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CES Ltd. कंपली की लेखा नीति
Mar 31, 2025
24. Significant Accounting Policies
a) Functional and Presentation Currency
These financial statements are presented in Indian rupees, which is the functional currency
of the Company. Functional currency of an entity is the currency of the primary economic
environment in which the entity operates.
All financial information presented in Indian Rupees (?) has been rounded off to the nearest
Lakhs, except otherwise stated.
The functional and reporting currency of the Group is the Indian Rupee. The functional
currency for CES USA Inc. and its affiliates is the United States Dollar. The functional
currency for CES Infotech Limited is the Euro. Foreign currency transactions are recorded
at the exchange rate in effect at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are remeasured at the exchange rate in effect at the
reporting date. Translation adjustments are recorded at the exchange rate in effect at the
balance sheet date, with the exception of certain balances that are translated at the historical
rate. Operating accounts are translated at the average rate for the period. Translation
adjustments are reported as an element of other comprehensive income, net of income taxes.
b) Foreign Currency Transactions and Translations
In preparing the financial statements of the Group, transactions in currencies other than
the Group''s functional currency (foreign currencies) are recognized at the rates of exchange
prevailing at the dates of the transactions. At the end of each reporting period, monetary
items denominated in foreign currencies are retranslated at the rates prevailing at that date.
Non-monetary items that are measured in terms of historical cost in a foreign currency are
not retranslated. Exchange differences on monetary items are recognized in profit or loss
in the period in which they arise.
c) Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity. Financial assets and financial
liabilities are initially measured at transaction values and where such values are different
from the fair value, at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets
and financial liabilities at fair value through the statement of profit and loss) are added to
or deducted from the fair value of the financial assets or financial liabilities, as appropriate,
on initial recognition. Transaction costs directly attributable to the acquisition of financial
assets or financial liabilities at fair value through the statement of profit and loss are
recognized immediately in the statement of profit and loss.
1) Financial Assets
The Group''s Financial Assets mainly comprise of:
⢠Current financial assets mainly consist of trade receivables, cash and bank balances,
fixed deposits with banks and financial institutions, Income Tax Refunds, GST ITC, and
other current receivables.
⢠Non-current financial assets mainly consist of financial investments in equity, fixed
deposits and non-current deposits.
i) Initial Recognition and Measurement
The Group recognizes a financial asset when it becomes party to the contractual provisions
of the instrument and are recognised at transaction price. All regular purchases or sales of
financial assets are recognized and derecognized on a trade date basis, i.e., the date that
the Group commits to purchase or sell the asset.
ii) Subsequent Measurement
For purposes of subsequent measurement, financial assets are classified in the following
categories:
iii) Financial Assets at Amortized Cost;
A Financial asset is measured at the amortized cost if both the following conditions are
met:
The asset is held within a business model whose objective is to hold assets for collecting
contractual cash flows, and
Contractual terms of the asset give rise on specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the principal amount outstanding.
Financial assets at amortized cost category are the most relevant to the Group. It comprises
of current financial assets such as trade receivables, cash and bank balances, fixed deposits
with bank and financial institutions, other current receivables and non-current financial
assets such as non-current receivables and deposits. After initial measurement, such
financial assets are subsequently measured at amortized cost using the effective interest
rate (EIR) method. The EIR amortization is included in other income in the statement of
profit and loss. The losses arising from impairment, if any are recognized in the statement
of profit and loss.
There are no mutual fund investments or items measured at fair value through profit or
loss. Fair values approximate carrying amounts due to the short-term nature of these
instruments. No Level 1, 2, or 3 fair value measurements are applicable as no instruments
are carried at fair value.
iv) Impairment
In accordance with Ind AS 109, the Group applies Expected Credit Loss (ECL) model for
measurement and recognition of impairment loss on the following financial assets:
⢠Trade Receivables
⢠Other financial assets that are measured at amortized cost.
In case of trade receivables, the Group follows a simplified approach wherein an amount
equal to lifetime ECL is measured and recognized as loss allowance. In case of other assets,
the Group determines if there has been a significant increase in credit risk of the financial
asset since initial recognition. If the credit risk of such assets has not increased significantly,
an amount equal to 12-month ECL is measured and recognized as loss allowance.
However, if credit risk has increased significantly, an amount equal to lifetime ECL is
measured and recognized as loss allowance.
2) Financial Liabilities and Equity Instruments
The Group''s Financial Liabilities mainly comprise of:
⢠Current financial liabilities mainly consist of trade payables and liability for capital
expenditure.
i) Initial Recognition and measurement of Financial Liabilities
The Group recognizes a financial liability in its balance sheet when it becomes party
to the contractual provisions of the instrument. All financial liabilities are
recognized initially at transaction value. Financial liabilities are initially recognized
and measured at amortized cost.
ii) Derecognition of Financial Liability
A financial liability is derecognized when the obligation under the liability is
discharged or cancelled or expired. When an existing financial liability is replaced
by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is
treated as the derecognition of the original liability and the recognition of a new
liability. The difference in the respective carrying amounts is recognized in the
statement of profit and loss.
Fair values approximate carrying amounts due to the short-term nature of these instruments.
No Level 1, 2, or 3 fair value measurements are applicable as no instruments are carried at fair
value.
d) Equity and Share Capital
a) Share capital and securities premium
The authorised share capital of the Company as at March 31, 2025 is ? 3,650 Lakhs divided
into 3,65,00,000 equity shares of ?10 each. Par value of the equity shares is recorded as share
capital and the amount received in excess of par value is classified as securities premium.
Every holder of the equity shares, as reflected in the records of the Company as at the date
of the shareholder meeting shall have one vote in respect of each share held for all matters
submitted to vote in the shareholder meeting.
b) Capital Reserve
Capital reserve amounting to ?870 Lakhs (March 31, 2025) is not freely available for
distribution.
c) Retained earnings
Retained earnings comprises of the Company''s undistributed earnings after taxes.
d) Capital Management (Ind-AS 1)
The Group''s capital management objectives are to maintain a strong capital base to support
business growth, ensure going concern status, and maximize shareholder value while
complying with regulatory requirements. Capital is managed through retained earnings and
internal accruals, with no external borrowings (Debt-Equity Ratio: Nil; previous year: Nil).
Net debt (total borrowings less cash and cash equivalents) is Nil (previous year: Nil). There
are no debt covenants as the Group has no borrowings. The Group monitors key metrics
such as gearing ratio (0%) and return on capital employed (30.35%; previous year: 35.08%).
Policies include optimizing working capital, prudent investments, and dividend
distributions subject to profitability and growth needs.
e) Property, Plant and Equipment
i) Recognition and measurement
Property, plant and equipment are measured at cost less accumulated depreciation and
impairment losses, if any. Cost includes expenditures directly attributable to the acquisition
of the asset. General and specific borrowing costs directly attributable to the construction of
a qualifying asset are capitalized as part of the cost. Capital work-in-progress are measured
at cost less accumulated impairment losses, if any.
ii) Depreciation
The Group depreciates property, plant and equipment over the estimated useful life on a
straight-line basis from the date the assets are available for use. Leasehold improvements are
amortized over the shorter of estimated useful life of the asset or the related lease term. Term
licenses are amortized over their respective contract term. Freehold land is not depreciated.
The estimated useful life of assets is reviewed and where appropriate are adjusted, annually.
The estimated useful lives of assets are as follows:
When parts of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items (major components) of property, plant and equipment.
Subsequent expenditure relating to property, plant and equipment is capitalized only when
it is probable that future economic benefits associated with these will flow to the Group and
the cost of the item can be measured reliably.
Deposits and advances paid towards the acquisition of property, plant and equipment
outstanding as at each reporting date is classified as capital advances under other non¬
current assets and the cost of property, plant and equipment not available for use before such
date are disclosed under capital work-in-progress.
Impairment of Long-lived Assets
Long-lived assets, such as property and equipment and other assets are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount
of an asset may not be recoverable. The recoverability of assets to be held and used is
measured by a comparison of the carrying amount of an asset to estimated undiscounted
future cash flows expected to be generated by the asset. If the carrying amount of an asset
exceeds its estimated future cash flows, an impairment charge is recognized by the amount
by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be
disposed of are reported at the lower of the carrying amount or fair value less costs to sell,
and depreciation ceases. No impairment was recognized during the year.
f) Goodwill and Intangible Assets
a) Goodwill
The excess of the cost of an acquisition over the Group''s share in the fair value of the
acquiree''s identifiable assets and liabilities is recognised as goodwill. If the excess is negative,
a bargain purchase gain is recognised in equity as capital reserve. Goodwill is measured at
cost less accumulated impairment (if any). Goodwill associated with disposal of an operation
that is part of cash-generating unit is measured based on the relative values of the operation
disposed of and the portion of the cash-generating unit retained, unless some other method
better reflects the goodwill associated with the operation disposed of.
