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Accounting Policies of Crazy Infotech Ltd. Company

Mar 31, 2014

A) Basis of Accounting:

The Accounts have been prepared under the historical cost convention on an accrual basis and in accordance with requirements of the Companies Act, 1956 and comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the said Act and are consistent with generally accepted accounting principles and conform to the statutory provisions and practices prevailing in the industry.

b) Fixed Assets:

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

Non Compete fees is written off, equally, over a period of ten years starting from 2007-08

c) Depreciation:

Depreciation on fixed assets is provided on written down value method as per the rates and in the manner prescribed by Schedule XIV of the Companies Act, 1956.

d) Inventories:

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

e) Employee benefits:

Provident Fund, Employee State Insurance and Gratuity not provided for, as the no. of employees of the company is less than the prescribed minimum for coverage under the relevant statutes.

Leave Encashment would be considered in the accounts as and when paid.

f) Income Taxes & Deferred Taxes:

Provisions for current year tax is made after taking into consideration benefits/disallowances admissible under the provisions of the Income Tax Act, 1961 Deferred tax is recognized, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Based on the policy of prudence, the company will consider for accounting net deferred tax liabilities only and not deferred tax assets.


Mar 31, 2012

A) Basis of Accounting:

The Accounts have been prepared under the historical cost convention on an accrual basis and in accordance with requirements of the Companies Act, 1956 and comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the said Act and are consistent with generally accepted accounting principles and conform to the statutory provisions and practices prevailing in the industry.

b) Fixed Assets:

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

Non Compete fees is written off, equally, over a period of ten years starting from 2007-08

c) Depreciation:

Depreciation on fixed assets is provided on written down value method as per the rates and in the manner prescribed by Schedule XIV of the Companies Act, 1956.

d) Inventories:

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

e) Employee benefits:

Provident Fund, Employee State Insurance and Gratuity not provided for, as the no. of employees of the company is less than the prescribed minimum for coverage under the relevant statutes.

Leave Encashment would be considered in the accounts as and when paid.

f) Income Taxes & Deferred Taxes:

Provisions for current year tax is made after taking into consideration benefits/disallowances admissible under the provisions of the Income Tax Act, 1961

Deferred tax is recognized, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

Based on the policy of prudence, the company will consider for accounting net deferred tax liabilities only and not deferred tax assets.


Mar 31, 2010

A) General:

Financial Statements are prepared in accordance with applicable Accounting Standards in India. A summary of important accounting policies, which have been applied consistently, is set out below. The financial statements have also been prepared in accordance with relevant presentational requirements of the Companies Act, 1956.

b)Basis of Accounting:

Financial Statements are prepared, in accordance with the historical cost convention, to comply in all material aspects with applicable accounting principles, the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant provisions of the Companies Act,1956.

c) Fixed Assets:

Fixed Assetsare stated at cost ofacquisition inclusive of inward freight,duties and taxes and incidental expenses related to acquisition.

d)Depreciation:

Depreciation on Fixed Assets is calculated on written down value method at the rates and the manner specified in Schedule XIV to the Companies Act, 1956.

e)Revenune Recognition:

Revenues and expenses are accounted as and when accrued.

f) Inventories:

Inventoriesare valued at cost or market price whic hever is lower.

g) Deferred Taxation:

During the year, the company has considered accounting for deferred tax in accordance with the Accounting Standard - 22 ``Accounting for taxes on income issued by the Institute of Chartered Accountants of India.

Deferred tax, being tax on timing differences between taxable income and accounting income, that originate in one year and are capable of reversal in one or more subsequent years,has been recognised.

Deferred tax Liability of Rs.38,17,877/- at the year end date represents the tax provision made for timing differences on account of depreciation.

h)Amortization of Expenses:

The unamortized preliminary expenses, capital issue expenses and deferred revenue expenditure are written off over a period of 3 years starting from the previous year. Amortization also includes write off of Non-Compete Fees, equally over a period of ten years starting from 2007-08.

During the year, the company had sold its entire investment in its erstwhile subsidiary Animantz Creative Animators Private Limited and hence it is no longer a subsidiary. Consequently, preparation of consolidated accounts incorporating accounts of subsidiary does not arise. Other income represents profit on sale of investments.


Mar 31, 2009

A) General:

Financial Statements are prepared in accordance with applicable Accounting Standards in India. Asummary of important accounting policies, which have been applied consistently, is set out below. The financial statements have also been prepared in accordance with relevant presentational requirements of the Companies Act, 1956.

b) Basis of Accounting:

Financial Statements are prepared, in accordance with the historical cost convention, to comply in all material aspects with applicable accounting principles, the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant provisions of the Companies Act, 1956.

c) Fixed Assets:

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

d) Depreciation:

Depreciation on Fixed Assets is calculated on written down value method at the rates and the manner specified in Schedule XIV to the Companies Act, 1956.

e)Revenune Recognition:

Revenues and expenses are accounted as and when accrued.

f) Inventories:

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

g) Deferred Taxation:

During the year, the company has considered accounting for deferred tax in accordance with the Accounting Standard 22 "Accounting for taxes on income- issued bythe Institute of Chartered Accountants of India.

Deferred tax, being tax on timing differences between taxable income and accounting income, that originate in one year and are capable of reversal in one ormoresubsequentyears, has been recognised.

Deferred tax Liability of Rs.36,58,042/- at the year end date represents the tax provision madefortiming differences on account of depreciation.

h) Amortization of Expenses:

The unamortized preliminary expenses, capital issue expenses and deferred revenue expenditure are written off over a period of 3 years starting from current year.

 
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