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VOLUME - 1Sr. Name of the Subsidiary PagesNo. From To
REPORTS AND ACCOUNTS 2013-2014SUBSIDIARY COMPANIES
HYDROCARBON BUSINESS:
1 L&T-Valdel Engineering Limited
..................................................................................................................S
15 - S 38
2 L&T-Gulf Private Limited
..............................................................................................................................S
39 - S 59
3 L&T Sapura Shipping Private Limited
.........................................................................................................S
60 - S 76
4 L&T Sapura Offshore Private Limited
.........................................................................................................S
77 - S 91
INFRASTRUCTURE BUSINESS:
5 Hi-Tech Rock Products & Aggregates Limited
...........................................................................................S
1 - S 14
6 Larsen & Toubro Readymix Concrete Industries LLC
................................................................................S
1018 - S 1035
POWER DEVELOPMENT BUSINESS:
7 L&T Power Development Limited
...............................................................................................................S
152 - S 169
8 L&T Himachal Hydropower Limited
............................................................................................................S
170 - S 184
9 L&T Arunachal Hydropower Limited
..........................................................................................................S
185 - S 198
10 L&T Uttaranchal Hydropower Limited
........................................................................................................S
199 - S 215
HEAVY ENGINEERING & SHIPBUILDING BUSINESS:
11 Spectrum Infotech Private Limited
..............................................................................................................S
92 - S 118
12 L&T Special Steels And Heavy Forgings Private Limited
...........................................................................S
119 - S 151
13 L&T Shipbuilding Limited
............................................................................................................................S
789 - S 820
14 L&T Cassidian Limited
................................................................................................................................S
821 - S 829
MACHINERY & INDUSTRIAL PRODUCTS BUSINESS:
15 L&T Kobelco Machinery Private Limited
.....................................................................................................S
649 - S 673
16 L&T Construction Equipment Limited
........................................................................................................S
674 - S 708
17 EWAC Alloys Limited
..................................................................................................................................S
709 - S 737
18 Larsen & Toubro (Qingdao) Rubber Machinery Company
Limited
...........................................................S 738 -
S 753
19 Qingdao Larsen & Toubro Trading Company Limited
...............................................................................S
754 - S 761
20 L&T Cutting Tools Limited
...........................................................................................................................S
941 - S 964
IT & TECHNOLOGY SERVICES BUSINESS:
21 L&T Technology Services Limited
..............................................................................................................S
216 - S 237
22 GDA Technologies Limited
.........................................................................................................................S
1164 - S 1179
23 Larsen & Toubro Infotech Canada Limited
.................................................................................................S
1180 - S 1191
24 L&T Infotech Financial Services Technologies Inc.
....................................................................................S
1192 - S 1204
25 L&T Information Technology Services (Shanghai) Co. Ltd.
.......................................................................S
1205 - S 1213
26 Larsen & Toubro Infotech Limited
...............................................................................................................S
1225 - S 1261
27 Larsen and Toubro Infotech South Africa (PTY) Limited
............................................................................S
1262 - S 1272
28 Larsen & Toubro Infotech GmbH
................................................................................................................S
1273 - S 1283
29 Larsen & Toubro Infotech LLC
....................................................................................................................S
1284 - S 1292
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Sr. Name of the Subsidiary PagesNo. From To
POWER BUSINESS:
30 L&T - Sargent & Lundy
Limited...................................................................................................................S
238 - S 261
31 L&T Howden Private Limited
......................................................................................................................S
262 - S 282
32 L&T - MHI Boilers Private Limited
...............................................................................................................S
965 - S 992
33 L&T - MHI Turbine Generators Private Limited
...........................................................................................S
993 - S 1017
REALTY BUSINESS:
34 L&T Tech Park Limited
................................................................................................................................S
493 - S 507
35 L&T Tejomaya Limited
.................................................................................................................................S
508 - S 528
36 L&T Vision Ventures Limited
.......................................................................................................................S
529 - S 540
37 CSJ Infrastructure Private Limited
..............................................................................................................S
541 - S 562
38 CSJ Hotels Private Limited
.........................................................................................................................S
563 - S 571
39 L&T Infocity Limited
....................................................................................................................................S
572 - S 598
40 L&T Hitech City Limited
..............................................................................................................................S
599 - S 615
41 Hyderabad International Trade Expositions Limited
..................................................................................S
616 - S 637
42 Chennai Vision Developers Private Limited
................................................................................................S
638 - S 648
43 L&T Seawoods Private Limited
...................................................................................................................S
1036 - S 1057
ELECTRICAL & AUTOMATION BUSINESS:
44 L&T Electrical & Automation Saudi Arabia Company
Limited LLC
............................................................S 772 -
S 788
DEVELOPMENTAL PROJECTS BUSINESS:
45 L&T Krishnagiri Thopur Toll Road Limited
..................................................................................................S
283 - S 303
46 L&T Western Andhra Tollways Limited
.......................................................................................................S
304 - S 324
47 L&T Vadodara Bharuch Tollway Limited
.....................................................................................................S
325 - S 348
48 L&T Ahmedabad-Maliya Tollway Limited
....................................................................................................S
349 - S 373
49 L&T Samakhiali Gandhidham Tollway Limited
...........................................................................................S
374 - S 396
50 L&T Krishnagiri Walajahpet Tollway Limited
...............................................................................................S
397 - S 415
51 L&T Western India Tollbridge Limited
.........................................................................................................S
416 - S 429
52 Kudgi Transmission Limited
........................................................................................................................S
430 - S 448
53 L&T Halol-Shamlaji Tollway Limited
............................................................................................................S
449 - S 473
54 L&T Deccan Tollways Limited
.....................................................................................................................S
474 - S 492
55 L&T Transportation Infrastructure Limited
..................................................................................................S
1058 - S 1079
56 Narmada Infrastructure Construction Enterprise
Limited...........................................................................S
1080 - S 1100
57 L&T Panipat Elevated Corridor Limited
......................................................................................................S
1101 - S 1122
58 L&T Interstate Road Corridor Limited
.........................................................................................................S
1123 - S 1143
59 L&T BPP Tollway Limited
............................................................................................................................S
1144 - S 1163
CORPORATE:
60 L&T Electricals & Automation Limited
........................................................................................................S
762 - S 771
61 L&T Aviation Services Private Limited
........................................................................................................S
830 - S 851
62 L&T Power Limited
......................................................................................................................................S
852 - S 862
63 L&T Capital Company Limited
...................................................................................................................
S 863 - S 887
64 L&T Trustee Company Private Limited
.......................................................................................................S
888 - S 896
65 L&T Natural Resources Limited
..................................................................................................................S
897 - S 908
66 Kesun Iron & Steel Company Private Limited
............................................................................................S
909 - S 918
67 L&T Solar Limited
........................................................................................................................................S
919 - S 929
68 Raykal Aluminium Company Private Limited
.............................................................................................S
930 - S 940
69 L&T Powergen Limited
................................................................................................................................S
1214 - S 1224
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S-1
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
DIRECTORS REPORT
Your Directors have pleasure in presenting their Report and the
Accounts for the year ended March 31, 2014.
I. FINANCIAL RESULTS The key financial parameters for the period
ended March 31, 2014 are submitted below:
SI. No
Particulars 2013-14V Lakhs
2012-13V Lakhs
1 Income for the year 5936.76 11150.53
2 Less: Expenditure (5845.97) (11051.77)
3 Profit Before Depreciation & Tax (PBDT) 90.79 98.76
4 Less: Depreciation
5 Profit / (Loss) before tax (PBT) 90.79 98.76
6 Less: Provision for tax 24.85 30.51
7 Profit / (Loss) after tax (PAT) 65.94 68.24
8 Balance brought forward from previous year 131.60 136.49
9 Balance carried to Balance Sheet 197.55 131.60
II. PERFORMANCE OF THE COMPANY Your Company, in line with its
objectives, had acquired Twelve Quarry leases, during the year.
Quarrying operations were carried out in
compliance with statutory requirements by engaging resourceful
sub-contractors and supplies were made in line with clients
requirements / satisfaction while meeting our business purpose.
III. APPROPRIATION The Directors wish to inform that there were
no appropriations to any kind of specific Reserves of the Company
during the year.
IV. DIVIDENDS: The Directors of your Company express their
inability to consider any dividend to be paid to the Shareholders
of the Company for the year
2013-14.
V. CAPITAL EXPENDITURE The Company does not carry any fixed
assets in the Books.
VI. AUDITORS REPORT The Auditors Report to the Shareholders does
not contain any qualifications.
VII. DEPOSITS The Company has not accepted any deposits from the
public.
VIII. MATERIAL CHANGES, IF ANY BETWEEN DATE OF THE BALANCE SHEET
AND DATE OF THE DIRECTORS REPORT There are no material changes that
have taken place in the Company between the Date of the Balance
Sheet and the Date of the Directors
Report.