Under Ind-AS 36, goodwill is not amortized but tested annually for impairment. The Group
performs impairment testing for goodwill allocated to Cash Generating Units (CGUs)
identified as IT Services and ITES segments. Key assumptions for impairment testing include
discount rate of 8-10%, long-term growth rate of 3-5%, and revenue growth projections based
on historical trends and market conditions. Sensitivity analysis shows that a 1% increase in
discount rate or 1% decrease in growth rate would not result in impairment. No impairment
loss was recognized for the year (previous year: Nil). Goodwill balance: ^655.79 Lakhs
(previous year: ^655.79 Lakhs).
b) Intangible assets
Intangible assets acquired separately are measured at cost of acquisition. Intangible assets
acquired in a business combination are measured at fair value as at the date of acquisition.
Following initial recognition, intangible assets are carried at cost less accumulated
amortization and impairment losses, if any.
The amortization of an intangible asset with a finite useful life reflects the manner in which
the economic benefit is expected to be generated.
g) Leases (Ind-AS 116)
The Group as a Lessee
The Group enters into an arrangement for lease of land, buildings, plant and equipment
including computer equipment and vehicles. Such arrangements are generally for a fixed
period but may have extension or termination options. The Group assesses, whether the
contract is, or contains, a lease, at its inception. A contract is, or contains, a lease if the
contract conveys the right to:
a) control use of an identified asset,
b) obtain substantially all the economic benefits from use of the identified asset, and
c) direct the use of the identified asset.
The Group determines the lease term as the non-cancellable period of a lease, together with
periods covered by an option to extend the lease, where the Group is reasonably certain to
exercise that option.
The Group at the commencement of the lease contract recognizes a Right of Use ("RoU")
asset at cost and corresponding lease liability, except for leases with term of less than twelve
months (short-term leases) and low-value assets. For these short-term and low value leases,
the Group recognizes the lease payments as an operating expense on a straight-line basis
over the lease term.
The cost of the RoU assets comprises the amount of the initial measurement of the lease
liability, any lease payments made at or before the inception date of the lease, plus any
initial direct costs, less any lease incentives received. Subsequently, the RoU assets are
measured at cost less any accumulated depreciation and accumulated impairment losses, if
any. The RoU assets are depreciated using the straight-line method from the
commencement date over the shorter of lease term or useful life of RoU assets. The
estimated useful lives of RoU assets are determined on the same basis as those of property,
plant and equipment.
The Group applies Ind AS 36 to determine whether a RoU asset is impaired and accounts
for any identified impairment loss as described in the impairment of non-financial assets
below.
For lease liabilities at the commencement of the lease, the Group measures the lease liability
at the present value of the lease payments that are not paid at that date. The lease payments
are discounted using the interest rate implicit in the lease, if that rate is readily determined,
if that rate is not readily determined, the lease payments are discounted using the
incremental borrowing rate that the Group would have to pay to borrow funds, including
the consideration of factors such as the nature of the asset and location, collateral, market
terms and conditions, as applicable in a similar economic environment.
After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. The Group recognizes the
amount of the remeasurement of lease liability as an adjustment to the RoU assets. Where
the carrying amount of the RoU asset is reduced to zero and there is a further reduction in
the measurement of the lease liability, the Group recognizes any remaining amount of the
re-measurement in the statement of profit and loss. Payment of lease liabilities are classified
as cash used in financing activities in the statement of cash flows.
The Group''s leases are net of taxes, insurance, and maintenance and there are non-lease
components which include common area maintenance. The Group has elected the practical
expedient to not separate non-lease components from lease components and thus recognize
a single lease component for all of its right-of-use assets and lease liabilities.
The Group recognizes right-of-use ("ROU") assets and lease liabilities for leases with terms
greater than 12 months or leases that contain a purchase option that is reasonably certain to
be exercised. Leases are classified as either finance or operating leases. This classification
dictates whether lease expense is recognized based on an effective interest method or on a
straight-line basis over the term of the lease.
The Group believes that it has no contracts that contain embedded leases. The Group''s
leases are net of taxes, insurance, and maintenance and there are nonlease components
which include common area maintenance. The Group has elected the practical expedient to
not separate nonlease components from lease components. The Group has used its
incremental borrowing rate at the time of entering the leases to determine the discount rate
for its leases unless the Group can specifically determine the lessor''s implicit rate. Certain
lease contracts contain non-lease components such as maintenance and utilities. The Group
has made a policy election to not separate the lease and non-lease components and thus
recognize a single lease component for all of its right-of-use assets and lease liabilities. The
operating lease ROU asset also includes any lease payments made and excludes lease
incentives, if any.
Short-term leases (leases with an initial term of 12 months or less or leases that are
cancelable by the lessee and lessor without significant penalties) are not capitalized but are
expensed on a straight-line basis over the lease term.
In evaluating contracts to determine if they qualify as a lease, the Group considers factors
such as if it has obtained substantially all of the rights to the underlying asset through
exclusivity, if the Group can direct the use of the asset by making decisions about how and
for what purpose the asset will be used and if the lessor has substantive substitution rights.
Furthermore, the Group assesses whether it is reasonably certain to exercise options to
extend or terminate a lease considering all relevant factors that create economic incentive
to exercise such options, including asset, contract, market, and entity-based factors. These
evaluations may require significant judgment.
Weighted-average remaining lease term - Operating leases: 4.6 years (previous year: 5.5
years).
Weighted-average discount rate - Operating leases: 8.00% (previous year: 8.00%).
Total cash outflow for leases: ^132.72 Lakhs (previous year: ^122.79 Lakhs).
h) Employee Benefits
Gratuity
The Group provides for gratuity, a defined benefit retirement plan covering eligible
employees, based on actuarial valuation made by an independent actuary as at the balance
sheet date using the Projected Unit Credit Method (PUCM). In accordance with the Payment
of Gratuity Act, 1972, the gratuity plan provides a lump sum payment to vested employees
at retirement, death, incapacitation or termination of employment, of an amount based on
the respective employees'' salary and the tenure of employment. The plan is unfunded.
The PUCM spreads the cost of benefits over the employee''s service period by allocating
projected benefits to years of service, with the present value of obligations as the sum of
accrued liabilities.
The Group has a defined contribution 401(k) retirement plan in the US, which covers all
eligible employees who are at least 21 years of age and who have attained one year of
service. Participants may contribute up to $23,500 of pre-tax annual compensation, subject
to statutory limitations. The Group made no contributions to the Plan for the fiscal years
ended March 31, 2025 and 2024.
Short-term Employee Benefits
All employee benefits payable wholly within twelve months of rendering the service are
classified as short-term employee benefits. Benefits such as salaries, wages etc. and the
expected cost of ex-gratia are recognised in the period in which the employee renders the
related service. A liability is recognised for the amount expected to be paid when there is a
present legal or constructive obligation to pay this amount as a result of past service
provided by the employee and the obligation can be estimated reliably.
Compensated Absences
Compensated absences which are expected to occur within twelve months after the end of
the period in which the employee renders the related services are recognised as
undiscounted liability at the balance sheet date. Compensated absences which are not
expected to occur within twelve months after the end of the period in which the employee
renders the related services are recognised as an actuarially determined liability at the
present value of the defined benefit obligation at the balance sheet date.
Provident Fund/ESI
Contributions to defined Schemes such as Provident Fund/ESI are charged as incurred on
accrual basis. Eligible employees receive benefits from a provident fund, which is a defined
contribution plan. Aggregate contributions along with interest thereon are paid at
retirement, death, incapacitation or termination of employment. Both the employee and the
Group make monthly contributions to the government-administered authority.
Negative values indicate a decrease in defined benefit obligation; positive values indicate
an increase.
Mar 31, 2024
23. B) Significant Accounting Policies Information
(a) Functional and presentation currency
These financial statements are presented in Indian rupees, which is the functional currency
of the Company. The functional currency of an entity is the currency of the primary
economic environment in which the entity operates.
All financial information presented in Indian Rupees (?) has been rounded off to the nearest
Lakhs, except otherwise stated.
(b) Foreign currency transactions and translation
In preparing the financial statements of the Company, transactions in currencies other than
the company''s functional currency (foreign currencies) are recognized at the rates of
exchange prevailing at the dates of the transactions. At the end of each reporting period,
monetary items denominated in foreign currencies are retranslated at the rates prevailing
at that date. Non-monetary items that are measured in terms of historical cost in a foreign
currency are not retranslated. Exchange differences in monetary items are recognized in
profit or loss in the period in which they arise.
(c) Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity. Financial assets and financial
liabilities are initially measured at transaction values and where such values are different
from the fair value, at fair value.
