benefits Defined Contribution Plans
A defined contribution plan is a post-employment benefit plan under which the Company pays specified contributions to a separate entity. The Companyâs contributions to defined contribution plans are recognised as an expense in the Statement of Profit and Loss during the period in which the employee renders the related service.
The liability in respect of gratuity benefit is determined using the Projected Unit Credit Method based on acturial valuation, performed by an independent qualified actuary.
Re-measurement of defined benefit plans in respect of post-employment are charged to the Other Comprehensive Income.
Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale are capitalized as part of the cost of such assets.
All other borrowing costs are charged to the statement of profit and loss for which they are incurred.
2.13. Foreign currencies transactions and translation
Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of exchange at the reporting date.
Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit and Loss except to the extent of exchange differences which are regarded as an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or construction of qualifying assets, are capitalized as cost of assets.
Non-Monetary items thar are measured in terms of historical cost in a foreign currency are recorded using the exchange rates at the date of transaction.
The tax expense for the period comprises current and deferred tax. Tax expense is recognised in Statement of Profit and Loss, except to the extent that it relates to items recognised in the comprehensive income or in equity. In which case, the tax is also recognised in other comprehensive income or equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding amounts used in the computation of taxable profit.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply to the temporary differences in the period in which the liability is settled or the asset realised, based on tax laws that have been enacted or substantively enacted by the end of the reporting period.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
The Company presents basic and diluted earnings per share (âEPSâ) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period.
Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares except where the result would be anti dilutive.
Mar 31, 2018
KERNEX MICROSYSTEMS (INDIA) LIMITED Notes forming part of the financial statements NOTE
1. Corporate Information
Kernex Microsystems (India) Limited is engaged in the manufacture and sale of Safety Systems and Software services for Railways.
2 Significant Accounting Policies
The significant accounting policies applied by the Company in the preparation of its financial statements are listed below. Such accounting policies have been applied consistently to all the periods presented in these financial statements and in preparing the opening Ind AS Balance Sheet as at 1st April, 2016 for the purpose of transition to Ind AS, unless otherwise indicated..
2.1. Basis of Preparation and Presentation
The financial statements have been prepared on the historical cost basis and on accrual basis, except for the following assets and liabilities which have been measured at fair value amount:
i) Certain financial assets and liabilities
ii) employee defined benefit assets/(liability)
The financial statements have been prepared and presented in accordance with the Indian Accounting Standards ("Ind ASâ) notified under the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016. Up to the year ended 31 March 2017, the Company prepared its financial statements in accordance with accounting standards notified under Section 133 of the Companies Act 2013, read with Rule 7 of Companies (Accounts) Rules, 2014 ("Previous GAAP").
These financial statements for the year ended 31 March 2018 are the Company''s first Ind AS standalone financial statements.
The transition from Previous GAAP to Ind AS has been accounted for in accordance with Ind AS 101 "First Time Adoption of Indian Accounting Standardsâ, with April 1, 2016 being the transition date.
Company''s financial statements are presented in Indian Rupees, which is also its functional currency.
2.2 Use of estimates and judgments
The preparation of financial statements in conformity with Ind AS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
2.3. Property, plant and equipment
Property, plant and equipment are stated at cost, net off recoverable taxes, trade discount and rebates less accumulated depreciation and impairment losses, if any. Such cost includes purchase price and any cost directly attributable to bringing the assets to its working conditions for its intended use and estimated costs of dismantling and removing the item and restoring the site on which it is located.
Subsequent costs are included in the asset''s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.
Gains and losses upon disposal of an item of property, plant and equipment are determined as the difference between the net disposal proceeds and the carrying amount of property, plant and equipment and are recognized in the statement of profit and loss.
Depreciation on property, plant and equipment is provided using written down vale method. Depreciation is provided based on useful life of the assets as prescribed in schedule II to the companies Act, 2013.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.
2.4. Intangible assets
Intangible assets that are acquired by the company are stated at cost of acquisition net of recoverable taxes, trade discount and rebates less accumulated amortization/depletion and impairment loss, if any. Such cost includes purchase price, and any cost directly attributable to brining the asset to its working condition for the intended use.
Subsequent expenditures are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate.
Gains and Losses arising from de-recognition of an intangible assets are recorded in the statement of profit and loss, and are measured as the difference between the net disposal proceeds, if any, and the carrying amount of respective intangible assets as on the date of de-recognition.
2.5. Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial Assets
Initial recognition and measurement
All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchase and sale of financial assets are recognized on the trade date, i.e., the date that the Company commits to purchase or sell the asset.
Subsequent measurement
i. Financial assets carried at amortized cost (AC)
A financial asset is measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
ii. Financial assets at fair value through other comprehensive income (FVTOCI)
A financial asset is measured at FVTOCI if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
ii. Financial assets at fair value through profit or loss (FVTPL)
A financial asset which is not classified in any of the above categories are measured at FVTPL. Investment in subsidiaries
The Company has accounted for its investment in subsidiary at cost.
Impairment of financial assets
In accordance with Ind AS 109, the Company uses âExpected Credit Lossâ (ECL) model, for evaluating impairment of financial assets other than those measured at fair value through profit and loss (FVTPL).
For trade receivables, Company applies âsimplified approachâ for recognition of impairment loss allowance on the trade receivable balances. The application of simplified approach require the Company to recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition. The Company uses historical default rates to determine impairment loss on the portfolio of trade receivables. At every reporting date these historical default rates are reviewed and changes in the forward looking estimates are analyzed.
