Mar 31, 2015
1 Basis of Preparation of Financial Statements
The preparation of financial statements in conformity with generally
accepted accounting principles require estimates and assumptions to be
made that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Difference between actual
results and estimates are recognized in the period in which the results
are known / materialized.
2 System Of Accounting
The company follows mercantile system of accounting and recognises
significant items of income and expenditure on accrual basis.
3 Cash Flow Statement (AS-3)
Cash flow statement has been prepared adopting the indirect method as
prescribed under para 18 of Accounting Standard-3 (AS-3) on "Cash Flow
Statement"
4 Depreciation: (AS-6)
Depreciation is provided straight line Method [SLM] based on useful
life as specified in Part 'C' of Schedule II of Companies Act 2013
after retaining residual value of 5% Intangible Assets i.e. Software is
amortised on SLM considering best estimate of its useful life of 5
years as provided in Accounting Standard-26 with Nil residual value.
The Company provide pro-rate depreciation from/to the date on which the
asset is acquired or put to use/disposed as appropriate. Depreciation
is computed till the date of sale of asset.
5 Revenue Recognition: (AS-9)
Income from operations like service charges, commission, marketing
charges, receipts from customers is accounted for on accrual basis.
6 Fixed Assets: (AS-10)
Fixed assets are accounted for on historical cost.
7 Foreign Currency Conversion (AS-11)
Foreign currency transactions are recorded at the rates of exchange
prevailing on the date of transaction. Foreign currency monetary items
are reported using the closing rate. Non monetary items which are
carried in terms of historical cost denominated in the foreign currency
are reported using the exchange rate at the date of transaction.
Exchange differences arising on the settlement of the monetary items or
on reporting Company's monetary items at rates different from those at
which they were initially recorded during the year or reported in
previous financial statements, are recognized as income or as expenses
in the year in which they arise.
8 Investments: (AS-13)
Investments that are intended to be held for more than a year, from the
date of acquisition, are classified as long term investments and are
carried at cost. However, provision for diminution in value of
investments is made to recognize a decline, other than temporary, in
the value of investments. Investments other than long term investments
being current investments are valued at cost or fair value whichever is
lower, determined on an individual basis.
9 Employee Benefits: (AS-15)
1.8.1 Employee benefits of short-term nature are recognized as expenses
as and when it accrues.
1.8.2 Gratuity is being accounted for on actuarial basis as per quantum
determined by Life Insurance Corporation of India under group gratuity
scheme (Defined Benefit Plan).
1.8.3 Employee Benefits in the form of Provident Fund and
Superannuation / Pension scheme in pursuance of law is accounted on
accrual basis and charged to Profit and Loss account of the year
(Defined contribution Plans).
1.8.4 Premium paid under Keyman Insurance Policy is booked as
expenditure as and when incurred (Defined contribution Plan).
10 Borrowings Costs: (AS-16)
Interest and other borrowing costs attributable to qualifying assets
are capitalized. Other interest and borrowing costs are charged to
revenue.
11 Accounting For Taxes On Income: (AS-22)
Income Tax expense comprises current tax and deferred tax charge or
credit. Provision for current tax is made on the basis of the
assessable income at the tax rate applicable to the relevant assessment
year. The deferred tax asset and deferred tax liability is calculated
by applying tax rate and tax law that have been enacted or
substantively enacted by the Balance Sheet date. Deferred tax asset
arising mainly on account of brought forward losses and unabsorbed
depreciation under tax laws, are recognized only if there is a virtual
certainty of its realization, supported by convincing evidence.
Deferred tax asset on account of other timing differences are
recognized only to the extent there is a reasonable certainty of its
realization. At each Balance Sheet date, the carrying amount of
deferred tax are reviewed to reassure realization.
12 Impairment of Assets: (AS-28)
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal / external
factors. An asset is impaired when the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is charged to profit
and Loss account in the year in which an asset is identified as
impaired. An impairment loss is recognized in prior accounting periods
is reversed if there has been change in the estimate of the recoverable
amount.
