Mar 31, 2015
1.1 Basis of Accounting : The Financial Statements have been prepared
under the historical cost convention, on accrual basis to comply in all
material respects with all applicable accounting principles in India,
the applicable Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.and the
relevant provisions of the Companies Act, 2013.All assets and
liabilities have been classified as current or non-current as per the
Company's normal operating cycle and other criteria set out in the
Schedule III to the Companies Act, 2013. Based on the nature of
products and the time between the acquisition of assets for processing
and their realisation in cash and cash equivalents, the Company has
ascertained its operating cycle as 12 months for the purpose of current
- non current classification of assets and liabilities.
1.2 Use of Estimates:The preparation of the financial statements are in
conformity with the generally accepted accounting principles that
requires the management to make estimates and assumptions that affect
the reported amount of assets, liabilities, revenues and expenses and
disclosure of contingent assets and liabilities. The estimates and
assumptions used in the accompanying financial statements are based
upon management's evaluation of the relevant facts and circumstances as
of the date of the financial statements. Actual results may differ from
the estimates and assumptions used in preparing the accompanying
financial statements. Any differences of actual results to such
estimates are recognized in the period in which the results are known /
materialized.
1.3 Fixed Assets : The fixed assets are stated at acquisition cost less
accumulated depreciation.
1.4 Depreciation : Depreciation on tangible Assets is provided on the
straight- line method over the useful life of assets in accordance with
Schedule II of the Companies Act, 2013.Depreciation for assets
purchased /sold during a period is proportionately charged. Assets are
amortized over their respective individual estimated useful lives on a
straight line basis, commencing from the date the asset is available to
the Company for its use. The estimated useful lives for the fixed
assets as per Schedule II of the Act are as follows:-
* Office Equipment : 5 years
* Office Equipment (Computer : 3 years
System & Peripherals)
* Furniture & Fixtures : 10 years
1.5 Investments :
a) Investments, which are readily realizable and intended to be held
for not more than one year from the date on which such investments are
made, are classified as current investments. All other investments are
classified as long term investments.
b) Investments are classified as Quoted & Unquoted Investments.
c) Long term Investments are stated at cost less provision for
permanent diminution in value of such investments.
d) Current Investments are stated at lower of cost and fair market
value, determined by category of Investments.
1.6 Revenue Recognition :
a) All incomes and expenditure are accounted for on accrual basis
unless otherwise stated.
b) Dividend on shares and securities is recognized when the right to
receive the dividend is established.
c) The Company follows the prudential norms for income recognition and
provides for / writes off Non- performing Assets as per the prudential
norms prescribed by the Reserve Bank of India or earlier as ascertained
by the management.
1.7 Earnings per Share (EPS) :The earnings considered in ascertaining
the Company's EPS comprises the net profit after tax (after providing
the post tax effect of any extra ordinary items). The number of shares
used in computing Basic EPS is the weighted average number of equity
shares outstanding during the year.
1.8 Taxation :
a) Current Tax: A provision for current income tax is made on the
taxable income using the applicable tax rates and tax laws.
b) Deferred Tax: Deferred tax arising on account of timing differences
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 not recognized unless
there is a virtual certainty with respect to the reversal of the same
in future.
1.9 Impairment of Assets : Assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount
may not be recoverable. An impairment loss is recognized for the amount
by which the asset's carrying amount exceeds its recoverable amount.
The recoverable amount is higher of the asset's fair value less costs
to sell vis-a-vis value in use. For the purpose of impairment, assets
are grouped at the lowest levels for which there are separately
identifiable cash flows.
1.10 Provisions and Contingencies : The company creates a provision
when there is present obligation as a result of a past event that
probably requires an outflow of resources and a reliable estimate can
be made of the amount of obligation. A disclosure for a contingent
liability is made when there is a possible obligation or a present
obligation that probably will not require an outflow of resources or
where a reliable estimate of the obligation can not be made.