IX. PARTICULARS OF EMPLOYEES There are no employees covered by
the provisions of the Section 217 (2A) of the Companies Act, 1956
read with the Companies (Particulars
of Employees) Rules, 1975.
X. SUBSIDIARY COMPANIES Your Company does not have any
subsidiary Company.
XI. DIRECTORS RESPONSIBILITY STATEMENT: The Board of Directors
of the Company confirms:
1. That in the preparation of the annual accounts, the
applicable accounting standards have been followed and there has
been no material departure;
2. That the selected accounting policies were applied
consistently and the Directors made judgments and estimates that
are reasonable and prudent so as to give a true and fair view of
the state of affairs of the Company as at March 31, 2014 and of the
profit/loss of the Company for the year ended on that date;
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S-2
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
3. That proper and sufficient care has been taken for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets
of the Company and for preventing and detecting fraud and other
irregularities;
4. That the annual accounts have been prepared on a going
concern basis.
5. That proper systems are in place to ensure compliance of all
laws applicable to the Company
XII. DIRECTORS: Mr. Subbaiya Kanappan, Director retiring by
rotation at the forthcoming Annual General Meeting being eligible,
offer himself for reappointment.
The Board of Directors as on 31.03.2014 is as follows:
Mr. S. Kanappan
Mr. K. Kannan
Mr. K.V. Praveen
XIII. AUDIT COMMITTEE The Company need not have an audit
committee as the paid up capital of the Company is only R 5
Lakhs.
XIV. AUDITORS: The Auditors, M/s. Sharp & Tannan, Chartered
Accountants, Mumbai, Statutory Auditors of the Company hold office
until the conclusion of
the ensuing Annual General Meeting and are recommended for
reappointment.
Certificate from Auditors have been received to the effect that
their appointment, if made, would be within the limits prescribed
under Section 224(1B) of the Companies Act, 1956.
XV. DISCLOSURE OF PARTICULARS RELATING TO CONSERVATION OF
ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO AS PER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT
OF THE BOARD OF DIRECTORS) RULES, 1988
CONSERVATION OF ENERGY Since the Company is engaged in quarrying
and mining Operation, Conservation of energy, research and
development, technology
observation does not apply.
TECHNOLOGY ABSORPTION There was no Technology Absorption during
the year.
FOREIGN EXCHANGE EARNINGS AND OUTGO There are no earnings and
expenditure in terms of Foreign Exchange during the year
2013-14.
XVI. ACKNOWLEDGEMENTS: The Directors acknowledge the valuable
support extended to the Company by the staff and management of the
parent company.
For and on behalf of the Board
Place : Mumbai K. KANNAN K. V. PRAVEENDate : May 28, 2014
Director Director
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S-3
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
INDEPENDENT AUDITORS REPORT
TO THE MEMBERS OF HI-TECH ROCK PRODUCTS AND AGGREGATES
LIMITED
Report on the financial statementsWe have audited the
accompanying financial statements of HI-TECH ROCK PRODUCTS AND
AGGREGATES LIMITED (the Company), which comprise the Balance Sheet
as at March 31, 2014,and the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory
information.
Managements Responsibility for the Financial
StatementsManagement is responsible for the preparation of these
financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the
Company in accordance with the Accounting Standards notified under
the Companies Act, 1956 (the Act) read with the General Circular
15/2013 dated September 13, 2013 of the Ministry of Corporate
Affairs in respect of Section 133 of the Companies Act, 2013. This
responsibility includes the design, implementation and maintenance
of internal control relevant to the preparation and presentation of
the financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.
Auditors responsibilityOur responsibility is to express an
opinion on these financial statements based on our audit. We
conducted our audit in accordance with the Standards on Auditing
issued by the Institute of Chartered Accountants of India. Those
Standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Companys preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Companys internal control. An
audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates
made by management, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
OpinionIn our opinion and to the best of our information and
according to the explanations given to us, the accompanying
financial statements give the information required by the Act in
the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of
the Company as at March 31, 2014,
b) in the case of the Statement of Profit and Loss, of the
profit for the year ended on that date, and
c) in the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements1. As required
by the Companies (Auditors Report) Order, 2003 and as amended by
the Companies (Auditors Report)(Amendment) Order, 2004
(together the Order)issued by the Central Government of India in
terms of Section 227(4A) of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by Section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which
to the best of our knowledge and belief were necessary for the
purposes of our audit;
b) in our opinion proper books of account as required by law
have been kept by the Company so far as appears from our
examination of those books;
c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books
of account;
d) in our opinion, the Balance Sheet, Statement of Profit and
Loss and Cash Flow Statement dealt with by this Report, comply with
the Accounting Standards notified under the Act read with the
General Circular 15/2013 dated September 13, 2013 of the Ministry
of Corporate Affairs in respect of Section 133 of the Companies
Act, 2013; and
e) on the basis of written representations received from the
Directors as on March 31,2014, and taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31,
2014, from being appointed as a Director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
For SHARP & TANNAN Chartered Accountants (Firms Registration
No. 109982W)
ASHWIN B CHOPRAPlace : Chennai PartnerDate : May 28, 2014
Membership No. 38159
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S-4
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
ANNEXURE TO THE INDEPENDENT AUDITORS REPORTWith reference to the
Annexure referred to in paragraph 1under the heading Report on
other legal and regulatory requirements of the independent auditors
report of Hi-tech Rock Products and Aggregates Limited on the
financial statements for the year ended March 31, 2014, we report
that:(i) (a) The Company does not carry any fixed assets in its
books,accordingly,paragraphs 4(i) (a), (b) and (c) of the Order are
not applicable.(ii) The Company does not carry any inventory in its
books, accordingly, paragraphs 4(ii) (a), (b) and (c) of the Order
are not applicable.(iii) (a) According to the information and
explanations given to us, the Company has not granted any loans,
secured or unsecured, to companies,
firms or other parties covered in the register maintained under
Section 301 of the Act. Accordingly, paragraphs 4(iii) (b), (c) and
(d) of the Order are not applicable.
(b) According to the information and explanations given to us,
the Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the register
maintained under Section 301 of the Act. Accordingly, paragraphs
4(iii) (f) and (g) of the Order are not applicable.
(iv) In our opinion, and according to the information and
explanations given to us, there is an adequate internal control
system commensurate with the size of the Company and nature of its
business for sale of goods. Further, on the basis of our
examination of books and records of the Company and according to
the information and explanations given to us, there is no
continuing failure to correct major weaknesses in the aforesaid
internal control system.
(v) (a) In our opinion and according to the information and
explanations given to us, there are no contracts or arrangements
that need to be entered into the register maintained under Section
301 of the Companies Act, 1956. Accordingly, paragraph 4 (v) (b) of
the Order is not applicable.
(vi) The Company has not accepted any deposit from the public
within the meaning of Sections 58A, 58AA or any other relevant
provisions of the Act, and the rules framed thereunder.
Accordingly, paragraph 4(vi) of the Order is not applicable.
(vii) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.(viii) We
have broadly reviewed the books of account and records maintained
by the Company pursuant to the rules prescribed by the Central
Government for the maintenance of cost records under Section
209(1) (d) of the Companies Act, 1956. We are of the opinion that
prima facie, the prescribed accounts and records have been made and
maintained. The contents of these accounts and records have not
been examined by us.
(ix) (a) According to the information and explanations given to
us and on the basis of our examination of the books of account, the
Company is regular in depositing undisputed statutory dues
including income-tax, sales tax and other statutory dues as
applicable, with the appropriate authorities. According to the
information and explanation given to us, there were no undisputed
amounts payable in respect of statutory dues as at March 31, 2014
for a period of more than six months, from the date they become
payable.
(b) According to the information and explanations given to us
and the records of the Company examined by us, the particulars of
income tax as at March 31, 2014 which have not been deposited on
account of dispute pending are as under:
Name of the statute Nature of disputed dues V Period to which
amount relates
Forum where the disputeis pending
The Income Tax Act,1961
Disallowance under Section 40(a)(ia) of the Act
9,476,590 2009-10 Commissioner of Income Tax (Appeals)
(x) The Company does not have accumulated losses at the end of
the financial year. The Company has not incurred cash losses in the
current financial year and in the immediately preceding financial
year.
(xi) In our opinion and according to the explanations given to
us, the Company has not defaulted in repayment of dues to any
financial institution or bank. The Company has not issued any
debentures during the year.
(xii) According to the information and explanations given to us,
the Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other
securities.
