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Accounting Policies of DSJ Communications Ltd. Company

Mar 31, 2014

(i) Basis of Accounting

The financial statements have been prepared and presented under the historical cost convention on accrual basis of accounting in accordance with the accounting principles generally accepted in India and in compliance with provisions of the Companies Act, 1956 and comply with the mandatory Accounting Standards (AS) specified in the Companies (Accounting Standard) Rules, 2006, prescribed by the Central Government.

The accounting policies have been consistently applied by the company.

(ii) Revenue Recognition

a. Revenue from services is recognized as and when services are rendered as per terms of contract.

b. Income from investments/other income is recognized on accrual basis.

c. Revenue from sale of goods is recognized when significant risk and rewards in respect of ownership of product is transferred to the customers, which is generally on dispatch of goods.

(iii) Investment

Long Term investment are stated as cost, other than temporary investments, if any.

(iv) Fixed Assets

Fixed assets are stated at cost of acquisition or construction including installation cost, attributable interest and financial cost till such time assets are ready for its intended use, and foreign exchange fluctuation on long term borrowing related to fixed assets, less accumulated depreciation, impairment losses and specific grants received if any.

(v) Depreciation and amortization

a. Depreciation on fixed assets except free hold land is calculated on straight line basis at the rates specified in accordance with the Schedule XIV of the Companies Act, 1956.

b. Product Development expenditure and License/Technical know-how fees are amortized over a period of 10 years from the accounting year in which the commercial production of such improved product commences.

(vi) Foreign Currency Transactions

a. Foreign Currency transactions are recorded on the basis of exchange rates prevailing on the date of their occurrence.

b. Foreign currency monetary assets and liabilities as on the Balance Sheet date are revalued in the accounts on the basis exchange rates prevailing at the close of the year and exchange difference arising there-from is charges/credited to the Statement of Profit & Loss except for the exchange difference arising on long term borrowings related to fixed assets, which capitalized.

(vii) Borrowing Cost

As per Accounting Standard 16 on " Borrowing Costs" borrowing costs that are: (a) directly attributable to the acquisition, construction, production of a qualifying assets are capitalized as a part of cost of such asset till the time the assets is ready for its intended use and (b) not directly attributable to qualifying assets are determined by applying a weighted average rate and are capitalized as a part of the cost of such qualifying asset till the time the asset is ready for its intended use. Remaining borrowing costs are recognized as an expense in the period in which they are incurred.

(viii) Contingencies and Provisions

A provision is recognized when the Company has a present obligation as a result of past event. It is probable that an outflow of resources embodying economic benefit will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on the best estimate of the expenditure required to settle the obligation at the balance sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect current best estimate.

A contingent liability is disclosed unless the possibility of an outflow of resources embodying the economic benefit is remote.

(ix) Taxation

Tax expense comprises of current tax and deferred tax charge or credit. Current tax is measured at the amount to be paid to tax authorities in accordance with the Indian Income Tax Act. The deferred tax charge or credit is recognized using prevailing enacted or substantively enacted tax rate. Where there is unabsorbed depreciation or carry forward losses, deferred tax assets. Other deferred tax assets are recognized only to the extent there is reasonable certainly of realization in future.

Deferred tax assets/liabilities are reviewed as at each balance sheet date based on developments during the period and available case law to rea-asses realization/liabilities.


Mar 31, 2013

(i) Basis of Accounting

The financial statements have been prepared and presented under the historical cost convention on accrual basis of accounting in accordance with the accounting principles generally accepted in India and in compliance with provisions of the Companies Act, 1956 and comply with the mandatory Accounting Standards (AS) specified in the Companies (Accounting Standard) Rules, 2006, prescribed by the Central Government.

The accounting policies have been consistently applied by the Company.

(ii) Revenue Recognition

a. Revenue from services is recognized as and when services are rendered as per terms of contract.

b. Income from investments/other income is recognized on accrual basis.

c. Revenue from sale of goods is recognized when significant risk and rewards in respect of ownership of product is trnasferred to the customers, which is generally on dispatch of goods.

(iii) Investments

Long Term investments are stated as cost, other than temporary, if any.

