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Accounting Policies of Diamond Infosystems Ltd. Company

Mar 31, 2015

1. Method of Accounting: The Financial statements are prepared as a going concern under historical cost convention on an accrual basis except those with significant uncertainty and in accordance with the companies Act, 1956. Accounting policies not stated explicitly otherwise are consistent with generally accepted.

2. Revenue Recognition: Sales includes revenue generated from sale of Software, Hardware

Products, sale of scrap, sales of outsource products, sales tax and service income from membership & subscription of domain and space booking.

3. Fixed Assents: Fixed Assets are stated at cost (inclusive of leased assets) less accumulated Depreciation. Expenditure included on improvement or replacement, which in the opinion of the management is likely to substantially increase the life of assets and future benefits from it, is capitalized.

4. Depreciation: Depreciation is charged on Straight Line basis at rates specified in Schedule II of the Companies Act, 2013. Depreciation on addition / Deletion or Discarded Fixed Assets during the year is charged on monthly pro rata basis.

5. Investment: Our Investments are Long Term investment, quoted and valued at cost.

6. Inventories: The inventories of outsourced products are valued at cost or net realizable value whichever is lower on FIFO method.

7. Retirement Benefits: Contribution to provident fund is accounted on actual liability basis. The Liabilities of gratuity and Leave Encashment as shown in the book of account are valued by the management.

8. Miscellaneous Expenditure: Preliminary and share issue expenses including fee for increase in authorized capital are written-off at the amounts as admissible under income tax Act, 1961.

9. Foreign Currency Conversion: Foreign Currency transactions are recorded at the exchange rate prevailing on the date of the transaction. Assets and Liabilities related to foreign currency transactions remaining unsettled are valued at the exchange rate in operation at the year end. The exchange difference arising on foreign currency transactions are recognized in the Profit and Loss Account.

10. Income Tax: Provision for current Income Tax is made after considering company's claims under the Income Tax Act; 1961.This liability is calculated at the applicable tax rate IT Act, 1961 as the case may be.

Deferred Tax is accounted by computing the tax effect of timing differences which arrears during the year and reverse in subsequent periods.


Mar 31, 2014

1. Method of Accounting: The Financial statements are prepared as a going concern under historical cost convention on an accrual basis except those with significant uncertainty and in accordance with the companies Act, 1956. Accounting policies not stated explicitly otherwise are consistent with generally accepted.

2. Revenue Recognition: Sales includes revenue generated from sale of Software, Hardware Products, sale of scrap, sales of outsource products, sales tax and service income from membership & subscription of domain and space booking.

3. Fixed Assents: Fixed Assets are stated at cost (inclusive of leased assets) less accumulated Depreciation. Expenditure included on improvement or replacement, which in the opinion of the management is likely to substantially increase the life of assets and future benefits from it, is capitalized.

4. Depreciation: Depreciation is charged on Straight Line basis at rates specified in Schedule XIV of the Companies Act, 1956. Depreciation on addition / Deletion or Discarded Fixed Assets during the year is charged on monthly pro rata basis.

5. Investment: Our Investments are Long Term investment, quoted and valued at cost.

6. Inventories: The inventories of outsourced products are valued at cost or net realizable value whichever is lower on FIFO method.

7. Retirement Benefits: Contribution to provident fund is accounted on actual liability basis. The Liabilities of gratuity and Leave Encashment as shown in the book of account are valued by the management.

8. Miscellaneous Expenditure: Preliminary and share issue expenses including fee for increase in authorized capital are written-off at the amounts as admissible under income tax Act, 1961.

9. Foreign Currency Conversion: Foreign Currency transactions are recorded at the exchange rate prevailing on the date of the transaction. Assets and Liabilities related to foreign currency transactions remaining unsettled are valued at the exchange rate in operation at the year end. The exchange difference arising on foreign currency transactions are recognized in the Profit and Loss Account.

10. Income Tax: Provision for current Income Tax is made after considering company''s claims under the Income Tax Act; 1961.This liability is calculated at the applicable tax rate on MAT u/s 115JB of the IT Act, 1961 as the case may be.

Deferred Tax is accounted by computing the tax effect of timing differences which arrears during the year and reverse in subsequent periods.

11. Impairment of Assets: An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.


Mar 31, 2013

1. Method of Accounting: The Financial statements are prepared as a going concern under historical cost convention on an accrual basis except those with significant uncertainty and in accordance with the companies Act, 1956. Accounting policies not stated explicitly otherwise are consistent with generally accepted.

2. Revenue Recognition: Sales includes revenue generated from sale of Software, Hardware Products, sale of scrap, sales of outsource products, sales tax and service income from membership & subscription of domain and space booking.

3. Fixed Assents: Fixed Assets are stated at cost (inclusive of leased assets) less accumulated Depreciation. Expenditure included on improvement or replacement, which in the opinion of the management is likely to substantially increase the life of assets and future benefits from it, is capitalized.

4. Depreciation: Depreciation is charged on Straight Line basis at rates specified in Schedule XIV of the Companies Act, 1956. Depreciation on addition / Deletion or Discarded Fixed Assets during the year is charged on monthly pro rata basis.

5. Investment: Our Investments are Long Term investment, quoted and valued at cost.

6. Inventories: The inventories of outsourced products are valued at cost or net realizable value whichever is lower on FIFO method.

