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Accounting Policies of Niraj Cement Structurals Ltd. Company
Mar 31, 2025
1 Significant Accounting Policies
a Company Overview
Niraj Cement Structurals Ltd. (âthe Companyâ) is a Public Limited Company incorporated and domiciled in India
having its registered office at Unit No. 820 to 825,Epicentre Commercial Building, Wadhwa Dukes Horizon, Pepsi
Company, Off. Sion Trombay Road, Nr. R K Studio, D G Patil Road, Mumbai - 400088 Mumbai, Maharashtra,
India. The Company is engaged in infrastructural services.
b Statement of Compliance with Indian Accounting Standards (Ind AS)
The Company''s financial statements have been prepared in accordance with the provisions of the Companies Act,
2013 and the Indian Accounting Standards (âInd ASâ) notified under the Companies (Indian Accounting
Standards) Rules, 2015 and amendments thereof issued by Ministry of Corporate Affairs in exercise of the powers
conferred by section 133 of the Companies Act, 2013. In addition, the guidance notes/announcements issued by
the Institute of Chartered Accountants of India (ICAI) are also applied except where compliance with other
statutory promulgations require a different treatment. These financials statements have been approved by the
Board of Directors at their meeting held on 22nd May 2025.
c Basis of Accounting
The Company maintains its accounts on accrual basis following historical cost convention, except for certain
financial instruments that are measured at fair value in accordance with Ind AS. Fair value measurements are
categorised as below based on the degree to which the inputs to the fair value measurements are observable and
the significance of the inputs to the fair value measurement in its entirety:
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the company
can access at measurement date;
Level 2 inputs are inputs, other than quoted prices included in level 1, that are observable for the asset or liability,
either directly or indirectly; and
Level 3 inputs are unobservable inputs for the valuation of assets or liabilities.
Above level of fair value hierarchy are applied consistantly and generally, there are no transfer between the level
of the fair value hierarchy unless the circumstances changes warranting such transfers.
d Presentation of financial statements
The Balance Sheet and the Statement of Profit and Loss are prepared and presented in the format prescribed in
the Schedule III to the Companies Act, 2013 (âthe Actâ). The Statement of Cash Flows has been prepared and
presented as per the requirements of Ind AS 7 âStatement of Cash Flowsâ. The disclosure requirements with
respect to items in the Balance Sheet and Statement of Profit and Loss, as prescribed in the Schedule III to the
Act, are presented by way of notes forming part of the financial statements along with the other notes required to
be disclosed under the notified Accounting Standards and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 as amended.
e Operating cycle for current and non-current classification
Operating cycle for the business activities of the company covers the duration of the specific project/contract/
product line/service including the defect liability period wherever applicable and extends up to the realisation of
receivables (including retention monies) within the agreed credit period normally applicable to the respective lines
of business.
f Use of judgement and estimates
The preparation of the financial statements in conformity with Ind AS requires management to make certain
estimates, judgements and assumptions. These affect the application of accounting policies, the reported
amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the reporting date of the
financial statements and reported amounts of income and expenses during the period. Accounting estimates
could change from period to period and the actual results could differ from those estimates. These are reviewed
by the management on an on-going basis and appropriate changes in estimates are made prospectively as
management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are
reflected in the financial statements in the period in which changes are made and, if material, their effects are
disclosed in the notes to the financial statements.
The management believes that the estimates used in preparation of these financial statements are just, prudent
and reasonable.
g Exceptional Items
An item of income or expense which by its size, type or incidence requires disclosure in order to improve an
understanding of the performance of the Company is treated as an exceptional item and disclosed as such in the
financial statements.
h Property, Plant and Equipment (PPE)
PPE is recognised when it is probable that future economic benefits associated with the item will flow to the
Company and the cost of the item can be measured reliably. PPE is stated at original cost net of tax/duty credits
availed, if any, less accumulated depreciation and cumulative impairment, if any. PPE acquired on hire purchase
basis are recognised at their cash values. Cost includes professional fees related to the acquisition of PPE and for
qualifying assets, borrowing costs capitalised in accordance with the Company''s accounting policy.
Own manufactured PPE is capitalised at cost including an appropriate share of overheads. Administrative and
other general overhead expenses that are specifically attributable to construction or acquisition of PPE or bringing
the PPE to working condition are allocated and capitalised as a part of the cost of the PPE.
PPE not ready for the intended use on the date of the Balance Sheet are disclosed as âcapital work-in-progressâ.
(Also refer to policy on leases, borrowing costs, impairment of assets and foreign currency transactions infra).
Depreciation is recognised using straight line method so as to write off the cost of the assets (other than freehold
land and properties under construction) less their residual values over their useful lives specified in Schedule II to
the Companies Act, 2013, or in the case of assets where the useful life was determined by technical evaluation,
over the useful life so determined. Depreciation method is reviewed at each financial year end to reflect the
expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful life
and residual values are also reviewed at each financial year end and the effect of any change in the estimates of
useful life/ residual value is accounted on prospective basis.
Where cost of a part of the asset (âasset componentâ) is significant to total cost of the asset and useful life of that
part is different from the useful life of the remaining asset, useful life of that significant part is determined
separately and such asset component is depreciated over its separate useful life.
Depreciation on additions to/deductions from, owned assets is calculated pro rata to the period of use. Extra shift
depreciation is provided on a location basis.
Depreciation charge for impaired assets is adjusted in future periods in such a manner that the revised carrying
amount of the asset is allocated over its remaining useful life. Assets acquired under finance leases are
depreciated on a straight line basis over the lease term. Where there is reasonable certainty that the Company
shall obtain ownership of the assets at the end of the lease term, such assets are depreciated based on the useful
life adopted by the Company for similar assets.
The Company has a program of verification to cover all the items of fixed assets in a phased manner. Fixed
assets were physically verified by the management during the year.
i Revenue Recognition
Ind AS 115: The objective of this Standard is to establish the principles that an entity shall apply to report useful
information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash
flows arising from a contract with a customer.
Indentifying the Contract
An entity shall account for a contract with a customer that is within the scope of this Standard only when all of the
following criteria are met:
(a) the parties to the contract have approved the contract (in writing, orally or in accordance with other
customary business practices) and are committed to perform their respective obligations;
(b) the entity can identify each party''s rights regarding the goods or services to be transferred;
(c) the entity can identify the payment terms for the goods or services to be transferred;
(d) the contract has commercial substance (ie the risk, timing or amount of the entity''s future cash flows is
expected to change as a result of the contract); and
(e) it is probable that the entity will collect the consideration to which it will be entitled in exchange for the goods
or services that will be transferred to the customer. In evaluating whether collectability of an amount of
consideration is probable, an entity shall consider only the customer''s ability and intention to pay that
amount of consideration when it is due. The amount of consideration to which the entity will be entitled may
be less than the price stated in the contract if the consideration is variable because the entity may offer the
customer a price concession.
Identifying Performance Obligation:
At contract inception, an entity shall assess the goods or services promised in a contract with a customer and
shall identify as a performance obligation each promise to transfer to the customer either: (a) a good or service (or
a bundle of goods or services) that is distinct; or 596 (b) a series of distinct goods or services that are
substantially the same and that have the same pattern of transfer to the customer.
Satisfaction of performance obligations:
An entity shall recognise revenue when (or as) the entity satisfies a performance obligation by transferring a
promised good or service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains
control of that asset.
Performance obligations satisfied over time
When either party to a contract has performed, an entity shall present the contract in the balance sheet as a
contract asset or a contract liability, depending on the relationship between the entity''s performance and the
customer''s payment. An entity shall present any unconditional rights to consideration separately as a receivable.
Measurement
When (or as) a performance obligation is satisfied, an entity shall recognise as revenue the amount of the
transaction price (which excludes estimates of variable consideration) that is allocated to that performance
obligation.
Determining the transaction price
An entity shall consider the terms of the contract and its customary business practices to determine the
transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in
exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of
third parties (for example, some sales taxes). The consideration promised in a contract with a customer may
include fixed amounts, variable amounts, or both.
j Investments:
Under Ind AS, these financial assets have been classified as Fair Value through Profit or Loss (FVTPL) on the
date of transition and fair value changes after the date of transition has been recognised in profit or loss.
k Fair value measurement :
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between willing parties.
The following methods and assumptions were used to estimate the fair values:
(a) Fair value of current assets which includes loans given, cash and cash equivalents, other bank balances and
other financial assets - approximate their carrying amounts.
(b) Financial instruments with fixed and variable interest rates are evaluated by the Company based on
parameters such as interest rates and individual credit worthiness of the counterparty. Based on this
evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value
of such instruments is not materially different from their carrying amounts.
l Borrowings
Borrowing costs include interest expense calculated using the effective interest method, finance charges in
respect of assets acquired on finance lease and exchange differences arising on foreign currency borrowings to
the extent they are regarded as an adjustment to interest costs.
Borrowing costs net of any investment income from the temporary investment of related borrowings that are
attributable to the acquisition, construction or production of a qualifying asset are capitalised / inventoried as part
of cost of such asset till such time the asset is ready for its intended use or sale. A qualifying asset is an asset that
necessarily requires a substantial period of time to get ready for its intended use or sale. All other borrowing costs
are recognised in Profit or Loss in the period in which they are incurred.
m 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 transaction values and where such values are different from the fair value, at
fair value. 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 as the case may be, 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 immediately 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 depending on the classification of the financial assets as follows:
(i) Investments in debt instruments that are designated as fair value through profit or loss (FVTPL) - at fair
value.
(ii) 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.
(iii) 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.
(iv) Debt instruments at FVTPL is a residual category for debt instruments, if any, and all changes are
recognised in profit or loss.
(v) Investment in equity instruments issued by subsidiary, associate and joint venture companies are
measured at cost less impairment.
(vi) Investment in preference shares of the subsidiary companies are treated as equity instruments if the
same are convertible into equity shares or are redeemable out of the proceeds of equity instruments
issued for the purpose of redemption of such investments. Investment in preference shares not meeting
the aforesaid conditions are classified as debt instruments at FVTPL.
(vii) Investments in equity instruments are classified as at FVTPL, unless the related instruments are not held
for trading and the Company irrevocably elects on initial recognition to present subsequent changes in
Fair Value in Other Comprehensive Income.
(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:
(i) the right to receive cash flows from the asset has expired, or
(ii) 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 amounts
measured at the date of derecognition and the consideration received is recognised in Profit or Loss.
(D) Impairment of financial assets: The Company recognises impairment loss on trade receivables 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. Impairment loss on investments is recognised when
the carrying amount exceeds its recoverable amount.
(ii) Financial Liabilities
(i) 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.
(ii) A financial liability is derecognised when the related obligation expires or is discharged or cancelled.
n Inventories
Inventories are valued after providing for obsolescence, as under:
(i) Raw materials, components, construction materials, stores, spares and loose tools at lower of weighted
average cost or net realisable value. However, these items are considered to be realisable at cost if the
finished products in which they will be used, are expected to be sold at or above cost.
(ii) Manufacturing work-in-progress at lower of weighted average cost including related overheads or net
realisable value. In some cases, manufacturing work-in-progress are valued at lower of specifically
identifiable cost or net realisable value. In the case of qualifying assets, cost also includes applicable
borrowing costs vide policy relating to borrowing costs.
(iii) Finished goods and stock-in-trade (in respect of goods acquired for trading) at lower of weighted average
cost or net realisable value. Cost includes related overheads and GST paid/payable on such goods.
(iv) Completed property/work-in-progress (including land) in respect of property development activity at lower of
specifically identifiable cost or net realisable value.
Assessment of net realisable value is made at each reporting period end and when the circumstances that
previously caused inventories to be written-down below cost no longer exist or when there is clear evidence
of an increase in net realisable value because of changed economic circumstances, the write-down, if any, in
the past period is reversed to the extent of the original amount written-down so that the resultant carrying
amount is the lower of the cost and the revised net realisable value.
o Cash and Bank Balances
Cash and bank balances also 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.
p Securities Premium Account
Securities premium includes:
(i) The difference between the face value of the equity shares and the consideration received in respect of
shares issued.
(ii) The issue expenses of securities which qualify as equity instruments are written off against securities
premium account.
q Employee Benefits
(i) Short Term Employee Benefits
Employee benefits such as salaries, wages, short term compensated absences, expected cost of bonus, ex-
gratia and performance-linked rewards falling due wholly within twelve months of rendering the service are
classified as short term employee benefits and are expensed in the period in which the employee renders the
related service.
(ii) Post Employment Benefits
(a) Defined contribution plans: The Company''s superannuation scheme, state governed provident fund
scheme, employee state insurance scheme and employee pension scheme are defined contribution
plans. The contribution paid/payable under the schemes is recognised during the period in which the
employee renders the related service.
(b) Defined Benefit Plans: The employees'' gratuity fund schemes and employee provident fund schemes
managed by board of trustees established by the Company, the post-retirement medical care plan and
the Company pension plan represent defined benefit plans. The present value of the obligation under
defined benefit plans is determined based on actuarial valuation using the Projected Unit Credit Method.