Transaction costs that are directly attributable to the acquisition or issue of financial assets
and financial liabilities (other than financial assets and financial liabilities at fair value
through the statement of profit and loss) are added to or deducted from the fair value of the
financial assets or financial liabilities, as appropriate, on initial recognition.
Transaction costs are directly attributable to the acquisition of financial assets or financial
liabilities at fair value through the statement of profit and loss and are recognized
immediately in the statement of profit and loss.
1) Financial Assets
The Company''s Financial Assets mainly comprise of;
⢠Current financial assets mainly consist of trade receivables, investments in liquid
mutual funds, cash and bank balances, fixed deposits with banks and financial
institutions, Income Tax Refunds, GST ITC, and other current receivables.
⢠Non-current financial assets mainly consist of financial investments in equity, fixed
deposits, and non-current deposits.
i) Initial Recognition and Measurement
The Company recognizes a financial asset when it becomes a party to the contractual
provisions of the instrument and is recognized at the transaction price. All regular
purchases or sales of financial assets are recognized and derecognized on a trade date basis,
i.e., the date that the Company commits to purchase or sell the asset.
ii) Subsequent Measurement
For purposes of subsequent measurement, financial assets are classified into the following
categories:
> Financial Assets at Amortized Cost;
A Financial asset is measured at the amortized cost if both the following conditions are
met:
- The asset is held within a business model whose objective is to hold assets for
collecting contractual cash flows, and
- Contractual terms of the asset give rise on specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the principal amount outstanding.
Financial assets in the amortized cost category are the most relevant to the Company. It
comprises current financial assets such as trade receivables, cash and bank balances,
fixed deposits with banks and financial institutions, other current receivables, and non¬
current financial assets such as non-current receivables and deposits.
After initial measurement, such financial assets are subsequently measured at
amortized cost using the effective interest rate (EIR) method. The EIR amortization is
included in other income in the statement of profit and loss. The losses arising from
impairment, if any, are recognized in the statement of profit and loss.
iii) Impairment
By Ind AS 109, the Company applies Expected Credit Loss (ECL) model for the
measurement and recognition of impairment loss on the following financial assets:
⢠Trade Receivables
⢠Other financial assets that are measured at amortized cost.
In the case of trade receivables, the Company follows a simplified approach wherein an
amount equal to lifetime ECL is measured and recognized as a loss allowance.
In the case of other assets (listed as ii above), the Company determines if there has been a
significant increase in the credit risk of the financial asset since initial recognition. If the
credit risk of such assets has not increased significantly, an amount equal to 12-month ECL
is measured and recognized as a loss allowance. However, if credit risk has increased
significantly, an amount equal to lifetime ECL is measured and recognized as loss
allowance.
2) Financial Liabilities and Equity Instruments
a) Financial Liabilities
The Company''s Financial Liabilities mainly comprise;
⢠Current financial liabilities mainly consist of trade payables and liability for capital
expenditure.
i) Initial Recognition and measurement of Financial Liabilities
The Company recognizes financial liability in its balance sheet when it becomes a party to
the contractual provisions of the instrument. All financial liabilities are recognized initially
at transaction value. Financial liabilities are initially recognized and measured at
amortized cost.
ii) Derecognition of Financial Liability
A financial liability is derecognized when the obligation under the liability is discharged,
cancelled, or expired. When an existing financial liability is replaced by another from the
same lender on substantially different terms, or the terms of an existing liability are
substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognized in the statement of profit and loss.
(d) Equity and share capital
a) Share capital and securities premium
The authorised share capital of the Company as of March 31, 2024, is ? 3,650 lacs divided
into 3,65,00,000 equity shares of ?10 each. The par value of the equity shares is recorded
as share capital. Every holder of the equity shares, as reflected in the records of the
Company as at the date of the shareholder meeting shall have one vote in respect of each
share held for all matters submitted to vote in the shareholder meeting.
b) Capital Reserve
Capital reserve amounting to ?870 lacs (March 31, 2024) is not freely available for
distribution.
c) Retained earnings
Retained earnings comprise the Company''s undistributed earnings after taxes.
(e) Property, plant, and equipment
i) Recognition and measurement
Property, plant, and equipment are measured at cost less accumulated depreciation and
impairment losses, if any. Cost includes expenditures directly attributable to the
acquisition of the asset. General and specific borrowing costs directly attributable to the
construction of a qualifying asset are capitalized as part of the cost. Capital work-in¬
progress is measured at cost less accumulated impairment losses, if any.
ii) Depreciation
The Company depreciates property, plant, and equipment over the estimated useful life
on a straight-line basis from the date the assets are available for use. Leasehold
improvements are amortised over the shorter estimated useful life of the asset or the
related lease term. Term licenses are amortised over their respective contract term.
Freehold land is not depreciated. The estimated useful life of assets is reviewed and where
appropriate, are adjusted, annually. The estimated useful lives of assets are as follows:
When parts of an item of property, plant, and equipment have different useful lives, they
are accounted for as separate items (major components) of property, plant, and
equipment. Subsequent expenditure relating to property, plant, and equipment is
capitalized only when it is probable that future economic benefits associated with these
will flow to the Company and the cost of the item can be measured reliably.
Deposits and advances paid towards the acquisition of property, plant, and equipment
outstanding as of each reporting date are classified as capital advances under other non¬
current assets, and the cost of property, plant, and equipment not available for use before
such date are disclosed under capital work-in-progress.
(f) Goodwill and Intangible assets
a) Goodwill
The excess of the cost of an acquisition over the Company''s share in the fair value of the
acquiree''s identifiable assets and liabilities is recognised as goodwill. If the excess is
negative, a bargain purchase gain is recognised in equity as capital reserve. Goodwill is
measured at cost less accumulated impairment (if any). Goodwill associated with the
disposal of an operation that is part of a cash-generating unit is measured based on the
relative values of the operation disposed of and the portion of the cash-generating unit
retained unless some other method better reflects the goodwill associated with the
operation disposed of.
b) Intangible assets
Intangible assets acquired separately are measured at the cost of acquisition. Intangible
assets acquired in a business combination are measured at fair value as of the date of
acquisition. Following initial recognition, intangible assets are carried at cost less
accumulated amortisation and impairment losses, if any.
The amortisation of an intangible asset with a finite useful life reflects how the economic
benefit is expected to be generated.
(g) Leases
The Company as a lessee
The Company enters into an arrangement for the lease of land, buildings, plants, and
equipment including computer equipment and vehicles. Such arrangements are generally
for a fixed period but may have extension or termination options. The Company assesses
whether the contract is, or contains, a lease, at its inception. A contract is, or contains, a
lease if the contract conveys the right to:
a) control the use of an identified asset,
b) obtain substantially all the economic benefits from the use of the identified asset, and
c) direct the use of the identified asset
The Company determines the lease term as the non-cancellable period of a lease, together
with periods covered by an option to extend the lease, where the Company is reasonably
certain to exercise that option.
h) Employee Benefits
Gratuity
The Company provides gratuity, a defined benefit retirement plan covering eligible
employees, based on actuarial valuation made by an independent actuary as of the balance
sheet date. By the Payment of Gratuity Act, 1972, the gratuity plan provides a lump sum
payment to vested employees at retirement, death, incapacitation, or termination of
employment, of an amount based on the respective employees'' salary and the tenure of
employment.
Short-term employee benefits
All employee benefits payable wholly within twelve months of rendering the service are
classified as short-term employee benefits. Benefits such as salaries, wages, etc., and the
expected cost of ex-gratia are recognised in the period in which the employee renders the
related service. A liability is recognised for the amount expected to be paid when there is
a present legal or constructive obligation to pay this amount as a result of past service
provided by the employee and the obligation can be estimated reliably.
Compensated absences
Compensated absences that are expected to occur within twelve months after the end of
the period in which the employee renders the related services are recognized as an
undiscounted liability on the balance sheet date. Compensated absences that are not
expected to occur within twelve months after the end of the period in which the employee
renders the related services are recognised as an actuarially determined liability at the
present value of the defined benefit obligation at the balance sheet date.
Provident Fund/ESI
Contributions to defined Schemes such as Provident Fund/ESI are charged as incurred on
an accrual basis. Eligible employees receive benefits from a provident fund, which is a
defined contribution plan. Aggregate contributions along with interest thereon are paid
at retirement, death, incapacitation, or termination of employment. Both the employee and
the Company make monthly contributions to the government-administered authority.
Jun 30, 2014
1. Company overview
CES LIMITED (Formerly known as Serve All Enterprise Solutions Limited)
together with its subsidiaries (Collectively "the Company") is an
Information Technology (IT) and Information Technology Enabled Services
(ITES) provider, dedicated to serving the midsize market of global
enterprises.