Mar 31, 2014
1 Basis of Accounting :
The Financial Statements have been prepared under the historical cost
convention, on accrual basis to comply in all material respects with
all applicable accounting principles in India, the applicable
Accounting Standards notified under Section 211(3C) of the Companies
Act, 1956 and the relevant provisions of the Companies Act, 1956.All
assets and liabilities have been classified as current or non-current
as per the Company''s normal operating cycle and other criteria set out
in the Revised Schedule VI to the Companies Act, 1956. Based on the
nature of products and the time between the acquisition of assets for
processing and their realisation in cash and cash equivalents, the
Company has ascertained its operating cycle as 12 months for the
purpose of current - non current classification of assets and
liabilities
2 Use of Estimates:
The preparation of the financial statements are in conformity with the
generally accepted accounting principles that requires the management
to make estimates and assumptions that affect the reported amount of
assets, liabilities, revenues and expenses and disclosure of contingent
assets and liabilities. The estimates and assumptions used in the
accompanying financial statements are based upon management''s
evaluation of the relevant facts and circumstances as of the date of
the financial statements. Actual results may differ from the estimates
and assumptions used in preparing the accompanying financial
statements. Any differences of actual results to such estimates are
recognized in the period in which the results are known / materialized.
3 Fixed Assets :
The fixed assets are stated at acquisition cost less accumulated
depreciation.
4 Depreciation :
Depreciation on Fixed Assets has been provided in accordance with the
rates specified under Income Tax Rules, 1962 or under Schedule XIV of
the Companies Act, 1956 on straight line method. In respect of Leased
Assets, depreciation has been provided on straight line basis over
primary lease period.
5 Investments :
a) Investments, which are readily realizable and intended to the held
for not more than one year from the date on which such investments are
made, are classified as current investments. All other investments are
classified as long term investments.
b) Investments are classified as Quoted & Unquoted Investments.
c) Long term Investments are stated at cost less provision for
permanent diminution in value of such investments.
d) Current Investments are stated at lower of cost and fair market
value, determined by category of Investments.
6 Revenue Recognition :
a) All incomes and expenditure are accounted for on accrual basis
unless otherwise stated.
b) Dividend on shares and securities is recognized when the right to
receive the dividend is established.c) The Company follows the
Prudential norms for income recognition and provides for / writes off
Non- performing Assets as per the prudential norms prescribed by the
Reserve Bank of India or earlier as ascertained by the management.
7 Earnings per Share (EPS) :
The earnings considered in ascertaining the Company''s EPS comprises the
net profit after tax (after providing the post tax effect of any extra
ordinary items). The number of shares used in computing Basic EPS is
the weighted average number of equity shares outstanding during the
year.
8 Taxation :
a) Current Tax: A provision for current income tax is made on the
taxable income using the applicable tax rates and tax laws.
b) Deferred Tax: Deferred tax arising on account of timing differences
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. Deferred tax assets are not recognised unless
there is a virtual certainty with respect to the reversal of the same
in future.
9 Impairment of Assets :
Assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized for the amount by which the asset''s
carrying amount exceeds its recoverable amount. The recoverable amount
is higher of the asset''s fair value less costs to sell vis-a-vis value
in use. For the purpose of impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash flows.
10 Provisions and Contingencies :
The company creates a provision when there is present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation can
not be made.
Mar 31, 2012
1.1 Basis of Accounting :
The Financial Statements have been prepared under the historical cost
convention, on accrual basis to comply in all material respects with
all applicable accounting principles in India, the applicable
Accounting Standards notified under Section 211(3C) of the Companies
Act, 1956 and the relevant provisions of the Companies Act, 1956.
All assets and liabilities have been classified as current or
non-current as per the Company''s normal operating cycle and other
criteria set out in the Revised Schedule VI to the Companies Act, 1956.
Based on the nature of products and the time between the acquisition of
assets for processing and their realisation in cash and cash
equivalents, the Company has ascertained its operating cycle as 12
months for the purpose of current - non current classification of
assets and liabilities
1.2 Use of Estimates:
The preparation of the financial statements are in conformity with the
generally accepted accounting principles that requires the management
to make estimates and assumptions that affect the reported amount of
assets, liabilities, revenues and expenses and disclosure of contingent
assets and liabilities. The estimates and assumptions used in the
accompanying financial statements are based upon management''s
evaluation of the relevant facts and circumstances as of the date of
the financial statements. Actual results may differ from the estimates
and assumptions used in preparing the accompanying financial
statements. Any differences of actual results to such estimates are
recognized in the period in which the results are known / materialized.
1.3 Fixed Assets :
The fixed assets are stated at acquisition cost less accumulated
depreciation.
1.4 Depreciation :
Depreciation on Fixed Assets has been provided in accordance with the
rates specified under Income Tax Rules, 1962 or under Schedule XIV of
the Companies Act, 1956 on straight line method.
In respect of Leased Assets, depreciation has been provided on straight
line basis over primary lease period.