Financial Liabilities
Initial recognition and measurement
All financial liabilities are recognized at fair value and in case of loans, net of directly attributable transaction costs. Fees of recurring nature are directly recognized in the Statement of Profit and Loss as finance cost.
Subsequent measurement
Financial liabilities are carried at amortized cost using the effective interest method. For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.
Derecognition of financial instruments
A financial asset (or a part of the financial asset) is derecognized from the Company''s balance sheet when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability (or a part of the financial liability) is derecognized from the Company''s balance sheet when the obligation under the liability is discharged or cancelled or expires.
2.6. Cash and cash equivalents
Cash and cash equivalents consist of cash at banks and on hand, demand deposits and other short term deposits that are readily convertible into known amounts of cash, are subject to insignificant risk of changes in value and have a maturity of three months or less.
2.7. Inventories
Inventories consist of raw materials, stores and spares, work-in-progress and finished goods are measured at the lower of cost and net realizable value after providing for obsolescence. The cost of all categories of inventories is based on the weighted average method. Cost includes expenditures incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of finished goods and work-in-progress, cost includes an appropriate share of overheads based on normal operating capacity.
Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.
2.8. Impairment of non-financial assets
The carrying amounts of the Companyâs non-financial assets, other than inventories and deferred tax assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the assetâs recoverable amount is estimated to determine the extent of impairment if any.
The recoverable amount of an asset or cash-generating unit (as defined below) is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or the cash-generating unit. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "cash-generating unitâ).
An impairment loss is recognized in the statement of profit and loss to the extent, the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount.
The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
2.9. Provisions, contingent liabilities and contingent assets
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.
Contingent liabilities
A contingent liability is disclosed when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
Contingent assets
Contingent assets are not recognized in the financial statements. However, contingent assets are assessed continually and if it is virtually certain that an inflow of economic benefits will arise, the asset and related income are recognized in the period in which the change occurs.
2.10. Revenue recognition
i. Revenue from contracts
Revenue from contracts priced on a time and material basis are recognized as the related services are rendered and the related costs are incurred.
ii. Revenue from services
Service income is recognized as per the terms of contracts with the customer, when the related services are performed.
iii. Sale of goods
Revenue from sale of goods is recognized when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably, there is no continuing effective control or management involvement with the goods, and the amount of revenue can be measured reliably.
Revenue from sale of goods is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms and excluding taxes or duties collected on behalf of the government.
iv. Interest Income
Interest income is accrued on a time proportion basis, by reference to the principal outstanding and effective interest rate applicable.
2.11. Employee Benefits Expense
i. Short Term Employee Benefits
The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognized as an expense during the period when the employees render the services.
ii. Post-Employment Benefits Defined Contribution Plans
A defined contribution plan is a post-employment benefit plan under which the Company pays specified contributions to a separate entity. The Companyâs contributions to defined contribution plans are recognized as an expense in the Statement of Profit and Loss during the period in which the employee renders the related service.
Defined Benefit Plans
The liability in respect of gratuity benefit is determined using the Projected Unit Credit Method based on actuarial valuation, performed by an independent qualified actuary.
Re-measurement of defined benefit plans in respect of post-employment are charged to the Other Comprehensive Income.
2.12. Finance cost
Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale are capitalized as part of the cost of such assets.
All other borrowing costs are charged to the statement of profit and loss for which they are incurred.
2.13. Foreign currencies transactions and translation
Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of exchange at the reporting date.
Exchange differences arising on settlement or translation of monetary items are recognized in Statement of Profit and Loss except to the extent of exchange differences which are regarded as an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or construction of qualifying assets, are capitalized as cost of assets.
Non-Monetary items thar are measured in terms of historical cost in a foreign currency are recorded using the exchange rates at the date of transaction.
2.14. Tax Expenses
The tax expense for the period comprises current and deferred tax. Tax expense is recognized in Statement of Profit and Loss, except to the extent that it relates to items recognized in the comprehensive income or in equity. In which case, the tax is also recognized in other comprehensive income or equity.
Current tax
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax
Deferred tax is recognized using the balance sheet method on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding amounts used in the computation of taxable profit.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply to the temporary differences in the period in which the liability is settled or the asset realized, based on tax laws that have been enacted or substantively enacted by the end of the reporting period.
A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.
2.15. Earnings per share
The Company presents basic and diluted earnings per share ("EPSâ) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period.
Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares except where the result would be anti-dilutive.
2.16. First time adoption of Ind As
The Company has adopted Ind AS with effect from 1st April 2017 and accordingly prepared financial statements which comply with Ind AS applicable for periods ending on 31 March 2018 together with the comparative period data as at and for the year ended 31 March 2017. In preparing these financial statements, the Companyâs opening balance sheet was prepared as at 1 April 2016, the Companyâs date of transition to Ind AS. Accordingly the impact of transition has been provided in the opening reserves as at 1st April 2016.
The figures for the previous period have been restated, regrouped and reclassified wherever required to comply with the requirement of Ind AS and Schedule III.