(iv) Fixed Assets

Fixed assets are stated at cost of acquisition or construction including installation cost, attributable interest and financial cost till such time assets are ready for its intended use, and foreign exchange fluctuation on long term borrowing related to fixed assets, less accumulated depreciation, impairment losses and specific grants received if any.

(v) Depreciation and amortization

a. Depreciation on fixed assets except free hold land is calculated on straight line basis at the rates specified in accordance with the Schedule XIV of the Companies Act, 1956.

b. Product Development expenditure and License/Technical know-how fees are amortized over a period of 10 years from the accounting year in which the commercial production of such improved product commences.

(vi) Foreign Currency Transactions

a. Foreign Currency transactions are recorded on the basis of exchange rates prevailing on the date of their occurance.

b. Foreign currency monetary assets and liabilities as on the Balance Sheet date are revalued in the accounts on the basis exchange rates prevailing at the close of the year and exchange difference arising there-from is charges/credited to the Statement of Profit & Loss except for the exchange difference arising on long term borrowings related to fixed assets, which capitalized.

(vii) Borrowing Cost

As per Accounting Standard 16 on "Borrowing Costs" borrowing costs that are: (a) directly attributable to the acquisition, construction, production of a qualifying assets are capitalized as a part of cost of such asset till the time the assets is ready for its intended use and (b) not directly attributable to qualifying assets are determined by applying a weighted average rate and are capitalized as a part of the cost of such qualifying asset till the time the asset is ready for its intended use. Remaining borrowing costs are recognized as an expanse in the period in which they are incurred.

(viii) Contingencies and Provisions

A provision is recognized when the Company has a present obligation as a result of past event. It is probable that an outflow of resources embodying economic benefit will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on the best estimate of the expenditure required to settle the obligation at the balance sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect current best estimate.

A contingent liability is disclosed unless the possibility of an outflow of resources embodying the economic benefit is remote.

(ix) Taxation

Tax expense comprises of current tax and deferred tax charge or credit. Current tax is measured at the amount to be paid to tax authorities in accordance with the Indian Income Tax Act. The deferred tax charge or credit is recognized using prevalling enacted or substantively enacted tax rate. Where there is unabsorbed depreciation or carry forward losses, deferred tax assets. Other deferred tax assets are recognized only to the extent there is reasonable certainly of realization in future.

Deferred tax assets/liabilities are reviewed as at each balance sheet date based on developments during the period and available case law to re-asses realization / liabilities.


Mar 31, 2012

(i) Basis of Accounting

The financial statements have been prepared and presented under the historical cost convention on accrual basis of accounting in accordance with the accounting principles generally accepted in India and in compliance with provisions of the Companies Act, 1956 and comply with the mandatory Accounting Standards (AS) specified in the Companies (Accounting Standard) Rules, 2006, prescribed by the Central Government. The accounting policies have been consistently applied by the company.

(ii) Revenue Recognition

a. Revenue from services is recognized as and when services are rendered as per terms of contract.

b. Income from investments/other income is recognized on accrual basis.

c. Revenue from sale of goods is recognized when significant risk and rewards in respect of ownership of product is transferred to the customers, which is generally on dispatch of goods.

(iii) Investments

Long Term investments are stated as cost, other than temporary, if any.

(iv) Fixed Assets

Fixed assets are stated at cost of acquisition or construction including installation cost, attributable interest and financial cost till such time assets are ready for its intended use, and foreign exchange fluctuation on long term borrowing related to fixed assets, less accumulated depreciation, impairment losses and specific grants received if any.

(v) Depreciation and Amortization

a. Depreciation on fixed assets except free hold land is calculate on straight line basis at the rates specified in accordance with the Schedule XIV of the Companies Act, 1956.

b. Product Development expenditure and License/Technical know-how fees are amortized over a period of 10 years from the accounting year in which the commercial production of such improved product commences.

(vi) Foreign Currency Transactions

a. Foreign Currency transactions are recorded on the basis of exchange rates prevailing on the date of their occurrence.

b. Foreign currency monetary assets and liabilities as on the Balance Sheet date are revalued in the accounts on the basis exchange rates prevailing at the close of the year and exchange difference arising there-from is charges/credited to the Statement of Profit & Loss except for the exchange difference arising on long term borrowing related to fixed assets, which capitalized.