The obligation is measured at the present value of the estimated future cash flows using a discount rate
based on the market yield on government securities of a maturity period equivalent to the weighted
average maturity profile of the defined benefit obligations at the Balance Sheet date.
Re-measurement, comprising actuarial gains and losses, the return on plan assets (excluding amounts
included in net interest on the net defined benefit liability or asset) and any change in the effect of asset
ceiling (if applicable) is recognised in other comprehensive income and is reflected in retained earnings
and the same is not eligible to be reclassified to profit or loss. Defined benefit costs comprising current
service cost, past service cost and gains or losses on settlements are recognised in the Statement of
Profit and Loss as employee benefits expense. Interest cost implicit in defined benefit employee cost is
recognised in the Statement of Profit and Loss under finance cost. Gains or losses on settlement of any
defined benefit plan are recognised when the settlement occurs. Past service cost is recognised as
expense at the earlier of the plan amendment or curtailment and when the company recognises related
restructuring costs or termination benefits.
In case of funded plans, the fair value of the plan assets is reduced from the gross obligation under the
defined benefit plans to recognise the obligation on a net basis.
(iii) Long Term Employee benefits
The obligation recognised in respect of long term benefits such as compensated absences, long service
award etc. is measured at present value of estimated future cash flows expected to be made by the Company
and is recognised in a similar manner as in the case of defined benefit plans vide (ii)(B) supra.
Long term employee benefit costs comprising current service cost and gains or losses on curtailments and
settlements, re-measurements including actuarial gains and losses are recognised in the Statement of Profit
and Loss as employee benefit expenses. Interest cost implicit in long term employee benefit cost is
recognised in the Statement of Profit and Loss under finance cost.
(iv) Terminal Benefits
Termination benefits such as compensation under employee separation schemes are recognised as expense
when the Company''s offer of the termination benefit is accepted or when the Company recognises the related
restructuring costs whichever is earlier.
r Taxes on Income
Tax on income for the current period is determined on the basis of taxable income and tax credits computed in
accordance with the provisions of the Income Tax Act,1961 and based on the expected outcome of assessments/
appeals.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in
the Company''s financial statements and the corresponding tax bases used in computation of taxable profit and
quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.
Deferred tax liabilities are generally recognised for all taxable temporary differences including the temporary
differences associated with investments in subsidiaries and associates, and interests in joint ventures, except
where the company is able to control the reversal of the temporary difference and it is probable that the temporary
difference will not reverse in the foreseeable future.
Deferred tax assets are generally recognised for all taxable temporary differences to the extent that is probable
that taxable profits will be available against which those deductible temporary differences can be utilised. The
carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be
recovered.
Deferred tax assets relating to unabsorbed depreciation/business losses/losses under the head âcapital gainsâ are
recognised and carried forward to the extent of available taxable temporary differences or where there is
convincing other evidence that sufficient future taxable income will be available against which such deferred tax
assets can be realised.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the
manner in which the Company expects, at the end of reporting period, to recover or settle the carrying amount of
its assets and liabilities.
Transaction or event which is recognised outside Profit or Loss, either in Other Comprehensive Income or in
equity, is recorded along with the tax as applicable.
s Accounting for Joint Ventures :
The company has booked turnover and related cost of Joint Venture entities and partners in its books of account.
However, the whole projects have been handled by Joint Venture Partners / Entities and related GST and TDS
complied by Joint Venture Partners/ Entities.
t Leases
Ind AS 116 - Leases which sets out the principles for the recognition, measurement, presentation and disclosure
of leases for both parties to a contract and replaces the previous standard on leasing, Ind AS 17 - Leases. Ind AS
116 eliminates the classification of leases for the lessee as either operating leases or finance leases as required
by Ind AS 17 and instead, introduces a single lessee accounting model whereby a lessee is required to recognise
assets and liabilities for all leases with a term that is greater than 12 months, unless the underlying asset is of low
value, and to recognise depreciation of leased assets separately from interest on lease liabilities in the income
statement.
The accounting by lessors under the new standard is substantially unchanged from today''s accounting in Ind AS
17. Lessors classify all leases using the same classification principle as in IAS 17 and distinguish between two
types of leases: operating and finance leases. For operating leases, lessors continue to recognize the underlying
asset. For finance leases, lessors derecognize the underlying asset and recognize a net investment in the lease
similar to today''s requirements. Any selling profit or loss is recognized at lease commencement.
Mar 31, 2024
1 Significant Accounting Policies a Company Overview
Niraj Cement Structurals Ltd. (âthe Companyâ) is a Public Limited Company incorporated in India having its registered office at Mumbai, Maharashtra, India. The Company is engaged in infrastructural services.
b Statement of Compliance
The Company''s financial statements have been prepared in accordance with the provisions of the Companies Act, 2013 and the Indian Accounting Standards (âInd ASâ) notified under the Companies (Indian Accounting Standards) Rules, 2015 and amendments thereof issued by Ministry of Corporate Affairs in exercise of the powers conferred by section 133 of the Companies Act, 2013. In addition, the guidance notes/announcements issued by the Institute of Chartered Accountants of India (ICAI) are also applied except where compliance with other statutory promulgations require a different treatment. These financials statements have been approved for issue by the Board of Directors at their meeting held on 23rd May 2024
c Basis of Accounting
The Company maintains its accounts on accrual basis following historical cost convention, except for certain financial instruments that are measured at fair value in accordance with Ind AS. Fair value measurements are categorised as below based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety:
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the company can access at measurement date;
Level 2 inputs are inputs, other than quoted prices included in level 1, that are observable for the asset or liability, either directly or indirectly; and
Level 3 inputs are unobservable inputs for the valuation of assets or liabilities.
Above level of fair value hierarchy are applied consistantly and generally, there are no transfer between the level of the fair value hierarchy unless the circumstances changes warranting such transfers
d Presentation of financial statements
The Balance Sheet and the Statement of Profit and Loss are prepared and presented in the format prescribed in the Schedule III to the Companies Act, 2013 (âthe Actâ). The Statement of Cash Flows has been prepared and presented as per the requirements of Ind AS 7 âStatement of Cash Flowsâ. The disclosure requirements with respect to items in the Balance Sheet and Statement of Profit and Loss, as prescribed in the Schedule III to the Act, are presented by way of notes forming part of the financial statements along with the other notes required to be disclosed under the notified Accounting Standards and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.
e Operating cycle for current and non-current classification
Operating cycle for the business activities of the company covers the duration of the specific project/contract/ product line/service including the defect liability period wherever applicable and extends up to the realisation of receivables (including retention monies) within the agreed credit period normally applicable to the respective lines of business.
f Use of judgement and estimates
The preparation of the financial statements in conformity with Ind AS requires management to make certain estimates, judgements and assumptions. These affect the application of accounting policies, the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the reporting date of the financial statements and reported amounts of income and expenses during the period. Accounting estimates could change from period to period and the actual results could differ from those estimates. These are reviewed by the management on an on-going basis and appropriate changes in estimates are made prospectively as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.
The management believes that the estimates used in preparation of these financial statements are just, prudent and reasonable.
g Exceptional Items
An item of income or expense which by its size, type or incidence requires disclosure in order to improve an understanding of the performance of the Company is treated as an exceptional item and disclosed as such in the financial statements.
h Property, Plant and Equipment (PPE)
PPE is recognised when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. PPE is stated at original cost net of tax/duty credits availed, if any, less accumulated depreciation and cumulative impairment, if any. PPE acquired on hire purchase basis are recognised at their cash values. Cost includes professional fees related to the acquisition of PPE and for qualifying assets, borrowing costs capitalised in accordance with the Company''s accounting policy.
Own manufactured PPE is capitalised at cost including an appropriate share of overheads. Administrative and other general overhead expenses that are specifically attributable to construction or acquisition of PPE or bringing the PPE to working condition are allocated and capitalised as a part of the cost of the pPe.
PPE not ready for the intended use on the date of the Balance Sheet are disclosed as âcapital work-in-progressâ. (Also refer to policy on leases, borrowing costs, impairment of assets and foreign currency transactions infra).
Depreciation is recognised using straight line method so as to write off the cost of the assets (other than freehold land and properties under construction) less their residual values over their useful lives specified in Schedule II to the Companies Act, 2013, or in the case of assets where the useful life was determined by technical evaluation, over the useful life so determined. Depreciation method is reviewed at each financial year end to reflect the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful life and residual values are also reviewed at each financial year end and the effect of any change in the estimates of useful life/ residual value is accounted on prospective basis.
Where cost of a part of the asset (âasset componentâ) is significant to total cost of the asset and useful life of that part is different from the useful life of the remaining asset, useful life of that significant part is determined separately and such asset component is depreciated over its separate useful life.
Depreciation on additions to/deductions from, owned assets is calculated pro rata to the period of use. Extra shift depreciation is provided on a location basis.
Depreciation charge for impaired assets is adjusted in future periods in such a manner that the revised carrying amount of the asset is allocated over its remaining useful life. Assets acquired under finance leases are depreciated on a straight line basis over the lease term. Where there is reasonable certainty that the Company shall obtain ownership of the assets at the end of the lease term, such assets are depreciated based on the useful life adopted by the Company for similar assets.
The Company has a program of verification to cover all the items of fixed assets in a phased manner. Fixed assets were physically verified by the management during the year.
i Revenue Recognition
Ind AS 115: The objective of this Standard is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer.
Indentifying the Contract
An entity shall account for a contract with a customer that is within the scope of this standard only when all of the following criteria are met:
(a) the parties to the contract have approved the contract (in writing, orally or in accordance with other customary business practices) and are committed to perform their respective obligations;
(b) the entity can identify each party''s rights regarding the goods or services to be transferred;
(c) the entity can identify the payment terms for the goods or services to be transferred;
(d) the contract has commercial substance (ie the risk, timing or amount of the entity''s future cash flows is expected to change as a result of the contract); and
(e) it is probable that the entity will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. In evaluating whether collectability of an amount of consideration is probable, an entity shall consider only the customer''s ability and intention to pay that amount of consideration when it is due. The amount of consideration to which the entity will be entitled may be less than the price stated in the contract if the consideration is variable because the entity may offer the customer a price concession.
Identifying Performance Obligation:
At contract inception, an entity shall assess the goods or services promised in a contract with a customer and shall identify as a performance obligation each promise to transfer to the customer either: (a) a good or service (or a bundle of goods or services) that is distinct; or 596 (b) a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer.
Satisfaction of performance obligations:
An entity shall recognise revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that asset.
Performance obligations satisfied over time
When either party to a contract has performed, an entity shall present the contract in the balance sheet as a contract asset or a contract liability, depending on the relationship between the entity''s performance and the customer''s payment. An entity shall present any unconditional rights to consideration separately as a receivable.
Measurement
When (or as) a performance obligation is satisfied, an entity shall recognise as revenue the amount of the transaction price (which excludes estimates of variable consideration) that is allocated to that performance obligation.
Determining the transaction price
An entity shall consider the terms of the contract and its customary business practices to determine the transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (for example, some sales taxes). The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both.
j Investments:
Under Ind AS, these financial assets have been classified as Fair Value through Profit or Loss (FVTPL) on the date of transition and fair value changes after the date of transition has been recognised in profit or loss.
k Fair value measurement :
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties.
The following methods and assumptions were used to estimate the fair values:
(a) Fair value of current assets which includes loans given, cash and cash equivalents, other bank balances and other financial assets - approximate their carrying amounts.
(b) Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.
l Borrowings
Borrowing costs include interest expense calculated using the effective interest method, finance charges in respect of assets acquired on finance lease and exchange differences arising on foreign currency borrowings to the extent they are regarded as an adjustment to interest costs.
Borrowing costs net of any investment income from the temporary investment of related borrowings that are attributable to the acquisition, construction or production of a qualifying asset are capitalised / inventoried as part of cost of such asset till such time the asset is ready for its intended use or sale. A qualifying asset is an asset that necessarily requires a substantial period of time to get ready for its intended use or sale. All other borrowing costs are recognised in Profit or Loss in the period in which they are incurred.
m 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 transaction values and where such values are different from the fair value, at fair value. 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 as the case may be, 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 immediately 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 depending on the classification of the financial assets as follows:
(i) Investments in debt instruments that are designated as fair value through profit or loss (FVTPL) - at fair value.
(ii) 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.
(iii) 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.
(iv) Debt instruments at FVTPL is a residual category for debt instruments, if any, and all changes are recognised in profit or loss.
(v) Investment in equity instruments issued by subsidiary, associate and joint venture companies are measured at cost less impairment.
(vi) Investment in preference shares of the subsidiary companies are treated as equity instruments if the same are convertible into equity shares or are redeemable out of the proceeds of equity instruments issued for the purpose of redemption of such investments. Investment in preference shares not meeting the aforesaid conditions are classified as debt instruments at FVTPL.
(vii) Investments in equity instruments are classified as at FVTPL, unless the related instruments are not held for trading and the Company irrevocably elects on initial recognition to present subsequent changes in Fair Value in Other Comprehensive Income.
(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:
(i) the right to receive cash flows from the asset has expired, or
(ii) 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 amounts measured at the date of derecognition and the consideration received is recognised in Profit or Loss.