(xiii) The provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.(xiv) In our opinion and according to the information and
explanations given to us, the Company is not a dealer in or trader
in shares, securities,
debentures and other investments. Accordingly, paragraph 4(xiv)
of the Order is not applicable.(xv) The Company has not given any
guarantee for loans taken by others from banks or financial
institutions.(xvi) The Company has not availed any term loans
during the year. Accordingly, paragraph 4(xvi) of the Order is not
applicable.(xvii) According to the information and explanations
given to us, the Company has not raised any funds on short-term
basis, accordingly, paragraph
4(xvii) of the Order is not applicable.(xviii)The Company has
not made any preferential allotment of shares to parties and
companies covered in the register maintained under Section
301 of the Companies Act 1956,during the year.(xix) The Company
has not issued any debentures during the year, accordingly,
paragraph 4(xix) of the Order is not applicable.(xx) The Company
has not raised any money by way of public issues during the year,
accordingly, paragraph 4(xx) of the Order is not applicable.(xxi)
During the course of our examination of the books and the records
of the Company, carried out in accordance with the generally
accepted
auditing practices in India and according to the information and
explanations given to us, we have neither come across any instances
of material fraud on or by the Company, noticed or reported during
the year, nor have we been informed of such case by management.
For SHARP & TANNAN Chartered Accountants (Firms Registration
No. 109982W)
ASHWIN B CHOPRAPlace : Chennai PartnerDate : May 28, 2014
Membership No. 38159
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S-5
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
BALANCE SHEET AS AT MARCH 31, 2014
Note As at 31.03.2014 As at 31.03.2013V V V V
EQUITY AND LIABILITIES
Shareholders' Funds
(a) Share capital 2 500,000 500,000
(b) Reserves and surplus 3 19,754,635 13,160,337
20,254,635 13,660,337
Current liabilities
(a) Trade payables 4 139,479,616 144,858,235
(b) Other current liabilities 5 3,628,236 7,597,299
(c) Short-term provisions 6 2,485,000 3,051,760
145,592,852 155,507,294
TOTAL 165,847,487 169,167,631
ASSETS
Current assets
(a) Trade receivables 7 127,577,131 158,841,553
(b) Cash and bank balances 8 2,241,994 34,059
(c) Short term loans and advances 9 36,028,362 10,292,019
165,847,487 169,167,631
TOTAL 165,847,487 169,167,631
CONTINGENT LIABILITIES AND COMMITMENTS 10
SIGNIFICANT ACCOUNTING POLICIES 1
The accompanying notes form an integral part of the financial
statements.
As per our report of even date
for SHARP & TANNANChartered Accountants(Firms Registration
No.109982W)
For and on behalf of the Board
ASHWIN B CHOPRAPartnerMembership No. 38159
K. KANNAN K. V. PRAVEENDirector Director
Place : MumbaiDate : May 28, 2014
Place : MumbaiDate : May 28, 2014
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S-6
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31,
2014
Note 2013-14 2012-13 V V
REVENUE
Revenue from operations (Gross) 11 593,271,806 1,115,053,249
Less: Excise duty
Revenue from operations (Net) 593,271,806 1,115,053,249
Other Income 12 404,638
TOTAL REVENUE 593,676,444 1,115,053,249
EXPENSES
Operating expenses 13 553,923,563 1,069,871,570
Administration and other expenses 14 30,664,187 35,266,723
Finance costs 15 9,396 38,711
TOTAL EXPENSES 584,597,146 1,105,177,004
Profit before tax 9,079,298 9,876,245
Tax expense
Current tax 2,485,000 3,051,760
Profit after tax for the year 6,594,298 6,824,485
Earnings per share (Basic and Diluted) 19 131.89 136.49
Face value of an equity Share 10.00 10.00
SIGNIFICANT ACCOUNTING POLICIES 1
The accompanying notes form an integral part of the financial
statements.
As per our report of even date
for SHARP & TANNANChartered Accountants(Firms Registration
No.109982W)
For and on behalf of the Board
ASHWIN B CHOPRAPartnerMembership No. 38159
K. KANNAN K. V. PRAVEENDirector Director
Place : MumbaiDate : May 28, 2014
Place : MumbaiDate : May 28, 2014
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S-7
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2014
2013-14 2012-13 V V
A) Cash flow from operating activities
Net profit before tax 9,079,298 9,876,245
Adjustments for working capital changes
(Increase)/ decrease in trade receivables 31,264,422
(85,793,618)
(Increase)/ decrease in loans and advances (24,005,943)
(5,310,283)
Increase/ (decrease) in trade and other payables (12,399,442)
83,020,601
Cash generated from / (used in) operations 3,938,335
1,792,945
Direct taxes paid during the year (1,730,400) (1,773,350)
Net cash from / (used in) operating activities (A) 2,207,935
19,595
B) Cash flow from investing activities
Net cash from / (used in) investing activities (B)
C) Cash flow from financing activities
Net cash from / (used in) financing activities (C)
Net increase/(decrease) in cash and cash equivalents (A+B+C)
2,207,935 19,595
Cash and cash equivalents as at the beginning of the year 34,059
14,464
Cash and cash equivalents as at the end of the year 2,241,994
34,059
Notes :
1 Cash flow statement has been prepared under the indirect
method as set out in Accounting Standard (AS) 3: Cash Flow
Statements as specified in Companies (Accounting Standards) Rules,
2006 (as amended).
2. Refer Note 8 for components of Cash and cash equivalents.
3. Previous years figures have been regrouped/reclassified
wherever applicable.
As per our report of even date
for SHARP & TANNANChartered Accountants(Firms Registration
No.109982W)
For and on behalf of the Board
ASHWIN B CHOPRAPartnerMembership No. 38159
K. KANNAN K. V. PRAVEENDirector Director
Place : MumbaiDate : May 28, 2014
Place : MumbaiDate : May 28, 2014
-
S-8
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS FOR THE YEAR ENDED
MARCH 31, 2014
1 SIGNIFICANT ACCOUNTING POLICIES
a) Basis of accounting The Company maintains its accounts on
accrual basis following the historical cost convention, in
accordance with generally accepted
accounting principles [GAAP]. Pursuant to circular 15/2013 dated
September 13, 2013 read with circular 08/2014 dated April 4, 2014,
till the Standards of Accounting or any addendum thereto are
prescribed by Central Government in consultation and recommendation
of the National Financial Reporting Authority, the existing
Accounting Standards notified under the Companies Act , 1956 shall
continue to apply. Consequently, these financial statements have
been prepared to comply in all material aspects with the Accounting
Standards notified under Section 211(3C), Companies (Accounting
Standards) Rules, 2006, (as amended) and other relevant provisions
of the Companies Act, 1956. Further, the guidance
notes/announcements issued by the Institute of Chartered
Accountants of India (ICAI) are also considered, wherever
applicable.
The preparation of financial statements in conformity with GAAP
requires that the management of the Company makes estimates and
assumptions that affect the reported amounts of income and expenses
of the period, the reported balances of assets and liabilities and
the disclosures relating to contingent liabilities as of the date
of the financial statements. Examples of such estimates include the
provision for doubtful debts / advances, etc. Difference, if any,
between the actual results and estimates is recognized in the
period in which the results are known.
b) 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 VI to the
Companies Act, 1956 (the Act). The Cash Flow Statement has been
prepared and presented as per the requirements of Accounting
Standard (AS) 3 Cash Flow Statements. The disclosure requirements
with respect to items in the Balance Sheet and Statement of Profit
and Loss, as prescribed in the Schedule VI to the Act, are
presented by way of notes forming part of accounts along with the
other notes required to be disclosed under the notified Accounting
Standards.
c) Revenue recognition Revenue is recognized based on nature of
activity when consideration can be reliably measured and there
exists reasonable certainty of its
recovery.
(i) Revenue from sale of products is recognized when all the
significant risks and rewards of ownership of the products are
passed on to the customers, which is generally on dispatch of goods
and acceptance, when the amount of revenue and the costs incurred
in respect of the transaction can be measured reliably and it is
probable that the economic benefit associated with the transaction
will flow to the Company.
(ii) Interest income is accrued at applicable interest rate.
d) Extraordinary and exceptional Items Income or expenses that
arise from events or transactions that are clearly distinct from
the ordinary activities of the Company are classified as
extraordinary items. Specific disclosure of such
events/transactions is made in the financial statements. Similarly,
any external event beyond the control of the Company, significantly
impacting income or expense, is also treated as extraordinary item
and disclosed as such.
On certain occasions, the size, type or incidence of an item of
income or expense, pertaining to the ordinary activities of the
Company,is such that its disclosure improves an understanding of
the performance of the Company. Such income or expense is
classified as an exceptional item and accordingly disclosed in the
notes to accounts.
e) 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 not free from more than insignificant risk of
change in value, are not included as part of cash and cash
equivalents.
f) Accounting for 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 timing differences between the
income accounted in financial statements and the taxable income for
the year, and quantified using the tax rates and laws enacted or
substantively enacted as on the Balance Sheet date.
