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Notes to Accounts of Gracious Software Ltd.

Mar 31, 2014

1) The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

2) All the investments made by the company are valued at Cost .

3) Managerial Remuneration: Nil

4) The inventories of the company are valued as per cost price and market price whichever is less.

5) Deferred tax arising on account of timing difference and which are capable of reversal in one or more subsequent periods is recognized using the tax rates and tax laws that have been enacted or substantively enacted. Deferred tax assets are recognized unless there is virtual certainty with respect to the reversal of the same in future years.

6) The revised Schedule VI as notified under the companies Act, 1956, has become applicable to the company for the presentation of its financial statements for the year ending March 31,2013. The adaptation of the revised Schedule VI requirements has significantly modified the presentation and disclosure which have been complied with in these financial statements Previous year figures have been reclassified in accordance with current year requirements.

7) All schedules annexed to and from integral part of the Balance Sheet and Profit & Loss Account.

8) Minimum Alternative Tax (MAT) is recognized as an asset only when and to the extent there is convicting evidence that the company will pay normal income tax during the specified period. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that company will pay normal Income Tax during the specified period.

9) Value of Import on CIF Basis Nil

10) Earnings in Foreign Exchange (FOB Value) Nil

11) Expenditure in Foreign Currency Nil

12) The Company has no employee to whom the provisions of section 217 (2A) of the Companies Act, 1956 are applicable.


Mar 31, 2013

1) The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

2) Reconcilation of Nos. Of Shares 2012-13 2011-12

Number of Equity Shares at the beginning 10,000 10,000

Add:- Number of Shares Issued 4,050,000

Number of Equity Shares at the end 4,060,000 10,000

3) Below are the name of the shareholders holding more than 5% of Shares of the company

4) All the investments made by the company are valued at Cost .

5) Managerial Remuneration: Nil

6) The inventories of the company are valued as per cost price and market price which ever is less.

7) Deffered tax arising on account of timing differeance and which are capable of reversal in one or more subsequent periods is recognised using the tax rates and tax laws that have been enacted or substantively enacted. Deffered tax assests are recognised unless there is virtual certainty with respect to the reversal of the same in future years.

8) The revised Schedule VI as notified under the companies Act,1956, has become applicable to the company for the presentation of its financial statements for the year ending March 31,2013. The adoptation of the revised Schedule VI requirements has significantly modified the presentation and disclosurs which have been complied with in these financial statements Previous year figures have been reclassified in accordance with current year requirements.

9) All schedules annexed to and form integral part of the Balance Sheet and Profit & Loss Account.

10) Minimum Alternative Tax (MAT) is recognised as an asset only when and to the extent there is convicing evidence that the company will pay normal income tax during the specefied period. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entilement to the extent there is no longer convicing evidence to the effect that company will pay normal Income Tax during the specified period.


Mar 31, 2012

1 Contingent Liability

The contingent liabilities, if any. are disclosed In the Notes to Accounts. Provision is made in the accounts, if it becomes probable that there will be outflow of resouces for settling the obligation.

2 Events occurring after the balance sheet date

Adjustments to assets and liablities are made for events occurring after the balance sheet date to provide additional information materially affecting the determination of the amounts of assets or liabilities relating to conditions existing at the balance sheet date.

3 Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the year/ period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year/ period.

4 Use of estimates

The preparation of financial statements, In conformity with generaily accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabiiities on the date of the financial statements and the results of operations during the reporting year. Actual results could differ from those estimates. Any revision to accounting estimates is recognised prospectively in current and future periods.

5 Foreign Currency Transaction

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction. Monetary Items denominated in foreign currencies at the year end are translated at the rate ruling at the year end rate.

1) The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

2) All the investments made by the company are valued at Cost.

3) Managerial Remuneration:

4) The inventories of the company are valued as per cost price and market price which ever is less.

6) Oeffered tax arising on account of timing differeance and which are capable of reversal in one or more subsequent periods is recognised using the tax rates and tax Saws that have been enacted or substantively enacted. Deffered tax assests are recognised unless there is virtual certainty with respect to the reversal of the same in future years,

7) The revised Schedule VI as notified under the companies Act,1956, has become applicable to the company for the presentation of its financial statements for the year ending March 31,2012. The adoptation of the revised Schedule VI requirements has significantly modified the presentation and disciosurs which have been complied with in these financial statements Previous year figures have been reclassified in accordance with current year requirements.

8) All schedules annexed to and form Integral part of the Balance Sheet and Profit & Loss Account.

9) Minimum Alternative Tax (MAT) Is recognised as an asset only when and to the extent there is convicing evidence that the company will pay normal income tax during the specefied period. The Company reviews the same at each balance sheet date and writes down the cairying amount of MAT Credit Entilement to the extent there is no longer convicing evidence to the effect that company wiil pay norma! Income Tax during the specified period.

10) Value of Import on CIF Basis Nil

11) Earnings in Foreign Exchange {FOB Value) Nil

12) Expenditure in Foreign Currency Nil

13) The Company has no employee to whom the provisions of section 217 (2A) of the Companies Act, 1956 are applicable.


Mar 31, 2011

1. Previous year figures have been re-grouped and re-arranged wherever necessary.

2. No. provision has been made for gratuity as none of the employee of the company qualifies for gratuity.

3. Balances of Sundry Debtors, Creditors, advances and unsecured loans are subject to confirmation.

4. Foreign Exchange Earning : NIL Previous Years : NIL

5. Foreign Exchange Expenditure , : NIL Previous Years : NIL

6. Total Expenditure on Employee(s), who were in receipt of remuneration of not less than Rs. 24, 00,000/- per annum for the year or Rs. 2 lacs per month employed for part thereof.

Current Year : Nil Previous Year : Nil

Schedule 1 to 5 form integral part of the Balance Sheet and Profit & Loss Account and have been authenticated as such.

 
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