13 Provisions, Contingent Liability & Contingent Asset: (AS-29)
A provision is recognized for a present obligation as a result of past
events if it is probable that an outflow of resources will be required
to settle the obligation and in respect of which a reliable estimate
can be made. Provisions are determined based on best estimates of the
amount required to settle the obligation at the Balance Sheet date. A
contingent liability is disclosed, unless the possibility of an outflow
of resources is remote.
14 General
Except where stated, accounting policies are consistent with generally
accepted accounting principles and have been consistently applied.
Mar 31, 2014
1 Basis of Preparation of Financial Statements
The preparation of financial statements in conformity with generally
accepted accounting principles require estimates and assumptions to be
made that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Difference between actual
results and estimates are recognized in the period in which the results
are known / materialized.
2 System Of Accounting
The company follows mercantile system of accounting and recognises
significant items of income and expenditure on accrual basis.
3 Depreciation : (AS-6)
Depreciation has been charged on Straight Line Method [SLM], adopting
rates prescribed in Schedule XIV to the Companies Act, 1956.
Depreciation on additions / deductions made to fixed assets is provided
on pro rata basis. Intangible assets are depreciated @ 16.21% on SLM
Method.
4 Revenue Recognition : (AS-9)
Income from operations like service charges, commission, marketing
charges, receipts from customers is accounted for on accrual basis.
5 Fixed Assets : (AS-10)
Fixed assets are accounted for on historical cost.
6 Foreign Currency Conversion (AS-11)
Foreign currency transactions are recorded at the rates of exchange
prevailing on the date of transaction. Foreign currency monetary items
are reported using the closing rate. Non monetary items which are
carried in terms of historical cost denominated in the foreign currency
are reported using the exchange rate at the date of transaction.
Exchange differences arising on the settlement of the monetary items or
on reporting Company''s monetary items at rates different from those at
which they were initially recorded during the year or reported in
previous financial statements, are recognized as income or as expenses
in the year in which they arise.
7 Investments : (AS-13)
Investments that are intended to be held for more than a year, from the
date of acquisition, are classified as long term investments and are
carried at cost. However, provision for diminution in value of
investments is made to recognize a decline, other than temporary, in
the value of investments. Investments other than long term investments
being current investments are valued at cost or fair value whichever is
lower, determined on an individual basis.
8 Employee Benefits : (AS-15)
1.8.1 Employee benefits of short-term nature are recognized as expenses
as and when it accrues.
1.8.2 Gratuity is being accounted for on actuarial basis as per quantum
determined by Life Insurance Corporation of India under group gratuity
scheme (Defined Benefit Plan).
1.8.3 Employee Benefits in the form of Provident Fund and
Superannuation / Pension scheme in pursuance of law is accounted on
accrual basis and charged to Profit and Loss account of the year
(Defined contribution Plans).
1.8.4 Premium paid under Keyman Insurance Policy is booked as
expenditure as and when incurred (Defined contribution Plan).
9 Borrowings Costs: (AS-16)
Interest and other borrowing costs attributable to qualifying assets
are capitalized. Other interest and borrowing costs are charged to
revenue.
10 Accounting For Taxes On Income : (AS-22)
Income Tax expense comprises current tax and deferred tax charge or
credit. Provision for current tax is made on the basis of the
assessable income at the tax rate applicable to the relevant assessment
year. The deferred tax asset and deferred tax liability is calculated
by applying tax rate and tax law that have been enacted or
substantively enacted by the Balance Sheet date. Deferred tax asset
arising mainly on account of brought forward losses and unabsorbed
depreciation under tax laws, are recognized only if there is a virtual
certainty of its realization, supported by convincing evidence.
Deferred tax asset on account of other timing differences are
recognized only to the extent there is a reasonable certainty of its
realization. At each Balance Sheet date, the carrying amount of
deferred tax are reviewed to reassure realization.
11 Impairment of Assets : (AS-28)
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal / external
factors. An asset is impaired when the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is charged to profit
and Loss account in the year in which an asset is identified as
impaired. An impairment loss is recognized in prior accounting periods
is reversed if there has been change in the estimate of the recoverable
amount.