(vii) Borrowing Cost

As per Accounting Standard (AS) 16 on "Borrowing Costs" borrowing costs that are: (a) directly attributable to the acquisition, construction, production of a qualifying assets are capitalized as a part of cost of such asset till the time the assets is ready for its intended use and (b) not directly attributable to qualifying assets are determined by applying a weighted average rate and are capitalized as a part of the cost of such qualifying asset till the time the asset is ready for its intended use. Remaining borrowing costs are recognized as an expanse in the period in which they are incurred.

(viii) Contingencies and Provisions

A provision is recognized when the Company has a present obligation as a result of past event. It is probable that an outflow of resources embodying economic benefit will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on the best estimate of the expenditure required to settle the obligation at the balance sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect current best estimate.

A contingent liability is disclosed unless the possibility of an outflow of resources embodying the economic benefit is remote.

(ix) Taxation

Tax expense comprises of current tax and deferred tax charge or credit. Current tax is measured at the amount to be paid to tax authorities in accordance with the Indian Income Tax Act. The deferred tax charge or credit is recongnized using prevailing enacted or substantively enacted tax rate. Where there is unabsorbed deprecation or carryin forward losses, deferred tax assets. Other deferred tax assets are recongnized only to the extent there is reasonable certainly of relization in future. Deferred tax assets/liabilities are reviewed as at each balance sheet date based on developments during the period and available case law to reassess realization/liabilities.


Mar 31, 2011

A. Basis of Accounting:-

Financial Statements are prepared under historical cost convention on accrual basis.

b. Foreign Currency Transactions:-

There are no foreign currency transaction during the year.

c. Depreciation:-

Depreciation on all Fixed Assets have been provided on Straight Line Method at the rates prescribed in schedule XIV to the Companies Act, 1956. Depreciation on Assets leased is provided on Straight line basis as per the rates prescribed under Schedule XIV to the Companies Act, 1956 and not equal to annual lease charge where 100% of the cost of assets is depreciated over the primary period of lease, as recommended by the Institute of Chartered Accountants of India.

d. Investments:-

i) Quoted & Unquoted:-

Long Term Investments are stated at cost.

f. Valuation of Inventories:-

There are no Inventories during the year.

g. Revenue Recognition:-

Dividend and interest on Debentures are accounted on receipt basis.

h. Reconciliation of parties accounts :-

In case of certain parties reconciliation are pending for want of proper documents/information.

i. Accounts made for the period up to March 2010 have a carried forward book loss. Hence no provisions u/s section 115JA of the Income Tax Act, 1961 has been made.

j. Contingent Liabilities not provided for in the books are separately stated in the Notes to Accounts.

k. No deduction is made from Professional fees paid in excess of Rs. 20,000/-.


Mar 31, 2010

A. Basis of Accounting:-

Financial Statements are prepared under historical cost convention on accrual basis.

b. Foreign Currency Transactions:-

There are no foreign currency transaction during the year.

c. Depreciation:-

Depreciation on all Fixed Assets have been provided on Straight Line Method at the rates prescribed in schedule XIV to the Companies Act, 1956. Depreciation on Assets leased is provided on Straight line basis as per the rates prescribed under Schedule XIV to the Companies Act, 1956 and not equal to annual lease charge where 100% of the cost of assets is depreciated over the primary period of lease, as recommended by the Institute of Chartered Accountants of India.

d. Investments:-

i) Quoted & Unquoted:-

Long Term Investments are stated at cost.

e. Valuation of Inventories:-

There are no Inventories during the year.

f. Revenue Recognition:-

Dividend and interest on Debentures are accounted on receipt basis.

g. Reconciliation of parties accounts :-

In case of certain parties reconciliation are pending for want of proper documents/information.

i. Accounts made for the period up to March 2010 have a carried forward book loss. Hence no provisions u/s section 115JA of the Income Tax Act, 1961 has been made.

h. Contingent Liabilities not provided for in the books are separately stated in the Notes to Accounts.

i. No deduction is made from Professional fees paid in excess of Rs. 20,000/-.

 
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