Exemptions from retrospective application
Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions:
i. Fair value as deemed cost exemption
The Company has elected to measure items of property, plant and equipment and intangible assets at its carrying value at the transition date.
ii. Investments in subsidiary
Ind AS 101 provides a onetime option to a first time adopter to measure its investments in subsidiaries as per previous GAAP carrying value or at fair value on the date of transition. The company has elected to measure its investments in subsidiaries as per previous GAAP carrying value.
b. Rights attached to the equity shares
The company has only one class of shares having a face value of Rs. 10/- per share. All equity shareholders rank pari-passu in respect of dividend and voting rights. Each holder of equity shares is entitled to one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of preferential amounts, in proportion to their shareholding.
Cash credit facilities from State Bank of India are secured by first charge of hypothecation on all current assets of the Company present and future and collaterally secured by extension of first charge on the fixed assets (movable and immovable) of the Company both present and future and extension of equitable mortgage of land and buildings situated at TSIIC Hardware park and lands situated near Yadagirigutta and Amangal.
Unsecured loans from directors are interest free. The Company has obtained shareholders'' approval through postal ballot on 16th Feb, 2018 for conversion into equity.
Inter corporate deposits outstanding as on 31st Mar, 2018 are received from M/s MRT Signals Limited and PNR Agro Farms Pvt Ltd and carrying interest rate ranging from 15% to 16%.
35 EMPLOYEE BENEFITS
a. Defined contribution plan
Eligible employees of the Company receive benefits from a provident fund, which is a defined contribution plan. The Company has no further obligations under the plan beyond its monthly contributions. The Company contributed Rs. 13,67,441 (Previous year Rs. 15,35,000) towards provident fund plan during the year ended 31st Mar, 2018.
b. Defined Benefit Plan
The Company provides for gratuity, a defined benefit plan ("Gratuity Plan") covering eligible employees. The Gratuity Plan provides a lump sum gratuity payment to eligible employees at retirement or termination of their employment. The amount of the payment is based on the respective employeeâs last drawn salary and the years of employment with the Company.
The following table sets out the amounts recognized in the financial statements in respect of retiring gratuity plan:
Mar 31, 2016
1 SIGNIFICANT ACCOUNTING POLICIES
1.1 Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounts) Rules, 2014 (as amended) and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year unless otherwise stated.
1.2 Use of estimates
The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known / materialize.
1.3 Inventories
Inventories of components are valued at cost or realizable value whichever is less. Work in Progress is valued at cost of materials and services used.
1.4 Cash and cash equivalents
Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.
1.5 Cash flow statement
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
1.6 Depreciation
Depreciation has been provided on the fixed assets on WDV method as per the rates prescribed in Schedule II to the Companies Act, 2013.
1.7 Revenue recognition Revenue from contracts
Revenue from contracts priced on a time and material basis are recognized when services are rendered and related costs are incurred.
Revenue from services
Service income is recognized as per the terms of contracts with the customer, when the related service is performed.
Sale of goods
Revenue from the product sales is exclusive of returns, and applicable trade discounts but inclusive of duties and taxes collected on the same.
1.8 Other income
Interest income is accounted on accrual basis.
1.9 Tangible fixed assets
Fixed Assets are valued at original cost including incidental expenditures, taxes and duties net of CENVAT and VAT credit availed.
Capital work-in-progress:
Projects under which assets are not ready for their intended use and other capital work-in-progress are carried at cost, comprising direct cost, related incidental expenses and attributable interest.
1.10 Foreign currency transactions and translations Initial recognition
Transactions in foreign currencies entered into by the Company and its integral foreign operations are accounted at the exchange rates prevailing on the date of the transaction or at rates that closely approximate the rate at the date of the transaction.
Measurement of foreign currency monetary items at the Balance Sheet date
Foreign currency monetary items of the Company and its net investment in non-integral foreign operations outstanding at the Balance Sheet date are restated at the year-end rates.
Treatment of exchange differences
"Exchange differences arising on settlement / restatement of short-term foreign currency monetary assets and liabilities of the Company are recognized as income or expense in the Statement of Profit and Loss. "
1.11 Investments
Long Term investments in (Subsidiary (100% Wholly owned subsidiary) are carried at cost
1.12 Employee benefits Defined contribution plans
In respect of retirement benefits in the form of provident fund, the contribution payable by the company for a year is charged to the Profit and Loss account.
Defined benefit plans
Gratuity: Gratuity benefit is applicable to all the permanent and full time employees of the company. Gratuity paid out is based on last drawn basic salary and DA at the time of termination or retirement.
The scheme takes into account each completed year of service or part thereof in excess of 6 months. Annual Contribution to the employee''s Gratuity fund, Established with LIC of India(LIC) are determined based on an actuarial valuation made by the LIC as at the year end.
Short-term employee benefits
The Company does not have any scheme for Leave encashment in place.
1.13 Segment reporting
Since the Company has no Reportable segment to report, "Segment Reporting" under "Accounting Standard - 17" Issued by "Institute of Chartered Accountants of India (ICAI)" is not applicable.
1.14 Earnings per share
Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.
1.15 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 the Income Tax Act, 1961.Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognized as an asset in the Balance Sheet when it is probable that future economic benefit associated with it will flow to the Company. Deferred tax is recognized on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognized for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognized only if there is virtual certainty that there will be sufficient future taxable income available to realize such assets. Deferred tax assets are recognized for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realized. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their reliability. "
1.16 Provisions and contingencies
A provision is recognized when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes.
Mar 31, 2015
1.1 Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standards) Rules, 2014 (as amended) and the
relevant provisions of the Companies Act, 2013. The financial
statements have been prepared on accrual basis under the historical
cost convention.The accounting policies adopted in the preparation of
the financial statements are consistent with those followed in the
previous year unless otherwise stated.