(D) Impairment of financial assets: The Company recognises impairment loss on trade receivables 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. Impairment loss on investments is recognised when the carrying amount exceeds its recoverable amount.
(ii) Financial Liabilities
(i) 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.
(ii) A financial liability is derecognised when the related obligation expires or is discharged or cancelled. n Inventories
Inventories are valued after providing for obsolescence, as under:
(i) Raw materials, components, construction materials, stores, spares and loose tools at lower of weighted average cost or net realisable value. However, these items are considered to be realisable at cost if the finished products in which they will be used, are expected to be sold at or above cost.
(ii) Manufacturing work-in-progress at lower of weighted average cost including related overheads or net realisable value. In some cases, manufacturing work-in-progress are valued at lower of specifically identifiable cost or net realisable value. In the case of qualifying assets, cost also includes applicable borrowing costs vide policy relating to borrowing costs.
(iii) Finished goods and stock-in-trade (in respect of goods acquired for trading) at lower of weighted average cost or net realisable value. Cost includes related overheads and GST paid/payable on such goods.
(iv) Completed property/work-in-progress (including land) in respect of property development activity at lower of specifically identifiable cost or net realisable value.
Assessment of net realisable value is made at each reporting period end and when the circumstances that previously caused inventories to be written-down below cost no longer exist or when there is clear evidence of an increase in net realisable value because of changed economic circumstances, the write-down, if any, in the past period is reversed to the extent of the original amount written-down so that the resultant carrying amount is the lower of the cost and the revised net realisable value.
o Cash and Bank Balances
Cash and bank balances also 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.
p Securities Premium Account
Securities premium includes:
(i) The difference between the face value of the equity shares and the consideration received in respect of shares issued.
(ii) The issue expenses of securities which qualify as equity instruments are written off against securities premium account.
q Employee Benefits
(i) Short Term Employee Benefits
Employee benefits such as salaries, wages, short term compensated absences, expected cost of bonus, ex-gratia and performance-linked rewards falling due wholly within twelve months of rendering the service are classified as short term employee benefits and are expensed in the period in which the employee renders the related service.
(ii) Post Employment Benefits
(a) Defined contribution plans: The Company''s superannuation scheme, state governed provident fund scheme, employee state insurance scheme and employee pension scheme are defined contribution plans. The contribution paid/payable under the schemes is recognised during the period in which the employee renders the related service.
(b) Defined Benefit Plans: The employees'' gratuity fund schemes and employee provident fund schemes managed by board of trustees established by the Company, the post-retirement medical care plan and the Company pension plan represent defined benefit plans. The present value of the obligation under defined benefit plans is determined based on actuarial valuation using the Projected Unit Credit Method.
The obligation is measured at the present value of the estimated future cash flows using a discount rate based on the market yield on government securities of a maturity period equivalent to the weighted average maturity profile of the defined benefit obligations at the Balance Sheet date.
Re-measurement, comprising actuarial gains and losses, the return on plan assets (excluding amounts included in net interest on the net defined benefit liability or asset) and any change in the effect of asset ceiling (if applicable) is recognised in other comprehensive income and is reflected in retained earnings and the same is not eligible to be reclassified to profit or loss. Defined benefit costs comprising current service cost, past service cost and gains or losses on settlements are recognised in the Statement of Profit and Loss as employee benefits expense. Interest cost implicit in defined benefit employee cost is recognised in the Statement of Profit and Loss under finance cost. Gains or losses on settlement of any defined benefit plan are recognised when the settlement occurs. Past service cost is recognised as expense at the earlier of the plan amendment or curtailment and when the company recognises related restructuring costs or termination benefits.
In case of funded plans, the fair value of the plan assets is reduced from the gross obligation under the defined benefit plans to recognise the obligation on a net basis.
(iii) Long Term Employee benefits
The obligation recognised in respect of long term benefits such as compensated absences, long service award etc. is measured at present value of estimated future cash flows expected to be made by the Company and is recognised in a similar manner as in the case of defined benefit plans vide (ii)(B) supra. Long term employee benefit costs comprising current service cost and gains or losses on curtailments and settlements, re-measurements including actuarial gains and losses are recognised in the Statement of Profit and Loss as employee benefit expenses. Interest cost implicit in long term employee benefit cost is recognised in the Statement of Profit and Loss under finance cost.
(iv) Terminal Benefits
Termination benefits such as compensation under employee separation schemes are recognised as expense when the Company''s offer of the termination benefit is accepted or when the Company recognises the related restructuring costs whichever is earlier.
r Taxes on Income
Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act,1961 and based on the expected outcome of assessments/ appeals.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Company''s financial statements and the corresponding tax bases used in computation of taxable profit and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.
Deferred tax liabilities are generally recognised for all taxable temporary differences including the temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets are generally recognised for all taxable temporary differences to the extent that is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets relating to unabsorbed depreciation/business losses/losses under the head âcapital gainsâ are recognised and carried forward to the extent of available taxable temporary differences or where there is convincing other evidence that sufficient future taxable income will be available against which such deferred tax assets can be realised.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of reporting period, to recover or settle the carrying amount of its assets and liabilities.
Transaction or event which is recognised outside Profit or Loss, either in Other Comprehensive Income or in equity, is recorded along with the tax as applicable.
s Accounting for Joint Ventures :
The company has booked turnover and related cost of Joint Venture entities and partners in its books of account. However, the whole projects have been handled by Joint Venture Partners / Entities and related GST and TDS complied by Joint Venture Partners/ Entities.
t Leases
Ind AS 116 - Leases which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract and replaces the previous standard on leasing, Ind AS 17 - Leases. Ind AS 116 eliminates the classification of leases for the lessee as either operating leases or finance leases as required by Ind AS 17 and instead, introduces a single lessee accounting model whereby a lessee is required to recognise assets and liabilities for all leases with a term that is greater than 12 months, unless the underlying asset is of low value, and to recognise depreciation of leased assets separately from interest on lease liabilities in the income statement.
The accounting by lessors under the new standard is substantially unchanged from today''s accounting in Ind AS 17. Lessors classify all leases using the same classification principle as in IAS 17 and distinguish between two types of leases: operating and finance leases. For operating leases, lessors continue to recognize the underlying asset. For finance leases, lessors derecognize the underlying asset and recognize a net investment in the lease similar to today''s requirements. Any selling profit or loss is recognized at lease commencement.
Mar 31, 2023
1 Significant Accounting Policies
a Company Overview
Niraj Cement Structurals Ltd. (âthe Companyâ) is a Public Limited Company incorporated in India having its registered office at Mumbai, Maharashtra, India. The Company is engaged in infrastructural services.
b Statement of Compliance
The Company''s financial statements have been prepared in accordance with the provisions of the Companies Act, 2013 and the Indian Accounting Standards (âInd ASâ) notified under the Companies (Indian Accounting Standards) Rules, 2015 and amendments thereof issued by Ministry of Corporate Affairs in exercise of the powers conferred by section 133 of the Companies Act, 2013. In addition, the guidance notes/announcements issued by the Institute of Chartered Accountants of India (ICAI) are also applied except where compliance with other statutory promulgations require a different treatment. These financials statements have been approved for issue by the Board of Directors at their meeting held on 30th May 2023.
c Basis of Accounting
The Company maintains its accounts on accrual basis following historical cost convention, except for certain financial instruments that are measured at fair value in accordance with Ind AS. Fair value measurements are categorised as below based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety:
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the company can access at measurement date;
Level 2 inputs are inputs, other than quoted prices included in level 1, that are observable for the asset or liability, either directly or indirectly; and
Level 3 inputs are unobservable inputs for the valuation of assets or liabilities.
Above level of fair value hierarchy are applied consistantly and generally, there are no transfer between the level of the fair value hierarchy unless the circumstances changes warranting such transfers
d Presentation of financial statements
The Balance Sheet and the Statement of Profit and Loss are prepared and presented in the format prescribed in the Schedule III to the Companies Act, 2013 (âthe Actâ). The Statement of Cash Flows has been prepared and presented as per the requirements of Ind AS 7 âStatement of Cash Flowsâ. The disclosure requirements with respect to items in the Balance Sheet and Statement of Profit and Loss, as prescribed in the Schedule III to the Act, are presented by way of notes forming part of the financial statements along with the other notes required to be disclosed under the notified Accounting Standards and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.
e Operating cycle for current and non-current classification
Operating cycle for the business activities of the company covers the duration of the specific project/contract/ product line/service including the defect liability period wherever applicable and extends up to the realisation of receivables (including retention monies) within the agreed credit period normally applicable to the respective lines of business.
f Use of judgement and estimates
The preparation of the financial statements in conformity with Ind AS requires management to make certain estimates, judgements and assumptions. These affect the application of accounting policies, the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the reporting date of the financial statements and reported amounts of income and expenses during the period. Accounting estimates could change from period to period and the actual results could differ from those estimates. These are reviewed by the management on an on-going basis and appropriate changes in estimates are made prospectively as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.
The management believes that the estimates used in preparation of these financial statements are just, prudent and reasonable.
An item of income or expense which by its size, type or incidence requires disclosure in order to improve an understanding of the performance of the Company is treated as an exceptional item and disclosed as such in the financial statements.
h Property, Plant and Equipment (PPE)
PPE is recognised when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. PPE is stated at original cost net of tax/duty credits availed, if any, less accumulated depreciation and cumulative impairment, if any. PPE acquired on hire purchase basis are recognised at their cash values. Cost includes professional fees related to the acquisition of PPE and for qualifying assets, borrowing costs capitalised in accordance with the Company''s accounting policy.
Own manufactured PPE is capitalised at cost including an appropriate share of overheads. Administrative and other general overhead expenses that are specifically attributable to construction or acquisition of PPE or bringing the PPE to working condition are allocated and capitalised as a part of the cost of the pPe.
PPE not ready for the intended use on the date of the Balance Sheet are disclosed as âcapital work-in-progressâ. (Also refer to policy on leases, borrowing costs, impairment of assets and foreign currency transactions infra).
Depreciation is recognised using straight line method so as to write off the cost of the assets (other than freehold land and properties under construction) less their residual values over their useful lives specified in Schedule II to the Companies Act, 2013, or in the case of assets where the useful life was determined by technical evaluation, over the useful life so determined. Depreciation method is reviewed at each financial year end to reflect the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful life and residual values are also reviewed at each financial year end and the effect of any change in the estimates of useful life/ residual value is accounted on prospective basis.
Where cost of a part of the asset (âasset componentâ) is significant to total cost of the asset and useful life of that part is different from the useful life of the remaining asset, useful life of that significant part is determined separately and such asset component is depreciated over its separate useful life.
Depreciation on additions to/deductions from, owned assets is calculated pro rata to the period of use. Extra shift depreciation is provided on a location basis.
Depreciation charge for impaired assets is adjusted in future periods in such a manner that the revised carrying amount of the asset is allocated over its remaining useful life. Assets acquired under finance leases are depreciated on a straight line basis over the lease term. Where there is reasonable certainty that the Company shall obtain ownership of the assets at the end of the lease term, such assets are depreciated based on the useful life adopted by the Company for similar assets.
Freehold land is not depreciated
Such classes of assets and their estimated useful lives are as under:
|
Particulars of Assets |
Useful Lives (In Years) |
|
Plant and Machinery |
15 |
|
Factory Premises and Weighbridge |
30 |
|
Motor cars, Trucks and Dumpers etc. |
8 |
|
Furniture and Other equipments |
10 |
|
Office equipments |
5 |
|
Computers |
3 |
The Company has a program of verification to cover all the items of fixed assets in a phased manner. Fixed assets were physically verified by the management during the year.
i Revenue Recognition
Ind AS 115: The objective of this Standard is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer.
An entity shall account for a contract with a customer that is within the scope of this standard only when all of the following criteria are met:
(a) the parties to the contract have approved the contract (in writing, orally or in accordance with other customary business practices) and are committed to perform their respective obligations;
(b) the entity can identify each party''s rights regarding the goods or services to be transferred;
(c) the entity can identify the payment terms for the goods or services to be transferred;
(d) the contract has commercial substance (ie the risk, timing or amount of the entity''s future cash flows is expected to change as a result of the contract); and
(e) it is probable that the entity will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. In evaluating whether collectability of an amount of consideration is probable, an entity shall consider only the customer''s ability and intention to pay that amount of consideration when it is due. The amount of consideration to which the entity will be entitled may be less than the price stated in the contract if the consideration is variable because the entity may offer the customer a price concession.
Identifying Performance Obligation:
At contract inception, an entity shall assess the goods or services promised in a contract with a customer and shall identify as a performance obligation each promise to transfer to the customer either: (a) a good or service (or a bundle of goods or services) that is distinct; or 596 (b) a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer.
Satisfaction of performance obligations:
An entity shall recognise revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains control of that asset.
Performance obligations satisfied over time
When either party to a contract has performed, an entity shall present the contract in the balance sheet as a contract asset or a contract liability, depending on the relationship between the entity''s performance and the customer''s payment. An entity shall present any unconditional rights to consideration separately as a receivable.