1.5 Investments :
a) Investments, which are readily realizable and intended to the held
for not more than one year from the date on which such investments are
made, are classified as current investments. All other investments are
classified as long term investments.
b) Investments are classified as Quoted & Unquoted Investments.
c) Long term Investments are stated at cost less provision for
permanent diminution in value of such investments.
d) Current Investments are stated at lower of cost and fair market
value, determined by category of Investments.
1.6 Revenue Recognition :
a) All incomes and expenditure are accounted for on accrual basis
unless otherwise stated.
b) Dividend on shares and securities is recognized when the right to
receive the dividend is established.
c) The Company follows the Prudential norms for income recognition and
provides for / writes off Non-performing Assets as per the prudential
norms prescribed by the Reserve Bank of India or earlier as ascertained
by the management.
1.7 Earnings per Share (EPS) :
The earnings considered in ascertaining the Company''s EPS comprises
the net profit after tax (after providing the post tax effect of any
extra ordinary items). The number of shares used in computing Basic EPS
is the weighted average number of equity shares outstanding during the
year.
1.8 Taxation :
a) Current Tax: A provision for current income tax is made on the
taxable income using the applicable tax rates and tax laws.
b) Deferred Tax: Deferred tax arising on account of timing differences
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. Deferred tax assets are not recognised unless
there is a virtual certainty with respect to the reversal of the same
in future.
1.9 Impairment of Assets :
Assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized for the amount by which the asset''s
carrying amount exceeds its recoverable amount. The recoverable amount
is higher of the asset''s fair value less costs to sell vis-a-vis
value in use. For the purpose of impairment, assets are grouped at the
lowest levels for which there are separately identifiable cash flows.
1.10 Provisions and Contingencies :
The company creates a provision when there is present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation can
not be made.
Mar 31, 2010
1. Accounting Convention :
The Financial Statements have been prepared under the historical cost
convention, on accrual basis to comply in all material respects with
all applicable accounting principles in India, the applicable
Accounting Standards notified under Section 211(3C) of the Companies
Act, 1956 and the relevant provisions of the Companies Act, 1956.
2. Use of Estimates:
The preparation of the financial statements in conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amount of
assets, liabilities, revenues and expenses and disclosure of contingent
assets and liabilities. The estimates and assumptions used in the
accompanying financial statements are based upon managements
evaluation of the relevant facts and circumstances as of the date of
the financial statements. Actual results may differ from the estimates
and assumptions used in preparing the accompanying financial
statements. Any differences of actual results to such estimates are
recognized in the period in which the results are known / materialized.
3. Fixed Assets :
The fixed assets are stated at acquisition cost less accumulated
depreciation.
4. Depreciation :
Depreciation on Fixed Assets has been provided in accordance with the
rates specified under Income Tax Rules, 1962 or under Schedule XIV of
the Companies Act, 1956 on straight line method.
In respect of Leased Assets, depreciation has been provided on straight
line basis over primary lease period.
5. Investments :
Investments are classified as Quoted & Unquoted Investments.
Long term Investments are stated at cost less provision for permanent
diminution in value of such investments.
Current Investments are stated at lower of cost and fair market value,
determined by category of Investments.
6. Revenue Recognition :
a) All incomes and expenditure are accounted for on accrual basis
unless otherwise stated.
b) Interest income is recognized on accrual basis, while dividend on
shares and securities is recognized when the right to receive the
dividend is established.
c) Lease Income: Income from Lease Assets which has been considered as
non-performing assets / doubtful debts is recognised as and when the
amount is received and shown as either recovery of non-performing
assets or prior period adjustment as the case may be.
7. Earnings per Share (EPS) :
The earnings considered in ascertaining the Companys EPS comprises the
net profit after tax (after providing the post tax effect of any extra
ordinary items). The number of shares used in computing Basic EPS is
the weighted average number of equity shares outstanding during the
year.
8. Taxation :
a) Current Tax: A provision for current income tax is made on the
taxable income using the applicable tax rates and tax laws.
b) Deferred Tax: Deferred tax arising on account of timing differences
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. Deferred tax assets are not recognised unless
there is a virtual certainty with respect to the reversal of the same
in future.
9. Impairment of Assets :
Assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognized for the amount by which the assets
carrying amount exceeds its recoverable amount. The recoverable amount
is higher of the assets fair value less costs to sell vis-a-vis value
in use. For the purpose of impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash flows.
10. Provisions and Contingencies :
The company creates a provision when there is present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that probably will not require an
outflow of resources or where a reliable estimate of the obligation can
not be made.