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Accounting Policies of CNI Research Ltd. Company

Mar 31, 2016

Company Overview:

Cni Research Limited has international tie ups with global agencies to distribute their research content to global acclaimed investors through their research reports. It provides research content of international standards. It has developed in house research content which is not only propriety in nature but also unique in helping any investor to take decision on any company listed in India.

1. SIGNIFICANT ACCOUNTING POLICIES

(i) Basis of Preparation of Financial Statements:-

The financial statements have been prepared in accordance with 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 notified under section 133 of the Companies Act, 2013 read together with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Companies Act, 2013 and guide lines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use or different accounting policy is required by statute.

(ii) Use Of Estimates:-

The presentation of financial statements in conformity with the generally accepted accounting principal requires estimates and assumptions to be made. That affects the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual result and estimates are recognized in the period in which the results are known/materialized.

(iii) Fixed Assets:-

The Fixed Assets are stated at cost of acquisition less accumulated depreciation, amortization and impairment losses. Cost comprises the purchase price and any cost attributable for bringing the asset to its working condition for its intended use.

(iv) Depreciation:-

Depreciation on fixed assets is provided on Straight Line Method (SLM) on pro-rata basis as per the useful life prescribed in the Schedule II of the Companies Act, 2013. v) Revenue Recognition:-

The company is engaged into purchase and sale of equity shares which are accounted as and when trade is effected on stock exchange. The other sources of revenue for the company are subscriptions and advertisements on the company''s online media. Revenue from subscriptions is recognized upon delivery of the product. Revenue from advertisements is not recognized over the contractual period of advertisement. Instead the same is recognized on the advertisement being placed on the website. No segregation over contractual period is made since the advertisement revenue is insignificant. Revenue from content sale is recognized on delivery of content.

Interest income is recognized on time proportion basis.

Dividend income is recognized on receipt basis.

(vi) Investments:-

Investments that are intended to be held for more than a year, from the date of acquisition, are classified as long term investment and are carried at cost less any provision for permanent diminution in value. Investments other than long term investments being current investments are valued at cost or fair value whichever is lower.

(vii) Taxes on income:-

a) Provision for current tax, if any is computed in accordance with the relevant tax regulations.

b) Deferred tax is recognized for all timing differences between accounting income and taxable income and is quantified using enacted/substantially enacted tax rates as at the balance sheet date.

(viii) Impairment of Assets:-

The company assess whether there is any indication that any assets may be impaired at the balance sheet date. If any indication exists, the company estimates the recoverable amount and an impairment loss is recognized in the accounts, to the extent the carrying amount exceeds the recoverable amount.

(ix) Foreign Exchange Transaction:-

Transactions entered into and concluded during the year in foreign currency are recorded at the actual exchange rates prevailing at the time of conclusion of transactions. In respect of transaction covered by forward exchange contracts, the difference between the forward rate and the exchange rate on the date of transaction is recognized as income or expenses over the life of the contracts. Outstanding assets and liabilities at the year end are converted into Indian rupees as per FEDAI rate of exchange prevalent on the said date. Exchange rate difference arising out of subsequent settlements is dealt in the Profit & Loss Accounts.

(x) Employee Retirement Benefits:-

There is no defined contribution scheme prevailing in the company.

(xi) Provisions and Contingent Liabilities:

a) Provisions are recognized in terms of Accounting Standard 29- "Provisions, Contingent Liabilities and Contingent Assets issued by The Institute of Chartered Accountants of India (ICAI), when there is a present legal or statutory obligation as a result of past events where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.

b) Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or where reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.

c) Contingent Liabilities are disclosed by way of notes.

The company has only one class of shares referred to as equity shares having a par value of Rs. 1/- each. Each holder of equity shares is entitled to one vote per share.


Mar 31, 2014

(i) Basis of Preparation of financial statements:

The financial statements are prepared in accordance with 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 by the Companies (Accounting Standards) Rules, 2006, the provisions of the Companies Act, 1956 and guide lines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

(ii) Fixed assets:

The Fixed Assets are stated at cost of acquisition less accumulated depreciation thereon.

(iii) Depreciation:

Depreciation on fixed assets is provided on Straight Line Method (SLM) method on pro-rata basis at the rates prescribed in the Schedule XIV of the Companies Act, 1956.

(iv) Revenue Recognition:

The principle sources of revenue for the company are subscriptions and advertisements on the company''s online media. Revenue from subscriptions is recognized upon delivery of the product. Revenue from advertisements is not recognized over the contractual period of advertisement, Instead the same is recognized on the advertisement being placed on the website. No segregation over contractual period is made since the advertisement revenue is insignificant. The company is also engaged into purchase and sale of equity shares which are accounted as and when trade is effected on stock exchange.

(v) Investments:

Investments that are intended to be held for more than a year, from the date of acquisition, are classified as long term investment and are carried at cost less any provision for permanent diminution in value. Investments other than long term investments being current investments are valued at cost or fair value whichever is lower.

(vi) Taxes on income:

a. Provision for current tax, if any is computed in accordance with the relevant tax regulations.

b. Deferred tax is recognized for all timing differences between accounting income and taxable income and is quantified using enacted/substantially enacted tax rates as at the balance sheet date.

