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Accounting Policies of Asya Infosoft Ltd. Company

Mar 31, 2015

1.1 BASIS FOR PREPARATION OF FINANCIAL STATEMENTS

These Financial Statements prepared in accordance with Generally Accepted Accounting Principles under the historical cost convention on accrual basis. Generally Accepted Accounting Principles comprised of accounting standard prescribed by the Companies (Accounting Standards) Rules, 2006, the Provision of Companies Act, 1956 and the guidelines issued by Securities and Exchange Board of India(SEBI).

1.2 USE OF ESTIMATES :

These financial statements have been prepared in accordance with accrual concept. The preparation of the financial statements requires the management to make estimates and assumptions considered in the reported amounts of assets and liabilities. The management believes that the estimates used in preparation of financial statements are prudent and reasonable. Future results could differ from the estimates.

1.3 RECOGNITION OF INCOME & EXPENDITURE :

Revenues/Incomes from operation is recognized as and when they are earned. However Interest income on loan granted is recognized as per agreement with the d with parties.

1.4 FIXED ASSETS :

Fixed assets, if any are stated at cost of acquisition or construction including incidental expenses related to acquisition and installation less accumulated depreciation.

1.5 DEPRECIATION :

The Company has provided depreciation based on life assigned to each assets in accordance with Schedule II of the Companies Act, 2013.

1.6 INVESTMENT :

Long term Investments are valued at cost less provision for diminution. Provision for diminution is made to recognize decline (other than temporary) in the value of investments, if any. Current investments are valued at cost.

1.7 TAXATION :

Provision for taxation has consists of Current Period tax and Deferred tax. The provision for current period tax has been made in accordance with the provisions of the Income tax Act.1961 and the Deferred tax assets or liabilities have been accounted as per the AS-22 'Accounting for Taxes on Income'. The deferred tax assets and liabilities which arise on account of timing differences is recognized in Profit and Loss Account.

1.8 EARNING PER SHARES :

The Company report Basic and Diluted Earning Per Share in accordance with Accounting Standards (AS) 20 "Earning Per Shares" issued by The Institute of Chartered Accountants of India. Basic Earning Per Share is computed by dividing net profit after tax by the weighted average number of equity shares outstanding for the period. Diluted Earning Per Share is computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the period.

1.9 IMPAIRMENT OF ASSETS :

Impairment loss, if any, is provided to the extent the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an asset's net selling price and its value in use. Value in use is the present value of estimated future cash flow expected to arise from the continuing use of an asset and from its disposal at the of its useful life.

1.10 In the opinion of Board, all the items of current assets, loans and advances have a value on the realization in the ordinary course of business at least equal to amount at which they are stated.

1.11 The Company is in the process of taking over the Ideal Systems Pvt. Ltd. The matter is pending with SEBI.




Mar 31, 2014

1.1 BASIS FOR PREPARATION OF FINANCIAL STATEMENTS

These Financial Statements prepared in accordance with Generally Accepted Accounting Principles under the historical cost convention on accrual basis. Generally Accepted Accounting Principles comprised of accounting standard prescribed by the Companies (Accounting Standards) Rules, 2006, the Provision of Companies Act, 1956 and the guidelines issued by Securities and Exchange Board of India(SEBI).

1.2 USE OF ESTIMATES:

These financial statements have been prepared in accordance with accrual concept. The preparation of the financial statements requires the management to make estimates and assumptions considered in the reported amounts of assets and liabilities. The management believes that the estimates used in preparation of financial statements are prudent and reasonable. Future results could differ from the estimates.

1.3 RECOGNITION OF INCOME & EXPENDITURE:

Revenues/Incomes from operation is recognized as and when they are earned. However Interest income on loan granted is recognized as per agreement with the d with parties.

1.4 FIXED ASSETS:

Fixed assets, if any are stated at cost of acquisition or construction including incidental expenses related to acquisition and installation less accumulated depreciation.

1.5 DEPRECIATION:

The Company has provided depreciation pro-rata on the S.L.M method at the rates specified in Schedule XIV Of The Companies Act, 1956.

1.6 INVESTMENT:

Long term Investments are valued at cost less provision for diminution. Provision for diminution is made to recognize decline (other than temporary) in the value of investments, if any. Current investments are valued at cost.

1.7 TAXATION:

Provision for taxation has consists of Current Period tax and Deferred tax. The provision for current period tax has been made in accordance with the provisions of the Income tax Act. 1961 and the Deferred tax assets or liabilities have been accounted as per the AS-22 ''Accounting for Taxes on Income''. The deferred tax assets and liabilities which arise on account of timing differences is recognized in Profit and Loss Account.