12 Provisions, Contingent Liability & Contingent Asset : (AS-29)
A provision is recognized for a present obligation as a result of past
events if it is probable that an outflow of resources will be required
to settle the obligation and in respect of which a reliable estimate
can be made. Provisions are determined based on best estimates of the
amount required to settle the obligation at the Balance Sheet date. A
contingent liability is disclosed, unless the possibility of an outflow
of resources is remote.
13 General
Except where stated, accounting policies are consistent with generally
accepted accounting principles and have been consistently applied.
Mar 31, 2013
1 Basis of Preparation of Financial Statements
The preparation of financial statements in conformity with generally
accepted accounting principles require estimates and assumptions to be
made that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Difference between actual
results and estimates are recognized in the period in which the results
are known / materialized.
2 System Of Accounting
The company follows mercantile system of accounting and recognises
significant items of income and expenditure on accrual basis.
3 Depreciation : (AS-6)
Depreciation has been charged on Straight Line Method [SLM], adopting
rates prescribed in Schedule XIV to the Companies Act, 1956.
Depreciation on additions / deductions made to fixed assets is provided
on pro rata basis. Intangible assets are depreciated @ 16.21% on SLM
Method.
4 Revenue Recognition : (AS-9)
Income from operations like service charges, commission, marketing
charges, receipts from customers is accounted for on accrual basis.
5 Fixed Assets : (AS-10)
Fixed assets are accounted for on historical cost.
6 Foreign Currency Conversion (AS-11)
Foreign currency transactions are recorded at the rates of exchange
prevailing on the date of transaction. Foreign currency monetary items
are reported using the closing rate. Non monetary items which are
carried in terms of historical cost denominated in the foreign currency
are reported using the exchange rate at the date of transaction.
Exchange differences arising on the settlement of the monetary items or
on reporting Company''s monetary items at rates different from those at
which they were initially recorded during the year or reported in
previous financial statements, are recognized as income or as expenses
in the year in which they arise.
7 Investments : (AS-13)
Investments that are intended to be held for more than a year, from the
date of acquisition, are classified as long term investments and are
carried at cost. However, provision for diminution in value of
investments is made to recognize a decline, other than temporary, in
the value of investments. Investments other than long term investments
being current investments are valued at cost or fair value whichever is
lower, determined on an individual basis.
8 Employee Benefits : (AS-15)
1.8.1 Employee benefits of short-term nature are recognized as expenses
as and when it accrues.
1.8.2 Gratuity is being accounted for on actuarial basis as per quantum
determined by Life Insurance Corporation of India under group gratuity
scheme (Defined Benefit Plan).
1.8.3 Employee Benefits in the form of Provident Fund and
Superannuation / Pension scheme in pursuance of law is accounted on
accrual basis and charged to Profit and Loss account of the year
(Defined contribution Plans).
1.8.4 Premium paid under Keyman Insurance Policy is booked as
expenditure as and when incurred (Defined contribution Plan).
9 Borrowings Costs: (AS-16)
Interest and other borrowing costs attributable to qualifying assets
are capitalized. Other interest and borrowing costs are charged to
revenue.
10 Accounting For Taxes On Income : (AS-22)
Income Tax expense comprises current tax and deferred tax charge or
credit. Provision for current tax is made on the basis of the
assessable income at the tax rate applicable to the relevant assessment
year. The deferred tax asset and deferred tax liability is calculated
by applying tax rate and tax law that have been enacted or
substantively enacted by the Balance Sheet date. Deferred tax asset
arising mainly on account of brought forward losses and unabsorbed
depreciation under tax laws, are recognized only if there is a virtual
certainty of its realization, supported by convincing evidence.
Deferred tax asset on account of other timing differences are
recognized only to the extent there is a reasonable certainty of its
realization. At each Balance Sheet date, the carrying amount of
deferred tax are reviewed to reassure realization.