2. Significant accounting policies
2.1 Basis of preparation of financial statements
The Consolidated financial statements are prepared in accordance with
Indian Generally Accepted Accounting Principles ("GAAP") under the
historical cost convention on the accrual basis. GAAP comprises
mandatory accounting standards as specified in the Companies
(Accounting Standards) Rules, 2006 and the relevant provisions of the
Indian Companies Act, 1956. Accounting policies have been consistently
applied except where a newly issued accounting standard is initially
adopted or a revision to an existing accounting adopted or a revision
to an existing accounting standard requires a change in the accounting
policy hitherto in use. The management evaluates all recently issued or
revised accounting standards on an ongoing basis.
2.1a Principles of Consolidation:
The consolidated financial statements have been prepared on the
following basis:
The consolidated financial statements include the financial statements
of CES Limited and its subsidiaries CES USA Inc. (Wholly owned
subsidiary), CES Information Technologies Private Limited (70% owned).
The financial statements of the parent company and its subsidiaries
have been combined on a line by line basis by adding together the book
values of all items of assets, liabilities, incomes and expenses after
eliminating all intercompany balances/transactions.
Minority interest in the net assets of consolidated subsidiaries is the
amount of equity attributable to the minorities at the dates on which
investment in a subsidiary is made and the minority''s share of
movements in equity since the date of parent subsidiary relationship
came into existence.
2.2 Use of estimates
The preparation of the financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported balances of assets and liabilities and disclosures relating to
contingent assets and liabilities as at the date of the financial
statements and reported amounts of income and expenses during the
period. Actual results could differ from those estimates. Examples of
such estimates include provisions for doubtful debts, future
obligations under employee retirement benefit plans, income taxes, and
the useful lives of fixed assets and intangible assets. Management
periodically assesses using, external and internal sources, whether
there is an indication that an asset may be impaired. Impairment occurs
where the carrying value exceeds the present value of future cash flows
expected to arise from the continuing use of the asset and its eventual
disposal. The impairment loss to be expensed is determined as the
excess of the carrying amount over the higher of the asset''s net sales
price or present value as determined above. Contingencies are recorded
when it is probable that a liability will be incurred, and the amount
can be reasonably estimated. Where no reliable estimate can be made, a
disclosure is made as contingent liability. Actual results could differ
from those estimates.
2.3 Revenue recognition
Income from software services and products: Revenue from professional
services consist primarily of revenue earned from services performed on
a "time and material" basis. The related revenue is recognized as and
when the services are performed. The Company also performs time bound
fixed-price engagements, under which revenue is recognized using the
percentage of completion method of accounting. The cumulative impact of
any revision in estimates of the percentage of work completed is
reflected in the year in which the change becomes known. Provisions for
estimated losses on such engagements are made during the year in which
a loss becomes probable and can be reasonably estimated.
Revenue from the sale of user licenses for software applications is
recognized on transfer of the title in the user license, except in case
of multiple element contracts requiring significant implementation
services, where revenue is recognized as per the percentage of
completion method.
Interest income is recognized using the time proportion method, based
on the transactional interest rates.
2.4 Fixed Assets
Tangible assets
Tangible assets are stated at actual cost less accumulated
depreciation. The actual cost capitalized includes material cost,
freight, installation cost, duties and taxes, finance charges and other
incidental expenses incurred during the construction/installation
stage.
Intangible assets
Intangible assets are recorded at consideration paid for acquisition
and other direct costs that can be directly attributed, or allocated on
a reasonable and consistent basis, to creating, producing and making
the asset ready for its intended use.
Depreciation
Depreciation on the Tangible Fixed Assets of the Company is provided on
Straight line method on pro-rata basis and as per the rates specified
in the Schedule XIV of the companies Act, 1956 and there is no change
in the method of depreciation during the year. Individual assets
acquired for less than Rs. 5,000 are entirely depreciated in the year
of acquisition.
The cost of and the accumulated depreciation for fixed assets sold,
retired or otherwise disposed off are removed from the stated values
and the resulting gains and losses are included in the profit and loss
account. Lease payments under operating lease are recognized as an
expense in the profit and loss account. An impairment loss is
recognized wherever the carrying amount of the fixed assets exceeds its
recoverable amount.
2.5 Foreign Currency transactions and translation
Transactions in foreign currency are recorded at exchange rate
prevailing on the date of transaction. Monetary assets and liabilities
denominated in foreign currency are translated at the rate of exchange
at the balance sheet date and resultant gain or loss is recognized in
the profit and loss account. Non- monetary assets and liabilities are
translated at the rate prevailing on the date of transaction.
Integral Operations:
Monetary assets and Liabilities are translated at the exchange rate
prevailing at the date of balance sheet. Non-monetary items are
translated at the historical rate. The items in the statement of profit
and loss are translated at the average exchange rate during the period.
The differences arising out of the transaction are recognized in the
statement of profit and loss.
Non-integral Operations:
Assets and liabilities are translated at the exchange rate prevailing
at the date of the balance sheet. The items in the statement of profit
and loss are translated at the average exchange rate during the period.
The differences arising out of the translation are transferred to
translation reserve.
2.6 Taxes on Income
Tax expense for the year comprises of current tax and deferred tax.
Income taxes are computed using the tax effect accounting method, where
taxes are accrued in the same period in which the related revenue and
expenses arise. A provision is made for income tax annually based on
the tax liability computed, after considering tax allowances and
exemptions. Provisions are recorded when it is estimated that a
liability due to disallowances or other matters is probable.
The differences that result between the profit considered for income
taxes and the profit as per the financial statements are identified,
and thereafter a deferred tax asset or deferred tax liability is
recorded for timing differences, namely the differences that originate
in one accounting period and reverse in another, based on the tax
effect of the aggregate amount being considered. The tax effect is
calculated on the accumulated timing differences at the end of the
accounting period based on prevailing enacted or substantially enacted
regulations. Deferred tax assets are recognized only if there is
virtual certainty that they will be realized and are reviewed for the
appropriateness of their respective carrying values at each balance
sheet date.
2.7 Earnings per share
In determining earnings per share, the Company considers the net profit
after tax and includes the post tax effect of any extra-ordinary /
exceptional item is considered. The number of shares used in computing
basic earnings per share is the weighted average number of shares
outstanding during the period. The number of shares used in computing
diluted earnings per share comprises the weighted average shares
considered for deriving basic earnings per share, and also the weighted
average number of equity shares that could have been issued on the
conversion of all dilutive potential equity shares. The diluted
potential equity shares are adjusted for the proceeds receivable, had
the shares been actually issued at fair value (i.e. the average market
value of the outstanding shares). Dilutive potential equity shares are
deemed converted as of the beginning of the period, unless issued at a
later date.
2.8 Retirement benefits to employees
Gratuity
The Company provides for gratuity, a defined benefit retirement plan
covering eligible employees, based on actuarial valuation made by an
independent actuary as at the balance sheet date. In accordance with
the Payment of Gratuity Act, 1972, the gratuity plan provides a lump
sum payment to vested employees at retirement, death, incapacitation or
termination of employment, of an amount based on the respective
employees'' salary and the tenure of employment.
Provident Fund/ESI
Contributions to defined Schemes such as Provident Fund/ESI are charged
as incurred on accrual basis. Eligible employees receive benefits from
a provident fund, which is a defined contribution plan. Aggregate
contributions along with interest thereon are paid at retirement,
death, incapacitation or termination of employment. Both the employee
and the Company make monthly contributions to the government
administered authority.
2.9 Impairment of assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset (including goodwill) may be impaired. If any
such indication exists, the Company estimates the recoverable amount of
the asset. For an asset that does not generate largely independent cash
inflows, the recoverable amount is determined for the cash-generating
unit to which the asset belongs. If such recoverable amount of the
asset or the recoverable amount of the cash generating unit to which
the asset belongs is less than its carrying amount, the carrying amount
is reduced to its recoverable amount. The reduction is treated as an
impairment loss and is recognized in the profit and loss account. If at
the Balance Sheet date there is an indication that if a previously
assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount. An
impairment loss is reversed only to the extent that the carrying amount
of asset does not exceed the net book value that would have been
determined; if no impairment loss had been recognized.
2.10 Segment Accounting Polices
(a) Segment Assets and Liabilities:
The assets of the Company are used interchangeably between segments,
and hence the assets and liabilities of the Company are currently
treated as inseparable.
(b) Segment Revenue and Expense:
The Revenue and direct cost(including the payroll cost of all the
employees and consultants which can be attributed to the revenue),
excepting the unallocable costs like personnel cost for the supporting
services, depreciation, operating expenditure, interest income on
deposits, provision for contingencies and income tax, are directly
attributed to the respective segments.
