ARCHETYPE INDIA CONSTRUCTION CONSULTANT PRIVATE LIMITED
SCHEDULES TO ACCOUNTS (CONTD.)
11.
SIGNIFICANT ACCOUNTING POLICIES
1. The financial statements have been prepared under the historical cost
convention, on the accrual basis of accounting and in accordance with the
Generally Accepted Accounting Principles (‘GAAP’) in India and comply with the
Accounting Standards prescribed by the Companies (Accounting Standards)
Rules, 2006 to the extent applicable and in accordance with the provisions of
the Companies Act, 1956.
2. The preparation of the financial statements in conformity with generally
accepted accounting principles requires the management to make estimates
and assumptions that affect the reporting balances of assets and liabilities and
disclosures relating to contingent liabilities as at the date of the financial
statements and reporting amounts of income and expenses during the year.
Contingencies are recorded when it is probable that a liability will be incurred,
and the amount can be reasonably estimated. Actual results could differ from
such estimates. Any revision to accounting estimates is recognised
prospectively in the current and future periods.
3. Fixed Assets are stated at cost less accumulated depreciation. Cost of
acquisition including taxes, duties, freight and other incidental expenses
related to acquisition, construction and Installation. Borrowing costs that are
directly attributable to acquisition, construction or production of a qualifying
asset are capitalized.
4.1 Depreciation on Fixed Assets is provided on Written down Method at the rates
which are in conformity with the requirements of the Companies Act, 1956.
4.2. Intangible assets are stated at cost of acquisition less accumulated
depreciation. Computer Software are depreciated over a period of thirty six
months. Amortization is done on the straight line method.
5. Revenue is recognized to the extent that it is probable that economic benefit
will flow to the Company and the revenue can be reliably measured. Revenue
from consultancy is recognized on raising of bills/contracted terms. Items of
income and expenditure are recognized on accrual basis. Interest revenue is
recognized on a time proportion basis taking into account outstanding & rate
applicable. The income is stated in full with the tax deducted thereon being
accounted for under the head Tax refunds / payments.
6. Leases where the lessor effectively retains substantially all risks and benefits of
ownership of leased assets are classified as operating lease. Operating lease
payments are recognized as expense in the Profit & Loss Account on straight
line bases over the lease period.
7. Payments of gratuity, if any are made at the discretion of the management as
the provisions of Gratuity Act, 1972 are not applicable to the Company. As per
the present policy, the employees are allowed to enjoy leave and no leaves are
encashed.
8. Foreign currency transactions are recorded at the rate of exchange prevailing
on the date of transactions. Exchange differences arising on actual payments /
realization are adjusted in the profit & loss account.
9. The deferred tax charge or credit is recognized using current tax rates. Where
there is unabsorbed depreciation or carried forward losses, deferred tax assets
are recognized only if there is virtual certainty of realization of such assets.
Other deferred tax assets are recognized only to the extent there is a
reasonable certainty of realization in future. Deferred tax assets / liabilities are
reviewed at each balance sheet date based on developments during the year
and available case laws, to-asses realization liabilities.
ARCHETYPE INDIA CONSTRUCTION CONSULTANT PRIVATE LIMITED
SCHEDULES TO ACCOUNTS (CONTD.)
10. A provision is recognized when the Company has a present obligation as a
result of a past event, when it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation and a
reliable estimate can be made of the amount of the obligation. Provisions are
not discounted to their present values and are determined based on
management estimates of amounts required to settle the obligation at the
balance sheet date. These are reviewed at each balance sheet date and are
adjusted to reflect the current management estimates. A contingent liability is
recognized where there is a possible obligation or a present obligation that
may, but probably will not, require an outflow of resources. Contingent Assets
are neither recognized nor disclosed.
11. Prior period and Extra-Ordinary items and Changes in Accounting Policies
having material impact on the financial affairs of the company are disclosed.
12. Events occurring after the date of the Balance Sheet which affect the financial
position to a material extent are taken into cognizance.