11 Impairment of Assets : (AS-28)
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal / external
factors. An asset is impaired when the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is charged to profit
and Loss account in the year in which an asset is identified as
impaired. An impairment loss is recognized in prior accounting periods
is reversed if there has been change in the estimate of the recoverable
amount.
12 Provisions, Contingent Liability & Contingent Asset : (AS-29)
A provision is recognized for a present obligation as a result of past
events if it is probable that an outflow of resources will be required
to settle the obligation and in respect of which a reliable estimate
can be made. Provisions are determined based on best estimates of the
amount required to settle the obligation at the Balance Sheet date. A
contingent liability is disclosed, unless the possibility of an outflow
of resources is remote.
13 General
Except where stated, accounting policies are consistent with generally
accepted accounting principles and have been consistently applied.
*Figures in Bracket are of Previous Year.
The Company has only one class of shares referred to as equity shares
having a par value of Rs. 10/- Each Holder of equity shares is
entitled to one vote per share and dividend as and when declared by the
Company.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
company, after the distribution of all preferential amounts.
EMPLOYEES BENEFIT : AS-15
As per Accounting Standard 15 "Employee Benefits", disclosure of
employee benefits as defined in the accounting standard are given
below:
(a) Defined Contribution Plan
Company has made fixed contribution to Provident Fund at predetermined
rates to Provident Fund Commissioner of Rajasthan.The obligation of the
Company is limited to contribution. Amount recognized as expense in
Statement of Profit and Loss for the year is as under:
(b) Defined Benefit Plan-
The Company has defined benefit gratuity plan. Every employee who has
rendered continuous service of five years or more is entitled to get
gratuity at 15 days for each completed year or more subject to
provisions of The Payment of Gratuity Act, 1972. Company has invested
to meet its such liability with Life Insurance Corporation of India
under Group Gratuity Scheme. The liability for the same is recognized
as per actuarial valuation by LIC.
Actuarial Assumptions: 2012-13 2011-12
Discount Rate : 8% per annum 8% per annum
Mortality : LIC (1994-96) mortality tables LIC (1994-96) mortality
tables Withdrawal Rate : 1% to 3% depending on age 1% to 3% depending
on age Salary Escalation: 7% 7%
Valuation Method : Projected Unit Credit Method Projected Unit Credit
Method
Mar 31, 2012
1 Basis of Preparation of Financial Statements
The preparation of financial statements in conformity with generally
accepted accounting principles require estimates and assumptions to be
made that affect the reported amounts of assets and liabilities on the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Difference between actual
results and estimates are recognized in the period in which the results
are known / materialized.
2 System Of Accounting
The company follows mercantile system of accounting and recognises
significant items of income and expenditure on accrual basis.
3 Depreciation : (AS-6)
Depreciation has been charged on Straight Line Method [SLM], adopting
rates prescribed in Schedule XIV to the Companies Act, 1956.
Depreciation on additions / deductions made to fixed assets is provided
on pro rata basis. Intangible assets are depreciated @ 16.21% on SLM
Method.
4 Revenue Recognition : (AS-9)
Income from operations like service charges, commission, marketing
charges, receipts from customers is accounted for on accrual basis.
5 Fixed Assets : (AS-10)
Fixed assets are accounted for on historical cost.
6 Foreign Currency Conversion (AS-11)
Foreign currency transactions are recorded at the rates of exchange
prevailing on the date of transaction. Foreign currency monetary items
are reported using the closing rate. Non monetary items which are
carried in terms of historical cost denominated in the foreign currency
are reported using the exchange rate at the date of transaction.
Exchange differences arising on the settlement of the monetary items or
on reporting Company''s monetary items at rates different from those at
which they were initially recorded during the year or reported in
previous financial statements, are recognized as income or as expenses
in the year in which they arise.
7 Investments : (AS-13)
Investments that are intended to be held for more than a year, from the
date of acquisition, are classified as long term investments and are
carried at cost. However, provision for diminution in value of
investments is made to recognize a decline, other than temporary, in
the value of investments. Investments other than long term investments
being current investments are valued at cost or fair value whichever is
lower, determined on an individual basis.