2.11 Provision and Contingent liabilities
The Company creates a provision when there is a present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made. Provisions for
onerous contracts, i.e. contracts where the expected unavoidable costs
of meeting the obligations under the contract exceed the economic
benefits expected to be received under it are recognised when it is
probable that an outflow of resources embodying economic benefits will
be required to settle a present obligation as a result of an obligating
event, based on a reliable estimate of such obligation.
Jun 30, 2013
1. Company overview
CES LIMITED (Formerly Known as Serve All Enterprise Solutions Limited)
(The "Company") is an Information Technology (IT) and Information
Technology Enabled Services (ITES) provider, dedicated to serving the
midsize market of global enterprises.
2.1 Basis of preparation of financial statements
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention on the accrual basis. GAAP comprises mandatory
accounting standards as specified in the Companies (Accounting
Standards) Rules, 2006 and the relevant provisions of the Indian
Companies Act, 1956. Accounting policies have been consistently applied
except where a newly issued accounting standard is initially adopted or
a revision to an existing accounting adopted or a revision to an
existing accounting standard requires a change in the accounting policy
hitherto in use. The management evaluates all recently issued or
revised accounting standards on an ongoing basis.
2.2 Use of estimates
The preparation of the financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported balances of assets and liabilities and disclosures relating to
contingent assets and liabilities as at the date of the financial
statements and reported amounts of income and expenses during the
period. Actual results could differ from those estimates. Examples of
such estimates include provisions for doubtful debts, future
obligations under employee retirement benefit plans, income taxes, and
the useful lives of fixed assets and intangible assets.
Management periodically assesses using, external and internal sources,
whether there is an indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. The impairment loss to be expensed is
determined as the excess of the carrying amount over the higher of the
asset''s net sales price or present value as determined above.
Contingencies are recorded when it is probable that a liability will be
incurred, and the amount can be reasonably estimated. Where no reliable
estimate can be made, a disclosure is made as contingent liability.
Actual results could differ from those estimates.
2.3 Revenue recognition
Income from software services and products: Revenue from professional
services consist primarily of revenue earned from services performed on
a "time and material" basis. The related revenue is recognized as and
when the services are performed. The Company also performs time bound
fixed-price engagements, under which revenue is recognized using the
percentage of completion method of accounting. The cumulative impact of
any revision in estimates of the percentage of work completed is
reflected in the year in which the change becomes known. Provisions for
estimated losses on such engagements are made during the year in which
a loss becomes probable and can be reasonably estimated.
Amounts received or billed in advance of services performed are
recorded as advance from customers/unearned revenue. Unbilled revenue,
included in debtors, represents amounts recognized based on services
performed in advance of billing in accordance with contract terms.
Unearned revenue is calculated on the basis of the unutilized period of
time at the Balance Sheet and represents revenue which is expected to
be earned in future periods in respect of internet, e-mail services,
electronic data interchange and web hosting services.
Revenue from the sale of user licenses for software applications is
recognized on transfer of the title in the user license, except in case
of multiple element contracts requiring significant implementation
services, where revenue is recognized as per the percentage of
completion method.
Revenues are stated net of discounts and include expenses billed to the
customers. Interest income is recognized using the time proportion
method, based on the transactional interest rates.
2.4 Fixed Assets
Tangible assets
Tangible assets are stated at actual cost less accumulated
depreciation. The actual cost capitalized includes material cost,
freight, installation cost, duties and taxes, finance charges and other
incidental expenses incurred during the construction/installation
stage.
Intangible assets
Intangible assets are recorded at consideration paid for acquisition
and other direct costs that can be directly attributed, or allocated on
a reasonable and consistent basis, to creating, producing and making
the asset ready for its intended use.
Depreciation
Depreciation on the Tangible Fixed Assets of the Company is provided on
Straight line method as per Schedule XIV of the Companies Act, 1956 are
considered as the minimum rate. Individual assets acquired for less
than Rs. 5,000 are entirely depreciated in the year of acquisition.
The cost of and the accumulated depreciation for fixed assets sold,
retired or otherwise disposed off are removed from the stated values
and the resulting gains and losses are included in the profit and loss
account. Lease payments under operating lease are recognized as an
expense in the profit and loss account. An impairment loss is
recognized wherever the carrying amount of the fixed assets exceeds its
recoverable amount.
2.5 Foreign Currency transactions and translation
Transactions in foreign currency are recorded at exchange rate
prevailing on the date of transaction. Monetary assets and liabilities
denominated in foreign currency are translated at the rate of exchange
at the balance sheet date and resultant gain or loss is recognized in
the profit and loss account. Non-monetary assets and liabilities are
translated at the rate prevailing on the date of transaction.
2.6 Taxes on Income
Tax expense for the year comprises of current tax and deferred tax.
Income taxes are computed using the tax effect accounting method, where
taxes are accrued in the same period in which the related revenue and
expenses arise. A provision is made for income tax annually based on
the tax liability computed, after considering tax allowances and
exemptions. Provisions are recorded when it is estimated that a
liability due to disallowances or other matters is probable. Minimum
alternate tax (MAT) paid in accordance with the tax laws, which gives
rise to future economic benefits in the form of adjustments of future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal tax after the tax holiday
period. Accordingly, it is recognized as an asset in the balance sheet
when it is probable that the future economic benefit associated with it
will flow to the Company and the asset can be measured reliably.
The differences that result between the profit considered for income
taxes and the profit as per the financial statements are identified,
and thereafter a deferred tax asset or deferred tax liability is
recorded for timing differences, namely the differences that originate
in one accounting period and reverse in another, based on the tax
effect of the aggregate amount being considered. The tax effect is
calculated on the accumulated timing differences at the end of the
accounting period based on prevailing enacted or substantially enacted
regulations. Deferred tax assets are recognized only if there is
virtual certainty that they will be realized and are reviewed for the
appropriateness of their respective carrying values at each balance
sheet date.
2.7 Earnings per share
In determining earnings per share, the Company considers the net profit
after tax and includes the post tax effect of any extra-ordinary /
exceptional item is considered. The number of shares used in computing
basic earnings per share is the weighted average number of shares
outstanding during the period. The number of shares used in computing
diluted earnings per share comprises the weighted average shares
considered for deriving basic earnings per share, and also the weighted
average number of equity shares that could have been issued on the
conversion of all dilutive potential equity shares. The diluted
potential equity shares are adjusted for the proceeds receivable, had
the shares been actually issued at fair value (i.e. the average market
value of the outstanding shares). Dilutive potential equity shares are
deemed converted as of the beginning of the period, unless issued at a
later date.
2.8 Retirement benefits to employees
Gratuity
The Company provides for gratuity, a defined benefit retirement plan
covering eligible employees, based on actuarial valuation made by an
independent actuary as at the balance sheet date. In accordance with
the Payment of Gratuity Act, 1972, the gratuity plan provides a lump
sum payment to vested employees at retirement, death, incapacitation or
termination of employment, of an amount based on the respective
employees'' salary and the tenure of employment.
Provident Fund/ESI
Contributions to defined Schemes such as Provident Fund/ESI are charged
as incurred on accrual basis. Eligible employees receive benefits from
a provident fund, which is a defined contribution plan. Aggregate
contributions along with interest thereon are paid at retirement,
death, incapacitation or termination of employment. Both the employee
and the Company make monthly contributions to the government
administered authority.
2.9 Impairment of assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset (including goodwill) may be impaired. If any
such indication exists, the Company estimates the recoverable amount of
the asset. For an asset that does not generate largely independent cash
inflows, the recoverable amount is determined for the cash-generating
unit to which the asset belongs. If such recoverable amount of the
asset or the recoverable amount of the cash generating unit to which
the asset belongs is less than its carrying amount, the carrying amount
is reduced to its recoverable amount.
The reduction is treated as an impairment loss and is recognized in the
profit and loss account. If at the Balance Sheet date there is an
indication that if a previously assessed impairment loss no longer
exists, the recoverable amount is reassessed and the asset is reflected
at the recoverable amount. An impairment loss is reversed only to the
extent that the carrying amount of asset does not exceed the net book
value that would have been determined; if no impairment loss had been
recognized.
2.10 Segment Accounting Polices
(a) Segment Assets and Liabilities:
The assets of the Company are used interchangeably between segments,
and hence the assets and liabilities of the Company are currently
treated as inseparable.
(b) Segment Revenue and Expense:
The Revenue and direct cost, excepting the un allocable costs like
personnel cost for the supporting services, depreciation, operating
expenditure, interest income on deposits, provision for contingencies
and income tax, are directly attributed to the respective segments.
2.11 Provision and Contingent liabilities
The Company creates a provision when there is a present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made. Provisions for
onerous contracts, i.e. contracts where the expected unavoidable costs
of meeting the obligations under the contract exceed the economic
benefits expected to be received under it are recognised when it is
probable that an outflow of resources embodying economic benefits will
be required to settle a present obligation as a result of an obligating
event, based on a reliable estimate of such obligation.