When (or as) a performance obligation is satisfied, an entity shall recognise as revenue the amount of the transaction price (which excludes estimates of variable consideration) that is allocated to that performance obligation.
Determining the transaction price
An entity shall consider the terms of the contract and its customary business practices to determine the transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (for example, some sales taxes). The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both.
j Investments:
Under Ind AS, these financial assets have been classified as Fair Value through Profit or Loss (FVTPL) on the date of transition and fair value changes after the date of transition has been recognised in profit or loss.
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties.
The following methods and assumptions were used to estimate the fair values:
(a) Fair value of current assets which includes loans given, cash and cash equivalents, other bank balances and other financial assets - approximate their carrying amounts.
(b) Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.
l Borrowings
Borrowing costs include interest expense calculated using the effective interest method, finance charges in respect of assets acquired on finance lease and exchange differences arising on foreign currency borrowings to the extent they are regarded as an adjustment to interest costs.
Borrowing costs net of any investment income from the temporary investment of related borrowings that are attributable to the acquisition, construction or production of a qualifying asset are capitalised / inventoried as part of cost of such asset till such time the asset is ready for its intended use or sale. A qualifying asset is an asset that necessarily requires a substantial period of time to get ready for its intended use or sale. All other borrowing costs are recognised in Profit or Loss in the period in which they are incurred.
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 transaction values and where such values are different from the fair value, at fair value. 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 as the case may be, 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 immediately 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 depending on the classification of the financial assets as follows:
(i) Investments in debt instruments that are designated as fair value through profit or loss (FVTPL) - at fair value.
(ii) 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.
(iii) 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.
(iv) Debt instruments at FVTPL is a residual category for debt instruments, if any, and all changes are recognised in profit or loss.
(v) Investment in equity instruments issued by subsidiary, associate and joint venture companies are measured at cost less impairment.
(vi) Investment in preference shares of the subsidiary companies are treated as equity instruments if the same are convertible into equity shares or are redeemable out of the proceeds of equity instruments issued for the purpose of redemption of such investments. Investment in preference shares not meeting the aforesaid conditions are classified as debt instruments at FVTPL.
(vii) Investments in equity instruments are classified as at FVTPL, unless the related instruments are not held for trading and the Company irrevocably elects on initial recognition to present subsequent changes in Fair Value in Other Comprehensive Income.
(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:
(i) the right to receive cash flows from the asset has expired, or
(ii) 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 amounts measured at the date of derecognition and the consideration received is recognised in Profit or Loss.
(D) Impairment of financial assets: The Company recognises impairment loss on trade receivables 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. Impairment loss on investments is recognised when the carrying amount exceeds its recoverable amount.
(ii) Financial Liabilities
(i) 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.
(ii) A financial liability is derecognised when the related obligation expires or is discharged or cancelled. n Inventories
Inventories are valued after providing for obsolescence, as under:
(i) Raw materials, components, construction materials, stores, spares and loose tools at lower of weighted average cost or net realisable value. However, these items are considered to be realisable at cost if the finished products in which they will be used, are expected to be sold at or above cost.
(ii) Manufacturing work-in-progress at lower of weighted average cost including related overheads or net realisable value. In some cases, manufacturing work-in-progress are valued at lower of specifically identifiable cost or net realisable value. In the case of qualifying assets, cost also includes applicable borrowing costs vide policy relating to borrowing costs.
(iii) Finished goods and stock-in-trade (in respect of goods acquired for trading) at lower of weighted average cost or net realisable value. Cost includes related overheads and GST paid/payable on such goods.
(iv) Completed property/work-in-progress (including land) in respect of property development activity at lower of specifically identifiable cost or net realisable value.
Assessment of net realisable value is made at each reporting period end and when the circumstances that previously caused inventories to be written-down below cost no longer exist or when there is clear evidence of an increase in net realisable value because of changed economic circumstances, the write-down, if any, in the past period is reversed to the extent of the original amount written-down so that the resultant carrying
amount is the lower of the cost and the revised net realisable value.
Cash and bank balances also 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.
p Securities Premium Account
Securities premium includes:
(i) The difference between the face value of the equity shares and the consideration received in respect of shares issued.
(ii) The issue expenses of securities which qualify as equity instruments are written off against securities premium account.
q Employee Benefits
(i) Short Term Employee Benefits
Employee benefits such as salaries, wages, short term compensated absences, expected cost of bonus, ex-gratia and performance-linked rewards falling due wholly within twelve months of rendering the service are classified as short term employee benefits and are expensed in the period in which the employee renders the related service.
(ii) Post Employment Benefits
(a) Defined contribution plans: The Company''s superannuation scheme, state governed provident fund scheme, employee state insurance scheme and employee pension scheme are defined contribution plans. The contribution paid/payable under the schemes is recognised during the period in which the employee renders the related service.
(b) Defined Benefit Plans: The employees'' gratuity fund schemes and employee provident fund schemes managed by board of trustees established by the Company, the post-retirement medical care plan and the Company pension plan represent defined benefit plans. The present value of the obligation under defined benefit plans is determined based on actuarial valuation using the Projected Unit Credit Method.
The obligation is measured at the present value of the estimated future cash flows using a discount rate based on the market yield on government securities of a maturity period equivalent to the weighted average maturity profile of the defined benefit obligations at the Balance Sheet date.
Re-measurement, comprising actuarial gains and losses, the return on plan assets (excluding amounts included in net interest on the net defined benefit liability or asset) and any change in the effect of asset ceiling (if applicable) is recognised in other comprehensive income and is reflected in retained earnings and the same is not eligible to be reclassified to profit or loss. Defined benefit costs comprising current service cost, past service cost and gains or losses on settlements are recognised in the Statement of Profit and Loss as employee benefits expense. Interest cost implicit in defined benefit employee cost is recognised in the Statement of Profit and Loss under finance cost. Gains or losses on settlement of any defined benefit plan are recognised when the settlement occurs. Past service cost is recognised as expense at the earlier of the plan amendment or curtailment and when the company recognises related restructuring costs or termination benefits.
In case of funded plans, the fair value of the plan assets is reduced from the gross obligation under the defined benefit plans to recognise the obligation on a net basis.
(iii) Long Term Employee benefits
The obligation recognised in respect of long term benefits such as compensated absences, long service award etc. is measured at present value of estimated future cash flows expected to be made by the Company and is recognised in a similar manner as in the case of defined benefit plans vide (ii)(B) supra. Long term employee benefit costs comprising current service cost and gains or losses on curtailments and settlements, re-measurements including actuarial gains and losses are recognised in the Statement of Profit and Loss as employee benefit expenses. Interest cost implicit in long term employee benefit cost is recognised in the Statement of Profit and Loss under finance cost.
Termination benefits such as compensation under employee separation schemes are recognised as expense when the Company''s offer of the termination benefit is accepted or when the Company recognises the related restructuring costs whichever is earlier.
Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act,1961 and based on the expected outcome of assessments/ appeals.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Company''s financial statements and the corresponding tax bases used in computation of taxable profit and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.
Deferred tax liabilities are generally recognised for all taxable temporary differences including the temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets are generally recognised for all taxable temporary differences to the extent that is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets relating to unabsorbed depreciation/business losses/losses under the head âcapital gainsâ are recognised and carried forward to the extent of available taxable temporary differences or where there is convincing other evidence that sufficient future taxable income will be available against which such deferred tax assets can be realised.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of reporting period, to recover or settle the carrying amount of its assets and liabilities.
Transaction or event which is recognised outside Profit or Loss, either in Other Comprehensive Income or in equity, is recorded along with the tax as applicable.
s Accounting for Joint Ventures :
The company has booked turnover and related cost of Joint Venture entities and partners in its books of account. However, the whole projects have been handled by Joint Venture Partners / Entities and related GST and TDS complied by Joint Venture Partners/ Entities.
t Leases
Ind AS 116 - Leases which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract and replaces the previous standard on leasing, Ind AS 17 - Leases. Ind AS 116 eliminates the classification of leases for the lessee as either operating leases or finance leases as required by Ind AS 17 and instead, introduces a single lessee accounting model whereby a lessee is required to recognise assets and liabilities for all leases with a term that is greater than 12 months, unless the underlying asset is of low value, and to recognise depreciation of leased assets separately from interest on lease liabilities in the income statement.
The accounting by lessors under the new standard is substantially unchanged from today''s accounting in Ind AS 17. Lessors classify all leases using the same classification principle as in IAS 17 and distinguish between two types of leases: operating and finance leases. For operating leases, lessors continue to recognize the underlying asset. For finance leases, lessors derecognize the underlying asset and recognize a net investment in the lease similar to today''s requirements. Any selling profit or loss is recognized at lease commencement.
u Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised only when
(i) the Company has a present obligation (legal or constructive) as a result of a past event;
(ii) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and
(iii) a reliable estimate can be made of the amount of the obligation.
Provision is measured using the cash flows estimated to settle the present obligation and when the effect of time value of money is material, the carrying amount of the provision is the present value of those cash flows. Reimbursement expected in respect of expenditure required to settle a provision is recognised only when it is virtually certain that the reimbursement will be received.
Contingent liability is disclosed in case of:
(i) a present obligation arising from past events, when it is not probable that an outflow of resources will be required to settle the obligation; and
(ii) a present obligation arising from past events, when no reliable estimate is possible. Contingent assets are disclosed where an inflow of economic benefits is probable.
Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.
Where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under such contract, the present obligation under the contract is recognised and measured as a provision.
Statement of Cash Flows is prepared segregating the cash flows into operating, investing and financing activities. Cash flow from operating activities is reported using indirect method, adjusting the profit before tax excluding exceptional items for the effects of:
(i) changes during the period in inventories and operating receivables and payables transactions of a non-cash nature;
(ii) non-cash items such as depreciation, provisions, unrealised foreign currency gains and losses; and
(iii) all other items for which the cash effects are investing or financing cash flows.
Cash and cash equivalents (including bank balances) shown in the Statement of Cash Flows exclude items which are not available for general use as at the date of Balance Sheet.
Mar 31, 2018
1. These financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013. The financial statements have also been prepared in accordance with the relevant presentation requirements of the Companies Act, 2013. The Company adopted Ind AS from 1st April, 2017. Up to the year ended 31st March, 2017, the Company prepared its financial statements in accordance with the requirements of previous Generally Accepted Accounting Principles (GAAP), which includes Standards notified under the Companies (Accounting Standards) Rules, 2006. These are the Companyâs first Ind AS financial statements. The date of transition to Ind AS is 1st April, 2016. Details of the exceptions and optional exemptions availed by the Company and principal adjustments along with related reconciliations are detailed in following notes:
2. First-time Adoption of Ind AS
i.Ind AS 101 (First-time Adoption of Indian Accounting Standards) provides a suitable starting point for accounting in accordance with Ind AS and is required to be mandatorily followed by first-time adopters. The Company has prepared the opening Balance Sheet as per Ind AS as of 1st April, 2016 (the transition date) by:
a. recognising all assets and liabilities whose recognition is required by Ind AS,
b. not recognising items of assets or liabilities which are not permitted by Ind AS,
c. reclassifying items from previous Generally Accepted Accounting Principles (GAAP) to Ind AS as required under Ind AS, and
d. applying Ind AS in measurement of all recognised assets and liabilities.
3. Use of estimates and judgments
The estimates and judgments used in the preparation of the financial statements are continuously evaluated by the Company and are based on historical experience and various other assumptions and factors (including expectations of future events) that the Company believes to be reasonable under the existing circumstances. Differences between actual results and estimates are recognised in the period in which the results are known/materialised. The said estimates are based on the facts and events, that existed as at the reporting date, or that occurred after that date but provide additional evidence about conditions existing as at the reporting date.
5. In preparing these financial statements, the company has applied the following significant optional exemptions, in addition to those which are mandatory:
a) Investments in joint ventures- The company has availed the deemed cost exemption for IND AS purposes. Accordingly, the carrying value of investments under previous GAAP has been carried forward without any adjustments.
b) Property plant and equipment- As permitted by IND AS-101, the company has elected to continue with the carrying values under previous GAAP for all items of property, plant and equipment.
6. Revenue Recognition -
a) Accounting of Construction Contracts:
The Company follows the percentage completion method, based on the stage of completion at the Balance Sheet date, taking into account the contractual price and revision thereto by estimating total revenue including claims/ variations as per Ind AS 11 and total cost till completion of the contract and the profit so determined proportionate to the percentage of the actual work done.
Revenue is recognised as follows:
- In case of item rate contracts, on the basis of physical measurement of work actually completed, at the Balance Sheet date.
- In case of Lump sum contracts, revenue is recognised on the completion of milestones as specified in the contract or as identified by the management. Foreseeable losses are accounted for as and when they are determined except to the extent they are expected to be recovered through claims presented or to be presented to the customer or in arbitration.
- Advance payments received from contractee for which no services are rendered are presented as âAdvance from contracteeâ.
b) Finance and other income:
Finance income is accrued on a time proportion basis, by reference to the principal outstanding and the applicable EIR. Other income is accounted for on accrual basis. Where the receipt of income is uncertain, it is accounted for on receipt basis.