1.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known/materialise.
1.3 Inventories
Inventories of components are valued at cost or realisable value
whichever is less. Work in Progress is valued at cost of materials and
services used.
1.4 Cash and cash equivalents
1.4 Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
1.5 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
1.6 Depreciation
Depreciation has been provided on the fixed assets on WDV method as per
the rates prescribed in Schedule II to the Companies Act, 2013.
1.7 Revenue recognition
Revenue from contracts
Revenue from contracts priced on a time and material basis are
recognised when services are rendered and related costs are incurred.
Revenue from services
Service income is recognised as per the terms of contracts with the
customer, when the related service is performed.
Sale of goods
Revenue from the product sales is exclusive of returns, and applicable
trade discounts but inclusive of duties and taxes collected on the
same.
1.8 Other income Initial recognition
Transactions in foreign currencies entered into by the Company and its
integral foreign operations are accounted at the exchange rates
prevailing on the date of the transaction or at rates that closely
approximate the rate at the date of the transaction.
Measurement of foreign currency monetary items at the Balance Sheet
date
Foreign currency monetary items of the Company and its net investment
in non-integral foreign operations outstanding at the Balance Sheet
date are restated at the year-end rates.
Treatment of exchange differences
Exchange differences arising on settlement / restatement of short-term
foreign currency monetary assets and liabilities of the Company are
recognised as income or expense in the Statement of Profit and Loss.
1.9 Investments
Long-term investments in Subsidiary (100% wholly owned Subsidiary) are
carried at cost.
1.10 Employee benefits Defined contribution plans
In respect of retirement benefits in the form of provident fund, the
contribution payable by the company for a year is charged to the Profit
and Loss account.
Defined benefit plans
Gratuity: Gratuity benefit is applicable to all the permanent and full
time employees of the company. Gratuity paid out is based on last
drawn basic salary and DA at the time of termination or retirement.
The scheme takes into account each completed year of service or part
there of in excess of 6 months. Annual Contribution to the
employee's Gratuity fund, Established with LIC of India(LIC) are
determined based on an actuarial valuation made by the LIC as at the
year end.
Short-term employee benefits
The Company does not have any scheme for Leave encashment in place.
1.11 Segment reporting
Since the Company has no Reportable segment to report, "Segment
Reporting" under "Accounting Standard - 17" Issued by
"Institute of Chartered Accountants of India (ICAI)" is not
applicable.
1.12 Earnings per share
Basic earnings per share is computed by dividing the profit/(loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) as adjusted for dividend, interest and other charges to
expense or income relating to the dilutive potential equity shares, by
the weighted average number of equity shares considered for deriving
basic earnings per share and the weighted average number of equity
shares which could have been issued on the conversion of all dilutive
potential equity shares.
1.13 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 the Income Tax
Act, 1961.Minimum Alternate Tax (MAT) paid in accordance with the tax
laws, which gives future economic benefits in the form of adjustment to
future income tax liability, is considered as an asset if there is
convincing evidence that the Company will pay normal income tax.
Accordingly, MAT is recognised as an asset in the Balance Sheet when it
is probable that future economic benefit associated with it will flow
to the Company.Deferred tax is recognised on timing differences, being
the differences between the taxable income and the accounting income
that originate in one period and are capable of reversal in one or more
subsequent periods. Deferred tax is measured using the tax rates and
the tax laws enacted or substantially enacted as at the reporting date.
Deferred tax liabilities are recognised for all timing differences.
Deferred tax assets in respect of unabsorbed depreciation and carry
forward of losses are recognised only if there is virtual certainty
that there will be sufficient future taxable income available to
realise such assets. Deferred tax assets are recognised for timing
differences of other items only to the extent that reasonable certainty
exists that sufficient future taxable income will be available against
which these can be realised. Deferred tax assets and liabilities are
offset if such items relate to taxes on income levied by the same
governing tax laws and the Company has a legally enforceable right for
such set off. Deferred tax assets are reviewed at each Balance Sheet
date for their realisability.
1.14 Provisions and contingencies
A provision is recognised when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. Contingent liabilities
are disclosed in the Notes.
Mar 31, 2014
1.1 Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply 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 accrual basis under the historical
cost convention. The accounting policies adopted in the preparation of
the financial statements are consistent with those followed in the
previous year unless otherwise stated.
1.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
1.3 Inventories
Inventories of components are valued at cost or realisable value
whichever is less. Work in Progress is valued at cost of materials and
services used.
1.4 Cash and cash equivalents
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
1.5 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
1.6 Depreciation
Depreciation has been provided on the fixed assets on WDV method as per
the rates prescribed in Schedule XIV to the Companies Act, 1956.
1.7 Revenue recognition
Revenue from contracts
Revenue from contracts priced on a time and material basis are
recognised when services are rendered and related costs are incurred.
Revenue from services
Service income is recognised as per the terms of contracts with the
customer, when the related service is performed.
Sale of goods
Revenue from the product sales is exclusive of returns, and applicable
trade discounts but inclusive of duties and taxes collected on the
same.
1.8 Other income
Interest income is accounted on accrual basis.
1.9 Tangible fixed assets
Fixed Assets are valued at original cost including incidental
expenditures, taxes and duties net of CENVAT and VAT credit availed.