Deferred tax assets relating to unabsorbed depreciation/business
losses/losses under the head capital gains are recognised and
carried forward to the extent there is virtual certainty that
sufficient future taxable income will be available against which
such deferred tax assets can be realised.
Other deferred tax assets are recognised and carried forward to
the extent that there is a reasonable certainty that sufficient
future taxable income will be available against which such deferred
tax assets can be realised.
-
S-9
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS FOR THE YEAR ENDED
MARCH 31, 2014 (CONTD.)g) Leases Assets acquired on leases where a
significant portion of the risks and rewards of ownership are
retained by the lessor are classified as operating
leases. Lease rentals are charged to the Statement of Profit and
Loss on accrual basis.
h) Provisions, contingent liabilities and contingent assets (i)
Provisions are recognized for liabilities that can be measured only
by using a substantial degree of estimation, if
1) the Company has a present obligation as a result of a past
event;
2) a probable outflow of resources is expected to settle the
obligation ; and
3) the amount of the obligation can be reliably estimated.
(ii) Reimbursement expected in respect of expenditure required
to settle a provision is recognized only when it is virtually
certain that the reimbursement will be received.
(iii) Contingent liability is disclosed in case of
1) a present obligation arising from past events, when it is not
probable that an outflow of resources will be required to settle
the obligation;
2) a present obligation arising from past events, when no
reliable estimate is possible;
3) a possible obligation arising from past events, where the
probability of outflow of resources is not remote.
(iv) Contingent assets are neither recognized nor disclosed.
(v) Provisions, contingent liabilities and contingent assets are
reviewed at each Balance sheet date.
i) Foreign Currency transactions: a) The reporting currency of
the Company is Indian Rupees.
b) Foreign currency transactions are recorded on initial
recognition in the reporting currency, using the exchange rate at
the date of the transaction. At each Balance Sheet date, foreign
currency monetary items are reported using the closing rate.
Non-monetary items, carried at historical cost denominated in a
foreign currency, are reported using the exchange rate at the date
of the transactions.
Exchange differences that arise on settlement of monetary items
or on reporting of monetary items at each Balance Sheet date at the
closing rate, are recognized as income or expense in the period in
which they arise.
c) Financial statements of foreign operations treated as
integral operations, are translated in the same manner as foreign
currency transactions, as described above. Exchange differences
arising on such translation are recognized as income or expense of
the period in which they arise.
j) Cash Flow Statement Cash Flow Statement is prepared
segregating the cash flows from operating, investing and financing
activities. Cash flow from operating
activities is reported using indirect method. Under the indirect
method, the net profit is adjusted for the effects of:
I. transactions of a non-cash nature
II. any deferrals or accruals of past or future operating cash
receipts or payments and
III. items of income or expense associated with investing or
financing cash flows
Cash and cash equivalents (including bank balances) are
reflected as such in the Cash Flow Statement. Those cash and cash
equivalents which are not available for general use as on the date
of Balance Sheet are also included under this category with a
specific disclosure.
2 SHARE CAPITAL
As at 31.03.2014 As at 31.03.2013
Numbers V Numbers V
Authorised capital :
Equity shares of v 10/- each 10,000,000 100,000,000 10,000,000
100,000,000
Issued, subscribed and paid up:
Equity shares of v 10/- each fully paid up 50,000 500,000 50,000
500,000
(Refer Note No. 25(a) in Schedule 2)
50,000 500,000 50,000 500,000
-
S-10
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
a) Reconciliation of equity shares outstanding at the beginning
and at the end of the year There is no movement in share capital
during the financial years 2013-14 and 2012-13.
b) Terms / rights attached to equity shares (i) The Company has
only one class of equity shares having a par value of R 10/- each.
Each holder of equity share is entitled to one
vote per share.
(ii) All shares issued carry equal rights for dividend declared
by the Company.
(iii) There are no restrictions attached for any specific
shareholder.
c) Equity shares held by holding company
As at 31.03.2014 As at 31.03.2013
Numbers V Numbers V
Larsen & Toubro Limited, along with nomineees 50,000 500,000
50,000 500,000
d) Details of Shareholders holding more than 5% of equity shares
in the Company
As at 31.03.2014 As at 31.03.2013
Numbers % holding Numbers % holding
Larsen & Toubro Limited, along with nominees 50,000 100.00%
50,000 100.00%
e) No shares have been reserved for issue under options and
contracts/commitments for the sale of shares / disinvestment. No
securities have been issued with a right/option to convert the same
into equity shares at a later date.
f) The Company has not bought back any shares or issued shares
for consideration other than cash or issued bonus shares during the
five years immediately preceding the date of Balance Sheet.
As at 31.03.2014 As at 31.03.2013
V V
3 RESERVES AND SURPLUS
Surplus
As per last Balance Sheet 13,160,337 6,335,852
Add: Profit for the year 6,594,298 6,824,485
TOTAL 19,754,635 13,160,337
4 TRADE PAYABLES
Due to -
Micro and small enterprises [Refer Note (a) below]
Other than micro and small enterprises 139,479,616
144,858,235
TOTAL 139,479,616 144,858,235
(a) There have been no transactions during the year with Micro
and small enterprises covered under the Micro, Small and Medium
Enterprises Development (MSMED) Act, 2006.
5 OTHER CURRENT LIABILITIES
Other Payables:
- VAT Payable 2,417,765 5,233,050
- TDS Payable 1,210,471 2,364,249
TOTAL 3,628,236 7,597,299
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS FOR THE YEAR ENDED
MARCH 31, 2014 (CONTD.)
-
S-11
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
As at 31.03.2014 As at 31.03.2013
V V
6 SHORT-TERM PROVISIONS
Income tax 2,485,000 3,051,760
TOTAL 2,485,000 3,051,760
7 TRADE RECEIVABLES
Unsecured,Considered good
Debts outstanding for more than six months
Other debts 127,577,131 158,841,553
TOTAL 127,577,131 158,841,553
8 CASH AND BANK BALANCES
Cash and cash equivalents:
Balance with banks 2,124,479 34,059
Cash on hand 64,117
Other bank balances:
Fixed deposits with banks including interest accrued thereon
with more than 12 months maturity 53,398
TOTAL 2,241,994 34,059
9 SHORT-TERM LOANS AND ADVANCES
Unsecured, considered good
Security deposits 21,012 41,012
Advances to suppliers 25,692,671 4,810,510
Prepaid Expenses 3,807,322
Prepaid Rent 23,113
Other Receivables 103,658
Advances Others 96,400
Rent deposits 286,906
Advance taxes (net of provisions) 5,997,280 5,440,497
TOTAL 36,028,362 10,292,019
10 CONTINGENT LIABILITIES AND COMMITMENTS (a) Contingent
liabilities
Income tax liability in respect of matters which are under
appeal [Refer Notes below] 9,476,590 9,476,590
TOTAL 9,476,590 9,476,590
Note : During the financial year 2012-13, the Company had
received an assessment order under Section143(3) of the Income tax
Act, 1961 dated
March 18, 2013 pertaining to Assessment year 2010-11. As per the
Order, the department has disallowed expenses reimbursed by the
Company to its holding company amounting R.20,097,286/- under
Section 40(a) (ia) of the Act and has raised a demand of R
9,476,590/-
The Company has filed an appeal against the order on April 16,
2013 with Commissioner of Income Tax (Appeals) and obtained a stay
for the initial assessment order.
The Company is confident of winning the case and hence no
provision has been made in the books in this respect.
(b) Commitments as at March 31, 2014 is R. Nil (Previous year R.
Nil)
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS FOR THE YEAR ENDED
MARCH 31, 2014 (CONTD.)
-
S-12
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS FOR THE YEAR ENDED
MARCH 31, 2014 (CONTD.)
2013-14 2012-13
V V
11 REVENUE FROM OPERATIONS
Sale of products :
Gross Sales 592,689,585 1,115,053,249
Less:Excise duty
Net Sales 592,689,585 1,115,053,249
Other Operating revenue:
Income from services to the Group companies 582,221
TOTAL 593,271,806 1,115,053,249
Details of sale of products
Aggregates 258,956,981 599,375,773
Boulders 333,732,604 515,677,476
TOTAL 592,689,585 1,115,053,249
12 OTHER INCOME
Interest from Fixed deposit with bank 1,876
Exchange gain (net) 402,762
TOTAL 404,638
13 OPERATING EXPENSES
Contracting expenses 430,612,602 731,560,292
Power and fuel 23,847,939 93,653,746
Spares and consumables 7,212,119 31,832,182
Royalty 47,485,830 144,114,330
Hire of plant and machinery 44,745,330 65,729,075
Repairs and maintenance - others 19,743 2,981,945
TOTAL 553,923,563 1,069,871,570
14 ADMINISTRATION AND OTHER EXPENSES
Rates and taxes (Includes R.81,778/- pertaining to earlier
period. Previous year R.NIL) 1,544,074 3,412,289
Cost of services 23,866,354 27,917,106
Legal and Professional charges (Refer note (b) below) 462,520
203,900
Printing and stationery 8,344 19,470
Travelling and conveyance 2,611,849 3,475,521
Miscellaneous expenses 155,180 145,812
Lease rentals (Includes R.150,000/- pertaining to earlier
period. Previous year R.NIL) 2,015,866 92,625
TOTAL 30,664,187 35,266,723
(a) The Company does not have any employees on its payroll.