8 Employee Benefits : (AS-15)
1.8.1 Employee benefits of short-term nature are recognized as expenses
as and when it accrues.
1.8.2 Gratuity is being accounted for on actuarial basis as per quantum
determined by Life Insurance Corporation of India under group gratuity
scheme (Defined Benefit Plan).
1.8.3 Employee Benefits in the form of Provident Fund and
Superannuation / Pension scheme in pursuance of law is accounted on
accrual basis and charged to Profit and Loss account of the year
(Defined contribution Plans).
1.8.4 Premium paid under Keyman Insurance Policy is booked as
expenditure as and when incurred (Defined contribution Plan).
9 Borrowings Costs: (AS-16)
Interest and other borrowing costs attributable to qualifying assets
are capitalized. Other interest and borrowing costs are charged to
revenue.
10 Accounting For Taxes On Income : (AS-22)
Income Tax expense comprises current tax and deferred tax charge or
credit. Provision for current tax is made on the basis of the
assessable income at the tax rate applicable to the relevant assessment
year. The deferred tax asset and deferred tax liability is calculated
by applying tax rate and tax law that have been enacted or
substantively enacted by the Balance Sheet date. Deferred tax asset
arising mainly on account of brought forward losses and unabsorbed
depreciation under tax laws, are recognized only if there is a virtual
certainty of its realization, supported by convincing evidence.
Deferred tax asset on account of other timing differences are
recognized only to the extent there is a reasonable certainty of its
realization. At each Balance Sheet date, the carrying amount of
deferred tax are reviewed to reassure realization.
11 Impairment of Assets : (AS-28)
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal / external
factors. An asset is impaired when the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is charged to profit
and Loss account in the year in which an asset is identified as
impaired. An impairment loss is recognized in prior accounting periods
is reversed if there has been change in the estimate of the recoverable
amount.
12 Provisions, Contingent Liability & Contingent Asset : (AS-29)
A provision is recognized for a present obligation as a result of past
events if it is probable that an outflow of resources will be required
to settle the obligation and in respect of which a reliable estimate
can be made. Provisions are determined based on best estimates of the
amount required to settle the obligation at the Balance Sheet date. A
contingent liability is disclosed, unless the possibility of an outflow
of resources is remote.
13 General
Except where stated, accounting policies are consistent with generally
accepted accounting principles and have been consistently applied.
*Figures in Bracket are of Previous Year.
The Company has only one class of shares referred to as equity shares
having a par value of Rs 10/- Each Holder of equity shares is entitled
to one vote per share and dividend as and when declared by the Company.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
company, after the distribution of all preferential amounts.
During the current period the company has received calls in arrears of
Rs. 10,000/-.
EMPLOYEES BENEFIT : AS-15
As per Accounting Standard 15 "Employee Benefits", disclosure of
employee benefits as defined in the accounting standard are given
below:
(a) Defined Contribution Plan
Company has made fixed contribution to Provident Fund at predetermined
rates to Provident Fund Commissioner of Rajasthan.The obligation of the
Company is limited to contribution. Amount recognized as expense in
Statement of Profit and Loss for the year is as under:
(b) Defined Benefit Plan-
The Company has defined benefit gratuity plan. Every employee who has
rendered continuous service of five years or more is entitled to get
gratuity at 15 days for each completed year or more subject to
provisions of The Payment of Gratuity Act, 1972. Company has invested
to meet its such liability with Life Insurance Corporation of India
under Group Gratuity Scheme. The liability for the same is recognized
as per actuarial valuation by LIC.
Actuarial Assumptions: 2011-12 2010-11
Discount Rate : 8% per annum 8% per annum
Mortality : LIC (1994-96) mortality tables LIC (1994-96) mortality
tables Withdrawal Rate : 1% to 3% depending on age 1% to 3% depending
on age Salary Escalation: 7% 7%
Valuation Method : Projected Unit Credit Method Projected Unit Credit
Method
Mar 31, 2011
1. The company follows mercantile system of accounting and recognises
significant items of income and expenditure on accrual basis.