Jun 30, 2012
1.1 Basis of preparation of financial statements
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention on the accrual basis. GAAP comprises mandatory
accounting standards as specified in the Companies (Accounting
Standards) Rules, 2006 and the relevant provisions of the Indian
Companies Act, 1956. Accounting policies have been consistently applied
except where a newly issued accounting standard is initially adopted or
a revision to an existing accounting adopted or a revision to an
existing accounting standard requires a change in the accounting policy
hitherto in use. The management evaluates all recently issued or
revised accounting standards on an ongoing basis.
1.2 Use of estimates
The preparation of the financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported balances of assets and liabilities and disclosures relating to
contingent assets and liabilities as at the date of the financial
statements and reported amounts of income and expenses during the
period. Actual results could differ from those estimates. Examples of
such estimates include provisions for doubtful debts, future
obligations under employee retirement benefit plans, income taxes, and
the useful lives of fixed assets and intangible assets. Management
periodically assesses using, external and internal sources, whether
there is an indication that an asset may be impaired. Impairment occurs
where the carrying value exceeds the present value of future cash flows
expected to arise from the continuing use of the asset and its eventual
disposal.
The impairment loss to be expensed is determined as the excess of the
carrying amount over the higher of the asset''s net sales price or
present value as determined above. Contingencies are recorded when it
is probable that a liability will be incurred, and the amount can be
reasonably estimated. Where no reliable estimate can be made, a
disclosure is made as contingent liability. Actual results could differ
from those estimates.
1.3 Revenue recognition
Income from software services and products: Revenue from professional
services consist primarily of revenue earned from services performed on
a "time and material" basis. The related revenue is recognized as and
when the services are performed. The Company also performs time bound
fixed-price engagements, under which revenue is recognized using the
percentage of completion method of accounting. The cumulative impact of
any revision in estimates of the percentage of work completed is
reflected in the year in which the change becomes known. Provisions for
estimated losses on such engagements are made during the year in which
a loss becomes probable and can be reasonably estimated.
Amounts received or billed in advance of services performed are
recorded as advance from customers/unearned revenue. Unbilled revenue,
included in debtors, represents amounts recognized based on services
performed in advance of billing in accordance with contract terms.
Unearned revenue is calculated on the basis of the unutilized period of
time at the Balance Sheet and represents revenue which is expected to
be earned in future periods in respect of internet, e-mail services,
electronic data interchange and web hosting services.
Revenue from the sale of user licenses for software applications is
recognized on transfer of the title in the user license, except in case
of multiple element contracts requiring significant implementation
services, where revenue is recognized as per the percentage of
completion method.
Revenues are stated net of discounts and include expenses billed to the
customers. Interest income is recognized using the time proportion
method, based on the transactional interest rates.
1.4 Fixed Assets Tangible assets
Tangible assets are stated at actual cost less accumulated
depreciation. The actual cost capitalized includes material cost,
freight, installation cost, duties and taxes, finance charges and other
incidental expenses incurred during the construction/installation
stage.
Intangible assets
Intangible assets are recorded at consideration paid for acquisition
and other direct costs that can be directly attributed, or allocated on
a reasonable and consistent basis, to creating, producing and making
the asset ready for its intended use.
Depreciation
Depreciation on the Tangible Fixed Assets of the Company is provided on
Straight line method as per Schedule XIV of the Companies Act, 1956 are
considered as the minimum rate. Individual assets acquired for less
than Rs. 5,000 are entirely depreciated in the year of acquisition.
The cost of and the accumulated depreciation for fixed assets sold,
retired or otherwise disposed off are removed from the stated values
and the resulting gains and losses are included in the profit and loss
account. Lease payments under operating lease are recognised as an
expense in the profit and loss account. An impairment loss is
recognized wherever the carrying amount of the fixed assets exceeds its
recoverable amount.
1.5 Foreign Currency transactions and translation
Transactions in foreign currency are recorded at exchange rate
prevailing on the date of transaction. Monetary assets and liabilities
denominated in foreign currency are translated at the rate of exchange
at the balance sheet date and resultant gain or loss is recognized in
the profit and loss account. Non-monetary assets and liabilities are
translated at the rate prevailing on the date of transaction.
1.6 Taxes on Income
Tax expense for the year comprises of current tax, deferred tax.
Income taxes are computed using the tax effect accounting method, where
taxes are accrued in the same period in which the related revenue and
expenses arise. A provision is made for income tax annually based on
the tax liability computed, after considering tax allowances and
exemptions. Provisions are recorded when it is estimated that a
liability due to disallowances or other matters is probable. Minimum
alternate tax (MAT) paid in accordance with the tax laws, which gives
rise to future economic benefits in the form of adjustments of future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal tax after the tax holiday
period. Accordingly, it is recognized as an asset in the balance sheet
when it is probable that the future economic benefit associated with it
will flow to the Company and the asset can be measured reliably.
The differences that result between the profit considered for income
taxes and the profit as per the financial statements are identified,
and thereafter a deferred tax asset or deferred tax liability is
recorded for timing differences, namely the differences that originate
in one accounting period and reverse in another, based on the tax
effect of the aggregate amount being considered. The tax effect is
calculated on the accumulated timing differences at the end of the
accounting period based on prevailing enacted or substantially enacted
regulations. Deferred tax assets are recognized only if there is
virtual certainty that they will be realized and are reviewed for the
appropriateness of their respective carrying values at each balance
sheet date.
1.7 Earnings per share
In determining earnings per share, the Company considers the net profit
after tax and includes the post tax effect of any extra-ordinary /
exceptional item is considered. The number of shares used in computing
basic earnings per share is the weighted average number of shares
outstanding during the period. The number of shares used in computing
diluted earnings per share comprises the weighted average shares
considered for deriving basic earnings per share, and also the weighted
average number of equity shares that could have been issued on the
conversion of all dilutive potential equity shares. The diluted
potential equity shares are adjusted for the proceeds receivable, had
the shares been actually issued at fair value (i.e. the average market
value of the outstanding shares). Dilutive potential equity shares are
deemed converted as of the beginning of the period, unless issued at a
later date.
1.8 Retirement benefits to employees Gratuity
The Company provides for gratuity, a defined benefit retirement plan
covering eligible employees, based on actuarial valuation made by an
independent actuary as at the balance sheet date. In accordance with
the Payment of Gratuity Act, 1972, the gratuity plan provides a lump
sum payment to vested employees at retirement, death, incapacitation or
termination of employment, of an amount based on the respective
employees'' salary and the tenure of employment.
Provident Fund/ESI
Contributions to defined Schemes such as Provident Fund/ESI are charged
as incurred on accrual basis. Eligible employees receive benefits from
a provident fund, which is a defined contribution plan. Aggregate
contributions along with interest thereon are paid at retirement,
death, incapacitation or termination of employment. Both the employee
and the Company make monthly contributions to the government
administered authority.
1.9 Impairment of assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset (including goodwill) may be impaired. If any
such indication exists, the Company estimates the recoverable amount of
the asset. For an asset that does not generate largely independent cash
inflows, the recoverable amount is determined for the cash-generating
unit to which the asset belongs. If such recoverable amount of the
asset or the recoverable amount of the cash generating unit to which
the asset belongs is less than its carrying amount, the carrying amount
is reduced to its recoverable amount. The reduction is treated as an
impairment loss and is recognized in the profit and loss account. If at
the Balance Sheet date there is an indication that if a previously
assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount. An
impairment loss is reversed only to the extent that the carrying amount
of asset does not exceed the net book value that would have been
determined; if no impairment loss had been recognized.
1.10 Segment Accounting Polices
(a) Segment Assets and Liabilities:
The assets of the Company are used interchangeably between segments,
and hence the assets and liabilities of the Company are currently
treated as inseparable.
(b) Segment Revenue and Expense:
The Revenue and direct cost, excepting the un allocable costs like
personnel cost for the supporting services, depreciation, operating
expenditure, interest income on deposits, provision for contingencies
and income tax, are directly attributed to the respective segments.
1.11 Provision and Contingent liabilities
The Company creates a provision when there is a present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made. Provisions
for onerous contracts, i.e. contracts where the expected unavoidable
costs of meeting the obligations under the contract exceed the economic
benefits expected to be received under it are recognised when it is
probable that an outflow of resources embodying economic benefits will
be required to settle a present obligation as a result of an obligating
event, based on a reliable estimate of such obligation.
Jun 30, 2011
1. Company overview
Serve All Enterprise Solutions Limited (The "Company") is an
Information Technology (IT) and Information Technology Enabled Services
(ITES) provider, dedicated to serving the midsize market of global
enterprises.