7. Investments-
Under previous GAAP, non-current investments (Investment in Canara Bank shares) were stated at cost. Where applicable, provision was made to recognise a decline, other than temporary, in valuation of such investments. Under Ind AS, these financial assets have been classified as Fair Value through Profit or Loss (FVTPL) on the date of transition and fair value changes after the date of transition has been recognised in profit or loss.
8. Fair value measurement -
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties.
The following methods and assumptions were used to estimate the fair values:
- Fair value of current assets which includes loans given, cash and cash equivalents, other bank balances and other financial assets - approximate their carrying amounts.
- Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts
9. Borrowings -
As required under the IND AS 109, transactions costs incurred towards origination of borrowings should have been deducted from the carrying amount of borrowings on initial recognition. Due to different nature of repayment terms of loans taken by the company, the company records borrowings on amortised cost basis as per the repayment schedule given by banks.
10. Other comprehensive income -
Under Ind AS, all items of income and expense recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expense those are not recognised in profit or loss but are shown in the statement of profit and loss as âother comprehensive incomeâ includes remeasurements of defined benefit plans. The concept of other comprehensive income did not exist under previous GAAP
11. Defined benefit obligation -
In the financial statements prepared under previous GAAP, remeasurement costs of defined benefits plans, arising primarily due to change in actuarial assumptions was recognised as employee benefit expense in the statement of profit and loss. Under Ind AS, such remeasurement costs relating to defined benefit plans is recognised in Other comprehensive Income as per the requirements of Ind AS 19, Employee benefits. Thus, Actuarial gain/ (loss) in case of Gratuity liability is reclassified from Profit and loss A/c to Other comprehensive income for the years ending 31.03.2016 & 31.03.2017.
12. Deferred tax -
As per Ind AS 12, deferred tax liabilities should be recognised on all taxable temporary differences. The unrealised gain on revaluation of investment is not taxable until sold. But this does not affect accounting treatment and hence revaluation creates a taxable temporary difference. Hence, deferred tax liability is calculated on revaluation of Investment in Canara bank shares at Fair value.
13. Accounting for Joint Ventures -
The Company has taken full billing for JV projects and shown it as sales/revenue from operations. The sub contractor/ JV partnerâs share has been shown in cost of material consumed.
14. Disclosure in accordance with Ind AS 11 âConstruction contractsâ - Amount due from / to customers on Construction Contracts :
15. Financial Risk Management objectives and policies
The Companyâs financial risk management is an internal part of how to plan and execute its business strategies. The Companyâs financial risk management policy is set by the Managing Board.
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits , receivables, payables and loans and borrowings.
1) Market Risk (Interest rate risk) Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates.
According to the Companyâs interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 0.50% increase or decrease is used when reporting interest rate risk internally to key management personnel and represents managementâs assessment of the reasonably possible change in interest rates.
Exposure to interest rate risk
2) Credit risk
Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.
The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:
i) Actual or expected significant adverse changes in business,
ii) Actual or expected significant changes in the operating results of the counter-party,
iii) Financial or economic conditions that are expected to cause a significant change to the counter-partyâs ability to meet its obligations,
iv) Significant increase in credit risk on other financial instruments of the same counter-party,
Financial assets are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a repayment plan with the Company.
The Company measures the expected credit loss of trade receivables and loan from individual customers based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends. Subject to notes and balance written off, based on the historical data, loss on collection of other receivable is not material hence no additional provision considered.
Financial Assets are considered to be of good quality and there is no significant increase in credit risk.
Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management monitors rolling forecasts of the Companyâs liquidity position and cash and cash equivalents on the basis of expected cash flows
Mar 31, 2016
Note - PART- B
Statement of Significant Accounting Polices
a. Corporate Information
M/s. Niraj Cement Structurals Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956 read with Companies Act 2013. Its shares are listed on two stock exchanges in India wise BSE and NSE. The Company is engaged in execution of contracts of various infrastructure projects including road work, bridge work and irrigation projects.
b. Basis of Preparation/Accounting of Financial Statement:
The financial statement have been prepared under the historical cost convention and on an accrual basis of accounting and in accordance with the generally accepted accounting principles in India (Indian GAAP) including the Accounting Standards as prescribed under Section 133 of the Companies Act, 2013 (''Act'' ) read with Rule 7 of the Companies (Accounts) Rules,2014, the provisions of the Act (to the extent notified). Except otherwise mentioned, the accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.
c. Use of Estimate:
The preparation and presentation of financial statements requires estimates and assumptions to be made, that affect the reported amount of assets and liabilities and disclosures of contingent liabilities as on date of the financial statements and reported amount of revenue and expenses during the reporting period. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring adjustment to the carrying amounts of assets and liabilities in future periods.
Difference between the actual results and estimates is recognized in the period in which the actual results are known / materialized.
d. Fixed Assets and Depreciation:
i. All the fixed assets purchased are stated at cost of acquisition or construction of assets, net of recoverable taxes, except in case of those assets which are revalued, less accumulated depreciation or impairment loss thereof if any. The cost includes borrowing costs, exchange differences arising in respect of foreign currency loans or other liabilities incurred, expenses incidental to acquisition and installation, attributable to bringing the assets to their intended use.
ii. Fixed assets retired from active use and held for sale are stated at the lower of their net book value and net realizable value and are disclosed separately in the Balance Sheet.
iii. The Company does not have Intangible Assets and Capital Work In Progress for the period.
iv. Depreciation on fixed assets is provided on "Straight line Method", at the rates arrived as per useful life as mentioned in Fixed Assets Schedule, from 1st April 2014 (for assets existing on 01/04/2014) and from date of put to use for other assets after considering Residual Value five percent, which is based on internal assessment and independent technical evaluation carried out by technical expert and the management believes that the useful lives as given above best represent the period.
v. Depreciation on revalued assets is provided at the rate as above or rate derived as per its estimated useful life, whichever is higher.
vi. Depreciation on fixed assets added/disposed off during the year is provided on prorata basis with reference to the date of addition/disposal.
vii. In case of impairment, if any, depreciation is provided on the revised carrying amount of the assets over the remaining useful life.
e. Sundry Debtors / Loans and Advances:
Sundry Debtors / Loans and Advances are stated net of provision for identified doubtful debts / advances wherever necessary. Sundry Debtors and Loans and Advances has been taken at reconciled amount for the parties from which the balance confirmation was received and for the rest Debtors and balances are taken as per book balance and are subject to adjustment and reconciliation, if any which will be done on receipts of confirmation from such parties. In the opinion of the management on which we have placed reliance, substantial part of debtors are outstanding for a period exceeding six months and they are subject to arbitration and other reconciliatory proceedings, the outcome and quantum of which is not ascertainable and determined; subject to reconciliations referred to above, the debtors and Loans and advances to the extent as stated are considered good in the Balance Sheet.
f. Investments:
The Investments that are readily realizable and intended to be held for not more than a year from the Balance Sheet date are classified as current investments. All other investments are classified as non-current investments.
On initial recognition, all investments are recognized at cost. The cost comprises purchase price and directly attributable acquisition charges such as brokerage, fees and duties.
Current investments are carried at the lower of cost and quoted/fair value, computed category wise. Long term investments are stated at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary in the opinion of the management.
g. Cash and cash equivalents
Cash and cash equivalents in the cash flow statements comprise Cash at bank and cash on hand and short term investments with an original maturity of three months or less.
h. Derivative Instruments:
As per the ICAI announcement, derivative contracts, other than those covered under AS - 11, are marked to market on a portfolio basis, and the net loss after considering the offsetting effects on the underlying hedge item, is charged to the income statement.
i. Foreign Currency Transactions:
a) Initial currency transaction
Foreign exchanges are recorded in the reporting currency by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.
b) Conversion:
Foreign currency monetary items are reported using closing rate. Non monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction; and non monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the value were determined.
c) Exchange Difference:
Exchange difference arising on the settlement /conversion of monetary items is recognized as income or expenses in the year in which they arise.
j. Revenue Recognition:
Contract Receipt
In respect of Construction contracts and in manner specified under Accounting Standard AS-7 on Construction Contracts, Revenue is recognized on Stage of Completion Method based on the Bills submitted, certified and sanctioned by the appropriate authorities and Work completed and Uncertified Bills on the Project. The relevant cost is recognized in accounts in the year of recognition of the revenue.
The total costs of contract are estimated by Company and are based on technical and other estimates and experience gain.
Profit is recognized only when the outcome of the contract can be estimated reliably. When the construction contract is expected to result in a loss on completion of the entire contract, the entire loss is recognized as an expense immediately in the same reporting period.
The Company''s claim for extra work and escalation in rates relating to execution of contracts are accounted as income in the year of receipt of arbitration award or acceptance by client or evidence of acceptance received.
Other Income
Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.
Dividend income recognized as and when right to receive established.
All other income is recognized on accrual basis.
k. Contract Receipts - Joint venture:
Proportionate Consolidation method of accounting and reporting is followed in respect of Joint venture entered into by the Company. The Income from such joint venture is recognized proportionately, in the profit sharing ratio, and on the basis of Bills submitted, certified and sanctioned by the appropriate authorities. The actual expenses for such Project in Joint Venture are also accounted on the basis of the Profit sharing ratio for the consolidation purposes
l. Valuation of work in progress:
i. The work in progress has been determined by the Management at the estimated realizable value.
ii. The value of work in progress comprises of value of materials and expenses incurred at site including estimated profits thereon in terms of guidelines provided under Accounting Standards AS 7 on Construction Contracts.
m. Borrowing costs:
Borrowing costs are accounted on accrual basis. Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalized until the time all substantial activities necessary to prepare qualifying assets for their intended use are complete. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to revenue.
n. Taxation:
a. Tax expenses compromise of current tax & deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax Act, 1961. Deferred Income Taxes reflect the impact of current year timing difference between taxable income and accounting income for the year and reversal of timing differences of earlier year.
b. The deferred tax is accounted for using the tax rates and laws that have been substantively enacted as on the Balance sheet date.
o. Impairment of Assets :
As at each balance sheet date, the carrying amount of assets is tested for impairment so as to determine:
- The provision for impairment loss required, if any, or
- The reversal required of impairment loss recognized in previous periods, if any, Impairment loss is recognized when the carrying amount of asset exceeds its recoverable amount.
Recoverable amount is determined:
- In the case of an individual asset, at higher of net selling price and the value in use.
p. Retirement Benefits :
i. Contribution to defined contribution plans such as retirement benefit in the form of Provident Fund Schemes whether in pursuance of law or otherwise is accounted on accrual basis and charged to Profit and loss account of the year.
ii. Defined benefit plans like gratuity are determined based on actuarial valuation carried out by an independent actuary at the balance sheet date using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit, and measures each unit separately to build up final obligation.
iii. In relation to short term employees benefits cost of accumulated compensated absences accounted when employees render the services that increase their entitlement of future compensated absences; and cost of non-accumulating compensated absences, when the absences occur.
iv. No separate provision has been made in respect of leave encashment as the same is paid to employees as and when it is claimed.
q. Overdue Charges in Respect of Loans
Overdue charges if any levied by Financial Institutions / Banks / NBFC are not considered during the currency of the loan. The same is considered as a financial expense in the year of final settlement of loan amount.
r. Provisions:
Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if
i. The company has a present obligation as a result of past event
ii. A probable outflow of resources is expected to settle the obligation; and
iii. The amount of obligation can be reliably estimated Provisions made in terms of accounting Standard 29 are not discounted to its present value and are determined based on the management estimates required to settle the obligation at the balance sheet date.
s. The cash flow statement is prepared in the manner set out in Accounting Standards 3. Cash and Cash equivalents presented in the cash flow statement consist of cash on hand and balances with bank including bank deposits having maturity period within three months.
* As per notice under sub section (1) of section 33 and section 20 of the MVAT-2002.
Mar 31, 2015
A. Corporate Information
M/s. Niraj Cement Structurals Limited (the company) is a public company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956 read with Companies Act 2013. Its shares are listed
on two stock exchanges in India wise BSE and NSE. The Company is
engaged in execution of contracts of various infrastructure projects
including road work, bridge work and irrigation projects.
b. Basis of Preparation/Accounting of Financial Statement:
The financial statement have been prepared under the historical cost
convention and on an accrual basis of accounting and in accordance with
the generally accepted accounting principles in India (Indian GAAP)
including the Accounting Standards as prescribed under Section 133 of
the Companies Act, 2013 ('Act' ) read with Rule 7 of the Companies
(Accounts) Rules,2014, the provisions of the Act (to the extent
notified). Except otherwise mentioned, the accounting policies have
been consistently applied by the Company and are consistent with those
used in the previous year.
c. Financial Statements: Presentation and Disclosures:
Financial Statements contain the information and disclosures mandated
by Revised Schedule VI, applicable Accounting Standards, other
applicable pronouncements and regulations.
d. Use of Estimate:
The preparation and presentation of financial statements requires
estimates and assumptions to be made, that affect the reported amount
of assets and liabilities and disclosures of contingent liabilities as
on date of the financial statements and reported amount of revenue and
expenses during the reporting period. Although these estimates are
based on the management's best knowledge of current events and actions,
uncertainty about these assumptions and estimates could result in the
outcomes requiring adjustment to the carrying amounts of assets and
liabilities in future periods.