2. The preparation of financial statements in conformity with
generally accepted accounting principles require estimates and
assumptions to be made that affect the reported amounts of assets and
liabilities on the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period.
Difference between actual results and estimates are recognized in the
period in which the results are known / materialized.
3. Fixed assets are accounted for on historical cost.
4. Depreciation has been charged on Straight Line Method (SLM)
adopting rates prescribed in Schedule XIV to the Companies Act, 1956.
Depreciation on additions / deductions made to fixed assets is provided
on pro rata basis. Intangible assets are depreciated @ 16.21% on SLM
Method.
5. Income from operations like service charges, commission, marketing
charges, receipts from customers is accounted for on accrual basis.
6. Employee Benefits
(a) Employee benefits of short term nature are recognized as expenses
as and when it accrues.
(b) Gratuity is being accounted for on actuarial basis as per quantum
determined by Life Insurance Corporation of India under group gratuity
scheme (Defined Benefit Plan).
(c) Employee Benefits in the form of Provident Fund and Superannuation
/ Pension scheme in pursuance of law is accounted on accrual basis and
charged to Profit and Loss account of the year (Defined contribution
Plans).
(d) Premium paid under Keyman Insurance Policy is booked as expenditure
as and when incurred (Defined contribution Plan).
7. Interest and other borrowing costs attributable to qualifying
assets are capitalized. Other interest and borrowing costs are charged
to revenue.
8. Taxes on Income:
Income Tax expense comprises current tax and deferred tax charge of
credit. Provision for current tax is made on the basis of the
assessable income at the tax rate applicable to the relevant assessment
year. The deferred tax assest and deferred tax liability is calculated
by applying tax rate and tax law that have been enacted or
substantively enacted by the Balance Sheet date. Deferred tax asset
arising mainly on account of brought forward lossed and unsabsorbed
depreciation under tax laws, are recognized only if there is a virtual
certainty of its realization, supported by convincing evidence.
Deferred tax asset on account of other timing differences are
recognized only to the extent there is a reasonable certainty of its
realization. At each Balance Sheet date, the carrying amount of
deferred tax are reviewed to reassure realizatio.
9. Impairment of Assets
The carrying amounts of assets are reviewed at each balance sheet date
if there is any indication of impairment based on internal / external
factors. An asset is impaired when the carrying amount of the asset
exceeds the recoverable amount. An impairment loss is charged to profit
and Loss account in the year in which an asset is identified as
impaired. An impairment loss is recognized in prior accounting periods
is reversed if there has been change in the estimate of the recoverable
amount.
10. Investments
Investments that are intended to be held for more than a year, from the
date of acquisition, are classified as long term investments and are
carried at cost. However, provision for diminution in value of
investments is made to recognize a decline, other than temporary, in
the value of investments. Investments other than long term investments
being current investments are valued at cost or fair value whichever is
lower, determined on an individual basis.
11. Provisions/ Contingencies
A provision is recognized for a present obligation as a result of past
events if it is probable that an outflow of resources will be required
to settle the obligation and in respect of which a reliable estimate
can be made. Provisions are determined based on best estimates of the
amount required to settle the obligation at the Balance Sheet date. A
contingent liability is disclosed, unless the possibility of an outflow
of resources is remote.
12. Foreign Currency Conversion
Foreign currency transactions are recorded at the rates of exchange
prevailing on the date of transaction. Foreign currency monetary items
are reported using the closing rate. Non monetary items which are
carried in terms of historical cost denominated in the foreign currency
are reported using the exchange rate at the date of transaction.
Exchange differences arising on the settlement of the monetary items or
on reporting Company''s monetary items at rates different from those at
which they were initially recorded during the year or reported in
previous financial statements, are recognized as income or as expenses
in the year in which they arise.
13. Except where stated, accounting policies are consistent with
generally accepted accounting principles and have been consistently
applied.