7. Retirement Benefits: Contribution to provident fund is accounted on actual liability basis. The Liabilities of gratuity and Leave Encashment as shown in the book of account are valued by the management.

8. Miscellaneous Expenditure: Preliminary and share issue expenses including fee for increase in authorized capital are written-off at the amounts as admissible under income tax Act, 1961.

9. Foreign Currency Conversion: Foreign Currency transactions are recorded at the exchange rate prevailing on the date of the transaction. Assets and Liabilities related to foreign currency transactions remaining unsettled are valued at the exchange rate in operation at the year end. The exchange difference arising on foreign currency transactions are recognized in the Profit and Loss Account.

10. Income Tax: Provision for current Income Tax is made after considering company''s claims under the Income Tax Act; 1961. This liability is calculated at the applicable tax rate on MAT u/s 115JB of the IT Act, 1961 as the case may be.

Deferred Tax is accounted by computing the tax effect of timing differences which arrears during the year and reverse in subsequent periods.

11. Impairment of Assets: An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.


Mar 31, 2012

1. Method of Accounting:

The Financial statements are prepared as a going concern under historical cost convention on an accrual basis except those with significant uncertainty and in accordance with the companies Act, 1956. Accounting policies not stated explicitly otherwise are consistent with generally accepted.

2. Revenue Recognition:

Sales includes revenue generated from sale of Software, Hardware Products, sale of scrap, sales of outsource products, sales tax and service income from membership & subscription of domain and space booking.

3. Fixed Assets:

Fixed Assets are stated at cost (inclusive of leased assets) less accumulated Depreciation. Expenditure included on improvement or replacement, which in the opinion of the management is likely to substantially increase the life of assets and future benefits from it, is capitalized.

4. Depreciation:

Depreciation is charged on Straight Line basis at rates specified in Schedule XIV of the Companies Act, 1956. Depreciation on addition/Deletion or Discarded Fixed Assets during the year is charged on monthly pro rata basis.

5. Investment:

Our Investments are Long Term investment, quoted and valued at cost.

6. Inventories:

The inventories of outsourced products are valued at cost or net realizable value whichever is lower on FIFO method.

7. Retirement Benefits:

Contribution to provident fund is accounted on actual liability basis. The Liabilities of gratuity and Leave Encashment as shown in the book of account are valued by the management.

8. Miscellaneous Expenditure:

Preliminary and share issue expenses including fee for increase in authorized capital are written-off at the amounts as admissible under income tax Act, 1961.

9. Foreign Currency Conversion:

Foreign Currency transactions are recorded at the exchange rate prevailing on the date of the transaction. Assets and Liabilities related to foreign currency transactions remaining unsettled are valued at the exchange rate in operation at the year end. The exchange difference arising on foreign currency transactions are recognized in the Profit and Loss Account.

10. Income Tax:

Provision for current Income Tax is made after considering company's claims under the Income Tax Act; 1961. This liability is calculated at the applicable tax rate on MAT u/s 115JB of the IT Act, 1961 as the case may be.

Deferred Tax is accounted by computing the tax effect of timing differences which arrears during the year and reverse in subsequent periods.

11. Impairment of Assets:

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.


Mar 31, 2010

1. Method of Accounting: The Financial statements are prepared as a going concern under historical cost convention on an accrual basis except those with significant uncertainty and in accordance with the companies Act, 1956. Accounting policies not stated explicitly otherwise are consistent with generally accepted.

2. Revenue Recognition: Sales includes revenue generated from sale of Software, Hardware Products, sale of scrap, sales of outsource products, sales tax and service income from membership & subscription of domain and space booking.

3. Fixed Assents: Fixed Assets are stated at cost (inclusive of leased assets) less accumulated Depreciation. Expenditure included on improvement or replacement, which in the opinion of the management is likely to substantially increase the life of assets and future benefits from it, is capitalized.

4. Depreciation: Depreciation is charged on Straight Line basis at rates specified in Schedule XIV of the Companies Act, 1956. Depreciation on addition/Deletion or Discarded Fixed Assets during the year is charged on monthly pro rata basis..

5. Investment: Our Investments are Long Term investment and nature of investments are coated shares of ltd. Company, valued at cost..

6. Inventories: The inventories of outsourced products are valued at cost or net realizable value whichever is lower on FIFO method.

7. Retirement Benefits: Contribution to provident fund is accounted on actual liability basis. Liabilities on gratuity and Leave Encashment are booked on cash basis.

8. Miscellaneous Expenditure: Preliminary and share issue expenses including fee for increase in authorized capital are written-off at the amounts as admissible under income tax Act, 1961.

9. Foreign Currency Conversion: Foreign Currency transactions are recorded at the exchange rate prevailing on the date of the transaction. Assets and Liabilities related to foreign currency transactions remaining unsettled are valued at the exchange rate in operation at the year end. The exchange difference arising on foreign currency transactions are recognized in the Profit and Loss Account.

10. Income Tax: Provision for current Income Tax is made after considering company's claims under the Income Tax Act; 1961.This liability is calculated at the applicable tax rate on MAT u/s 1 15JB of the IT Act, 196 I as the case may be.

11. Impairment of-Assets: An asset is treated as impaired when the carrying-cost of assets exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

 
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