Mar 31, 2015
A. Basis of preparation of financial statements
These financial statements have been prepared to comply in all
material respects with the accounting principles generally accepted in
India (Indian GAAP) including the Accounting Standards notified under
the relevant provisions of the Companies Act, 2013. The financial
statements have been prepared on accrual basis under the historical
cost convention. The accountings policies have been consistently
applied by the company and are consistent with those used in the
previous period.
b. Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make judgments,
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent liabilities at the date
of the financial statements and the results of operations during the
reporting year end. Although these estimates are based upon
management's best knowledge of current events and actions, belief that
these estimates are reasonable and prudent, actual results may differ
from estimates.
c. Revenue Recognition
Revenue is recognized only when risks and rewards incidental to
ownership are transferred to the customer, it can be reliably measured
and it is reasonable to expect ultimate collection. Revenue from
operation includes sale of services.
d. Cash flow
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
e. Segmental reporting
Operations of the company consist of one segment i.e. Software
Development. Thus AS -17 is not applicable to the company from the
current year.
f. Earnings Per Share
Earnings per Share has been computed in accordance with Accounting
Standard 20 - "Earning Per Share" by dividing the net profit or loss
for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. The
earnings considered for ascertaining the company's Earnings per Share
is the net profit after tax.
g. Income Tax
Tax expense comprises of current tax and deferred tax. Provision for
current tax is made for the tax liability payable on taxable income
after considering the allowances, deductions and exemptions and
disallowances if any determined in accordance with the prevailing tax
laws.
Deferred income tax reflect the current period timing difference
between taxable income and accounting income for the period and
reversal of timing difference of earlier years/period. Deferred tax
assets are recognised only to the extent that there is a reasonable
certainty that sufficient future income will be available except that
deferred tax assets, in case there are unabsorbed depreciation or
losses, are recognised if there is a virtual certainty that sufficient
future taxable income will to available to realise the same.
Deferred tax assets and liabilities are measured using the tax rates
and tax laws that have been enacted or substantively enacted by the
balance sheet date.
h. Provisions, Contingent Liabilities and Contingent Assets
The Company creates a provision when there is a present obligation as
a result of an obligating event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
outflow. Provisions are not discounted to their present value and are
determined based on the best estimate required to settle the
obligation at the reporting date. These estimates are reviewed at each
reporting date and adjusted to reflect the current best estimate.
Contingent liabilities are disclosed unless the possibility of outflow
of resources is remote.
Mar 31, 2014
Basis of preparation of financial statements
These financial statements have been prepared to comply in all material
respects with the accounting standards notified by Companies
(accounting standards) Rules, 2006 (as amended), accounting principles
generally accepted in India and the relevant provisions of the
Companies act, 1956. The financial statements have been prepared under
the historical cost convention on an accrual basis. The accountings
policies have been consistently applied by the company and are
consistent with those used in the previous period.
Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make judgments,
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent liabilities at the date of
the financial statements and the results of operations during the
reporting year end. Although these estimates are based upon
management''s best knowledge of current events and actions, belief that
these estimates are reasonable and prudent, actual results may differ
from estimates.
Revenue Recognition
Incomes/Expenses/Revenues are accounted for on accrual basis. Revenue
is recognised to the extent that it is probable that the economic
benefit will flow to the company and the revenue can be reliably
measured.
Cash flow
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
Segmental reporting
Operations of the company have been bifurcated into two primary
segments i.e. Software Development and Realty. Segment Revenue, Results
and Assets and Liabilities figures include the respective amounts
identifiable to each of the Primary Segments. Other unallocable
expenditure, assets and liabilities relates to corporate as a whole.
Earnings Per Share
Earnings per Share has been computed in accordance with Accounting
Standard 20 - "Earning Per Share" by dividing the net profit or loss
for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. The
earnings considered for ascertaining the company''s Earnings per Share
is the net profit after tax.
Income Tax
Tax expense comprises of current tax and deferred tax. Provision for
current tax is made for the tax liability payable on taxable income
after considering the allowances, deductions and exemptions and
disallowances if any determined in accordance with the prevailing tax
laws.
Deferred income tax reflect the current period timing difference
between taxable income and accounting income for the period and
reversal of timing difference of earlier years/period. Deferred tax
assets are recognised only to the extent that there is a reasonable
certainty that sufficient future income will be available except that
deferred tax assets, in case there are unabsorbed depreciation or
losses, are recognised if there is a virtual certainty that sufficient
future taxable income will to available to realise the same.
Deferred tax assets and liabilities are measured using the tax rates
and tax laws that have been enacted or substantively enacted by the
balance sheet date.
Provisions, Contingent Liabilities and Contingent Assets
present value and are determined based on the best estimate required to
settle the obligation at the reporting date. These estimates are
reviewed at each reporting date and adjusted to reflect the current
best estimate. Contingent liabilities are disclosed unless the
possibility of outflow of resources is remote.
Contingent assets are neither recognised nor disclosed in the financial
statements.
Mar 31, 2012
1. Basis of preparation of Financial Statements & its significant
Accounting Policies & Audit Notes thereon :
The financial statements of the Company are prepared under the
Historical Cost Convention on accrual basis of accounting, in
accordance with the standards issued by the Institute of Chartered
Accountants of India, and referred to in section 211 (3C) of the
Companies Act, 1956.
