| Note No. 1
Corporate Information
Cranex Limited is a public limited company domiciled in India &
incorporated under provision of Companies Act, 1956. Its shares are
listed on two stock exchange in India i.e.BSE & DSE. The company is
engaged in the business of manufacturing & selling cranes & its parts.
The company is also providing after sales maintenance services. The
company caters the domestic market in the public sector as well as in
the private sector. The company is managed by the board of directors
headed by the Chairman Shri Suresh Chandra Agrawal.
Note No. 2
Basis of preparation
The financial statements of the Company have been prepared in
accordance with Generally Accepted Accounting Principles in India
(Indian GAAP). The company has prepared financial statements to comply
in all material respects with the Accounting Standards notified under
the companies (Accounting Standards) Rules, 2006, (as amended) and the
relevant provisions of the Companies Act,1956. The financial statements
have been prepared on an accrual basis and under the historical cost
convention.
3. Basis of Accounting & Accounting Convention
1. All Revenue, Expenses, except provision for gratuity, Assets &
Liabilities are accounted for on accrual basis.
2. The Financial Statements are prepared under the historical cost
convention in accordance with applicable mandatory accounting standard
and relevant presentation requirements of the Companies Act, 2013.
3. Fixed Assets are recorded in the books at cost of acquisition which
comprises of purchase price, freight and other incidental expenses
including expenditure of installation of Fixed Assets.
4. Depreciation-
Tangible Assets
Depreciation on Fixed Assets is provided on Straight Line Method (SLM).
Depreciation is provided based on useful life of the assets as
prescribed in Schedule II to the Companies Act, 2013 except in respect
of the following assets, where useful life is different than those
prescribed in Schedule II are used;
Particular Depreciation
Plant & Machineries; Over its useful considered as 30 years as
technically assessed.
Computer Software Over a period of 5 years.
Other Over the period of agreement of right to use.
5. Investments are stated at cost of acquisition
6. Inventories: As certified by the Management, the stocks have been
valued at cost or net realizable value, whichever is lower.
7. Sales are recognized at the point of dispatch of finished goods
from the factory.
8. Foreign Currency Transactions;
Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing on the date of the transaction or that
approximates the actual rate at the date of the settlement of the
transaction.
Monetary items denominated in foreign currencies at the year-end are
restated at year-end rates. In case of items which are covered by
forward exchange contracts, the difference between the year-end rate
and rate on the date of the contract is recognized as exchange
difference and the premium paid on forward contracts is recognized over
the life of the contract.
Any income or expense on account of exchange difference either on
settlement or on translation is recognized in the Profit and Loss
Statement, except in case of long term liabilities, where they relate
to acquisition of Fixed Assets, in which case they are adjusted to the
carrying cost of such assets.
9. B) NOTES TO ACCOUNTS
1. Contingent Liabilities (in Rs):
2014-15 2013-14
a) Bank Guarantees issued 3,77,37,999 2,01,04,113
b) Any other NIL NIL
TOTAL 3,77,37,999 1,01,04,113
10. Company has not provided for Gratuity as the same is accounted for
on cash basis as and when paid.
* The expense has not been accounted for during this year and will be
accounted for as and when the bill is received and paid.
11. Confirmation of balances in some cases are yet to be received from
Debtors/Creditors and also for loans, advances & deposits.
12. Previous year figures have been re-arranged / re-grouped wherever
necessary.
13. The names of Small Scale Industrial undertakings to whom the
Company owes a sum exceeding Rs. 1,00,000 and which is outstanding for
more than 30 days is NIL previous year NIL.
14. Foreign Exchange gain/loss is accounted for in the Export revenue
account.
15. The company has incurred a loss of Rs.3,83,390/- only on account of
its non-recoverable trade bills. It has been observed that these debts
are disputed being arising due to alleged late delivery and the company
has not been able to recover in spite of its best efforts. The amount
has become bad debt and has been accounted for accordingly.
15 I. List of Related Parties-
A. Associate and Enterprise, over which key management personnel and
their relatives exercise significant influence, with whom transactions
have taken place during the year:
1. Cranex Infratech Pvt Ltd.
2. Skylark Associates Pvt Ltd.
B. Key Management Personnel: a. Directors
1. Suresh Chandra Agrawal - Chairman
2. Piyush Agrawal - Managing Director
3. Chaitanya Agrawal - Director
4. Amitabh Agrawal - Director
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