Afcon Book.indd - Afcons Infrastructure Ltd.

SSS ELECTRICALS (INDIA) PRIVATE LIMITEDB. Notes to Accounts3. Other Expenses include amounts paid / payable to the holding Company as follows:a) Rs.36,000 (P.Y.Rs.36,000) towards rent.b) Rs.18,000 (P.Y.Rs.18,000) towards establishment expenses.c) Rs. 6,000 (P.Y. Rs. 6,000) towards communication costs.4. Balance Confirmation from Debtors and Creditors is not available from any party. Therefore, their balances are subject to confirmation,reconciliation and consequent adjustments, if any.5. Payment to Auditors: 31.03.2010 31.03.2009RupeesRupeesAudit Fees 137,875 140,5756. The disclosures as required under the Revised Accounting Standard 15- “Employee Benefits” as notified by the Institute of CharteredAccountants of India are as given below;Defined Contribution:Defined Contribution recognised and charged off for the year as under;Employer’s Contribution to Provident Fund-Rs. 1, 69,215/-Defined Benefit:Gratuity:A. Assumptions:Retirement Age- 60YearsAttrition Rate- 2%Future Salary Rise- 4.5%Rate of Discounting- 8 %Mortality Table- LIC (1994-96) UltimateB. Amount recognised as liability in the Balance Sheet- Rs. 2,44,399C. Amount recognized as expense in the Income Statement- Rs. 2,44,399The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion, mortality, attritionrate and other relevant factors such as supply and demand in the employment market. The above information is certified by the actuary andrelied upon by the Auditor.7. Deferred Taxation:The tax provision for the current year ended March 31, 2010 has been computed in accordance with Accounting Standard 22- “ AccountingFor Taxes on Income” issued by the Institute of Chartered Accountants of India. Due to this accounting policy the profit for the period wouldbe higher by Rs. 76,015/-. But following the principle of conservatism, the company has not accounted for the Deferred Tax Asset.Break-up of deferred tax assets and liabilities is as follows:Period Ended31.03.2010 31.03.2009Deferred Tax Asset/(Liability) recognized for timing differences due to:a. Depreciationb. Provision for GratuityRs.1,603244,399Rs.8,85669,304Net deferred tax. 246,002 78,1608. There are no outstanding dues to Small Scale Industrial Undertakings. Further, as the company does not have information as to which of itscreditors are registered under the Micro, Small and Medium Enterprises Development Act, 2006, no disclosure as required by the said Act isprovided.9. The Company has only one business segment of survey, monitoring and maintenance, hence information for primary business segment is notgiven. There is no secondary reportable segment.10. Related Party Disclosures1. Holding Company:Afcons Infrastructure Limited (Directly)Shapoorji Pallonji & Company Limited (Indirectly)2. Fellow Subsidiary:Hazarat and Company Private LimitedAfcons Off-shore and Marine Services Private LimitedAfcons Infrastructure International LimitedAfcons Construction Mideast LLC.Name of Related Party Where Transactions have taken place during the year:Afcons Infrastructure LimitedDetails of transactions with related party during the year:Particulars Current Year Amount (Rs.) Previous Year Amount (Rs.)Rent 36,000 36,000Establishment Expenses 18,000 18,000Communication Costs 6,000 6,000Interest on Loan Nil 60,969Repayment of Temporary Loan 397,345 5,640,789Charges towards deployment of technical personnel Nil NilOutstanding Amount as on March 31, 2010 Nil NilPrevious year’s figures have been regrouped wherever necessary.Signature to Schedules 1 to 11J.C.BHATT A.H.DIVANJI S.PARAMASIVAN R.P.NAGARChartered Accountant DIRECTOR DIRECTOR DIRECTORPlace : MumbaiDate: 17 th June, 201057