2. Significant accounting policies
2.1 Basis of preparation of financial statements
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention on the accrual basis. GAAP comprises mandatory
accounting standards as specified in the Companies (Accounting
Standards) Rules, 2006 and the relevant provisions of the Indian
Companies Act, 1956. Accounting policies have been consistently applied
except where a newly issued accounting standard is initially adopted or
a revision to an existing accounting adopted or a revision to an
existing accounting standard requires a change in the accounting policy
hitherto in use. The management evaluates all recently issued or
revised accounting standards on an ongoing basis.
2.2 Use of estimates
The preparation of the financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported balances of assets and liabilities and disclosures relating to
contingent assets and liabilities as at the date of the financial
statements and reported amounts of income and expenses during the
period. Actual results could differ from those estimates. Examples of
such estimates include provisions for doubtful debts, future
obligations under employee retirement benefit plans, income taxes, and
the useful lives of fixed assets and intangible assets. Management
periodically assesses using, external and internal sources,
whether there is an indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. The impairment loss to be expensed is
determined as the excess of the carrying amount over the higher of the
asset's net sales price or present value as determined above.
Contingencies are recorded when it is probable that a liability will be
incurred, and the amount can be reasonably estimated. Where no reliable
estimate can be made, a disclosure is made as contingent liability.
Actual results could differ from those estimates.
2.3 Revenue recognition
Income from software services and products: Revenue from professional
services consist primarily of revenue earned from services performed on
a "time and material" basis. The related revenue is recognized as and
when the services are performed. The Company also performs time bound
fixed-price engagements, under which revenue is recognized using the
percentage of completion method of accounting. The cumulative impact of
any revision in estimates of the percentage of work completed is
reflected in the year in which the change becomes known. Provisions
for estimated losses on such engagements are made during the year in
which a loss becomes probable and can be reasonably estimated.
Amounts received or billed in advance of services performed are
recorded as advance from customers/unearned revenue. Unbilled revenue,
included in debtors, represents amounts recognized based on services
performed in advance of billing in accordance with contract terms.
Unearned revenue is calculated on the basis of the unutilized period of
time at the Balance Sheet and represents revenue which is expected to
be earned in future periods in respect of internet, e- mail services,
electronic data interchange and web hosting services.
Revenue from the sale of user licenses for software applications is
recognized on transfer of the title in the user license, except in case
of multiple element contracts requiring significant implementation
services, where revenue is recognized as per the percentage of
completion method.
Revenues are stated net of discounts and include expenses billed to the
customers. interest income is recognized using the time proportion
method, based on the transactional interest rates.
2.4 Fixed Assets
Tangible assets
Tangible assets are stated at actual cost less accumulated
depreciation. The actual cost capitalized includes material cost,
freight, installation cost, duties and taxes, finance charges and other
incidental expenses incurred during the construction/installation
stage.
Intangible assets
Intangible assets are recorded at consideration paid for acquisition
and other direct costs that can be directly attributed, or allocated on
a reasonable and consistent basis, to creating, producing and making
the asset ready for its intended use.
Depreciation
Depreciation on the Tangible Fixed Assets of the Company is provided on
Straight line method as per Schedule XIV of the Companies Act, 1956 are
considered as the minimum rate. Individual assets acquired for less
than Rs. 5,000 are entirely depreciated in the year of acquisition.
The cost of and the accumulated depreciation for fixed assets sold,
retired or otherwise disposed off are removed from the stated values
and the resulting gains and losses are included in the profit and loss
account. Lease payments under operating lease are recognised as an
expense in the profit and loss account. An impairment loss is
recognized wherever the carrying amount of the fixed assets exceeds its
recoverable amount.
2.5 Foreign Currency transactions and translation
Transactions in foreign currency are recorded at exchange rate
prevailing on the date of transaction. Monetary assets and liabilities
denominated in foreign currency are translated at the rate of exchange
at the balance sheet date and resultant gain or loss is recognized in
the profit and loss account. Non-monetary assets and liabilities are
translated at the rate prevailing on the date of transaction.
2.6 Taxes on Income
Tax expense for the year comprises of current tax, deferred tax.
Income taxes are computed using the tax effect accounting method, where
taxes are accrued in the same period in which the related revenue and
expenses arise. A provision is made for income tax annually based on
the tax liability computed, after considering tax allowances and
exemptions. Provisions are recorded when it is estimated that a
liability due to disallowances or other matters is probable. Minimum
alternate tax (MAT) paid in accordance with the tax laws, which gives
rise to future economic benefits in the form of adjustments of future
income tax liability, is considered as an asset if there is convincing
evidence that the Company will pay normal tax after the tax holiday
period. Accordingly, it is recognized as an asset in the balance sheet
when it is probable that the future economic benefit associated with it
will flow to the Company and the asset can be measured reliably.
The differences that result between the profit considered for income
taxes and the profit as per the financial statements are identified,
and thereafter a deferred tax asset or deferred tax liability is
recorded for timing differences, namely the differences that originate
in one accounting period and reverse in another, based on the tax
effect of the aggregate amount being considered. The tax effect is
calculated on the accumulated timing differences at the end of the
accounting period based on prevailing enacted or substantially enacted
regulations. Deferred tax assets are recognized only if there is
virtual certainty that they will be realized and are reviewed for the
appropriateness of their respective carrying values at each balance
sheet date.
2.7 Earnings per share
In determining earnings per share, the Company considers the net profit
after tax and includes the post tax effect of any extra-ordinary /
exceptional item is considered. The number of shares used in computing
basic earnings per share is the weighted average number of shares
outstanding during the period. The number of shares used in computing
diluted earnings per share comprises the weighted average shares
considered for deriving basic earnings per share, and also the weighted
average number of equity shares that could have been issued on the
conversion of all dilutive potential equity shares. The diluted
potential equity shares are adjusted for the proceeds receivable, had
the shares been actually issued at fair value (i.e. the average market
value of the outstanding shares).
dilutive potential equity shares are deemed converted as of the
beginning of the period, unless issued at a later date.
2.8 Retirement benefits to employees
Gratuity
The Company provides for gratuity, a defined benefit retirement plan
covering eligible employees, based on actuarial valuation made by an
independent actuary as at the balance sheet date. In accordance with
the Payment of Gratuity Act, 1972, the gratuity plan provides a lump
sum payment to vested employees at retirement, death, incapacitation or
termination of employment, of an amount based on the respective
employees' salary and the tenure of employment.
Provident Fund/ESI
Contributions to defined Schemes such as Provident Fund/ESI are charged
as incurred on accrual basis. Eligible employees receive benefits from
a provident fund, which is a defined contribution plan. Aggregate
contributions along with interest thereon are paid at retirement,
death, incapacitation or termination of employment. Both the employee
and the Company make monthly contributions to the government
administered authority.
2.9 Impairment of assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset (including goodwill) may be impaired. If any
such indication exists, the Company estimates the recoverable amount of
the asset. For an asset that does not generate largely independent cash
inflows, the recoverable amount is determined for the cash-generating
unit to which the asset belongs. If such recoverable amount of the
asset or the recoverable amount of the cash generating unit to which
the asset belongs is less than its carrying amount, the carrying amount
is reduced to its recoverable amount. The reduction is treated as an
impairment loss and is recognized in the profit and loss account. If at
the Balance Sheet date there is an indication that if a previously
assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount. An
impairment loss is reversed only to the exxtent that the carrying
amount of asset does not exceed the net book value that would have been
determined; if no impairment loss had been recognized.
2.10 Segment Accounting Polices
(a) Segment Assets and Liabilities:
The assets of the Company are used interchangeably between segments,
and hence the assets and liabilities of the Company are currently
treated as inseparable.
(b) Segment Revenue and Expense:
The Revenue and direct cost, excepting the unallocable costs like
personnel cost for the supporting services, depreciation, operating
expenditure, interest income on deposits, provision for contingencies
and income tax, are directly attributed to the respective segments.
2.11 Provision and Contingent liabilities
The Company creates a provision when there is a present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made. Provisions for
onerous contracts, i.e. contracts where the expected unavoidable costs
of meeting the obligations under the contract exceed the economic
benefits expected to be received under it are recognised when it is
probable that an outflow of resources embodying economic benefits will
be required to settle a present obligation as a result of an obligating
event, based on a reliable estimate of such obligation.
Jun 30, 2009
1. Company overview
Serve All Enterprise Solutions Limited, "the Company" is an Information
Technology services provider dedicated to serving the midsize market of
enterprises and the midsize units of Global 2000 enterprises across the
spectrum of business industries.
