Mar 31, 2012
1. Basis of Accounting:
a) The financial statements have been prepared on the basis of going
concern under historical cost convention in accordance with generally
accepted principles and provisions of the Companies Act, 1956 with
revenue recognized and expenses accounted on accrual basis unless
otherwise stated.
b) Accounting policies not specifically referred to otherwise are in
consonance with prudent accounting principles.
c) All Income and Expenditure items, having material bearing on the
financial statements are recognized on accrual basis.
2. Fixed Assets: Fixed assets are stated at cost less accumulated
depreciation. All costs, directly attributable to bringing the asset to
the present condition for the intended use, are capitalized. Advances
paid to capital creditors continuously shown under capital work in
progress. The position of the advances given and their acknowledgements
is yet to be confirmed.
3. Depreciation: Depreciation on fixed assets has been provided on
straight-line method.
4. Foreign Currency Transactions: The company follow the foreign
currency transactions as per applicable accounting standards.
6. Retirement Benefits: a) No provision has been made for retirement
benefits, as they are not applicable to the company
7. Related Party Transactions:
a) Associate enterprises and amounts due from them: Nil
b) Key Management Personnel and relatives: Nil
c) Transactions with associate companies/firms/individuals: Nil
8. In accordance with the provisions of Accounting Standard 17, the
company has only one reportable primary segment consisting of
information technology services. Hence segment reporting not
applicable.
9. Cash flow statement Cash flows are reported using the indirect
method, whereby net profit before tax is adjusted for the effects of
transactions of a non-cash nature and any deferrals or accruals of past
or future cash receipts or payments. The cash flows from regular
revenue generating, investing and financing activities of the company
are segregated.
10. Earnings per share In determining earnings per share, the company
considers the net profit after tax expense. The number of shares used
in computing basic earnings per is the weighted average shares used in
outstanding during the period.
Mar 31, 2010
1. Basis of Accounting:
a) The financial statements have been prepared on the basis of going
concern under historical cost convention in accordance with generally
accepted principles and provisions of the Companies Act, 1956 with
revenue recognized and expenses accounted on accrual basis unless
otherwise stated.
b) Accounting policies not specifically referred to otherwise are in
consonance with prudent accounting principles.
c) All Income and Expenditure items, having material bearing on the
financial statements are recognized on accrual basis.
2. Fixed Assets:
Fixed assets are stated at cost less accumulated depreciation. All
costs, directly attributable to bringing the asset to the present
condition for the intended use, are capitalized. Advances paid to
capital creditors continuously shown under capital work in progress.
The position of the advances given and their acknowledgements is yet to
be confirmed.
3. Depreciation:
Depreciation on fixed assets has been provided on straight-line method.
4. Foreign Currency Transactions:
There are no transactions involving foreign exchange took place during
the year under consideration.
5. Investments:
During the year 2003-04, Company has invested in the shares of M/s Net
soft Technologies Inc., USA as a joint venture to the extent of 50% of
the total share capital in equivalent to Rs. 9,99,49,237/- as a
long-term investment. During the year under consideration, there is no
dividend declared by this company. This investment is stated at cost
and diminution in value if other than temporary is not recognized and
provided due to lack of information. Confirmation of the status of
investments has not been provided by the management.
6. Retirement Benefits:
a) Provident Fund: Contribution to Provident Fund is not made during
the year under review.
b) Provision for gratuity and superannuation has not been made during
the year under review.
7. Related Party Transactions:
a) Associate enterprises and amounts due from them: Nil
b) Key Management Personnel and relatives: Nil
c) Transactions with associate companies/firms/individuals: Nil
8. In respect of some of the Sundry Debtors, Loans and Advances, Other
Receivables and Sundry Creditors confirmation of balances is still to
be received and revalued.
9. Contingent Liabilities: Nil
10. In accordance with the provisions of Accounting Standard 17, the
company has only one reportable primary segment consisting of
information technology services. Hence segment reporting as defined is
not submitted.
11. Unclaimed dividend pertaining to the year 2000-01 to the extent of
Rs. 15,765 has not been transferred to Central Govt. account for
unclaimed dividends.
Mar 31, 2009
1. Basis of Accounting:
a) The financial statements have been prepared on the basis of going
concern under historical cost convention in accordance with generally
accepted principles and provisions of the Companies Act, 1956 with
revenue recognized and expenses accounted on accrual basis unless
otherwise stated.
b) Accounting policies not specifically referred to otherwise are in
consonance with prudent accounting principles.
c) All Income and Expenditure items, having material bearing on the
financial statements are recognized on accrual basis.
2. Fixed Assets:
Fixed assets are stated at cost less accumulated depreciation. All
costs, directly attributable to bringing the asset to the present
condition for the intended use, are capitalized. Advances paid to
capital creditors continuously shown under capital work in progress.
The position of the advances given and their acknowledgements is yet to
be confirmed.
3. Depreciation:
Depreciation on fixed assets has been provided on straight-line method.
4, Foreign Currency Transactions:
There are no transactions involving foreign exchange took place during
the year under consideration.
5. Investments:
During the year 2003-04, Company has invested in the shares of M/s Net
soft Technologies Inc., USA as a joint venture to the extent of 50% of
the total share capital in equivalent to Rs, 9,99,49,237/- as a long
term investment, During the year under consideration, there is no
dividend declared by this company. This investment is stated at cost
and diminution in value if other than temporary is not recognized and
provided due to lack of information. Confirmation of the status of
investments has not been provided by the management.
6. Retirement Benefits:
a) Provident Fund: Contribution to Provident Fund is not made during
the year under review.
b) Provision for gratuity and superannuation has not been made during
the year under review.
7. Related Party Transactions:
a) Associate enterprises and amounts due from them: Nil
b) Key Management Personnel and relatives: Nil
c) Transactions with associate companies/firms/individuals-. Nil
8. In respect of some of the Sundry Debtors, Loans and Advances, Other
Receivables and Sundry Creditors confirmation of balances is still to
be received and revalued.
9. Contingent Liabilities
During the year 2004-05, CIT (Appeals) of the concerned jurisdiction
has served a demand notice for Rs.3,65,33,266/- towards assessment year
2001-02, the orders of which is appealed before Income Tax Appellate
Tribunal and appeal proceedings are in progress. Therefore, provision
is not made for the above said amount during the year.
10. In accordance with the provisions of Accounting Standard 17, the
company has only one reportable primary segment consisting of
information technology services. Hence segment reporting as defined is
not submitted.
11. Unclaimed dividend pertaining to the year 2000-01 to the extent of
Rs. 15,765 has not been transferred to Central Govt, account for
unclaimed dividends.
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