Accordingly, the provisions of the Employees Provident Fund and
Miscellaneous Provisions Act, 1952 and the Payment of Gratuity Act,
1972 are not applicable to the Company for the year.
-
S-13
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
2013-14 2012-13
V V
(b) Legal and Professional charges includes Auditors
remuneration (excluding service tax) as below:
As auditor 225,000 150,000
Certification fees 7,500 11,000
TOTAL 232,500 161,000
15 FINANCE COSTS
Interest - others 9,396 38,711
TOTAL 9,396 38,711
16. SEGMENT REPORTING AS PER ACCOUNTING STANDARD (AS) 17 a) The
Company operates in the single segment of mining and quarrying
operations and accordingly no primary segment reporting has
been made.
b) The Company derives its entire income from India and
accordingly, no geographical segment reporting has been made.
17. DISCLOSURE OF RELATED PARTIES / RELATED PARTY
TRANSACTIONS:
a) List of related parties Holding company : Larsen & Toubro
Limited
b) Transaction with related parties:-
Nature of transaction TransactionV
Amount due from (V)
1) Sales of Boulders and Aggregates
2) Hire charges paid
3) Cost of services paid
4) Re-imbursement of expenses
5) Income from services
592,689,585(1,115,053,249)
44,745,330(65,729,075)
23,356,654(27,471,903)
84,102,857(284,203,002)
582,221(Nil)
127,577,131(158,841,553)
()
()
()
()
(Figures in bracket pertain to those of the previous year)
c) No amount due from or due to related parties has been written
off or written back during the year.
18. The Company has not entered into any finance lease as
specified in Accounting Standard (AS) - 19 Leases. The Company has,
however taken certain land properties, plant and equipment under
cancellable operating lease. These agreements are normally renewed
on expiry, when required.
Lease rentals in respect of operating leases v 46,761,196/-
(previous year R 65,821,700/-)
Contingent rent recognized in the Statement of Profit and Loss
is R Nil (Previous year R Nil)
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS FOR THE YEAR ENDED
MARCH 31, 2014 (CONTD.)
-
S-14
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
HI-TECH ROCK PRODUCTS & AGGREGATES LIMITED
19. Earnings per share (EPS) computed in accordance with
Accounting Standard (AS) 20
Particulars Unit 2013-14 2012-13
Profit after tax for the year s 6,594,298 6,824,485
Number of Equity Shares Number 50,000 50,000
Earnings per Share - Basic and Diluted s 131.89 136.49
Face value of an equity share s 10.00 10.00
20. Figures for the previous year have been regrouped /
reclassified, wherever necessary.
NOTES ACCOMPANYING THE FINANCIAL STATEMENTS FOR THE YEAR ENDED
MARCH 31, 2014 (CONTD.)
As per our report of even date
for SHARP & TANNANChartered Accountants(Firms Registration
No.109982W)
For and on behalf of the Board
ASHWIN B CHOPRAPartnerMembership No. 38159
K. KANNAN K. V. PRAVEENDirector Director
Place : MumbaiDate : May 28, 2014
Place : MumbaiDate : May 28, 2014
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L&T-VALDEL ENGINEERING LIMITED
S-15
DIRECTORS REPORT
Dear Members,
The Directors are delighted to present the report on the
business and operations of the Company together with the Audited
Statements of Accounts and the Auditors Report for the year ended
March 31, 2014.
FINANCIAL RESULTS & YEAR IN RETROSPECT(v in lakhs)
Particulars 2013-14 2012-13
Gross Revenue 8,287.87 8,683.45
PBDIT 270.13 1,133.02
Less: Depreciation 201.75 270.71
Profit Before Tax 68.38 862.31
Less: Provision for Tax 50.00 240.00
Profit After Tax 18.38 622.31
The gross revenue for the financial year under review is v
8,287.87 lakhs, as against v 8,683.45 lakhs for the Year ended
March 31, 2013, thus registering a downtick of 5%. The export
turnover decreased from v 4,468.98 lakhs in 2012-13 to v 4,120.12
Lakhs during the current financial year. The Profit before
Depreciation, Interest and Taxes for the year amounted to v 270.13
lakhs as against v 1,133.02 Lakhs during the previous year.
The year was very challenging in terms of inflows and
realizations. Targeted major jobs were deferred to next financial
year, while the ones which materialized were delayed by a quarter,
thus impacting revenue accruals. Several macro-economic issues
impacted the recovery of the Global Economy despite certain
positives in the developed world. However, with several economies
on recovery path, the investment sentiments have improved, which
has provided a positive outlook in the medium to long term.
APPROPRIATIONSThere are no appropriations to the Companys
earnings.
DIVIDENDThe Board of Directors has not recommended any dividend
for the year 2013-14.
CAPITAL EXPENDITUREAs on March 31, 2014, the gross tangible and
intangible assets stood at v 2,367.94 lakhs and the net tangible
and intangible assets at v 317.67 lakhs. Additions during the year
amounted to v 57.27 lakhs.
CREDIT RATINGCRISIL has retained the rating of AA+ Stable
accorded to LTV.
AUDITORS REPORTThe Auditors Report to the Shareholders does not
contain any qualification.
MATERIAL CHANGES, IF ANY BETWEEN BALANCE SHEET DATE AND DATE OF
DIRECTORS REPORTThere were no material changes between Balance
Sheet date and the date of Directors Report.
SECRETARIAL COMPLIANCE CERTIFICATIONThe Secretarial Compliance
Certificate in accordance with the provisions of Section 383A (as
amended) of Companies Act, 1956 has been obtained from
Mr.Vijayakrishna K T, a Practicing Company Secretary.
DISCLOSURE OF PARTICULARSInformation as per the Companies
(Disclosure of Particulars in the Report of the Board of Directors)
Rules, 1988, relating to Conservation of Energy, Technology
Absorption, Foreign Currency Exchange Earnings and Outgo is
provided in the Annexure A forming part of this Report.
DISCLOSURE UNDER CORPORATE SOCIAL RESPONSIBILITY VOLUNTARY
GUIDELINES, 2009The Company under the umbrella of Larsen &
Toubro Limited, the Parent Company, has substantially been
complying with the requirements of the Guidelines on Corporate
Social Responsibility. The Company is also actively participating
in the CSR initiatives of its Parent Company, which are detailed in
the Sustainability Report hosted on the website
www.larsentoubro.com
PERSONNELThe information required under Section 217 (2A) of the
Companies Act, 1956, read with Companies (Particulars of Employees)
Rules, 1975, as amended, is provided in the Annexure forming part
of the Report. None of the employees listed in the said Annexure is
related to any Director of the Company. In terms of Section 219 (1)
(b) (iv) of the Act, the report and accounts are being sent to the
shareholders excluding the aforesaid annexure. If required, a copy
of the same may be obtained by writing to the Chief Executive.
-
L&T-VALDEL ENGINEERING LIMITED
S-16
SUBSIDIARY COMPANIESThe Company does not have any subsidiary
company.
DIRECTORS RESPONSIBILITY STATEMENTThe Board of Directors of the
Company confirms:
i. that in the preparation of the annual accounts, the
applicable Accounting Standards have been followed and there has
been no material departure;
ii. that the selected accounting policies were applied
consistently and the Directors made judgments and estimates that
are reasonable and prudent so as to give a true and fair view of
the state of affairs of the Company as at March 31, 2014 and of the
profits of the Company for the year ended on that date;
iii. that proper and sufficient care has been taken for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets
of the Company and for preventing and detecting fraud and other
irregularities;
iv. that the annual accounts have been prepared on a going
concern basis. and
v. that the Company has adequate internal systems and controls
in place to ensure compliance with the laws applicable to the
Company.
DIRECTORSAt present the Board of Directors comprises of Mr. U
Dasgupta, Mr. Dinesh Kumar Gupta, Mr. R Srivatsan and Mr. M J
Shantharaam.
During the year, Mr. Shailendra Roy resigned from the Board of
Directors with effect from July 4, 2013 of the Company on January
21, 2013. The Board of Directors places on record its appreciation
of the contribution made by Mr. Shailendra Roy during his tenure as
Director.
