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Accounting Policies of Blue Cloud Softech Solutions Ltd. Company

Mar 31, 2015

I) Preparation of financial statements

These financial statements of the Company are prepared in accordance with the Indian Generally Accepted Accounting Principles (GAAP) under the Historical Cost convention on the accrual basis except for certain financial instruments which are measured at Fair Values. GAAP comprises mandatory accounting standards as prescribed under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

ii) Revenue Recognition

a) The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis.

b) All revenues are recognized on accrual basis.

iii) Fixed Assets

a) Fixed Assets are stated at cost less depreciation. Project expenses/ Pre-operative expenses are capitalized to the respective asset heads on a proportionate basis. Any capital grant or subsidy received is reduced from the cost of eligible assets

b) During the year the Company has provided Depreciation on Fixed Assets based on the Useful life in the manner prescribed in Schedule II Part C to the Companies Act, 2013, as against the earlier practice of depreciating at the rates prescribed in Schedule XIV of the Companies Act, 1956.

iv) Retirement Benefits

Contributions to defined Schemes such as Provident Fund, Employees State Insurance Scheme are charged to the profit and loss account as incurred on accrual basis. The company provides the retirement benefits in the form of Gratuity and Leave Encashment on the basis of actuarial valuation made by Independent actuary as at balance sheet date.

v) Provision for Current and Deferred Tax:

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income lax Act, 1961. Defened Tax resulting from timing differences between book and taxable profits is accounted by using the tax rates and laws that have been enacted as on the Balance Sheet date. The deferred tax asset is recognised only to the extent there is reasonable certainty that the asset is realized in future.

vi) Contingent Liabilities and Contingent Assets

Liabilities, which are contingent in nature, are not recognized in the books of account but are disclosed separately in the Notes. Contingent Assets are neither recognized nor disclosed in the books of account.

vii) Inventories

Inventories are valued at cost or market price whichever is lower.

viii) Earnings per share (EPS)

Basic earnings per share are calculated 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 year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.


Mar 31, 2014

General:

(i) These accounts are prepared on the historical basis and on the accounting principles of a going concern.

(ii) Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

Revenue Recognition:

(i) The Company follows the Mercantile system of Accounting and recognizes income and expenditure on accruals, basis.

(ii) Revenue is not recognized on the grounds of prudence, until relised in respect of liquidated damages, delayed payments as recovery of the amounts are not certain.

Fixed Assets:

(i) Fixed assets are stated at cost less accumulated depreciation. Cost of acquisition of fixed assets is inclusive of freight, duties, taxes and incidental expenses thereto.

Depreciation and Amortisation:

(i) Depreciation is provided on straight line method on pro-rata basis and at the rates and manner specified in the Schedule XIV of the Companies Act, 1956.

Inventories :

Inventories are valued at cost or market price whichever is lower.

Taxation:

The current charge for income tax is calculated in accordance with the relevant tax regulations applicable to the Company. Deferred tax asset and liability is recognized for future tax consequences attributable to the timing differences that result between the profit offered for income tax and the profit as per the financial statements. Deferred tax asset & liability are measured as per the tax rates/laws that have been enacted or substantively enacted by the Balance Sheet date.

Gratuity:

No provision for gratuity has been made as no employee has put in qualifying period of service for entitlement of this benefit..

Earnings per share(EPS):

The company reports its Earning per share (EPS) in accordance with Accounting standard - 20


Mar 31, 2013

(i) These accounts are prepared on the historical basis and on the accounting principles of a going concern.

(ii) Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

Revenue Recognition:

(i) The Company follows the Mercantile system of Accounting and recognizes income and expenditure on accrual basis.

(ii) Revenue is not recognized on the grounds of prudence, until relised in respect of liquidated damages, delayed payments as recovery of the amounts are not certain.

Fixed Assets:

(i) Fixed assets are stated at cost less accumulated depreciation. Cost of acquisition of fixed assets is inclusive of freight, duties, taxes and incidental expenses thereto.

Depredation and Amortisation:

(i) Depreciation is provided on straight line method on pro-rata basis and at the rates and manner specified in the Schedule XIV of the Companies Act, 1956.

Inventories :

Inventories are valued at cost or market price whichever is lower.

Taxation:

The current charge for income tax is calculated in accordance with the relevant tax regulations applicable to the Company. Deferred tax asset and liability is recognized for future tax consequences attributable to the timing differences that result between the profit offered for income tax and the profit as per the financial statements. Deferred tax asset & liability are measured as per the tax rates/laws that have been enacted or substantively enacted by the Balance Sheet date.

Gratuity:

No provision for gratuity has been made as no employee has put in qualifying, period of service for entitlement of this benefit..

Earnings per share(EPS):

The company reports its Earning per share (EPS) in accordance with Accounting standard - 20


Mar 31, 2012

General:

(i) These accounts are prepared on the historical basis and on the accounting principles of a going concern.

(ii) Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

Revenue Recognition:

(i) The Company follows the Mercantile system of Accounting and recognizes income and expenditure on accrual basis.

(ii) Revenue is not recognized on the grounds of prudence, until relised in respect of liquidated damages, delayed payments as recovery of the amounts are not certain.

Fixed Assets:

(i) Fixed assets are stated at cost less accumulated depreciation. Cost of acquisition of fixed assets is inclusive of freight, duties, taxes and incidental expenses thereto.

Depredation and Amortisation:

(i) Depreciation is provided on straight line method on pro-rata basis and at the rates and manner specified in the Schedule XIV of the Companies Act, 1956.

Inventories :

Inventories are valued at cost or market price whichever is lower.

Taxation:

The current charge for income tax is calculated in accordance with the relevant tax regulations applicable to the Company. Deferred tax asset and liability is recognized for future tax consequences attributable to the timing differences that result between the profit offered for income tax and the profit as per the financial statements. Deferred tax asset & liability are measured as per the tax rates/laws that have been enacted or substantively enacted by the Balance Sheet date.

Gratuity:

No provision for gratuity has been made as no employee has put in qualifying, period of service for entitlement of this benefit..

Earnings per share(EPS):

The company reports its Earning per share (EPS) in accordance with Accounting standard - 20

 
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