(vii) Impairment of Assets:

The Company assess whether there is any indication that any assets may be impaired at the balance sheet date. If any indication exists, the company estimates the recoverable amount and an impairment loss is recognized in the accounts, to the extent the carrying amount exceeds the recoverable amount.

(viii) Provisions and Contingent Liabilities:

a. Provisions are recognized in terms of Accounting Standard 29- "Provisions, Contingent Liabilities and Contingent Assets issued by The Institute of Chartered Accountants of India (ICAI), when there is a present legal or statutory obligation as a result of past events where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.

b. Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or where reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.

c. Contingent Liabilities are disclosed by way of notes.

The company has only one class of shares referred to as equity shares having a par value of Re. 1/- each holder of equity shares is entitled to one vote per share.

Note:

1) Of the above 11,151,000 equity shares of Re. 1/- each fully paid up have been issued towards acquisition of business.

2) Of the above 10,200,750 equity shares of Re. 1/- each fully paid up have been issued as bonus by capitalising reserves.

3) Of the above 6,800,500 equity shares of Re. 1/- each fully paid up have been issued as bonus by capitalising reserves

4) Of the above 1,800,000 equity shares of Re. 1/- each fully paid up have been on conversion of warrants. .

5) Of the above 32,402,250 equity shares of Re. 1/- each fully paid up have been issued as bonus by capitalising reserves.

Note 4 Deferred Tax Liabilities/Assets ( net )

In accordance with the Accounting Standard 22 on " Accounting for Taxes on Income " issued by The Institute of Chartered Accountants of India, Deferred tax assets and liabilities should be recognized for all timing differences in accordance with the said standard.

The tax effect of temporary timing differences during the year that have resulted in deferred tax assets / liabilities are given below.


Mar 31, 2012

(i) Basis of Preparation of financial statements:

These financial statements are prepared in accordance with 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 by the Companies (Accounting Standards) Rules, 2006, the provisions of the Companies Act, 1956 and guide lines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or are vision to an existing accounting standard requires a change in the accounting policy hitherto in use.

(ii) Fixed assets and depreciation:

The Fixed Assets are stated at cost of acquisition less accumulated depreciation thereon.

(iii) Depreciation:

Depreciation on fixed assets is provided on Straight Line Method (SLM) method on pro-rata basis at the rates prescribed in the Schedule XIV of the Companies Act, 1956.

(iv) Revenue Recognition:

The principle sources of revenue for the company are subscriptions and advertisements on the company's online media. Revenue from subscriptions is recognized upon delivery of the product. Revenue from advertisements is not recognized over the contractual period of advertisement, Instead the same is recognized on the advertisement being placed on the website. No segregation over contractual period is made since the advertisement revenue is insignificant.

(v) Investments:

a. Long-term investments are valued at cost, less provision, if any, for permanent diminution in value of investments. Cost includes original cost of acquisition including brokerage and stamp duty.

b. Market value of quoted investments Rs. 51,875,058/- (P.Y. Rs. 73,311,191/-).

(vi) Retirement and other Employee Benefit:

a. There is no defined contribution scheme prevailing in the company.

b. Provision in respect of leave encashment is recognized as an expense in Profit & Loss Account for the period in which the employee has rendered services.

c. Expenses in respect of other short term benefit are recognized on the basis of the amount paid or payable for the year for which the services are rendered by the employee.

(vii) Taxes on income:

a. Provision for current tax, if any is computed in accordance with the relevant tax regulations.

b. Deferred tax is recognized for all timing differences between accounting income and taxable income and is quantified using enacted/substantially enacted tax rates as at the balance sheet date.

The company has only one class of shares referred to as equity shares having a par value of Rs. 1/- each holder of equity shares is entitled to one vote per share.


Mar 31, 2010

1.Basis of preparation of financial statements:

The financial statements have been prepared under historical cost convention on an accrual basis.

2. Use of Estimates

The presentation of financial statements is in conformity with Indian GAAP, which requires estimates and assumptions to be made that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. Difference between the actual result and estimates are recognised in the year in which the results are known/materialized.

3. Fixed assets and depreciation:

The Fixed Assets are stated at cost of acquisition less accumulated depreciation thereon.

4. Depreciation:

Depreciation on fixed assets is provided on Straight Line Method (SLM) method on pro-rata basis at the rates prescribed in the Schedule XIV of the Companies Act, 1956.

5. Revennue Recognition:

The principle sources of revenue for the company are subscriptions and advertisements on the companys online media. Revenue from subscriptions is recognised upon delivery of the product. Revenue from advertisements is not recognised over the contractual period of advertisement, Instead the same is recognised on the advertisement being placed on the website. No segregation over contractual period is made since the advertisement revenue is insignificant.

6. InransjibleAsset:

Intangible asset represents consideration paid for acquiring the brand name and is stated at cost value less accumulated depreciation in the form of write-off. The Company amortises cost of Intangible asset over the period of 5 years on a straight line basis.

7. Investments:

Long-term investments are valued at cost, less provision, if any, for permanent diminution in value of investments. Cost includes original cost of acquisition including brokerage and stamp duty.

8. Taxes on income:

a. Provision for current tax, if any is computed in accordance with the relevant tax regulations.

b. Deferred tax is recognised for all timing differences between accounting income and taxable income and is quantified using enacted/substantially enacted tax rates as at the balance sheet date.

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