Pursuant to the provisions of the Companies Act, 1956 and
Article 25(e) of the Articles of Association of the Company, Mr.
Dinesh Kumar Gupta and Mr. R Srivatsan, Directors retire by
rotation in the forthcoming Annual General Meeting and are eligible
for re-appointment. The proposal for re-appointment of Mr. Dinesh
Kumar Gupta and Mr. R Srivatsan is being placed before the ensuing
Annual General Meeting for approval.
AUDIT COMMITTEEPursuant to the provisions of the Companies Act,
1956, the Audit Committee is not mandatory. The
internal/secretarial audit reports and statutory audit reports are
placed before the Board and deliberated in Board Meetings along
with other mandatory business.
AUDITORSM/s. B.N. Subramanya & Co, Chartered Accountants,
Auditors of the Company hold office until the conclusion of the
ensuing Annual General Meeting and are recommended for
re-appointment. Certificate from the auditors has been received to
the effect that their re-appointment, if made, would be within the
limits prescribed under Section 141 (3) (g) of the Companies Act,
2013.
ACKNOWLEDGEMENTSThe Directors wish to thank the Clients,
bankers, Vendors and business associates for their continued
support and valuable co-operation during the year. The Directors
also wish to place on record their appreciation of the contribution
made by employees at all levels. Our consistent growth was made
possible by their hard work, commitment, solidarity, cooperation
and support. The Directors thank all Government and
Quasi-Governmental Agencies for their continued co-operation and
support to the Company.
For and on behalf of the Board of Directors
U. DASGUPTA D. K. GUPTA Director Director
Place : MumbaiDate : April 15, 2014
ANNEXURES TO DIRECTORS REPORT
ANNEXURE A
Directors Report - Additional information given in terms of
notification issued by the Ministry of Corporate Affairs:
A. Conservation of Energy The operations of the Company are not
energy intensive. The Company has taken various measures to reduce
energy consumption such
as installation of energy saving devices / office equipment and
by enhancing employee awareness / sensitivity on energy usage.
Notable implementations include energy saving hardware, energy
saving lightings, synchronization of lifts.
B. Technology In line with medium term Lakshya 2016 initiative,
which is aligned with that of the Parent Companys, LTV is building
up / enhancing strategic
capabilities to position itself for future. LTV has developed
capabilities in RBD Study, Non-linear Elastoplastic analysis based
on Finite Element
-
L&T-VALDEL ENGINEERING LIMITED
S-17
Method (FEM), Rare Intense Earthquake (RIE) analysis, and
Transportation Fatigue analysis. All these new capabilities have
been successfully implemented in the projects executed for
prestigious clients. With such implementations the Company expects
to position itself to seamlessly deliver faster and more accurate
engineering output with a consistent quality across its centers for
future projects.
C. Certification to Standards LTV has been certified to ISO
9001:2008 (Quality Management System), ISO 27001:2005 (Information
Security Management System), ISO
14001:2004 (Environment Management Systems) and BS OHSAS
18001:2007 (Occupational Health and Safety Assessment Series) and
ISO TS 29001-2010. The Company firmly believes in, and adheres to,
all the environmental standards.
D. Foreign Exchange Earnings and Outgo(v in lakhs)
Particulars 2013-14 2012-13
Foreign Exchange Earnings
FOB Value of Exports 4091.86 4416.99
Other Earnings 28.25 51.99
Earnings from Domestic Customers 311.91 132.29
Foreign Exchange Outgo
Software Expenses 56.91 85.56
Professional Charges 124.97 85.82
Others 39.04 38.30
-
L&T-VALDEL ENGINEERING LIMITED
S-18
SECRETARIAL COMPLIANCE CERTIFICATE
Registration No. of the Company (CIN) :
U74210KA2004PLC035094
Nominal Capital : v 2,00,00,000/-
Paid up Capital : v 1,17,90,000/-
ToThe MembersL&T-Valdel Engineering Limited Bangalore
1. I have examined the registers, records, books and papers of
L&T Valdel Engineering Limited (the Company) as required to be
maintained under the Companies Act, 1956, (the Act) and the rules
made there under and also the provisions contained in the
Memorandum and Articles of Association of the Company for the
financial year ended on the March 31, 2014. In my opinion and to
the best of my information and according to examinations carried
out by me and explanations furnished to me by the Company, its
officers and agents, I certify that in respect of the aforesaid
financial year:
2. The Company has kept and maintained all registers as stated
in Annexure A to this certificate, as per the provisions and the
rules made there under and all entries therein have been duly
recorded.
3. The Company has duly filed the forms and returns as stated in
Annexure B to this certificate, with the Registrar of Companies
within the time prescribed under the Act and the rules made there
under.
4. The Company being a Public Limited Company, has the minimum
prescribed paid up capital as per the provisions of Companies Act,
1956; the Company has the requisite number of members and the
provisions of the Act do not prescribe maximum number of members
for such a Public Limited Company.
5. The Board of Directors duly met 4 (Four) times during the
financial year 2013-2014, the dates being 15.04.2013, 25.09.2013,
31.12.2013 and 20.02.2014 in respect of which meetings proper
notices were given and the proceedings were properly recorded and
signed including the circular resolutions passed, in the Minutes
Book maintained for the purpose.
6. The Company was not required to close its Register of Members
during the financial year.
7. The Annual General Meeting for the financial year ended on
31.03.2013 was held on 30.05.2013 after giving due notice to the
members of the Company and the resolutions passed thereat were duly
recorded in Minutes Book maintained for the purpose.
8. One Extra Ordinary General Meeting was held on 18.03.2014
during the financial year.
9. The Company has not advanced any loans to its Directors or
persons or firms or Companies referred to under Section 295 of the
Act.
10. The Company has not entered into contracts falling within
the purview of Section 297 of the Act during the year.
11. The Company has made necessary entries in the register
maintained under Section 301 of the Act.
12. As there was no instance falling within the purview of
Section 314 of the Act, the Company has not obtained any approvals
from the Board of Directors, members or Central Government.
13. The Company has not issued any duplicate share certificates
during the financial year under scrutiny.
14. The Company:
i. has not declared any dividend during the year and there is no
unpaid dividend accounts in the records of the Company;
ii. was not required to deposit any amount in a separate Bank
Account as no dividend was declared during the financial year;
iii. was not required to post warrants to any member of the
Company as no dividend was declared during the financial year;
iv. was not required to transfer any funds to the Investor
Education and Protection Fund;
v. has duly complied with the requirement of Section 217 of the
Act.
15. The Board of Directors of the Company is duly
constituted.
16. There were changes in the composition of the Board of
Directors and the Company has duly complied with the provisions of
the Act in this respect.
17. The Company has not appointed any sole-selling agents during
the financial year.
18. The Company was not required to obtain any approvals of the
Central Government, Company Law Board, Regional Director, Registrar
and/or such authorities prescribed under the various provisions of
the Act during the financial year.
19. The Directors have disclosed their interests in other firms/
companies to the Board of Directors pursuant to the provisions of
the Act and the rules made there under.
20. The Company has not issued Equity Shares and has not issued
any Debentures or other Securities during the financial year.
21. The Company has transferred Share during the financial year
under scrutiny.
22. The Company has not bought back Shares during the financial
year under scrutiny.
23. There was no redemption of Preference Shares or Debentures
during the financial year.
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L&T-VALDEL ENGINEERING LIMITED
S-19
24. There were no transactions necessitating the Company to keep
in abeyance the rights to dividend, rights shares and bonus shares
pending registration of transfer of shares.
25. The Company has not invited/accepted any deposits including
any unsecured loans falling within the purview of Section 58A
during the financial year.
26. The Company has not made any borrowings during the financial
year in violation of the provisions of Section 293(1) (d) of the
Act.
27. The Company has not made any loans or advances or given
guarantees or provided securities to other bodies corporate and
consequently no entries have been made in the register kept for the
purpose.
28. The Company has not altered the provisions of the Memorandum
with respect to situation of the Companys registered office during
the financial year under scrutiny.
29. The Company has not altered the provisions of the Memorandum
with respect to the objects of the Company during the financial
year under scrutiny.
30. The Company has not altered the provisions of the Memorandum
with respect to the name of the Company during the financial year
under scrutiny.
31. The Company has not altered the provisions of the Memorandum
with respect to the Share Capital of the Company during the
financial year under scrutiny.
32. The Company has altered its Articles of Association during
the financial year.
33. There were no prosecutions initiated against or show cause
notices received by the Company and no fines or penalties or any
other punishment was imposed on the Company during the financial
year, for offences under the Act.
34. The Company has not received any money as security from its
employees during the financial year.
35. The Company has deposited both employees and employers
contribution to the Provident Fund with prescribed authorities
pursuant to Section 418 of the Act.