Difference between the actual results and estimates is recognised in
the period in which the actual results are known / materialized.
e. Fixed Assets and Depreciation :
i. All the fixed assets purchased are stated at cost of acquisition or
construction of assets, net of recoverable taxes, except in case of
those assets which are revalued, less accumulated depreciation or
impairment loss thereof if any. The cost includes borrowing costs,
exchange differences arising in respect of foreign currency loans or
other liabilities incurred, expenses incidental to acquisition and
installation, attributable to bringing the assets to their intended
use.
ii. Fixed assets retired from active use and held for sale are stated
at the lower of their net book value and net realisable value and are
disclosed separately in the Balance Sheet.
iii. The Company do not have Intangible Assets and Capital Work In
Progress for the period.
iv. Depreciation on fixed assets is provided on "Straight line
Method", at the rates arrived as per useful life as mentioned in Fixed
Assets Schedule, from 1st April 2014 (for assets existing on
01/04/2014) and from date of put to use for other assets after
considering Residual Value five percent, which is based on internal
assessment and independent technical evaluation carried out by
technical expert and the management believes that the useful lives as
given above best represent the period.
v. Depreciation on revalued assets is provided at the rate as above or
rate derived as per its estimated useful life, whichever is higher.
vi. Depreciation on fixed assets added/disposed off during the year is
provided on prorata basis with reference to the date of
addition/disposal.
vii. In case of impairment, if any, depreciation is provided on the
revised carrying amount of the assets over the remaining useful life.
f. Sundry Debtors / Loans and Advances:
Sundry Debtors / Loans and Advances are stated net of provision for
identified doubtful debts / advances wherever necessary. Sundry Debtors
and Loans and Advances has been taken at reconciled amount for the
parties from which the balance confirmation was received and for the
rest Debtors and balances are taken as per book balance and are subject
to adjustment and reconciliation, if any which will be done on receipts
of confirmation from such parties. In the opinion of the management on
which we have placed reliance, substantial part of debtors are
outstanding for a period exceeding six months and they are subject to
arbitration and other reconciliatory proceedings, the outcome and
quantum of which is not ascertainable and determined; subject to
reconciliations referred to above, the debtors and Loans and advances
to the extent as stated are considered good in the Balance Sheet.
g. Investments:
The Investments that are readily realizable and intended to be held for
not more than a year from the Balance Sheet date are classified as
current investments. All other investments are classified as
non-current investments.
On initial recognition, all investments are recognised at cost. The
cost comprises purchase price and directly attributable acquisition
charges such as brokerage, fees and duties.
Current investments are carried at the lower of cost and quoted/fair
value, computed category wise. Long term investments are stated at
cost. Provision for diminution in the value of long-term investments is
made only if such a decline is other than temporary in the opinion of
the management.
h. Cash and cash equivalents
Cash and cash equivalents in the cash flow statements comprise Cash at
bank and cash on hand and short term investments with an original
maturity of three months or less.
i. Derivative Instruments:
As per the ICAI announcement, derivative contracts, other than those
covered under AS - 11, are marked to market on a portfolio basis, and
the net loss after considering the offsetting effects on the underlying
hedge item, is charged to the income statement.
j. Foreign Currency Transactions:
a) Initial currency transaction
Foreign exchanges are recorded in the reporting currency by applying to
the foreign currency amount the exchange rate between the reporting
currency and the foreign currency at the date of the transaction.
b) Conversion:
Foreign currency monetary items are reported using closing rate. Non
monetary items which are carried in terms of historical cost
denominated in a foreign currency are reported using the exchange rate
at the date of the transaction; and non monetary items which are
carried at fair value or other similar valuation denominated in a
foreign currency are reported using the exchange rates that existed
when the value were determined.
c) Exchange Difference:
Exchange difference arising on the settlement /conversion of monetary
items is recognized as income or expenses in the year in which they
arise.
k. Revenue Recognition:
Contract Receipt
In respect of Construction contracts and in manner specified under
Accounting Standard AS-7 on Construction Contracts, Revenue is
recognized on Stage of Completion Method based on the Bills submitted,
certified and sanctioned by the appropriate authorities and Work
completed and Uncertified Bills on the Project. The relevant cost is
recognized in accounts in the year of recognition of the revenue.
The total costs of contract are estimated by Company and are based on
technical and other estimates and experience gain.
Profit is recognised only when the outcome of the contract can be
estimated reliably. When the construction contract is expected to
result in a loss on completion of the entire contract, the entire loss
is recognized as an expense immediately in the same reporting period.
The Company's claim for extra work and escalation in rates relating to
execution of contracts are accounted as income in the year of receipt
of arbitration award or acceptance by client or evidence of acceptance
received.
Other Income
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
Dividend income recognized as and when right to receive established.
All other income is recognized on accrual basis.
l. Contract Receipts - Joint venture:
Proportionate Consolidation method of accounting and reporting is
followed in respect of Joint venture entered into by the Company. The
Income from such joint venture is recognized proportionately, in the
profit sharing ratio, and on the basis of Bills submitted, certified
and sanctioned by the appropriate authorities. The actual expenses for
such Project in Joint Venture are also accounted on the basis of the
Profit sharing ratio for the consolidation purposes
m. Valuation of work in progress:
i. The work in progress has been determined by the Management at the
estimated realizable value.
ii. The value of work in progress comprises of value of materials and
expenses incurred at site including estimated profits thereon in terms
of guidelines provided under Accounting Standards AS 7 on Construction
Contracts.
n. Borrowing costs:
Borrowing costs are accounted on accrual basis. Borrowing costs that
are directly attributable to the acquisition or construction of
qualifying assets are capitalized until the time all substantial
activities necessary to prepare qualifying assets for their intended
use are complete. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to revenue.
o. Taxation:
a. Tax expenses compromise of current tax & deferred tax. Current
income tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act, 1961.
Deferred Income Taxes reflect the impact of current year timing
difference between taxable income and accounting income for the year
and reversal of timing differences of earlier year.
b. The deferred tax is accounted for using the tax rates and laws that
have been substantively enacted as on the Balance sheet date.
p. Impairment of Assets :
As at each balance sheet date, the carrying amount of assets is tested
for impairment so as to determine:
* The provision for impairment loss required, if any, or
* The reversal required of impairment loss recognised in previous
periods, if any,
Impairment loss is recognised when the carrying amount of asset exceeds
its recoverable amount.
Recoverable amount is determined:
* In the case of an individual asset, at higher of net selling price
and the value in use.
q. Retirement Benefits :
i. Contribution to defined contribution plans such as retirement
benefit in the form of Provident Fund Schemes whether in pursuance of
law or otherwise is accounted on accrual basis and charged to Profit
and loss account of the year.
ii. Defined benefit plans like gratuity are determined based on
actuarial valuation carried out by an independent actuary at the
balance sheet date using the Projected Unit Credit Method, which
recognizes each period of service as giving rise to additional unit of
employee benefit, and measures each unit separately to build up final
obligation.
iii. In relation to short term employees benefits cost of accumulated
compensated absences accounted when employees render the services that
increase their entitlement of future compensated absences; and cost of
non- accumulating compensated absences, when the absences occur.
iv. No separate provision has been made in respect of leave encashment
as the same is paid to employees as and when it is claimed.
r. Overdue Charges in Respect of Loans
Overdue charges if any levied by Financial Institutions / Banks / NBFC
are not considered during the currency of the loan. The same is
considered as a financial expense in the year of final settlement of
loan amount.
s. Provisions:
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
i. The company has a present obligation as a result of past event
ii. A probable outflow of resources is expected to settle the
obligation; and
iii. The amount of obligation can be reliably estimated Provisions made
in terms of accounting Standard 29 are not discounted to its present
value and are determined based on the management estimates required to
settle the obligation at the balance sheet date.
t. The cash flow statement is prepared in the manner set out in
Accounting Standards 3. Cash and Cash equivalents presented in the cash
flow statement consists of cash on hand and balances with bank
including bank deposits having maturity period within three months.
Mar 31, 2014
A. Basis of Preparation/Accounting of Financial Statement:
The financial statement have been prepared under the historical cost
convention and on an accrual basis of accounting and in accordance with
the generally accepted accounting principles in India (Indian GAAP) and
comply in all material aspect with the Notified Accounting Standards
stated in Companies Accounting Standards Rule,2006 (as amended) and the
relevant provision of the Companies Act,1956. Except otherwise
mentioned, the accounting policies have been con-sistently applied by
the Company and are consistent with those used in the previous year.
b. Use of Estimate:
The preparation and presentation of financial statements requires
estimates and assumptions to be made, that affect the reported amount
of assets and liabilities and disclosures of contingent liabilities as
on date of the financial statements and reported amount of revenue and
expenses during the reporting period. Although these estimates are
based on the management''s best knowledge of current events and actions,
uncertainty about these assumptions and estimates could result in the
outcomes requiring adjustment to the carrying amounts of assets and
liabilities in future periods. Difference between the actual results
and estimates is recognised in the period in which the actual results
are known / materialized.
c. Fixed Assets and Depreciation :
i. All the fixed assets purchased are stated at cost of acquisition or
construction of assets, net of recoverable taxes, except in case of
those assets which are revalued, less accumulated depreciation or
impairment loss thereof if any. The cost includes borrowing costs,
exchange differences arising in respect of foreign currency loans or
other liabilities incurred, expenses incidental to acquisition and
installation, attributable to bringing the assets to their intended
use.
ii. Fixed assets retired from active use and held for sale are stated
at the lower of their net book value and net realisable value and are
disclosed separately in the Balance Sheet.
iii. The Company do not have Intangible Assets and Capital Work In
Progress for the period.
iv. Depreciation on fixed assets is provided on "Straight line
Method", at the rates and the manner as prescribed by Schedule XIV to
the Companies Act, 1956.
v. Depreciation on revalued assets is provided at the rate specified
u/s-205(2) (b) of the Companies Act, 1956 or rate derived as per its
estimated useful life, whichever is higher.
vi. Depreciation on fixed assets added/disposed off during the year is
provided on prorata basis with reference to the date of
addition/disposal.
vii. In case of impairment, if any, depreciation is provided on the
revised carrying amount of the assets over the remaining useful life.
d.Sundry Debtors / Loans and Advances:
Sundry Debtors / Loans and Advances are stated net of provision for
identified doubtful debts / advances. Sundry Debtors and Loans and
Advances has been taken at reconciled amount for the parties from which
the balance confirmation was received and for the rest Debtors and
balances are taken as per book balance and are subject to adjustment
and reconciliation, if any which will be done on receipts of
confirmation from such parties. In the opinion of the management on
which we have placed reliance, substantial part of Debtors are
outstanding for a period exceeding six months and they are subject to
arbitration and other reconciliatory proceedings the outcome and
quantum of which is not ascertainable and determined, and subject to
reconciliations referred to above, the debtors and Loans and advances
to the extent as stated are considered good in the Balance Sheet .
e. Investments:
The Investments that are readily realizable and intended to be held for
not more than a year from the Balance Sheet date are classified as
current investments. All other investments are classified as
non-current investments. On initial recognition, all investments are
recognised at cost. The cost comprises purchase price and directly
attributable acquisition charges such as brokerage, fees and duties.
Current investments are carried at the lower of cost and quoted/fair
value, computed category wise. Long term investments are stated at
cost. Provision for diminution in the value of long-term investments is
made only if such a decline is
other than temporary in the opinion of
the management.
f. Cash and cash equivalents
Cash and cash equivalents in the cash flow statements comprise Cash at
bank and cash on hand and short term investments with an original
maturity of three months or less.
g. Derivative Instruments:
As per the ICAI announcement, derivative contracts, other than those
covered under AS - 11, are marked to market on a portfolio basis, and
the net loss after considering the offsetting effects on the underlying
hedge item, is charged to the income statement.
h. Foreign Currency Transactions:
a) Initial currency transaction Foreign exchanges are recorded in the
reporting currency by applying to the foreign currency amount the
exchange rate between the reporting currency and the foreign currency
at the date of the transaction.
b) Conversion:
Foreign currency monetary items are reported using closing rate. Non
monetary items which are carried in terms of historical cost
denominated in a foreign currency are reported using the exchange rate
at the date of the transaction; and non monetary items which are
carried at fair value or other similar valuation denominated in a
foreign currency are reported using the exchange rates that existed
when the value were determined.
c) Exchange Difference:
Exchange difference arising on the settlement /conversion of monetary
items is recognized as income or expenses in the year in which they
arise.
i. Revenue Recognition: Contract Receipt In respect of Construction
contracts and in manner specified under Accounting Standard AS-7 on
Construction Contracts, Revenue is recognized on Percentage completion
method based on the Bills submitted, certified and sanctioned by the
appropriate authorities and Work completed and Uncertified Bills on the
Project. The relevant cost is recognized in ac-counts in the year of
recognition of the revenue.