Capital work-in-progress:
Projects under which assets are not ready for their intended use and
other capital work-in-progress are carried at cost, comprising direct
cost, related incidental expenses and attributable interest.
1.10 Foreign currency transactions and translations
Initial recognition
Transactions in foreign currencies entered into by the Company and its
integral foreign operations are accounted at the exchange rates
prevailing on the date of the transaction or at rates that closely
approximate the rate at the date of the transaction.
Measurement of foreign currency monetary items at the Balance Sheet
date
Foreign currency monetary items of the Company and its net investment
in non-integral foreign operations outstanding at the Balance Sheet
date are restated at the year-end rates.
Treatment of exchange differences
Exchange differences arising on settlement / restatement of short-term
foreign currency monetary assets and liabilities of the Company are
recognised as income or expense in the Statement of Profit and Loss.
1.11 Investments
Long-term investments in Subsidiary (100% wholly owned Subsidiary) are
carried at cost.
1.12 Employee benefits
Defined contribution plans
In respect of retirement benefits in the form of provident fund, the
contribution payable by the company for a year is charged to the Profit
and Loss account.
Defined benefit plans
Gratuity: Gratuity benefit is applicable to all the permanent and full
time employees of the company. Gratuity paid out is based on last
drawn basic salary and DA at the time of termination or retirement. The
scheme takes into account each completed year of service or part there
of in excess of 6 months. Annual Contribution to the employee''s
Gratuity fund, Established with LIC of India(LIC) are determined based
on an actuarial valuation made by the LIC as at the year end.
Short-term employee benefits
The Company does not have any scheme for Leave encashment in place.
1.13 Segment reporting
Since the Company has no Reportable segment to report, "Segment
Reporting" under "Accounting Standard - 17" Issued by "Institute of
Chartered Accountants of India (ICAI)" is not applicable.
1.14 Earnings per share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the
profit / (loss) after tax (including the post tax effect of
extraordinary items, if any) as adjusted for dividend, interest and
other charges to expense or income relating to the dilutive potential
equity shares, by the weighted average number of equity shares
considered for deriving basic earnings per share and the weighted
average number of equity shares which could have been issued on the
conversion of all dilutive potential equity shares.
1.15 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 the Income Tax
Act, 1961.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
gives future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal income tax. Accordingly, MAT
is recognised as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the Company.
Deferred tax is recognised on timing differences, being the differences
between the taxable income and the accounting income that originate in
one period and are capable of reversal in one or more subsequent
periods. Deferred tax is measured using the tax rates and the tax laws
enacted or substantially enacted as at the reporting date. Deferred tax
liabilities are recognised for all timing differences. Deferred tax
assets in respect of unabsorbed depreciation and carry forward of
losses are recognised only if there is virtual certainty that there
will be sufficient future taxable income available to realise such
assets. Deferred tax assets are recognised for timing differences of
other items only to the extent that reasonable certainty exists that
sufficient future taxable income will be available against which these
can be realised. Deferred tax assets and liabilities are offset if such
items relate to taxes on income levied by the same governing tax laws
and the Company has a legally enforceable right for such set off.
Deferred tax assets are reviewed at each Balance Sheet date for their
realisability.
1.16 Provisions and contingencies
A provision is recognised when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. Contingent liabilities
are disclosed in the Notes.
Mar 31, 2013
1.1 Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply 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 accrual basis under the historical
cost convention. The accounting policies adopted in the preparation of
the financial statements are consistent with those followed in the
previous year unless otherwise stated.
1.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
1.3 Inventories
Inventories of components are valued at cost or realisable value
whichever is less. Work in Progress is valued at cost of materials and
services used.
1.4 Cash and cash equivalents
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
1.5 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
1.6 Depreciation
Depreciation has been provided on the fixed assets on WDV method as per
the rates prescribed in Schedule XIV to the Companies Act, 1956.
1.7 Revenue recognition
Revenue from contracts
Revenue from contracts priced on a time and material basis are
recognised when services are rendered and related costs are incurred.
Revenue from services
Service income is recognised as per the terms of contracts with the
customer, when the related service is performed.
Sale of goods
Revenue from the product sales is exclusive of returns, and applicable
trade discounts but inclusive of duties and taxes collected on the
same.
1.8 Other income
Interest income is accounted on accrual basis.
1.9 Tangible fixed assets
Fixed Assets are valued at original cost including incidental
expenditures, taxes and duties net of CENVAT and VAT credit availed.
Capital work-in-progress:
Projects under which assets are not ready for their intended use and
other capital work-in-progress are carried at cost, comprising direct
cost, related incidental expenses and attributable interest.
1.10 Foreign currency transactions and translations
Initial recognition
Transactions in foreign currencies entered into by the Company and its
integral foreign operations are accounted at the exchange rates
prevailing on the date of the transaction or at rates that closely
approximate the rate at the date of the transaction.
Measurement of foreign currency monetary items at the Balance Sheet
date
Foreign currency monetary items of the Company and its net investment
in non-integral foreign operations outstanding at the Balance Sheet
date are restated at the year-end rates.
Treatment of exchange differences
Exchange differences arising on settlement / restatement of short-term
foreign currency monetary assets and liabilities of the Company are
recognised as income or expense in the Statement of Profit and Loss.
1.11 Investments
Long-term investments in Subsidiary (100% wholly owned Subsidiary) are
carried at cost.
1.12 Employee benefits
Defined contribution plans
In respect of retirement benefits in the form of provident fund, the
contribution payable by the company for a year is charged to the Profit
and Loss account.