13. The Company reports basic and diluted earnings per equity share in accordance
with Accounting Standard 20, Earnings Per Share. Basic earnings per equity
share has been computed by dividing net profit after tax with the weighted
average number of equity shares outstanding for the period.
ARCHETYPE INDIA CONSTRUCTION CONSULTANT PRIVATE LIMITED
SCHEDULES TO ACCOUNTS (CONTD.)
12.
NOTES TO THE ACCOUNTS
1. The Company has not received from parties any information / memorandum (as
required to be filed by suppliers / vendors with notified authority under Micro,
Small and Medium Enterprises Act 2006) claiming their status as Micro, Small or
Medium Enterprises. As such, the Company does not owe any dues on account of
principal amount together with interest and accordingly no additional disclosures
are made. This has been relied upon by the auditors.
2. Earnings Per Share
Particulars 2011 2010
(Rupees) (Rupees
)
Computation of both basic and diluted earnings per
share of Rs.10/-each
Profit available for equity shareholders 3,804,394 3,210,757
Number of Equity Shares/Weighted number of Shares 314,499 314,499
Basic & Diluted Earnings per Share in Rupees of face 12.10 10.21
value of Rs. 10/-
3. The net deferred tax comprises of the following:
2011 2010
(Rupees (Rupees
Deferred tax Asset/Liabilities ) )
Depreciation 103,561 21,452
103,561 21,452
4. The management is confident and of the opinion that its international
transactions are at arm’s length and on commercial prudence so that the transfer
pricing legislation under Sections 92 – 92F of the Income Tax Act, 1961 will not
have any impact on the financial statements, particularly the amount of tax
expenses and provision for tax expenses.
5 Balances appearing under the head Liabilities, Creditors & Loans and Advances
are subject to confirmation.
6. In the opinion of the Board, the value on realizable of current asset, loans &
advances in the Ordinary Course of business will not be less than the amount at
which they are stated in the Balance Sheet and all known liabilities are
accounted for.
7. Disclosures in respect of Company's operating lease arrangements entered on
or after 1st April 2001 under Accounting Standard (AS-19) on leases:
(a) General description of the Company's operating lease arrangements:
The company has entered into operating lease arrangement primarily for office
premises & Guest house.
Some of the significant terms and conditions of the arrangements are:
Arrangements may generally be terminated by either party by service or
notice;
The lease arrangement are cancellable at the option of either party by
ARCHETYPE INDIA CONSTRUCTION CONSULTANT PRIVATE LIMITED
SCHEDULES TO ACCOUNTS (CONTD.)
giving notice;
Certain agreements provide for increase in rent and also contain
provision for renewal;
The Company has given refundable interest free security deposits under
certain agreement’
The company shall not sublet, or part with possession of the premises
without prior written consent of lessor,
(b) Rent in respect of the above are charged to the profit and loss accounts.
8. The Company is a Small & Medium Sized Company (SMC) as defined in the
general instructions in respect of Accounting Standards notified under
Companies (Accounting Standards) Rules 2006. Accordingly, the company has
complied with the Accounting Standards as applicable to a SMC. The Company
is not required to present the Cash Flow Statement and Segment Disclosures as
required under the relevant Accounting Standards. Further, the Company is not
required to disclose information required by paragraph 11 to 16, 46, 139, 50 to
123 and 129 to 131 of the Accounting Standard 15 on ‘Employee Benefits’,
paragraph 22(c), (e), & (f), 25(a), (b) & (e), 37 (a), (f) & (g), 46 (b) & (d) of
Accounting Standard 19 on ‘Leases’ & para 66 and 67 of Accounting Standard
29 on ‘Provisions, Contingent Liabilities and Contingent Assets.