The total costs of contract are estimated by Company and are based on
technical and other estimates, this being an Technical subject, the
auditors have relied on such assumptions.
Profit is recognised only when the outcome of the contract can be
estimated reliably. When the construction contract is expected to
result in a loss on completion of the entire contract, the entire loss
is recognized as an expense immediately in the same reporting period.
The Company''s claim for extra work and escalation in rates relating
to execution of contracts are accounted as income in the year of
receipt of arbitration award or acceptance by client or evidence of
acceptance received.
Other Income
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable. Dividend
income recognized as and when right to receive established. All other
income is recognized on accrual basis.
j. Contract Receipts - Joint venture:
Proportionate Consolidation method of accounting and reporting is
followed in respect of Joint venture entered into by the Company. The
Income from such joint venture is recognized proportionately, in the
profit sharing ratio, and on the basis of Bills submitted, certified
and sanctioned by the appropriate authorities. The actual expenses for
such Project in Joint Venture are also accounted on the basis of the
Profit sharing ratio for the consolidation purposes.
k. Valuation of work in progress:
i. The work in progress has been determined by the Management at the
estimated realizable value.
ii. The value of work in progress comprises of value of materials and
expenses incurred at site including estimated profits thereon in terms
of guidelines provided under Accounting Standards AS 7 on Construction
Contracts.
l. Borrowing costs:
Borrowing costs are accounted on accrual basis. Borrowing costs that
are directly attributable to the acquisition or construction of
qualifying assets are capitalized until the time all substantial
activities necessary to prepare qualifying assets for their intended
use are complete. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to revenue.
m. Taxation:
a. Tax expenses compromise of current tax & deferred tax. Current
income tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act, 1961.
Deferred Income Taxes reflect the impact of current year timing
difference between taxable income and accounting income for the year
and reversal of timing differences of earlier year.
b. The deferred tax is accounted for using the tax rates and laws that
have been substantively enacted as on the Bal-ance sheet date.
n. Impairment of Assets :
As at each balance sheet date, the carrying amount of assets is tested
for impairment so as to determine:
* The provision for impairment loss required, if any, or
* The reversal required of impairment loss recognised in previous
periods, if any, Impairment loss is recognised when the carrying amount
of asset exceeds its recoverable amount. Recoverable amount is
determined:
* In the case of an individual asset, at higher of net selling price
and the value in use.
o. Retirement Benefits :
i. Contribution to defined contribution plans such as retirement
benefit in the form of Provident Fund Schemes whether in pursuance of
law or otherwise is accounted on accrual basis and charged to Profit
and loss account of the year.
ii. Defined benefit plans like gratuity are determined based on
actuarial valuation carried out by an independent actuary at the
balance sheet date using the Projected Unit Credit Method, which
recognizes each period of service as giving rise to additional unit of
employee benefit, and measures each unit separately to build up final
obligation.
iii. In relation to short term employees benefits cost of accumulated
compensated absences accounted when employees render the services that
increase their entitlement of future compensated absences; and cost of
nonaccumulating compensated absences, when the absences occur.
iv. No separate provision has been made in respect of leave encashment
as the same is paid to employees as and when it is claimed.
p. Provisions:
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
i. The company has a present obligation as a result of past event
ii. A probable outflow of resources is expected to settle the
obligation; and
iii. The amount of obligation can be reliably estimated Provisions
made in terms of accounting Standard 29 are not discounted to its
present value and are determined based on the management estimates
required to settle the obligation at the balance sheet date.
q. The cash flow statement is prepared in the manner set out in
Accounting Standards 3. Cash and Cash equivalents presented in the
cash flow statement consists of cash on hand and balances with bank
including bank deposits having ma-turity period within three months.
Mar 31, 2013
A. Basis of Preparation/Accounting of Financial Statement:
The financial statement have been prepared under the historical cost
convention and on an accrual basis of accounting and in accordance with
the generally accepted accounting principles in India (Indian GAAP) and
comply in all material aspect with the Notified Accounting Standards
stated in Companies Accounting Standards Rule,2006 (as amended) and the
relevant provision of the Companies Act,1956. Except otherwise
mentioned, the accounting policies have been consistently applied by
the Company and are consistent with those used in the previous year.
b. Use of Estimate:
The preparation and presentation of financial statements requires
estimates and assumptions to be made, that affect the reported amount
of assets and liabilities and disclosures of contingent liabilities as
on date of the financial statements and reported amount of revenue and
expenses during the reporting period. Although these estimates are
based on the management''s best knowledge of current events and actions,
uncertainty about these assumptions and estimates could result in the
outcomes requiring adjustment to the carrying amounts of assets and
liabilities in future periods.
Difference between the actual results and estimates is recognised in
the period in which the actual results are known / materialized.
c. Fixed Assets and Depreciation :
i. All the fixed assets purchased are stated at cost of acquisition or
construction of assets, net of recoverable taxes, except in case of
those assets which are revalued, less accumulated depreciation or
impairment loss thereof if any. The cost includes borrowing costs,
exchange differences arising in respect of foreign currency loans or
other liabilities incurred, expenses incidental to acquisition and
installation, attributable to bringing the assets to their intended
use.
ii. Fixed assets retired from active use and held for sale are stated
at the lower of their net book value and net realisable value and are
disclosed separately in the Balance Sheet.
iii. The Company do not have Intangible Assets and Capital Work In
Progress for the period.
iv. Depreciation on fixed assets is provided on "Straight line Method",
at the rates and the manner as prescribed by Schedule XIV to the
Companies Act, 1956.
v. Depreciation on revalued assets is provided at the rate specified
u/s-205(2) (b) of the Companies Act, 1956 or rate derived as per its
estimated useful life, whichever is higher.
vi. Depreciation on fixed assets added/disposed off during the year is
provided on prorata basis with reference to the date of
addition/disposal.
vii. In case of impairment, if any, depreciation is provided on the
revised carrying amount of the assets over the remaining useful life.
d. Sundry Debtors / Loans and Advances:
Sundry Debtors / Loans and Advances are stated net of provision for
identified doubtful debts / advances. Sundry Debtors and Loans and
Advances has been taken at reconciled amount for the parties from which
the balance confirmation was received and for the rest Debtors and
balances are taken as per book balance and are subject to adjustment
and reconciliation, if any which will be done on receipts of
confirmation from such parties. In the opinion of the management on
which we have placed reliance, substantial part of Debtors are
outstanding for a period exceeding six months and they are subject to
arbitration and other reconciliatory proceedings the outcome and
quantum of which is not ascertainable and determined, and subject to
reconciliations referred to above, the debtors and Loans and advances
to the extent as stated are considered good in the Balance Sheet.
e. Investments:
The Investments that are readily realizable and intended to be held for
not more than a year from the Balance Sheet date are classified as
current investments. All other investments are classified as
non-current investments.
On initial recognition, all investments are recognised at cost; The
cost comprises purchase price and directly attributable acquisition
charges such as brokerage, fees and duties.
Current investments are carried at the lower of cost and quoted/fair
value, computed category wise. Long term investments are stated at
cost. Provision for diminution in the value of long-term investments is
made only if such a decline is other than temporary in the opinion of
the management.
f. Cash and cash equivalents
Cash and cash equivalents in the cash flow statements comprise Cash at
bank and cash on hand and short term investments with an original
maturity of three months or less.
g. Derivative Instruments:
As per the ICAI announcement, derivative contracts, other than those
covered under AS - 11, are marked to market on a portfolio basis, and
the net loss after considering the offsetting effects on the underlying
hedge item, is charged to the income statement.
h. Foreign Currency Transactions:
a) Initial currency transaction
Foreign exchanges are recorded in the reporting currency by applying to
the foreign currency amount the exchange rate between the reporting
currency and the foreign currency at the date of the transaction.
b) Conversion:
Foreign currency monetary items are reported using closing rate. Non
monetary items which are carried in terms of historical cost
denominated in a foreign currency are reported using the exchange rate
at the date of the transaction; and non monetary items which are
carried at fair value or other similar valuation denominated in a
foreign currency are reported using the exchange rates that existed
when the value were determined.
c) Exchange Difference:
Exchange difference arising on the settlement / conversion of monetary
items is recognized as income or expenses in the year in which they
arise.
i. Revenue Recognition:
Contract Receipt
In respect of Construction contracts and in manner specified under
Accounting Standard AS-7 on Construction Contracts, Revenue is
recognized on Percentage completion method based on the Bills
submitted, certified and sanctioned by the appropriate authorities and
Work completed and Uncertified Bills on the Project. The relevant cost
is recognized in accounts in the year of recognition of the revenue.
The total costs of contract are estimated by Company and are based on
technical and other estimates, this being an Technical subject, the
auditors have relied on such assumptions.
Profit is recognised only when the outcome of the contract can be
estimated reliably. When the construction contract is expected to
result in a loss on completion of the entire contract, the entire loss
is recognized as an expense immediately in the same reporting period.
The Company''s claim for extra work and escalation in rates relating to
execution of contracts are accounted as income in the year of receipt
of arbitration award or acceptance by client or evidence of acceptance
received.
Other Income
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
Dividend income recognized as and when right to receive established.
All other income is recognized on accrual basis.
j. Contract Receipts - Joint venture:
Proportionate Consolidation method of accounting and
Reporting is followed in respect of Joint venture entered into by the
Company. The Income from such joint venture is recognized
proportionately, in the profit sharing ratio, and on the basis of Bills
submitted, certified and sanctioned by the appropriate authorities. The
actual expenses for such Project in Joint Venture are also accounted on
the basis of the Profit sharing ratio for the consolidation purposes.
k. Valuation of work in progress:
i. The vvork in progress has been determined by the Management at the
estimated realizable value.
ii. The value of work in progress comprises of value of materials and
expenses incurred at site including estimated profits thereon in terms
of guidelines provided under Accounting Standards AS 7 on Construction
Contracts.
I. Borrowing costs:
Borrowing costs are accounted on accrual basis. Borrowing costs that
are directly attributable to the acquisition or construction of
qualifying assets are capitalized until the time all substantial
activities necessary to prepare qualifying assets for their intended
use are complete. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to revenue.
m. Taxation:
a. Tax expenses compromise of current tax & deferred tax. Current
income tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act, 1961.
Deferred Income Taxes reflect the impact of current year timing
difference between taxable income and accounting income for the year
and reversal of timing differences of earlier year.
b. The deferred tax is accounted for using the tax rates and laws that
have been substantively enacted as on the Balance sheet date.
n. Impairment of Assets :
As at each balance sheet date, the carrying amount of assets is tested
for impairment so as to determine:
- The provision for impairment loss required, if any, or
- The reversal required of impairment loss recognised in previous
periods, if any, Impairment loss is recognised when the carrying amount
of asset exceeds its recoverable amount.
Recoverable amount is determined:
- In the case of an individual asset, at higher of net selling price
and the value in use.
o. Retirement Benefits :
i. Contribution to defined contribution plans such as retirement
benefit in the form of Provident Fund Schemes whether in pursuance of
law or otherwise is accounted on accrual basis and charged to Profit
and loss account of the year.
ii. Defined benefit plans like gratuity are determined based on
actuarial valuation carried out by an independent actuary at the
balance sheet date using the Projected Unit Credit Method, which
recognizes each period of service as giving rise to additional unit of
employee benefit, and measures each unit separately to build up final
obligation.
iii. In relation to short term employees benefits cost of accumulated
compensated absences accounted when employees render the services that
increase their entitlement of future compensated absences; and cost of
non- accumulating compensated absences, when the absences occur.
iv. No separate provision has been made in respect of leave encashment
as the same is paid to employees as and when it is claimed.
p. Provisions:
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
i. The company has a present obligation as a result of past event
ii. A probable outflow of resources is expected to settle the
obligation; and
iii. The amount of obligation can be reliably estimated Provisions made
in terms of accounting Standard 29 are not discounted to its present
value and are determined based on the management estimates required to
settle the obligation at the balance sheet date.
q. The cash flow statement is prepared in the manner set out in
Accounting Standards 3. Cash and Cash equivalents presented in the cash
flow statement consists of cash on hand and balances with bank
including bank deposits having maturity period within three months.
Mar 31, 2012
A) Basis of Preparation/Accounting of Financial Statement: The
financial statement have been prepared under the historical cost
convention and on an accrual basis of accounting and in accordance with
the generally accepted accounting principles in India (Indian GAAP) and
comply in all material aspect with the Notified Accounting Standards
stated in Companies Accounting Standards Rule,2006 (as amended) and the
relevant provision ofthe Companies Act,1956. Except otherwise
mentioned, the accounting policies have been consistently applied by
the Company and are consistent with those used in the previous year.
b) Financial Statements: Presentation and Disclosures: During the year
ended March 31, 2012, the Revised Schedule VI notified underthe
Companies Act, 1956 has become applicable to the Company, for
preparation and presentation of its financial statements. The adoption
of Revised Schedule VI does not impact recognition and measurement
principles followed for preparation of financial statements.