2. Significant accounting policies
2.1 Basis of preparation of financial statements
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention on the accrual basis. GAAP comprises mandatory
accounting standards as specified in the Companies (Accounting
Standards) Rules, 2006 and the relevant provisions of the Indian
Companies Act, 1956. Accounting policies have been consistently applied
except where a newly issued accounting standard is initially adopted or
a revision to an existing accounting adopted or a revision to an
existing accounting standard requires a change in the accounting policy
hitherto in use. The management evaluates all recently issued or
revised accounting standards on an ongoing basis.
2.2 Use of estimates
The preparation of the financial statements in conformity with GAAP
requires Management to make estimates and assumptions that affect the
reported balances of assets and liabilities and disclosures relating to
contingent assets and liabilities as at the date of the financial
statements and reported amounts of income and expenses during the
period. Actual results could differ from those estimates. Examples of
such estimates include provisions for doubtful debts, future
obligations under employee retirement benefit plans, income taxes, and
the useful lives of fixed assets and intangible assets. Management
periodically assesses using, external and internal sources, whether
there is an indication that an asset may be impaired. Impairment occurs
where the carrying value exceeds the present value of future cash flows
expected to arise from the continuing use of the asset and its eventual
disposal. The impairment loss to be expensed is determined as the
excess of the carrying amount over the higher of the assets net sales
price or present value as determined above. Contingencies are recorded
when it is probable that a liability will be incurred, and the amount
can be reasonably estimated. Where no reliable estimate can be made, a
disclosure is made as contingent liability. Actual results could differ
from those estimates.
2.3 Revenue recognition
Income from Software services and products. Revenue from professional
services consist primarily of revenue earned from services performed on
a "time and material" basis. The related revenue is recognized as and
when the services are performed. The Company also performs time bound
fixed-price engagements, under which revenue is recognized using the
percentage of completion method of accounting. The cumulative impact of
any revision in estimates of the percentage of work completed is
reflected in the year in which the change becomes known. Provisions
for estimated losses on such engagements are made during the year in
which a loss becomes probable and can be reasonably estimated.
Amounts received or billed in advance of services performed are
recorded as advance from customers/unearned revenue. Unbilled revenue,
included in debtors, represents amounts recognized based on services
performed in advance of billing in accordance with contract terms.
Revenue from the sale of user licenses for software applications is
recognized on transfer of the title in the user license, except in case
of multiple element contracts requiring significant implementation
services, where revenue is recognized as per the percentage of
completion method.
Revenues are stated net of discounts and include expenses billed to the
customers.
Interest income is recognized using the time proportion method, based
on the transactional interest rates.
2.4 Fixed Assets
Tangible assets
Tangible assets are stated at actual cost less accumulated
depreciation. The actual cost capitalized includes material cost,
freight, installation cost, duties and taxes, finance charges and other
incidental expenses incurred during the construction/installation
stage.
Intangible assets
Intangible assets are recorded at consideration paid for acquisition
and other direct costs that can be directly attributed, or allocated on
a reasonable and consistent basis, to creating, producing and making
the asset ready for its intended use.
Depreciation
Depreciation on the Tangible Fixed Assets of the Company is provided on
Straight line method as Schedule XIV of the Companies Act, 1956 are
considered as the minimum rate.. Individual assets acquired for less
than Rs. 5,000 are entirely depreciated in the year of acquisition.
The cost of and the accumulated depreciation for fixed assets sold,
retired or otherwise disposed off are removed from the stated values
and the resulting gains and losses are included in the profit and loss
account. Lease payments under operating lease are recognized as an
expense in the profit and loss account. An impairment loss is
recognized wherever the carrying amount of the fixed assets exceeds its
recoverable amount.
2.5 Foreign Currency transactions and translation
Transactions in foreign currency are recorded at exchange rate
prevailing on the date of transaction. Monetary assets and liabilities
denominated in foreign currency are translated at the rate of exchange
at the balance sheet date and resultant gain or loss is recognized in
the profit and loss account. Non-monetary assets and liabilities are
translated at the rate prevailing on the date of transaction.
2.6 Taxes on Income
Tax expense for the year comprises of current tax, deferred tax and
Fringe Benefit Expense.
Income taxes are computed using the tax effect accounting method, where
taxes are accrued in the same period in which the related revenue and
expenses arise. A provision is made for income tax annually based on
the tax liability computed, after considering tax allowances and
exemptions. Provisions are recorded when it is estimated that a
liability due to disallowances or other matters is probable. Minimum
alternate tax (MAT) paid in accordance with the tax laws, which gives
rise to future economic benefits in the form of adjustments of future
income tax liability, is considered as an- asset- ifà there is
convincing-evidence that the Company will pay normal tax after the tax
holiday period.
The differences that result between the profit considered for income
taxes and the profit as per the financial statements are identified,
and thereafter a deferred tax asset or deferred tax liability is
recorded for timing differences, namely the differences that originate
in one accounting period and reverse in another, based on the tax
effect of the aggregate amount being considered. The tax effect is
calculated on the accumulated timing differences at the end of the
accounting period based on prevailing enacted or substantially enacted
regulations. Deferred tax assets are recognized only if there is
virtual certainty that they will be realized and are reviewed for the
appropriateness of their respective carrying values at each balance
sheet date.
Consequent to the introduction of Fringe Benefit Tax (FBT) effective 1
April, 2005, in accordance with the guidance note on accounting for
fringe benefits tax issued by the ICAI, the Company has made provision
for FBT under income taxes.
2.7 Earnings per share
In determining earnings per share, the Company considers the net profit
after tax and includes the post tax effect of any extra-ordinary /
exceptional item is considered. The number of shares used in computing
basic earnings per share is the weighted average number of shares
outstanding during the period. The number of shares used in computing
diluted earnings per share comprises the weighted average shares
considered for deriving basic earnings per share, and also the weighted
average number of equity shares that could have been issued on the
conversion of all dilutive potential equity shares. The diluted
potential equity shares are adjusted for the proceeds receivable, had
the shares been actually issued at fair value (i.e. the average market
value of the outstanding shares). Dilutive potential equity shares are
deemed converted as of the beginning of the period, unless issued at a
later date.
2.8 Retirement benefits to employees
Gratuity
The Company provides for gratuity, a defined benefit retirement plan
covering eligible employees, based on actuarial valuation made by an
independent actuary as at the balance sheet date. In accordance with
the Payment of Gratuity Act, 1972, the gratuity plan provides a lump
sum payment to vested employees at retirement, death, incapacitation or
termination of employment, of an amount based on the respective
employees salary and the tenure of employment.
Provident fund
Contributions to defined Schemes such as Provident Fund are charged,as
incurred on accrual basis. Eligible employees receive benefits from a
provident fund, which is a defined contribution plan. Aggregate
contributions along with interest thereon are paid at retirement,
death, incapacitation or termination of employment. Both the employee
and the Company make monthly contributions to the government
administered authority.
2.9 Impairment of assets
The Company assesses at each balance sheet date whether there is any
indication that an asset (including goodwill) may be impaired. If any
such indication exists, the Company estimates the recoverable amount of
the asset. For an asset that does not generate largely independent cash
inflows, the recoverable amount is determined for the cash-generating
unit to which the asset belongs. If such recoverable amount of the
asset or the recoverable amount of the cash generating unit to which
the asset belongs is less than its carrying amount, the carrying amount
is reduced to its recoverable amount. The reduction is treated as an
impairment loss and is recognized in the profit and loss account. If at
the balance sheet date there is an indication that if a previously
assessed impairment loss no longer exists, the recoverable amount is
reassessed and the asset is reflected at the recoverable amount. An
impairment loss is reversed only to the extent that the carrying amount
of asset does not exceed the net book value that would have been
determined; if no impairment loss had been recognized.
2.10 Segment Accounting Policies
(a) Segment Assets and Liabilities
The assets of the Company are used interchangeably between segments,
and hence the assets and liabilities of the Company are currently
treated as inseparable.
(b) Segment Revenue and expenses
Revenue and direct cost, excepting the unallocable costs like personnel
cost for the supporting services, depreciation, operating expenditure,
interest income on deposits, provision for contingencies and
income-tax, are directly attributed to the respective segments.
2.11 Provision and Contingent liabilities
The Company creates a provision when there is a present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made. Provisions for
onerous contracts, i.e. contracts where the expected unavoidable costs
of meeting the obligations under the contract exceed the economic
benefits expected to be received under it are recognised when it is
probable that an outflow of resources embodying economic benefits will
be required to settle a present obligation as a result of an obligating
event, based on a reliable estimate of such obligation.
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CES Ltd. पर और जानकारी
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CES Ltd. Financial Data
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Stock Market Rally: शेयर बाजार में पैसों की बारिश, निवेशक मालामाल, जानिए तेजी के पीछे की वजह -
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Share Market Update: सीजफायर से शेयर बाजार में पैसा बरसा! सेंसेक्स-निफ्टी में जोरदार उछाल
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