Defined benefit plans
Gratuity: Gratuity benefit is applicable to all the permanent and full
time employees of the company. Gratuity paid out is based on last
drawn basic salary and DA at the time of termination or retirement. The
scheme takes into account each completed year of service or part there
of in excess of 6 months. Annual Contribution to the employee''s
Gratuity fund, Established with LIC of India(LIC) are determined based
on an actuarial valuation made by the LIC as at the year end.
Short-term employee benefits
The Company does not have any scheme for Leave encashment in place.
1.13 Segment reporting
Since the Company has no Reportable segment to report, "Segment
Reporting" under "Accounting Standard - 17" Issued by "Institute of
Chartered Accountants of India (ICAI)" is not applicable.
1.14 Earnings per share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the
profit / (loss) after tax (including the post tax effect of
extraordinary items, if any) as adjusted for dividend, interest and
other charges to expense or income relating to the dilutive potential
equity shares, by the weighted average number of equity shares
considered for deriving basic earnings per share and the weighted
average number of equity shares which could have been issued on the
conversion of all dilutive potential equity shares.
1.15 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 the Income Tax
Act, 1961.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
gives future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal income tax. Accordingly, MAT
is recognised as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the Company.
Deferred tax is recognised on timing differences, being the differences
between the taxable income and the accounting income that originate in
one period and are capable of reversal in one or more subsequent
periods. Deferred tax is measured using the tax rates and the tax laws
enacted or substantially enacted as at the reporting date. Deferred tax
liabilities are recognised for all timing differences. Deferred tax
assets in respect of unabsorbed depreciation and carry forward of
losses are recognised only if there is virtual certainty that there
will be sufficient future taxable income available to realise such
assets. Deferred tax assets are recognised for timing differences of
other items only to the extent that reasonable certainty exists that
sufficient future taxable income will be available against which these
can be realised. Deferred tax assets and liabilities are offset if such
items relate to taxes on income levied by the same governing tax laws
and the Company has a legally enforceable right for such set off.
Deferred tax assets are reviewed at each Balance Sheet date for their
realisability.
1.16 Provisions and contingencies
A provision is recognised when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. Contingent liabilities
are disclosed in the Notes.
Mar 31, 2012
1.1 Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply 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 accrual basis under the historical
cost convention. The accounting policies adopted in the preparation of
the financial statements are consistent with those followed in the
previous year unless otherwise stated.
1.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognized in the periods in which
the results are known / materialize.
1.3 Inventories
Inventories of components are valued at cost or realizable value
whichever is less. Work in Progress is valued at cost of materials and
services used.
1.4 Cash and cash equivalents
Cash comprises cash on hand and demand deposits with banks. Cash
equivalents are short-term balances (with an original maturity of three
months or less from the date of acquisition), highly liquid investments
that are readily convertible into known amounts of cash and which are
subject to insignificant risk of changes in value.
1.5 Cash flow statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
1.6 Depreciation
Depreciation has been provided on the fixed assets on WDV method as per
the rates prescribed in Schedule XIV to the Companies Act, 1956.
1.7 Revenue recognition
Revenue from contracts
Revenue from contracts priced on a time and material basis are
recognized when services are rendered and related costs are incurred.
Revenue from services
Service income is recognized as per the terms of contracts with the
customer, when the related service is performed.
Sale of goods
Revenue from the product sales is exclusive of returns, and applicable
trade discounts but inclusive of duties and taxes collected on the
same.
1.8 Other income
Interest income is accounted on accrual basis.
1.9 Tangible fixed assets
Fixed Assets are valued at original cost including incidental
expenditures, taxes and duties net of CENVAT and VAT credit availed.
Capital work-in-progress:
Projects under which assets are not ready for their intended use and
other capital work-in-progress are carried at cost, comprising direct
cost, related incidental expenses and attributable interest.
1.10 Foreign currency transactions and translations
Initial recognition
Transactions in foreign currencies entered into by the Company and its
integral foreign operations are accounted at the exchange rates
prevailing on the date of the transaction or at rates that closely
approximate the rate at the date of the transaction.
Measurement of foreign currency monetary items at the Balance Sheet
date
Foreign currency monetary items of the Company and its net investment
in non-integral foreign operations outstanding at the Balance Sheet
date are restated at the year-end rates.
Treatment of exchange differences
"Exchange differences arising on settlement / restatement of
short-term foreign currency monetary assets and liabilities of the
Company are recognized as income or expense in the Statement of Profit
and Loss."
1.11 Investments
Long-term investments in Subsidiary (100% wholly owned Subsidiary) are
carried at cost.
1.12 Employee benefits
Defined contribution plans
In respect of retirement benefits in the form of provident fund, the
contribution payable by the company for a year is charged to the Profit
and Loss account.
Defined benefit plans
Gratuity: Gratuity benefit is applicable to all the permanent and full
time employees of the company. Gratuity paid out is based on last
drawn basic salary and DA at the time of termination or retirement.
The scheme takes into account each completed year of service or part
there of in excess of 6 months. Annual Contribution to the
employee's Gratuity fund, Established with LIC of India(LIC) are
determined based on an actuarial valuation made by the LIC as at the
year end.
Short-term employee benefits
The Company does not have any scheme for Leave encashment in place.
1.13 Segment reporting
Since the Company has no Reportable segment to report, "Segment
Reporting" under "Accounting Standard - 17" Issued by
"Institute of Chartered Accountants of India (ICAI)" is not
applicable.