Financial Statements contain the information and disclosures mandated
by Revised Schedule VI, applicable Accounting Standards, other
applicable pronouncements and regulations.
c) Use of Estimate:
The preparation and presentation of financial statements requires
estimates and assumptions to be made, that affect the reported amount
of assets and liabilities and disclosures of contingent liabilities as
on date of the financial statements and reported amount of revenue and
expenses during the reporting period. Although these estimates are
based on the management's best knowledge of current events and actions,
uncertainty about these assumptions and estimates could result in the
outcomes requiring adjustment to the carrying amounts of assets and
liabilities in future periods. Difference between the actual results
and estimates is recognised in the period in which the actual results
are known/materialized.
d) Fixed Assets and Depreciation :
i. All the fixed assets purchased are stated at cost of acquisition or
construction of assets, net of recoverable taxes, except i n case of
those assets
which are revalued, less accumulated depreciation or impairment loss
thereof if any. The cost includes borrowing costs, exchange differences
arising in respect of foreign currency loans or other liabilities
incurred, expenses incidental to acquisition and installation,
attributable to bringing the assets to their intended use.
ii. Fixed assets retired from active use and held for sale are stated
at the lower oftheir net book value and net realisable value and are
disclosed separately in the Balance Sheet.
iii. The Company do not have Intangible Assets and Capital Work In
Progress for the period.
iv. Depreciation on fixed assets is provided on "Straight line
Method", at the rates and the manner as prescribed by Schedule XIV to
the Companies Act, 1956.
v. Depreciation on revalued assets is provided at the rate specified
u/s-205(2) (b) ofthe Companies Act, 1956 or rate derived as per its
estimated useful life, whichever is higher.
vi. Depreciation on fixed assets added/disposed off during the year is
provided on prorata basis with reference to the date of
addition/disposal.
vii. In case of impairment, if any, depreciation is provided on the
revised carrying amount ofthe assets overtheremaininguseful life.
e) Sundry Debtors/Loans and Advances:
Sundry Debtors / Loans and Advances are stated net of provision for
identified doubtful debts/advances. Sundry Debtors and Loans and
Advances has been taken at the reconciled amount for the parties from
which the balance confirmation was received and for the rest balances
are taken as per book balance. As and when the confirmations with
respect to the balances will be received the reconciliations will be
done and the adjustments, if any, on this account will be made. In the
opinion ofthe management, on which reliance is placed by us and subject
to reconciliations referred above, the debts and Loans and advances to
the extent as stated are
considered good in the Balance Sheet are fully recoverable.
f) Investments:
The Investments that are readily realizable and intended to be held for
not more than a year from the Balance Sheet date are classified as
current investments. All other investments are classified as
non-current investments.
On initial recognition, all investments are recognised at cost. The
cost comprises purchase price and directly attributable acquisition
charges such as brokerage, fees and duties.
Current investments are carried at the lower of cost and quoted/fair
value, computed category wise. Long term investments are stated at
cost. Provision for diminution in the value of long-term investments is
made only if such a decline is other than temporary in the opinion of
the management.
g) Cash and cash equivalents:
Cash and cash equivalents in the cash flow statements comprise Cash at
bank and cash on hand and short term investments with an original
maturity of three months or less.
h) Derivative Instruments:
As per the ICAI announcement, derivative contracts, other than those
covered under AS -11, are marked to market on a portfolio basis, and
the net loss after considering the offsetting effects on the underlying
hedge item, is charged to the income statement.
i) Foreign Currency Transactions:
1. Initial currency transaction:
Foreign exchanges are recorded in the reporting currency by applying to
the foreign currency amount the exchange rate between the reporting
currency and the foreign currency at the date of the transaction.
2. Conversion:
Foreign currency monetary items are reported using closing rate. Non
monetary items which are carried in terms of historical cost
denominated in a foreign currency are reported using the exchange rate
at the date of the transaction; and non monetary items which are
carried at fair value or other similar valuation denominated in a
foreign currency are reported using the exchange rates that existed
when the value were determined.
3. Exchange Difference:
Exchange difference arising on the settlement /conversion of monetary
items is recognized as income or expenses in the year in which they
arise.
j) Revenue Recognition:
Contract Receipt
In respect of Construction contracts and in manner specified under
Accounting Standard AS-7 on Construction Contracts, Revenue is
recognized on Percentage completion method based on the Bills
submitted, certified and sanctioned by the appropriate authorities and
Work completed and Uncertified Bills on the Project. The relevant cost
is recognized in accounts in the year of recognition ofthe revenue.
The total costs of contract are estimated by Company and are based on
technical and other estimates, this being an Technical subject, the
auditors have relied on such assumptions.
Profit is recognised only when the outcome of the contract can be
estimated reliably. When the construction contract is expected to
result in a loss on completion of the entire contract, the entire loss
is recognized as an expense immediately in the same reporting period.
The Company's claim for extra work and escalation in rates relating to
execution of contracts are accounted as income in the year of receipt
of arbitration award or acceptance by client or evidence of acceptance
received.
Other Income
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
Dividend income recognized as and when right to receive established.
All other income is recognized on accrual basis.
k) Contract Receipts - loint venture:
Proportionate Consolidation method of accounting and reporting is
followed in respect of Joint venture entered into by the Company. The
Income from such joint venture is recognized proportionately on the
basis of Bills submitted, certified and sanctioned by the appropriate
authorities. The actual expenses for such Project in Joint Venture are
accounted on the basis ofthe Profit sharing ratio.
I) Valuation of work in progress:
i. The work in progress has been determined by the Management at the
estimated realizable value.
ii. The value of work in progress comprises of value of materials and
expenses incurred at site including estimated profits thereon in terms
of guidelines provided under Accounting Standards AS
7 on Construction Contracts.
m) Borrowing costs:
Borrowing costs are accounted on accrual basis. Borrowing costs that
are directly attributable to the acquisition or construction of
qualifying assets are capitalized until the time all substantial
activities necessary to prepare qualifying assets for their intended
use are complete. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to revenue.
n) Taxation:
1. Tax expenses compromise of current tax & deferred tax. Current
income tax is measured at the amount expected to be paid to the tax
authorities in accordance with the Indian Income Tax Act, 1961.
Deferred Income Taxes reflect the impact of current year timing
difference between taxable income and accounting income forthe year and
reversal oftiming differences of earlier year.
2. The deferred tax is accounted for using the tax rates and laws that
have been substantively enacted as on the Balance sheet date.
o) Impairment of Assets:
As at each balance sheet date, the carrying amount of assets istested
for impairment so asto determine:
1. The provision for impairment loss required, if any, or
2. The reversal required of impairment loss recognised in previous
periods, if any, Impairment loss is recognised when the carrying amount
of asset exceeds its recoverable amount.
Recoverable amount is determined:
3. In the case of an individual asset, at higher of net selling price
and the value in use.
p) Retirement Benefits:
i. Contribution to defined contribution plans such as retirement
benefit in the form of Provident Fund Schemes whether in pursuance of
law or otherwise is accounted on accrual basis and charged to Profit
and loss account of the year.
ii. Defined benefit plans like gratuity are determined based on
actuarial valuation carried out by an independent actuary atthe balance
sheet date using the Projected Unit Credit Method, which recognizes
each period of service as giving rise to additional unit of employee
benefit, and measures each unit separately to build up final
obligation.
iii. In relation to shortterm employees benefits cost of accumulated
compensated absences accounted when employees render the services that
increase their entitlement of future compensated absences; and cost of
non-accumulating compensated absences, when the absences occur.
iv. No separate provision has been made in respect of leave encashment
as the same is paid to employees as and when it is claimed.
q) Provisions:
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
i. The company has a present obligation as a result of past event
ii. A probable outflow of resources is expected to settlethe
obligation; and
iii. The amount of obligation can be reliably estimated Provisions made
in terms of accounting Standard 29 are not discounted to its present
value and are determined based on the management estimates required to
settle the obligation at the balance sheet date.
r) The cash flow statement is prepared in the manner set out in
Accounting Standards 3. Cash and Cash equivalents presented in the cash
flow statement consists of cash on hand and balances with bank
including bank deposits having maturity period within three months.
Mar 31, 2010
A. Basis of accounting: The financial statement have been prepared to
comply in all material aspect with the Notified Accounting Standards
stated in Companies Accounting Standards Rule,2006 (as amended) and the
relevant provision of the Companies Act,1956. Except otherwise
mentioned, the accounting policies have been consistently applied by
the Company and are consistent with those used in the previous year.
b. Fixed Assets and Depreciation :
i. All the fixed assets purchased are stated at cost of acquisition
except in case of those assets which are revalued.
ii. Depreciation on fixed assets is provided on "Straight line Method",
at the rates prescribed by Schedule XIV of the Companies Act, 1956.
iii. Depreciation on revalued assets (if any) is provided at the rate
specified u/s-205(2) (b) of the Companies Act, 1956 or estimated useful
life, whichever is higher.
iv. Depreciation on fixed assets added/disposed off during the year is
provided on prorata basis with reference to the date of
addition/disposal.
v. In case of impairment, if any, depreciation is provided on the
revised carrying amount of the assets overthe remaining useful life.
c. Sundry Debtors/ Loans and Advances:
Sundry Debtors / Loans and Advances are stated net of provision for
identified doubtful debts/advances. Sundry Debtors and Loans and
Advances has been taken at the reconciled amount for the parties from
whom the balance confirmation was received and for the rest balances
are taken as per book balance. As and
when the confirmations with respect to the balances will be received
the reconciliations will be done and the adjustments, if any, on this
account will be made. In the opinion of the management, subject to
reconciliations referred to above, the debts and Loans and advances to
the extent as stated are considered good in the Balance Sheet are fully
recoverable.
d. Investments:
The Investments that are readily realizable and intended to be held for
not more than a year are classified as current investments. All other
investments are classified as other investments.
e. Cash and cash equivalents:
Cash and cash equivalents in the cash flow statements comprise Cash at
bank and cash in hand and short term investments with an original
maturity of three months or less, as applicable.
f. Revenue Recognition:
i) In respect of Construction contracts and in manner specified under
Accounting Standards AS-7 on Construction Contracts, Revenue is
recognized on Percentage completion method based on the Bills
submitted, certified and sanctioned by the appropriate authorities. The
relevant cost is recognized in accounts in the year of recognition of
the revenue.
ii) The total costs of contract are estimated by the Company and are
based on technical and other estimates. The auditors have relied on
such assumptions.
g. Contract Receipts -Joint venture:
Proportionate Consolidation method of accounting and reporting is
followed in respect of Joint venture entered into by the Company. The
Income from such joint venture is recognized proportionately on the
basis of Bills submitted, certified and sanctioned by the appropriate
authorities. The actual expenses for such Project in Joint Venture are
accounted on the basis of the Profit sharing ratio.
h. Valuation of work in progress:
i) The work in progress has been determined by the Management at the
estimated realizable value.
ii) The value of work in progress comprises of value of material and
expenses incurred at site including estimated profits thereon in terms
of guidelines provided under Accounting Standards AS 7 on Construction
Contracts.
i. Borrowing costs:
Borrowing costs are accounted on accrual basis. Borrowing costs that
are directly attributable to the acquisition or construction of
qualifying assets are capitalized until the time all substantial
activities necessary to prepare qualifying assets for their intended
use are complete. A qualifying asset is one that necessarily takes
substantial period of time to get ready for its intended use. All other
borrowing costs are charged to revenue.
j. Taxation:
a. Tax expenses comprisies of current & deferred tax. Current income
tax is measured at the amount expected to be paid to the tax
authorities in accordance with provision of The Indian Income Tax Act,
1961. Deferred Income Taxes reflect the impact of current year timing
difference between taxable income and accounting income for the year
and reversal of timing differences of earlier year.
b. The deferred tax is accounted for using the tax rates and laws that
have been substantively enacted as of the Balance Sheet date.
k. Impairment of Assets:
As at each balance sheet date, the carrying amount of assets is tested
for impairment so as to determine:
- The provision for impairment loss required, if any, or
- The reversal required of impairment loss recognised in previous
periods, if any, Impairment loss is recognised when the carrying amount
of asset exceeds its recoverable amou nt.
Recoverable amount is determined:
- In the case of an individual asset, at higher of net selling price
and the value in use.
l. Retirement Benefits :
i) The retirement benefit in the form of Provident Fund and Pension
Schemes whether in pursuance of any law or otherwise is accounted on
accrual basis and charged to profit and loss account of the year.
ii) Gratuity is respect of past and present services of employees is
being accounted for on accrual basis based on actuarial valuation.
iii) No separate provision has been made in respect of leave encashment
as the same is paid to the employee as and when it is claimed.
m. Provisions:
Provisions are recognized for liabilities that can be measured only by
using a substantial degree of estimation, if
i) The company has a present obligation as a result of past event
ii) A probable outflow of resources is expected to settle the
obligation; and
iii) The amount of obligation can be reliably estimated Provisions made
in terms of accounting Standard 29 are not discounted to its present
value and are determined based on the management estimates required to
settle the obligation at the Balance Sheet date.
n. Cash Flow Statement
The cash flow statement is prepared in the manner set out in Accounting
Standards 3. Cash and cash equivalents presented in the cash flow
statement consists of cash on hand and balances with banks.
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