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Accounting Policies of Capricorn Systems Global Solutions Ltd. Company

Mar 31, 2015

A. 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 theses 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.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year. , except for the change in accounting policy explained below.

b. Use of estimate

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management's best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

c. Revenue Recognition

Revenue from Software Development is recognized based on Software Developed and billed as per the terms of specific contracts. Revenue from the training activity is accounted basing on the proportion of the completion of the course as at the end of the year. Income from dividend is accounted on cash basis.

d. Interest

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the applicable interest rate. Interest income is included under the head "other income" in the statement of profit and loss.

e. Earnings Per Share

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 period. 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.

f. Contingent liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably.

i. Tangible Fixed Assets

Fixed assets are accounted at cost and inclusive of inward freight, duties and taxes and incidental expenses related to acquisition.

Capital Work-in-Progress includes advances for capital items, capital items under erection and pre- operative expenses pending allocation on the assets to be commissioned.

j. Depreciation

Depreciation on Fixed Assets based on the rates specified in Schedule XIV to the Companies Act, 1956, under Straight Line method.

k. Tax Expenses

i) Current Tax Expense

The Current charge for income tax is calculated in accordance with the tax regulations.

ii) Deferred Tax Expense

Deferred Income tax reflects the impact of timing difference between accounting income and tax income for the year/period. Deferred tax is measured based on the tax rates and the tax laws enacted at the Balance Sheet date. Deferred tax asset is recognized only to the extent of certainty of realization of such asset.


Mar 31, 2014

A. 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 theses 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.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year. , except for the change in accounting policy explained below.

b. Use of estimate

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

c. Revenue Recognition

Revenue from Software Development is recognized based on Software Developed and billed as per the terms of specific contracts. Revenue from the training activity is accounted basing on the proportion of the completion of the course as at the end of the year. Income from dividend is accounted on cash basis.

d. Interest

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the applicable interest rate. Interest income is included under the head "other income" in the statement of profit and loss.

e. Earnings Per Share

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 period. 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.

. f. Contingent liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably.

i. Tangible Fixed Assets

Fixed assets are accounted at cost and inclusive of inward freight, duties and taxes and incidental expenses related to acquisition.

Capital Work-in-Progress includes advances for capital items, capital items under erection and pre- operative expenses pending allocation on the assets to be commissioned.

j. Depreciation

Depreciation on Fixed Assets based on the rates specified in Schedule XIV to the Companies Act, 1956, under Straight Line method.

k. Tax Expenses

i) Current Tax Expense

The Current charge for income tax is calculated in accordance with the tax regulations.

ii) Deferred Tax Expense

Deferred Income tax reflects the impact of timing difference between accounting income and tax income for the year/period. Deferred tax is measured based on the tax rates and the tax laws enacted at the Balance Sheet date. Deferred tax asset is recognized only to the extent of certainty of realization of such asset.

3. There is no information from any of the suppliers regarding their status as small scale industrial undertakings.Hence information regarding dues to such undertakings could not be furnished.

4. The Previous year figures have been regrouped or reclassified wherever necessary to be in conformity with the current year figures. All amounts in the financial statements are presented in Rupees except where ever specifically mentioned.


Mar 31, 2012

A. 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 theses 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.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year. ' except for the change in accounting policy explained below.

b. Change in Presentation and disclosure of financial statements

During the year ended March 31' 2012' the revised Schedule VI notified under the Companies Act 1956' has become applicable to the company' for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However' it has significant impact on presentation and disclosures made in the financial statements. The company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

c. Use of estimate

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments' estimates and assumptions that affect the reported amounts of revenues' expenses' assets and liabilities and the disclosure of contingent liabilities' at the end of the reporting period. Although these estimates are based on the management's best knowledge of current events and actions' uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

d. Revenue Recognition

Revenue from Software Development is recognized based on Software Developed and billed as per the terms of specific contracts. Revenue from the training activity is accounted basing on the proportion of the completion of the course as at the end of the year. Income from dividend is accounted on cash basis.

e. Interest

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the applicable interest rate. Interest income is included under the head "other income" in the statement of profit and loss.

f. Earnings Per Share

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 period. 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.

g. Inventories

Medical supplies' stores and spares are valued at cost. Cost of pharmacy items is computed on the basis of Specific identification Method.

h. Contingent liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably.

The company does not recognize a contingent.

i. Tangible Fixed Assets

Fixed assets are accounted at cost and inclusive of inward freight' duties and taxes and incidental expenses related to acquisition.

Capital Work-in-Progress includes advances for capital items' capital items under erection and pre- operative expenses pending allocation on the assets to be commissioned.

j. Depreciation

Depreciation on Fixed Assets based on the rates specified in Schedule XIV to the Companies Act' 1956' under Straight Line method.

k. Tax Expenses

i) Current Tax Expense

The Current charge for income tax is calculated in accordance with the tax regulations.

ii) Deferred Tax Expense

Deferred Income tax reflects the impact of timing difference between accounting income and tax income for the year/period. Deferred tax is measured based on the tax rates and the tax laws enacted at the Balance Sheet date. Deferred tax asset is recognized only to the extent of certainty of realization of such asset.


Mar 31, 2010

A. Basis for preparation of accounts:

The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Indian Companies Act, 1956.

B. Fixed Assets:

i) Fixed Assets are stated at Historical Cost, less accumulated depreciation. Cost of acquisition of Fixed Assets is inclusive of freight, duties, taxes and incidental expenses thereto and interest on direct borrowings up to commissioning, wherever applicable.

ii) Depreciation is provided in accordance with the rates and rules specified in Schedule XIV to the Companies Act, 1956, under Straight Line Method.

iii) Capital Work-in-Progress includes advances for capital items, capital items under erection and pre- operative expenses pending allocation on the assets to be commissioned.

C. Foreign Exchange Transactions:

Transactions in Foreign Exchange, other than those covered by Forward Contracts, are accounted for at the exchange rates prevailing on the date of transactions. Assets and Liabilities remaining unsettled at the end of the year other than those covered by forward contracts are translated at the closing rate. Realized gains and losses on foreign exchange transactions other than those relating to Fixed Assets are recognized in the Profit and Loss Account. Gain or Loss on translation and realized Gain or Loss in respect of Liabilities incurred to acquire Fixed Assets are adjusted to the carrying cost of Fixed Assets.

D. Miscellaneous Expenditure:

To write off Preliminary Expenses over a period of Ten Years.

E. Accounting Convention:

The Financial Statements are prepared under Historical Cost Convention on an accrual basis.

F. Revenue Recognition:

Revenue from Software Development is recognized based on Software Developed and billed as per the terms of specific contracts. Revenue from the training activity is accounted basing on the proportion of the completion of the course as at the end of the year. Income from dividend is accounted on cash basis.

 
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