1.14 Earnings per share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year. Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any) as adjusted for dividend, interest and other charges to
expense or income relating to the dilutive potential equity shares, by
the weighted average number of equity shares considered for deriving
basic earnings per share and the weighted average number of equity
shares which could have been issued on the conversion of all dilutive
potential equity shares.
1.15 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 the Income
Tax Act, 1961.
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which
gives future economic benefits in the form of adjustment to future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal income tax. Accordingly, MAT
is recognized as an asset in the Balance Sheet when it is probable that
future economic benefit associated with it will flow to the Company.
Deferred tax is recognized on timing differences, being the differences
between the taxable income and the accounting income that originate in
one period and are capable of reversal in one or more subsequent
periods. Deferred tax is measured using the tax rates and the tax laws
enacted or substantially enacted as at the reporting date. Deferred tax
liabilities are recognized for all timing differences. Deferred tax
assets in respect of unabsorbed depreciation and carry forward of
losses are recognized only if there is virtual certainty that there
will be sufficient future taxable income available to realize such
assets. Deferred tax assets are recognized for timing differences of
other items only to the extent that reasonable certainty exists that
sufficient future taxable income will be available against which these
can be realized. Deferred tax assets and liabilities are offset if such
items relate to taxes on income levied by the same governing tax laws
and the Company has a legally enforceable right for such set off.
Deferred tax assets are reviewed at each Balance Sheet date for their
reliability. "
1.16 Provisions and contingencies
A provision is recognized when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. Contingent liabilities
are disclosed in the Notes.
Mar 31, 2011
1. Accounting Convention
The Financial statements are prepared under historical cost convention,
on an accrual basis and in accordance with the generally accepted
accounting principles in india, the applicable mandatory Accounting
Standards as notified by the Companies (Accounting Standard) Rules,
2006 and the relevant provisions of the Companies Act,1956
2. Revenue Recognition:
Revenue from contracts priced on a time and materials basis are
recognized when services are rendered and related costs are incurred.
Revenue from product sales is stated exclusive of returns, and
applicable trade discounts but inclusive of Duties and Taxes collected
on the same.
Service Income is recognized as per the terms of Contracts with the
Customer, when the related services are performed.
3. Retirement Benefits to Employees:
i) Defined Contribution plan
In respect of retirement benefits in the form of provident fund, the
contribution payable by the company for a year is charged to the Profit
and Loss account.
ii) Defined Benefit Plan
General Description of Plans:- Leave encashment: The Company does not
have any scheme for Leave encashment.
Gratuity: Gratuity benefit is applicable to all permanent and full time
employees of the company. Gratuity paid out is based on last drawn
basic salary and DA at the time of termination or retirement. The
scheme takes into account each completed year of service or part
thereof in excess of 6 months. Annual contribution to the employees's
Gratuity fund, Established with LIC of India (LIC) are determined based
on an acturial valuation made by the LIC as at the year end.
4. Foreign Currency Transactions:
Income and Expenditure in foreign currency is accounted at the exchange
rate prevalent when such expenditure/income is incurred/arised . The
exchange difference arising on foreign currency transactions are
recognized as income or Expenses in the period in which the payment is
made/income received.
5. Income Tax:
5.1 Current Tax:
Provision for current tax is made and retained in the Accounts on the
basis of estimated tax liability as per the applicable provisions of
the income-tax Act,1961.
5.2 Deferred Tax:
Deferred tax has been accounted in accordance with Accounting Standard
- 22 " Accounting for Taxes on Income" issued by the ICAI, under the
liability method.
A provision is made for Income tax annually based on the Tax Liability
computed. The difference that result between the profit offered for
income taxes and the Profit as per the Financial Statements are
identified and thereafter a deferred tax asset or deferred tax
liability for timing differences, namely the difference that originate
in one accounting period and reverse in another, based on the tax
effect of the aggregate amount being considered.
The tax effect is calculated on the accumulated timing differences at
the end of an accounting period based on prevailing enacted
regulations. Deferred tax assets are recognized only if there is
reasonable certainty that they will be realized and are reviewed for
the appropriateness of their respective carrying values at each balance
sheet date .
5.3 MAT Credit Entitlement:
MAT Credit Entitlement is recognised in the books of accounts as per
the Tax Laws existing on the Balance Sheet Date.
6. Fixed Assets
Fixed assets are valued at original cost including incidental
expenditures, taxes and duties net of CENVAT and VAT credit availed.
Capital expenditure incurred on Expansion Project at Hardware
Technology Park (HTP) is shown under Capital Work In Progress.
7. Research and Development Expenditure:
Revenue expenditure incurred on Research and Development is charged to
Profit and Loss Account in the year it is incurred.
8. Depreciation
Depreciation has been charged on fixed assets on WDV method as per the
rates specified in Schedule XIV of the Companies Act,1956.
9. Inventories
Inventories of Components are valued at cost or realizable value which
ever is less. Work in progress is valued at cost of materials and
services used .
10. Warranty Expenses
Anticipated product warranty costs for the period of warranty are
provided for in the year of sale.
11. Segment Reporting :
Since the Company has no Reportable segment to report, "Segment
Reporting " under "Accounting Standard 17" issued by the "ICAI" is not
applicable .