VIJAYAKRISHNA KT
Place: BangaloreDate: April 11, 2014
ANNEXURE AFollowing were the registers maintained by the
Company:
1. Register of Allotment
2. Register of Members
3. Register of Transfer
4. Register of Directors
5. Register of Directors shareholding
6. Register of Disclosures
7. Register of Debentures
8. Register of Contracts
9. Register of Charges
10. Minutes of the meetings of Board of Directors and
Shareholders
ANNEXURE BForms and returns as filed by the Company with the
ROC, Regional Director, Central Government or other authorities
during the financial year ended March 31, 2014:
Sl. No.
Form No./ Return
Filed under Section For Date of Filing
Whether filed within the Prescribed time
Yes/ No
If delay in filing whether requisite additional fee paid
Yes/ No
1. Form 66 383A Secretarial Compliance Report
18.06.2013 Yes No
2. Form 20B 159 Annual Return 26.07.2013 Yes No
3. Form 23AC & 23ACA
220 Annual Accounts 28.06.2013 Yes No
4. Form 32 303 (2) Change in Designation 18.06.2013 Yes No
5. Form 32 303 (2) Resignation 16.07.2013 Yes No
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L&T-VALDEL ENGINEERING LIMITED
S-20
INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF M/S.
L&T-VALDEL ENGINEERING LIMITED
Report on the Financial StatementsWe have audited the
accompanying financial statements of M/s. L&T-VALDEL
ENGINEERING LIMITED (the Company) which comprise the Balance Sheet
as at March 31, 2014, and the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory
information.
Managements Responsibility for the Financial
StatementsManagement is responsible for the preparation of these
financial statements that give a true and fair view of the
financial position, financial performance and cash flows of the
Company in accordance with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956 (the
Act). This responsibility includes the design, implementation of
internal control relevant to the preparation and presentation of
the financial statements that give a true and fair view and are
free from material misstatement, whether due to fraud or error.
Auditors ResponsibilityOur responsibility is to express an
opinion on these financial statements based on our audit. We
conducted our audit in accordance with the Standards on Auditing
issued by the Institute of Chartered Accountants of India. Those
Standards require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Companys preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate
in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness
of the accounting estimates made by management, as well as
evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
OpinionIn our opinion and to the best of our information and
according to the explanations given to us, the financial statements
give the information required by the Act in the manner so required
and give a true and fair view in conformity with the accounting
principles generally accepted in India:(a) In the case of the
Balance Sheet, of the state of affairs of the Company as at March
31, 2014;(b) In the case of the Statement of Profit and Loss, of
the profit for the year ended on that date; and(c) In the case of
the Cash Flow Statement, of the cash flows for the year ended on
that date1. As required by the Companies (Auditors Report) Order,
2003 (the Order) issued by the Central Government of India in terms
of sub-section
(4A) of Section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the
Order.2. As required by Section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to
the best of our knowledge and belief were necessary for the purpose
of
our audit; b. in our opinion proper books of account as required
by law have been kept by the Company so far as appears from our
examination of
those books; c. the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement dealt with by this Report are in agreement
with the books of
account; d. in our opinion, the Balance Sheet, Statement of
Profit and Loss, and Cash Flow Statement comply with the Accounting
Standards referred
to in subsection (3C) of Section 211 of the Companies Act, 1956;
e. on the basis of written representations received from the
directors as on March 31, 2014, and taken on record by the Board of
Directors,
none of the directors is disqualified as on March 31, 2014, from
being appointed as a director in terms of clause (g) of sub-section
(1) of Section 274 of the Companies Act, 1956;
f. Since the Central Government has not issued any notification
as to the rate at which the cess is to be paid under Section 441A
of the Companies Act, 1956 nor has it issued any Rules under the
said Section, prescribing the manner in which such cess is to be
paid, no cess is due and payable by the Company.
For B N SUBRAMANYA & CO. Chartered Accountants Firm
Reg.No.004142S
DEVENDRA NAYAK PartnerPlace : Bangalore Membership No. 27449Date
: April 16, 2014
ANNEXURE TO AUDITORS REPORT
(i) Fixed Assets a) The Company has maintained proper records of
fixed assets showing full particulars, including quantitative
details and situation of the
assets. b) The Management has conducted a physical verification
of the fixed assets during the year and no material discrepancies
were noticed
on such verification. c) On the basis of our examination of the
books and records of the Company, and according to the information
and explanations given to
us, in our opinion, the disposal of the fixed assets were not
substantial and therefore do not affect the going concern
assumption.
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L&T-VALDEL ENGINEERING LIMITED
S-21
(ii) Inventory The activity of the Company during the year did
not require holding of any inventory other than consumable stores,
value of which is not
significant. Accordingly the provisions of clause (ii) (a), (b)
& (c) of the above said order are not applicable to the
Company.(iii) Loans and Advances a) The Company has not taken any
loans, secured or unsecured from companies, firms or other parties
covered in the register maintained
under Section 301 of Companies Act, 1956 during the year.
Accordingly provisions of clause (iii) (b), (c) & (d) of the
above said order are not applicable to the Company
b) The Company has not granted any loans secured or unsecured to
companies, firms or other parties covered in the register
maintained under Section 301 of Companies Act, 1956 during the
year. Accordingly provisions clause (iii) (f) & (g) of the
above said order are not applicable to the Company.
(iv) Internal Control In our opinion and according to the
information and explanations given to us, there is an adequate
internal control system commensurate with
the size of the Company and the nature of its business, for the
purchase of fixed assets and consumable stores. The activities of
the Company do not involve purchase of inventory and sale of goods.
We have not noted any continuing failure to correct major weakness
in the internal controls during the course of audit.
(v) Particulars of contracts and arrangements required to be
entered in the register maintained under Section 301 In our
opinion, and according to the information and explanations given to
us, there were no contracts and arrangements entered during the
year that need to be entered into the register maintained u/s
301 of the Companies Act, 1956. Hence no comment is required on
clause (b) of (v).
(vi) Deposits According to the information and explanation given
to us, the Company has not accepted any deposits from the public
and consequently the
provisions of Section 58A and 58AA of the Companies Act, 1956,
and the rules framed there under are not applicable.(vii) Internal
Audit In our opinion, the Company has an internal audit system
which is commensurate with the size and nature of its business.(ix)
Statutory Dues a) According to the records of the Company, the
Company is regular in depositing with appropriate authorities
undisputed statutory dues
including provident fund, employees state insurance, income tax,
sales tax, wealth tax, service tax, customs duty, excise duty, cess
and other statutory dues applicable to it.
b) According to the information and explanations given to us and
based on the records available, the Company had no undisputed
amounts payable in respect of provident fund, investor education
and protection fund, employees state insurance, income tax, wealth
tax, sales tax, service tax, customs duty, excise duty, cess and
any other statutory dues with the appropriate authorities as at the
last day of the financial year concerned, for a period more than
six months from the date they were payable.
c) According to the records of the Company, there are no dues of
sale tax, customs duty, wealth tax, excise duty, service tax, cess
which have not been deposited on account of any dispute except in
the case of Income Tax, details of which are furnished below:
Name of the Statute
Nature of Dues Amount (v) Period to which amount relates to
Forum Where dispute is pending
Income Tax Act, 1961
Income Tax on account of disallowance of claim u/s.10A and Other
Expenses
2,63,149/- A Y 2009-10 ITAT
Income Tax Act, 1961
Income Tax on account of disallowance of claim u/s.10A and Other
Expenses
3,75,14,649/- A Y 2011-12 CIT-Appeals
(x) Erosion of networth According to the information and
explanations given to us and based on the records available, the
Company does not have accumulated
losses at the end of the financial year and has not incurred
cash losses in current financial year and in the immediately
preceding financial year.
(xi) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that
the Company has not defaulted in repayment of dues to banks. The
Company has no dues to any other financial institution or debenture
holders.
(xii) According to the records of the Company, the Company has
not granted any loans and advances on the basis of security by way
of pledge of shares, debentures or other securities.
(xv) According to the information and explanations given to us,
the Company has not given any guarantee for the loans taken by
others from the bank or financial institutions.
(xvi) According to the information and explanations given to us,
the Company has not availed any term loans from Bank during the
year, hence no comment is required.
(xvii) According to the information and explanations given to us
and on an overall examination of the Balance Sheet of the Company,
we report that no funds raised on short-term basis have been used
for long-term investment by the Company.
(xxi) In our opinion and to the best of our information and
according to the explanations given to us no fraud on or by the
Company have been noticed or reported during the year.
Clauses (viii), (xiii), (xiv), (xviii), (xix) and (xx) of Part A
are not applicable to the Company. For B N SUBRAMANYA & CO.