1.8 EARNING PER SHARES:

The Company report Basic and Diluted Earning Per Share in accordance with Accounting Standards (AS) 20 "Earning Per Shares" issued by The Institute of Chartered Accountants of India. Basic Earning Per Share is computed by dividing net profit after tax by the weighted average number of equity shares outstanding for the period. Diluted Earning Per Share is computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the period.

1.9 IMPAIRMENT OF ASSETS:

Impairment loss, if any, is provided to the extent the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an asset''s net selling price and its value in use. Value in use is the present value of estimated future cash flow expected to arise from the continuing use of an asset and from its disposal at the of its useful life.

1.10 In the opinion of Board, all the items of current assets, loans and advances have a value on the realization in the ordinary course of business at least equal to amount at which they are stated.

1.11 The Company has applied to BSE under clause 24(f) of Listing Agreement for approval of Draft Scheme of Amalgamation of Ideal Systems Pvt. Ltd with the Company proposed to be filed with the Honourable High Court of Gujarat u/s 391-394 of the Companies Act 1956. BSE has approved the Scheme with certain observations dated 5th May 2014. The Company has preferred to revise the Scheme suitably to address all concerns raised and re-submit the same to BSE against these observations.


Mar 31, 2013

1.1 BASIS FOR PREPARATION OF FINANCIAL STATEMENTS :

These Financial Statements prepared in accordance with Generally Accepted Accounting Principles under the historical cost convention on accrual basis. Generally Accepted Accounting Principles comprised of accounting standard prescribed by the Companies (Accounting Standards) Rules, 2006, the Provision of Companies Act, 1956 and the guidelines issued by Securities and Exchange Board of India(SEBI).

1.2 USE OF ESTIMATES :

These financial statements have been prepared in accordance with accrual concept. The preparation of the financial statements requires the management to make estimates and assumptions considered in the reported amounts of assets and liabilities. The management believes that the estimates used in preparation of financial statements are prudent and reasonable. Future results could differ from the estimates.

1.3 RECOGNITION OF INCOME & EXPENDITURE :

Revenues/Incomes from operation is recognized as and when they are earned. However Interest income on loan granted is recognized as agreed with parties.

1.4 FIXED ASSETS :

Fixed assets, if any are stated at cost of acquisition or construction including incidental expenses related to acquisition and installation less accumulated depreciation.

1.5 DEPRECIATION :

The Company has provided depreciation pro-rata on the S.L.M method at the rates specified in Schedule XIV Of The Companies Act, 1956.

1.6 INVESTMENT :

Long term Investments are valued at cost less provision for diminution. Provision for diminution is made to recognize decline (other than temporary) in the value of investments, if any. Current investments are valued at cost.

1.7 TAXATION :

Provision for taxation has consists of Current Period tax and Deferred tax. The provision for current period tax has been made in accordance with the provisions of the Income tax Act.1961 and the Deferred tax assets or liabilities have been accounted as per the AS-22 Accounting for Taxes on Income''. The deferred tax assets and liabilities which arise on account of timing differences is recognized in Profit and Loss Account.

1.8 EARNING PER SHARES :

The Company report Basic and Diluted Earning Per Share in accordance with Accounting Standards (AS) 20 "Earning Per Shares" issued by The Institute of Chartered Accountants of India. Basic Earning Per Share is computed by dividing net profit after tax by the weighted average number of equity shares outstanding for the period. Diluted Earning Per Share is computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the period.

1.9 IMPAIRMENT OF ASSETS :

Impairment loss, if any, is provided to the extent the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an asset''s net selling price and its value in use. Value in use is the present value of estimated future cash flow expected to arise from the continuing use of an asset and from its disposal at the of its useful life.

1.10 In the opinion of Board, all the items of current assets, loans and advances have a value on the realization in the ordinary course of business at least equal to amount at which they are stated.


Mar 31, 2011

(i) ACCOUNTING CONVENTION

These accounts have been prepared in accordance with historical cost convention, Applicable accounting standards notified by the Companies (Accounting Standards) Rules,2006, relevant provisions of the Companies Act.1956

(ii) METHOD OF ACCOUNTING:

These financial statements have been prepared in accordance with accrual concept. The preparation of the financial statements requires the management to make estimates and assumptions considered in the reported amounts of assets and liabilities. The management believes that the estimates used in preparation of financial statements are prudent and reasonable. Future results could differ from the estimates.

(iii) RECOGNITION OF INCOME & EXPNDITURE:

Revenues/Incomes from Park operation is recognized as and when they are earned. However Interest income from Housing Loan is recognized as and when it is received.

(iv) FIXED ASSETS:

Fixed assets are stated at cost of acquisition or construction including incidental expenses related to acquisition and installation less accumulated depreciation.

(v) DEPRECIATION:

The Company has provided depreciation pro-rata on the S.L.M method at the rates specified in Schedule XIV OF The Companies Act, 1956.