2. Fixed Assets
The company does not have any fixed asset during the year. The fixed
assets were being stated at cost less accumulated depreciation.
3. Depreciation
Depreciation on all fixed assets was provided using Straight Line
Method pro-rata to the period of use of assets, in the manner specified
in Schedule XIV of the Companies Act, 1956, at the rates prescribed
therein.
4. Investment
Investment in NSC is considered as long term and shown at cost.
5. Inventories
Inventories are valued as under
Finished Goods - At Cost or Market Value whichever is lower.
Work in Progress - At Cost or Market Value whichever is lower - (The
cost of WIP includes manufacturing overhead).
Stores & Spares - At Cost or Market Value whichever is lower.
(The Management certifies the above)
There is no Inventory as at the end of the year.
6. Sales
The Company recognizes sale of goods on the dispatch to customers. Sale
comprises the amounts invoiced for goods sold inclusive of excise duty,
but net of Sales Tax returns and trade discounts.
7. Interest
No interest has been provided during the year.
8. Retirement Benefit
The Company does not provide any retirement benefits during the year.
9. MODVAT Credit
a) The value of eligible Modvat Credit against Central Excise Duty paid
has been adjusted against the relevant materials purchased.
b) Modvat Credit so availed has been adjusted against Central Excise
Duty incurred on finished goods and scrap dispatched and unavailed duty
is carried over as advance.
10. Deferred Revenue Expenditure
The company does not have any deferred revenue expenditure during the
year. Preliminary Expenses and Public Issue Expenses are written off
over a period of 10 years.
11. Director's Remuneration
Rs. 94,500/- has been paid to the Managing Director and other Director
which is yearly remuneration/sitting fees paid as per Schedule XIII of
the Companies Act, 1956 which are within limits of Companies Act, 1956.
Mar 31, 2010
1. Basis of preparation of Financial Statements & its significant
Accounting Policies & Audit Notes thereon :
The financial statements of the Company are prepared under the
Historical Cost Convention on accrual basis of accounting, in
accordance with the standards issued by the Institute of Chartered
Accountants of India and referred to in section 211 (3C) of the
Companies Act, 1956.
2. Fixed Assets :-
Fixed Assets are stated at cost less accumulated depreciation.
3. Depreciation :-
Depreciation on all fixed assets is provided using Straight Line Method
pro-rata to the period of use of assets, in the manner specified in
Schedule XIV of the Companies Act, 1956, at the rates prescribed
therein.
4. Investment :-
Investment in NSC is considered as long term and shown at cost.
5. Inventories :-
Inventories are valued as under
Finished Goods - At Cost or Market Value whichever is lower.
Work in Progress - At Cost or Market Value whichever is lower - (The
cost of WIP includes manufacturing overhead).
Stores & Spares - At Cost or Market Value whichever is lower.
(The Management certifies the above)
6. Sales :-
The Company recognises sale of goods on the despatch to customers. Sale
comprises the amounts invoiced for goods sold Inclusive of excise duty,
but net of Sales Tax, returns and trade discounts,
7. Interest :-
The Company has not provided interest on Secured Loan during the year.
8. Retirement Benefit :-
The Company has not incurred any retirement benefits to the employees
and also no provision has been made so far.
9. Capital Work-in-progress :-
Capita! Work-in progress included advances against Capital Expenditure
towards Plant & Machinery and others; the ownership thereof has not
been vested with the Company. It has been written off during the year
since the amount as informed is irrecoverable.
10. MODVAT Credit :-
a) The value of eligible Modvat credit against Central Excise Duty paid
has been adjusted against the relevant materials purchased.
b) Modvat Credit so availed has been adjusted against Central Excise
Duty incurred on finished goods and scrap despatched and unveiled duty
is carried over as advance.
11. Deferred Revenue Expenditure :-
Preliminary Expenses and Public Issue Expenses are written off over a
period of 10 years.
12. Subsidy (Reserve & Surplus) :-
State-Subsidy so received in earlier years has been transferred to
Profit and Loss A/c recognizing it as an Income pertaining to earlier
year.
13. Director's Remuneration :-
Rs. 1,15,500/- has been paid to the Managing Director and other
Director which is yearly remuneration/sitting fees paid as per Schedule
XIII of the Companies Act, 1956 which are within limits of Companies
Act.
14. The Company has not provided for Deferred Taxes during the year.
15. Additional information pursuant to the provision of the paragraph
3, 4C and 4D of Part II of Schedule VI of the Companies Act, 1956.
16. Calls in Arrears of earlier year amounting to Rs. 1,40,76,750/-
has not been received. Forfeiture procedure is awaited by the Company.
Interest receivable on Allotment Money & Call Money on unpaid amount,
are not accounted in this year. Such will be accounted for on receipts
only.
17. The following Statutory Expenses are outstanding for more than six
months while they become payable. These are carried forward from
earlier years.
18. Professional Tax :
No Professional Tax has been deducted from employees during the year as
told to us.
19. A sum of Rs. 16,83,128.00 has been written off during the year as
bad debts since, as H informed they have become irrecoverable. A sum of
Rs. 4,47,478.00 representing liabilities no longer required have been
adjusted and considered as Income during the year.
20. Previous year's figures have been re-grouped & re-arranged
wherever felt necessary.