Chartered Accountants Firm Reg.No.004142S
DEVENDRA NAYAK PartnerPlace : Bangalore Membership No. 27449Date
: April 16, 2014
-
L&T-VALDEL ENGINEERING LIMITED
S-22
BALANCE SHEET AS AT MARCH 31, 2014
As at 31.03.2014 As at 31.03.2013
Note No. v v v v
EQUITY AND LIABILITIES1 Shareholders' funds
(a) Share Capital 2.1.a 1,17,90,000 1,17,90,000 (b) Reserves and
Surplus 2.1.b 48,62,60,536 48,44,22,448
49,80,50,536 49,62,12,448 2 Non-current liabilities
(a) Long-term provisions 2.2.a 1,75,50,091 1,19,16,183
1,75,50,091 1,19,16,183 3 Current liabilities
(a) Short-term borrowings 2.3.a (b) Trade payables 2.3.b
4,83,84,489 4,21,65,347 (c) Other current liabilities 2.3.c
13,51,52,010 10,17,66,587 (d) Short-term provisions 2.3.d 38,76,335
26,09,325
18,74,12,834 14,65,41,259
TOTAL 70,30,13,461 65,46,69,890
ASSETS1 Non-current assets
(a) Fixed assets(i) Tangible assets 3.1.a 2,85,13,443
3,85,62,804 (ii) Intangible assets 3.1.a 32,54,207 85,26,351
3,17,67,650 4,70,89,155 (b) Deferred tax assets (Net) 3.1.b (c)
Long-term loans and advances 3.1.c 3,85,35,013 2,83,87,013 (d)
Other non-current assets 3.1.d 41,02,786 41,46,219
7,44,05,449 7,96,22,387 2 Current assets
(a) Current investments 3.2.a 83,97,842 83,37,748 (b) Trade
receivables 3.2.b 19,98,01,611 23,04,47,816 (c) Cash and bank
balances 3.2.c 11,27,35,805 8,54,54,939 (d) Short-term loans and
advances 3.2.d 4,86,25,395 4,14,20,520 (e) Other current assets
3.2.e 25,90,47,359 20,93,86,480
62,86,08,012 57,50,47,503
TOTAL 70,30,13,461 65,46,69,890
Contingent Liabilities 7Significant Accounting Policies 1Notes
forming part of Accounts 2-18
As per our report of even date
FOR B. N. SUBRAMANYA & CO.Chartered Accountants
For and on behalf of the Board
DEVENDRA NAYAKPartnerMembership No. 27449
U. DASGUPTA D. K. GUPTADirector
DIN - 00129114Director
DIN - 03116099
Place : BangaloreDate : April 16, 2014
Place : MumbaiDate : April 15, 2014
-
L&T-VALDEL ENGINEERING LIMITED
S-23
As per our report of even date
FOR B. N. SUBRAMANYA & CO.Chartered Accountants
For and on behalf of the Board
DEVENDRA NAYAKPartnerMembership No. 27449
U. DASGUPTA D. K. GUPTADirector
DIN - 00129114Director
DIN - 03116099
Place : BangaloreDate : April 16, 2014
Place : MumbaiDate : April 15, 2014
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31,
2014
2013-14 2012-13
Note No. v v v v
REVENUE Revenue from Operations 4.1 81,56,19,877 83,98,99,916
Other Income 4.2 1,31,68,006 2,84,45,509
Total Revenue 82,87,87,883 86,83,45,425
EXPENSES Employee Benefit Expenses 5.1 57,76,34,081 52,98,26,607
Operating Expenses 5.2 21,98,73,662 22,30,44,799 Finance Costs 5.3
4,549 8,762 Depreciation and amortization 5.4 2,01,75,761
2,70,71,967 Other expenses 5.5 42,61,742 21,62,303
Total Expenses 82,19,49,795 78,21,14,438
Profit before tax 68,38,088 8,62,30,987 Less: Tax Expenses
Current Tax 50,00,000 2,40,00,000 Deferred Tax
50,00,000 2,40,00,000
Profit for the period 18,38,088 6,22,30,987
Earnings per equity share Basic & Diluted 2 53 No. of Equity
Shares 11,79,000 11,79,000
Significant Accounting Policies 1Notes forming part of Accounts
2 to 18
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L&T-VALDEL ENGINEERING LIMITED
S-24
CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2014
2014 v
2013v
A. Cash flow from Operating Activities:Profit Before Tax
68,38,088 8,62,30,987 Adjustments for :Income from units of Mutual
Funds Realized (8,88,829) (42,24,362)Income from units of Mutual
Funds Unrealized 48,290 Provision /(reversal) for diminution in
value of investments 3,038 Depreciation (including obsolescence),
amortization and impairment 2,01,75,761 2,70,71,967 Premium on
Forward Contracts 1,57,80,246 Unrealized foreign exchange
difference - net (gain)/loss 21,71,339 (13,86,488)Interest (net)
(17,73,939) (15,17,582)(Profit)/Loss on sale of fixed assets (net)
(97,327) 2,85,895 (Profit)/Loss on sale of investments (net)
(25,13,019) (56,73,672)
Operating profit before working capital changes 2,39,12,074
11,66,18,320
Adjustments for :(Increase)/Decrease in trade and other
receivables (9,30,57,200) (16,55,32,806)Increase/(Decrease) in
trade and other payables 4,15,05,483 (8,65,40,389)
Cash generated from operations (2,76,39,643)
(13,54,54,875)Direct taxes refund/(paid)- net 5,45,61,745
6,97,71,118
Net Cash from Operating Activities 2,69,22,102 (6,56,83,757)
B. Cash flow from Investing Activities:Purchase of fixed assets
(57,27,131) (1,02,73,607)Sale of fixed assets 9,70,201 4,93,125
Purchase of investments (27,13,82,704) (29,82,94,861)Sale of
investments 27,13,22,611 30,49,54,075 Loans/Deposits made with
subsidiaries / associates and third parties (net) Advance towards
equity commitment Interest received 17,78,488 15,26,344 Profit on
Sale of fixed assets Profit on Sale of Investments 25,13,019
56,73,672 Income from units of Mutual Funds 8,88,829 42,24,362
Actual Loss on Forward Contracts (1,19,66,144)
Net Cash (used in)/ from Investing Activities 3,63,313
(36,63,034)
C. Cash flow from Financing Activities:Tax on dividend Interest
paid (4,549) (8,762)
Net Cash (used in)/ from Financing Activities (4,549)
(8,762)
Net (decrease) / increase in cash and cash equivalents (A + B +
C) 2,72,80,866 (6,93,55,553)Cash and cash equivalents at beginning
of the period 8,54,54,939 15,48,10,492
Cash and cash equivalents at end of the period 11,27,35,805
8,54,54,939
Notes 1 Cash flow statement has been prepared under the indirect
method as set out in the Accounting Standard 3 : Cash Flow
Statements as specified in the Companies Accounting Standard Rules,
2006.
2 Cash and cash equivalents at the end of the year represent
cash and bank balances and include unrealized loss of v 31,36,860/-
(Previous year v 9,76,383/- unrealized loss) on account of
translation of foreign currency bank balances.
3 The cash and cash equivalents for the current year includes v
76,42,012/- (PY: v 65,75,748/-) which does not meet the definition
of cash and cash equivalents as per Accounting Standard 3 specified
under The Companies (Accounting Standards) Rules, 2006.
4 Previous years figures have been regrouped / reclassified
wherever applicable.
As per our report of even date
FOR B. N. SUBRAMANYA & CO.Chartered Accountants
For and on behalf of the Board
DEVENDRA NAYAKPartnerMembership No. 27449
U. DASGUPTA D. K. GUPTADirector
DIN - 00129114Director
DIN - 03116099
Place : BangaloreDate : April 16, 2014
Place : MumbaiDate : April 15, 2014
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L&T-VALDEL ENGINEERING LIMITED
S-25
NOTES FORMING PART OF THE ACCOUNTS
1. SIGNIFICANT ACCOUNTING POLICIES
Company Overview:L&T-Valdel Engineering Limited (LTV) is a
wholly owned subsidiary of M/s. Larsen & Toubro Limited. LTV
provides complete engineering solutions for Upstream Oil & Gas
sector and offers design engineering services covering concept /
feasibility studies, de-bottlenecking studies, FEED, pre-bid
Engineering, pre-engineering survey, detailed engineering, as-built
documentation services and project management services for Oil
& Gas projects globally.
A. Significant Accounting Policies
1. Basis of Preparation of Financial Statements The accompanying
financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the
historical cost convention and on the accrual basis. GAAP
comprises the applicable provisions of the Companies Act, 1956 and
mandatory Accounting Standards as per the Companies (Accounting
Standards) Rule, 2006 and other Accounting Standards issued by
ICAI, not yet notified. Accounting policies have been consistently
applied except where a newly issued accounting standard is
initially adopted or revi