12. Related Party Disclosures:
a) There are no related parties where control exists other than 100%
Wholly Owned subsidiary.
b) 100% Wholly Owned Subsidiary Avant-Grade Infosystems.
c) Key Management Personnel:
Col. L.V.Raju (Retd) - Managing Director B. Murali Mohan - Whole Time
Director
13. Impairment Of Assets :
An Assets is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and
netselling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets. An impairment
loss is recognised as an expense in the profit and loss account in the
year in which an asset is identifed as impaired. The impairment loss in
prior accounting period is reversed if there has been an improvement in
recoverable amount.
The Management of the Company is of the opinion that there are no Fixed
Assets to be impaired for the period, as identified by the sources of
Information, mentioned in the Accounting Standard -28 "Impairment of
Assets" issued by the ICAI.
Mar 31, 2010
1. Accounting Convention
The Financial statements are prepared under historical cost convention,
on an accrual basis and in accordance with the generally accepted
accounting principles in india, the applicable mandatory Accounting
Standards as notified by the Companies (Accounting Standard) Rules,
2006 and the relevant provisions of the Companies Act,1956
2. Revenue Recognition:
Revenue from contracts priced on a time and materials basis are
recognized when services are rendered and related costs are incurred.
Revenue from product sales is stated exclusive of returns, and
applicable trade discounts but inclusive of Duties and Taxes collected
on the same. Service Income is recognized as per the terms of Contracts
with the Customer, when the related services are performed.
3. Retirement Benefits to Employees:
i) Defined Contribution plan
In respect of retirement benefits in the form of provident fund, the
contribution payable by the company for a year is charged to the Profit
and Loss account.
ii) Defined Benefit Plan
General Description of Plans:-
Leave encashment: The Company does not have any scheme for Leave
encashment.
Gratuity: Gratuity benefit is applicable to all permanent and full time
employees of the company. Gratuity paid out is based on last drawn
basic salary and DA at the time of termination or retirement. The
scheme takes into account each completed year of service or part
thereof in excess of 6 months. Annual contribution to the employeess
Gratuity fund, Established with LIC of India (LIC) are determined based
on an acturial valuation made by the LIC as at the year end.
4. Foreign Currency Transactions:
Income and Expenditure in foreign currency is accounted at the exchange
rate prevalent when such expenditure/income is incurred/arised. The
exchange difference arising on foreign currency transactions are
recognized as income or Expenses in the period in which the payment is
made/income received.
5. Income Tax:
5.1 Current Tax:
Provision for current tax is made and retained in the Accounts on the
basis of estimated tax liability as per the applicable provisions of
the income-tax Act,1961.
5.2 Deferred Tax:
Deferred tax has been accounted in accordance with Accounting Standard
- 22 "Accounting for Taxes on Income" issued by the ICAI , under the
liability method.
A provision is made for Income tax annually based on the Tax Liability
computed. The difference that result between the profit offered for
income taxes and the Profit as per the Financial Statements are
identified and thereafter a deferred tax asset or deferred tax
liability for timing differences, namely the difference that originate
in one accounting period and reverse in another, based on the tax
effect of the aggregate amount being considered.
The tax effect is calculated on the accumulated timing differences at
the end of an accounting period based on prevailing enacted
regulations.
Deferred tax assets are recognized only if there is reasonable
certainty that they will be realized and are reviewed for the
appropriateness of their respective carrying values at each balance
sheet date.
6. Fixed Assets
Fixed assets are valued at original cost including incidental
expenditures, taxes and duties net of CENVAT and VAT credit availed.
Capital expenditure incurred on Expansion Project at Hardware
Technology Park (HTP) is under advanced stage of completion and shown
under capital Work In Progress.
7. Research and Development Expenditure:
Revenue expenditure incurred on Research and Development is charged to
Profit and Loss Account in the year it is incurred.
8. Depreciation
Depreciation has been charged on fixed assets on WDV method as per the
rates specified in Schedule XIV of the Companies Act,1956.
9. Inventories
Inventories of Components are valued at cost or realizable value which
ever is less. Work in progress is valued at cost of materials and
services used.
10. Warranty Expenses
Anticipated product warranty costs for the period of warranty are
provided for in the year of sale.
11. Segment Reporting :
Since the Company has no Reportable segment to report , "Segment
Reporting " under "Accounting Standard 17" issued by the "ICAI" is not
applicable.
12. Related Party Disclosures:
a) There are no related parties where control exists other than 100%
Wholly Owned subsidiary.
b) Other related parties with whom transactions have taken place during
the year are : Cova Technologies Inc, USA Enterprise owned by relative
of Managing Director;
Consultancy services on Procurement & Inspection of goods in USA.
(No. Transactions during the year, Rs.9.65 Lakhs during the Previous
Year) (Outsatnding at the year end Mar,10 is Rs 2.53 Lakhs
Outstanding at the year end Mar,09 is Rs 6.23 Lakhs)
c) The Company entered into related party transactions with Avant-Garde
Infosystems Inc, USA. a 100 % Wholly owned Subsidiary with regard to :
13. Impairment Of Assets :
An Assets is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and
netselling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets. An impairment
loss is recognised as an expense in the profit and loss account in the
year in which an asset is identifed as impaired. The impairment loss in
prior accounting period is reversed if there has been an improvement in
recoverable amount.
The Management of the Company is of the opinion that there are no Fixed
Assets to be impaired for the period, as identified by the sources of
Information, mentioned in the Accounting Standard -28 "Impairment of
Assets" issued by the ICAI.
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