(vi) INVESTMENT:

Long term Investments are valued at cost less provision for diminution. Provision for diminution is made to recognize decline (other than temporary) in the value of investments, if any. Current investments are valued at cost or market value, whichever is lower.

(vi) INVENTORY:

Inventories are valued at Cost.

(vii) TAXATION:

Provision for taxation has consists of Current Period tax and Differed tax. The provision for current period tax has been made in accordance with the provisions of the Income taxAct.1961 and the Differed tax assets or liabilities have been accounted as pertheAS-22 Accounting for taxes on Income'. The differed tax assets and liabilities which arise on account of timing differences is recognized in Profit and Loss Account.

(viii) RETIREMENT BENEFITS:

Accrued Liability in respect of gratuity will provided on payment basis.

(ix) EARNING PER SHARES:

The Company report Basic and Diluted Earning Per Share in accordance with Accounting Standards (AS) 20 "Earning Per Shares" issued by The Institute of Chartered Accountants of India. Basic Earning Per Share is computed by dividing net profit after tax by the weighted average number of equity shares outstanding for the period. Diluted Earning Per Share is computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the period.

(x) IMPAIRMENT OF ASSETS:

Impairment loss, if any, is provided to the extent the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an asset's net selling price and its value in use. Value in use is the present value of estimated future cash flow expected to arise from the continuing use of an asset and from its disposal at the of its useful life.


Mar 31, 2010

(i) METHOD OF ACCOUNTING:

The financial statements have been prepared on the historical cost convention and in accordance with normally accepted Accounting Principles.

(ii) RECOGNITION OF INCOME & EXPNDITURE:

Revenues/Incomes and costs/expenditures are generally accounted on Accrual basis. As they are earned or incurred.

(iii) FIXED ASSETS:

Fixed assets are stated at cost of acquisition or construction including incidental expenses related to acquisition and installation less accumulated depreciation.

(iv) DEPRECIATION:

The Company has provided depreciation pro-rata on the S.L.M method at the rates specified in Schedule XIV OF The Companies Act. 1956.

(v) INVESTMENT:

Investments are valued at cost.

(vi) INVENTORY:

Inventories of Stationery and Food and Beverages are valued at Cost.

(vii) TAXATION:

Provision for taxation has been made in accordance with Income Tax Law and Rules prevailing at the time of the relevant assessment years.

(viii) RETIREMENT BENEFITS:

Accrued Liability in respect of gratuity will provided on payment basis.

(ix) EARNING PER SHARES:

The Company report Basic and Diluted Earning Per Share in accordance with Accounting Standards (AS) 20 "Earning Per Shares" issued by The Institute of Chartered Accountants of India. Basic Earning Per Share is computed by dividing net profit after tax by the weighted average number of equity shares outstanding fcr the period. Diluted Earning Per Share is computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the period.

(x) IMPAIRMENT OF ASSETS:

Impairment loss, if any, is provided to the extent the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an assets net selling price and its value in use. Value in use is the present value of estimated future cash flow expected to arise from the continuing use of an asset and from its disposal at the of its useful life.


Mar 31, 2009

(i) METHOD OF ACCOUNTING:

The financial statements have been prepared en the historical cost convention and in accordance with normally accepted Accounting Principles.

(ii) RECOGNITION OF INCOME & EXPENDITURE

Revenues/Incomes and costs/expenditures are genarally accounted on Accrual basis, As they are earned or Incurred.

(III) FIXED ASSETS:

Fixed assets are stated at cost of Acquisition or construction Including incidental expenses related to acquisition and less accumulated depreciation.

(IV) DEPRECIATION:

The Company has provided depreciation pro-data on the S.L.M method at the rates specified in Schsdufe XIV OF The Companies Act, 1956.

(v) INVESTMENTS

Investments are valued at cost.

(vi) INVENTORY:

Inventories of Stationery and Food and Beverages are values at Cost,

(VII) TAXATION;

Provision for taxation has been made in accordance with Income Tax Law and at the the of relevant assesment years.

(viii) RETIREMENT BENEFITS:

Accrued Liability in respect of gravity will provided on payment basis.

(ix) EARNING PER SHARES:

The Company report Basic and Diluted Earning Per Share in accordance with Accounting Standards (AS) 20 Earning Per Shares" issued by The Institute or Chartered Accountants of India. Basic; Earning Per Share Is computed by dividing net profit after tax by the weighted average number of equity shares outstanding for the period. Diluted Earning Per Share is computed using the weighted average number of equity shares and dilutive potential equity; shares outstanding during the period.

(x) IMPAIRMENT OF ASSETS:

Impairment loss, if any. is provided to the extent the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an assets net salling price and its value in use. Value in use is the present value of estimated future cash flow expected to arise from the continuing use of an asset and from its disposal at the of its useful life.

 
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