9. Related party disclosures *
a. Holding Company
Archetype Construction Holding Limited
b. Fellow subsidiaries
Archetype Vietnam Limited
c. Related party and nature of relationship, where transactions have taken
place during the period:
Enterprises over which, individual
Archetype Construction Holding
having control or significant influence
Limited
over the company, has significant
influence
i) Cyril Gabriel Jean Charles Jacob
Key Management Personnel ii) Pierre – Jean Malgouyres
iii) Francois Henri Marcel Magnier
d. Transactions/ balances outstanding with related parties
S. Name of the Party Nature of Year Ended Year Ended
No. Transaction 31.03.2011 31.03.2010
Rupees Rupees
1. Archetype Management 1,374,545
Construction Fees
Holding Limited Closing balance 1,374,545
2. Cyril Gabriel Jean Salary etc. 4,124,975
Charles Jacob
ARCHETYPE INDIA CONSTRUCTION CONSULTANT PRIVATE LIMITED
SCHEDULES TO ACCOUNTS (CONTD.)
Closing balance 264,607
3. Archetype Interim Dividend 1,256,236
Construction paid
Holding Ltd.
4. Archetype Vietnam Interim Dividend 1760
Ltd. paid
* As identified by the management.
10. Amount remitted in Foreign Currency during the year
Particulars Year ended 31s'March
2011 2010
Dividend – Interim (Rs.) 1,257,996
Number of Non Resident Shareholder (nos.) 2
Number of Shares held by them
- Archetype Construction Holding 314,059
Limited 440
- Archetype Vietnam Limited
11.1 Payment to Directors
Particulars Year ended 31s'March
2011 2010
(Rupees) (Rupees
)
Salaries 4,016,975
Contribution towards provident 108,000
funds
4124975
12. Unhedged foreign currency exposure
The Foreign Currency exposure (payables) as on 31st March 2011 that are not
hedged by derivative instruments or otherwise are as follows:
Creditors USD 58603.70 Rs. 2,617,889
13.1 Expenditure in Foreign Currency
Year ended 31s'March
2011 2010
(Rupees) (Rupees
)
Consultancy Charges 14,763,195
Other matters
ARCHETYPE INDIA CONSTRUCTION CONSULTANT PRIVATE LIMITED
SCHEDULES TO ACCOUNTS (CONTD.)
13.2 CIF Value of imports
Particulars Year ended 31s'March
2011 2010
(Rupees) (Rupees
)
Software NIL NIL
14. Auditor’s Remuneration (excluding Service Tax)
Year ended 31s'March
2011 2010
(Rupees) (Rupees
)
As Auditors 60,000 60,000
Tax Audit 15,000 15,000
75,000 75,000
15. Previous year figures have been regrouped wherever necessary to conform to
this year's classification.
16. Information pursuant to Part IV of Schedule VI of the Companies Act, 1956.
Balance Sheet Abstract and Companies General Profile:
(I) Registration details:
Registration Number 142969 of 2005-06
Status Code 55
Balance Sheet Date 31.03.2011
(II) Capital Raised during the year (Amount in Rs
thousands)
Public Issue -
Rights Issue -
Bonus Issue -
Private Placement -
(III) Position of mobilization (Amount in Rs
thousands)
& deployment of funds
Total Liabilities 53,490
Total Assets 53,490
ARCHETYPE INDIA CONSTRUCTION CONSULTANT PRIVATE LIMITED
SCHEDULES TO ACCOUNTS (CONTD.)
Sources of Funds
Paid up Capital 3,145
Reserve & Surplus 11,925
Secured Loans -
Unsecured Loans -
Applications of Funds
Net Fixed Assets 4,251
Deferred Tax 103
Investment -
Net Current Assets 10716
Miscellaneous Expenditure -
Accumulated Losses -
(IV) Performance of the Company (Amount in Rs thousands)
Turnover of the Company (including other income) 147,963
Total Expenditure 142,487
Profit (+) / Loss (-) before tax 5,475
Profit (+) / Loss (-) after Tax including deferred tax 3,804
Earnings per Share (in Rs.) 12.10
Dividend Rate (%) - Interim 0%
(V) Generic Names of Principal Product / Services of the Company as
per monetary terms
Item Code No. (ITC Code) Not Applicable
Product description Consultancy
Place: New Delhi
Date: